Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
Not Applicable | Not Applicable | Not Applicable |
Large accelerated filer ☐ | Accelerated filer ☐ | Emerging growth company | ||||||||||||
Smaller reporting company |
Page | |||||
Condensed Consolidated Statements of Operations for the three-month and six-month periods ended June 30, 2020 and 2019 | |||||
Condensed Consolidated Statements of Comprehensive Income for the three-month and six-month periods ended June 30, 2020 and 2019 | |||||
Condensed Consolidated Statements of Stockholder's Equity for the three-month and six-month periods ended June 30, 2020 and 2019 | |||||
Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2020 and 2019 | |||||
Ex-31.1 Certification | |||||
Ex-31.2 Certification | |||||
Ex-32.1 Certification | |||||
Ex-32.2 Certification | |||||
EX-101 INSTANCE DOCUMENT | |||||
EX-101 SCHEMA DOCUMENT | |||||
EX-101 CALCULATION LINKBASE DOCUMENT | |||||
EX-101 LABELS LINKBASE DOCUMENT | |||||
EX-101 PRESENTATION LINKBASE DOCUMENT | |||||
EX-101 DEFINITION LINKBASE DOCUMENT |
ABS: Asset-backed securities | Company: Santander Holdings USA, Inc. | |||||||
ACL: Allowance for credit losses | Covered Fund: a hedge fund or private equity fund | |||||||
AFS: Available-for-sale | COVID-19: a novel strain of coronavirus, declared a pandemic by the World Health Organization in March 2020. | |||||||
ALLL: Allowance for loan and lease losses | CPRs: Constant prepayment rate | |||||||
AOCI: Accumulated other comprehensive income | CRA: Community Reinvestment Act | |||||||
ASC: Accounting Standards Codification | CRA Final Rule: the final rule relating to the CRA issued by the OCCC on July 20, 2020 | |||||||
ASU: Accounting Standards Update | CRA NPR: The NPR related to the CRA issued by the OCC and FDIC on December 12, 2019 | |||||||
ATM: Automated teller machine | CRE: Commercial real estate | |||||||
Bank: Santander Bank, National Association | CRE & VF: Commercial Real Estate and Vehicle Finance | |||||||
BEA: Bureau of Economic Analysis | DCF: Discounted cash flow | |||||||
BHC: Bank holding company | DFA: Dodd-Frank Wall Street Reform and Consumer Protection Act | |||||||
BHCA: Bank Holding Company Act of 1956, as amended | DOJ: Department of Justice | |||||||
BOLI: Bank-owned life insurance | DPD: Days past due | |||||||
BSI: Banco Santander International | DTI: Debt-to-income | |||||||
BSPR: Banco Santander Puerto Rico | EAD: Exposure at default | |||||||
C&I: Commercial & industrial | ECL: Expected credit losses | |||||||
CARES Act: Coronavirus Aid, Relief, and Economic Security Act | Economic Growth Act: The Economic Growth, Regulatory Relief, and Consumer Protection Act | |||||||
CBB: Consumer and Business Banking | EIP: Economic Impact Payments | |||||||
CBP: Citizens Bank of Pennsylvania | EIR: Effective interest rate | |||||||
CCAR: Comprehensive Capital Analysis and Review | EPS: Enhanced Prudential Standards | |||||||
CD: Certificate of deposit | ETR: Effective tax rate | |||||||
CECL: Current expected credit losses | Exchange Act: Securities Exchange Act of 1934, as amended | |||||||
CECL Standard: Amendments based on ASU 2016-13, ASU 2019-04, and ASU 2019-11, Financial Instruments - Credit Losses | FASB: Financial Accounting Standards Board | |||||||
CEF: Closed-end fund | FBO: Foreign banking organization | |||||||
CEO: Chief Executive Officer | FCA: Fiat Chrysler Automobiles US LLC | |||||||
CET1: Common equity Tier 1 | FDIC: Federal Deposit Insurance Corporation | |||||||
CEVF: Commercial equipment vehicle financing | Federal Reserve: Board of Governors of the Federal Reserve System | |||||||
CFPB: Consumer Financial Protection Bureau | FHLB: Federal Home Loan Bank | |||||||
CFO: Chief Financial Officer | FHLMC: Federal Home Loan Mortgage Corporation | |||||||
Chase: JPMorgan Chase & Co and certain of its subsidiaries, including EMC Mortgage LLC | FICO®: Fair Isaac Corporation credit scoring model | |||||||
Chrysler Agreement: Ten-year private label financing agreement with Fiat Chrysler Automobiles US LLC, formerly Chrysler Group LLC, signed by SC | Final Rule: Rule implementing certain of the EPS mandated by Section 165 of the DFA | |||||||
Chrysler Capital: Trade name used in providing services under the Chrysler Agreement | FINRA: Financial Industrial Regulatory Authority | |||||||
CIB: Corporate and Investment Banking | FNMA: Federal National Mortgage Association | |||||||
CID: Civil investigative demand | FRB: Federal Reserve Bank | |||||||
CLTV: Combined loan-to-value | FVO: Fair value option | |||||||
CMO: Collateralized mortgage obligation | GAAP: Accounting principles generally accepted in the United States of America | |||||||
CODM: Chief Operating Decision Maker | GBP: British pound sterling |
GDP: Gross domestic product | REIT: Real estate investment trust | |||||||
GNMA: Government National Mortgage Association | RIC: Retail installment contract | |||||||
GSIB: Global systemically important bank | ROU: Right-of-use | |||||||
HFI: Held for investment | RV: Recreational vehicle | |||||||
HPI: Housing Price Index | RWA: Risk-weighted asset | |||||||
HTM: Held to maturity | S&P: Standard & Poor's | |||||||
IDI: Insured depository institution | SAF: Santander Auto Finance | |||||||
IHC: U.S. intermediate holding company | SAM: Santander Asset Management, LLC | |||||||
IPO: Initial public offering | Santander: Banco Santander, S.A. | |||||||
IRS: Internal Revenue Service | Santander BanCorp: Santander BanCorp and its subsidiaries | |||||||
ISDA: International Swaps and Derivatives Association, Inc. | Santander UK: Santander UK plc | |||||||
IT: Information technology | SBA: Small Business Administration | |||||||
LCR: Liquidity coverage ratio | SBNA: Santander Bank, National Association | |||||||
LHFI: Loans held for investment | SC: Santander Consumer USA Holdings Inc. and its subsidiaries | |||||||
LHFS: Loans held for sale | SCB: Stress capital buffer | |||||||
LIBOR: London Interbank Offered Rate | SC Common Stock: Common shares of SC | |||||||
LIHTC: Low income housing tax credit | SCART: Santander Consumer Auto Receivables Trust | |||||||
LTD: Long-term debt | SCF: Statement of cash flows | |||||||
LTV: Loan-to-value | SCRA: Servicemembers' Civil Relief Act | |||||||
MBS: Mortgage-backed securities | SDART: Santander Drive Auto Receivables Trust | |||||||
MD&A: Management's Discussion and Analysis of Financial Condition and Results of Operations | SDGT: Specially Designated Global Terrorist | |||||||
Mississippi AG: Attorney General of the State of Mississippi | SEC: Securities and Exchange Commission | |||||||
Moody's: Moody's Investor Service, Inc. | Securities Act: Securities Act of 1933, as amended | |||||||
MSPA: Master Securities Purchase Agreement | SFS: Santander Financial Services, Inc. | |||||||
MSR: Mortgage servicing right | SHUSA: Santander Holdings USA, Inc. | |||||||
MVE: Market value of equity | SIS: Santander Investment Securities Inc. | |||||||
NCI: Non-controlling interest | SPAIN: Santander Private Auto Issuing Note | |||||||
NMDs: Non-maturity deposits | SPE: Special purpose entity | |||||||
NMTC: New market tax credits | SRT: Santander Retail Auto Lease Trust | |||||||
NPL: Non-performing loan | SSLLC: Santander Securities LLC | |||||||
NPR: Notice of proposed rule-making | Subvention: Reimbursement of the finance provider by a manufacturer for the difference between a market loan or lease rate and the below-market rate given to a customer. | |||||||
NSFR: Net stable funding ratio | TALF: Term Asset Backed Securities Loan Facility | |||||||
NYSE: New York Stock Exchange | TDR: Troubled debt restructuring | |||||||
OCC: Office of the Comptroller of the Currency | TLAC: Total loss-absorbing capacity | |||||||
OCI: Other comprehensive income | TLAC Rule: The Federal Reserve's total loss-absorbing capacity rule | |||||||
OIS: Overnight indexed swap | Trusts: Securitization trusts | |||||||
OREO: Other real estate owned | U.K. United Kingdom | |||||||
OTTI: Other-than-temporary impairment | UPB: Unpaid principal balance | |||||||
Parent Company: The parent holding company of SBNA and other consolidated subsidiaries | VIE: Variable interest entity | |||||||
PCD: Purchased credit deteriorated, assets the Company deems at acquisition to have more than insignificant deterioration in credit quality since origination | VOE: Voting rights entity | |||||||
PD: Probability of default | YTD: Year-to-date | |||||||
PPP: Paycheck Protection Program | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Investment securities: | |||||||||||
AFS at fair value | |||||||||||
HTM (fair value of $ | |||||||||||
Other investments (includes trading securities of $ | |||||||||||
LHFI(1) (5) | |||||||||||
ALLL (5) | ( | ( | |||||||||
Net LHFI | |||||||||||
LHFS (2) | |||||||||||
Premises and equipment, net (3) | |||||||||||
Operating lease assets, net (5)(6) | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
BOLI | |||||||||||
Restricted cash (5) | |||||||||||
Other assets (4) (5) | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES | |||||||||||
Accounts payables and Accrued expenses | $ | $ | |||||||||
Deposits and other customer accounts (includes $ for sale as of June 30, 2020 and December 31, 2019, respectively) | |||||||||||
Borrowings and other debt obligations (5) | |||||||||||
Advance payments by borrowers for taxes and insurance | |||||||||||
Deferred tax liabilities, net | |||||||||||
Other liabilities (5) | |||||||||||
TOTAL LIABILITIES | |||||||||||
Commitments and contingencies (Note 16) | |||||||||||
STOCKHOLDER'S EQUITY | |||||||||||
Common stock and paid-in capital (no par value; | |||||||||||
Accumulated other comprehensive gain/(loss), net of taxes | ( | ||||||||||
Retained earnings | |||||||||||
TOTAL SHUSA STOCKHOLDER'S EQUITY | |||||||||||
NCI | |||||||||||
TOTAL STOCKHOLDER'S EQUITY | |||||||||||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ | $ |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
INTEREST INCOME: | |||||||||||||||||||||||
Loans | $ | $ | $ | $ | |||||||||||||||||||
Interest-earning deposits | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
AFS | |||||||||||||||||||||||
HTM | |||||||||||||||||||||||
Other investments | |||||||||||||||||||||||
TOTAL INTEREST INCOME | |||||||||||||||||||||||
INTEREST EXPENSE: | |||||||||||||||||||||||
Deposits and other customer accounts | |||||||||||||||||||||||
Borrowings and other debt obligations | |||||||||||||||||||||||
TOTAL INTEREST EXPENSE | |||||||||||||||||||||||
NET INTEREST INCOME | |||||||||||||||||||||||
Credit loss expense | |||||||||||||||||||||||
NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE | |||||||||||||||||||||||
NON-INTEREST INCOME: | |||||||||||||||||||||||
Consumer and commercial fees | |||||||||||||||||||||||
Lease income | |||||||||||||||||||||||
Miscellaneous (loss) / income, net(1) (2) | ( | ||||||||||||||||||||||
TOTAL FEES AND OTHER INCOME | |||||||||||||||||||||||
Net gain on sale of investment securities | |||||||||||||||||||||||
TOTAL NON-INTEREST INCOME | |||||||||||||||||||||||
GENERAL, ADMINISTRATIVE AND OTHER EXPENSES: | |||||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||
Occupancy and equipment expenses | |||||||||||||||||||||||
Technology, outside service, and marketing expense | |||||||||||||||||||||||
Loan expense | |||||||||||||||||||||||
Lease expense | |||||||||||||||||||||||
Impairment of goodwill | |||||||||||||||||||||||
Other expenses | |||||||||||||||||||||||
TOTAL GENERAL, ADMINISTRATIVE AND OTHER EXPENSES | |||||||||||||||||||||||
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/PROVISION | ( | ( | |||||||||||||||||||||
Income tax (benefit)/provision | ( | ( | |||||||||||||||||||||
NET (LOSS)/INCOME INCLUDING NCI | ( | ( | |||||||||||||||||||||
LESS: NET (LOSS)/INCOME ATTRIBUTABLE TO NCI | ( | ( | |||||||||||||||||||||
NET (LOSS)/INCOME ATTRIBUTABLE TO SHUSA | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
NET (LOSS) / INCOME INCLUDING NCI | $ | ( | $ | $ | ( | $ | |||||||||||||||||
OCI, NET OF TAX | |||||||||||||||||||||||
Net unrealized gains on cash flow hedge derivative financial instruments, net of tax (1) | |||||||||||||||||||||||
Net unrealized (losses) / gains on AFS and HTM investment securities, net of tax | ( | ||||||||||||||||||||||
Pension and post-retirement actuarial gains, net of tax | |||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE (LOSS) / GAIN, NET OF TAX | ( | ||||||||||||||||||||||
COMPREHENSIVE (LOSS) / INCOME | ( | ( | |||||||||||||||||||||
NET (LOSS) / INCOME ATTRIBUTABLE TO NCI | ( | ( | |||||||||||||||||||||
COMPREHENSIVE (LOSS) / INCOME ATTRIBUTABLE TO SHUSA | $ | ( | $ | $ | ( | $ |
Common Shares Outstanding | Common Stock and Paid-in Capital | Accumulated Other Comprehensive (Loss)/Income | Retained Earnings | Noncontrolling Interest | Total Stockholder's Equity | ||||||||||||||||||||||||||||||
Balance, April 1, 2020 | |||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment upon adoption of new accounting standards (Note 1) | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Comprehensive income attributable to SHUSA | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive (OCI) income attributable to NCI | — | — | — | — | |||||||||||||||||||||||||||||||
Net income attributable to NCI | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Impact of SC stock option activity | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends paid to NCI | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock repurchase attributable to NCI | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Common Shares Outstanding | Common Stock and Paid-in Capital | Accumulated Other Comprehensive (Loss)/Income | Retained Earnings | Noncontrolling Interest | Total Stockholder's Equity | ||||||||||||||||||||||||||||||
Balance, April 1, 2019 | ( | ||||||||||||||||||||||||||||||||||
Comprehensive income attributable to SHUSA | — | — | — | ||||||||||||||||||||||||||||||||
OCI attributable to NCI | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Net income attributable to NCI | — | — | — | — | |||||||||||||||||||||||||||||||
Impact of SC stock option activity | — | — | — | — | |||||||||||||||||||||||||||||||
Contribution from shareholder and related tax impact (Note 17) | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared and paid on common stock | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends paid to NCI | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock repurchase attributable to NCI | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||
Common Shares Outstanding | Common Stock and Paid-in Capital | Accumulated Other Comprehensive (Loss)/Income | Retained Earnings | Noncontrolling Interest | Total Stockholder's Equity | ||||||||||||||||||||||||||||||
Balance, January 1, 2020 | ( | ||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment upon adoption of (Note 1) | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||
Comprehensive income/(loss) attributable to SHUSA | — | — | ( | — | ( | ||||||||||||||||||||||||||||||
Other comprehensive loss attributable to NCI | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Net income attributable to NCI | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Impact of SC stock option activity | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared and paid on common stock | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends paid to NCI | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock repurchase attributable to NCI | — | ( | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Common Shares Outstanding | Common Stock and Paid-in Capital | Accumulated Other Comprehensive (Loss)/Income | Retained Earnings | Noncontrolling Interest | Total Stockholder's Equity | ||||||||||||||||||||||||||||||
Balance, January 1, 2019 | ( | ||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment upon adoption of | — | — | — | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to SHUSA | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive loss attributable to NCI | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Net income attributable to NCI | — | — | — | — | |||||||||||||||||||||||||||||||
Impact of SC stock option activity | — | — | — | — | |||||||||||||||||||||||||||||||
Contribution from shareholder and related tax impact (Note 17) | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared and paid on common stock | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends paid to NCI | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock repurchase attributable to NCI | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | ( | $ | $ | $ |
Six-Month Period Ended June 30, | |||||||||||
2020 | 2019 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net (loss)/income including NCI | $ | ( | $ | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Impairment of goodwill | |||||||||||
Credit loss expense | |||||||||||
Deferred tax (benefit)/expense | ( | ||||||||||
Depreciation, amortization and accretion | |||||||||||
Net loss on sale of loans | |||||||||||
Net gain on sale of investment securities | ( | ( | |||||||||
Loss on debt extinguishment | |||||||||||
Net loss on real estate owned, premises and equipment, and other assets | |||||||||||
Stock-based compensation | |||||||||||
Equity loss/(income) on equity method investments | ( | ||||||||||
Originations of LHFS, net of repayments | ( | ( | |||||||||
Purchases of LHFS | ( | ||||||||||
Proceeds from sales of LHFS | |||||||||||
Net change in: | |||||||||||
Revolving personal loans | ( | ( | |||||||||
Other assets, BOLI and trading securities | ( | ( | |||||||||
Other liabilities | |||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from sales of AFS investment securities | |||||||||||
Proceeds from prepayments and maturities of AFS investment securities | |||||||||||
Purchases of AFS investment securities | ( | ( | |||||||||
Proceeds from prepayments and maturities of HTM investment securities | |||||||||||
Purchases of HTM investment securities | ( | ( | |||||||||
Proceeds from sales of other investments | |||||||||||
Proceeds from maturities of other investments | |||||||||||
Purchases of other investments | ( | ( | |||||||||
Proceeds from sales of LHFI | |||||||||||
Distributions from equity method investments | |||||||||||
Contributions to equity method and other investments | ( | ( | |||||||||
Proceeds from settlements of BOLI policies | |||||||||||
Purchases of LHFI | ( | ( | |||||||||
Net change in loans other than purchases and sales | ( | ( | |||||||||
Purchases and originations of operating leases | ( | ( | |||||||||
Proceeds from the sale and termination of operating leases | |||||||||||
Manufacturer incentives | |||||||||||
Proceeds from sales of real estate owned and premises and equipment | |||||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Upfront fee paid to FCA | ( | ||||||||||
NET CASH USED IN INVESTING ACTIVITIES | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net change in deposits and other customer accounts | |||||||||||
Net change in short-term borrowings | ( | ||||||||||
Net proceeds from long-term borrowings | |||||||||||
Repayments of long-term borrowings | ( | ( | |||||||||
Proceeds from FHLB advances (with terms greater than 3 months) | |||||||||||
Repayments of FHLB advances (with terms greater than 3 months) | ( | ( | |||||||||
Net change in advance payments by borrowers for taxes and insurance | |||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Dividends paid to NCI | ( | ( | |||||||||
Stock repurchase attributable to NCI | ( | ( | |||||||||
Proceeds from the issuance of common stock | |||||||||||
Capital contribution from shareholder | |||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | |||||||||||
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | |||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (1) | $ | $ | |||||||||
NON-CASH TRANSACTIONS | |||||||||||
Loans transferred to/(from) other real estate owned | ( | ( | |||||||||
Loans transferred from/(to) HFI (from)/to HFS, net | |||||||||||
Unsettled purchases of investment securities | |||||||||||
Unsettled sales of investment securities | |||||||||||
Adoption of lease accounting standard: | |||||||||||
ROU assets | |||||||||||
Accrued expenses and payables |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
ABS | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Residential | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Commercial | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
FHLMC and FNMA - Residential | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
FHLMC and FNMA - Commercial | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total investments in debt securities AFS | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
ABS | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Residential | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Commercial | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total investments in debt securities HTM | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ |
(in thousands) | Amortized Cost | Fair Value | ||||||||||||
Due within one year | $ | $ | ||||||||||||
Due after 1 year but within 5 years | ||||||||||||||
Due after 5 years but within 10 years | ||||||||||||||
Due after 10 years | ||||||||||||||
Total | $ | $ |
(in thousands) | Amortized Cost | Fair Value | ||||||||||||
Due within one year | $ | $ | ||||||||||||
Due after 1 year but within 5 years | ||||||||||||||
Due after 5 years but within 10 years | ||||||||||||||
Due after 10 years | ||||||||||||||
Total | $ | $ |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
ABS | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Residential | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Commercial | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
FHLMC and FNMA - Residential | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
FHLMC and FNMA - Commercial | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total investments in debt securities AFS | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | $ | ( |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Residential | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||
GNMA - Commercial | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total investments in debt securities HTM | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ( |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Proceeds from the sales of AFS securities | $ | $ | $ | $ | ||||||||||||||||||||||
Gross realized gains | $ | $ | $ | $ | ||||||||||||||||||||||
Gross realized losses | ( | ( | ( | |||||||||||||||||||||||
Net realized gains/(losses) (1) | $ | $ | $ | $ |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||||||||
FHLB of Pittsburgh and FRB stock | $ | $ | ||||||||||||
LIHTC investments | ||||||||||||||
Equity securities not held for trading (1) | ||||||||||||||
Interest-bearing deposits with an affiliate bank | ||||||||||||||
Trading securities | ||||||||||||||
Total | $ | $ |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | ||||||||||||||||||||||
Commercial LHFI: | ||||||||||||||||||||||||||
CRE loans | $ | % | $ | % | ||||||||||||||||||||||
C&I loans | % | % | ||||||||||||||||||||||||
Multifamily loans | % | % | ||||||||||||||||||||||||
Other commercial(2) | % | % | ||||||||||||||||||||||||
Total commercial LHFI | % | % | ||||||||||||||||||||||||
Consumer loans secured by real estate: | ||||||||||||||||||||||||||
Residential mortgages | % | % | ||||||||||||||||||||||||
Home equity loans and lines of credit | % | % | ||||||||||||||||||||||||
Total consumer loans secured by real estate | % | % | ||||||||||||||||||||||||
Consumer loans not secured by real estate: | ||||||||||||||||||||||||||
RICs and auto loans | % | % | ||||||||||||||||||||||||
Personal unsecured loans | % | % | ||||||||||||||||||||||||
Other consumer(3) | % | % | ||||||||||||||||||||||||
Total consumer loans | % | % | ||||||||||||||||||||||||
Total LHFI(1) | $ | % | $ | % | ||||||||||||||||||||||
Total LHFI: | ||||||||||||||||||||||||||
Fixed rate | $ | % | $ | % | ||||||||||||||||||||||
Variable rate | % | % | ||||||||||||||||||||||||
Total LHFI(1) | $ | % | $ | % |
Three-Month Period Ended June 30, 2020 | ||||||||||||||||||||||||||
(in thousands) | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
ALLL, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Credit loss expense on loans | ||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||
Charge-offs, net of recoveries | ( | ( | ( | |||||||||||||||||||||||
ALLL, end of period | $ | $ | $ | $ | ||||||||||||||||||||||
Reserve for unfunded lending commitments, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Credit loss expense on unfunded lending commitments | ( | ( | ( | |||||||||||||||||||||||
Reserve for unfunded lending commitments, end of period | ||||||||||||||||||||||||||
Total ACL, end of period | $ | $ | $ | $ | ||||||||||||||||||||||
Six-Month Period Ended June 30, 2020 | ||||||||||||||||||||||||||
(in thousands) | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
ALLL, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Day 1: Adjustment to allowance for adoption of ASU 2016-13 | ( | |||||||||||||||||||||||||
Credit loss expense on loans | ||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||
Charge-offs, net of recoveries | ( | ( | ( | |||||||||||||||||||||||
ALLL, end of period | $ | $ | $ | $ | ||||||||||||||||||||||
Reserve for unfunded lending commitments, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Day 1: Adjustment to allowance for adoption of ASU 2016-13 | ||||||||||||||||||||||||||
Credit loss expense on unfunded lending commitments | ( | |||||||||||||||||||||||||
Reserve for unfunded lending commitments, end of period | ||||||||||||||||||||||||||
Total ACL, end of period | $ | $ | $ | $ |
Three-Month Period Ended June 30, 2019 | ||||||||||||||||||||||||||
(in thousands) | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
ALLL, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Credit loss expense on loans(1) | ||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||
Charge-offs, net of recoveries | ( | ( | ( | |||||||||||||||||||||||
ALLL, end of period | $ | $ | $ | $ | ||||||||||||||||||||||
Reserve for unfunded lending commitments, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
(Recovery of) / Credit loss expense on unfunded lending commitments | ( | ( | ( | |||||||||||||||||||||||
Reserve for unfunded lending commitments, end of period | ||||||||||||||||||||||||||
Total ACL, end of period | $ | $ | $ | $ | ||||||||||||||||||||||
Six-Month Period Ended June 30, 2019 | ||||||||||||||||||||||||||
(in thousands) | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
ALLL, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Credit loss expense on loans(1) | ||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||
Charge-offs, net of recoveries | ( | ( | ( | ( | ||||||||||||||||||||||
ALLL, end of period | $ | $ | $ | $ | ||||||||||||||||||||||
Reserve for unfunded lending commitments, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Release of unfunded lending commitments | ( | ( | ||||||||||||||||||||||||
Reserve for unfunded lending commitments, end of period | ||||||||||||||||||||||||||
Total ACL, end of period | $ | $ | $ | $ |
Non-accrual loans as of (1): | Non-accrual loans with no allowance | Interest Income recognized on nonaccrual loans | ||||||||||||||||||||||||
(in thousands) | June 30, 2020 | December 31, 2019 | June 30, 2020 | June 30, 2020 | ||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
CRE | $ | $ | $ | $ | ||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||
Other commercial | ||||||||||||||||||||||||||
Total commercial loans | ||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Residential mortgages | ||||||||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||||||||
RICs and auto loans | ||||||||||||||||||||||||||
Personal unsecured loans | ||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||
Total consumer loans | ||||||||||||||||||||||||||
Total non-accrual loans | ||||||||||||||||||||||||||
OREO | — | — | ||||||||||||||||||||||||
Repossessed vehicles | — | — | ||||||||||||||||||||||||
Foreclosed and other repossessed assets | — | — | ||||||||||||||||||||||||
Total OREO and other repossessed assets | — | — | ||||||||||||||||||||||||
Total non-performing assets | $ | $ | $ | $ |
As of: | ||||||||||||||||||||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | 30-89 Days Past Due | 90 Days or Greater | Total Past Due | Current | Total Financing Receivables | Amortized Cost > 90 Days and Accruing | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
CRE(1) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
C&I(2) | ||||||||||||||||||||||||||||||||||||||
Multifamily(3) | ||||||||||||||||||||||||||||||||||||||
Other commercial | ||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Residential mortgages(4) | ||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||||||||||||||||||||
RICs and auto loans(5) | ||||||||||||||||||||||||||||||||||||||
Personal unsecured loans(6) | ||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
As of | ||||||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | 30-89 Days Past Due | 90 Days or Greater | Total Past Due | Current | Total Financing Receivables | Recorded Investment > 90 Days and Accruing | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
CRE | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
C&I (1) | ||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Other commercial | ||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Residential mortgages(2) | ||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||||||||||||||||||||
RICs and auto loans | ||||||||||||||||||||||||||||||||||||||
Personal unsecured loans(3) | ||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
June 30, 2020 | Commercial Loan Portfolio (1) | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year | |||||||||||||||||||||||||||||||||||||||||||
Regulatory Rating: | 2020(3) | 2019 | 2018 | 2017 | 2016 | Prior | Total | |||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||
N/A(2) | ||||||||||||||||||||||||||||||||||||||||||||
Total Commercial real estate | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||
N/A(2) | ||||||||||||||||||||||||||||||||||||||||||||
Total C&I | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||
N/A | ||||||||||||||||||||||||||||||||||||||||||||
Total Multifamily | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Remaining commercial | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||
N/A | ||||||||||||||||||||||||||||||||||||||||||||
Total Remaining commercial | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Total Commercial loans | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||
N/A(2) | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | CRE | C&I | Multifamily | Remaining commercial | Total(1) | |||||||||||||||||||||||||||
At Recorded Investment | (in thousands) | |||||||||||||||||||||||||||||||
Regulatory Rating: | ||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||
N/A(2) | ||||||||||||||||||||||||||||||||
Total commercial loans | $ | $ | $ | $ | $ |
As of June 30, 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) | $ | $ | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||||||
<600 | % | ||||||||||||||||||||||||||||||||||||||||||||||
600-639 | % | ||||||||||||||||||||||||||||||||||||||||||||||
>=640 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | % |
December 31, 2019 | RICs and auto loans | |||||||||||||
Credit Score Range | Recorded Investment (in thousands) | Percent | ||||||||||||
No FICO(1) | $ | % | ||||||||||||
<600 | % | |||||||||||||
600-639 | % | |||||||||||||
>=640 | % | |||||||||||||
Total | $ | % |
As of June 30, 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% | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
70.01-80% | |||||||||||||||||||||||||||||
80.01-90% | |||||||||||||||||||||||||||||
90.01-100% | |||||||||||||||||||||||||||||
100.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
<600 | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
70.01-80% | |||||||||||||||||||||||||||||
80.01-90% | |||||||||||||||||||||||||||||
90.01-100% | |||||||||||||||||||||||||||||
100.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
600-639 | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
70.01-80% | |||||||||||||||||||||||||||||
80.01-90% | |||||||||||||||||||||||||||||
90.01-100% | |||||||||||||||||||||||||||||
100.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
640-679 | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
70.01-80% | |||||||||||||||||||||||||||||
80.01-90% | |||||||||||||||||||||||||||||
90.01-100% | |||||||||||||||||||||||||||||
100.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
680-719 | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
70.01-80% | |||||||||||||||||||||||||||||
80.01-90% | |||||||||||||||||||||||||||||
90.01-100% | |||||||||||||||||||||||||||||
100.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
720-759 | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
70.01-80% | |||||||||||||||||||||||||||||
80.01-90% | |||||||||||||||||||||||||||||
90.01-100% | |||||||||||||||||||||||||||||
100.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
>=760 | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
70.01-80% | |||||||||||||||||||||||||||||
80.01-90% | |||||||||||||||||||||||||||||
90.01-100% | |||||||||||||||||||||||||||||
100.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
Total - All FICO Bands | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
70.01-80% | |||||||||||||||||||||||||||||
80.01-90% | |||||||||||||||||||||||||||||
90.01-100% | |||||||||||||||||||||||||||||
100.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
Grand Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
As of June 30, 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% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
70.01-90% | |||||||||||||||||||||||||||||
90.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
<600 | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
70.01-90% | |||||||||||||||||||||||||||||
90.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
600-639 | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
70.01-90% | |||||||||||||||||||||||||||||
90.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
640-679 | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
70.01-90% | |||||||||||||||||||||||||||||
90.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
680-719 | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
70.01-90% | |||||||||||||||||||||||||||||
90.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
720-759 | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
70.01-90% | |||||||||||||||||||||||||||||
90.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
>=760 | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
70.01-90% | |||||||||||||||||||||||||||||
90.01-110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
Total - All FICO Bands | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
LTV 70.01 - 90% | |||||||||||||||||||||||||||||
LTV 90.01 - 110% | |||||||||||||||||||||||||||||
LTV>110% | |||||||||||||||||||||||||||||
LTV - N/A(2) | |||||||||||||||||||||||||||||
Grand Total | $ | $ | $ | $ | $ | $ | $ | $ |
Residential Mortgages(1)(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | N/A(2) | LTV<=70% | 70.01-80% | 80.01-90% | 90.01-100% | 100.01-110% | LTV>110% | Grand Total | ||||||||||||||||||||||||||||||||||||||||||
FICO Score | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
N/A(2) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
<600 | ||||||||||||||||||||||||||||||||||||||||||||||||||
600-639 | ||||||||||||||||||||||||||||||||||||||||||||||||||
640-679 | ||||||||||||||||||||||||||||||||||||||||||||||||||
680-719 | ||||||||||||||||||||||||||||||||||||||||||||||||||
720-759 | ||||||||||||||||||||||||||||||||||||||||||||||||||
>=760 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Total | $ | $ | $ | $ | $ | $ | $ | $ |
Home Equity Loans and Lines of Credit(2) | ||||||||||||||||||||||||||||||||||||||
December 31, 2019 | N/A(1) | LTV<=70% | 70.01-90% | 90.01-110% | LTV>110% | Grand Total | ||||||||||||||||||||||||||||||||
FICO Score | ||||||||||||||||||||||||||||||||||||||
N/A(1) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
<600 | ||||||||||||||||||||||||||||||||||||||
600-639 | ||||||||||||||||||||||||||||||||||||||
640-679 | ||||||||||||||||||||||||||||||||||||||
680-719 | ||||||||||||||||||||||||||||||||||||||
720-759 | ||||||||||||||||||||||||||||||||||||||
>=760 | ||||||||||||||||||||||||||||||||||||||
Grand Total | $ | $ | $ | $ | $ | $ |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||||||||
Performing | $ | $ | ||||||||||||
Non-performing | ||||||||||||||
Total (1) | $ | $ |
Three-Month Period Ended June 30, 2020 | |||||||||||||||||
Number of Contracts | Pre-TDR Amortized Cost(1) | Post-TDR Amortized Cost(2) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Commercial: | |||||||||||||||||
CRE | $ | $ | |||||||||||||||
C&I | |||||||||||||||||
Multi-family | |||||||||||||||||
Other commercial | |||||||||||||||||
Consumer: | |||||||||||||||||
Residential mortgages(3) | |||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||
RICs and auto loans | |||||||||||||||||
Personal unsecured loans | |||||||||||||||||
Other consumer | |||||||||||||||||
Total | $ | $ | |||||||||||||||
Six-Month Period Ended June 30, 2020 | |||||||||||||||||
Number of Contracts | Pre-TDR Recorded
Investment(1) | Post-TDR Recorded Investment(2) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Commercial: | |||||||||||||||||
CRE | $ | $ | |||||||||||||||
C&I | |||||||||||||||||
Multi-family | |||||||||||||||||
Other commercial | |||||||||||||||||
Consumer: | |||||||||||||||||
Residential mortgages(3) | |||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||
RICs and auto loans | |||||||||||||||||
Personal unsecured loans | |||||||||||||||||
Other consumer | |||||||||||||||||
Total | $ | $ |
Three-Month Period Ended June 30, 2019 | |||||||||||||||||
Number of Contracts | Pre-TDR Recorded Investment(1) | Post-TDR Recorded Investment(2) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Commercial: | |||||||||||||||||
CRE | $ | $ | |||||||||||||||
C&I | |||||||||||||||||
Consumer: | |||||||||||||||||
Residential mortgages(3) | |||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||
RICs and auto loans | |||||||||||||||||
Personal unsecured loans | |||||||||||||||||
Other consumer | |||||||||||||||||
Total | $ | $ | |||||||||||||||
Six-Month Period Ended June 30, 2019 | |||||||||||||||||
Number of Contracts | Pre-TDR Recorded
Investment(1) | Post-TDR Recorded Investment(2) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Commercial: | |||||||||||||||||
CRE | $ | $ | |||||||||||||||
C&I | |||||||||||||||||
Consumer: | |||||||||||||||||
Residential mortgages(3) | |||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||
RICs and auto loans | |||||||||||||||||
Personal unsecured loans | |||||||||||||||||
Other consumer | |||||||||||||||||
Total | $ | $ |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment(1) | Number of Contracts | Recorded Investment(1) | Number of Contracts | Recorded Investment(1) | Number of Contracts | Recorded Investment(1) | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||
CRE | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
C&I | |||||||||||||||||||||||||||||||||||||||||||||||
Other commercial | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||||||||||||||||||||||||||
RICs and auto loans | |||||||||||||||||||||||||||||||||||||||||||||||
Personal unsecured loans | |||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||||||||
Leased vehicles | $ | $ | ||||||||||||
Less: accumulated depreciation | ( | ( | ||||||||||||
Depreciated net capitalized cost | ||||||||||||||
Manufacturer subvention payments, net of accretion | ( | ( | ||||||||||||
Origination fees and other costs | ||||||||||||||
Leased vehicles, net | ||||||||||||||
Commercial equipment vehicles and aircraft, gross | ||||||||||||||
Less: accumulated depreciation | ( | ( | ||||||||||||
Commercial equipment vehicles and aircraft, net | ||||||||||||||
Total operating lease assets, net(1) | $ | $ |
2020 | $ | |||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
Thereafter | ||||||||
Total | $ |
(in thousands) | CBB | C&I | CRE & VF | CIB | SC | Total | ||||||||||||||||||||||||||||||||
Goodwill at December 31, 2019 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Impairment during the period | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Goodwill at June 30, 2020 | $ | $ | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(in thousands) | Net Carrying Amount | Accumulated Amortization | Net Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||
Intangibles subject to amortization: | ||||||||||||||||||||||||||
Dealer networks | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Chrysler relationship | ( | ( | ||||||||||||||||||||||||
Trade name | ( | ( | ||||||||||||||||||||||||
Other intangibles | ( | ( | ||||||||||||||||||||||||
Total intangibles subject to amortization | $ | $ | ( | $ | $ | ( |
Year | Calendar Year Amount | Recorded To Date | Remaining Amount To Record | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
2020 | $ | $ | $ | |||||||||||||||||
2021 | — | |||||||||||||||||||
2022 | — | |||||||||||||||||||
2023 | — | |||||||||||||||||||
2024 | — | |||||||||||||||||||
Thereafter | — |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||||||||
Operating lease ROU assets | $ | $ | ||||||||||||
Deferred tax assets | ||||||||||||||
Accrued interest receivable | ||||||||||||||
Derivative assets at fair value | ||||||||||||||
Other repossessed assets | ||||||||||||||
Equity method investments | ||||||||||||||
MSRs | ||||||||||||||
OREO | ||||||||||||||
Income tax receivables | ||||||||||||||
Prepaid expense | ||||||||||||||
Miscellaneous assets and receivables | ||||||||||||||
Total other assets | $ | $ |
Maturity of Lease Liabilities at June 30, 2020 | Total Operating leases | |||||||
(in thousands) | ||||||||
2020 | $ | |||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
Thereafter | ||||||||
Total lease liabilities | $ | |||||||
Less: Interest | ( | |||||||
Present value of lease liabilities | $ |
Supplemental Balance sheet information | June 30, 2020 | December 31, 2019 | ||||||||||||
Operating lease ROU assets | $ | $ | ||||||||||||
Other liabilities | ||||||||||||||
Weighted-average remaining lease term (years) | ||||||||||||||
Weighted-average discount rate | % | % |
Six Months period ended | |||||||||||
Other Information | June 30, 2020 | June 30, 2019 | |||||||||
(in thousands) | |||||||||||
Operating cash flows from operating leases(1) | $ | ( | $ | ( | |||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | ( | $ |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||||||||
Assets | ||||||||||||||
Restricted cash | $ | $ | ||||||||||||
Loans HFS | ||||||||||||||
Loans HFI | ||||||||||||||
Operating lease assets, net | ||||||||||||||
Various other assets | ||||||||||||||
Total Assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Notes payable | $ | $ | ||||||||||||
Various other liabilities | ||||||||||||||
Total Liabilities | $ | $ |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Assets securitized | $ | $ | $ | $ | ||||||||||||||||||||||
Net proceeds from new securitizations (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Net proceeds from sale of retained bonds | ||||||||||||||||||||||||||
Cash received for servicing fees (2) | ||||||||||||||||||||||||||
Net distributions from Trusts (2) | ||||||||||||||||||||||||||
Total cash received from Trusts | $ | $ | $ | $ |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||||||||
Related party SPAIN securitizations | $ | $ | ||||||||||||
Third party SCART serviced securitizations | ||||||||||||||
Third party Chrysler Capital securitizations | ||||||||||||||
Total serviced for other portfolio | $ | $ |
Three-Month Period Ended | Six-Month Period Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Receivables securitized (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Net proceeds from new securitizations | ||||||||||||||||||||||||||
Cash received for servicing fees | ||||||||||||||||||||||||||
Total cash received from Trusts | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(dollars in thousands) | Balance | Percent of total deposits | Balance | Percent of total deposits | ||||||||||||||||||||||
Interest-bearing demand deposits | $ | % | $ | % | ||||||||||||||||||||||
Non-interest-bearing demand deposits | % | % | ||||||||||||||||||||||||
Savings | % | % | ||||||||||||||||||||||||
Customer repurchase accounts | % | % | ||||||||||||||||||||||||
Money market | % | % | ||||||||||||||||||||||||
CDs | % | % | ||||||||||||||||||||||||
Total deposits (1)(2) | $ | % | $ | % |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(dollars in thousands) | Balance | Effective Rate | Balance | Effective Rate | ||||||||||||||||||||||
Parent Company | ||||||||||||||||||||||||||
$ | % | $ | % | |||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
Senior notes due September 2020 (2) | % | |||||||||||||||||||||||||
Senior notes due June 2022(1) | % | |||||||||||||||||||||||||
Senior notes due January 2023 (3) | % | |||||||||||||||||||||||||
Senior notes due July 2023 (3) | % | |||||||||||||||||||||||||
Senior notes due April 2023 (3) | % | |||||||||||||||||||||||||
Short-term borrowing due within one year, with an affiliate | % | |||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||
% | % | |||||||||||||||||||||||||
Short-term borrowing due within one year, maturing July 2020 | % | % | ||||||||||||||||||||||||
Total Parent Company and subsidiaries' borrowings and other debt obligations | $ | % | $ | % |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(dollars in thousands) | Balance | Effective Rate | Balance | Effective Rate | ||||||||||||||||||||||
FHLB advances, maturing through May 2022 | $ | % | $ | % | ||||||||||||||||||||||
REIT preferred, callable May 2020 | % | % | ||||||||||||||||||||||||
Total Bank borrowings and other debt obligations | $ | % | $ | % |
June 30, 2020 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Committed Amount | Effective Rate | Assets Pledged | Restricted Cash Pledged | |||||||||||||||||||||||||||
Warehouse line due March 2021 | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Warehouse line due November 2021 | % | |||||||||||||||||||||||||||||||
Warehouse line due July 2021 | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2021 | % | |||||||||||||||||||||||||||||||
Warehouse line due June 2021 | % | |||||||||||||||||||||||||||||||
Warehouse line due January 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due June 2021 | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2021(3) | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2021(1) | % | |||||||||||||||||||||||||||||||
Repurchase facility due October 2020(2) | % | |||||||||||||||||||||||||||||||
Repurchase facility due September 2020(2) | % | |||||||||||||||||||||||||||||||
Total facilities with third parties | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Promissory note with Santander due June 2022 | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Total facilities with related parties | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Total SC revolving credit facilities | $ | $ | % | $ | $ |
December 31, 2019 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Committed Amount | Effective Rate | Assets Pledged | Restricted Cash Pledged | |||||||||||||||||||||||||||
Warehouse line due March 2021 | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Warehouse line due November 2020 | % | |||||||||||||||||||||||||||||||
Warehouse line due July 2021 | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2021 | % | |||||||||||||||||||||||||||||||
Warehouse line due June 2021 | % | |||||||||||||||||||||||||||||||
Warehouse line due November 2020 | % | |||||||||||||||||||||||||||||||
Warehouse line due June 2021 | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2021(1) | % | |||||||||||||||||||||||||||||||
Repurchase facility due January 2020(2) | % | |||||||||||||||||||||||||||||||
Repurchase facility due March 2020(2) | % | |||||||||||||||||||||||||||||||
Repurchase facility due March 2020(2) | % | |||||||||||||||||||||||||||||||
Total SC revolving credit facilities | $ | $ | % | $ | $ |
June 30, 2020 | ||||||||||||||||||||||||||||||||
(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 April 2022 and May 2028(1)(4) | $ | $ | $ | $ | ||||||||||||||||||||||||||||
SC privately issued amortizing notes maturing on various dates between June 2022 and November 2026 (3) | ||||||||||||||||||||||||||||||||
Total SC secured structured financings | $ | $ | $ | $ |
December 31, 2019 | ||||||||||||||||||||||||||||||||
(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 April 2021 and February 2027 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
SC privately issued amortizing notes maturing on various dates between July 2019 and November 2026 | ||||||||||||||||||||||||||||||||
Total SC secured structured financings | $ | $ | $ | $ |
Total Other Comprehensive Income/(Loss) | Total Accumulated Other Comprehensive (Loss)/Income | |||||||||||||||||||||||||||||||||||||
Three-Month Period Ended June 30, 2020 | March 31, 2020 | June 30, 2020 | ||||||||||||||||||||||||||||||||||||
(in thousands) | Pretax Activity | Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||||||||||
Change in accumulated OCI on cash flow hedge derivative financial instruments | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Reclassification adjustment for net losses on cash flow hedge derivative financial instruments(1) | ( | |||||||||||||||||||||||||||||||||||||
Net unrealized gains on cash flow hedge derivative financial instruments | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Change in unrealized gains on investments in debt securities AFS | ( | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for (gains) included in net income/(expense) on debt securities AFS (2) | ( | ( | ||||||||||||||||||||||||||||||||||||
Net unrealized gains on investments in debt securities AFS | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Pension and post-retirement actuarial gain(3) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
As of June 30, 2020 | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Total OCI/(Loss) | Total Accumulated Other Comprehensive (Loss)/Income | |||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2020 | December 31, 2019 | June 30, 2020 | ||||||||||||||||||||||||||||||||||||
(in thousands) | Pretax Activity | Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||||||||||
Change in accumulated OCI on cash flow hedge derivative financial instruments | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Reclassification adjustment for net losses on cash flow hedge derivative financial instruments(1) | ( | |||||||||||||||||||||||||||||||||||||
Net unrealized gains on cash flow hedge derivative financial instruments | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Change in unrealized gains on investments in debt securities | ( | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains) included in net income/(expense) on debt securities AFS (2) | ( | ( | ||||||||||||||||||||||||||||||||||||
Net unrealized gains on investments in debt securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Pension and post-retirement actuarial gain(3) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
As of June 30, 2020 | $ | $ | ( | $ | $ | ( | $ | $ |
Total Other Comprehensive (Loss)/Income | Total Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||
Three-Month Period Ended June 30, 2019 | March 31, 2019 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||
(in thousands) | Pretax Activity | Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||||||||||
Change in accumulated other comprehensive income on cash flow hedge derivative financial instruments | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains) on cash flow hedge derivative financial instruments(1) | ( | ( | ||||||||||||||||||||||||||||||||||||
Net unrealized gains on cash flow hedge derivative financial instruments | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||
Change in unrealized gains on investment securities AFS | ( | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains) included in net income/(expense) on non-OTTI securities (2) | ( | ( | ||||||||||||||||||||||||||||||||||||
Net unrealized (losses) on investment securities AFS | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Pension and post-retirement actuarial gain(4) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
As of June 30, 2019 | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Total OCI/(Loss) | Total Accumulated Other Comprehensive (Loss)/Income | |||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2019 | December 31, 2018 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||
(in thousands) | Pretax Activity | Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||||||||||
Change in accumulated OCI on cash flow hedge derivative financial instruments | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains) on cash flow hedge derivative financial instruments(1) | ( | ( | ||||||||||||||||||||||||||||||||||||
Net unrealized gains on cash flow hedge derivative financial instruments | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||
Change in unrealized gains on investment securities | ( | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net losses included in net income/(expense) on debt securities AFS (2) | ( | ( | ||||||||||||||||||||||||||||||||||||
Net unrealized gains on investment securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Pension and post-retirement actuarial gain(3) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
As of June 30, 2019 | $ | $ | ( | $ | $ | ( | $ | $ | ( |
(dollars in thousands) | Notional Amount | Asset | Liability | Weighted Average Receive Rate | Weighted Average Pay Rate | Weighted Average Life (Years) | ||||||||||||||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Pay fixed — receive variable interest rate swaps | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Pay variable - receive fixed interest rate swaps | ||||||||||||||||||||||||||||||||||||||
Interest rate floor | % | |||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Pay fixed — receive variable interest rate swaps | $ | $ | $ | % | % | |||||||||||||||||||||||||||||||||
Pay variable - receive fixed interest rate swaps | % | % | ||||||||||||||||||||||||||||||||||||
Interest rate floor | % | % | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | % | % |
Notional | Asset derivatives Fair value | Liability derivatives Fair value | ||||||||||||||||||||||||||||||||||||
(in thousands) | June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||
Mortgage banking derivatives: | ||||||||||||||||||||||||||||||||||||||
Forward commitments to sell loans | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Interest rate lock commitments | ||||||||||||||||||||||||||||||||||||||
Mortgage servicing | ||||||||||||||||||||||||||||||||||||||
Total mortgage banking risk management | ||||||||||||||||||||||||||||||||||||||
Customer-related derivatives: | ||||||||||||||||||||||||||||||||||||||
Swaps receive fixed | ||||||||||||||||||||||||||||||||||||||
Swaps pay fixed | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total customer-related derivatives | ||||||||||||||||||||||||||||||||||||||
Other derivative activities: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | ||||||||||||||||||||||||||||||||||||||
Interest rate cap agreements | ||||||||||||||||||||||||||||||||||||||
Options for interest rate cap agreements | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(in thousands) | Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | ||||||||||||||||||||||||||||||
Line Item | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
Derivative Activity(1) | ||||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||
Pay fixed-receive variable interest rate swaps | Interest expense on borrowings | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||
Pay variable receive-fixed interest rate swap | Interest income on loans | ( | ( | |||||||||||||||||||||||||||||
Other derivative activities: | ||||||||||||||||||||||||||||||||
Forward commitments to sell loans | Miscellaneous income, net | ( | ( | |||||||||||||||||||||||||||||
Interest rate lock commitments | Miscellaneous income, net | |||||||||||||||||||||||||||||||
Mortgage servicing | Miscellaneous income, net | |||||||||||||||||||||||||||||||
Customer-related derivatives | Miscellaneous income, net | ( | ( | |||||||||||||||||||||||||||||
Foreign exchange | Miscellaneous income, net | |||||||||||||||||||||||||||||||
Interest rate swaps, caps, and options | Miscellaneous income, net | ( | ( | |||||||||||||||||||||||||||||
Other | Miscellaneous income, net | ( | ( | ( | ||||||||||||||||||||||||||||
Offsetting of Financial Assets | ||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
(in thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets | Collateral Received (3) | Net Amount | |||||||||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||||||||
Cash flow hedges | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Other derivative activities(1) | ||||||||||||||||||||||||||||||||
Total derivatives subject to a master netting arrangement or similar arrangement | ||||||||||||||||||||||||||||||||
Total derivatives not subject to a master netting arrangement or similar arrangement(2) | — | |||||||||||||||||||||||||||||||
Total Derivative Assets | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
Cash flow hedges | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Other derivative activities(1) | ||||||||||||||||||||||||||||||||
Total derivatives subject to a master netting arrangement or similar arrangement | ||||||||||||||||||||||||||||||||
Total derivatives not subject to a master netting arrangement or similar arrangement(2) | — | — | ||||||||||||||||||||||||||||||
Total Derivative Assets | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Offsetting of Financial Liabilities | ||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
(in thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets | Collateral Pledged (3) | Net Amount | |||||||||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||||||||
Cash flow hedges | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Other derivative activities(1) | ||||||||||||||||||||||||||||||||
Total derivatives subject to a master netting arrangement or similar arrangement | ||||||||||||||||||||||||||||||||
Total derivatives not subject to a master netting arrangement or similar arrangement(2) | — | |||||||||||||||||||||||||||||||
Total Derivative Liabilities | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
Cash flow hedges | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Other derivative activities(1) | ||||||||||||||||||||||||||||||||
Total derivatives subject to a master netting arrangement or similar arrangement | ||||||||||||||||||||||||||||||||
Total derivatives not subject to a master netting arrangement or similar arrangement(2) | — | |||||||||||||||||||||||||||||||
Total Derivative Liabilities | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Balance at June 30, 2020 | Level 1 | Level 2 | Level 3 | Balance at December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
MBS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in debt securities AFS(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments - trading securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
RICs HFI(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||
LHFS (1)(5) | ||||||||||||||||||||||||||||||||||||||||||||||||||
MSRs (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets - derivatives (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total financial assets (6) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities - derivatives (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Three-Month Period Ended June 30, 2020 | Three-Month Period Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Investments AFS | RICs HFI | MSRs | Derivatives, net | Total | Investments AFS | RICs HFI | MSRs | Derivatives, net | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses in OCI | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(losses) in earnings | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions/Issuances | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements(1) | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, end of period | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | $ | $ | $ | ( | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2020 | Six-Month Period Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Investments AFS | RICs HFI | MSRs | Derivatives, net | Total | Investments AFS | RICs HFI | MSRs | Derivatives, net | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses in OCI(2) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(losses) in earnings | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions/Issuances | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer from level 2(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements(1) | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, end of period | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | $ | ( |
(in thousands) | Level 1 | Level 2 | Level 3 | Balance at June 30, 2020 | Level 1 | Level 2 | Level 3 | Balance at December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||
Impaired commercial LHFI | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Foreclosed assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle inventory | ||||||||||||||||||||||||||||||||||||||||||||||||||
LHFS(1)(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Auto loans impaired due to bankruptcy | ||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||||||||||||||||||||||||
MSRs |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | ||||||||||||||||||||||||||||
(in thousands) | Statement of Operations Location | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
Impaired LHFI | Credit loss expense | $ | $ | $ | $ | ( | |||||||||||||||||||||||
Foreclosed assets | Miscellaneous income, net (1) | ( | ( | ( | ( | ||||||||||||||||||||||||
LHFS | Miscellaneous income, net (1) | ( | ( | ( | ( | ||||||||||||||||||||||||
Auto loans impaired due to bankruptcy | Credit loss expense | ( | ( | ||||||||||||||||||||||||||
Goodwill impairment | Impairment of goodwill (2) | ||||||||||||||||||||||||||||
MSRs | Miscellaneous income, net (1) | ( | ( | ( | ( |
(dollars in thousands) | Fair Value at June 30, 2020 | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||
Financing bonds | $ | DCF | Discount rate (1) | |||||||||||||||||||||||
RICs HFI | DCF | CPR (2) | % | |||||||||||||||||||||||
Discount rate (3) | ||||||||||||||||||||||||||
Recovery rate (4) | ||||||||||||||||||||||||||
Personal LHFS (8) | Lower of market or Income approach | Market participant view | ||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
Default rate | ||||||||||||||||||||||||||
Net principal & interest payment rate | ||||||||||||||||||||||||||
Loss severity rate | ||||||||||||||||||||||||||
RICs HFS | DCF | Discount rate | ||||||||||||||||||||||||
Default rate | ||||||||||||||||||||||||||
Prepayment rate | ||||||||||||||||||||||||||
Loss severity rate | ||||||||||||||||||||||||||
MSRs (7) | DCF | CPR (5) | [ | |||||||||||||||||||||||
Discount rate (6) | % | |||||||||||||||||||||||||
(dollars in thousands) | Fair Value at December 31, 2019 | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | |||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
ABS | |||||||||||||||||||||||
Financing bonds | $ | DCF | Discount rate (1) | ||||||||||||||||||||
Sale-leaseback securities | Consensus pricing (9) | Offered quotes (10) | % | ||||||||||||||||||||
RICs HFI | DCF | CPR (2) | % | ||||||||||||||||||||
Discount rate (3) | |||||||||||||||||||||||
Recovery rate (4) | |||||||||||||||||||||||
Personal LHFS (8) | Lower of market or Income approach | Market participant view | |||||||||||||||||||||
Discount rate | |||||||||||||||||||||||
Default rate | |||||||||||||||||||||||
Net principal & interest payment rate | |||||||||||||||||||||||
Loss severity rate | |||||||||||||||||||||||
MSRs (7) | DCF | CPR (5) | |||||||||||||||||||||
Discount rate (6) | % | ||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in debt securities AFS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in debt securities HTM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LHFI, net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LHFS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSRs(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and other debt obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Aggregate UPB | Difference | Fair Value | Aggregate UPB | Difference | ||||||||||||||||||||||||||||||||
LHFS(1) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
RICs HFI | ( | ( | ||||||||||||||||||||||||||||||||||||
Nonaccrual loans | ( | ( |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||
Consumer and commercial fees | $ | $ | $ | $ | ||||||||||||||||||||||
Lease income | ||||||||||||||||||||||||||
Miscellaneous income, net | ||||||||||||||||||||||||||
Mortgage banking income, net | ||||||||||||||||||||||||||
BOLI | ||||||||||||||||||||||||||
Capital market revenue | ||||||||||||||||||||||||||
Net gain on sale of operating leases | ||||||||||||||||||||||||||
Asset and wealth management fees | ||||||||||||||||||||||||||
Loss on sale of non-mortgage loans | ( | ( | ( | ( | ||||||||||||||||||||||
Other miscellaneous (loss) / income, net | ( | ( | ||||||||||||||||||||||||
Net gain on sale of investment securities | ||||||||||||||||||||||||||
Total Non-interest income | $ | $ | $ | $ |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||
In-scope of revenue from contracts with customers: | ||||||||||||||||||||||||||
Depository services(1) | $ | $ | $ | $ | ||||||||||||||||||||||
Commission and trailer fees(2) | ||||||||||||||||||||||||||
Interchange income, net(2) | ||||||||||||||||||||||||||
Underwriting service fees(2) | ||||||||||||||||||||||||||
Asset and wealth management fees(2) | ||||||||||||||||||||||||||
Other revenue from contracts with customers(2) | ||||||||||||||||||||||||||
Total in-scope of revenue from contracts with customers | ||||||||||||||||||||||||||
Out-of-scope of revenue from contracts with customers: | ||||||||||||||||||||||||||
Consumer and commercial fees(3) | ||||||||||||||||||||||||||
Lease income | ||||||||||||||||||||||||||
Miscellaneous loss(3) | ( | ( | ( | ( | ||||||||||||||||||||||
Net gain/(loss) on sale of investment securities | ||||||||||||||||||||||||||
Total out-of-scope of revenue from contracts with customers | ||||||||||||||||||||||||||
Total non-interest income | $ | $ | $ | $ |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019(1) | ||||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||
Amortization of intangibles | $ | $ | $ | $ | ||||||||||||||||||||||
Deposit insurance premiums and other expenses | ||||||||||||||||||||||||||
Loss on debt extinguishment | ||||||||||||||||||||||||||
Other administrative expenses | ||||||||||||||||||||||||||
Other miscellaneous expenses | ||||||||||||||||||||||||||
Total Other expenses | $ | $ | $ | $ |
Other Commitments | June 30, 2020 | December 31, 2019 | ||||||||||||
(in thousands) | ||||||||||||||
Commitments to extend credit | $ | $ | ||||||||||||
Letters of credit | ||||||||||||||
Commitments to sell loans | ||||||||||||||
Unsecured revolving lines of credit | ||||||||||||||
Recourse exposure on sold loans | ||||||||||||||
Total commitments | $ | $ |
Agreement or Legal Matter | Commitment or Contingency | June 30, 2020 | December 31, 2019 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Chrysler Agreement | Revenue-sharing and gain/(loss), net-sharing payments | $ | ( | $ | ||||||||||||||||
Agreement with Bank of America | Servicer performance fee | |||||||||||||||||||
Agreement with CBP | Loss-sharing payments | |||||||||||||||||||
Other contingencies | Consumer arrangements |
For the Three-Month Period Ended | SHUSA Reportable Segments | ||||||||||||||||||||||||||||||||||
June 30, 2020 | CBB | C&I | CRE & VF | CIB | Other(2) | SC(3) | SC Purchase Price Adjustments(4) | Eliminations(4) | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Net interest income | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Non-interest income | ( | ( | |||||||||||||||||||||||||||||||||
Provision for/(release of) credit losses | ( | ||||||||||||||||||||||||||||||||||
Total expenses | ( | ||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Intersegment revenue/(expense)(1) | ( | ||||||||||||||||||||||||||||||||||
For the Six-Month Period Ended | SHUSA Reportable Segments | ||||||||||||||||||||||||||||||||||
June 30, 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 | $ | $ | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||
Non-interest income | ( | ||||||||||||||||||||||||||||||||||
Credit loss expense | ( | ||||||||||||||||||||||||||||||||||
Total expenses | ( | ||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Intersegment revenue/(expense)(1) | ( | ||||||||||||||||||||||||||||||||||
Total assets |
For the Three-Month Period Ended | SHUSA Reportable Segments | ||||||||||||||||||||||||||||||||||
June 30, 2019 | CBB | C&I | CRE & VF | CIB | Other(2) | SC(3) | SC Purchase Price Adjustments(4) | Eliminations(4) | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Net interest income | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Non-interest income | ( | ||||||||||||||||||||||||||||||||||
Provision for/(release of) credit losses | ( | ( | |||||||||||||||||||||||||||||||||
Total expenses | ( | ||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | ( | ( | |||||||||||||||||||||||||||||||||
Intersegment revenue/(expense)(1) | ( | ( | |||||||||||||||||||||||||||||||||
For the Six-Month Period Ended | SHUSA Reportable Segments | ||||||||||||||||||||||||||||||||||
June 30, 2019 | CBB | C&I | CRE & VF | CIB(5) | Other(2) | SC(3) | SC Purchase Price Adjustments(4) | Eliminations(4) | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Net interest income | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Non-interest income | ( | ||||||||||||||||||||||||||||||||||
Credit loss expense / (Recovery of) credit loss expense | ( | ( | |||||||||||||||||||||||||||||||||
Total expenses | ( | ||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | ( | ( | |||||||||||||||||||||||||||||||||
Intersegment revenue/(expense)(1) | ( | ||||||||||||||||||||||||||||||||||
Total assets |
June 30, 2020 | ||||||||
Dow Jones Industrial Average | (9.3)% | |||||||
S&P 500 | (3.8)% | |||||||
NASDAQ Composite | 12.4% |
BANK | BSPR | SHUSA | ||||||||||||||||||||||||||||||||||||
Moody's | S&P | Fitch | Moody's | S&P | Fitch | Moody's | S&P | Fitch | ||||||||||||||||||||||||||||||
Long-Term | Baa1 | A- | BBB+ | Baa1 | N/A | BBB+ | Baa3 | BBB+ | BBB+ | |||||||||||||||||||||||||||||
Short-Term | P-1 | A-2 | F-2 | P-2 | N/A | F-2 | N/A | A-2 | F-2 | |||||||||||||||||||||||||||||
Outlook | Stable | Negative | Negative | Stable | N/A | Negative | Stable | Negative | Negative |
SANTANDER | SPAIN | ||||||||||||||||||||||||||||
Moody's | S&P | Fitch | Moody's | S&P | Fitch | ||||||||||||||||||||||||
Long-Term | A2 | A | A- | Baa1 | A | A- | |||||||||||||||||||||||
Short-Term | P-1 | A-1 | F-2 | P-2 | A-1 | F-1 | |||||||||||||||||||||||
Outlook | Stable | Negative | Negative | Stable | Stable | Stable |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | Year To Date Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 1,538,790 | $ | 1,621,725 | $ | 3,124,766 | $ | 3,224,610 | $ | (82,935) | (5.1) | % | $ | (99,844) | (3.1) | % | |||||||||||||||||||||||||||||||
Credit loss expense | (977,373) | (480,632) | (2,162,983) | (1,080,843) | 496,741 | 103.4 | % | 1,082,140 | 100.1 | % | |||||||||||||||||||||||||||||||||||||
Total non-interest income | 786,318 | 962,984 | 1,813,478 | 1,858,431 | (176,666) | (18.3) | % | (44,953) | (2.4) | % | |||||||||||||||||||||||||||||||||||||
General, administrative and other expenses | (3,429,690) | (1,542,386) | (5,013,491) | (3,084,801) | 1,887,304 | 122.4 | % | 1,928,690 | 62.5 | % | |||||||||||||||||||||||||||||||||||||
Income before income taxes | (2,081,955) | 561,691 | (2,238,230) | 917,397 | (2,643,646) | (470.7) | % | (3,155,627) | (344.0) | % | |||||||||||||||||||||||||||||||||||||
Income tax (benefit)/provision | (186,151) | 155,326 | (219,512) | 271,540 | (341,477) | (219.8) | % | (491,052) | (180.8) | % | |||||||||||||||||||||||||||||||||||||
Net income | $ | (1,895,804) | $ | 406,365 | $ | (2,018,718) | $ | 645,857 | $ | (2,302,169) | (566.5) | % | $ | (2,664,575) | (412.6) | % | |||||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | (23,377) | 110,743 | (19,614) | 183,255 | (134,120) | (121.1) | % | (202,869) | (110.7) | % | |||||||||||||||||||||||||||||||||||||
Net income attributable to SHUSA | $ | (1,872,427) | $ | 295,622 | $ | (1,999,104) | $ | 462,602 | $ | (2,168,049) | (733.4) | % | $ | (2,461,706) | (532.1) | % |
CONSOLIDATED AVERAGE BALANCE SHEET / NET INTEREST MARGIN ANALYSIS | |||||||||||||||||||||||||||||||||||||||||||||||
THREE-MONTH PERIODS ENDED JUNE 30, 2020 AND 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
2020 (1) | 2019 (1) | Interest | Change due to | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Yield/ Rate(2) | Average Balance | Interest | Yield/
Rate(2) | Increase/(Decrease) | Volume | Rate | ||||||||||||||||||||||||||||||||||||||
EARNING ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS AND INTEREST EARNING DEPOSITS | $ | 28,429,283 | $ | 88,527 | 1.25 | % | $ | 21,625,019 | $ | 140,942 | 2.61 | % | $ | (52,415) | $ | 79,896 | $ | (132,311) | |||||||||||||||||||||||||||||
LOANS(3): | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 34,420,465 | 293,222 | 3.41 | % | 33,528,570 | 374,001 | 4.46 | % | (80,779) | 10,291 | (91,070) | ||||||||||||||||||||||||||||||||||||
Multifamily | 8,455,070 | 72,686 | 3.44 | % | 8,426,590 | 87,957 | 4.18 | % | (15,271) | 298 | (15,569) | ||||||||||||||||||||||||||||||||||||
Total commercial loans | 42,875,535 | 365,908 | 3.41 | % | 41,955,160 | 461,958 | 4.40 | % | (96,050) | 10,589 | (106,639) | ||||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 8,669,723 | 80,253 | 3.70 | % | 10,350,832 | 104,917 | 4.05 | % | (24,664) | (16,098) | (8,566) | ||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 4,542,745 | 36,984 | 3.26 | % | 5,193,036 | 66,927 | 5.16 | % | (29,943) | (7,600) | (22,343) | ||||||||||||||||||||||||||||||||||||
Total consumer loans secured by real estate | 13,212,468 | 117,237 | 3.55 | % | 15,543,868 | 171,844 | 4.42 | % | (54,607) | (23,698) | (30,909) | ||||||||||||||||||||||||||||||||||||
RICs and auto loans | 37,974,160 | 1,251,951 | 13.19 | % | 31,703,951 | 1,230,059 | 15.52 | % | 21,892 | 90,874 | (68,982) | ||||||||||||||||||||||||||||||||||||
Personal unsecured | 2,411,976 | 139,204 | 23.09 | % | 2,475,879 | 164,306 | 26.55 | % | (25,102) | (4,149) | (20,953) | ||||||||||||||||||||||||||||||||||||
Other consumer(4) | 282,811 | 4,962 | 7.02 | % | 387,437 | 6,981 | 7.21 | % | (2,019) | (1,840) | (179) | ||||||||||||||||||||||||||||||||||||
Total consumer | 53,881,415 | 1,513,354 | 11.23 | % | 50,111,135 | 1,573,190 | 12.56 | % | (59,836) | 61,187 | (121,023) | ||||||||||||||||||||||||||||||||||||
Total loans | 96,756,950 | 1,879,262 | 7.77 | % | 92,066,295 | 2,035,148 | 8.84 | % | (155,886) | 71,776 | (227,662) | ||||||||||||||||||||||||||||||||||||
Intercompany investments | — | — | — | % | — | — | — | % | — | — | — | ||||||||||||||||||||||||||||||||||||
TOTAL EARNING ASSETS | 125,186,233 | 1,967,789 | 6.29 | % | 113,691,314 | 2,176,090 | 7.66 | % | (208,301) | 151,672 | (359,973) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses (5) | (6,620,331) | (3,840,898) | |||||||||||||||||||||||||||||||||||||||||||||
Other assets(6) | 35,573,456 | 30,951,435 | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 154,139,358 | $ | 140,801,851 | |||||||||||||||||||||||||||||||||||||||||||
INTEREST BEARING FUNDING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits and other customer related accounts: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 11,810,121 | $ | 2,820 | 0.10 | % | $ | 10,813,266 | $ | 22,219 | 0.82 | % | $ | (19,399) | $ | 2,276 | $ | (21,675) | |||||||||||||||||||||||||||||
Savings | 6,103,704 | 2,429 | 0.16 | % | 5,870,604 | 3,225 | 0.22 | % | (796) | 136 | (932) | ||||||||||||||||||||||||||||||||||||
Money market | 29,272,445 | 38,233 | 0.52 | % | 23,974,690 | 78,429 | 1.31 | % | (40,196) | 23,245 | (63,441) | ||||||||||||||||||||||||||||||||||||
Certificates of deposit (“CDs”) | 6,593,071 | 25,640 | 1.56 | % | 8,409,139 | 41,272 | 1.96 | % | (15,632) | (8,036) | (7,596) | ||||||||||||||||||||||||||||||||||||
TOTAL INTEREST-BEARING DEPOSITS | 53,779,341 | 69,122 | 0.51 | % | 49,067,699 | 145,145 | 1.18 | % | (76,023) | 17,621 | (93,644) | ||||||||||||||||||||||||||||||||||||
BORROWED FUNDS: | |||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank (“FHLB”) advances, federal funds, and repurchase agreements | 7,142,297 | 23,333 | 1.31 | % | 5,183,297 | 36,118 | 2.79 | % | (12,785) | 31,681 | (44,466) | ||||||||||||||||||||||||||||||||||||
Other borrowings | 44,848,829 | 336,544 | 3.00 | % | 41,556,272 | 373,102 | 3.59 | % | (36,558) | 34,032 | (70,590) | ||||||||||||||||||||||||||||||||||||
TOTAL BORROWED FUNDS (7) | 51,991,126 | 359,877 | 2.77 | % | 46,739,569 | 409,220 | 3.50 | % | (49,343) | 65,713 | (115,056) | ||||||||||||||||||||||||||||||||||||
TOTAL INTEREST-BEARING FUNDING LIABILITIES | 105,770,467 | 428,999 | 1.62 | % | 95,807,268 | 554,365 | 2.31 | % | (125,366) | 83,334 | (208,700) | ||||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 18,309,976 | 14,600,091 | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities(8) | 7,600,050 | 5,753,334 | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES | 131,680,493 | 116,160,693 | |||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDER’S EQUITY | 22,458,865 | 24,641,158 | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY | $ | 154,139,358 | $ | 140,801,851 | |||||||||||||||||||||||||||||||||||||||||||
NET INTEREST SPREAD (9) | 4.67 | % | 5.35 | % | |||||||||||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN (10) | 4.92 | % | 5.71 | % | |||||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME (11) | $ | 1,538,790 | $ | 1,621,725 | |||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET / NET INTEREST MARGIN ANALYSIS | |||||||||||||||||||||||||||||||||||||||||||||||
SIX-MONTH PERIODS ENDED JUNE 30, 2020 AND 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
2020 (1) | 2019 (1) | Change due to | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Yield/
Rate(2) | Average Balance | Interest | Yield/
Rate(2) | Increase/(Decrease) | Volume | Rate | ||||||||||||||||||||||||||||||||||||||
EARNING ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS AND INTEREST EARNING DEPOSITS | $ | 27,162,206 | $ | 220,754 | 1.63 | % | $ | 21,149,809 | $ | 282,646 | 2.67 | % | $ | (61,892) | $ | 167,189 | $ | (229,081) | |||||||||||||||||||||||||||||
LOANS(3): | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 33,488,826 | 609,168 | 3.64 | % | 33,193,085 | 734,625 | 4.43 | % | (125,457) | 6,599 | (132,056) | ||||||||||||||||||||||||||||||||||||
Multifamily | 8,493,807 | 155,893 | 3.67 | % | 8,362,254 | 171,883 | 4.11 | % | (15,990) | 2,755 | (18,745) | ||||||||||||||||||||||||||||||||||||
Total commercial loans | 41,982,633 | 765,061 | 3.64 | % | 41,555,339 | 906,508 | 4.36 | % | (141,447) | 9,354 | (150,801) | ||||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 8,806,806 | 166,386 | 3.78 | % | 10,260,834 | 208,998 | 4.07 | % | (42,612) | (28,354) | (14,258) | ||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 4,597,439 | 87,698 | 3.82 | % | 5,260,778 | 136,240 | 5.18 | % | (48,542) | (15,747) | (32,795) | ||||||||||||||||||||||||||||||||||||
Total consumer loans secured by real estate | 13,404,245 | 254,084 | 3.79 | % | 15,521,612 | 345,238 | 4.45 | % | (91,154) | (44,101) | (47,053) | ||||||||||||||||||||||||||||||||||||
RICs and auto loans | 37,382,043 | 2,524,460 | 13.51 | % | 30,891,910 | 2,429,984 | 15.73 | % | 94,476 | 287,831 | (193,355) | ||||||||||||||||||||||||||||||||||||
Personal unsecured | 2,329,078 | 303,040 | 26.02 | % | 2,526,182 | 338,195 | 26.78 | % | (35,155) | (25,779) | (9,376) | ||||||||||||||||||||||||||||||||||||
Other consumer(4) | 293,972 | 10,365 | 7.05 | % | 406,783 | 14,561 | 7.16 | % | (4,196) | (3,976) | (220) | ||||||||||||||||||||||||||||||||||||
Total consumer | 53,409,338 | 3,091,949 | 11.58 | % | 49,346,487 | 3,127,978 | 12.68 | % | (36,029) | 213,975 | (250,004) | ||||||||||||||||||||||||||||||||||||
Total loans | 95,391,971 | 3,857,010 | 8.09 | % | 90,901,826 | 4,034,486 | 8.88 | % | (177,476) | 223,329 | (400,805) | ||||||||||||||||||||||||||||||||||||
Intercompany investments | — | — | % | — | — | — | % | — | — | — | |||||||||||||||||||||||||||||||||||||
TOTAL EARNING ASSETS | 122,554,177 | 4,077,764 | 6.65 | % | 112,051,635 | 4,317,132 | 7.71 | % | (239,368) | 390,518 | (629,886) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses(5) | (6,324,985) | (3,864,450) | |||||||||||||||||||||||||||||||||||||||||||||
Other assets(6) | 34,877,861 | 30,570,529 | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 151,107,053 | $ | 138,757,714 | |||||||||||||||||||||||||||||||||||||||||||
INTEREST-BEARING FUNDING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits and other customer related accounts: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 11,351,363 | $ | 19,915 | 0.35 | % | $ | 10,294,922 | $ | 39,669 | 0.77 | % | $ | (19,754) | $ | 4,577 | $ | (24,331) | |||||||||||||||||||||||||||||
Savings | 5,868,215 | 5,359 | 0.18 | % | 5,876,398 | 6,668 | 0.23 | % | (1,309) | (8) | (1,301) | ||||||||||||||||||||||||||||||||||||
Money market | 28,208,387 | 110,301 | 0.78 | % | 24,204,275 | 152,586 | 1.26 | % | (42,285) | 32,458 | (74,743) | ||||||||||||||||||||||||||||||||||||
CDs | 7,569,060 | 62,160 | 1.64 | % | 8,047,101 | 76,510 | 1.90 | % | (14,350) | (4,344) | (10,006) | ||||||||||||||||||||||||||||||||||||
TOTAL INTEREST-BEARING DEPOSITS | 52,997,025 | 197,735 | 0.75 | % | 48,422,696 | 275,433 | 1.14 | % | (77,698) | 32,683 | (110,381) | ||||||||||||||||||||||||||||||||||||
BORROWED FUNDS: | |||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances, federal funds, and repurchase agreements | 6,963,137 | 58,185 | 1.67 | % | 4,676,133 | 66,190 | 2.83 | % | (8,005) | 7,180 | (15,185) | ||||||||||||||||||||||||||||||||||||
Other borrowings | 44,508,110 | 697,078 | 3.13 | % | 41,081,955 | 750,899 | 3.66 | % | (53,821) | 73,089 | (126,910) | ||||||||||||||||||||||||||||||||||||
TOTAL BORROWED FUNDS (7) | 51,471,247 | 755,263 | 2.93 | % | 45,758,088 | 817,089 | 3.57 | % | (61,826) | 80,269 | (142,095) | ||||||||||||||||||||||||||||||||||||
TOTAL INTEREST-BEARING FUNDING LIABILITIES | 104,468,272 | 952,998 | 1.82 | % | 94,180,784 | 1,092,522 | 2.32 | % | (139,524) | 112,952 | (252,476) | ||||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 16,714,359 | 14,449,580 | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities(8) | 7,220,157 | 5,738,427 | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES | 128,402,788 | 114,368,791 | |||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDER’S EQUITY | 22,704,265 | 24,388,923 | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY | $ | 151,107,053 | $ | 138,757,714 | |||||||||||||||||||||||||||||||||||||||||||
NET INTEREST SPREAD (9) | 4.83 | % | 5.39 | % | |||||||||||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN (10) | 5.10 | % | 5.76 | % | |||||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME (11) | $ | 3,124,766 | $ | 3,224,610 | |||||||||||||||||||||||||||||||||||||||||||
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
INTEREST INCOME: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | $ | 8,272 | $ | 47,899 | $ | 40,421 | $ | 91,917 | $ | (39,627) | (82.7) | % | $ | (51,496) | (56.0) | % | |||||||||||||||||||||||||||||||
Investments AFS | 51,631 | 71,137 | 121,654 | 145,567 | (19,506) | (27.4) | % | (23,913) | (16.4) | % | |||||||||||||||||||||||||||||||||||||
Investments HTM | 23,130 | 15,789 | 46,775 | 33,111 | 7,341 | 46.5 | % | 13,664 | 41.3 | % | |||||||||||||||||||||||||||||||||||||
Other investments | 5,494 | 6,117 | 11,904 | 12,051 | (623) | (10.2) | % | (147) | (1.2) | % | |||||||||||||||||||||||||||||||||||||
Total interest income on investment securities and interest-earning deposits | 88,527 | 140,942 | 220,754 | 282,646 | (52,415) | (37.2) | % | (61,892) | (21.9) | % | |||||||||||||||||||||||||||||||||||||
Interest on loans | 1,879,262 | 2,035,148 | 3,857,010 | 4,034,486 | (155,886) | (7.7) | % | (177,476) | (4.4) | % | |||||||||||||||||||||||||||||||||||||
Total interest income | 1,967,789 | 2,176,090 | 4,077,764 | 4,317,132 | (208,301) | (9.6) | % | (239,368) | (5.5) | % | |||||||||||||||||||||||||||||||||||||
INTEREST EXPENSE: | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits and customer accounts | 69,122 | 145,145 | 197,735 | 275,433 | (76,023) | (52.4) | % | (77,698) | (28.2) | % | |||||||||||||||||||||||||||||||||||||
Borrowings and other debt obligations | 359,877 | 409,220 | 755,263 | 817,089 | (49,343) | (12.1) | % | (61,826) | (7.6) | % | |||||||||||||||||||||||||||||||||||||
Total interest expense | 428,999 | 554,365 | 952,998 | 1,092,522 | (125,366) | (22.6) | % | (139,524) | (12.8) | % | |||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME | $ | 1,538,790 | $ | 1,621,725 | $ | 3,124,766 | $ | 3,224,610 | $ | (82,935) | (5.1) | % | $ | (99,844) | (3.1) | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||||||||||||||||||||||
Consumer fees | $ | 78,145 | $ | 107,063 | $ | 166,715 | $ | 203,123 | $ | (28,918) | (27.0) | % | $ | (36,408) | (17.9) | % | ||||||||||||||||||||||||||||||||||
Commercial fees | 30,681 | 39,436 | 66,359 | 76,394 | (8,755) | (22.2) | % | (10,035) | (13.1) | % | ||||||||||||||||||||||||||||||||||||||||
Lease income | 755,006 | 705,835 | 1,526,666 | 1,380,720 | 49,171 | 7.0 | % | 145,946 | 10.6 | % | ||||||||||||||||||||||||||||||||||||||||
Miscellaneous (loss) / income, net | (100,030) | 108,271 | 21,943 | 197,815 | (208,301) | (192.4) | % | (175,872) | (88.9) | % | ||||||||||||||||||||||||||||||||||||||||
Net gains recognized in earnings | 22,516 | 2,379 | 31,795 | 379 | 20,137 | 846.4 | % | 31,416 | 8,289.2 | % | ||||||||||||||||||||||||||||||||||||||||
Total non-interest income | $ | 786,318 | $ | 962,984 | $ | 1,813,478 | $ | 1,858,431 | $ | (176,666) | (18.3) | % | $ | (44,953) | (2.4) | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||||||||||||||||||||||
Mortgage banking income, net | $ | 17,038 | $ | 13,908 | $ | 33,127 | $ | 22,723 | $ | 3,130 | 22.5 | % | $ | 10,404 | 45.8 | % | ||||||||||||||||||||||||||||||||||
BOLI | 13,815 | 16,113 | 28,909 | 30,431 | (2,298) | (14.3) | % | (1,522) | (5.0) | % | ||||||||||||||||||||||||||||||||||||||||
Capital market revenue | 84,184 | 48,442 | 122,468 | 97,964 | 35,742 | 73.8 | % | 24,504 | 25.0 | % | ||||||||||||||||||||||||||||||||||||||||
Net gain on sale of operating leases | 23,145 | 48,479 | 50,096 | 72,490 | (25,334) | (52.3) | % | (22,394) | (30.9) | % | ||||||||||||||||||||||||||||||||||||||||
Asset and wealth management fees | 50,941 | 44,157 | 103,592 | 87,204 | 6,784 | 15.4 | % | 16,388 | 18.8 | % | ||||||||||||||||||||||||||||||||||||||||
Loss on sale of non-mortgage loans | (122,533) | (83,916) | (184,640) | (151,373) | (38,617) | (46.0) | % | (33,267) | (22.0) | % | ||||||||||||||||||||||||||||||||||||||||
Other miscellaneous (loss) / income, net | (166,620) | 21,088 | (131,609) | 38,376 | (187,708) | (890.1) | % | (169,985) | (442.9) | % | ||||||||||||||||||||||||||||||||||||||||
Total miscellaneous (loss) / income | $ | (100,030) | $ | 108,271 | $ | 21,943 | $ | 197,815 | $ | (208,301) | (192.4) | % | $ | (175,872) | (88.9) | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | 440,521 | $ | 470,247 | $ | 929,794 | $ | 946,810 | $ | (29,726) | (6.3) | % | $ | (17,016) | (1.8) | % | |||||||||||||||||||||||||||||||
Occupancy and equipment expenses | 164,875 | 142,646 | 311,786 | 285,040 | 22,229 | 15.6 | % | 26,746 | 9.4 | % | |||||||||||||||||||||||||||||||||||||
Technology, outside services, and marketing expense | 126,991 | 152,425 | 261,981 | 304,131 | (25,434) | (16.7) | % | (42,150) | (13.9) | % | |||||||||||||||||||||||||||||||||||||
Loan expense | 58,423 | 102,784 | 152,344 | 209,500 | (44,361) | (43.2) | % | (57,156) | (27.3) | % | |||||||||||||||||||||||||||||||||||||
Lease expense | 641,270 | 513,780 | 1,231,631 | 993,084 | 127,490 | 24.8 | % | 238,547 | 24.0 | % | |||||||||||||||||||||||||||||||||||||
Impairment of goodwill | 1,848,228 | — | 1,848,228 | — | 1,848,228 | 100% | 1,848,228 | 100% | |||||||||||||||||||||||||||||||||||||||
Other expenses | 149,382 | 160,504 | 277,727 | 346,236 | (11,122) | (6.9) | % | (68,509) | (19.8) | % | |||||||||||||||||||||||||||||||||||||
Total general, administrative and other expenses | $ | 3,429,690 | $ | 1,542,386 | $ | 5,013,491 | $ | 3,084,801 | $ | 1,887,304 | 122.4 | % | $ | 1,928,690 | 62.5 | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 358,430 | $ | 374,187 | $ | 708,278 | $ | 739,164 | $ | (15,757) | (4.2) | % | $ | (30,886) | (4.2) | % | |||||||||||||||||||||||||||||||
Total non-interest income | 71,373 | 86,543 | 154,926 | 161,200 | (15,170) | (17.5) | % | (6,274) | (3.9) | % | |||||||||||||||||||||||||||||||||||||
Credit loss expense | 186,714 | 40,215 | 352,184 | 77,215 | 146,499 | 364.3 | % | 274,969 | 356.1 | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 1,955,547 | 404,102 | 2,340,820 | 794,073 | 1,551,445 | 383.9 | % | 1,546,747 | 194.8 | % | |||||||||||||||||||||||||||||||||||||
(Loss)/income/ before income taxes | (1,712,458) | 16,413 | (1,829,800) | 29,076 | (1,728,871) | (10,533.5) | % | (1,858,876) | (6,393.2) | % | |||||||||||||||||||||||||||||||||||||
Intersegment revenue | 541 | 581 | 961 | 976 | (40) | (6.9) | % | (15) | (1.5) | % | |||||||||||||||||||||||||||||||||||||
Total assets | 24,052,719 | 22,801,820 | 24,052,719 | 22,801,820 | 1,250,899 | 5.5 | % | 1,250,899 | 5.5 | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 70,034 | $ | 57,428 | $ | 127,853 | $ | 110,771 | $ | 12,606 | 22.0 | % | $ | 17,082 | 15.4 | % | |||||||||||||||||||||||||||||||
Total non-interest income | 12,221 | 16,738 | 25,952 | 33,010 | (4,517) | (27.0) | % | (7,058) | (21.4) | % | |||||||||||||||||||||||||||||||||||||
Credit loss expense | 36,568 | 6,925 | 71,178 | 15,585 | 29,643 | 428.1 | % | 55,593 | 356.7 | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 337,287 | 59,508 | 387,037 | 114,183 | 277,779 | 466.8 | % | 272,854 | 239.0 | % | |||||||||||||||||||||||||||||||||||||
(Loss) / income before income taxes | (291,600) | 7,733 | (304,410) | 14,013 | (299,333) | (3,870.9) | % | (318,423) | (2,272.3) | % | |||||||||||||||||||||||||||||||||||||
Intersegment revenue | 2,381 | 1,053 | 4,944 | 2,304 | 1,328 | 126.1 | % | 2,640 | 114.6 | % | |||||||||||||||||||||||||||||||||||||
Total assets | 7,048,220 | 7,442,924 | 7,048,220 | 7,442,924 | (394,704) | (5.3) | % | (394,704) | (5.3) | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 90,160 | $ | 105,148 | $ | 191,309 | $ | 207,714 | $ | (14,988) | (14.3) | % | $ | (16,405) | (7.9) | % | |||||||||||||||||||||||||||||||
Total non-interest income | 2,157 | 3,194 | 5,350 | 6,433 | (1,037) | (32.5) | % | (1,083) | (16.8) | % | |||||||||||||||||||||||||||||||||||||
Credit loss expense / (Release of) credit loss expense | 14,252 | 3,534 | 63,387 | 3,400 | 10,718 | 303.3 | % | 59,987 | 1,764.3 | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 29,736 | 32,593 | 58,681 | 62,667 | (2,857) | (8.8) | % | (3,986) | (6.4) | % | |||||||||||||||||||||||||||||||||||||
Income before income taxes | 48,329 | 72,215 | 74,591 | 148,080 | (23,886) | (33.1) | % | (73,489) | (49.6) | % | |||||||||||||||||||||||||||||||||||||
Intersegment revenue | 1,019 | 1,782 | 2,753 | 3,791 | (763) | (42.8) | % | (1,038) | (27.4) | % | |||||||||||||||||||||||||||||||||||||
Total assets | 19,567,288 | 18,809,753 | 19,567,288 | 18,809,753 | 757,535 | 4.0 | % | 757,535 | 4.0 | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 42,457 | $ | 40,033 | $ | 79,376 | $ | 78,068 | $ | 2,424 | 6.1 | % | $ | 1,308 | 1.7 | % | |||||||||||||||||||||||||||||||
Total non-interest income | 90,398 | 54,423 | 140,550 | 106,629 | 35,975 | 66.1 | % | 33,921 | 31.8 | % | |||||||||||||||||||||||||||||||||||||
Credit loss expense | 15,314 | (4,188) | 33,455 | (2,746) | 19,502 | 465.7 | % | 36,201 | 1,318.3 | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 62,424 | 66,120 | 124,923 | 132,560 | (3,696) | (5.6) | % | (7,637) | (5.8) | % | |||||||||||||||||||||||||||||||||||||
Income before income taxes | 55,117 | 32,524 | 61,548 | 54,883 | 22,593 | 69.5 | % | 6,665 | 12.1 | % | |||||||||||||||||||||||||||||||||||||
Intersegment expense | (3,941) | (3,401) | (8,658) | (7,071) | (540) | (15.9) | % | (1,587) | (22.4) | % | |||||||||||||||||||||||||||||||||||||
Total assets | 12,419,110 | 10,178,060 | 12,419,110 | 10,178,060 | 2,241,050 | 22.0 | % | 2,241,050 | 22.0 | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | (9,330) | $ | 30,715 | $ | 15,662 | $ | 71,904 | $ | (40,045) | (130.4) | % | $ | (56,242) | (78.2) | % | |||||||||||||||||||||||||||||||
Total non-interest income | (49,109) | 114,251 | 65,244 | 206,633 | (163,360) | (143.0) | % | (141,389) | (68.4) | % | |||||||||||||||||||||||||||||||||||||
(Release of Credit loss expense)/Credit loss expense | (137,597) | 4,622 | (127,436) | 8,393 | (142,219) | (3,077.0) | % | (135,829) | (1,618.4) | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 121,796 | 181,599 | 291,186 | 406,301 | (59,803) | (32.9) | % | (115,115) | (28.3) | % | |||||||||||||||||||||||||||||||||||||
Loss before income taxes | (42,638) | (41,255) | (82,844) | (136,157) | (1,383) | (3.4) | % | 53,313 | 39.2 | % | |||||||||||||||||||||||||||||||||||||
Intersegment (expense)/revenue | — | (15) | — | — | 15 | (100.0) | % | — | 0% | ||||||||||||||||||||||||||||||||||||||
Total assets | 41,997,755 | 38,261,781 | 41,997,755 | 38,261,781 | 3,735,974 | 9.8 | % | 3,735,974 | 9.8 | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 984,745 | $ | 992,485 | $ | 1,996,152 | $ | 1,976,050 | $ | (7,740) | (0.8) | % | $ | 20,102 | 1.0 | % | |||||||||||||||||||||||||||||||
Total non-interest income | 667,242 | 713,737 | 1,441,074 | 1,389,291 | (46,495) | (6.5) | % | 51,783 | 3.7 | % | |||||||||||||||||||||||||||||||||||||
Credit loss expense | 861,896 | 430,676 | 1,769,783 | 981,555 | 431,220 | 100.1 | % | 788,228 | 80.3 | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 919,626 | 795,514 | 1,803,423 | 1,566,487 | 124,112 | 15.6 | % | 236,936 | 15.1 | % | |||||||||||||||||||||||||||||||||||||
(Loss)/Income before income taxes | (129,535) | 480,032 | (135,980) | 817,299 | (609,567) | (127.0) | % | (953,279) | (116.6) | % | |||||||||||||||||||||||||||||||||||||
Total assets | 47,268,695 | 46,416,093 | 47,268,695 | 46,416,093 | 852,602 | 1.8 | % | 852,602 | 1.8 | % |
June 30, 2020 | December 31, 2019 | Dollar Increase / (Decrease) | Percent Increase (Decrease) | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||
Commercial LHFI: | |||||||||||||||||||||||||||||||||||
CRE | $ | 7,400,780 | 8.1 | % | $ | 8,468,023 | 9.1 | % | $ | (1,067,243) | (12.6) | % | |||||||||||||||||||||||
C&I | 17,664,463 | 19.3 | % | 16,534,694 | 17.8 | % | 1,129,769 | 6.8 | % | ||||||||||||||||||||||||||
Multifamily | 8,562,825 | 9.4 | % | 8,641,204 | 9.3 | % | (78,379) | (0.9) | % | ||||||||||||||||||||||||||
Other commercial | 7,191,574 | 7.9 | % | 7,390,795 | 8.2 | % | (199,221) | (2.7) | % | ||||||||||||||||||||||||||
Total commercial loans (1) | 40,819,642 | 44.7 | % | 41,034,716 | 44.4 | % | (215,074) | (0.5) | % | ||||||||||||||||||||||||||
Consumer loans secured by real estate: | |||||||||||||||||||||||||||||||||||
Residential mortgages | 7,443,130 | 8.2 | % | 8,835,702 | 9.5 | % | (1,392,572) | (15.8) | % | ||||||||||||||||||||||||||
Home equity loans and lines of credit | 4,514,680 | 4.9 | % | 4,770,344 | 5.1 | % | (255,664) | (5.4) | % | ||||||||||||||||||||||||||
Total consumer loans secured by real estate | 11,957,810 | 13.1 | % | 13,606,046 | 14.6 | % | (1,648,236) | (12.1) | % | ||||||||||||||||||||||||||
Consumer loans not secured by real estate: | |||||||||||||||||||||||||||||||||||
RICs and auto loans | 37,365,398 | 40.9 | % | 36,456,747 | 39.3 | % | 908,651 | 2.5 | % | ||||||||||||||||||||||||||
Personal unsecured loans | 881,244 | 1.0 | % | 1,291,547 | 1.4 | % | (410,303) | (31.8) | % | ||||||||||||||||||||||||||
Other consumer | 269,737 | 0.3 | % | 316,384 | 0.3 | % | (46,647) | (14.7) | % | ||||||||||||||||||||||||||
Total consumer loans | 50,474,189 | 55.3 | % | 51,670,724 | 55.6 | % | (1,196,535) | (2.3) | % | ||||||||||||||||||||||||||
Total LHFI | $ | 91,293,831 | 100.0 | % | $ | 92,705,440 | 100.0 | % | (1,411,609) | (1.5) | % | ||||||||||||||||||||||||
Total LHFI with: | |||||||||||||||||||||||||||||||||||
Fixed | $ | 61,109,094 | 66.9 | % | $ | 61,775,942 | 66.6 | % | (666,848) | (1.1) | % | ||||||||||||||||||||||||
Variable | 30,184,737 | 33.1 | % | 30,929,498 | 33.4 | % | (744,761) | (2.4) | % | ||||||||||||||||||||||||||
Total LHFI | $ | 91,293,831 | 100.0 | % | $ | 92,705,440 | 100.0 | % | (1,411,609) | (1.5) | % |
At June 30, 2020, Maturing | ||||||||||||||||||||||||||
(in thousands) | In One Year Or Less | One to Five Years | After Five Years | Total (1) | ||||||||||||||||||||||
CRE loans | $ | 2,176,822 | $ | 5,265,125 | $ | 1,063,042 | $ | 8,504,989 | ||||||||||||||||||
C&I and other commercial | 11,330,849 | 12,254,287 | 1,873,937 | 25,459,073 | ||||||||||||||||||||||
Multifamily loans | 947,686 | 5,080,677 | 2,580,990 | 8,609,353 | ||||||||||||||||||||||
Total | $ | 14,455,357 | $ | 22,600,089 | $ | 5,517,969 | $ | 42,573,415 | ||||||||||||||||||
Loans with: | ||||||||||||||||||||||||||
Fixed rates | $ | 4,585,773 | $ | 10,039,913 | $ | 3,171,429 | $ | 17,797,115 | ||||||||||||||||||
Variable rates | 9,869,584 | 12,560,176 | 2,346,540 | 24,776,300 | ||||||||||||||||||||||
Total | $ | 14,455,357 | $ | 22,600,089 | $ | 5,517,969 | $ | 42,573,415 |
Period Ended | Change | |||||||||||||||||||||||||
(dollars in thousands) | June 30, 2020 | December 31, 2019 | Dollar | Percentage | ||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
CRE | $ | 110,814 | $ | 83,117 | $ | 27,697 | 33.3 | % | ||||||||||||||||||
C&I | 92,895 | 153,428 | (60,533) | (39.5) | % | |||||||||||||||||||||
Multifamily | 60,188 | 5,112 | 55,076 | 1,077.4 | % | |||||||||||||||||||||
Other commercial | 16,440 | 31,987 | (15,547) | (48.6) | % | |||||||||||||||||||||
Total commercial loans | 280,337 | 273,644 | 6,693 | 2.4 | % | |||||||||||||||||||||
Consumer loans secured by real estate: | ||||||||||||||||||||||||||
Residential mortgages | 147,931 | 134,957 | 12,974 | 9.6 | % | |||||||||||||||||||||
Home equity loans and lines of credit | 110,917 | 107,289 | 3,628 | 3.4 | % | |||||||||||||||||||||
Consumer loans not secured by real estate: | ||||||||||||||||||||||||||
RICs and auto loans | 903,290 | 1,643,459 | (740,169) | (45.0) | % | |||||||||||||||||||||
Personal unsecured loans | 2,801 | 2,212 | 589 | 26.6 | % | |||||||||||||||||||||
Other consumer | 10,161 | 11,491 | (1,330) | (11.6) | % | |||||||||||||||||||||
Total consumer loans | 1,175,100 | 1,899,408 | (724,308) | (38.1) | % | |||||||||||||||||||||
Total non-accrual loans | 1,455,437 | 2,173,052 | (717,615) | (33.0) | % | |||||||||||||||||||||
Other real estate owned | 53,258 | 66,828 | (13,570) | (20.3) | % | |||||||||||||||||||||
Repossessed vehicles | 131,309 | 212,966 | (81,657) | (38.3) | % | |||||||||||||||||||||
Other repossessed assets | 2,268 | 4,218 | (1,950) | (46.2) | % | |||||||||||||||||||||
Total OREO and other repossessed assets | 186,835 | 284,012 | (97,177) | (34.2) | % | |||||||||||||||||||||
Total non-performing assets | $ | 1,642,272 | $ | 2,457,064 | $ | (814,792) | (33.2) | % | ||||||||||||||||||
Past due 90 days or more as to interest or principal and accruing interest | $ | 67,152 | $ | 93,102 | $ | (25,950) | (27.9)% | |||||||||||||||||||
Annualized net loan charge-offs to average loans (1) | 2.5 | % | 2.8 | % | n/a | n/a | ||||||||||||||||||||
Non-performing assets as a percentage of total assets | 1.1 | % | 1.6 | % | n/a | n/a | ||||||||||||||||||||
NPLs as a percentage of total loans | 1.5 | % | 2.3 | % | n/a | n/a | ||||||||||||||||||||
ALLL as a percentage of total NPLs | 488.7 | % | 167.8 | % | n/a | n/a |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(dollars in thousands) | Residential mortgages | Home equity loans and lines of credit | Residential mortgages | Home equity loans and lines of credit | ||||||||||||||||||||||
NPLs - HFI | $ | 130,182 | $ | 110,917 | $ | 134,957 | $ | 107,289 | ||||||||||||||||||
Total LHFI | 7,443,130 | 4,514,680 | 8,835,702 | 4,770,344 | ||||||||||||||||||||||
NPLs as a percentage of total LHFI | 1.7 | % | 2.5 | % | 1.5 | % | 2.2 | % | ||||||||||||||||||
As of June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | % | Consumer Loans Secured by Real Estate | % | RICs and Auto Loans | % | Other Consumer | % | Total TDRs | |||||||||||||||||||||||||||||||||||
Performing | $ | 37,655 | 29.6 | % | $ | 80,691 | 46.5 | % | $ | 3,693,898 | 93.3 | % | $ | 38,606 | 96.6 | % | $ | 3,850,850 | ||||||||||||||||||||||||||
Non-performing | 89,570 | 70.4 | % | 92,946 | 53.5 | % | 265,364 | 6.7 | % | 1,365 | 3.4 | % | 449,245 | |||||||||||||||||||||||||||||||
Total | $ | 127,225 | 100.0 | % | $ | 173,637 | 100.0 | % | $ | 3,959,262 | 100.0 | % | $ | 39,971 | 100.0 | % | $ | 4,300,095 | ||||||||||||||||||||||||||
% of loan portfolio | 0.3 | % | n/a | 1.5 | % | n/a | 10.6 | % | n/a | 3.5 | % | n/a | 4.7 | % | ||||||||||||||||||||||||||||||
(1) Excludes LHFS. | ||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | % | Consumer Loans Secured by Real Estate | % | RICs and Auto Loans | % | Other Consumer | % | Total TDRs | |||||||||||||||||||||||||||||||||||
Performing | $ | 64,538 | 49.5 | % | $ | 182,105 | 67.8 | % | $ | 3,332,246 | 86.6 | % | $ | 67,465 | 91.7 | % | $ | 3,646,354 | ||||||||||||||||||||||||||
Non-performing | 65,741 | 50.5 | % | 86,335 | 32.2 | % | 515,573 | 13.4 | % | 6,128 | 8.3 | % | 673,777 | |||||||||||||||||||||||||||||||
Total | $ | 130,279 | 100.0 | % | $ | 268,440 | 100.0 | % | $ | 3,847,819 | 100.0 | % | $ | 73,593 | 100.0 | % | $ | 4,320,131 | ||||||||||||||||||||||||||
% of loan portfolio | 0.3 | % | n/a | 2.0 | % | n/a | 10.6 | % | n/a | 4.6 | % | n/a | 4.7 | % |
Six-Month Period Ended June 30, 2020 | Six-Month Period Ended June 30, 2019 | |||||||||||||||||||||||||
(in thousands) | RICs and Auto Loans | All Other Loans(1) | RICs and Auto Loans | All Other Loans(1) | ||||||||||||||||||||||
TDRs, beginning of period | $ | 3,847,819 | $ | 472,312 | $ | 5,251,769 | $ | 670,584 | ||||||||||||||||||
New TDRs(1) | 1,158,527 | 100,752 | 606,660 | 48,891 | ||||||||||||||||||||||
Charged-Off TDRs | (428,630) | (3,028) | (737,515) | (3,992) | ||||||||||||||||||||||
Sold TDRs(2) | (26,381) | (163,210) | — | (3,384) | ||||||||||||||||||||||
Payments on TDRs | (592,073) | (65,993) | (678,842) | (65,082) | ||||||||||||||||||||||
TDRs, end of period | $ | 3,959,262 | $ | 340,833 | $ | 4,442,072 | $ | 647,017 |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||||||||
Investment securities AFS: | ||||||||||||||
U.S. Treasury securities and government agencies | $ | 6,816,817 | $ | 9,735,337 | ||||||||||
FNMA and FHLMC securities | 5,019,350 | 4,326,299 | ||||||||||||
State and municipal securities | 5 | 9 | ||||||||||||
Other securities (1) | 211,751 | 278,113 | ||||||||||||
Total investment securities AFS | 12,047,923 | 14,339,758 | ||||||||||||
Investment securities HTM: | ||||||||||||||
U.S. government agencies | 5,229,562 | 3,938,797 | ||||||||||||
Total investment securities HTM(2) | 5,229,562 | 3,938,797 | ||||||||||||
Other investments | 1,728,065 | 995,680 | ||||||||||||
Total investment portfolio | $ | 19,005,550 | $ | 19,274,235 |
June 30, 2020 | ||||||||||||||
(in thousands) | Amortized Cost | Fair Value | ||||||||||||
FNMA | $ | 3,007,134 | $ | 3,058,839 | ||||||||||
GNMA (1) | 10,363,228 | 10,686,047 | ||||||||||||
Total | $ | 13,370,362 | $ | 13,744,886 |
(in thousands) | CBB | C&I | CRE & VF | CIB | SC | Total | ||||||||||||||||||||||||||||||||
Goodwill at December 31, 2019 | $ | 1,880,304 | $ | 317,924 | $ | 1,095,071 | $ | 131,130 | $ | 1,019,960 | $ | 4,444,389 | ||||||||||||||||||||||||||
Impairment during the period | (1,557,384) | (290,844) | — | — | — | $ | (1,848,228) | |||||||||||||||||||||||||||||||
Goodwill at June 30, 2020 | $ | 322,920 | $ | 27,080 | $ | 1,095,071 | $ | 131,130 | $ | 1,019,960 | $ | 2,596,161 |
SHUSA | ||||||||||||||||||||
June 30, 2020 | Well-capitalized Requirement(1) | Minimum Requirement(1) | ||||||||||||||||||
CET1 capital ratio | 14.33 | % | 6.50 | % | 4.50 | % | ||||||||||||||
Tier 1 capital ratio | 15.71 | % | 8.00 | % | 6.00 | % | ||||||||||||||
Total capital ratio | 17.11 | % | 10.00 | % | 8.00 | % | ||||||||||||||
Leverage ratio | 12.45 | % | 5.00 | % | 4.00 | % |
Bank | ||||||||||||||||||||
June 30, 2020 | Well-capitalized Requirement(1) | Minimum Requirement(1) | ||||||||||||||||||
CET1 capital ratio | 15.16 | % | 6.50 | % | 4.50 | % | ||||||||||||||
Tier 1 capital ratio | 15.16 | % | 8.00 | % | 6.00 | % | ||||||||||||||
Total capital ratio | 16.41 | % | 10.00 | % | 8.00 | % | ||||||||||||||
Leverage ratio | 11.75 | % | 5.00 | % | 4.00 | % |
Six-Month Period Ended June 30, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Net cash flows from operating activities | $ | 2,378,828 | $ | 2,982,302 | ||||||||||
Net cash flows from investing activities | (2,759,935) | (8,208,309) | ||||||||||||
Net cash flows from financing activities | 5,129,827 | 5,940,980 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||
Tender offer:(1) | ||||||||||||||||||||||||||
Number of shares purchased | — | — | 17,514,707 | — | ||||||||||||||||||||||
Average price per share | $ | — | $ | — | $ | 26.00 | $ | — | ||||||||||||||||||
Cost of shares purchased(2) | $ | — | $ | — | $ | 455,382 | $ | — | ||||||||||||||||||
Other share repurchases: | ||||||||||||||||||||||||||
Number of shares purchased | 4,911,300 | 3,749,692 | 5,757,761 | 4,715,122 | ||||||||||||||||||||||
Average price per share | $ | 17.08 | $ | 23.16 | $ | 16.60 | $ | 22.18 | ||||||||||||||||||
Cost of shares purchased(2) | $ | 83,890 | $ | 86,826 | $ | 95,590 | $ | 104,587 | ||||||||||||||||||
Total number of shares purchased | 4,911,300 | 3,749,692 | 23,272,468 | 4,715,122 | ||||||||||||||||||||||
Average price per share | $ | 17.08 | $ | 23.16 | $ | 23.67 | $ | 22.18 | ||||||||||||||||||
Total cost of shares purchased(2) | $ | 83,890 | $ | 86,826 | $ | 550,972 | $ | 104,587 |
Payments Due by Period | ||||||||||||||||||||||||||||||||
(in thousands) | Total | Less than 1 year | Over 1 year to 3 years | Over 3 years to 5 years | Over 5 years | |||||||||||||||||||||||||||
Payments due for contractual obligations: | ||||||||||||||||||||||||||||||||
FHLB advances (1) | $ | 5,421,308 | $ | 4,568,032 | $ | 853,276 | $ | — | $ | — | ||||||||||||||||||||||
Notes payable - revolving facilities | 3,942,486 | 670,056 | 3,272,430 | — | — | |||||||||||||||||||||||||||
Notes payable - secured structured financings | 27,559,987 | 328,787 | 8,772,383 | 11,487,763 | 6,971,054 | |||||||||||||||||||||||||||
Other debt obligations (1) (2) | 17,436,998 | 1,923,546 | 8,290,836 | 3,861,978 | 3,360,638 | |||||||||||||||||||||||||||
CDs (1) | 5,591,518 | 4,531,068 | 984,767 | 70,179 | 5,504 | |||||||||||||||||||||||||||
Non-qualified pension and post-retirement benefits | 124,840 | 13,376 | 26,860 | 26,996 | 57,608 | |||||||||||||||||||||||||||
Operating leases(3) | 737,358 | 142,709 | 241,643 | 182,368 | 170,638 | |||||||||||||||||||||||||||
Total contractual cash obligations | $ | 60,814,495 | $ | 12,177,574 | $ | 22,442,195 | $ | 15,629,284 | $ | 10,565,442 | ||||||||||||||||||||||
Other commitments: | ||||||||||||||||||||||||||||||||
Commitments to extend credit | $ | 32,068,222 | $ | 7,037,523 | $ | 6,134,731 | $ | 6,087,607 | $ | 12,808,361 | ||||||||||||||||||||||
Letters of credit | 1,653,301 | 1,130,463 | 259,419 | 227,907 | 35,512 | |||||||||||||||||||||||||||
Total Contractual Obligations and Other Commitments | $ | 94,536,018 | $ | 20,345,560 | $ | 28,836,345 | $ | 21,944,798 | $ | 23,409,315 |
The following estimated percentage increase/(decrease) to net interest income would result | ||||||||||||||
If interest rates changed in parallel by the amounts below | June 30, 2020 | December 31, 2019 | ||||||||||||
Down 100 basis points | (0.65) | % | (1.12) | % | ||||||||||
Up 100 basis points | 1.91 % | 1.31 | % | |||||||||||
Up 200 basis points | 3.68 % | 2.56 | % |
The following estimated percentage increase/(decrease) to MVE would result | ||||||||||||||
If interest rates changed in parallel by the amounts below | June 30, 2020 | December 31, 2019 | ||||||||||||
Down 100 basis points | (5.59) | % | (3.01) | % | ||||||||||
Up 100 basis points | 0.71 % | (0.49) | % | |||||||||||
Up 200 basis points | (0.83) | % | (3.17) | % |
(3.1) | |||||
(3.2) | |||||
(3.3) | |||||
(3.4) | |||||
(3.5) | |||||
(3.6) | |||||
(3.7) | |||||
(3.8) | |||||
(4.1) | Santander Holdings USA, Inc. has certain debt obligations outstanding. None of the instruments evidencing such debt authorizes an amount of securities in excess of 10% of the total assets of Santander Holdings USA, Inc. and its subsidiaries on a consolidated basis; therefore, copies of such instruments are not included as exhibits to this Quarterly Report on Form 10-Q. Santander Holdings USA, Inc. agrees to furnish copies to the SEC on request. | ||||
(10.1) | |||||
(10.2) | |||||
(31.1) | |||||
(31.2) | |||||
(32.1) |
(32.2) | |||||
(101.INS) | Inline XBRL Instance Document (Filed herewith) | ||||
(101.SCH) | Inline XBRL Taxonomy Extension Schema (Filed herewith) | ||||
(101.CAL) | Inline XBRL Taxonomy Extension Calculation Linkbase (Filed herewith) | ||||
(101.DEF) | Inline XBRL Taxonomy Extension Definition Linkbase (Filed herewith) | ||||
(101.LAB) | Inline XBRL Taxonomy Extension Label Linkbase (Filed herewith) | ||||
(101.PRE) | Inline XBRL Taxonomy Extension Presentation Linkbase (Filed herewith) |
SANTANDER HOLDINGS USA, INC. (Registrant) | |||||||||||
Date: | August 10, 2020 | /s/ Juan Carlos Alvarez de Soto | |||||||||
Juan Carlos Alvarez de Soto | |||||||||||
Chief Financial Officer and Senior Executive Vice President | |||||||||||
Date: | August 10, 2020 | /s/ David L. Cornish | |||||||||
David L. Cornish | |||||||||||
Chief Accounting Officer, Corporate Controller and Executive Vice President |
/s/ Timothy Wennes | ||
Name: Timothy Wennes | ||
Title: President and Chief Executive Officer |
/s/ Juan Carlos Alvarez de Soto | ||
Name: Juan Carlos Alvarez de Soto | ||
Title: Chief Financial Officer and Senior Executive Vice President |
/s/ Timothy Wennes | ||
Name: Timothy Wennes | ||
Title: President and Chief Executive Officer |
/s/ Juan Carlos Alvarez de Soto | ||
Name: Juan Carlos Alvarez de Soto | ||
Title: Chief Financial Officer and Senior Executive Vice President |
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||||||||
Cash and cash equivalents | $ 11,085,206 | $ 7,644,372 | ||||||||||||
Investment securities: | ||||||||||||||
AFS at fair value | 12,047,923 | 14,339,758 | ||||||||||||
HTM (fair value of $5,414,720 and $3,957,227 as of June 30, 2020 and December 31, 2019, respectively) | 5,229,562 | 3,938,797 | ||||||||||||
Other investments (includes trading securities of $19,766 and $1,097 as of June 30, 2020 and December 31, 2019, respectively) | 1,728,065 | 995,680 | ||||||||||||
LHFI | [1],[2] | 91,293,831 | 92,705,440 | |||||||||||
ALLL | [2] | (7,112,739) | (3,646,189) | |||||||||||
Net LHFI | 84,181,092 | 89,059,251 | ||||||||||||
LHFS | [3] | 5,439,364 | 1,420,223 | |||||||||||
Goodwill | 2,596,161 | 4,444,389 | ||||||||||||
Intangible assets, net | 386,722 | 416,204 | ||||||||||||
BOLI | 1,885,358 | 1,860,846 | ||||||||||||
Restricted cash | [2] | 5,189,766 | 3,881,880 | |||||||||||
Other assets | [2],[4] | 5,527,672 | 4,204,216 | |||||||||||
TOTAL ASSETS | 152,353,787 | 149,499,477 | ||||||||||||
LIABILITIES | ||||||||||||||
Accounts payables and Accrued expenses | 5,442,761 | 4,476,072 | ||||||||||||
Deposits and other customer accounts (includes $4.7 billion and zero of deposits held for sale as of June 30, 2020 and December 31, 2019, respectively) | 73,963,248 | 67,326,706 | ||||||||||||
Borrowings and other debt obligations | [2] | 49,857,326 | 50,654,406 | |||||||||||
Advance payments by borrowers for taxes and insurance | 166,198 | 153,420 | ||||||||||||
Deferred tax liabilities, net | 867,361 | 1,521,034 | ||||||||||||
Other liabilities | [2] | 1,830,116 | 969,009 | |||||||||||
TOTAL LIABILITIES | 132,127,010 | 125,100,647 | ||||||||||||
Commitments and contingencies | ||||||||||||||
STOCKHOLDER'S EQUITY | ||||||||||||||
Common stock and paid-in capital (no par value; 800,000,000 shares authorized; 530,391,043 shares outstanding at both June 30, 2020 and December 31, 2019) | 17,890,181 | 17,954,441 | ||||||||||||
Accumulated other comprehensive gain/(loss), net of taxes | 259,686 | (88,207) | ||||||||||||
Retained earnings | 685,025 | 4,155,226 | ||||||||||||
TOTAL SHUSA STOCKHOLDER'S EQUITY | 18,834,892 | 22,021,460 | ||||||||||||
NCI | 1,391,885 | 2,377,370 | ||||||||||||
TOTAL STOCKHOLDER'S EQUITY | 20,226,777 | 24,398,830 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 152,353,787 | 149,499,477 | ||||||||||||
Assets not subject to operating leases | ||||||||||||||
Investment securities: | ||||||||||||||
Premises and equipment, net | [5] | 794,043 | 798,122 | |||||||||||
Operating lease assets | ||||||||||||||
Investment securities: | ||||||||||||||
Premises and equipment, net | [2],[6] | $ 16,262,853 | $ 16,495,739 | |||||||||||
|
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||||
Held-to-maturity securities, fair value | $ 5,414,720,000 | $ 3,957,227,000 | ||||||||
Trading securities | 19,766,000 | 1,097,000 | ||||||||
Deposits held-for-sale | $ 4,700,000,000 | $ 0 | ||||||||
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 | $ 72,900,000 | $ 102,000,000.0 | ||||||||
Loans held for sale | 241,300,000 | 289,000,000.0 | ||||||||
Accumulated depreciation | 1,600,000,000 | 1,500,000,000 | ||||||||
LHFI | [1],[2] | 91,293,831,000 | 92,705,440,000 | |||||||
Restricted cash | [2] | 5,189,766,000 | 3,881,880,000 | |||||||
Other assets | [2],[3] | 5,527,672,000 | 4,204,216,000 | |||||||
Borrowings and other debt obligations | [2] | 49,857,326,000 | 50,654,406,000 | |||||||
Other liabilities | [2] | 1,830,116,000 | 969,009,000 | |||||||
Operating lease assets | ||||||||||
STOCKHOLDER'S EQUITY | ||||||||||
Accumulated depreciation | 4,700,000,000 | 4,200,000,000 | ||||||||
Operating lease assets, net | [2],[4] | 16,262,853,000 | 16,495,739,000 | |||||||
VIEs, Primary Beneficiary | ||||||||||
STOCKHOLDER'S EQUITY | ||||||||||
LHFI | 22,489,596,000 | 26,532,328,000 | ||||||||
Restricted cash | 1,612,388,000 | 1,629,870,000 | ||||||||
Other assets | 703,234,000 | 625,359,000 | ||||||||
Borrowings and other debt obligations | 32,300,000,000 | 34,200,000,000 | ||||||||
Other liabilities | 101,067,000 | 188,093,000 | ||||||||
VIEs, Primary Beneficiary | Operating lease assets | ||||||||||
STOCKHOLDER'S EQUITY | ||||||||||
Operating lease assets, net | 16,239,622,000 | 16,461,982,000 | ||||||||
Recurring | ||||||||||
ASSETS | ||||||||||
Trading securities | 19,766,000 | 1,097,000 | ||||||||
STOCKHOLDER'S EQUITY | ||||||||||
Loans held for investment, fair value | 72,862,000 | 101,968,000 | ||||||||
Loans held for sale | 241,250,000 | 289,009,000 | ||||||||
Mortgage servicing rights | 88,674,000 | 130,855,000 | ||||||||
Residential mortgages | ||||||||||
STOCKHOLDER'S EQUITY | ||||||||||
Mortgage servicing rights | $ 88,700,000 | $ 130,900,000 | ||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||||
INTEREST INCOME: | ||||||||
Loans | $ 1,879,262,000 | $ 2,035,148,000 | $ 3,857,010,000 | $ 4,034,486,000 | ||||
Interest-earning deposits | 8,272,000 | 47,899,000 | 40,421,000 | 91,917,000 | ||||
Investment securities: | ||||||||
AFS | 51,631,000 | 71,137,000 | 121,654,000 | 145,567,000 | ||||
HTM | 23,130,000 | 15,789,000 | 46,775,000 | 33,111,000 | ||||
Other investments | 5,494,000 | 6,117,000 | 11,904,000 | 12,051,000 | ||||
TOTAL INTEREST INCOME | 1,967,789,000 | 2,176,090,000 | 4,077,764,000 | 4,317,132,000 | ||||
INTEREST EXPENSE: | ||||||||
Deposits and other customer accounts | 69,122,000 | 145,145,000 | 197,735,000 | 275,433,000 | ||||
Borrowings and other debt obligations | 359,877,000 | 409,220,000 | 755,263,000 | 817,089,000 | ||||
TOTAL INTEREST EXPENSE | 428,999,000 | 554,365,000 | 952,998,000 | 1,092,522,000 | ||||
NET INTEREST INCOME | 1,538,790,000 | 1,621,725,000 | 3,124,766,000 | 3,224,610,000 | ||||
Credit loss expense | 977,373,000 | 480,632,000 | 2,162,983,000 | 1,080,843,000 | ||||
NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE | 561,417,000 | 1,141,093,000 | 961,783,000 | 2,143,767,000 | ||||
NON-INTEREST INCOME: | ||||||||
Consumer and commercial fees | 108,826,000 | 146,499,000 | 233,074,000 | 279,517,000 | ||||
Lease income | 755,006,000 | 705,835,000 | 1,526,666,000 | 1,380,720,000 | ||||
Miscellaneous income, net | [1],[2] | (100,030,000) | 108,271,000 | 21,943,000 | 197,815,000 | |||
TOTAL FEES AND OTHER INCOME | 763,802,000 | 960,605,000 | 1,781,683,000 | 1,858,052,000 | ||||
Net gain on sale of investment securities | 22,516,000 | 2,379,000 | 31,795,000 | 379,000 | ||||
TOTAL NON-INTEREST INCOME | 786,318,000 | 962,984,000 | 1,813,478,000 | 1,858,431,000 | ||||
GENERAL, ADMINISTRATIVE AND OTHER EXPENSES: | ||||||||
Compensation and benefits | 440,521,000 | 470,247,000 | 929,794,000 | 946,810,000 | ||||
Occupancy and equipment expenses | 164,875,000 | 142,646,000 | 311,786,000 | 285,040,000 | ||||
Technology, outside service, and marketing expense | 126,991,000 | 152,425,000 | 261,981,000 | 304,131,000 | ||||
Loan expense | 58,423,000 | 102,784,000 | 152,344,000 | 209,500,000 | ||||
Lease expense | 641,270,000 | 513,780,000 | 1,231,631,000 | 993,084,000 | ||||
Impairment of goodwill | 1,848,228,000 | 0 | 1,848,228,000 | 0 | ||||
Other expenses | 149,382,000 | 160,504,000 | 277,727,000 | 346,236,000 | ||||
TOTAL GENERAL, ADMINISTRATIVE AND OTHER EXPENSES | 3,429,690,000 | 1,542,386,000 | 5,013,491,000 | 3,084,801,000 | ||||
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/PROVISION | (2,081,955,000) | 561,691,000 | (2,238,230,000) | 917,397,000 | ||||
Income tax (benefit)/provision | (186,151,000) | 155,326,000 | (219,512,000) | 271,540,000 | ||||
NET (LOSS)/INCOME INCLUDING NCI | (1,895,804,000) | 406,365,000 | (2,018,718,000) | 645,857,000 | ||||
LESS: NET (LOSS)/INCOME ATTRIBUTABLE TO NCI | (23,377,000) | 110,743,000 | (19,614,000) | 183,255,000 | ||||
NET (LOSS)/INCOME ATTRIBUTABLE TO SHUSA | $ (1,872,427,000) | $ 295,622,000 | $ (1,999,104,000) | $ 462,602,000 | ||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Statement [Abstract] | ||||
Lower of cost or market adjustment on a portion of unsecured loan portfolio held for sale | $ 268.4 | $ 104.4 | $ 331.3 | $ 172.0 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||
Statement of Comprehensive Income [Abstract] | ||||||
NET (LOSS) / INCOME INCLUDING NCI | $ (1,895,804) | $ 406,365 | $ (2,018,718) | $ 645,857 | ||
OCI, NET OF TAX | ||||||
Net unrealized gains on cash flow hedge derivative financial instruments, net of tax | [1] | 7,348 | 1,133 | 155,653 | 8,137 | |
Net unrealized (losses) / gains on AFS and HTM investment securities, net of tax | (15,203) | 113,290 | 191,120 | 204,794 | ||
Pension and post-retirement actuarial gains, net of tax | 560 | 6,091 | 1,120 | 12,202 | ||
TOTAL OTHER COMPREHENSIVE (LOSS) / GAIN, NET OF TAX | (7,295) | 120,514 | 347,893 | 225,133 | ||
COMPREHENSIVE (LOSS) / INCOME | (1,903,099) | 526,879 | (1,670,825) | 870,990 | ||
NET (LOSS) / INCOME ATTRIBUTABLE TO NCI | (23,377) | 110,743 | (19,614) | 183,255 | ||
COMPREHENSIVE (LOSS) / INCOME ATTRIBUTABLE TO SHUSA | $ (1,879,722) | $ 416,136 | $ (1,651,211) | $ 687,735 | ||
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
OCI attributable to noncontrolling interest | $ 27 | $ (10,200) | $ (10,100) | $ (16,500) |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY - USD ($) |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
Common Shares Outstanding |
Common Stock and Paid-in Capital |
Accumulated Other Comprehensive (Loss)/Income |
Accumulated Other Comprehensive (Loss)/Income
Cumulative Effect, Period of Adoption, Adjustment
|
Retained Earnings |
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
|
Noncontrolling Interest |
Noncontrolling Interest
Cumulative Effect, Period of Adoption, Adjustment
|
---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2018 | 530,391,000 | |||||||||
Equity, beginning balance at Dec. 31, 2018 | $ 23,847,232,000 | $ 18,652,000 | $ 17,859,304,000 | $ (321,652,000) | $ 0 | $ 3,783,405,000 | $ 18,652,000 | $ 2,526,175,000 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income attributable to SHUSA | 687,735,000 | 225,133,000 | 462,602,000 | |||||||
Other comprehensive loss attributable to NCI | (16,523,000) | (16,523,000) | ||||||||
Net income attributable to NCI | 183,255,000 | 183,255,000 | ||||||||
Impact of SC stock option activity | 5,606,000 | 5,606,000 | ||||||||
Contribution from shareholder | 75,901,000 | 75,901,000 | ||||||||
Dividends declared and paid on common stock | (150,000,000) | (150,000,000) | ||||||||
Dividends paid to NCI | (42,394,000) | (42,394,000) | ||||||||
Stock repurchase attributable to NCI | (104,644,000) | 10,431,000 | (115,075,000) | |||||||
Ending balance (in shares) at Jun. 30, 2019 | 530,391,000 | |||||||||
Equity, ending balance at Jun. 30, 2019 | 24,504,820,000 | 17,945,636,000 | (96,519,000) | 4,114,659,000 | 2,541,044,000 | |||||
Beginning balance (in shares) at Dec. 31, 2018 | 530,391,000 | |||||||||
Equity, beginning balance at Dec. 31, 2018 | $ 23,847,232,000 | 18,652,000 | 17,859,304,000 | (321,652,000) | $ 0 | 3,783,405,000 | 18,652,000 | 2,526,175,000 | ||
Ending balance (in shares) at Dec. 31, 2019 | 530,391,043 | 530,391,000 | ||||||||
Equity, ending balance at Dec. 31, 2019 | $ 24,398,830,000 | (1,785,464,000) | 17,954,441,000 | (88,207,000) | 4,155,226,000 | (1,346,097,000) | 2,377,370,000 | $ (439,367,000) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||
Beginning balance (in shares) at Mar. 31, 2019 | 530,391,000 | |||||||||
Equity, beginning balance at Mar. 31, 2019 | $ 24,128,405,000 | 17,899,170,000 | (217,033,000) | 3,894,037,000 | 2,552,231,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income attributable to SHUSA | 416,136,000 | 120,514,000 | 295,622,000 | |||||||
Other comprehensive loss attributable to NCI | (10,180,000) | (10,180,000) | ||||||||
Net income attributable to NCI | 110,743,000 | 110,743,000 | ||||||||
Impact of SC stock option activity | 1,255,000 | 1,255,000 | ||||||||
Contribution from shareholder | 41,570,000 | 41,570,000 | ||||||||
Dividends declared and paid on common stock | (75,000,000) | (75,000,000) | ||||||||
Dividends paid to NCI | (21,245,000) | (21,245,000) | ||||||||
Stock repurchase attributable to NCI | (86,864,000) | 4,896,000 | (91,760,000) | |||||||
Ending balance (in shares) at Jun. 30, 2019 | 530,391,000 | |||||||||
Equity, ending balance at Jun. 30, 2019 | $ 24,504,820,000 | 17,945,636,000 | (96,519,000) | 4,114,659,000 | 2,541,044,000 | |||||
Beginning balance (in shares) at Dec. 31, 2019 | 530,391,043 | 530,391,000 | ||||||||
Equity, beginning balance at Dec. 31, 2019 | $ 24,398,830,000 | (1,785,464,000) | 17,954,441,000 | (88,207,000) | 4,155,226,000 | (1,346,097,000) | 2,377,370,000 | (439,367,000) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income attributable to SHUSA | (1,651,211,000) | 347,893,000 | (1,999,104,000) | |||||||
Other comprehensive loss attributable to NCI | (10,106,000) | (10,106,000) | ||||||||
Net income attributable to NCI | (19,614,000) | (19,614,000) | ||||||||
Impact of SC stock option activity | 3,394,000 | 3,394,000 | ||||||||
Contribution from shareholder | 0 | |||||||||
Dividends declared and paid on common stock | (125,000,000) | (125,000,000) | ||||||||
Dividends paid to NCI | (37,212,000) | (37,212,000) | ||||||||
Stock repurchase attributable to NCI | $ (546,840,000) | (64,260,000) | (482,580,000) | |||||||
Ending balance (in shares) at Jun. 30, 2020 | 530,391,043 | 530,391,000 | ||||||||
Equity, ending balance at Jun. 30, 2020 | $ 20,226,777,000 | 17,890,181,000 | 259,686,000 | 685,025,000 | 1,391,885,000 | |||||
Beginning balance (in shares) at Mar. 31, 2020 | 530,391,000 | |||||||||
Equity, beginning balance at Mar. 31, 2020 | 22,223,973,000 | $ (132,000) | 17,870,442,000 | 266,981,000 | 2,557,302,000 | $ 150,000 | 1,529,248,000 | $ (282,000) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income attributable to SHUSA | (1,879,722,000) | (7,295,000) | (1,872,427,000) | |||||||
Other comprehensive loss attributable to NCI | 27,000 | 27,000 | ||||||||
Net income attributable to NCI | (23,377,000) | (23,377,000) | ||||||||
Impact of SC stock option activity | 1,001,000 | 1,001,000 | ||||||||
Dividends paid to NCI | (16,619,000) | (16,619,000) | ||||||||
Stock repurchase attributable to NCI | $ (78,374,000) | 19,739,000 | (98,113,000) | |||||||
Ending balance (in shares) at Jun. 30, 2020 | 530,391,043 | 530,391,000 | ||||||||
Equity, ending balance at Jun. 30, 2020 | $ 20,226,777,000 | $ 17,890,181,000 | $ 259,686,000 | $ 685,025,000 | $ 1,391,885,000 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
||||
---|---|---|---|---|---|---|---|
Statement of Cash Flows [Abstract] | |||||||
Cash and cash equivalents | $ 11,085,206 | $ 7,644,372 | $ 8,000,000 | ||||
Restricted cash | $ 5,189,766 | [1] | $ 3,881,880 | [1] | $ 3,400,000 | ||
|
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND ACCOUNTING POLICIES | DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES SHUSA is the Parent Company of SBNA, a national banking association; SC, a consumer finance company; Santander BanCorp, a financial holding company headquartered in Puerto Rico that offers a full range of financial services through its wholly-owned banking subsidiary, BSPR; 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; and 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; as well as several other subsidiaries. SSLLC, SIS, and another SHUSA subsidiary, SAM, are registered investment advisers with the SEC. SHUSA is headquartered in Boston and the Bank's home office is in Wilmington, Delaware. SHUSA is a wholly-owned subsidiary of Santander. The Parent Company's two largest subsidiaries by asset size and revenue are the Bank and SC. The Bank’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, focused throughout Pennsylvania, New Jersey, New York, New Hampshire, Massachusetts, Connecticut, Rhode Island, and Delaware. The Bank 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 its agreement with FCA, SC has operated as FCA's preferred provider for consumer loans, leases, and dealer loans and provides services to FCA customers and dealers under the Chrysler Capital 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 Chrysler Agreement, which modified that agreement to, among other things, adjust certain performance metrics, exclusivity commitments and payment provisions. 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. As of June 30, 2020, SC was owned approximately 77.7% by SHUSA and 22.3% by other shareholders. SC Common Stock is listed on the NYSE under the trading symbol "SC." NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) IHC The EPS mandated by Section 165 of the DFA Final Rule were enacted by the Federal Reserve to strengthen regulatory oversight of FBOs. Under the Final Rule, FBOs with over $50 billion of U.S. non-branch assets, including Santander, were required to consolidate U.S. subsidiary activities under an IHC. Due to its U.S. non-branch total consolidated asset size, Santander is subject to the Final Rule. As a result of this rule, Santander transferred substantially all of its equity interests in U.S. bank and non-bank subsidiaries previously outside the Company to the Company, which became an IHC effective July 1, 2016. These subsidiaries included Santander BanCorp, BSI, SIS and SSLLC, as well as several other subsidiaries. On July 1, 2017, an additional Santander subsidiary, SFS, a finance company located in Puerto Rico, was transferred to the Company. Additionally, effective July 2, 2018, Santander transferred SAM to the IHC. On October 21, 2019, the Company entered into an agreement to sell the stock of Santander BanCorp (the holding company that owns BSPR) for a total consideration of approximately $1.1 billion, subject to adjustment based on the consolidated SBC balance sheet at closing. At June 30, 2020, BSPR had 27 branches, approximately 1,000 employees, total assets of approximately $6.0 billion and $4.8 billion of liabilities. Among other conditions precedent to the closing, the transaction requires the Company to transfer all of BSPR's non-performing assets and the equity of SAM to the Company or a third party prior to closing. In addition, the transaction requires review and approval of various regulators which have been received in July 2020. As a result, the Company has disclosed investments of $1.2 billion, loans of $2.6 billion (including commercial loans of $1.6 billion and consumer loans of $998.6 million) and deposits of $4.7 billion as available / held for sale and the Company has recognized a deferred tax liability of approximately $39.0 million for the unremitted earnings of SBC. Consummation of the transaction is not expected to result in any material gain or loss. Basis of Presentation The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, including certain Trusts that are considered VIEs. The Company also 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. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Additionally, where applicable, the Company's accounting policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Accordingly, they do not include all of the information and footnotes required for GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal and recurring adjustments necessary for a fair statement of the financial position, results of operations, and cash flows for the periods indicated, and contain adequate disclosure for the fair statement of this interim financial information. 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 Company's Annual Report on Form 10-K for the year ended December 31, 2019. 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 condensed 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, accretion of discounts and subvention on RICs, fair value measurements, expected end-of-term lease residual values, values of repossessed assets, goodwill, and income taxes. These estimates, although based on actual historical trends and modeling, may potentially show significant variances over time. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) Recently Adopted Accounting Standards Since January 1, 2020, the Company adopted the following FASB ASUs: •Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This guidance significantly changed how entities measure credit losses for most financial assets and certain other instruments measured at amortized cost. The amendment introduced a new credit reserving framework known as CECL, which replaced the incurred loss impairment framework with one that reflects expected credit losses over the expected life of financial assets and commitments, and requires consideration of a broader range of reasonable and supportable information, including estimation of future expected changes in macroeconomic conditions. Additionally, the standard changes the accounting framework for purchased credit-deteriorated HTM debt securities and loans, and dictates measurement of AFS debt securities using an allowance instead of reducing the carrying amount as it was under the OTTI framework. The Company adopted the new guidance on January 1, 2020, on a modified retrospective basis which resulted in an increase in the ACL of approximately $2.5 billion, a decrease in stockholder's equity of approximately $1.8 billion and a decrease in deferred tax liabilities, net of approximately $0.7 billion at January 1, 2020. The increase was based on forecasts of expected future economic conditions and was primarily driven by the fact that the allowance covers expected credit losses over the full expected life of the loan portfolios. •In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides temporary optional expedients to reduce the costs and complexity associated with the high volume of contractual modifications expected in the transition away from LIBOR as the benchmark rate in contracts and hedges. These optional expedients allow entities to negate many of the accounting impacts of modifying contracts and hedging relationships necessitated by reference rate reform, allowing them to generally maintain the accounting as if a change had not occurred. The Company adopted this standard during the three month period ended March 31, 2020 electing the practical expedients relative to the Company’s contracts and hedging relationships modified as a result of reference rate reform through December 31, 2022. These practical expedients did not have a material impact on the Company’s business, financial position, results of operations, or disclosures. •In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general tax accounting principles and simplifying other specific tax scenarios. The Company adopted this standard as of January 1, 2020 reflecting the change prospectively. It did not have a material impact to the Company’s business, financial position, results of operations, or disclosures. The adoption of the following ASUs did not have a material impact on the Company's financial position or results of operations: •ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement •ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities As required by the adoption of the CECL Standard, the following additional accounting policy disclosures are required to update the disclosures included in our Annual Report on Form 10-K for the year ended December 31, 2019: Significant Accounting Policies Investment Securities and Other Investments Investments in debt securities are classified as either AFS, HTM, trading, or other investments. Investments in equity securities are generally recorded at fair value with changes recorded in earnings. Management determines the appropriate classification at the time of purchase. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) Debt securities that the Company has the positive intent and ability to hold until maturity are classified as HTM securities. HTM securities are reported at cost and adjusted for payments, chargeoffs, amortization of premium and accretion of discount. Impairment of HTM securities is recorded using a valuation reserve which represents management’s best estimate of expected credit losses during the lives of the securities. Securities for which management has an expectation that nonpayment of the amortized costs basis is zero do not have a reserve. The Company has a zero loss expectation when the securities are issued or guaranteed by certain US government entities, and those entities have a long history of no defaults and the highest credit ratings issued by rating agencies. Transfers of debt securities into the HTM category from the AFS category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in OCI and in the carrying value of HTM securities. Such amounts are amortized over the remaining lives of the securities. Any allowance recorded for credit losses while the security was classified as AFS is reversed through provision expense. Thereafter, the allowance is recorded through provision using the HTM valuation reserve. Debt securities expected to be held for an indefinite period of time are classified as AFS and recorded on the balance sheet at fair value. If the fair value of an AFS debt security declines below its amortized cost basis and the Company does not have the intention or requirement to sell the security before it recovers its amortized cost basis, declines due to credit factors will be recorded in earnings through an allowance on AFS securities, and declines due to non-credit factors will be recorded in AOCI, net of taxes. Subsequent to recognition of a credit loss, improvements to the expectation of collectability will be reversed through the allowance. If the Company has the intention or requirement to sell the security, the Company will record its fair value changes in earnings as a direct write down to the security. Increases in fair value above amortized cost basis are recorded in AOCI, net of taxes. The Company conducts a comprehensive security-level impairment assessment quarterly on all AFS securities with a fair value that is less than their amortized cost basis to determine whether the loss is due to credit factors. The quarterly assessment takes into consideration whether (i) the Company has the intent to sell or, (ii) it is more likely than not that it will be required to sell the security before the expected recovery of its amortized cost. The Company also considers whether or not it would expect to receive all of the contractual cash flows from the investment based on its assessment of the security structure, recent security collateral performance metrics, external credit ratings, failure of the issuer to make scheduled interest or principal payments, judgment and expectations of future performance, and relevant independent industry research, analysis and forecasts. The Company also considers the severity of the impairment in its assessment. Similar to HTM securities, securities for which management expects risk of nonpayment of the amortized cost basis is zero, do not have a reserve. The Company has a zero loss expectation when the securities are issued or guaranteed by certain US government entities, and those entities have a long history of no defaults and the highest credit ratings issued by rating agencies. In the event of a credit loss, the credit component of the impairment is recognized within non-interest income as a separate line item, and by the recording of a valuation reserve. The non-credit component is recorded within AOCI. The Company does not measure an ACL for accrued interest, and instead writes off uncollectible accrued interest balances in a timely manner. The Company places securities on nonaccrual and reverses any uncollectible accrued interest when the full and timely collection of interest or principal becomes uncertain, but no later than at 90 days past due. See Note 2 to the Consolidated Financial Statements for details on the Company's investments. LHFI Purchased LHFI Loans that at acquisition the company deems to have more than insignificant deterioration in credit quality since origination (i.e., Purchased Credit Deteriorated or PCD loans) require the recognition of an ACL at purchase. The ACL is added to the purchase price at the date of acquisition to determine the initial amortized cost basis of the PCD loan. The allowance for credit losses is calculated using the same methodology as originated loans, as described below. Alternatively, the Company can elect the FVO at the time of purchase for any financial asset. Under the FVO, loans are recorded at fair value with changes in value recognized immediately in income. There is no ACL for loans under a FVO. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) Allowance for Credit Losses General The ALLL and reserve for off-balance sheet commitments (together, the ACL) are maintained at levels that represent management’s best estimate of expected credit losses in the Company’s HFI loan portfolios, which excludes those loans accounted for under the FVO. The allowance for expected credit losses is measured based on a lifetime expected loss model, which means that it is not necessary for a loss event to occur before a credit loss is recognized. Management’s estimate of expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the reported amounts. Management's evaluation takes into consideration the risks in the loan portfolio, past loan and lease loss experience, specific loans with loss potential, geographic and industry concentrations, delinquency trends, economic forecasts and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the ACL may be necessary if conditions differ substantially from the assumptions used in making the evaluations. Provisions for credit losses are charged to provision expense in amounts sufficient to maintain the ACL at levels considered adequate to cover expected credit losses in the Company’s HFI loan portfolios. The ALLL is a valuation account that is deducted from, or added to, the amortized cost basis to present the net amount expected to be collected on the Company’s HFI loan portfolios. The reserve for off-balance sheet commitments represents the ECL for unfunded lending commitments and financial guarantees, and is presented within Other liabilities on the Company's Consolidated Balance Sheets. The reserve for off-balance sheet commitments, together with the ALLL, is generally referred to collectively throughout this Form 10-Q as the ACL, despite the presentation differences. The Company measures expected losses of all components of the amortized cost basis of its loans. For all loans except TDRs and Credit Cards, the Company has elected to exclude accrued interest receivable balances from the measurement of expected credit losses because it applies a nonaccrual policy that results in the timely write off of uncollectible interest. Off-balance sheet commitments which are not unconditionally cancellable by the Company are subject to credit risk. Additions to the reserve for off-balance sheet commitments are made by charges to the credit loss expense. The Company does not calculate a liability for expected credit losses for off-balance sheet credit exposures which are unconditionally cancellable by the lender, because these instruments do not expose the Company to credit risk. At SHUSA, this generally applies to credit cards and commercial demand lines of credit. Methodology The Company uses several methodologies for the measurement of ACL. The Company generally uses a DCF approach for determining ALLL for TDRs and other individually assessed loans, and loss rate or roll-rate models for other loans. The methodologies utilized by the Company to estimate expected credit losses may vary by product type. Expected credit losses are estimated on a collective basis when similar risk characteristics exist. Expected credit losses are estimated on an individual basis only if the individual asset or exposure does not share similar risk attributes with other financial assets or exposures, including when an asset is treated as a collateral dependent asset. The estimate of expected credit losses reflects information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of reported amounts. This information includes internal information, external information, or a combination of both. The Company uses historical loss experience as a starting point for estimating expected credit losses. The ACL estimate includes significant assumptions including the reasonable and supportable economic forecast period, which considers the availability of forward-looking scenarios and their respective time horizons, as well as the reversion method to historical losses. The economic scenarios used by the Company are available up to the contractual maturities of the assets, and therefore the Company can project losses through the respective contractual maturities, using an input reversion approach. This method results in a single, quantitatively consistent credit model across the entire projection period as the macroeconomic effects in the historical data are controlled for the estimate of the long-run loss level. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) The Company uses multiple scenarios in its CECL estimation process. The selection of scenarios is reviewed quarterly and governed by the ACL Committee. Additionally, the results from the CECL models are reviewed and adjusted if necessary, based on management’s judgment, as discussed in the section captioned "Qualitative Reserves" below. CECL Models The Company uses a statistical methodology based on an ECL approach that focuses on forecasting the ECL components (i.e., PD, payoff, loss given default and exposure at default) on a loan level basis to estimate the expected future life-time losses. •In calculating the PD and payoff, the Company developed model forecasts which consider variables such as delinquency status, loan tenor and credit quality as measured by internal risk ratings assigned to individual loans and credit facilities. •The loss given default component forecasts the extent of losses given that a default has occurred and considers variables such as collateral, LTV and credit quality. •The exposure at default component captures the effects of expected partial prepayments and underpayments that are expected to occur during the forecast period and considers variables such as LTV, collateral and credit quality. The above ECL components are used to compute an ACL based on the weighted average of the results of four macroeconomic scenarios. The weighting of these scenarios is governed and approved quarterly by management through established committee governance. These ECL components are inputs to both the Company’s DCF approach for TDRs and individually assessed loans, and non-DCF approach for other loans. When using a non-DCF method to measure the ACL, the Company measures ECL over the asset’s contractual term, adjusted for (a) expected prepayments, (b) expected extensions associated with assets for which management has a reasonable expectation at the reporting date that it will execute a TDR with the borrower, and (c) expected extensions or renewal options (excluding those that are accounted for as derivatives) included in the original or modified contract at the reporting date that are not unconditionally cancellable by the Company. In addition to the ALLL, management estimates expected losses related to off-balance sheet commitments using the same models and procedures used to estimate expected loan losses. Off-balance sheet commitments for commercial customers are analyzed and segregated by risk according to the Company's internal risk rating scale. These risk classifications, in conjunction with a forecast of expected usage of committed amounts and an analysis of historical loss experience, reasonable and supportable forecasts of economic conditions, performance trends within specific portfolio segments, and any other pertinent information result in the estimation of the reserve for off-balance sheet commitments. DCF Approaches A DCF method measures expected credit losses by forecasting expected future principal and interest cash flows and discounting them using the financial asset’s EIR. The ACL reflects the difference between the amortized cost basis and the present value of the expected cash flows. When using a DCF method to measure the ACL, the period of exposure is determined as a function of the Company’s expectations of the timing of principal and interest payments. The Company considers estimated prepayments in the future principal and interest cash flows when utilizing a DCF method. The Company generally uses a DCF approach for TDRs and impaired commercial loans. The Company reports the entire change in present value in credit loss expense. Collateral-Dependent Assets A loan is considered a collateral-dependent financial asset when: •The Company determines foreclosure is probable or •The borrower is experiencing financial difficulty and the Company expects repayment to be provided substantially through the operation or sale of the collateral. For all collateral-dependent loans, the Company measures the allowance for expected credit losses as the difference between the asset’s amortized cost basis and the fair value of the underlying collateral as of the reporting date, adjusted for expected costs to sell. If repayment or satisfaction of the loan is dependent only on the operation, rather than the sale, of the collateral, the measure of credit losses does not incorporate estimated costs to sell. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) A collateral dependent loan is written down (i.e., charged-off) to the fair value of the collateral adjusted for costs to sell (if repayment from sale is expected.) Any subsequent increase or decrease in the collateral’s fair value less cost to sell is recognized as an adjustment to the related loan’s ACL. Negative ACLs are limited to the amount previously charged-off. Collateral Maintenance Provisions For certain loans with collateral maintenance provisions which are secured by highly liquid collateral, the Company expects nonpayment of the amortized cost basis to be zero when such provisions require the borrower to continually replenish collateral in the event the fair value of the collateral changes. For these loans, the Company records no ACL. Negative Allowance Negative allowance is defined as the amount of future recovery expected for accounts that have already been charged off. The Company performs an analysis of the actual historical recovery values to determine the pattern of recovery and expected rate of recovery over a given historic period, and uses the results of this analysis to determine negative allowance. Negative allowance reduces the ACL. Qualitative Reserves Quantitative models have certain limitations with respect to estimating expected losses in times of rapidly changing macro-economic forecasts. The June 30, 2020 ACL estimate includes qualitative adjustments to adjust for limitations in modeled results with respect to forecasted economic conditions that are well outside of historic economic conditions used to develop the models and to give consideration to significant government relief programs, stimulus, and internal credit accommodations. Management believes the qualitative component of the ACL, which incorporates management’s expert judgment related to expected future credit losses, will continue to represent a significant portion of the ACL for the foreseeable future. Regardless of the extent of the Company's analysis of customer performance, portfolio evaluations, trends or risk management processes established, a level of imprecision will always exist due to the judgmental nature of loan portfolio and/or individual loan evaluations. The Company maintains a qualitative reserve to the ACL to recognize the existence of these exposures. Imprecisions include loss factors inherent in the loan portfolio that may not have been discreetly contemplated in the modelled approach to the allowance, as well as potential variability in estimates. The qualitative adjustment is also established in consideration of several factors such as changes in the Company’s underwriting standards, the interpretation of economic trends, delays in obtaining information regarding a customer's financial condition and changes in its unique business conditions. This analysis is conducted at least quarterly, and the Company revises the allowance factors whenever necessary in order to address improving or deteriorating credit quality trends or specific risks associated with a loan pool classification. Governance A comprehensive analysis of the ACL is performed by the Company on a quarterly basis. Management regularly monitors the condition of borrowers and assesses both internal and external factors in determining whether any relationships have deteriorated considering factors such as historical loss experience, trends in delinquency and NPLs, changes in risk composition and underwriting standards, experience and ability of staff and regional and national economic conditions, trends and forecasts. Risk factors are continuously reviewed and revised by management when conditions warrant. The Company's reserves are principally based on various models subject to the Company's model risk management framework. New models are approved by the Company's Model Risk Management Committee, and inputs are reviewed periodically by the Company's Internal Audit function. Models, inputs and documentation are further reviewed and validated at least annually, and the Company completes a detailed variance analysis of historical model projections against actual observed results on a quarterly basis. Required actions resulting from the Company's analysis, if necessary, are governed by its ACL Committee. In addition, a review of allowance levels based on nationally published statistics is conducted on at least an annual basis. Reserve levels are collectively reviewed for adequacy and approved quarterly by Board-level committees. The ACL is subject to review by banking regulators. The Company's primary bank regulators conduct examinations of the ACL and make assessments regarding its adequacy and the methodology employed in its determination. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) Changes in the assumptions used in these estimates could have a direct material impact on credit loss expense in the Condensed Consolidated Statements of Operations and in the allowance for loan losses. The loan portfolio represents the largest asset on the Condensed Consolidated Balance Sheets. The Company’s models incorporate a variety of assumptions based on historical experience, current conditions and forecasts. Management also applies its judgement in evaluating the appropriateness of the allowance. Material changes to the ACL might be necessary if prevailing conditions differ materially from the assumptions and estimates utilized in calculating the ACL. TDRs TDR Impact to ACL The Company’s policies for estimating the ACL also apply to TDRs as follows: •The Company reflects the impact of the concession in the ALLL for TDRs. Interest rate concessions and significant term deferrals can only be captured within the ALLL by using a DCF method. Therefore, in circumstances in which the Company offers such extensions in its TDR modification, it uses a DCF method to calculate the ALLL. •The Company recognizes the impact of a TDR modification to the ALLL when the Company has a reasonable expectation that the TDR modification will be executed. Recently Issued Accounting Standards Not Yet Adopted There are no recently issued GAAP accounting developments that we expect will have a material impact on the Company's business, financial position, results of operations, or disclosures upon adoption. Subsequent EventsThe Company evaluated events from the date of these Condensed Consolidated Financial Statements on June 30, 2020 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 and six-month periods ended June 30, 2020
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INVESTMENT SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT SECURITIES | INVESTMENT SECURITIES Summary of Investments in Debt Securities - AFS and HTM The following tables present the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities AFS at the dates indicated:
The following tables present the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities HTM at the dates indicated:
As of June 30, 2020 and December 31, 2019, the Company had investment securities with an estimated carrying value of $5.0 billion and $7.5 billion, respectively, pledged as collateral, which were comprised of the following: $359.2 million and $2.7 billion, respectively, were pledged as collateral for the Company's borrowing capacity with the FRB; $3.8 billion and $3.5 billion, respectively, were pledged to secure public fund deposits; $129.7 million and $148.5 million, respectively, were pledged to various independent parties to secure repurchase agreements, support hedging relationships, and for recourse on loan sales; $350.0 million and $699.1 million, respectively, were pledged to deposits with clearing organizations; and $425.9 million and $461.9 million, respectively, were pledged to secure the Company's customer overnight sweep product. At June 30, 2020 and December 31, 2019, the Company had $40.4 million and $46.0 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 June 30, 2020 or December 31, 2019. There were no transfers of securities between AFS and HTM during the periods ended June 30, 2020 or December 31, 2019. NOTE 2. INVESTMENT SECURITIES (continued) Contractual Maturity of Investments in Debt Securities Contractual maturities of the Company’s investments in debt securities AFS at June 30, 2020 were as follows:
Contractual maturities of the Company’s investments in debt securities HTM at June 30, 2020 were as follows:
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 June 30, 2020 and December 31, 2019 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:
The following table presents the aggregate amount of unrealized losses as of June 30, 2020 and December 31, 2019 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:
NOTE 2. INVESTMENT SECURITIES (continued) Allowance for credit-related losses on AFS securities The Company did not record an allowance for credit-related losses on AFS securities against its investments in debt securities at June 30, 2020 or December 31, 2019. Management has concluded that the unrealized losses on its investments in debt securities for which it has not recorded an allowance (which were comprised of 218 individual securities at June 30, 2020) 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:
(1) Includes net realized gain/(losses) on trading securities of $0.5 million and $(0.9) million for the three-month and six-month periods ended June 30, 2020, respectively, and $(12.0) thousand and $(0.3) million for the three-month and six-month periods ended June 30, 2019, 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:
(1) Includes $0.2 million and zero of equity certificates related to an off-balance sheet securitization as of June 30, 2020 and December 31, 2019, respectively. 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 and six-month periods ended June 30, 2020, the Company purchased $2.9 million and $118.6 million of FHLB stock at par, respectively, and redeemed $128.6 million and $176.0 million of FHLB stock at par, respectively. There was no gain or loss associated with these redemptions. During the six-month period ended June 30, 2020, the Company did not purchase FRB stock. The Company's LIHTC investments are accounted for using the proportional amortization method. Equity securities are measured at fair value as of June 30, 2020, 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. NOTE 2. INVESTMENT SECURITIES (continued) 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.
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LOANS AND ALLOWANCE FOR CREDIT LOSSES |
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 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 $56.1 billion at June 30, 2020 and $53.9 billion at December 31, 2019. Loans that the Company intends to sell are classified as LHFS. The LHFS portfolio balance at June 30, 2020 was $5.4 billion, compared to $1.4 billion at December 31, 2019. At June 30, 2020, LHFS included $2.6 billion of loans associated with BSPR and $1.6 billion of prime performing RICs originated for sale. For a discussion on the valuation of LHFS at fair value, see Note 12 to these Condensed Consolidated Financial Statements. Loans under SC’s personal lending platform have been classified as HFS and adjustments to lower of cost or market are recorded through Miscellaneous income, net on the Condensed Consolidated Statements of Operations. As of June 30, 2020, the carrying value of the personal unsecured held for sale portfolio was $1.0 billion. LHFS in the residential mortgage portfolio that were originated with the intent to sell were $241.3 million as of June 30, 2020 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 basis. At June 30, 2020 and December 31, 2019, accrued interest receivable on the Company's loans was $711.9 million and $497.7 million, respectively. 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:
(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 $3.2 billion as of June 30, 2020 and December 31, 2019, respectively. (2)Other commercial includes CEVF leveraged leases and loans. (3)Other consumer primarily includes RV and marine loans. Portfolio segments and classes GAAP requires that entities disclose information about the credit quality of their 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. The Company's allowance methodology further classifies loans in this line of business into construction and non-construction loans; however, the methodology for development and determination of the allowance is generally consistent between the two portfolios. 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 six-month periods ended June 30, 2020 and 2019, SC originated $7.3 billion and $5.9 billion, respectively, in Chrysler Capital loans (including the SBNA originations program), which represented 62% and 54%, 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 and six-month periods ended June 30, 2020 and 2019 was as follows:
NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(1) Credit loss expense includes $20.4 million related to retail installment contracts transferred to held for sale during the three and six months ended June 30, 2019. 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. 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. The Company estimates life-time expected losses based on prospective information as well as account-level models based on historical data. Unemployment, HPI, 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). The used vehicle index is also used to estimate the loss in the event of default. The historic volume of loan deferrals provided to customers impacted by COVID-19 has driven positive trends in delinquencies and severity (charge-offs) in the quarter, however, the inclusion of key loan characteristics as inputs to the models (including number of extensions) and management’s evaluation of qualitative factors ensure the allowance is appropriate. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) 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. 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 adjustment for macroeconomic uncertainty. The baseline scenario was based on the latest consensus forecasts available which show a steep decline in key variables in this quarter, including a sharp increase in unemployment rates (which are a key driver to losses), followed by a recovery in the second half of the year, supported by reopening of the economy and government stimulus. The scenarios are periodically updated over a reasonable and supportable time horizon, with weightings assigned by management and approved through established committee governance. To capture potential additional default risk as well as potential decreases in collateral resulting from COVID-19, for the three-month period ended June 30, 2020, the Company adjusted the ACL as follows: •For RICs, the Company adjusted the ACL using the latest consensus forecasts available which show a steep decline in key variables in this quarter, including a sharp increase in unemployment rates (which are a key driver to losses), followed by a recovery in the second half of the year, supported by reopening of the economy and government stimulus. •For other portfolios, in addition to the pandemic-specific economic forecast, the Company considered other specific portfolio characteristics, to determine an appropriate ACL. The Company’s allowance for loan losses increased $489.0 million and increased $3.5 billion for the three-month and six-month periods ended June 30, 2020, respectively. For the three months ended June 30, 2020, the increase was primarily due to a reserve build associated with a weaker economic outlook related to COVID-19, partially offset by changes in balances. For the six-month period, the primary drivers were an approximately a $2.5 billion increase at CECL adoption on January 1, 2020, driven mainly by the addition of life-time expected credit losses for non-TDR loans, and approximately $542.0 million, net due to business drivers during the first quarter of 2020, including $651.0 million of additional reserves specific to COVID-19 risk, partially offset by balance changes and portfolio mix. 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:
(1) The December 31, 2019 table includes balances based on recorded investment. Differences between amortized cost and UPB were not material 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. 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:
(1) CRE loans includes $1.1 billion of LHFS at June 30, 2020. (2) C&I loans includes $603.0 million of LHFS at June 30, 2020. (3) Multifamily loans includes $46.5 million of LHFS at June 30, 2020. (4) Residential mortgages includes $1.0 billion of LHFS at June 30, 2020. (5) Personal unsecured loans includes $1.0 billion of LHFS at June 30, 2020. (6) RICs and auto loans includes $1.6 billion of LHFS at June 30, 2020.
(1)C&I loans included $116.3 million of LHFS at December 31, 2019. (2) Residential mortgages included $296.8 million of LHFS at December 31, 2019. (3) Personal unsecured loans included $1.0 billion of LHFS at December 31, 2019. 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:
(1)Includes $1.8 billion of LHFS at June 30, 2020. (2)Consists of loans that have not been assigned a regulatory rating. (3)Loans originated during the six-months ended June 30, 2020. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(1)Includes $116.3 million of LHFS at December 31, 2019. (2)Consists of loans that have not been assigned a regulatory rating. 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:
(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 six-months ended June 30, 2020. (3) Excludes LHFS.
(1) Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model. 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 ALLL incorporates the refreshed LTV information to update the distribution of defaulted loans by LTV as well as the associated loss given default 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:
(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 six-months ended June 30, 2020. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(1) - (4) Refer to corresponding notes above. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(1) Excludes LHFS. (2) Residential mortgages in the "N/A" range for LTV or FICO score primarily represent the balance on 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 for the Company and CLTV for financing receivables in second lien position for the Company.
(1) Excludes LHFS. (2) Home equity loans and lines of credit in the "N/A" range for LTV or FICO score primarily represent the balance on 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 for the Company and CLTV for financing receivables in second lien position for the Company. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) TDR Loans The following table summarizes the Company’s performing and non-performing TDRs at the dates indicated:
(1) Excludes LHFS. TDR Activity by Class of Financing Receivable The Company's modifications consist primarily of term extensions. The following tables detail the activity of TDRs for the three-month and six-month periods ended June 30, 2020 and 2019:
(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. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(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. (3)The post-TDR modification outstanding recorded investment amounts for residential mortgages exclude interest reserves. TDRs Which Have Subsequently Defaulted A TDR is generally considered to have subsequently defaulted if, after modification, the loan becomes 90 DPD. For RICs, a TDR is considered to have subsequently defaulted after modification at the earlier of the date of repossession or 120 DPD. The following table details period-end amortized cost balances of TDRs that became TDRs during the past twelve-month period and have subsequently defaulted during the three-month and six-month periods ended June 30, 2020 and 2019, respectively.
(1)Represents the period-end balance. Does not include Chapter 7 bankruptcy TDRs.
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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 Chrysler Agreement. Lease extensions granted by the Company are not treated as modifications. 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 June 30, 2020 and December 31, 2019:
The following summarizes the future minimum rental payments due to the Company as lessor under operating leases as of June 30, 2020 (in thousands):
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VIEs |
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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 7 in the Company's 2019 Annual Report on Form 10-K. On-balance sheet VIEs The assets of consolidated VIEs that are included in the Company's Condensed Consolidated Financial Statements presented based upon the legal transfer of the underlying assets in order to reflect legal ownership, and 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(1):
(1) 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 June 30, 2020 and December 31, 2019, the Company was servicing $28.1 billion and $27.3 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 and six-month periods ended June 30, 2020 and 2019 is as follows:
(1) Includes additional advances on existing securitizations. (2) These amounts are not reflected in the accompanying Consolidated SCF because the cash flows are between the VIEs and other entities included in the consolidation. Off-balance sheet VIEs During the three and six-months ended June 30, 2020, SC sold $512.3 million, of gross RICs to third party investors in off-balance sheet securitizations for a loss of $26.9 million. The losses were recorded in investment losses, net, in the accompanying Condensed Consolidated Statements of Income. There were no sales during the three-month or six-month periods ended June 30, 2019. As of June 30, 2020 and December 31, 2019, the Company was servicing $2.3 billion and $2.4 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:
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 and six-month periods ended June 30, 2020 and 2019, respectively, were as follows:
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GOODWILL AND OTHER INTANGIBLES |
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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 activity in the Company's goodwill by its reporting units for the six-month period ended June 30, 2020:
There were no changes to the Company's reportable segments during the first half of 2020. NOTE 5. GOODWILL AND OTHER INTANGIBLES (continued) The Company made a change in its commercial banking reportable segments beginning January 1, 2019 and, accordingly, re-allocated goodwill previously attributed to commercial banking to the related C&I and CRE&VF reporting units based on the estimated fair value of each reporting unit at January 1, 2019. Upon re-allocation, management tested the new reporting units for impairment, using the same methodology and assumptions used in the October 1, 2018 goodwill impairment test, and noted that there was no impairment. Refer to Note 17 to these Consolidated Financial Statements for additional details on the Company's reportable segments. 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, 2019 using generally accepted valuation methods. The Company continually assesses whether or not there have been events requiring a review of goodwill. 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. These Q2 triggering events are in addition to the CBB triggering event during Q1 2020, whereby the estimated fair value of CBB exceeded its carrying value by less than 5%. 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 $290.8 million 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 an impairment as the valuation is highly correlated with forecasted interest rates, credit costs, and other factors. A risk of further impairment or impairment to additional reporting units exists in subsequent quarters if the reporting unit’s operating environment does not return to a more normalized status in the foreseeable future. In prior annual goodwill impairment assessments, the Company determined that an equal weighting of the market and income approach valuation methods provided a reliable fair value estimate. In light of the significant market volatility arising from the continued impacts of the COVID-19 pandemic and the responses to the pandemic from multiple government agencies, the Company determined to give only a 25% weighting to the market approach in estimating the second quarter fair value of CBB, C&I, and CRE & VF, which is consistent with the approach used during the first quarter interim impairment assessment of CBB. The Company continued to analyze implied market multiples to support the valuation under the market approach. There were no disposals, additions or impairments of goodwill for the three-month and six-month periods ended June 30, 2019. Other Intangible Assets The following table details amounts related to the Company's intangible assets subject to amortization for the dates indicated.
At June 30, 2020 and December 31, 2019, the Company did not have any intangibles, other than goodwill, that were not subject to amortization. Amortization expense on intangible assets was $14.7 million and $29.5 million, for the three-month and six-month periods ended June 30, 2020, respectively, and $14.7 million and $29.5 million for the corresponding periods in 2019, 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:
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OTHER ASSETS |
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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 June 30, 2020 and December 31, 2019:
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 to five years. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. For the three-month and six-month periods ended June 30, 2020, operating lease expenses were $40.7 million and $75.8 million, respectively, compared to $36.6 million and $74.2 million for the corresponding periods in 2019. Sublease income was $1.2 million and $2.6 million, respectively, for three-month and six-month periods ended June 30, 2020 compared to $1.3 million and $1.9 million for the corresponding periods in 2019. 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:
(1) Activity is included within the net change in other liabilities on the Consolidated SCF. The Company made approximately $2.0 million and $1.9 million in payments during the six-month periods ended June 30, 2020 and 2019, respectively, to Santander for rental of certain office space. The related ROU assets and lease liabilities were approximately $10.8 million and $15.2 million at June 30, 2020 and 2019, 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. The balance is lower as of June 30, 2020 due to the Company’s temporary suspension of foreclosures and repossessions during the first months of the COVID-19 pandemic. •Miscellaneous assets and receivables includes subvention receivables in connection with the agreement with Chrysler, investment and capital market receivables, derivatives trading receivables, and unapplied payments.
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DEPOSITS AND OTHER CUSTOMER ACCOUNTS |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEPOSITS AND OTHER CUSTOMER ACCOUNTS | DEPOSITS AND OTHER CUSTOMER ACCOUNTS Deposits and other customer accounts are summarized as follows:
(1) Includes deposits held for sale of $4.7 billion and zero at June 30, 2020 and December 31, 2019, respectively. (2) Includes foreign deposits, as defined by the FRB, of $9.7 billion and $8.9 billion at June 30, 2020 and December 31, 2019, respectively. Deposits collateralized by investment securities, loans, and other financial instruments totaled $3.8 billion and $3.5 billion at June 30, 2020 and December 31, 2019, respectively. Demand deposit overdrafts that have been reclassified as loan balances were $133.5 million and $79.2 million at June 30, 2020 and December 31, 2019, respectively. At June 30, 2020 and December 31, 2019, the Company had $1.2 billion and $1.5 billion, respectively, of CDs greater than $250 thousand.
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BORROWINGS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BORROWINGS | BORROWINGS Total borrowings and other debt obligations at June 30, 2020 were $49.9 billion, compared to $50.7 billion at December 31, 2019. The Company's debt agreements impose certain limitations on dividends other payments and 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. Bank The Bank had no new securities issuances in the open market during the six-month periods ended June 30, 2020 and 2019. During the six-month period ended June 30, 2020, the Bank repurchased the following borrowings and other debt obligations: •$126.4 million of its REIT preferred debt. •$1.0 billion prepayment of FHLB advances. During the six-month period ended June 30, 2019, the Bank repurchased the following borrowings and other debt obligations: •$27.9 million of its subordinated notes due August 2022. •$21.2 million of its REIT preferred debt. SHUSA During the six-month period ended June 30, 2020, the Company issued $2.1 billion of debt, consisting of: •$500.0 million 5.83% senior fixed-rate note due March 2023 to Santander, an affiliate. •$447.1 million of its senior floating-rate note due April 2023. •$1.0 billion 3.45% senior fixed-rate note due June 2025. •$125.0 million 2.0% short-term borrowing due February 2021 to an affiliate. During the six-month period ended June 30, 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) During the six-month period ended June 30, 2019, the Company issued $1.0 billion of 3.50% senior notes due June 2024 and the Company also redeemed $178.7 million of its 2.70% senior notes due May 2019. 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:
(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 GBP LIBOR plus 105 basis points per annum. (3) This note will bear interest at a rate equal to the three-month LIBOR plus 110 basis points per annum. (4) These notes are with SHUSA's parent company, Santander. Bank Borrowings and Debt Obligations The following table presents information regarding the Bank's borrowings and other debt obligations at the dates indicated:
The Bank had outstanding irrevocable letters of credit totaling $340.8 million from the FHLB of Pittsburgh at June 30, 2020 used to secure uninsured deposits placed with the Bank 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 June 30, 2020 and December 31, 2019, respectively:
(1) This line is held exclusively for financing of Chrysler Capital leases. In April 2020, the commitment amount was reduced by $500 million. (2) The repurchase facilities are collateralized by securitization notes payable retained by SC. As the borrower, SC is exposed to liquidity risk due to changes in the market value of retained securities pledged. In some instances, SC places or receives cash collateral with counterparties under collateral arrangements associated with SC's repurchase agreements. (3) During the three months ended March 31, 2020 the Chrysler Finance Loan credit facility was reactivated with a $1 billion commitment. In April 2020, the commitment amount increased by $500 million.
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 June 30, 2020 and December 31, 2019, respectively:
(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. (4) As of June 30, 2020, $4.5 million in secured structured financing is held by Santander.
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ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) The following table presents the components of accumulated other comprehensive income/(loss), net of related tax, for the three-month and six-month periods ended June 30, 2020, and 2019, respectively.
(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. NOTE 10. ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (continued)
(1) - (3) Refer to the corresponding explanations in the table above.
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DERIVATIVES |
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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 June 30, 2020, derivatives in this category had a fair value of $0.2 million. The credit ratings of the Company and the Bank are currently considered investment grade. During the second quarter of 2020, no additional collateral would be required if there were a further 1- or 2- notch downgrade by either S&P or Moody's. NOTE 11. DERIVATIVES (continued) As of June 30, 2020 and December 31, 2019, 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 $11.3 million and $7.8 million, respectively. The Company had $36.0 million and $8.6 million in cash and securities collateral posted to cover those positions as of June 30, 2020 and December 31, 2019, 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 accumulated OCI 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 2024. The Company includes all components of each derivative's gain or loss in the assessment of hedge effectiveness. As of June 30, 2020, the Company expected $32.3 million of gains recorded in accumulated other comprehensive loss to be reclassified to earnings during the subsequent twelve months as the future cash flows occur. Derivatives Designated in Hedge Relationships – Notional and Fair Values Derivatives designated as accounting hedges at June 30, 2020 and December 31, 2019 included:
NOTE 11. DERIVATIVES (continued) 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. 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. NOTE 11. DERIVATIVES (continued) Derivatives Not Designated in Hedge Relationships – Notional and Fair Values Other derivative activities at June 30, 2020 and December 31, 2019 included:
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 and six-month periods ended June 30, 2020 and 2019:
(1) Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected. NOTE 11. DERIVATIVES (continued) The net amount of change recognized in OCI for cash flow hedge derivatives were gains of $7.2 million and $155.4 million, net of tax, for the three-month and six-month periods ended June 30, 2020, respectively, and gains of $4.8 million and $13.2 million, net of tax, for the three-month and six-month periods ended June 30, 2019, respectively. The net amount of changes reclassified from OCI into earnings for cash flow hedge derivatives were losses of $0.1 million and $0.2 million, net of tax, for the three-month and six-month periods ended June 30, 2020, respectively, and gains of $3.7 million and $5.1 million, net of tax, for the three-month and six-month periods ended June 30, 2019, 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. Information about financial assets and liabilities that are eligible for offset on the Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019, respectively, is presented in the following tables:
(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)
(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.
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INCOME TAXES |
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Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES An income tax benefit of $186.2 million and a provision of $155.3 million were recorded for the three-month periods ended June 30, 2020 and 2019, respectively. An income tax benefit of $219.5 million and a provision of $271.5 million were recorded for the six-month periods ended June 30, 2020 and 2019, respectively. This resulted in an ETR of 8.9% and 27.7% for the three-month periods ended June 30, 2020 and 2019, respectively, and 9.8% and 29.6% for the six-month periods ended June 30, 2020 and 2019, respectively. The lower ETR for the three-month and six-month periods ended June 30, 2020, compared to the three-month and six-month periods ended June 30, 2019, is primarily the result of an expected pre-tax loss for 2020, compared to pre-tax income in 2019 as well as the impairment of goodwill that is non-deductible for tax purposes in the second quarter of 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 was previously disclosed within its Form 10-K for 2018. 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 Committee on Taxation has completed its review of the proposed resolution of the 2006 and 2007 tax years with no objection. The Company and the IRS are now finalizing that resolution, which will have no 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 $101.0 million at June 30, 2020 (consisting of a deferred tax asset balance of $766.4 million and a deferred tax liability balance of $867.4 million), compared to a net deferred tax liability balance of $1.0 billion at December 31, 2019 (consisting of a deferred tax asset balance of $503.7 million and a deferred tax liability balance of $1.5 billion). The $916.4 million decrease in net deferred liability for the six-month period ended June 30, 2020 was primarily due to the adoption of the CECL Standard during the first quarter of 2020. The net deferred tax liability includes the Company’s $306.6 million deferred tax liability for the book over tax basis in its investment in SC. The deferred tax liability would be realized upon the Company’s disposition of its interest in SC or through dividends received from SC. Upon the Company reaching 80% or more ownership of SC, SC will be consolidated with the Company for tax filing purposes, facilitating certain off-sets of SC’s taxable income, and the capital planning benefit of netting SC’s net deferred tax liability against the Company’s net deferred tax asset. In addition, all of the $306.6 million deferred tax liability would be released as a reduction to income tax expense. As of June 30, 2020, the Company's ownership continued to be less than 80% and therefore SC was not consolidated for federal tax filing purposes. On August 10, 2020, SC repurchased shares under the exception to the interim policy related to the Dodd-Frank Act Stress Test and Comprehensive Capital Analysis and Review approved by the Federal Reserve (the "Exception"). As a result of these repurchases, SHUSA now owns approximately 80.25% of SC. During the second quarter of 2020, the Company recorded a deferred tax liability in the amount of $39.0 million for the book over tax basis in its investment in SBC due to its expected sale. The deferred tax liability will be realized upon the Company’s disposition of its interest in SBC.
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE | FAIR VALUE Fair value measurement requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs, and also establishes a fair value hierarchy that categorizes the inputs to valuation techniques used to measure fair value into three levels 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. 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 determined 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 June 30, 2020 and December 31, 2019.
(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) The Company had total MSRs of $90.2 million and $132.7 million as of June 30, 2020 and December 31, 2019, respectively. The Company has elected to account for the majority of its MSR balance using the FVO, while the remainder of the MSRs are accounted for using the lower of cost or fair value and are not presented within this table. (3) 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. (4) RICs collateralized by vehicle titles at SC and RV/marine loans at SBNA. (5) Residential mortgage loans. (6) Approximately $229.0 million of these financial assets were measured using model-based techniques, or Level 3 inputs, and represented approximately 1.6% of total assets measured at fair value on a recurring basis and approximately 0.2% 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 Consolidated Statements of Operations through Net gain on sale of investment securities. RICs HFI For certain RICs reported in LHFI, net, the Company has elected the FVO. At December 31, 2019, the Company has used the most recent purchase price as the fair value for certain loans and hence classified those RICs as Level 2. The estimated fair value of the all RICs HFI at June 30, 2020 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 model to value MSRs estimates the present value of the future net cash flows from mortgage servicing activities based on various assumptions. These cash flows include servicing and ancillary revenue, offset by the estimated costs of performing servicing activities. Significant assumptions used in the valuation of residential MSRs include CPRs and the discount rate, reflective of a market participant's required return on an investment for similar assets. 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. All of these assumptions are considered to be unobservable inputs. Historically, servicing costs and discount rates have been less volatile than CPR and earnings rates, both of which are directly correlated with changes in market interest rates. Increases in prepayment speeds, 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. For each of these items, the Company makes assumptions based on current market information and future expectations. All of the assumptions are based on standards that the Company believes would be utilized by market participants in valuing MSRs and are derived and/or benchmarked against independent public sources. Accordingly, MSRs are classified as Level 3. Gains and losses on MSRs are recognized on the Condensed Consolidated Statements of Operations through Miscellaneous income, net. Listed below are the most significant inputs that are 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 $5.3 million and $10.2 million, respectively, at June 30, 2020. •A 10% and 20% increase in the discount rate would decrease the fair value of the residential servicing asset by $2.5 million and $4.9 million, respectively, at June 30, 2020. 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. 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). NOTE 12. FAIR VALUE (continued) Gains and losses related to derivatives affect various line items in the Condensed Consolidated Statements of Operations. 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 and six-month periods ended June 30, 2020 and 2019, respectively, for those assets and liabilities measured at fair value on a recurring basis.
(1)Settlements include charge-offs, prepayments, paydowns and maturities. (2)Losses in OCI during the three-month period ended June 30, 2020 increased by $0.1 million from the prior reporting date of March 31, 2020. (3)The Company transferred RIC's from Level 2 to Level 3 during 2020 because the fair value for these assets cannot be determined by using readily observable inputs as of June 30, 2020. There were no other transfers into or out of Level 3 during the three-month and six-month periods ended June 30, 2020 and 2019. 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:
NOTE 12. FAIR VALUE (continued) (1) These amounts include $808.4 million and $1.0 billion of personal LHFS that were impaired as of June 30, 2020 and December 31, 2019, respectively. (2) Balance at June 30, 2020 includes $2.6 billion of LHFS that were valued at lower-of-cost-or fair value. 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 $175.8 million and $448.8 million at June 30, 2020 and December 31, 2019, 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 RIC 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 used car prices. The estimated fair value of goodwill is valued using unobservable inputs and is classified as Level 3. 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. NOTE 12. FAIR VALUE (continued) 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:
(1) Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected. (2) In the period ended June 30, 2020, Goodwill totaling $2.2 billion was written down to its implied fair value of $350.0 million, resulting in a goodwill impairment charge of $1.8 billion. 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 June 30, 2020 and December 31, 2019, respectively:
(1) Based on the applicable term and discount index. (2) Based on the analysis of available data from a comparable market securitization of similar assets. (3) Based on the cost of funding of debt issuance and recent historical equity yields. Weighted average amount was developed by weighting the associated relative unpaid principal balances. (4) Based on the average severity utilizing reported severity rates and loss severity utilizing available market data from a comparable securitized pool. Weighted average amount was developed by weighting the associated relative unpaid principal balances. (5) 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. (6) 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. (7) Excludes MSR valued on a non-recurring basis for which we do not consider there to be significant unobservable assumptions. (8) Excludes non-significant Level 3 LHFS portfolios and LHFS associated with BSPR. 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. NOTE 12. FAIR VALUE (continued)
(1), (2), (3), (4), (5), (6), (7), (8) - See corresponding footnotes to the June 30, 2020 Level 3 significant inputs table above. (9) Consensus pricing refers to fair value estimates that are generally developed using information such as dealer quotes or other third-party valuations or comparable asset prices. (10) Based on the nature of the input, a range or weighted average does not exist. The Company owns one sale-leaseback security. 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:
(1) The Company has elected to account for the majority of its MSR balance using the FVO, while the remainder of the MSRs are accounted for using the lower of cost or fair value. (2) This line item excludes deposit liabilities with no defined or contractual maturities in accordance with ASU 2016-01. (3) 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 are valued at fair value on a nonrecurring basis. See further discussion under the section captioned "Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis" above. LHFS The Company's LHFS portfolios that are accounted for at the lower of cost or market. The estimated fair value of the RICs HFS is based on prices obtained in recent market transactions or expected to be obtained in the subsequent sales for similar assets. Deposits For deposits with no stated maturity, such as non-interest-bearing and interest-bearing demand deposit accounts, savings accounts and certain money market accounts, the carrying value approximates fair values. The fair value of fixed-maturity deposits is estimated by discounting cash flows using currently offered rates for deposits of similar remaining maturities and have been classified as Level 2. NOTE 12. FAIR VALUE (continued) Borrowings and other debt obligations Fair value is estimated by discounting cash flows using rates currently available to the Company for other borrowings with similar terms and remaining maturities. Certain other debt obligation instruments are valued using available market quotes for similar instruments, which contemplates issuer default risk. The related fair value measurements have generally been classified as Level 2. A certain portion of debt relating to revolving credit facilities is classified as Level 3. Management believes that the terms of these credit agreements approximate market terms for similar credit agreements and, therefore, they are considered to be Level 3. FVO for Financial Assets and Financial Liabilities LHFS The Company's LHFS portfolios that are measured using the FVO consist of residential mortgage LHFS. The adoption of the FVO for residential mortgage loans classified as HFS allows the Company to record the mortgage LHFS portfolio at fair market value compared to the lower of cost, net of deferred fees, deferred origination costs, or market. The Company economically hedges its residential LHFS portfolio, which is reported at fair value. A lower of cost or market accounting treatment would not allow the Company to record the excess of the fair market value over book value, but would require the Company to record the corresponding reduction in value on the hedges. Both the loans and related hedges are carried at fair value, which reduces earnings volatility, as the amounts more closely offset. RICs HFI To reduce accounting and operational complexity, the Company elected the FVO for certain of its RICs HFI. These loans consisted primarily of SC’s RICs accounted for by SC under ASC 310-30 and non-performing loans acquired by SC under optional clean up calls from its non-consolidated Trusts. 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 June 30, 2020 and December 31, 2019:
(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. Residential MSRs The Company maintains an MSR asset for sold residential real estate loans serviced for others. The Company elected to account for the majority of its existing portfolio of MSRs at fair value. This election created greater flexibility with regard to risk management of the asset by aligning the accounting for the MSRs with the accounting for risk management instruments, which are also generally carried at fair value. At June 30, 2020 and December 31, 2019, the balance of these loans serviced for others accounted for at fair value was $14.1 billion and $15.0 billion, respectively. Changes in fair value are recorded through Miscellaneous income, net on the Condensed Consolidated Statements of Operations. As deemed appropriate, the Company economically hedges MSRs using interest rate swaps and forward contracts to purchase MBS. See further discussion on these derivative activities in Note 11 to these Condensed Consolidated Financial Statements. The remainder of the MSRs are accounted for using the lower of cost or fair value and are presented above in the section captioned "Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis."
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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:
Disaggregation of Revenue from Contracts with Customers The following table presents the Company's Non-interest income disaggregated by revenue source:
(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:
(1) The six-month period ended June 30, 2019 includes $25.3 million of FDIC insurance premiums that relates to periods from the first quarter of 2015 through the fourth quarter of 2018. The Company has concluded that the out-of-period correction is immaterial to all impacted periods.
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COMMITMENTS, CONTINGENCIES, AND GUARANTEES |
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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:
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 June 30, 2020 and December 31, 2019 are $6.5 billion and $5.7 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 June 30, 2020 was 15.1 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 June 30, 2020 was $1.7 billion. The fees related to letters of credit are deferred and amortized over the life of the respective commitments, and were immaterial to the Company’s financial statements at June 30, 2020. 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 June 30, 2020 and December 31, 2019, the liability related to unfunded lending commitments of $122.7 million and $89.6 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 June 30, 2020 and December 31, 2019, all of which are included in Accounts payable and accrued expenses in the accompanying Condensed Consolidated Balance Sheets:
Following is a description of the agreements and legal matters pursuant to which the liabilities in the preceding table were recorded. Chrysler Agreement Under the terms of the Chrysler agreement, SC must make revenue sharing payments to FCA and also must share with FCA when residual gains/(losses) on leased vehicles exceed a specified threshold. The agreement 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 FCA retail financing. In turn, FCA 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 for an initial term ending in April 2020 and renewing through April 2022 at Bluestem's option. As of June 30, 2020 and December 31, 2019, the total unused credit available to customers was $3.0 billion and $3.0 billion, respectively. In 2020, SC purchased $0.5 billion of receivables out of the $3.0 billion unused credit available to customers as of December 31, 2019. In 2019, SC purchased $1.2 billion of receivables out of the $3.1 billion unused credit available to customers as of December 31, 2018. In addition, SC purchased $78.8 million and $75.5 million of receivables related to newly-opened customer accounts during the six-month periods ended June 30, 2020 and 2019, 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 June 30, 2020 and December 31, 2019, SC was obligated to purchase $14.9 million and $10.6 million, respectively, in receivables that had been originated by Bluestem but not yet purchased by SC. SC also is required to make a profit-sharing payment to Bluestem each month if performance exceeds a specified return threshold. The agreement, among other provisions, gives Bluestem the right to repurchase up to 9.99% of the existing portfolio at any time during the term of the agreement and, provides that, if the repurchase right is exercised, Bluestem has the right to retain up to 20.00% of new accounts subsequently originated. On March 9, 2020, Bluestem and certain of its subsidiaries and affiliates filed Chapter 11 bankruptcy in the United States District Court for the District of Delaware. Bluestem has obtained court authorization to continue to perform under its agreements with SC while its bankruptcy cases are pending and has an approved agreement to sell its assets to a third party by August 31, 2020. There are a number outcomes that could occur from the bankruptcy, including but not limited to, assumption of the agreements by the third party asset purchaser, an amendment to the agreements or the liquidation of the Bluestem assets. 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 SC 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 June 30, 2020, 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 June 30, 2020 and December 31, 2019 not subject to a market price check was $27.7 million and $39.8 million, respectively. 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 June 30, 2020 and December 31, 2019, the Company accrued aggregate legal and regulatory liabilities of approximately $185 million and $295 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 $145 million as of June 30, 2020. Set forth below are descriptions of the material lawsuits, regulatory matters and other legal proceedings to which the Company is subject. SHUSA Matter On March 21, 2017, SC and SHUSA entered into a written agreement with the FRB of Boston. Under the terms of that agreement, SC is required to enhance its compliance risk management program, board oversight of risk management and senior management oversight of risk management, and SHUSA is required to enhance its oversight of SC's management and operations. Chase Mortgage Loan Sale Indemnity Demand In connection with a 2007 sale by Sovereign Bank of approximately 35,000 second lien mortgage loans to Chase, Chase asserted an indemnity claim against SBNA of approximately $38.0 million under the mortgage loan purchase agreement based on alleged breaches of representations and warranties. The parties resolved this dispute pursuant to a confidential settlement agreement. Mortgage Escrow Interest Putative Class Action The Bank is a defendant in a putative class action lawsuit (the “Tepper 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 the Bank is obligated to pay interest on mortgage escrow accounts pursuant to state law. Plaintiffs filed an amended complaint and the Bank has filed a motion to dismiss. Congressional Inquiry into PPP After June 15, 2020, SBNA and seven other financial institutions received a request from the Congressional Select Subcommittee on the Coronavirus to provide information and documents related to PPP implementation. SBNA produced documents in response to this request and continues to cooperate with the subcommittee. NOTE 15. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued) SC Matters Securities Class Action and Shareholder Derivative Lawsuits Deka Lawsuit: SC is a defendant in a purported securities class action lawsuit (the "Deka Lawsuit") in the United States District Court, Northern District of Texas, captioned Deka Investment GmbH et al. v. Santander Consumer USA Holdings Inc. et al., No. 3:15-cv-2129-K. The Deka Lawsuit, which was filed in August 2014, was brought against SC, certain of its current and former directors and executive officers and certain institutions that served as underwriters in SC's IPO, including SIS, on behalf of a class consisting of those who purchased or otherwise acquired SC securities between January 23, 2014 and June 12, 2014. The complaint alleges, among other things, that the IPO registration statement and prospectus and certain subsequent public disclosures violated federal securities laws by containing misleading statements concerning SC’s ability to pay dividends and the adequacy of SC’s compliance systems and oversight. In December 2015, SC and the individual defendants moved to dismiss the lawsuit, which was denied. In December 2016, the plaintiffs moved to certify the proposed classes. In July 2017, the court entered an order staying the Deka Lawsuit pending the resolution of the appeal of a class certification order in In re Cobalt Int’l Energy, Inc. Sec. Litig., No. H-14-3428, 2017 U.S. Dist. LEXIS 91938 (S.D. Tex. June 15, 2017). In October 2018, the court vacated the order staying the Deka Lawsuit and ordered that merits discovery in the Deka Lawsuit be stayed until the court ruled on the issue of class certification. On July 28, 2020, the Company entered into a Stipulation of Settlement with the plaintiffs in the Deka Lawsuit that fully resolves all of the plaintiffs' claims, for a cash payment of $47 million. The settlement is subject to approval by the Court and is not expected to have any financial impact to the Company. In Re Santander Consumer USA Holdings, Inc. Derivative Litigation: In October 2015, a shareholder derivative complaint was filed in the Court of Chancery of the State of Delaware, captioned Feldman v. Jason A. Kulas, et al., C.A. No. 11614-VCG (the "Feldman Lawsuit"). The Feldman Lawsuit names as defendants certain current and former members of SC’s Board of Directors, and names SC as a nominal defendant. The complaint alleges, among other things, that the current and former director defendants breached their fiduciary duties in connection with overseeing SC’s nonprime auto lending practices, resulting in harm to SC. The complaint seeks unspecified damages and equitable relief. In December 2015, the Feldman Lawsuit was stayed pending the resolution of the Deka Lawsuit. In September 2016, a shareholder derivative complaint was filed in the Court of Chancery of the State of Delaware captioned Jackie888, Inc. v. Jason Kulas, et al., C.A. No. 12775-VCG (the "Jackie888 Lawsuit"). The Jackie888 Lawsuit names as defendants current and former members of SC’s Board of Directors, and names SC as a nominal defendant. The complaint alleges, among other things, that the director defendants breached their fiduciary duties in connection with SC’s accounting practices and controls. The complaint seeks unspecified damages and equitable relief. In April 2017, the Jackie888 Lawsuit was stayed pending the resolution of the Deka Lawsuit. In March 2018, the Feldman Lawsuit and Jackie888 Lawsuit were consolidated under the caption In Re Santander Consumer USA Holdings, Inc. Derivative Litigation, Consol. C.A. No. 11614-VCG. In January 2020, the Company executed a Stipulation and Agreement of Settlement, Compromise and Release with the plaintiffs in the consolidated action that, subject to court approval, fully resolves all of the plaintiffs’ claims in the Feldman Lawsuit and the Jackie888 Lawsuit. The Stipulation provides for the settlement of the consolidated action and, in return the Company has enacted or will enact and implement certain corporate governance reforms and enhancements. The Settlement Hearing at which the Court would consider the settlement was scheduled for May 27, 2020, but on May 22, 2020, a shareholder filed its notice of intent to object to the settlement and the parties agreed to postpone the Settlement Hearing to a later date. Consumer Lending Cases SC is 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. NOTE 15. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued) Currently, such matters include, but are not limited to, the following: •SC received a civil subpoena from the DOJ in 2014 under the Financial Institutions Reform, Recovery and Enforcement Act requesting the production of documents and communications that, among other things, relate to the underwriting and securitization of nonprime vehicle loans. SC has responded to these requests within the deadlines specified in the subpoenas and has otherwise cooperated with the DOJ with respect to this matter. •In October 2014, May 2015, July 2015 and February 2017, SC received subpoenas and/or CIDs from the Attorneys General of California, Illinois, Oregon, New Jersey, Maryland and Washington under the authority of each state's consumer protection statutes. On May 19, 2020, all of the Consortium members and SC announced a settlement of the investigation requiring SC to: (1) pay a total of $65 million to the states for consumer remediation; (2) pay $5 million to the states for investigation costs; (3) pay up to $2 million in settlement administration costs; (4) provide $45 million in prospective debt forgiveness; (5) provide deficiency waivers for a defined class of SC customers; and (6) implement certain enhancements to its loan underwriting process. •In August 2017, SC received CIDs from the CFPB. The stated purpose of the CIDs are to determine whether SC has complied with the Fair Credit Reporting Act and related regulations. SC has responded to these requests within the applicable deadlines and has otherwise cooperated with the CFPB with respect to this matter. In February 2020, the Company received a communication from the CFPB inviting the Company to respond to the CFPB’s identified issues in the form of a Notice of Opportunity to Respond and Advise, in which the CFPB identified potential claims it might bring against SC. Mississippi Attorney General Lawsuit In January 2017, Mississippi AG 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. In March 2017, SC filed motions to dismiss the lawsuit and the parties are proceeding with discovery. 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 June 30, 2020, SSLLC had received 764 FINRA arbitration cases related to Puerto Rico bonds and Puerto Rico CEFs, generally, 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. There were 346 arbitration cases pending as of June 30, 2020. The Company has experienced a decrease in the volume of claims since September 30, 2019; however, it is reasonably possible that it could experience an increase in claims in future periods. NOTE 15. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued) Puerto Rico Putative Class Action: SSLLC, Santander BanCorp, 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. 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. The defendants removed the case to federal court, and plaintiffs have sought to return the case to state court. These matters are ongoing and could in the future result in the imposition 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.
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RELATED PARTY TRANSACTIONS |
6 Months Ended |
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Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company has various debt agreements with Santander. For a listing of these debt agreements, see Note 11 to the Consolidated Financial Statements of the Company's Annual Report on Form 10-K for the year ended December 31, 2019. 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. During the six-month period ended June 30, 2019, the Company received $75.9 million of capital contributions from Santander. During the six-month period ended June 30, 2020, the Company did not receive any capital contributions from Santander. 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 Santander Private Auto Issuing Note 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 $5.2 million and $11.2 million were recognized in the Condensed Consolidated Statements of Operations for the three-month and six-month periods ended June 30, 2020, respectively, and $7.7 million and $16.1 million for the three-month and six-month periods ended June 30, 2019, respectively. SC had $7.1 million and $8.2 million of collections due to Santander as of June 30, 2020 and December 31, 2019, 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 and six-month periods ended June 30, 2020, SC facilitated the purchase of $1.7 billion and $2.8 billion, respectively, of RICs. For the three-month and six-month periods ended June 30, 2019, SC facilitated the purchase of $1.9 billion and $3.0 billion, respectively, of RICs. SC recognizes referral fee income and servicing fee income related to this agreement that eliminates in the consolidation of SHUSA. BSI enters into transactions with affiliates in the ordinary course of business. As of June 30, 2020, BSI held interest-bearing deposits with an unconsolidated affiliate of $1.0 billion.
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BUSINESS SEGMENT INFORMATION |
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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. NOTE 17. BUSINESS SEGMENT INFORMATION (continued) •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. The Bank also finances indirect consumer automobile RICs through an intercompany agreement with SC. In addition, the Bank 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. •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 Chrysler agreement, SC offers a full spectrum of auto financing products and services to FCA customers and dealers under the Chrysler Capital 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 the Bank and SC are eliminated in the consolidated results of the Company. The Other category includes certain immaterial subsidiaries such as BSI, BSPR, SSLLC, and SFS, the unallocated interest expense on the Company's borrowings and other debt obligations and certain unallocated corporate income and indirect expenses. This category also includes the Bank’s community development finance activities, including originating CRA-eligible loans and making CRA-eligible investments. The Company’s segment results, excluding SC and the entities that have been transferred to 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. 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 affect 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. NOTE 17. BUSINESS SEGMENT INFORMATION (continued) In July 2020, the Company announced organizational changes to Business Banking to meet the evolving needs of its business customers including the re-alignment of Upper Business Banking into the C&I segment from the CBB segment. The CODM internal reporting package has not been updated for this change. Segment results will be updated in subsequent reporting periods after changes to the CODM internal reporting are finalized. 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.
(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 the Bank’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 pre-Change in Control 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)
(1)- (5) Refer to corresponding notes above.
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DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Policies) |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, including certain Trusts that are considered VIEs. The Company also 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. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Additionally, where applicable, the Company's accounting policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Accordingly, they do not include all of the information and footnotes required for GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal and recurring adjustments necessary for a fair statement of the financial position, results of operations, and cash flows for the periods indicated, and contain adequate disclosure for the fair statement of this interim financial information. 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 Company's Annual Report on Form 10-K for the year ended December 31, 2019. 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.
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Use of Estimates | Use of Estimates The preparation of condensed 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, accretion of discounts and subvention on RICs, fair value measurements, expected end-of-term lease residual values, values of repossessed assets, goodwill, and income taxes. These estimates, although based on actual historical trends and modeling, may potentially show significant variances over time.
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Recently Adopted Accounting Standards and Recent Accounting Developments | Recently Adopted Accounting Standards Since January 1, 2020, the Company adopted the following FASB ASUs: •Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This guidance significantly changed how entities measure credit losses for most financial assets and certain other instruments measured at amortized cost. The amendment introduced a new credit reserving framework known as CECL, which replaced the incurred loss impairment framework with one that reflects expected credit losses over the expected life of financial assets and commitments, and requires consideration of a broader range of reasonable and supportable information, including estimation of future expected changes in macroeconomic conditions. Additionally, the standard changes the accounting framework for purchased credit-deteriorated HTM debt securities and loans, and dictates measurement of AFS debt securities using an allowance instead of reducing the carrying amount as it was under the OTTI framework. The Company adopted the new guidance on January 1, 2020, on a modified retrospective basis which resulted in an increase in the ACL of approximately $2.5 billion, a decrease in stockholder's equity of approximately $1.8 billion and a decrease in deferred tax liabilities, net of approximately $0.7 billion at January 1, 2020. The increase was based on forecasts of expected future economic conditions and was primarily driven by the fact that the allowance covers expected credit losses over the full expected life of the loan portfolios. •In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides temporary optional expedients to reduce the costs and complexity associated with the high volume of contractual modifications expected in the transition away from LIBOR as the benchmark rate in contracts and hedges. These optional expedients allow entities to negate many of the accounting impacts of modifying contracts and hedging relationships necessitated by reference rate reform, allowing them to generally maintain the accounting as if a change had not occurred. The Company adopted this standard during the three month period ended March 31, 2020 electing the practical expedients relative to the Company’s contracts and hedging relationships modified as a result of reference rate reform through December 31, 2022. These practical expedients did not have a material impact on the Company’s business, financial position, results of operations, or disclosures. •In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general tax accounting principles and simplifying other specific tax scenarios. The Company adopted this standard as of January 1, 2020 reflecting the change prospectively. It did not have a material impact to the Company’s business, financial position, results of operations, or disclosures. The adoption of the following ASUs did not have a material impact on the Company's financial position or results of operations: •ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement •ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities As required by the adoption of the CECL Standard, the following additional accounting policy disclosures are required to update the disclosures included in our Annual Report on Form 10-K for the year ended December 31, 2019: Significant Accounting Policies Investment Securities and Other Investments Investments in debt securities are classified as either AFS, HTM, trading, or other investments. Investments in equity securities are generally recorded at fair value with changes recorded in earnings. Management determines the appropriate classification at the time of purchase. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) Debt securities that the Company has the positive intent and ability to hold until maturity are classified as HTM securities. HTM securities are reported at cost and adjusted for payments, chargeoffs, amortization of premium and accretion of discount. Impairment of HTM securities is recorded using a valuation reserve which represents management’s best estimate of expected credit losses during the lives of the securities. Securities for which management has an expectation that nonpayment of the amortized costs basis is zero do not have a reserve. The Company has a zero loss expectation when the securities are issued or guaranteed by certain US government entities, and those entities have a long history of no defaults and the highest credit ratings issued by rating agencies. Transfers of debt securities into the HTM category from the AFS category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in OCI and in the carrying value of HTM securities. Such amounts are amortized over the remaining lives of the securities. Any allowance recorded for credit losses while the security was classified as AFS is reversed through provision expense. Thereafter, the allowance is recorded through provision using the HTM valuation reserve. Debt securities expected to be held for an indefinite period of time are classified as AFS and recorded on the balance sheet at fair value. If the fair value of an AFS debt security declines below its amortized cost basis and the Company does not have the intention or requirement to sell the security before it recovers its amortized cost basis, declines due to credit factors will be recorded in earnings through an allowance on AFS securities, and declines due to non-credit factors will be recorded in AOCI, net of taxes. Subsequent to recognition of a credit loss, improvements to the expectation of collectability will be reversed through the allowance. If the Company has the intention or requirement to sell the security, the Company will record its fair value changes in earnings as a direct write down to the security. Increases in fair value above amortized cost basis are recorded in AOCI, net of taxes. The Company conducts a comprehensive security-level impairment assessment quarterly on all AFS securities with a fair value that is less than their amortized cost basis to determine whether the loss is due to credit factors. The quarterly assessment takes into consideration whether (i) the Company has the intent to sell or, (ii) it is more likely than not that it will be required to sell the security before the expected recovery of its amortized cost. The Company also considers whether or not it would expect to receive all of the contractual cash flows from the investment based on its assessment of the security structure, recent security collateral performance metrics, external credit ratings, failure of the issuer to make scheduled interest or principal payments, judgment and expectations of future performance, and relevant independent industry research, analysis and forecasts. The Company also considers the severity of the impairment in its assessment. Similar to HTM securities, securities for which management expects risk of nonpayment of the amortized cost basis is zero, do not have a reserve. The Company has a zero loss expectation when the securities are issued or guaranteed by certain US government entities, and those entities have a long history of no defaults and the highest credit ratings issued by rating agencies. In the event of a credit loss, the credit component of the impairment is recognized within non-interest income as a separate line item, and by the recording of a valuation reserve. The non-credit component is recorded within AOCI. The Company does not measure an ACL for accrued interest, and instead writes off uncollectible accrued interest balances in a timely manner. The Company places securities on nonaccrual and reverses any uncollectible accrued interest when the full and timely collection of interest or principal becomes uncertain, but no later than at 90 days past due. See Note 2 to the Consolidated Financial Statements for details on the Company's investments. LHFI Purchased LHFI Loans that at acquisition the company deems to have more than insignificant deterioration in credit quality since origination (i.e., Purchased Credit Deteriorated or PCD loans) require the recognition of an ACL at purchase. The ACL is added to the purchase price at the date of acquisition to determine the initial amortized cost basis of the PCD loan. The allowance for credit losses is calculated using the same methodology as originated loans, as described below. Alternatively, the Company can elect the FVO at the time of purchase for any financial asset. Under the FVO, loans are recorded at fair value with changes in value recognized immediately in income. There is no ACL for loans under a FVO. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) Allowance for Credit Losses General The ALLL and reserve for off-balance sheet commitments (together, the ACL) are maintained at levels that represent management’s best estimate of expected credit losses in the Company’s HFI loan portfolios, which excludes those loans accounted for under the FVO. The allowance for expected credit losses is measured based on a lifetime expected loss model, which means that it is not necessary for a loss event to occur before a credit loss is recognized. Management’s estimate of expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the reported amounts. Management's evaluation takes into consideration the risks in the loan portfolio, past loan and lease loss experience, specific loans with loss potential, geographic and industry concentrations, delinquency trends, economic forecasts and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the ACL may be necessary if conditions differ substantially from the assumptions used in making the evaluations. Provisions for credit losses are charged to provision expense in amounts sufficient to maintain the ACL at levels considered adequate to cover expected credit losses in the Company’s HFI loan portfolios. The ALLL is a valuation account that is deducted from, or added to, the amortized cost basis to present the net amount expected to be collected on the Company’s HFI loan portfolios. The reserve for off-balance sheet commitments represents the ECL for unfunded lending commitments and financial guarantees, and is presented within Other liabilities on the Company's Consolidated Balance Sheets. The reserve for off-balance sheet commitments, together with the ALLL, is generally referred to collectively throughout this Form 10-Q as the ACL, despite the presentation differences. The Company measures expected losses of all components of the amortized cost basis of its loans. For all loans except TDRs and Credit Cards, the Company has elected to exclude accrued interest receivable balances from the measurement of expected credit losses because it applies a nonaccrual policy that results in the timely write off of uncollectible interest. Off-balance sheet commitments which are not unconditionally cancellable by the Company are subject to credit risk. Additions to the reserve for off-balance sheet commitments are made by charges to the credit loss expense. The Company does not calculate a liability for expected credit losses for off-balance sheet credit exposures which are unconditionally cancellable by the lender, because these instruments do not expose the Company to credit risk. At SHUSA, this generally applies to credit cards and commercial demand lines of credit. Methodology The Company uses several methodologies for the measurement of ACL. The Company generally uses a DCF approach for determining ALLL for TDRs and other individually assessed loans, and loss rate or roll-rate models for other loans. The methodologies utilized by the Company to estimate expected credit losses may vary by product type. Expected credit losses are estimated on a collective basis when similar risk characteristics exist. Expected credit losses are estimated on an individual basis only if the individual asset or exposure does not share similar risk attributes with other financial assets or exposures, including when an asset is treated as a collateral dependent asset. The estimate of expected credit losses reflects information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of reported amounts. This information includes internal information, external information, or a combination of both. The Company uses historical loss experience as a starting point for estimating expected credit losses. The ACL estimate includes significant assumptions including the reasonable and supportable economic forecast period, which considers the availability of forward-looking scenarios and their respective time horizons, as well as the reversion method to historical losses. The economic scenarios used by the Company are available up to the contractual maturities of the assets, and therefore the Company can project losses through the respective contractual maturities, using an input reversion approach. This method results in a single, quantitatively consistent credit model across the entire projection period as the macroeconomic effects in the historical data are controlled for the estimate of the long-run loss level. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) The Company uses multiple scenarios in its CECL estimation process. The selection of scenarios is reviewed quarterly and governed by the ACL Committee. Additionally, the results from the CECL models are reviewed and adjusted if necessary, based on management’s judgment, as discussed in the section captioned "Qualitative Reserves" below. CECL Models The Company uses a statistical methodology based on an ECL approach that focuses on forecasting the ECL components (i.e., PD, payoff, loss given default and exposure at default) on a loan level basis to estimate the expected future life-time losses. •In calculating the PD and payoff, the Company developed model forecasts which consider variables such as delinquency status, loan tenor and credit quality as measured by internal risk ratings assigned to individual loans and credit facilities. •The loss given default component forecasts the extent of losses given that a default has occurred and considers variables such as collateral, LTV and credit quality. •The exposure at default component captures the effects of expected partial prepayments and underpayments that are expected to occur during the forecast period and considers variables such as LTV, collateral and credit quality. The above ECL components are used to compute an ACL based on the weighted average of the results of four macroeconomic scenarios. The weighting of these scenarios is governed and approved quarterly by management through established committee governance. These ECL components are inputs to both the Company’s DCF approach for TDRs and individually assessed loans, and non-DCF approach for other loans. When using a non-DCF method to measure the ACL, the Company measures ECL over the asset’s contractual term, adjusted for (a) expected prepayments, (b) expected extensions associated with assets for which management has a reasonable expectation at the reporting date that it will execute a TDR with the borrower, and (c) expected extensions or renewal options (excluding those that are accounted for as derivatives) included in the original or modified contract at the reporting date that are not unconditionally cancellable by the Company. In addition to the ALLL, management estimates expected losses related to off-balance sheet commitments using the same models and procedures used to estimate expected loan losses. Off-balance sheet commitments for commercial customers are analyzed and segregated by risk according to the Company's internal risk rating scale. These risk classifications, in conjunction with a forecast of expected usage of committed amounts and an analysis of historical loss experience, reasonable and supportable forecasts of economic conditions, performance trends within specific portfolio segments, and any other pertinent information result in the estimation of the reserve for off-balance sheet commitments. DCF Approaches A DCF method measures expected credit losses by forecasting expected future principal and interest cash flows and discounting them using the financial asset’s EIR. The ACL reflects the difference between the amortized cost basis and the present value of the expected cash flows. When using a DCF method to measure the ACL, the period of exposure is determined as a function of the Company’s expectations of the timing of principal and interest payments. The Company considers estimated prepayments in the future principal and interest cash flows when utilizing a DCF method. The Company generally uses a DCF approach for TDRs and impaired commercial loans. The Company reports the entire change in present value in credit loss expense. Collateral-Dependent Assets A loan is considered a collateral-dependent financial asset when: •The Company determines foreclosure is probable or •The borrower is experiencing financial difficulty and the Company expects repayment to be provided substantially through the operation or sale of the collateral. For all collateral-dependent loans, the Company measures the allowance for expected credit losses as the difference between the asset’s amortized cost basis and the fair value of the underlying collateral as of the reporting date, adjusted for expected costs to sell. If repayment or satisfaction of the loan is dependent only on the operation, rather than the sale, of the collateral, the measure of credit losses does not incorporate estimated costs to sell. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) A collateral dependent loan is written down (i.e., charged-off) to the fair value of the collateral adjusted for costs to sell (if repayment from sale is expected.) Any subsequent increase or decrease in the collateral’s fair value less cost to sell is recognized as an adjustment to the related loan’s ACL. Negative ACLs are limited to the amount previously charged-off. Collateral Maintenance Provisions For certain loans with collateral maintenance provisions which are secured by highly liquid collateral, the Company expects nonpayment of the amortized cost basis to be zero when such provisions require the borrower to continually replenish collateral in the event the fair value of the collateral changes. For these loans, the Company records no ACL. Negative Allowance Negative allowance is defined as the amount of future recovery expected for accounts that have already been charged off. The Company performs an analysis of the actual historical recovery values to determine the pattern of recovery and expected rate of recovery over a given historic period, and uses the results of this analysis to determine negative allowance. Negative allowance reduces the ACL. Qualitative Reserves Quantitative models have certain limitations with respect to estimating expected losses in times of rapidly changing macro-economic forecasts. The June 30, 2020 ACL estimate includes qualitative adjustments to adjust for limitations in modeled results with respect to forecasted economic conditions that are well outside of historic economic conditions used to develop the models and to give consideration to significant government relief programs, stimulus, and internal credit accommodations. Management believes the qualitative component of the ACL, which incorporates management’s expert judgment related to expected future credit losses, will continue to represent a significant portion of the ACL for the foreseeable future. Regardless of the extent of the Company's analysis of customer performance, portfolio evaluations, trends or risk management processes established, a level of imprecision will always exist due to the judgmental nature of loan portfolio and/or individual loan evaluations. The Company maintains a qualitative reserve to the ACL to recognize the existence of these exposures. Imprecisions include loss factors inherent in the loan portfolio that may not have been discreetly contemplated in the modelled approach to the allowance, as well as potential variability in estimates. The qualitative adjustment is also established in consideration of several factors such as changes in the Company’s underwriting standards, the interpretation of economic trends, delays in obtaining information regarding a customer's financial condition and changes in its unique business conditions. This analysis is conducted at least quarterly, and the Company revises the allowance factors whenever necessary in order to address improving or deteriorating credit quality trends or specific risks associated with a loan pool classification. Governance A comprehensive analysis of the ACL is performed by the Company on a quarterly basis. Management regularly monitors the condition of borrowers and assesses both internal and external factors in determining whether any relationships have deteriorated considering factors such as historical loss experience, trends in delinquency and NPLs, changes in risk composition and underwriting standards, experience and ability of staff and regional and national economic conditions, trends and forecasts. Risk factors are continuously reviewed and revised by management when conditions warrant. The Company's reserves are principally based on various models subject to the Company's model risk management framework. New models are approved by the Company's Model Risk Management Committee, and inputs are reviewed periodically by the Company's Internal Audit function. Models, inputs and documentation are further reviewed and validated at least annually, and the Company completes a detailed variance analysis of historical model projections against actual observed results on a quarterly basis. Required actions resulting from the Company's analysis, if necessary, are governed by its ACL Committee. In addition, a review of allowance levels based on nationally published statistics is conducted on at least an annual basis. Reserve levels are collectively reviewed for adequacy and approved quarterly by Board-level committees. The ACL is subject to review by banking regulators. The Company's primary bank regulators conduct examinations of the ACL and make assessments regarding its adequacy and the methodology employed in its determination. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) Changes in the assumptions used in these estimates could have a direct material impact on credit loss expense in the Condensed Consolidated Statements of Operations and in the allowance for loan losses. The loan portfolio represents the largest asset on the Condensed Consolidated Balance Sheets. The Company’s models incorporate a variety of assumptions based on historical experience, current conditions and forecasts. Management also applies its judgement in evaluating the appropriateness of the allowance. Material changes to the ACL might be necessary if prevailing conditions differ materially from the assumptions and estimates utilized in calculating the ACL. TDRs TDR Impact to ACL The Company’s policies for estimating the ACL also apply to TDRs as follows: •The Company reflects the impact of the concession in the ALLL for TDRs. Interest rate concessions and significant term deferrals can only be captured within the ALLL by using a DCF method. Therefore, in circumstances in which the Company offers such extensions in its TDR modification, it uses a DCF method to calculate the ALLL. •The Company recognizes the impact of a TDR modification to the ALLL when the Company has a reasonable expectation that the TDR modification will be executed. Recently Issued Accounting Standards Not Yet Adopted There are no recently issued GAAP accounting developments that we expect will have a material impact on the Company's business, financial position, results of operations, or disclosures upon adoption.
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Credit Quality of Financing Receivables | 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:
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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.
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Fair Value Measures and Disclosures (Policies) |
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Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
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.
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INVESTMENT SECURITIES (Tables) |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt Securities, Available-for-sale | The following tables present the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities AFS at the dates indicated:
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Summary of Held-to-maturity Securities | The following tables present the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities HTM at the dates indicated:
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Investments Classified by Contractual Maturity Date | Contractual maturities of the Company’s investments in debt securities AFS at June 30, 2020 were as follows:
Contractual maturities of the Company’s investments in debt securities HTM at June 30, 2020 were as follows:
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Gross Unrealized Loss and Fair Value of Debt Securities Available-for-Sale | The following table presents the aggregate amount of unrealized losses as of June 30, 2020 and December 31, 2019 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:
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Gross Unrealized Loss and Fair Value of Debt Securities Held-to-maturity | The following table presents the aggregate amount of unrealized losses as of June 30, 2020 and December 31, 2019 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:
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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:
(1) Includes net realized gain/(losses) on trading securities of $0.5 million and $(0.9) million for the three-month and six-month periods ended June 30, 2020, respectively, and $(12.0) thousand and $(0.3) million for the three-month and six-month periods ended June 30, 2019, respectively.
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Schedule of Other Investments | Other investments consisted of the following as of:
(1) Includes $0.2 million and zero of equity certificates related to an off-balance sheet securitization as of June 30, 2020 and December 31, 2019, respectively.
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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Receivable | The following presents the composition of gross loans and leases HFI by portfolio and by rate type:
(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 $3.2 billion as of June 30, 2020 and December 31, 2019, respectively. (2)Other commercial includes CEVF leveraged leases and loans. (3)Other consumer primarily includes RV and marine loans.
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Allowance for Credit Losses by Portfolio Segment | The activity in the ACL by portfolio segment for the three-month and six-month periods ended June 30, 2020 and 2019 was as follows:
NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(1) Credit loss expense includes $20.4 million related to retail installment contracts transferred to held for sale during the three and six months ended June 30, 2019.
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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:
(1) The December 31, 2019 table includes balances based on recorded investment. Differences between amortized cost and UPB were not material
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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:
(1) CRE loans includes $1.1 billion of LHFS at June 30, 2020. (2) C&I loans includes $603.0 million of LHFS at June 30, 2020. (3) Multifamily loans includes $46.5 million of LHFS at June 30, 2020. (4) Residential mortgages includes $1.0 billion of LHFS at June 30, 2020. (5) Personal unsecured loans includes $1.0 billion of LHFS at June 30, 2020. (6) RICs and auto loans includes $1.6 billion of LHFS at June 30, 2020.
(1)C&I loans included $116.3 million of LHFS at December 31, 2019. (2) Residential mortgages included $296.8 million of LHFS at December 31, 2019. (3) Personal unsecured loans included $1.0 billion of LHFS at December 31, 2019.
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Schedule of Financing Receivable by LTV | Residential mortgage and home equity financing receivables by LTV and FICO range are summarized as follows:
(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 six-months ended June 30, 2020. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(1) - (4) Refer to corresponding notes above. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(1) Excludes LHFS. (2) Residential mortgages in the "N/A" range for LTV or FICO score primarily represent the balance on 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 for the Company and CLTV for financing receivables in second lien position for the Company.
(1) Excludes LHFS. (2) Home equity loans and lines of credit in the "N/A" range for LTV or FICO score primarily represent the balance on 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 for the Company and CLTV for financing receivables in second lien position for the Company. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
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Summary of Performing and Non-performing TDRs | The following table summarizes the Company’s performing and non-performing TDRs at the dates indicated:
(1) Excludes LHFS.
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Schedule of Troubled Debt Restructurings | The following tables detail the activity of TDRs for the three-month and six-month periods ended June 30, 2020 and 2019:
(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. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(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. (3)The post-TDR modification outstanding recorded investment amounts for residential mortgages exclude interest reserves. The following table details period-end amortized cost balances of TDRs that became TDRs during the past twelve-month period and have subsequently defaulted during the three-month and six-month periods ended June 30, 2020 and 2019, respectively.
(1)Represents the period-end balance. Does not include Chapter 7 bankruptcy TDRs.
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OPERATING LEASE ASSETS, NET (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Lease Assets, Net | Operating lease assets, net consisted of the following as of June 30, 2020 and December 31, 2019:
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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 June 30, 2020 (in thousands):
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VIEs (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity and Securitizations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The assets of consolidated VIEs that are included in the Company's Condensed Consolidated Financial Statements presented based upon the legal transfer of the underlying assets in order to reflect legal ownership, and 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(1):
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Summary of Cash Flows Received | A summary of the cash flows received from the consolidated Trusts for the three-month and six-month periods ended June 30, 2020 and 2019 is as follows:
(1) Includes additional advances on existing securitizations. (2) These amounts are not reflected in the accompanying Consolidated SCF because the cash flows are between the VIEs and other entities included in the consolidation.
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Schedule of Off-balance Sheet Variable Interest Entities Portfolio | The portfolio was comprised as follows:
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Summary Of Securitization Transactions | A summary of cash flows received from Trusts for the three-month and six-month periods ended June 30, 2020 and 2019, respectively, were as follows:
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GOODWILL AND OTHER INTANGIBLES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following table presents activity in the Company's goodwill by its reporting units for the six-month period ended June 30, 2020:
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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.
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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:
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OTHER ASSETS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2020 and December 31, 2019:
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Maturity of Lease Liabilities | Supplemental balance sheet information related to leases was as follows:
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Operating Lease Term, Rate and Other Information |
(1) Activity is included within the net change in other liabilities on the Consolidated SCF.
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DEPOSITS AND OTHER CUSTOMER ACCOUNTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Deposits and Other Customer Accounts | Deposits and other customer accounts are summarized as follows:
(1) Includes deposits held for sale of $4.7 billion and zero at June 30, 2020 and December 31, 2019, respectively. (2) Includes foreign deposits, as defined by the FRB, of $9.7 billion and $8.9 billion at June 30, 2020 and December 31, 2019, respectively.
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BORROWINGS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(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 GBP LIBOR plus 105 basis points per annum. (3) This note will bear interest at a rate equal to the three-month LIBOR plus 110 basis points per annum. (4) These notes are with SHUSA's parent company, Santander. The following table presents information regarding the Bank's borrowings and other debt obligations at the dates indicated:
The following tables present information regarding SC's credit facilities as of June 30, 2020 and December 31, 2019, respectively:
(1) This line is held exclusively for financing of Chrysler Capital leases. In April 2020, the commitment amount was reduced by $500 million. (2) The repurchase facilities are collateralized by securitization notes payable retained by SC. As the borrower, SC is exposed to liquidity risk due to changes in the market value of retained securities pledged. In some instances, SC places or receives cash collateral with counterparties under collateral arrangements associated with SC's repurchase agreements. (3) During the three months ended March 31, 2020 the Chrysler Finance Loan credit facility was reactivated with a $1 billion commitment. In April 2020, the commitment amount increased by $500 million.
The following tables present information regarding SC's secured structured financings as of June 30, 2020 and December 31, 2019, respectively:
(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. (4) As of June 30, 2020, $4.5 million in secured structured financing is held by Santander.
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ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income / (Loss) | The following table presents the components of accumulated other comprehensive income/(loss), net of related tax, for the three-month and six-month periods ended June 30, 2020, and 2019, respectively.
(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. NOTE 10. ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (continued)
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DERIVATIVES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | Derivatives designated as accounting hedges at June 30, 2020 and December 31, 2019 included:
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Schedule of Other Derivative Activities | Other derivative activities at June 30, 2020 and December 31, 2019 included:
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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 and six-month periods ended June 30, 2020 and 2019:
(1) Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected.
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Offsetting of Financial Assets | Information about financial assets and liabilities that are eligible for offset on the Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019, respectively, is presented in the following tables:
(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.
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Offsetting of Financial Liabilities |
(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.
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FAIR VALUE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 June 30, 2020 and December 31, 2019.
(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) The Company had total MSRs of $90.2 million and $132.7 million as of June 30, 2020 and December 31, 2019, respectively. The Company has elected to account for the majority of its MSR balance using the FVO, while the remainder of the MSRs are accounted for using the lower of cost or fair value and are not presented within this table. (3) 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. (4) RICs collateralized by vehicle titles at SC and RV/marine loans at SBNA. (5) Residential mortgage loans. (6) Approximately $229.0 million of these financial assets were measured using model-based techniques, or Level 3 inputs, and represented approximately 1.6% of total assets measured at fair value on a recurring basis and approximately 0.2% of total consolidated assets.
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Rollforward for Recurring Assets and Liabilities | The tables below present the changes in Level 3 balances for the three-month and six-month periods ended June 30, 2020 and 2019, respectively, for those assets and liabilities measured at fair value on a recurring basis.
(1)Settlements include charge-offs, prepayments, paydowns and maturities. (2)Losses in OCI during the three-month period ended June 30, 2020 increased by $0.1 million from the prior reporting date of March 31, 2020. (3)The Company transferred RIC's from Level 2 to Level 3 during 2020 because the fair value for these assets cannot be determined by using readily observable inputs as of June 30, 2020. There were no other transfers into or out of Level 3 during the three-month and six-month periods ended June 30, 2020 and 2019.
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Fair Value Measurements, Nonrecurring | Assets measured at fair value on a nonrecurring basis that were still held on the balance sheet were as follows:
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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:
(1) Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected. (2) In the period ended June 30, 2020, Goodwill totaling $2.2 billion was written down to its implied fair value of $350.0 million, resulting in a goodwill impairment charge of $1.8 billion.
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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 June 30, 2020 and December 31, 2019, respectively:
(1) Based on the applicable term and discount index. (2) Based on the analysis of available data from a comparable market securitization of similar assets. (3) Based on the cost of funding of debt issuance and recent historical equity yields. Weighted average amount was developed by weighting the associated relative unpaid principal balances. (4) Based on the average severity utilizing reported severity rates and loss severity utilizing available market data from a comparable securitized pool. Weighted average amount was developed by weighting the associated relative unpaid principal balances. (5) 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. (6) 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. (7) Excludes MSR valued on a non-recurring basis for which we do not consider there to be significant unobservable assumptions. (8) Excludes non-significant Level 3 LHFS portfolios and LHFS associated with BSPR. 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. NOTE 12. FAIR VALUE (continued)
(1), (2), (3), (4), (5), (6), (7), (8) - See corresponding footnotes to the June 30, 2020 Level 3 significant inputs table above. (9) Consensus pricing refers to fair value estimates that are generally developed using information such as dealer quotes or other third-party valuations or comparable asset prices. (10) Based on the nature of the input, a range or weighted average does not exist. The Company owns one sale-leaseback security.
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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:
(1) The Company has elected to account for the majority of its MSR balance using the FVO, while the remainder of the MSRs are accounted for using the lower of cost or fair value. (2) This line item excludes deposit liabilities with no defined or contractual maturities in accordance with ASU 2016-01. (3) This line item includes CDs with a maturity greater than 90 days and investments in trading securities.
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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 June 30, 2020 and December 31, 2019:
(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.
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NON-INTEREST INCOME AND OTHER EXPENSES (Tables) |
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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:
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Disaggregation of Revenue from Contracts with Customers | The following table presents the Company's Non-interest income disaggregated by revenue source:
(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.
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Schedule of Other Expense | The following table presents the Company's other expenses for the following periods:
(1) The six-month period ended June 30, 2019 includes $25.3 million of FDIC insurance premiums that relates to periods from the first quarter of 2015 through the fourth quarter of 2018. The Company has concluded that the out-of-period correction is immaterial to all impacted periods.
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COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commitments Amount | The following table details the amount of commitments at the dates indicated:
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Summary of Liabilities for Commitments and Contingencies | The following table summarizes liabilities recorded for commitments and contingencies as of June 30, 2020 and December 31, 2019, all of which are included in Accounts payable and accrued expenses in the accompanying Condensed Consolidated Balance Sheets:
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BUSINESS SEGMENT INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The following tables present certain information regarding the Company’s segments.
(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 the Bank’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 pre-Change in Control 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)
(1)- (5) Refer to corresponding notes above.
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DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (General) (Details) - SC |
Jun. 30, 2020 |
---|---|
Noncontrolling Interest [Line Items] | |
Ownership percentage by parent | 77.70% |
Percentage owned by noncontrolling shareholders | 22.30% |
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Intermediate Holding Company) (Details) |
5 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
branch
employee
|
Dec. 31, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total assets | $ 152,353,787,000 | $ 149,499,477,000 | $ 143,910,431,000 | |
Total liabilities | 132,127,010,000 | 125,100,647,000 | ||
LHFS | 241,300,000 | 289,000,000.0 | ||
Deposits held-for-sale | 4,700,000,000 | 0 | ||
Commercial | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
LHFS | $ 1,800,000,000 | $ 116,300,000 | ||
Santander BanCorp | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Number of bank branches | branch | 27 | |||
Number of employees | employee | 1,000 | |||
Total assets | $ 6,000,000,000.0 | |||
Total liabilities | 4,800,000,000 | |||
Subsidiary | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Investments available-for-sale | 1,200,000,000 | |||
LHFS | 2,600,000,000 | |||
Deposits held-for-sale | 4,700,000,000 | |||
Deferred tax liabilities, investments | 39,000,000.0 | |||
Subsidiary | Forecast | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Sale of stock, consideration received on transaction | $ 1,100,000,000 | |||
Subsidiary | Commercial | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
LHFS | 1,600,000,000 | |||
Subsidiary | Consumer | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
LHFS | $ 998,600,000 |
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Recently Adopted Accounting Standards) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
||||
---|---|---|---|---|---|---|---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Financing receivable, allowance for credit loss | $ 7,112,739 | [1] | $ 6,623,736 | $ 3,646,189 | [1] | $ 3,783,833 | $ 3,843,095 | $ 3,897,130 | |||
Decrease in stockholders' equity | 20,226,777 | 22,223,973 | 24,398,830 | $ 24,504,820 | $ 24,128,405 | 23,847,232 | |||||
Deferred tax liabilities, net | $ (101,000) | (1,000,000) | |||||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Financing receivable, allowance for credit loss | 2,535,883 | ||||||||||
Decrease in stockholders' equity | $ (132) | $ (1,785,464) | $ 18,652 | ||||||||
ASU 2016-13 | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Financing receivable, allowance for credit loss | $ 2,500,000 | ||||||||||
Deferred tax liabilities, net | $ 700,000 | ||||||||||
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INVESTMENT SECURITIES (AFS Debt Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 11,810,001 | $ 14,347,346 |
Gross Unrealized Gains | 240,894 | 42,380 |
Gross Unrealized Loss | (2,972) | (49,968) |
Fair Value | 12,047,923 | 14,339,758 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,505,434 | 4,086,733 |
Gross Unrealized Gains | 16,362 | 4,497 |
Gross Unrealized Loss | (1) | (292) |
Fair Value | 1,521,795 | 4,090,938 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 98,389 | 139,696 |
Gross Unrealized Gains | 110 | 39 |
Gross Unrealized Loss | (13) | (22) |
Fair Value | 98,486 | 139,713 |
ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 113,611 | 138,839 |
Gross Unrealized Gains | 983 | 1,034 |
Gross Unrealized Loss | (1,329) | (1,473) |
Fair Value | 113,265 | 138,400 |
State and municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5 | 9 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Loss | 0 | 0 |
Fair Value | 5 | 9 |
GNMA - Residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,154,798 | 4,868,512 |
Gross Unrealized Gains | 111,781 | 12,895 |
Gross Unrealized Loss | (161) | (16,066) |
Fair Value | 4,266,418 | 4,865,341 |
GNMA - Commercial | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,002,210 | 773,889 |
Gross Unrealized Gains | 26,394 | 6,954 |
Gross Unrealized Loss | 0 | (1,785) |
Fair Value | 1,028,604 | 779,058 |
FHLMC and FNMA - Residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,866,733 | 4,270,426 |
Gross Unrealized Gains | 78,804 | 14,296 |
Gross Unrealized Loss | (1,465) | (30,325) |
Fair Value | 4,944,072 | 4,254,397 |
FHLMC and FNMA - Commercial | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 68,821 | 69,242 |
Gross Unrealized Gains | 6,460 | 2,665 |
Gross Unrealized Loss | (3) | (5) |
Fair Value | $ 75,278 | $ 71,902 |
INVESTMENT SECURITIES (HTM Debt Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,229,562 | $ 3,938,797 |
Gross Unrealized Gains | 186,088 | 31,469 |
Gross Unrealized Loss | (930) | (13,039) |
Fair Value | 5,414,720 | 3,957,227 |
ABS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 23,342 | 0 |
Gross Unrealized Gains | 353 | 0 |
Gross Unrealized Loss | 0 | 0 |
Fair Value | 23,695 | 0 |
GNMA - Residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,319,089 | 1,948,025 |
Gross Unrealized Gains | 62,751 | 11,354 |
Gross Unrealized Loss | (930) | (7,670) |
Fair Value | 2,380,910 | 1,951,709 |
GNMA - Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,887,131 | 1,990,772 |
Gross Unrealized Gains | 122,984 | 20,115 |
Gross Unrealized Loss | 0 | (5,369) |
Fair Value | $ 3,010,115 | $ 2,005,518 |
INVESTMENT SECURITIES (Securities Pledged as Collateral) (Details) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | $ 5,000,000,000.0 | $ 7,500,000,000 |
Accrued interest on investment securities | 40,400,000 | 46,000,000.0 |
AFS investment securities transferred to HTM investment securities | 0 | 0 |
Collateral with Federal Reserve Bank | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | 359,200,000 | 2,700,000,000 |
Public fund deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | 3,800,000,000 | 3,500,000,000 |
Repurchase agreements, hedging activities and recourse on loan sales | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | 129,700,000 | 148,500,000 |
Deposits with Clearing Organizations | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | 350,000,000.0 | 699,100,000 |
Overnight customer deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | $ 425,900,000 | $ 461,900,000 |
INVESTMENT SECURITIES (Contractual Maturity of AFS Debt Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Amortized Cost | ||
Due within one year | $ 1,028,954 | |
Due after 1 year but within 5 years | 656,560 | |
Due after 5 years but within 10 years | 424,030 | |
Due after 10 years | 9,700,457 | |
Amortized Cost | 11,810,001 | $ 14,347,346 |
Fair Value | ||
Due within one year | 1,033,024 | |
Due after 1 year but within 5 years | 671,008 | |
Due after 5 years but within 10 years | 439,653 | |
Due after 10 years | 9,904,238 | |
Fair Value | $ 12,047,923 | $ 14,339,758 |
INVESTMENT SECURITIES (Contractual Maturity of HTM Debt Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Amortized Cost | ||
Due within one year | $ 0 | |
Due after 1 year but within 5 years | 17,207 | |
Due after 5 years but within 10 years | 6,135 | |
Due after 10 years | 5,206,220 | |
Amortized Cost | 5,229,562 | $ 3,938,797 |
Fair Value | ||
Due within one year | 0 | |
Due after 1 year but within 5 years | 17,307 | |
Due after 5 years but within 10 years | 6,388 | |
Due after 10 years | 5,391,025 | |
Investments in debt securities HTM | $ 5,414,720 | $ 3,957,227 |
INVESTMENT SECURITIES (Gross Unrealized Loss and Fair Value of AFS Debt Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value | ||
Less than 12 months | $ 755,910 | $ 3,269,692 |
12 months or longer | 93,894 | 2,903,310 |
Unrealized Losses | ||
Less than 12 months | (1,286) | (12,994) |
12 months or longer | (1,686) | (36,974) |
U.S. Treasury securities | ||
Fair Value | ||
Less than 12 months | 139,982 | 200,096 |
12 months or longer | 0 | 499,883 |
Unrealized Losses | ||
Less than 12 months | (1) | (167) |
12 months or longer | 0 | (125) |
Corporate debt securities | ||
Fair Value | ||
Less than 12 months | 56,893 | 110,802 |
12 months or longer | 0 | 0 |
Unrealized Losses | ||
Less than 12 months | (13) | (22) |
12 months or longer | 0 | 0 |
ABS | ||
Fair Value | ||
Less than 12 months | 12,779 | 27,662 |
12 months or longer | 38,538 | 47,616 |
Unrealized Losses | ||
Less than 12 months | (69) | (44) |
12 months or longer | (1,260) | (1,429) |
GNMA - Residential | ||
Fair Value | ||
Less than 12 months | 21,157 | 2,053,763 |
12 months or longer | 28,479 | 997,024 |
Unrealized Losses | ||
Less than 12 months | (26) | (6,895) |
12 months or longer | (135) | (9,171) |
GNMA - Commercial | ||
Fair Value | ||
Less than 12 months | 0 | 217,291 |
12 months or longer | 0 | 14,300 |
Unrealized Losses | ||
Less than 12 months | 0 | (1,756) |
12 months or longer | 0 | (29) |
FHLMC and FNMA - Residential | ||
Fair Value | ||
Less than 12 months | 525,099 | 660,078 |
12 months or longer | 26,452 | 1,344,057 |
Unrealized Losses | ||
Less than 12 months | (1,177) | (4,110) |
12 months or longer | (288) | (26,215) |
FHLMC and FNMA - Commercial | ||
Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or longer | 425 | 430 |
Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | $ (3) | $ (5) |
INVESTMENT SECURITIES (Gross Unrealized Loss and Fair Value of HTM Debt Securities) (Details) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value | ||
Less than 12 months | $ 81,040 | $ 1,290,503 |
12 months or longer | 0 | 657,733 |
Unrealized Losses | ||
Less than 12 months | (930) | (7,373) |
12 months or longer | 0 | (5,666) |
GNMA - Residential | ||
Fair Value | ||
Less than 12 months | 81,040 | 559,058 |
12 months or longer | 0 | 657,733 |
Unrealized Losses | ||
Less than 12 months | (930) | (2,004) |
12 months or longer | 0 | (5,666) |
GNMA - Commercial | ||
Fair Value | ||
Less than 12 months | 0 | 731,445 |
12 months or longer | 0 | 0 |
Unrealized Losses | ||
Less than 12 months | 0 | (5,369) |
12 months or longer | $ 0 | $ 0 |
INVESTMENT SECURITIES (Other-Than-Temporary Impairment) (Details) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020
USD ($)
security
|
Dec. 31, 2019
USD ($)
|
|
Investments, Debt and Equity Securities [Abstract] | ||
Other-than-temporary impairment loss, debt securities, available-for-sale, recognized in earnings | $ | $ 0 | $ 0 |
Number of securities in unrealized loss position | security | 218 |
INVESTMENT SECURITIES (Gains (Losses) and Proceeds on Sale of Investment Securities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from the sales of AFS securities | $ 631,459 | $ 344,792 | $ 1,553,560 | $ 627,664 |
Gross realized gains | 22,516 | 2,528 | 32,829 | 3,340 |
Gross realized losses | 0 | (149) | (1,034) | (2,961) |
Net realized gains/(losses) | 22,516 | 2,379 | 31,795 | 379 |
Net realized gains/(losses) on trading securities | $ 500 | $ (12) | $ (900) | $ (300) |
INVESTMENT SECURITIES (Schedule of Other Investments) (Details) - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
FHLB of Pittsburgh and FRB stock | $ 659,146,000 | $ 716,615,000 |
LIHTC investments | 285,932,000 | 265,271,000 |
Equity securities not held for trading | 13,221,000 | 12,697,000 |
Interest-bearing deposits with an affiliate bank | 750,000,000 | 0 |
Trading securities | 19,766,000 | 1,097,000 |
Total | 1,728,065,000 | 995,680,000 |
Off-balance Securitization Trusts | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Equity securities not held for trading | $ 200,000 | $ 0 |
INVESTMENT SECURITIES (Other Investments) (Details) |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020
USD ($)
$ / shares
|
Jun. 30, 2020
USD ($)
$ / shares
|
|
Investments, Debt and Equity Securities [Abstract] | ||
FHLB Stock, par value (in usd per share) | $ / shares | $ 100 | $ 100 |
Purchases of FHLB stock | $ 2,900,000 | $ 118,600,000 |
FHLB stock redeemed | $ 128,600,000 | 176,000,000.0 |
Gain (loss) on redemption of FHLB stock | 0 | |
Purchase of FRB stock | $ 0 |
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Mar. 31, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||||
Loans Receivable [Line Items] | |||||||||||||||
Loans pledged as collateral | $ 56,100,000 | $ 56,100,000 | $ 53,900,000 | ||||||||||||
LHFS | [1] | 5,439,364 | 5,439,364 | 1,420,223 | |||||||||||
LHFS | 241,300 | 241,300 | 289,000 | ||||||||||||
Accrued interest receivable | 711,900 | 711,900 | 545,148 | ||||||||||||
Financing receivable, allowance for credit loss, period increase (decrease) | 489,000 | 3,500,000 | |||||||||||||
Financing receivable, allowance for credit loss | 7,112,739 | [2] | 7,112,739 | [2] | $ 3,783,833 | $ 6,623,736 | 3,646,189 | [2] | $ 3,843,095 | $ 3,897,130 | |||||
Financing receivable, allowance for credit loss, increase for business drivers | $ 542,000 | ||||||||||||||
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 | ||||||||||||||
Subsidiaries | |||||||||||||||
Loans Receivable [Line Items] | |||||||||||||||
LHFS | 2,600,000 | $ 2,600,000 | |||||||||||||
SC | Chrysler Capital Loans | |||||||||||||||
Loans Receivable [Line Items] | |||||||||||||||
Loans purchased/originated | $ 7,300,000 | $ 5,900,000 | |||||||||||||
SC | Chrysler Capital Loans | Accounts Receivable | Credit Concentration Risk | |||||||||||||||
Loans Receivable [Line Items] | |||||||||||||||
Percentage of loan origination | 62.00% | 54.00% | |||||||||||||
Loans receivable | |||||||||||||||
Loans Receivable [Line Items] | |||||||||||||||
Accrued interest receivable | 711,900 | $ 711,900 | 497,700 | ||||||||||||
Retail installment contracts | |||||||||||||||
Loans Receivable [Line Items] | |||||||||||||||
TDRs, number of days past due after modification considered to have subsequently defaulted | 120 days | ||||||||||||||
Consumer | |||||||||||||||
Loans Receivable [Line Items] | |||||||||||||||
Financing receivable, allowance for credit loss | 6,031,617 | $ 6,031,617 | $ 3,290,007 | $ 5,712,273 | 3,199,612 | $ 3,348,356 | $ 3,409,021 | ||||||||
Consumer | Subsidiaries | |||||||||||||||
Loans Receivable [Line Items] | |||||||||||||||
LHFS | 998,600 | 998,600 | |||||||||||||
Consumer | Personal unsecured loans | |||||||||||||||
Loans Receivable [Line Items] | |||||||||||||||
LHFS | 1,000,000 | 1,000,000 | $ 1,000,000 | ||||||||||||
Consumer | Retail installment contracts | Subsidiaries | |||||||||||||||
Loans Receivable [Line Items] | |||||||||||||||
LHFS | $ 1,600,000 | 1,600,000 | |||||||||||||
COVID-19 | |||||||||||||||
Loans Receivable [Line Items] | |||||||||||||||
Financing receivable, allowance for credit loss, reserves | $ 651,000 | ||||||||||||||
ASU 2016-13 | |||||||||||||||
Loans Receivable [Line Items] | |||||||||||||||
Financing receivable, allowance for credit loss | $ 2,500,000 | ||||||||||||||
|
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Loan and Lease Portfolio Composition) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||
---|---|---|---|---|---|---|
Loans Receivable [Line Items] | ||||||
Total | [1],[2] | $ 91,293,831 | $ 92,705,440 | |||
Loans held for investment with fixed rate of interest | 61,109,094 | 61,775,942 | ||||
Loans held for investment with variable rate of interest | $ 30,184,737 | $ 30,929,498 | ||||
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 | 66.90% | 66.60% | ||||
Loans held for investment with variable rate of interest, percent of total loans | 33.10% | 33.40% | ||||
Net increase in loan balances | $ 3,100,000 | $ 3,200,000 | ||||
Commercial | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 40,819,642 | $ 41,034,716 | ||||
Loans held for investment, percent of total loans | 44.70% | 44.40% | ||||
Commercial | CRE loans | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 7,400,780 | $ 8,468,023 | ||||
Loans held for investment, percent of total loans | 8.10% | 9.10% | ||||
Commercial | C&I loans | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 17,664,463 | $ 16,534,694 | ||||
Loans held for investment, percent of total loans | 19.30% | 17.80% | ||||
Commercial | Multifamily loans | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 8,562,825 | $ 8,641,204 | ||||
Loans held for investment, percent of total loans | 9.40% | 9.30% | ||||
Commercial | Other commercial | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 7,191,574 | $ 7,390,795 | ||||
Loans held for investment, percent of total loans | 7.90% | 8.20% | ||||
Consumer | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 50,474,189 | $ 51,670,724 | ||||
Loans held for investment, percent of total loans | 55.30% | 55.60% | ||||
Consumer | Residential mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 7,443,130 | $ 8,835,702 | ||||
Consumer | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 4,514,680 | 4,770,344 | ||||
Consumer | RICs and auto loans | ||||||
Loans Receivable [Line Items] | ||||||
Total | 37,365,398 | 36,456,747 | ||||
Consumer loans secured by real estate | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 11,957,810 | $ 13,606,046 | ||||
Loans held for investment, percent of total loans | 13.10% | 14.60% | ||||
Consumer loans secured by real estate | Residential mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 7,443,130 | $ 8,835,702 | ||||
Loans held for investment, percent of total loans | 8.20% | 9.50% | ||||
Consumer loans secured by real estate | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 4,514,680 | $ 4,770,344 | ||||
Loans held for investment, percent of total loans | 4.90% | 5.10% | ||||
Consumer loans not secured by real estate | RICs and auto loans | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 37,365,398 | $ 36,456,747 | ||||
Loans held for investment, percent of total loans | 40.90% | 39.30% | ||||
Consumer loans not secured by real estate | Personal unsecured loans | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 881,244 | $ 1,291,547 | ||||
Loans held for investment, percent of total loans | 1.00% | 1.40% | ||||
Consumer loans not secured by real estate | Other consumer | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 269,737 | $ 316,384 | ||||
Loans held for investment, percent of total loans | 0.30% | 0.30% | ||||
|
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Rollforward of Allowance for Credit Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||||
Allowance for Loan Losses [Roll Forward] | ||||||||
ALLL, beginning of period | $ 6,623,736 | $ 3,843,095 | $ 3,646,189 | [1] | $ 3,897,130 | |||
Credit loss expense on loans | 1,024,570 | 463,517 | 2,142,477 | 1,066,543 | ||||
Charge-offs | (943,219) | (1,244,867) | (2,241,394) | (2,693,361) | ||||
Recoveries | 407,652 | 722,088 | 1,029,584 | 1,513,521 | ||||
Charge-offs, net of recoveries | (535,567) | (522,779) | (1,211,810) | (1,179,840) | ||||
ALLL, end of period | 7,112,739 | [1] | 3,783,833 | 7,112,739 | [1] | 3,783,833 | ||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||
Reserve for unfunded lending commitments, beginning of period | 169,940 | 92,685 | 91,826 | 95,500 | ||||
Credit loss expense on unfunded lending commitments | (47,197) | (3,280) | 20,506 | (6,095) | ||||
Reserve for unfunded lending commitments, end of period | 122,743 | 89,405 | 122,743 | 89,405 | ||||
Total ACL, end of period | 7,235,482 | 3,873,238 | 7,235,482 | 3,873,238 | ||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||
ALLL, beginning of period | 2,535,883 | |||||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||
Reserve for unfunded lending commitments, beginning of period | 10,411 | |||||||
Commercial | ||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||
ALLL, beginning of period | 911,463 | 447,991 | 399,829 | 441,086 | ||||
Credit loss expense on loans | 205,488 | 23,671 | 608,316 | 45,644 | ||||
Charge-offs | (43,446) | (36,715) | (96,908) | (60,316) | ||||
Recoveries | 7,617 | 12,131 | 18,295 | 20,664 | ||||
Charge-offs, net of recoveries | (35,829) | (24,584) | (78,613) | (39,652) | ||||
ALLL, end of period | 1,081,122 | 447,078 | 1,081,122 | 447,078 | ||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||
Reserve for unfunded lending commitments, beginning of period | 140,631 | 86,563 | 85,934 | 89,472 | ||||
Credit loss expense on unfunded lending commitments | (45,450) | (3,218) | (834) | (6,127) | ||||
Reserve for unfunded lending commitments, end of period | 95,181 | 83,345 | 95,181 | 83,345 | ||||
Total ACL, end of period | 1,176,303 | 530,423 | 1,176,303 | 530,423 | ||||
Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||
ALLL, beginning of period | 151,590 | |||||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||
Reserve for unfunded lending commitments, beginning of period | 10,081 | |||||||
Consumer | ||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||
ALLL, beginning of period | 5,712,273 | 3,348,356 | 3,199,612 | 3,409,021 | ||||
Credit loss expense on loans | 819,082 | 439,846 | 1,534,161 | 1,020,899 | ||||
Charge-offs | (899,773) | (1,208,152) | (2,144,486) | (2,632,770) | ||||
Recoveries | 400,035 | 709,957 | 1,011,289 | 1,492,857 | ||||
Charge-offs, net of recoveries | (499,738) | (498,195) | (1,133,197) | (1,139,913) | ||||
ALLL, end of period | 6,031,617 | 3,290,007 | 6,031,617 | 3,290,007 | ||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||
Reserve for unfunded lending commitments, beginning of period | 29,309 | 6,122 | 5,892 | 6,028 | ||||
Credit loss expense on unfunded lending commitments | (1,747) | (62) | 21,340 | 32 | ||||
Reserve for unfunded lending commitments, end of period | 27,562 | 6,060 | 27,562 | 6,060 | ||||
Total ACL, end of period | 6,059,179 | 3,296,067 | 6,059,179 | 3,296,067 | ||||
Transfer of LHFI to LHFS | 20,400 | 20,400 | ||||||
Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||
ALLL, beginning of period | 2,431,041 | |||||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||
Reserve for unfunded lending commitments, beginning of period | 330 | |||||||
Unallocated | ||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||
ALLL, beginning of period | 0 | 46,748 | 46,748 | 47,023 | ||||
Credit loss expense on loans | 0 | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | 0 | (275) | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
Charge-offs, net of recoveries | 0 | 0 | 0 | (275) | ||||
ALLL, end of period | 0 | 46,748 | 0 | 46,748 | ||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||
Reserve for unfunded lending commitments, beginning of period | 0 | 0 | 0 | 0 | ||||
Credit loss expense on unfunded lending commitments | 0 | 0 | 0 | 0 | ||||
Reserve for unfunded lending commitments, end of period | 0 | 0 | 0 | 0 | ||||
Total ACL, end of period | $ 0 | $ 46,748 | 0 | $ 46,748 | ||||
Unallocated | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||
ALLL, beginning of period | (46,748) | |||||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||
Reserve for unfunded lending commitments, beginning of period | $ 0 | |||||||
|
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Non-accrual Loans) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | $ 1,455,437 | $ 2,173,052 |
Non-accrual loans with no allowance | 461,884 | |
Interest Income recognized on nonaccrual loans | 62,572 | |
Foreclosed and other repossessed assets | 133,577 | 217,184 |
Nonperforming | ||
Financing Receivable, Past Due [Line Items] | ||
OREO | 53,258 | 66,828 |
Repossessed vehicles | 131,309 | 212,966 |
Foreclosed and other repossessed assets | 2,268 | 4,218 |
Total OREO and other repossessed assets | 186,835 | 284,012 |
Total non-performing assets | 1,642,272 | 2,457,064 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 280,337 | 273,644 |
Non-accrual loans with no allowance | 155,085 | |
Interest Income recognized on nonaccrual loans | 0 | |
Commercial | CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 110,814 | 83,117 |
Non-accrual loans with no allowance | 62,960 | |
Interest Income recognized on nonaccrual loans | 0 | |
Commercial | C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 92,895 | 153,428 |
Non-accrual loans with no allowance | 40,875 | |
Interest Income recognized on nonaccrual loans | 0 | |
Commercial | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 60,188 | 5,112 |
Non-accrual loans with no allowance | 45,460 | |
Interest Income recognized on nonaccrual loans | 0 | |
Commercial | Other commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 16,440 | 31,987 |
Non-accrual loans with no allowance | 5,790 | |
Interest Income recognized on nonaccrual loans | 0 | |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 1,175,100 | 1,899,408 |
Non-accrual loans with no allowance | 306,799 | |
Interest Income recognized on nonaccrual loans | 62,572 | |
Consumer | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 147,931 | 134,957 |
Non-accrual loans with no allowance | 77,568 | |
Interest Income recognized on nonaccrual loans | 0 | |
Consumer | Home equity loans and lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 110,917 | 107,289 |
Non-accrual loans with no allowance | 41,415 | |
Interest Income recognized on nonaccrual loans | 0 | |
Consumer | RICs and auto loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 903,290 | 1,643,459 |
Non-accrual loans with no allowance | 187,368 | |
Interest Income recognized on nonaccrual loans | 62,572 | |
Consumer | Personal unsecured loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 2,801 | 2,212 |
Non-accrual loans with no allowance | 367 | |
Interest Income recognized on nonaccrual loans | 0 | |
Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 10,161 | $ 11,491 |
Non-accrual loans with no allowance | 81 | |
Interest Income recognized on nonaccrual loans | $ 0 |
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Age Analysis of Past Due Loans) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 3,025,266 | $ 5,720,325 |
Current | 93,707,929 | 88,405,338 |
Total | 96,733,195 | 94,125,663 |
Recorded Investment Greater than 90 Days and Accruing | 67,152 | 93,102 |
LHFS | 241,300 | 289,000 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,298,533 | 4,841,015 |
90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 726,733 | 879,310 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 42,573,415 | 41,151,009 |
LHFS | 1,800,000 | 116,300 |
Commercial | CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 193,150 | 116,762 |
Current | 8,311,839 | 8,351,261 |
Total | 8,504,989 | 8,468,023 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 1,100,000 | |
Commercial | CRE | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 103,448 | 51,472 |
Commercial | CRE | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 89,702 | 65,290 |
Commercial | C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 99,219 | 140,597 |
Current | 18,168,280 | 16,510,391 |
Total | 18,267,499 | 16,650,988 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 603,000 | |
Commercial | C&I | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 36,285 | 55,957 |
Commercial | C&I | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 62,934 | 84,640 |
Commercial | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 44,739 | 14,160 |
Current | 8,564,614 | 8,627,044 |
Total | 8,609,353 | 8,641,204 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 46,500 | |
Commercial | Multifamily | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 37,575 | 10,456 |
Commercial | Multifamily | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 7,164 | 3,704 |
Commercial | Other commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 64,108 | 68,325 |
Current | 7,127,466 | 7,322,469 |
Total | 7,191,574 | 7,390,794 |
Recorded Investment Greater than 90 Days and Accruing | 107 | 0 |
Commercial | Other commercial | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 56,345 | 61,973 |
Commercial | Other commercial | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 7,763 | 6,352 |
Consumer | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 215,215 | 283,556 |
Current | 8,258,779 | 8,848,971 |
Total | 8,473,994 | 9,132,527 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 1,000,000 | 296,800 |
Consumer | Residential mortgages | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 96,234 | 154,978 |
Consumer | Residential mortgages | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 118,981 | 128,578 |
Consumer | Home equity loans and lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 123,245 | 121,389 |
Current | 4,391,435 | 4,648,955 |
Total | 4,514,680 | 4,770,344 |
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 | 44,406 | 45,417 |
Consumer | Home equity loans and lines of credit | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 78,839 | 75,972 |
Consumer | RICs and auto loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,138,470 | 4,768,833 |
Current | 36,864,123 | 31,687,914 |
Total | 39,002,593 | 36,456,747 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 1,600,000 | |
Consumer | RICs and auto loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,861,286 | 4,364,110 |
Consumer | RICs and auto loans | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 277,184 | 404,723 |
Consumer | Personal unsecured loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 129,494 | 187,849 |
Current | 1,769,282 | 2,110,803 |
Total | 1,898,776 | 2,298,652 |
Recorded Investment Greater than 90 Days and Accruing | 67,045 | 93,102 |
LHFS | 1,000,000 | 1,000,000 |
Consumer | Personal unsecured loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 53,540 | 85,277 |
Consumer | Personal unsecured loans | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 75,954 | 102,572 |
Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 17,626 | 18,854 |
Current | 252,111 | 297,530 |
Total | 269,737 | 316,384 |
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 | 9,414 | 11,375 |
Consumer | Other consumer | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 8,212 | $ 7,479 |
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Lending Asset Quality Indicators) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 96,733,195 | $ 94,125,663 |
LHFS | 241,300 | 289,000 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 7,347,547 | |
2019 | 9,727,190 | |
2018 | 8,215,548 | |
2017 | 4,798,497 | |
2016 | 3,170,278 | |
Prior | 9,314,355 | |
Total | 42,573,415 | 41,151,009 |
LHFS | 1,800,000 | 116,300 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 7,077,471 | |
2019 | 9,033,763 | |
2018 | 7,536,527 | |
2017 | 4,244,959 | |
2016 | 2,704,226 | |
Prior | 7,649,894 | |
Total | 38,246,840 | 37,758,696 |
Commercial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 30,477 | |
2019 | 270,022 | |
2018 | 381,228 | |
2017 | 390,879 | |
2016 | 278,143 | |
Prior | 1,008,691 | |
Total | 2,359,440 | 1,772,410 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 36,884 | |
2019 | 52,691 | |
2018 | 198,022 | |
2017 | 136,577 | |
2016 | 158,903 | |
Prior | 580,958 | |
Total | 1,164,035 | 770,023 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 691 | |
2019 | 0 | |
2018 | 121 | |
2017 | 3,988 | |
2016 | 618 | |
Prior | 2,113 | |
Total | 7,531 | 85,129 |
Commercial | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 202,024 | |
2019 | 370,714 | |
2018 | 99,650 | |
2017 | 22,094 | |
2016 | 28,388 | |
Prior | 72,699 | |
Total | 795,569 | 764,751 |
Commercial | CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 261,854 | |
2019 | 1,326,064 | |
2018 | 1,866,719 | |
2017 | 1,498,336 | |
2016 | 1,052,339 | |
Prior | 2,499,677 | |
Total | 8,504,989 | 8,468,023 |
LHFS | 1,100,000 | |
Commercial | CRE | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 260,691 | |
2019 | 1,183,498 | |
2018 | 1,746,022 | |
2017 | 1,319,696 | |
2016 | 853,268 | |
Prior | 1,964,698 | |
Total | 7,327,873 | 7,513,567 |
Commercial | CRE | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,163 | |
2019 | 125,290 | |
2018 | 90,447 | |
2017 | 146,761 | |
2016 | 119,398 | |
Prior | 268,717 | |
Total | 751,776 | 508,133 |
Commercial | CRE | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 17,276 | |
2018 | 30,250 | |
2017 | 31,879 | |
2016 | 79,673 | |
Prior | 262,281 | |
Total | 421,359 | 379,199 |
Commercial | CRE | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 306 | |
Total | 306 | 24,378 |
Commercial | CRE | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 3,675 | |
Total | 3,675 | 42,746 |
Commercial | C&I | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,813,691 | |
2019 | 4,420,541 | |
2018 | 3,471,104 | |
2017 | 1,189,077 | |
2016 | 810,834 | |
Prior | 3,562,252 | |
Total | 18,267,499 | 16,650,988 |
LHFS | 603,000 | |
Commercial | C&I | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,554,855 | |
2019 | 3,893,807 | |
2018 | 2,977,262 | |
2017 | 977,492 | |
2016 | 590,003 | |
Prior | 2,814,553 | |
Total | 15,807,972 | 14,816,669 |
Commercial | C&I | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 19,708 | |
2019 | 125,414 | |
2018 | 232,373 | |
2017 | 145,859 | |
2016 | 123,415 | |
Prior | 431,816 | |
Total | 1,078,585 | 743,462 |
Commercial | C&I | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 36,413 | |
2019 | 30,606 | |
2018 | 161,818 | |
2017 | 39,673 | |
2016 | 68,624 | |
Prior | 245,123 | |
Total | 582,257 | 321,842 |
Commercial | C&I | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 691 | |
2019 | 0 | |
2018 | 1 | |
2017 | 3,959 | |
2016 | 404 | |
Prior | 1,736 | |
Total | 6,791 | 47,010 |
Commercial | C&I | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 202,024 | |
2019 | 370,714 | |
2018 | 99,650 | |
2017 | 22,094 | |
2016 | 28,388 | |
Prior | 69,024 | |
Total | 791,894 | 722,005 |
Commercial | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 596,068 | |
2019 | 2,100,902 | |
2018 | 1,850,289 | |
2017 | 1,419,773 | |
2016 | 607,433 | |
Prior | 2,034,888 | |
Total | 8,609,353 | 8,641,204 |
LHFS | 46,500 | |
Commercial | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 596,068 | |
2019 | 2,080,706 | |
2018 | 1,802,434 | |
2017 | 1,283,891 | |
2016 | 583,711 | |
Prior | 1,929,736 | |
Total | 8,276,546 | 8,356,377 |
Commercial | Multifamily | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 16,408 | |
2018 | 47,855 | |
2017 | 82,368 | |
2016 | 21,972 | |
Prior | 65,259 | |
Total | 233,862 | 260,764 |
Commercial | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 3,788 | |
2018 | 0 | |
2017 | 53,514 | |
2016 | 1,750 | |
Prior | 39,893 | |
Total | 98,945 | 24,063 |
Commercial | Multifamily | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total | 0 | 0 |
Commercial | Multifamily | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total | 0 | 0 |
Commercial | Remaining commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,675,934 | |
2019 | 1,879,683 | |
2018 | 1,027,436 | |
2017 | 691,311 | |
2016 | 699,672 | |
Prior | 1,217,538 | |
Total | 7,191,574 | 7,390,794 |
Commercial | Remaining commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,665,857 | |
2019 | 1,875,752 | |
2018 | 1,010,809 | |
2017 | 663,880 | |
2016 | 677,244 | |
Prior | 940,907 | |
Total | 6,834,449 | 7,072,083 |
Commercial | Remaining commercial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 9,606 | |
2019 | 2,910 | |
2018 | 10,553 | |
2017 | 15,891 | |
2016 | 13,358 | |
Prior | 242,899 | |
Total | 295,217 | 260,051 |
Commercial | Remaining commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 471 | |
2019 | 1,021 | |
2018 | 5,954 | |
2017 | 11,511 | |
2016 | 8,856 | |
Prior | 33,661 | |
Total | 61,474 | 44,919 |
Commercial | Remaining commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 120 | |
2017 | 29 | |
2016 | 214 | |
Prior | 71 | |
Total | 434 | 13,741 |
Commercial | Remaining commercial | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Consumer Lending Asset Quality Indicators - Credit Score) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||
---|---|---|---|---|---|---|
Loans Receivable [Line Items] | ||||||
Total | [1],[2] | $ 91,293,831 | $ 92,705,440 | |||
Consumer | ||||||
Loans Receivable [Line Items] | ||||||
Total | 50,474,189 | 51,670,724 | ||||
RICs and auto loans | Consumer | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 9,034,456 | |||||
2019 | 14,927,097 | |||||
2018 | 6,902,243 | |||||
2017 | 2,872,571 | |||||
2016 | 1,855,420 | |||||
Prior | 1,773,611 | |||||
Total | $ 37,365,398 | $ 36,456,747 | ||||
Total, percent | 100.00% | 100.00% | ||||
RICs and auto loans | Consumer | No FICO | ||||||
Loans Receivable [Line Items] | ||||||
2020 | $ 885,580 | |||||
2019 | 1,458,569 | |||||
2018 | 683,611 | |||||
2017 | 683,924 | |||||
2016 | 364,506 | |||||
Prior | 282,890 | |||||
Total | $ 4,359,080 | $ 3,178,459 | ||||
Total, percent | 11.70% | 8.70% | ||||
RICs and auto loans | Consumer | FICO score less than 600 | ||||||
Loans Receivable [Line Items] | ||||||
2020 | $ 3,031,459 | |||||
2019 | 5,184,779 | |||||
2018 | 3,226,089 | |||||
2017 | 1,415,247 | |||||
2016 | 898,892 | |||||
Prior | 941,407 | |||||
Total | $ 14,697,873 | $ 15,013,670 | ||||
Total, percent | 39.30% | 41.20% | ||||
RICs and auto loans | Consumer | FICO score of 600 to 639 | ||||||
Loans Receivable [Line Items] | ||||||
2020 | $ 1,292,685 | |||||
2019 | 2,309,243 | |||||
2018 | 1,239,841 | |||||
2017 | 426,809 | |||||
2016 | 307,914 | |||||
Prior | 275,111 | |||||
Total | $ 5,851,603 | $ 5,957,970 | ||||
Total, percent | 15.70% | 16.30% | ||||
RICs and auto loans | Consumer | FICO score equal to or greater than 640 | ||||||
Loans Receivable [Line Items] | ||||||
2020 | $ 3,824,732 | |||||
2019 | 5,974,506 | |||||
2018 | 1,752,702 | |||||
2017 | 346,591 | |||||
2016 | 284,108 | |||||
Prior | 274,203 | |||||
Total | $ 12,456,842 | $ 12,306,648 | ||||
Total, percent | 33.30% | 33.80% | ||||
|
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Consumer Lending Asset Quality Indicators - FICO and CLTV Range) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||
---|---|---|---|---|---|---|
Loans Receivable [Line Items] | ||||||
Total | [1],[2] | $ 91,293,831 | $ 92,705,440 | |||
Consumer | ||||||
Loans Receivable [Line Items] | ||||||
Total | 50,474,189 | 51,670,724 | ||||
Consumer | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 473,336 | |||||
2019 | 1,513,165 | |||||
2018 | 886,756 | |||||
2017 | 1,139,347 | |||||
2016 | 1,014,331 | |||||
Prior | 2,416,195 | |||||
Total | 7,443,130 | 8,835,702 | ||||
Consumer | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 169,421 | |||||
2019 | 411,905 | |||||
2018 | 531,455 | |||||
2017 | 503,381 | |||||
2016 | 391,286 | |||||
Prior | 2,507,232 | |||||
Total | 4,514,680 | 4,770,344 | ||||
Revolving | 4,250,297 | |||||
Consumer | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 226,919 | |||||
2019 | 551,785 | |||||
2018 | 413,759 | |||||
2017 | 935,784 | |||||
2016 | 941,274 | |||||
Prior | 2,272,317 | |||||
Total | 5,341,838 | 5,367,168 | ||||
Consumer | LTV less than or equal to 70% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 108,174 | |||||
2019 | 246,371 | |||||
2018 | 337,600 | |||||
2017 | 359,129 | |||||
2016 | 339,850 | |||||
Prior | 2,087,511 | |||||
Total | 3,478,635 | 3,411,442 | ||||
Revolving | 3,385,649 | |||||
Consumer | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 157,509 | |||||
2019 | 545,442 | |||||
2018 | 257,507 | |||||
2017 | 134,394 | |||||
2016 | 63,005 | |||||
Prior | 82,412 | |||||
Total | 1,240,269 | 1,754,912 | ||||
Consumer | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 54,012 | |||||
2019 | 150,626 | |||||
2018 | 175,898 | |||||
2017 | 127,338 | |||||
2016 | 38,590 | |||||
Prior | 236,201 | |||||
Total | 782,665 | 939,542 | ||||
Revolving | 769,006 | |||||
Consumer | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 23,948 | |||||
2019 | 218,319 | |||||
2018 | 207,100 | |||||
2017 | 59,271 | |||||
2016 | 771 | |||||
Prior | 17,460 | |||||
Total | 526,869 | 830,706 | ||||
Consumer | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 59,969 | |||||
2019 | 183,388 | |||||
2018 | 696 | |||||
2017 | 13 | |||||
2016 | 314 | |||||
Prior | 10,549 | |||||
Total | 254,929 | 703,059 | ||||
Consumer | LTV of 90.01% to 100% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 79,275 | |||||
Consumer | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 434 | |||||
2019 | 267 | |||||
2018 | 4 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 63,752 | |||||
Total | 64,457 | |||||
Revolving | 59,162 | |||||
Consumer | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 77 | |||||
Prior | 3,721 | |||||
Total | 3,798 | 10,315 | ||||
Consumer | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 93 | |||||
Prior | 7,752 | |||||
Total | 7,845 | 17,645 | ||||
Consumer | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 475 | |||||
2019 | 79 | |||||
2018 | 228 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 37,385 | |||||
Total | 38,167 | 47,479 | ||||
Revolving | 36,480 | |||||
Consumer | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 4,991 | |||||
2019 | 14,231 | |||||
2018 | 7,694 | |||||
2017 | 9,885 | |||||
2016 | 8,797 | |||||
Prior | 21,984 | |||||
Total | 67,582 | 151,897 | ||||
Consumer | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 6,326 | |||||
2019 | 14,562 | |||||
2018 | 17,725 | |||||
2017 | 16,914 | |||||
2016 | 12,846 | |||||
Prior | 82,383 | |||||
Total | 150,756 | 292,606 | ||||
Revolving | 0 | |||||
Consumer | FICO score not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Total | 97,240 | |||||
Consumer | FICO score not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 176,480 | |||||
Consumer | FICO score not applicable | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 527 | |||||
2017 | 508 | |||||
2016 | 0 | |||||
Prior | 23,846 | |||||
Total | 24,881 | 4,654 | ||||
Consumer | FICO score not applicable | LTV less than or equal to 70% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 3 | |||||
2019 | 6 | |||||
2018 | 128 | |||||
2017 | 32 | |||||
2016 | 1,779 | |||||
Prior | 39,684 | |||||
Total | 41,632 | 189 | ||||
Revolving | 8,382 | |||||
Consumer | FICO score not applicable | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 456 | |||||
Prior | 21,153 | |||||
Total | 21,609 | 534 | ||||
Consumer | FICO score not applicable | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 20 | |||||
2018 | 0 | |||||
2017 | 180 | |||||
2016 | 698 | |||||
Prior | 12,795 | |||||
Total | 13,693 | 153 | ||||
Revolving | 203 | |||||
Consumer | FICO score not applicable | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 1,888 | |||||
Total | 1,888 | 0 | ||||
Consumer | FICO score not applicable | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 1,285 | |||||
Total | 1,285 | 0 | ||||
Consumer | FICO score not applicable | LTV of 90.01% to 100% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 0 | |||||
Consumer | FICO score not applicable | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 1,890 | |||||
Total | 1,890 | |||||
Revolving | 0 | |||||
Consumer | FICO score not applicable | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 205 | |||||
Total | 205 | 0 | ||||
Consumer | FICO score not applicable | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 423 | |||||
Total | 423 | 0 | ||||
Consumer | FICO score not applicable | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 110 | |||||
Total | 110 | 0 | ||||
Revolving | 0 | |||||
Consumer | FICO score not applicable | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 4,105 | |||||
2019 | 13,129 | |||||
2018 | 7,694 | |||||
2017 | 9,885 | |||||
2016 | 8,797 | |||||
Prior | 21,246 | |||||
Total | 64,856 | 92,052 | ||||
Consumer | FICO score not applicable | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 5,641 | |||||
2019 | 14,130 | |||||
2018 | 17,593 | |||||
2017 | 16,764 | |||||
2016 | 12,846 | |||||
Prior | 81,025 | |||||
Total | 147,999 | 176,138 | ||||
Revolving | 0 | |||||
Consumer | FICO score less than 600 | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Total | 296,348 | |||||
Consumer | FICO score less than 600 | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 299,402 | |||||
Consumer | FICO score less than 600 | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 844 | |||||
2019 | 2,469 | |||||
2018 | 2,631 | |||||
2017 | 17,153 | |||||
2016 | 13,278 | |||||
Prior | 131,518 | |||||
Total | 167,893 | 180,465 | ||||
Consumer | FICO score less than 600 | LTV less than or equal to 70% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 75 | |||||
2019 | 1,286 | |||||
2018 | 6,233 | |||||
2017 | 12,651 | |||||
2016 | 15,838 | |||||
Prior | 136,418 | |||||
Total | 172,501 | 215,977 | ||||
Revolving | 160,821 | |||||
Consumer | FICO score less than 600 | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 824 | |||||
2019 | 5,175 | |||||
2018 | 5,104 | |||||
2017 | 5,562 | |||||
2016 | 5,112 | |||||
Prior | 12,978 | |||||
Total | 34,755 | 48,344 | ||||
Consumer | FICO score less than 600 | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 241 | |||||
2019 | 1,278 | |||||
2018 | 5,542 | |||||
2017 | 4,257 | |||||
2016 | 1,891 | |||||
Prior | 14,164 | |||||
Total | 27,373 | 66,675 | ||||
Revolving | 25,973 | |||||
Consumer | FICO score less than 600 | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 5,273 | |||||
2018 | 12,828 | |||||
2017 | 5,073 | |||||
2016 | 252 | |||||
Prior | 2,080 | |||||
Total | 25,506 | 36,401 | ||||
Consumer | FICO score less than 600 | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 8,130 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 219 | |||||
Prior | 936 | |||||
Total | 9,285 | 27,262 | ||||
Consumer | FICO score less than 600 | LTV of 90.01% to 100% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 11,467 | |||||
Consumer | FICO score less than 600 | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 3,242 | |||||
Total | 3,242 | |||||
Revolving | 2,898 | |||||
Consumer | FICO score less than 600 | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 727 | |||||
Total | 727 | 1,518 | ||||
Consumer | FICO score less than 600 | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 1,621 | |||||
Total | 1,621 | 2,325 | ||||
Consumer | FICO score less than 600 | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 3,529 | |||||
Total | 3,529 | 4,459 | ||||
Revolving | 3,354 | |||||
Consumer | FICO score less than 600 | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 63 | |||||
Total | 63 | 33 | ||||
Consumer | FICO score less than 600 | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 15 | |||||
2016 | 0 | |||||
Prior | 531 | |||||
Total | 546 | 824 | ||||
Revolving | 0 | |||||
Consumer | FICO score of 600 to 639 | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Total | 241,687 | |||||
Consumer | FICO score of 600 to 639 | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 191,547 | |||||
Consumer | FICO score of 600 to 639 | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 2,686 | |||||
2019 | 8,518 | |||||
2018 | 10,572 | |||||
2017 | 11,914 | |||||
2016 | 14,745 | |||||
Prior | 90,769 | |||||
Total | 139,204 | 122,675 | ||||
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] | ||||||
2020 | 456 | |||||
2019 | 3,750 | |||||
2018 | 9,002 | |||||
2017 | 11,382 | |||||
2016 | 11,945 | |||||
Prior | 108,247 | |||||
Total | 144,782 | 147,089 | ||||
Revolving | 141,223 | |||||
Consumer | FICO score of 600 to 639 | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 2,345 | |||||
2019 | 3,979 | |||||
2018 | 2,864 | |||||
2017 | 3,992 | |||||
2016 | 2,756 | |||||
Prior | 9,381 | |||||
Total | 25,317 | 45,189 | ||||
Consumer | FICO score of 600 to 639 | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 282 | |||||
2019 | 3,405 | |||||
2018 | 4,205 | |||||
2017 | 4,563 | |||||
2016 | 930 | |||||
Prior | 13,831 | |||||
Total | 27,216 | 34,624 | ||||
Revolving | 26,716 | |||||
Consumer | FICO score of 600 to 639 | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 459 | |||||
2019 | 6,397 | |||||
2018 | 8,444 | |||||
2017 | 3,680 | |||||
2016 | 0 | |||||
Prior | 1,277 | |||||
Total | 20,257 | 34,690 | ||||
Consumer | FICO score of 600 to 639 | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 882 | |||||
2019 | 5,980 | |||||
2018 | 177 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 719 | |||||
Total | 7,758 | 37,358 | ||||
Consumer | FICO score of 600 to 639 | LTV of 90.01% to 100% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 4,306 | |||||
Consumer | FICO score of 600 to 639 | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 2,735 | |||||
Total | 2,735 | |||||
Revolving | 2,572 | |||||
Consumer | FICO score of 600 to 639 | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 785 | |||||
Total | 785 | 636 | ||||
Consumer | FICO score of 600 to 639 | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 1,228 | |||||
Total | 1,228 | 1,108 | ||||
Consumer | FICO score of 600 to 639 | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 1,322 | |||||
Total | 1,322 | 3,926 | ||||
Revolving | 1,268 | |||||
Consumer | FICO score of 600 to 639 | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 0 | |||||
Total | 0 | 31 | ||||
Consumer | FICO score of 600 to 639 | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 41 | |||||
Total | 41 | 1,602 | ||||
Revolving | 0 | |||||
Consumer | FICO score of 640 to 679 | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Total | 521,453 | |||||
Consumer | FICO score of 640 to 679 | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 364,335 | |||||
Consumer | FICO score of 640 to 679 | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 2,747 | |||||
2019 | 18,935 | |||||
2018 | 20,470 | |||||
2017 | 31,462 | |||||
2016 | 29,651 | |||||
Prior | 131,277 | |||||
Total | 234,542 | 263,781 | ||||
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] | ||||||
2020 | 3,161 | |||||
2019 | 14,182 | |||||
2018 | 21,111 | |||||
2017 | 24,409 | |||||
2016 | 22,616 | |||||
Prior | 162,386 | |||||
Total | 247,865 | 264,021 | ||||
Revolving | 244,981 | |||||
Consumer | FICO score of 640 to 679 | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 4,467 | |||||
2019 | 22,995 | |||||
2018 | 11,654 | |||||
2017 | 7,759 | |||||
2016 | 3,952 | |||||
Prior | 7,114 | |||||
Total | 57,941 | 89,179 | ||||
Consumer | FICO score of 640 to 679 | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 2,964 | |||||
2019 | 11,209 | |||||
2018 | 15,972 | |||||
2017 | 8,636 | |||||
2016 | 4,137 | |||||
Prior | 20,601 | |||||
Total | 63,519 | 78,645 | ||||
Revolving | 63,621 | |||||
Consumer | FICO score of 640 to 679 | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 1,243 | |||||
2019 | 8,453 | |||||
2018 | 18,079 | |||||
2017 | 6,358 | |||||
2016 | 0 | |||||
Prior | 1,731 | |||||
Total | 35,864 | 78,215 | ||||
Consumer | FICO score of 640 to 679 | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 2,512 | |||||
2019 | 14,658 | |||||
2018 | 194 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 1,213 | |||||
Total | 18,577 | 87,067 | ||||
Consumer | FICO score of 640 to 679 | LTV of 90.01% to 100% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 8,079 | |||||
Consumer | FICO score of 640 to 679 | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 49 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 6,038 | |||||
Total | 6,087 | |||||
Revolving | 5,593 | |||||
Consumer | FICO score of 640 to 679 | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 570 | |||||
Total | 570 | 946 | ||||
Consumer | FICO score of 640 to 679 | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 441 | |||||
Total | 441 | 1,089 | ||||
Consumer | FICO score of 640 to 679 | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 49 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 2,871 | |||||
Total | 2,920 | 3,626 | ||||
Revolving | 2,864 | |||||
Consumer | FICO score of 640 to 679 | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 38 | |||||
Total | 38 | 1,176 | ||||
Consumer | FICO score of 640 to 679 | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 96 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 108 | |||||
Total | 204 | 9,964 | ||||
Revolving | 0 | |||||
Consumer | FICO score of 680 to 719 | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Total | 1,030,365 | |||||
Consumer | FICO score of 680 to 719 | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 664,449 | |||||
Consumer | FICO score of 680 to 719 | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 19,353 | |||||
2019 | 47,345 | |||||
2018 | 40,864 | |||||
2017 | 77,285 | |||||
2016 | 61,120 | |||||
Prior | 226,123 | |||||
Total | 472,090 | 511,018 | ||||
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] | ||||||
2020 | 16,884 | |||||
2019 | 30,602 | |||||
2018 | 45,671 | |||||
2017 | 50,892 | |||||
2016 | 52,600 | |||||
Prior | 275,868 | |||||
Total | 472,517 | 478,817 | ||||
Revolving | 465,016 | |||||
Consumer | FICO score of 680 to 719 | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 19,074 | |||||
2019 | 56,309 | |||||
2018 | 28,699 | |||||
2017 | 16,310 | |||||
2016 | 9,506 | |||||
Prior | 6,846 | |||||
Total | 136,744 | 219,766 | ||||
Consumer | FICO score of 680 to 719 | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 7,604 | |||||
2019 | 25,255 | |||||
2018 | 28,220 | |||||
2017 | 23,606 | |||||
2016 | 5,556 | |||||
Prior | 31,641 | |||||
Total | 121,882 | 146,529 | ||||
Revolving | 122,310 | |||||
Consumer | FICO score of 680 to 719 | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 2,520 | |||||
2019 | 19,942 | |||||
2018 | 28,010 | |||||
2017 | 6,190 | |||||
2016 | 137 | |||||
Prior | 3,349 | |||||
Total | 60,148 | 132,076 | ||||
Consumer | FICO score of 680 to 719 | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 12,423 | |||||
2019 | 36,127 | |||||
2018 | 325 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 1,487 | |||||
Total | 50,362 | 155,857 | ||||
Consumer | FICO score of 680 to 719 | LTV of 90.01% to 100% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 12,558 | |||||
Consumer | FICO score of 680 to 719 | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 145 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 11,398 | |||||
Total | 11,543 | |||||
Revolving | 11,211 | |||||
Consumer | FICO score of 680 to 719 | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 566 | |||||
Total | 566 | 1,583 | ||||
Consumer | FICO score of 680 to 719 | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 492 | |||||
Total | 492 | 2,508 | ||||
Consumer | FICO score of 680 to 719 | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 228 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 4,956 | |||||
Total | 5,184 | 9,425 | ||||
Revolving | 4,863 | |||||
Consumer | FICO score of 680 to 719 | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 231 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 80 | |||||
Total | 311 | 7,557 | ||||
Consumer | FICO score of 680 to 719 | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 41 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 81 | |||||
Total | 122 | 17,120 | ||||
Revolving | 0 | |||||
Consumer | FICO score of 720 to 759 | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Total | 1,780,727 | |||||
Consumer | FICO score of 720 to 759 | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 918,761 | |||||
Consumer | FICO score of 720 to 759 | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 53,791 | |||||
2019 | 97,325 | |||||
2018 | 89,547 | |||||
2017 | 173,393 | |||||
2016 | 139,901 | |||||
Prior | 344,344 | |||||
Total | 898,301 | 960,290 | ||||
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] | ||||||
2020 | 23,514 | |||||
2019 | 51,429 | |||||
2018 | 69,467 | |||||
2017 | 75,952 | |||||
2016 | 70,675 | |||||
Prior | 376,303 | |||||
Total | 667,340 | 665,647 | ||||
Revolving | 658,903 | |||||
Consumer | FICO score of 720 to 759 | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 41,227 | |||||
2019 | 100,520 | |||||
2018 | 60,188 | |||||
2017 | 21,464 | |||||
2016 | 12,614 | |||||
Prior | 8,215 | |||||
Total | 244,228 | 413,532 | ||||
Consumer | FICO score of 720 to 759 | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 13,548 | |||||
2019 | 33,229 | |||||
2018 | 40,610 | |||||
2017 | 31,839 | |||||
2016 | 7,607 | |||||
Prior | 38,422 | |||||
Total | 165,255 | 204,104 | ||||
Revolving | 164,950 | |||||
Consumer | FICO score of 720 to 759 | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 6,824 | |||||
2019 | 48,682 | |||||
2018 | 52,732 | |||||
2017 | 13,132 | |||||
2016 | 224 | |||||
Prior | 2,124 | |||||
Total | 123,718 | 195,335 | ||||
Consumer | FICO score of 720 to 759 | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 21,757 | |||||
2019 | 52,828 | |||||
2018 | 0 | |||||
2017 | 13 | |||||
2016 | 0 | |||||
Prior | 538 | |||||
Total | 75,136 | 191,850 | ||||
Consumer | FICO score of 720 to 759 | LTV of 90.01% to 100% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 12,606 | |||||
Consumer | FICO score of 720 to 759 | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 133 | |||||
2018 | 4 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 12,751 | |||||
Total | 12,888 | |||||
Revolving | 11,664 | |||||
Consumer | FICO score of 720 to 759 | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 592 | |||||
Total | 592 | 1,959 | ||||
Consumer | FICO score of 720 to 759 | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 820 | |||||
Total | 820 | 3,334 | ||||
Consumer | FICO score of 720 to 759 | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 10,310 | |||||
Total | 10,310 | 10,857 | ||||
Revolving | 9,922 | |||||
Consumer | FICO score of 720 to 759 | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 499 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 237 | |||||
Total | 736 | 14,427 | ||||
Consumer | FICO score of 720 to 759 | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 311 | |||||
2019 | 72 | |||||
2018 | 0 | |||||
2017 | 65 | |||||
2016 | 0 | |||||
Prior | 157 | |||||
Total | 605 | 25,547 | ||||
Revolving | 0 | |||||
Consumer | FICO score equal to or greater than 760 | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Total | 4,867,882 | |||||
Consumer | FICO score equal to or greater than 760 | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 2,155,370 | |||||
Consumer | FICO score equal to or greater than 760 | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 147,498 | |||||
2019 | 377,193 | |||||
2018 | 249,148 | |||||
2017 | 624,069 | |||||
2016 | 682,579 | |||||
Prior | 1,324,440 | |||||
Total | 3,404,927 | 3,324,285 | ||||
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] | ||||||
2020 | 64,081 | |||||
2019 | 145,116 | |||||
2018 | 185,988 | |||||
2017 | 183,811 | |||||
2016 | 164,397 | |||||
Prior | 988,605 | |||||
Total | 1,731,998 | 1,639,702 | ||||
Revolving | 1,706,323 | |||||
Consumer | FICO score equal to or greater than 760 | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 89,572 | |||||
2019 | 356,464 | |||||
2018 | 148,998 | |||||
2017 | 79,307 | |||||
2016 | 28,609 | |||||
Prior | 16,725 | |||||
Total | 719,675 | 938,368 | ||||
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] | ||||||
2020 | 29,373 | |||||
2019 | 76,230 | |||||
2018 | 81,349 | |||||
2017 | 54,257 | |||||
2016 | 17,771 | |||||
Prior | 104,747 | |||||
Total | 363,727 | 408,812 | ||||
Revolving | 365,233 | |||||
Consumer | FICO score equal to or greater than 760 | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 12,902 | |||||
2019 | 129,572 | |||||
2018 | 87,007 | |||||
2017 | 24,838 | |||||
2016 | 158 | |||||
Prior | 5,011 | |||||
Total | 259,488 | 353,989 | ||||
Consumer | FICO score equal to or greater than 760 | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 22,395 | |||||
2019 | 65,665 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 95 | |||||
Prior | 4,371 | |||||
Total | 92,526 | 203,665 | ||||
Consumer | FICO score equal to or greater than 760 | LTV of 90.01% to 100% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 30,259 | |||||
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] | ||||||
2020 | 289 | |||||
2019 | 85 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 25,698 | |||||
Total | 26,072 | |||||
Revolving | 25,224 | |||||
Consumer | FICO score equal to or greater than 760 | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 77 | |||||
Prior | 276 | |||||
Total | 353 | 3,673 | ||||
Consumer | FICO score equal to or greater than 760 | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 93 | |||||
Prior | 2,727 | |||||
Total | 2,820 | 7,281 | ||||
Consumer | FICO score equal to or greater than 760 | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 426 | |||||
2019 | 79 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 14,287 | |||||
Total | 14,792 | 15,186 | ||||
Revolving | 14,209 | |||||
Consumer | FICO score equal to or greater than 760 | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 156 | |||||
2019 | 1,102 | |||||
2018 | 0 | |||||
2017 | 0 | |||||
2016 | 0 | |||||
Prior | 320 | |||||
Total | 1,578 | 36,621 | ||||
Consumer | FICO score equal to or greater than 760 | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
2020 | 333 | |||||
2019 | 264 | |||||
2018 | 132 | |||||
2017 | 70 | |||||
2016 | 0 | |||||
Prior | 440 | |||||
Total | 1,239 | $ 61,411 | ||||
Revolving | $ 0 | |||||
|
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Troubled Debt Restructuring Activity) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020
USD ($)
contract
|
Jun. 30, 2019
USD ($)
contract
|
Jun. 30, 2020
USD ($)
contract
|
Jun. 30, 2019
USD ($)
contract
|
Dec. 31, 2019
USD ($)
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructurings | $ 4,300,095 | $ 4,300,095 | $ 4,320,131 | ||
Number of Contracts | contract | 46,235 | 17,488 | 56,143 | 37,501 | |
Pre-TDR Recorded Investment | $ 1,019,795 | $ 303,589 | $ 1,204,109 | $ 688,321 | |
Post-TDR Recorded Investment | $ 1,036,089 | $ 304,699 | $ 1,220,946 | $ 691,730 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 2,086 | 5,429 | 6,223 | 13,123 | |
Recorded Investment | $ 41,696 | $ 94,209 | $ 123,647 | $ 226,013 | |
Commercial | CRE | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 9 | 8 | 11 | 25 | |
Pre-TDR Recorded Investment | $ 13,047 | $ 423 | $ 14,974 | $ 45,131 | |
Post-TDR Recorded Investment | $ 13,047 | $ 416 | $ 14,974 | $ 46,230 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 14 | 1 | 32 | 2 | |
Recorded Investment | $ 2,909 | $ 93 | $ 5,114 | $ 223 | |
Commercial | C&I | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 354 | 14 | 389 | 38 | |
Pre-TDR Recorded Investment | $ 27,130 | $ 318 | $ 27,965 | $ 938 | |
Post-TDR Recorded Investment | $ 27,226 | $ 317 | $ 28,063 | $ 938 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 5 | 10 | 16 | 25 | |
Recorded Investment | $ 1,045 | $ 254 | $ 8,260 | $ 845 | |
Commercial | Multifamily | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 5 | 5 | |||
Pre-TDR Recorded Investment | $ 51,466 | $ 51,466 | |||
Post-TDR Recorded Investment | $ 51,466 | $ 51,466 | |||
Commercial | Other commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 4 | 5 | |||
Pre-TDR Recorded Investment | $ 72 | $ 117 | |||
Post-TDR Recorded Investment | $ 72 | $ 117 | |||
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 0 | 0 | 1 | 0 | |
Recorded Investment | $ 0 | $ 0 | $ 45 | $ 0 | |
Consumer | Residential mortgages | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 15 | 22 | 28 | 48 | |
Pre-TDR Recorded Investment | $ 1,811 | $ 4,011 | $ 3,672 | $ 7,524 | |
Post-TDR Recorded Investment | $ 1,809 | $ 4,088 | $ 3,814 | $ 7,758 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 22 | 26 | 30 | 79 | |
Recorded Investment | $ 3,640 | $ 2,826 | $ 4,880 | $ 7,628 | |
Consumer | Home equity loans and lines of credit | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 22 | 35 | 50 | 75 | |
Pre-TDR Recorded Investment | $ 2,693 | $ 2,863 | $ 4,767 | $ 7,858 | |
Post-TDR Recorded Investment | $ 2,939 | $ 3,181 | $ 5,034 | $ 8,597 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 10 | 9 | 22 | 15 | |
Recorded Investment | $ 1,142 | $ 641 | $ 3,104 | $ 1,066 | |
Consumer | RICs and auto loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 45,060 | 17,322 | 54,855 | 37,171 | |
Pre-TDR Recorded Investment | $ 896,193 | $ 294,796 | $ 1,072,573 | $ 624,938 | |
Post-TDR Recorded Investment | $ 911,804 | $ 295,513 | $ 1,088,570 | $ 626,273 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 2,000 | 5,326 | 6,076 | 12,885 | |
Recorded Investment | $ 31,441 | $ 89,749 | $ 100,437 | $ 215,071 | |
Consumer | Personal unsecured loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 1 | 74 | 2 | 125 | |
Pre-TDR Recorded Investment | $ 0 | $ 736 | $ 0 | $ 1,307 | |
Post-TDR Recorded Investment | $ 0 | $ 745 | $ 0 | $ 1,313 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 0 | 57 | 0 | 117 | |
Recorded Investment | $ 0 | $ 646 | $ 0 | $ 1,180 | |
Consumer | Other consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 765 | 13 | 798 | 19 | |
Pre-TDR Recorded Investment | $ 27,383 | $ 442 | $ 28,575 | $ 625 | |
Post-TDR Recorded Investment | $ 27,726 | $ 439 | $ 28,908 | $ 621 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 35 | 0 | 46 | 0 | |
Recorded Investment | $ 1,519 | $ 0 | $ 1,807 | $ 0 | |
Performing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructurings | 3,850,850 | 3,850,850 | 3,646,354 | ||
Non-performing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructurings | $ 449,245 | $ 449,245 | $ 673,777 |
OPERATING LEASE ASSETS, NET (Components of Leased Vehicles, Net) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||
---|---|---|---|---|---|---|
Operating Leased Assets [Line Items] | ||||||
Less: accumulated depreciation | $ (1,600,000) | $ (1,500,000) | ||||
Leased vehicles | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating leases | 21,854,377 | 21,722,726 | ||||
Less: accumulated depreciation | (4,647,703) | (4,159,944) | ||||
Depreciated net capitalized cost | 17,206,674 | 17,562,782 | ||||
Manufacturer subvention payments, net of accretion | (1,034,636) | (1,177,342) | ||||
Origination fees and other costs | 67,584 | 76,542 | ||||
Total premises and equipment, net | 16,239,622 | 16,461,982 | ||||
Commercial equipment vehicles and aircraft | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating leases | 28,916 | 41,154 | ||||
Less: accumulated depreciation | (5,685) | (7,397) | ||||
Total premises and equipment, net | 23,231 | 33,757 | ||||
Operating lease assets | ||||||
Operating Leased Assets [Line Items] | ||||||
Less: accumulated depreciation | (4,700,000) | (4,200,000) | ||||
Total premises and equipment, net | [1],[2] | $ 16,262,853 | $ 16,495,739 | |||
|
OPERATING LEASE ASSETS, NET (Future Minimum Rental Receivables) (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
Leases [Abstract] | |
2020 | $ 1,439,765 |
2021 | 2,093,714 |
2022 | 974,427 |
2023 | 233,673 |
2024 | 4,072 |
Thereafter | 7,817 |
Total | $ 4,753,468 |
OPERATING LEASE ASSETS, NET (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Leases [Abstract] | ||||
Net gain on sale of operating leases | $ 23,145 | $ 48,479 | $ 50,096 | $ 72,490 |
VIEs (Assets and Liabilities of VIEs) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | |||||||||||||
Restricted cash | $ 5,189,766 | [1] | $ 3,881,880 | [1] | $ 3,400,000 | ||||||||
Loans HFS | [2] | 5,439,364 | 1,420,223 | ||||||||||
Loans HFI | [1],[3] | 91,293,831 | 92,705,440 | ||||||||||
Operating lease assets, net | 603,876 | 656,472 | |||||||||||
Various other assets | [1],[4] | 5,527,672 | 4,204,216 | ||||||||||
TOTAL ASSETS | 152,353,787 | 149,499,477 | $ 143,910,431 | ||||||||||
Liabilities | |||||||||||||
Various other liabilities | [1] | 1,830,116 | 969,009 | ||||||||||
TOTAL LIABILITIES | 132,127,010 | 125,100,647 | |||||||||||
VIEs, Primary Beneficiary | |||||||||||||
Assets | |||||||||||||
Restricted cash | 1,612,388 | 1,629,870 | |||||||||||
Loans HFS | 640,237 | 0 | |||||||||||
Loans HFI | 22,489,596 | 26,532,328 | |||||||||||
Various other assets | 703,234 | 625,359 | |||||||||||
TOTAL ASSETS | 41,685,077 | 45,249,539 | |||||||||||
Liabilities | |||||||||||||
Notes payable | 32,278,091 | 34,249,851 | |||||||||||
Various other liabilities | 101,067 | 188,093 | |||||||||||
TOTAL LIABILITIES | $ 32,379,158 | $ 34,437,944 | |||||||||||
|
VIEs (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
VIEs, Primary Beneficiary | Trusts | |||||
Variable Interest Entity [Line Items] | |||||
Gross retail installment contracts transferred to consolidated Trusts | $ 28,100,000,000 | $ 27,300,000,000 | |||
VIE, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Gross retail installment contracts transferred to consolidated Trusts | 512,300,000 | ||||
Gain (loss) on retail installment contracts | (26,900,000) | ||||
Sales of receivables securitization | $ 0 | $ 0 | $ 0 | ||
Total serviced for other portfolio | 2,250,584,000 | $ 2,408,205,000 | |||
VIE, maximum exposure to loss | $ 0 |
VIEs (Cash Flow Summary) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
VIEs, Primary Beneficiary | Trusts | ||||
Variable Interest Entity [Line Items] | ||||
Assets securitized | $ 3,887,075 | $ 4,913,261 | $ 10,562,806 | $ 9,841,723 |
Net proceeds from new securitizations | 2,932,117 | 3,794,437 | 6,808,647 | 7,757,055 |
Net proceeds from sale of retained bonds | 1,526 | 99,999 | 55,993 | 117,305 |
Cash received for servicing fees | 246,545 | 289,634 | 493,288 | 497,959 |
Net distributions from Trusts | 621,708 | 1,078,665 | 1,557,381 | 1,671,434 |
Total cash received from Trusts | 3,801,896 | 5,262,735 | 8,915,309 | 10,043,753 |
VIE, Not Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Receivables securitized | 512,286 | 0 | 512,286 | 0 |
Net proceeds from new securitizations | 460,086 | 0 | 460,086 | 0 |
Cash received for servicing fees | 5,079 | 9,357 | 11,258 | 19,608 |
Total cash received from Trusts | $ 465,165 | $ 9,357 | $ 471,344 | $ 19,608 |
VIEs (Off-balance Sheet Portfolio) (Details) - VIE, Not Primary Beneficiary - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Total serviced for other portfolio | $ 2,250,584 | $ 2,408,205 |
Third party SCART serviced securitizations | ||
Variable Interest Entity [Line Items] | ||
Total serviced for other portfolio | 484,413 | 0 |
Third party Chrysler Capital securitizations | ||
Variable Interest Entity [Line Items] | ||
Total serviced for other portfolio | 127,108 | 259,197 |
SC | ||
Variable Interest Entity [Line Items] | ||
Total serviced for other portfolio | $ 1,639,063 | $ 2,149,008 |
GOODWILL AND OTHER INTANGIBLES (Goodwill) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jan. 01, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Goodwill [Roll Forward] | ||||||
Goodwill | $ 2,596,161,000 | $ 2,596,161,000 | $ 4,444,389,000 | |||
Impairment during the period | $ 0 | (1,848,228,000) | $ 0 | (1,848,228,000) | $ 0 | |
CBB | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill | 322,920,000 | 322,920,000 | 1,880,304,000 | |||
Impairment during the period | (1,557,384,000) | |||||
C&I | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill | 27,080,000 | 27,080,000 | 317,924,000 | |||
Impairment during the period | (290,844,000) | |||||
CRE & VF | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill | 1,095,071,000 | 1,095,071,000 | 1,095,071,000 | |||
Impairment during the period | 0 | |||||
CIB | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill | 131,130,000 | 131,130,000 | 131,130,000 | |||
Impairment during the period | 0 | |||||
SC | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill | $ 1,019,960,000 | 1,019,960,000 | $ 1,019,960,000 | |||
Impairment during the period | $ 0 |
GOODWILL AND OTHER INTANGIBLES (Goodwill) (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jan. 01, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Mar. 31, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Impairment during the period | $ 0 | $ (1,848,228,000) | $ 0 | $ (1,848,228,000) | $ 0 | |
Reporting unit, percentage of fair value in excess of carrying amount (less than) | 5.00% |
GOODWILL AND OTHER INTANGIBLES (Finite-lived Intangibles) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | $ 386,722 | $ 416,204 |
Accumulated Amortization | (407,201) | (377,718) |
Dealer networks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 328,375 | 347,982 |
Accumulated Amortization | (251,625) | (232,018) |
Chrysler relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 42,500 | 50,000 |
Accumulated Amortization | (96,250) | (88,750) |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 13,200 | 13,500 |
Accumulated Amortization | (4,800) | (4,500) |
Other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 2,647 | 4,722 |
Accumulated Amortization | $ (54,526) | $ (52,450) |
GOODWILL AND OTHER INTANGIBLES (Other Intangible Assets) (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Intangibles not subject to amortization | $ 0 | $ 0 | $ 0 | ||
Amortization of intangibles | $ 14,744,000 | $ 14,742,000 | $ 29,487,000 | $ 29,508,000 |
GOODWILL AND OTHER INTANGIBLES (Future Amortization Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Calendar Year Amount | ||||
2020 | $ 58,661 | $ 58,661 | ||
2021 | 39,904 | 39,904 | ||
2022 | 39,901 | 39,901 | ||
2023 | 28,649 | 28,649 | ||
2024 | 24,792 | 24,792 | ||
Thereafter | 224,302 | 224,302 | ||
Recorded To Date | ||||
2020 | 14,744 | $ 14,742 | 29,487 | $ 29,508 |
Remaining Amount To Record | ||||
2020 | $ 29,174 | $ 29,174 |
OTHER ASSETS (Components) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||
---|---|---|---|---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||
Operating lease ROU assets | $ 603,876 | $ 656,472 | ||||
Deferred tax assets | 766,392 | 503,681 | ||||
Accrued interest receivable | 711,900 | 545,148 | ||||
Derivative assets at fair value | 1,644,784 | 555,880 | ||||
Other repossessed assets | 133,577 | 217,184 | ||||
Equity method investments | 268,069 | 271,656 | ||||
MSRs | 90,231 | 132,683 | ||||
OREO | 53,258 | 66,828 | ||||
Income tax receivables | 196,596 | 272,699 | ||||
Prepaid expense | 344,547 | 352,331 | ||||
Miscellaneous assets and receivables | 714,442 | 629,654 | ||||
Total other assets | [1],[2] | $ 5,527,672 | $ 4,204,216 | |||
|
OTHER ASSETS (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Lessee, Lease, Description [Line Items] | |||||
Operating lease expense | $ 40,700 | $ 36,600 | $ 75,800 | $ 74,200 | |
Sublease income | 1,200 | 1,300 | 2,600 | 1,900 | |
Operating cash flows from operating leases | 72,177 | 61,597 | |||
Operating lease ROU assets | 603,876 | 603,876 | $ 656,472 | ||
Present value of lease liabilities | 666,142 | 666,142 | |||
Parent Company | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating cash flows from operating leases | 2,000 | 1,900 | |||
Operating lease ROU assets | 10,800 | 15,200 | 10,800 | 15,200 | |
Present value of lease liabilities | $ 10,800 | $ 15,200 | $ 10,800 | $ 15,200 | |
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Renewal term | 1 year | 1 year | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Renewal term | 5 years | 5 years |
OTHER ASSETS (Maturity of Lease Liabilities) (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
2020 | $ 75,387 |
2021 | 132,623 |
2022 | 121,436 |
2023 | 106,528 |
2024 | 92,135 |
Thereafter | 209,249 |
Total lease liabilities | 737,358 |
Less: Interest | (71,216) |
Present value of lease liabilities | $ 666,142 |
OTHER ASSETS (Operating Lease Term and Discount Rate) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Operating lease ROU assets | $ 603,876 | $ 656,472 |
Other liabilities | $ 666,142 | $ 711,666 |
Weighted-average remaining lease term (years) | 6 years 8 months 12 days | 7 years 1 month 6 days |
Weighted-average discount rate | 3.10% | 3.10% |
OTHER ASSETS (Other Information) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Operating cash flows from operating leases | $ (72,177) | $ (61,597) |
Leased assets obtained in exchange for new operating lease liabilities | $ (19,001) | $ 717,765 |
DEPOSITS AND OTHER CUSTOMER ACCOUNTS (Summary of Deposits and Other Customer Accounts) (Details) - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Balance | ||
Interest-bearing demand deposits | $ 11,804,834,000 | $ 10,301,133,000 |
Non-interest-bearing demand deposits | 19,228,541,000 | 14,922,974,000 |
Savings | 6,495,617,000 | 5,632,164,000 |
Customer repurchase accounts | 354,404,000 | 407,477,000 |
Money market | 30,551,312,000 | 26,687,677,000 |
CDs | 5,528,540,000 | 9,375,281,000 |
Total Deposits | $ 73,963,248,000 | $ 67,326,706,000 |
Percent of total deposits | ||
Interest-bearing demand deposits (as a percent) | 16.00% | 15.30% |
Non-interest-bearing demand deposits (as a percent) | 26.00% | 22.20% |
Savings (as a percent) | 8.80% | 8.40% |
Customer repurchase accounts (as a percent) | 0.50% | 0.60% |
Money market (as a percent) | 41.20% | 39.60% |
CDs (as a percent) | 7.50% | 13.90% |
Total Deposits (as a percent) | 100.00% | 100.00% |
Deposits held-for-sale | $ 4,700,000,000 | $ 0 |
Foreign deposits | $ 9,700,000,000 | $ 8,900,000,000 |
DEPOSITS AND OTHER CUSTOMER ACCOUNTS (Narrative) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | $ 5,000.0 | $ 7,500.0 |
Demand deposit overdrafts that have been reclassified as loan balances | 133.5 | 79.2 |
CD in denominations greater than $250,000 | 1,200.0 | 1,500.0 |
Public fund deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | $ 3,800.0 | $ 3,500.0 |
BORROWINGS (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Debt Disclosure [Abstract] | ||||
Total borrowings and other debt obligations | [1] | $ 49,857,326 | $ 50,654,406 | |
|
BORROWINGS (Bank) (Narrative) (Details) $ in Millions |
Jun. 30, 2019
USD ($)
|
---|---|
Real estate investment trust | |
Debt Instrument [Line Items] | |
Debt repurchased | $ 126.4 |
Bank | Federal home loan bank advances | |
Debt Instrument [Line Items] | |
Debt repurchased | 1,000.0 |
Bank | Real estate investment trust (REIT) preferred | |
Debt Instrument [Line Items] | |
Debt repurchased | 21.2 |
Bank | Subordinated term loan, due August 2022 | |
Debt Instrument [Line Items] | |
Debt repurchased | $ 27.9 |
BORROWINGS (SHUSA) (Narrative) (Details) - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
---|---|---|---|
Short-term debt borrowings due February 2021 | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 125,000,000.0 | ||
Stated interest rate | 2.00% | ||
Short-term borrowings | $ 125,000,000 | $ 0 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt issued | 2,100,000,000 | ||
Senior Notes | 5.83% senior notes, due March 2023 | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 500,000,000.0 | ||
Stated interest rate | 5.83% | ||
Senior Notes | Senior floating rate note due April 2023 | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 447,100,000 | ||
Senior Notes | 3.45% senior fixed rate note due June 2025 | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 1,000,000,000.0 | ||
Stated interest rate | 3.45% | ||
Senior Notes | 2.65% senior notes due April 2020 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.65% | ||
Debt repurchased | $ 1,000,000,000.0 | ||
Senior Notes | 3.50% senior notes due June 2024 | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 1,000,000,000.0 | ||
Stated interest rate | 3.50% | 3.50% | |
Senior Notes | 2.70% senior notes due May 2019 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.70% | ||
Debt repurchased | $ 178,700,000 |
BORROWINGS (Parent Company and Other IHC Entities) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|||
Debt Instrument [Line Items] | |||||
Total borrowings and other debt obligations | [1] | $ 49,857,326 | $ 50,654,406 | ||
Short-term debt borrowings due February 2021 | |||||
Debt Instrument [Line Items] | |||||
Short-term borrowings, Balance | $ 125,000 | $ 0 | |||
Effective Rate | 2.00% | 0.00% | |||
Stated interest rate | 2.00% | ||||
Subsidiaries | 2.00% subordinated debt maturing through 2020 | |||||
Debt Instrument [Line Items] | |||||
Subordinated debt, Balance | $ 284 | $ 602 | |||
Effective Rate | 2.00% | 2.00% | |||
Stated interest rate | 2.00% | ||||
Subsidiaries | Short-term borrowing due within one year, maturing July 2020 | |||||
Debt Instrument [Line Items] | |||||
Short-term borrowings, Balance | $ 8,000 | $ 1,831 | |||
Effective Rate | 0.05% | 0.38% | |||
Parent Company and Other Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Total borrowings and other debt obligations | $ 11,022,381 | $ 9,951,647 | |||
Effective Rate | 3.75% | 3.68% | |||
Senior Notes | 2.65% senior notes due April 2020 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 0 | $ 999,502 | |||
Effective Rate | 0.00% | 2.82% | |||
Stated interest rate | 2.65% | ||||
Senior Notes | 4.45% senior notes due December 2021 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 604,629 | $ 604,172 | |||
Effective Rate | 4.61% | 4.61% | |||
Stated interest rate | 4.45% | ||||
Senior Notes | 3.70% senior notes due March 2022 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 849,155 | $ 849,465 | |||
Effective Rate | 3.74% | 3.74% | |||
Stated interest rate | 3.70% | ||||
Senior Notes | 3.40% senior notes due January 2023 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 996,665 | $ 996,043 | |||
Effective Rate | 3.54% | 3.54% | |||
Stated interest rate | 3.40% | ||||
Senior Notes | 3.50% senior notes due June 2024 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 996,238 | $ 995,797 | |||
Effective Rate | 3.60% | 3.60% | |||
Stated interest rate | 3.50% | 3.50% | |||
Senior Notes | 4.50% senior notes due July 2025 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 1,096,787 | $ 1,096,508 | |||
Effective Rate | 4.56% | 4.56% | |||
Stated interest rate | 4.50% | ||||
Senior Notes | 4.40% senior notes due July 2027 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 1,049,820 | $ 1,049,813 | |||
Effective Rate | 4.40% | 4.40% | |||
Stated interest rate | 4.40% | ||||
Senior Notes | 2.88% senior notes, due January 2024 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 750,000 | $ 750,000 | |||
Effective Rate | 2.88% | 2.88% | |||
Stated interest rate | 2.88% | ||||
Senior Notes | 5.83% senior notes, due March 2023 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 500,000 | $ 0 | |||
Effective Rate | 5.83% | 0.00% | |||
Stated interest rate | 5.83% | ||||
Senior Notes | 3.24% senior notes due November 2026 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 910,515 | $ 907,844 | |||
Effective Rate | 3.97% | 3.97% | |||
Stated interest rate | 3.24% | ||||
Senior Notes | 3.45% senior notes, due June 2025 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 994,329 | $ 0 | |||
Effective Rate | 3.58% | 0.00% | |||
Stated interest rate | 3.45% | ||||
Senior Notes | Senior notes, due September 2020 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 106,173 | $ 112,358 | |||
Effective Rate | 3.51% | 3.36% | |||
Senior Notes | Senior notes, due September 2020 | 3-month LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on LIBOR (as a percent) | 105.00% | ||||
Senior Notes | Senior notes, due June 2022 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 427,907 | $ 427,889 | |||
Effective Rate | 2.43% | 3.47% | |||
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 | $ 720,882 | $ 720,861 | |||
Effective Rate | 2.69% | 3.29% | |||
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 | $ 438,991 | $ 438,962 | |||
Effective Rate | 2.66% | 2.48% | |||
Senior Notes | Senior Notes, Due April 2023 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 447,006 | $ 0 | |||
Effective Rate | 3.52% | 0.00% | |||
|
BORROWINGS (Santander Bank) (Details) - SBNA - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument [Line Items] | ||
Total borrowings and other debt obligations | $ 5,400,000 | $ 7,160,943 |
Effective Rate | 1.14% | 2.34% |
FHLB advances, maturing through May 2022 | ||
Debt Instrument [Line Items] | ||
FHLB advances, Balance | $ 5,400,000 | $ 7,035,000 |
Effective Rate | 1.14% | 2.15% |
REIT preferred, callable May 2020 | ||
Debt Instrument [Line Items] | ||
REIT preferred, Balance | $ 0 | $ 125,943 |
Effective Rate | 0.00% | 13.17% |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Letters of credit | $ 340,800 |
BORROWINGS (SC Credit Facilities) (Details) - USD ($) |
Jun. 30, 2020 |
Apr. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Balance | $ 122,700,000 | $ 89,600,000 | ||
SC | ||||
Debt Instrument [Line Items] | ||||
Balance | 54,712,568,000 | 54,379,783,000 | ||
Restricted Cash Pledged | $ 1,610,687,000 | $ 1,627,524,000 | ||
SC | Minimum | ||||
Debt Instrument [Line Items] | ||||
Effective Rate | 1.28% | 1.05% | ||
SC | SC public securitizations, maturing on various dates | ||||
Debt Instrument [Line Items] | ||||
Balance | $ 44,115,005,000 | $ 43,982,220,000 | ||
Restricted Cash Pledged | $ 1,571,364,000 | $ 1,606,646,000 | ||
SC | SC public securitizations, maturing on various dates | Minimum | ||||
Debt Instrument [Line Items] | ||||
Effective Rate | 1.29% | 1.35% | ||
SC | SC privately issued amortizing notes, maturing on various dates | ||||
Debt Instrument [Line Items] | ||||
Balance | $ 10,597,563,000 | $ 10,397,563,000 | ||
Restricted Cash Pledged | $ 39,323,000 | $ 20,878,000 | ||
SC | SC privately issued amortizing notes, maturing on various dates | Minimum | ||||
Debt Instrument [Line Items] | ||||
Effective Rate | 1.28% | 1.05% | ||
SC | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Balance | $ 5,942,486,000 | $ 5,399,931,000 | ||
Committed Amount | $ 13,747,928,000 | $ 11,872,262,000 | ||
Effective Rate | 2.28% | 3.44% | ||
Assets Pledged | $ 5,230,278,000 | $ 8,339,059,000 | ||
Restricted Cash Pledged | 1,702,000 | 2,346,000 | ||
SC | Revolving Credit Facility | Warehouse line, due March 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 516,045,000 | |||
Committed Amount | $ 1,250,000,000 | |||
Effective Rate | 3.10% | |||
Assets Pledged | $ 734,640,000 | |||
Restricted Cash Pledged | 1,000 | |||
SC | Revolving Credit Facility | Warehouse line, due November 2020 | ||||
Debt Instrument [Line Items] | ||||
Balance | 471,320,000 | |||
Committed Amount | $ 500,000,000 | |||
Effective Rate | 2.69% | |||
Assets Pledged | $ 505,502,000 | |||
Restricted Cash Pledged | 186,000 | |||
SC | Revolving Credit Facility | Warehouse line, due July 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 500,000,000 | |||
Committed Amount | $ 500,000,000 | |||
Effective Rate | 3.64% | |||
Assets Pledged | $ 761,690,000 | |||
Restricted Cash Pledged | 302,000 | |||
SC | Revolving Credit Facility | Warehouse line, due October 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 896,077,000 | |||
Committed Amount | $ 2,100,000,000 | |||
Effective Rate | 3.44% | |||
Assets Pledged | $ 1,748,325,000 | |||
Restricted Cash Pledged | 7,000 | |||
SC | Revolving Credit Facility | Warehouse line, due June 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 471,284,000 | |||
Committed Amount | $ 500,000,000 | |||
Effective Rate | 3.32% | |||
Assets Pledged | $ 675,426,000 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facility | Warehouse line, due November 2020 | ||||
Debt Instrument [Line Items] | ||||
Balance | 970,600,000 | |||
Committed Amount | $ 1,000,000,000 | |||
Effective Rate | 2.57% | |||
Assets Pledged | $ 1,353,305,000 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facility | Warehouse line, due June 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 53,900,000 | |||
Committed Amount | $ 600,000,000 | |||
Effective Rate | 7.02% | |||
Assets Pledged | $ 62,601,000 | |||
Restricted Cash Pledged | 94,000 | |||
SC | Revolving Credit Facility | Warehouse line due, October 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 1,098,443,000 | |||
Committed Amount | $ 1,000,000,000 | $ 5,000,000,000 | ||
Effective Rate | 4.43% | |||
Assets Pledged | $ 1,898,365,000 | |||
Restricted Cash Pledged | 1,756,000 | |||
Line of credit facility, additional borrowing capacity | $ 500,000,000 | |||
SC | Revolving Credit Facility | Warehouse line, due October 2021 | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, reduction in borrowing capacity | $ 500,000,000 | |||
SC | Revolving Credit Facility | Repurchase facility, due January 2020 | ||||
Debt Instrument [Line Items] | ||||
Balance | 273,655,000 | |||
Committed Amount | $ 273,655,000 | |||
Effective Rate | 3.80% | |||
Assets Pledged | $ 377,550,000 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facility | Repurchase facility, due March 2020 | ||||
Debt Instrument [Line Items] | ||||
Balance | 100,756,000 | |||
Committed Amount | $ 100,756,000 | |||
Effective Rate | 3.04% | |||
Assets Pledged | $ 151,710,000 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facility | Repurchase facility, due March 2020 | ||||
Debt Instrument [Line Items] | ||||
Balance | 47,851,000 | |||
Committed Amount | $ 47,851,000 | |||
Effective Rate | 3.15% | |||
Assets Pledged | $ 69,945,000 | |||
Restricted Cash Pledged | $ 0 | |||
SC | Revolving Credit Facilities With Third Parties | ||||
Debt Instrument [Line Items] | ||||
Balance | 3,942,486,000 | |||
Committed Amount | $ 11,747,928,000 | |||
Effective Rate | 2.72% | |||
Assets Pledged | $ 5,230,278,000 | |||
Restricted Cash Pledged | 1,702,000 | |||
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due March 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 46,445,000 | |||
Committed Amount | $ 1,250,000,000 | |||
Effective Rate | 2.03% | |||
Assets Pledged | $ 743,224,000 | |||
Restricted Cash Pledged | 1,000 | |||
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due November 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 428,120,000 | |||
Committed Amount | $ 500,000,000 | |||
Effective Rate | 1.94% | |||
Assets Pledged | $ 406,684,000 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due July 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 322,790,000 | |||
Committed Amount | $ 500,000,000 | |||
Effective Rate | 2.58% | |||
Assets Pledged | $ 328,473,000 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due October 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 509,577,000 | |||
Committed Amount | $ 2,100,000,000 | |||
Effective Rate | 2.43% | |||
Assets Pledged | $ 1,234,913,000 | |||
Restricted Cash Pledged | 17,000 | |||
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due June 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 325,683,000 | |||
Committed Amount | $ 500,000,000 | |||
Effective Rate | 2.23% | |||
Assets Pledged | $ 442,349,000 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facilities With Third Parties | Warehouse line due, January 2022 | ||||
Debt Instrument [Line Items] | ||||
Balance | 649,400,000 | |||
Committed Amount | $ 1,000,000,000 | |||
Effective Rate | 2.03% | |||
Assets Pledged | $ 875,599,000 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due June 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 377,600,000 | |||
Committed Amount | $ 600,000,000 | |||
Effective Rate | 2.27% | |||
Assets Pledged | $ 199,388,000 | |||
Restricted Cash Pledged | 1,684,000 | |||
SC | Revolving Credit Facilities With Third Parties | Warehouse line due, October 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 152,000,000 | |||
Committed Amount | $ 1,500,000,000 | |||
Effective Rate | 4.28% | |||
Assets Pledged | $ 136,639,000 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due October 2021 | ||||
Debt Instrument [Line Items] | ||||
Balance | 832,943,000 | |||
Committed Amount | $ 3,500,000,000 | |||
Effective Rate | 3.75% | |||
Assets Pledged | $ 415,514,000 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facilities With Third Parties | Repurchase facility, due October 2020 | ||||
Debt Instrument [Line Items] | ||||
Balance | 253,128,000 | |||
Committed Amount | $ 253,128,000 | |||
Effective Rate | 3.80% | |||
Assets Pledged | $ 377,550,000 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facilities With Third Parties | Repurchase facility, due September 2020 | ||||
Debt Instrument [Line Items] | ||||
Balance | 44,800,000 | |||
Committed Amount | $ 44,800,000 | |||
Effective Rate | 2.24% | |||
Assets Pledged | $ 69,945,000 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facility With Related Parties | ||||
Debt Instrument [Line Items] | ||||
Balance | 2,000,000,000 | |||
Committed Amount | $ 2,000,000,000 | |||
Effective Rate | 1.40% | |||
Assets Pledged | $ 0 | |||
Restricted Cash Pledged | 0 | |||
SC | Revolving Credit Facility With Related Parties | Promissory note with Santander due June 2022 | ||||
Debt Instrument [Line Items] | ||||
Balance | 2,000,000,000 | |||
Committed Amount | $ 2,000,000,000 | |||
Effective Rate | 1.40% | |||
Assets Pledged | $ 0 | |||
Restricted Cash Pledged | $ 0 |
BORROWINGS (Secured Structured Financings) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument [Line Items] | ||
Initial Note Amounts Issued | $ 122,700 | $ 89,600 |
SC | ||
Debt Instrument [Line Items] | ||
Balance | 27,492,459 | 28,141,885 |
Initial Note Amounts Issued | 54,712,568 | 54,379,783 |
Collateral | 34,982,094 | 36,745,375 |
Restricted Cash | 1,610,687 | 1,627,524 |
Private issuances of notes backed by vehicle leases | $ 10,800,000 | $ 10,200,000 |
SC | Minimum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 1.28% | 1.05% |
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 | $ 17,858,305 | $ 18,807,773 |
Initial Note Amounts Issued | 44,115,005 | 43,982,220 |
Collateral | 22,498,984 | 24,697,158 |
Restricted Cash | $ 1,571,364 | $ 1,606,646 |
SC | SC public securitizations, maturing on various dates | Minimum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 1.29% | 1.35% |
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 | $ 9,634,154 | $ 9,334,112 |
Initial Note Amounts Issued | 10,597,563 | 10,397,563 |
Collateral | 12,483,110 | 12,048,217 |
Restricted Cash | $ 39,323 | $ 20,878 |
SC | SC privately issued amortizing notes, maturing on various dates | Minimum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 1.28% | 1.05% |
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% |
Santander | Structured finance | ||
Debt Instrument [Line Items] | ||
Balance | $ 4,500 |
ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive income/(loss), pretax activity | $ (12,680) | $ 166,951 | $ 467,610 | $ 304,908 |
Total other comprehensive income/(loss), tax effect | 5,385 | (46,437) | (119,717) | (79,775) |
TOTAL OTHER COMPREHENSIVE (LOSS) / GAIN, NET OF TAX | (7,295) | 120,514 | 347,893 | 225,133 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Equity, beginning balance | 22,223,973 | 24,128,405 | 24,398,830 | 23,847,232 |
Net Activity | (7,295) | 120,514 | 347,893 | 225,133 |
Equity, ending balance | 20,226,777 | 24,504,820 | 20,226,777 | 24,504,820 |
Accumulated Other Comprehensive (Loss)/Income | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Equity, beginning balance | 266,981 | (217,033) | (88,207) | (321,652) |
Equity, ending balance | 259,686 | (96,519) | 259,686 | (96,519) |
Net unrealized gains on cash flow hedge derivative financial instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income/(loss), pretax activity | 4,230 | 15,761 | 214,924 | 26,163 |
Other comprehensive income/(loss), tax effect | 3,014 | (10,969) | (59,482) | (12,971) |
Other comprehensive income/(loss), net activity | 7,244 | 4,792 | 155,442 | 13,192 |
Reclassification adjustment, pretax activity | 137 | (5,058) | 273 | (7,181) |
Reclassification adjustment, tax effect | (33) | 1,399 | (62) | 2,126 |
Reclassification adjustment, net activity | 104 | (3,659) | 211 | (5,055) |
Total other comprehensive income/(loss), pretax activity | 4,367 | 10,703 | 215,197 | 18,982 |
Total other comprehensive income/(loss), tax effect | 2,981 | (9,570) | (59,544) | (10,845) |
TOTAL OTHER COMPREHENSIVE (LOSS) / GAIN, NET OF TAX | 7,348 | 1,133 | 155,653 | 8,137 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Equity, beginning balance | 128,191 | (12,809) | (20,114) | (19,813) |
Net Activity | 7,348 | 1,133 | 155,653 | 8,137 |
Equity, ending balance | 135,539 | (11,676) | 135,539 | (11,676) |
Net unrealized gains on investments in debt securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income/(loss), pretax activity | 4,716 | 152,353 | 282,702 | 273,730 |
Other comprehensive income/(loss), tax effect | (688) | (37,266) | (67,363) | (68,652) |
Other comprehensive income/(loss), net activity | 4,028 | 115,087 | 215,339 | 205,078 |
Reclassification adjustment, pretax activity | (22,516) | (2,379) | (31,795) | (379) |
Reclassification adjustment, tax effect | 3,285 | 582 | 7,576 | 95 |
Reclassification adjustment, net activity | (19,231) | (1,797) | (24,219) | (284) |
Total other comprehensive income/(loss), pretax activity | (17,800) | 149,974 | 250,907 | 273,351 |
Total other comprehensive income/(loss), tax effect | 2,597 | (36,684) | (59,787) | (68,557) |
TOTAL OTHER COMPREHENSIVE (LOSS) / GAIN, NET OF TAX | (15,203) | 113,290 | 191,120 | 204,794 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Equity, beginning balance | 183,443 | (154,263) | (22,880) | (245,767) |
Net Activity | (15,203) | 113,290 | 191,120 | 204,794 |
Equity, ending balance | 168,240 | (40,973) | 168,240 | (40,973) |
Pension and post-retirement actuarial gains | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive income/(loss), pretax activity | 753 | 6,274 | 1,506 | 12,575 |
Total other comprehensive income/(loss), tax effect | (193) | (183) | (386) | (373) |
TOTAL OTHER COMPREHENSIVE (LOSS) / GAIN, NET OF TAX | 560 | 6,091 | 1,120 | 12,202 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Equity, beginning balance | (44,653) | (49,961) | (45,213) | (56,072) |
Net Activity | 560 | 6,091 | 1,120 | 12,202 |
Equity, ending balance | $ (44,093) | $ (43,870) | $ (44,093) | $ (43,870) |
DERIVATIVES (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Derivative [Line Items] | |||||
Fair value of derivatives with credit risk contingent feature associated with credit ratings | $ 200,000 | $ 200,000 | |||
Additional collateral required | 0 | 0 | |||
Fair value of derivatives with credit risk contingent features | 11,300,000 | 11,300,000 | $ 7,800,000 | ||
Collateral posted | 36,000,000.0 | 36,000,000.0 | $ 8,600,000 | ||
Cash flow hedge loss to be reclassified within next twelve months | 32,300,000 | ||||
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 | 7,244,000 | $ 4,792,000 | 155,442,000 | $ 13,192,000 | |
Amount reclassified from OCI into earnings for cash flow hedge derivatives | $ 104,000 | $ (3,659,000) | $ 211,000 | $ (5,055,000) |
DERIVATIVES (Derivatives Designated in Hedge Relationships) (Details) - Designated as hedging instrument - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Derivative [Line Items] | ||
Notional Amount | $ 13,770,000 | $ 14,020,000 |
Asset, Total | 250,426 | 29,031 |
Liability, Total | $ 88,512 | $ 68,337 |
Weighted Average Receive Rate | 1.27% | 1.17% |
Weighted Average Pay Rate | 0.39% | 1.29% |
Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 1 year 9 months 18 days | 1 year 11 months 26 days |
Cash flow hedges | Pay fixed — receive variable interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 2,750,000 | $ 2,650,000 |
Asset, Cash flow hedges | 0 | 2,807 |
Liability, Cash flow hedges | $ 88,512 | $ 39,128 |
Weighted Average Receive Rate | 0.23% | 1.85% |
Weighted Average Pay Rate | 1.49% | 1.91% |
Cash flow hedges | Pay fixed — receive variable interest rate swaps | Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 2 years 2 months 8 days | 1 year 10 months 9 days |
Cash flow hedges | Pay variable - receive fixed interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 7,070,000 | $ 7,570,000 |
Asset, Cash flow hedges | 194,232 | 7,462 |
Liability, Cash flow hedges | $ 0 | $ 29,209 |
Weighted Average Receive Rate | 1.41% | 1.43% |
Weighted Average Pay Rate | 0.18% | 1.73% |
Cash flow hedges | Pay variable - receive fixed interest rate swaps | Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 2 years 2 months 8 days | 2 years 4 months 20 days |
Cash flow hedges | Interest rate floor | ||
Derivative [Line Items] | ||
Notional Amount | $ 3,950,000 | $ 3,800,000 |
Asset, Cash flow hedges | 56,194 | 18,762 |
Liability, Cash flow hedges | $ 0 | $ 0 |
Weighted Average Receive Rate | 1.75% | 0.19% |
Weighted Average Pay Rate | 0.00% | 0.00% |
Cash flow hedges | Interest rate floor | Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 10 months 2 days | 1 year 3 months 10 days |
DERIVATIVES (Derivatives Not Designated in Hedge Relationships) (Details) - Not designated as hedging instrument - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | $ 65,286,373 | $ 52,726,058 |
Asset derivatives Fair value | 1,394,960 | 527,300 |
Liability derivatives Fair value | 1,346,371 | 478,077 |
Other | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 691,071 | 1,087,986 |
Asset derivatives Fair value | 20,709 | 10,536 |
Liability derivatives Fair value | 25,876 | 13,025 |
Foreign exchange contracts | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 3,700,790 | 3,724,007 |
Asset derivatives Fair value | 42,671 | 33,749 |
Liability derivatives Fair value | 35,118 | 34,428 |
Interest rate swap agreements | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 258,747 | 1,290,560 |
Asset derivatives Fair value | 0 | 0 |
Liability derivatives Fair value | 17,797 | 11,626 |
Interest rate cap agreements | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 10,894,523 | 9,379,720 |
Asset derivatives Fair value | 6,461 | 62,552 |
Liability derivatives Fair value | 0 | 0 |
Options for interest rate cap agreements | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 10,894,523 | 9,379,720 |
Asset derivatives Fair value | 0 | 0 |
Liability derivatives Fair value | 6,461 | 62,552 |
Mortgage banking derivatives | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 1,492,363 | 1,130,417 |
Asset derivatives Fair value | 63,855 | 18,194 |
Liability derivatives Fair value | 22,216 | 2,907 |
Mortgage banking derivatives | Forward commitments to sell loans | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 549,805 | 452,994 |
Asset derivatives Fair value | 51 | 18 |
Liability derivatives Fair value | 3,483 | 360 |
Mortgage banking derivatives | Interest rate lock commitments | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 322,558 | 167,423 |
Asset derivatives Fair value | 16,435 | 3,042 |
Liability derivatives Fair value | 0 | 0 |
Mortgage banking derivatives | Mortgage servicing | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 620,000 | 510,000 |
Asset derivatives Fair value | 47,369 | 15,134 |
Liability derivatives Fair value | 18,733 | 2,547 |
Customer-related derivatives | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 37,354,356 | 26,733,648 |
Asset derivatives Fair value | 1,261,264 | 402,269 |
Liability derivatives Fair value | 1,238,903 | 353,539 |
Customer-related derivatives | Swaps receive fixed | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 16,635,322 | 11,225,376 |
Asset derivatives Fair value | 1,251,458 | 375,541 |
Liability derivatives Fair value | 397 | 12,330 |
Customer-related derivatives | Swaps pay fixed | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 17,081,403 | 11,975,313 |
Asset derivatives Fair value | 2,299 | 23,271 |
Liability derivatives Fair value | 1,223,746 | 336,361 |
Customer-related derivatives | Other | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 3,637,631 | 3,532,959 |
Asset derivatives Fair value | 7,507 | 3,457 |
Liability derivatives Fair value | $ 14,760 | $ 4,848 |
DERIVATIVES (Gains (Losses) on All Derivatives) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
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 | $ (7,497) | $ 13,842 | $ (8,321) | $ 26,782 |
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 | 26,079 | (11,250) | 22,924 | (22,698) |
Forward commitments to sell loans | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | 7,741 | (819) | (3,090) | 834 |
Interest rate lock commitments | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | 1,395 | 1,495 | 13,392 | 1,794 |
Mortgage servicing | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | 2,727 | 12,947 | 32,113 | 21,301 |
Customer-related derivatives | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | 23,739 | (2,291) | 8,120 | (16,350) |
Foreign exchange | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | 1,783 | 6,044 | 12,805 | 29,977 |
Interest rate swaps, caps, and options | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | (1,028) | 5,421 | (10,686) | 7,866 |
Other | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | $ (4,149) | $ 843 | $ (3,919) | $ (368) |
DERIVATIVES (Offsetting of Financial Assets) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets, Total derivatives subject to a master netting arrangement or similar arrangement | $ 1,628,951 | $ 553,289 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet, Total Derivative Assets | 602 | 435 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 1,628,349 | 552,854 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | 156,560 | 69,227 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 1,471,789 | 483,627 |
Total derivatives not subject to a master netting arrangement or similar arrangement | 16,435 | 3,042 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received | 0 | |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount | 16,435 | 3,042 |
Gross Amounts of Recognized Assets, Total Derivative Assets | 1,645,386 | 556,331 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet, Total Derivative Assets | 1,644,784 | 555,896 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | 156,560 | 69,227 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet - Net Amount, Total Derivative Assets | 1,488,224 | 486,669 |
Other derivative activities | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets, Total derivatives subject to a master netting arrangement or similar arrangement | 1,378,524 | 524,258 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet, Total Derivative Assets | 602 | 435 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 1,377,922 | 523,823 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | 11,880 | 51,437 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 1,366,042 | 472,386 |
Cash flow hedges | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets, Total derivatives subject to a master netting arrangement or similar arrangement | 250,427 | 29,031 |
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 | 250,427 | 29,031 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | 144,680 | 17,790 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | $ 105,747 | $ 11,241 |
DERIVATIVES (Offsetting of Financial Liabilities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities, Total derivatives subject to a master netting arrangement or similar arrangement | $ 1,431,400 | $ 546,054 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 10,625 | 9,406 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 1,420,775 | 536,648 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged | 797,217 | 504,638 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 623,558 | 32,010 |
Total derivatives not subject to a master netting arrangement or similar arrangement | 3,483 | 360 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged, Total derivatives not subject to a master netting arrangement or similar arrangement | 2,800 | 273 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives not subject to a master netting arrangement or similar arrangement | 683 | 87 |
Gross Amounts of Recognized Liabilities, Total Derivative Liabilities | 1,434,883 | 546,414 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet, Total Derivative Liabilities | 1,424,258 | 537,008 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged, Total Derivative Liabilities | 800,017 | 504,911 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total Derivatives Liabilities | 624,241 | 32,097 |
Other derivative activities | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities, Total derivatives subject to a master netting arrangement or similar arrangement | 1,342,888 | 477,717 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 10,625 | 9,406 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 1,332,263 | 468,311 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged | 708,705 | 436,301 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 623,558 | 32,010 |
Cash flow hedges | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities, Total derivatives subject to a master netting arrangement or similar arrangement | 88,512 | 68,337 |
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 | 88,512 | 68,337 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged | 88,512 | 68,337 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | $ 0 | $ 0 |
INCOME TAXES (Narrative 10-Q) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 05, 2019
USD ($)
transaction
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Aug. 10, 2020 |
Dec. 31, 2019
USD ($)
|
|
Income Tax Contingency [Line Items] | |||||||
Income tax (benefit)/provision | $ (186,151) | $ 155,326 | $ (219,512) | $ 271,540 | |||
Effective income tax rate reconciliation, percent | 8.90% | 27.70% | 9.80% | 29.60% | |||
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 | $ 101,000 | $ 101,000 | $ 1,000,000 | ||||
Deferred tax assets, net | 766,392 | 766,392 | 503,681 | ||||
Deferred tax liabilities, gross | $ 867,400 | 867,400 | $ 1,500,000 | ||||
Increase (decrease) in deferred tax liabilities, net | $ (916,400) | ||||||
Threshold ownership percentage | 80.00% | 80.00% | |||||
Subsequent Event | |||||||
Income Tax Contingency [Line Items] | |||||||
Ownership percentage | 80.25% | ||||||
SC | |||||||
Income Tax Contingency [Line Items] | |||||||
Decrease upon potential decrease of investment interest | $ 306,600 |
FAIR VALUE (Fair Value Measurements, Recurring) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financial assets: | ||
AFS investment securities | $ 12,047,923 | $ 14,339,758 |
Other investments - trading securities | 19,766 | 1,097 |
RICs held-for-investment | 72,900 | 102,000 |
LHFS | 241,300 | 289,000 |
Other assets - derivatives | 1,644,784 | 555,896 |
Financial liabilities: | ||
Other liabilities - derivatives | 1,424,258 | 537,008 |
Total MSRs | 90,231 | 132,683 |
U.S. Treasury securities | ||
Financial assets: | ||
AFS investment securities | 1,521,795 | 4,090,938 |
Corporate debt | ||
Financial assets: | ||
AFS investment securities | 98,486 | 139,713 |
ABS | ||
Financial assets: | ||
AFS investment securities | 113,265 | 138,400 |
State and municipal securities | ||
Financial assets: | ||
AFS investment securities | 5 | 9 |
Recurring | ||
Financial assets: | ||
AFS investment securities | 12,047,923 | 14,339,758 |
Other investments - trading securities | 19,766 | 1,097 |
RICs held-for-investment | 72,862 | 101,968 |
LHFS | 241,250 | 289,009 |
MSRs | 88,674 | 130,855 |
Other assets - derivatives | 1,645,386 | 556,331 |
Total financial assets | 14,115,861 | 15,419,018 |
Financial liabilities: | ||
Other liabilities - derivatives | 1,434,883 | 546,414 |
Total financial liabilities | 1,434,883 | 546,414 |
Recurring | U.S. Treasury securities | ||
Financial assets: | ||
AFS investment securities | 1,521,795 | 4,090,938 |
Recurring | Corporate debt | ||
Financial assets: | ||
AFS investment securities | 98,486 | 139,713 |
Recurring | ABS | ||
Financial assets: | ||
AFS investment securities | 113,265 | 138,400 |
Recurring | State and municipal securities | ||
Financial assets: | ||
AFS investment securities | 5 | 9 |
Recurring | MBS | ||
Financial assets: | ||
AFS investment securities | 10,314,372 | 9,970,698 |
Recurring | Level 1 | ||
Financial assets: | ||
AFS investment securities | 0 | 0 |
Other investments - trading securities | 0 | 379 |
RICs held-for-investment | 0 | 0 |
LHFS | 0 | 0 |
MSRs | 0 | 0 |
Other assets - derivatives | 0 | 0 |
Total financial assets | 0 | 379 |
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 | State and municipal securities | ||
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 | 11,997,259 | 14,276,523 |
Other investments - trading securities | 19,766 | 718 |
RICs held-for-investment | 0 | 17,634 |
LHFS | 241,250 | 289,009 |
MSRs | 0 | 0 |
Other assets - derivatives | 1,628,619 | 553,222 |
Total financial assets | 13,886,894 | 15,137,106 |
Financial liabilities: | ||
Other liabilities - derivatives | 1,428,086 | 543,560 |
Total financial liabilities | 1,428,086 | 543,560 |
Recurring | Level 2 | U.S. Treasury securities | ||
Financial assets: | ||
AFS investment securities | 1,521,795 | 4,090,938 |
Recurring | Level 2 | Corporate debt | ||
Financial assets: | ||
AFS investment securities | 98,486 | 139,713 |
Recurring | Level 2 | ABS | ||
Financial assets: | ||
AFS investment securities | 62,601 | 75,165 |
Recurring | Level 2 | State and municipal securities | ||
Financial assets: | ||
AFS investment securities | 5 | 9 |
Recurring | Level 2 | MBS | ||
Financial assets: | ||
AFS investment securities | 10,314,372 | 9,970,698 |
Recurring | Level 3 | ||
Financial assets: | ||
AFS investment securities | 50,664 | 63,235 |
Other investments - trading securities | 0 | 0 |
RICs held-for-investment | 72,862 | 84,334 |
LHFS | 0 | 0 |
MSRs | 88,674 | 130,855 |
Other assets - derivatives | 16,767 | 3,109 |
Total financial assets | 228,967 | 281,533 |
Financial liabilities: | ||
Other liabilities - derivatives | 6,797 | 2,854 |
Total financial liabilities | $ 6,797 | 2,854 |
Percentage of level 3 assets to total assets held at fair value | 1.60% | |
Percentage of level 3 assets to total assets | 0.20% | |
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 | 50,664 | 63,235 |
Recurring | Level 3 | State and municipal securities | ||
Financial assets: | ||
AFS investment securities | 0 | 0 |
Recurring | Level 3 | MBS | ||
Financial assets: | ||
AFS investment securities | $ 0 | $ 0 |
FAIR VALUE (Sensitivity Analysis of Fair Value, Mortgage Servicing Rights) (Details) - MSRs $ in Millions |
Jun. 30, 2020
USD ($)
|
---|---|
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 | $ (5.3) |
Sensitivity analysis of fair value, impact of 20 percent adverse change in prepayment speed | (10.2) |
Sensitivity analysis of fair value, impact of 10 percent adverse change in discount rate | (2.5) |
Sensitivity analysis of fair value, impact of 20 percent adverse change in discount rate | $ (4.9) |
FAIR VALUE (Reconciliation of Assets and Liabilities Using Level 3 Inputs) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||||
Change in gain (loss) included in other comprehensive income (loss) | $ 100 | |||
Level 3 | Recurring | ||||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||||
Balances, beginning of period | 252,805 | $ 582,303 | $ 278,679 | $ 605,037 |
Losses in OCI | (88) | (830) | (319) | (1,502) |
Gains/(losses) in earnings | 5,708 | (10,687) | (19,123) | (17,086) |
Additions/Issuances | 2,521 | 10,285 | 8,935 | 13,182 |
Transfers from level 2 | 17,634 | 0 | ||
Settlements | (38,776) | (20,047) | (63,636) | (38,607) |
Balances, end of period | 222,170 | 561,024 | 222,170 | 561,024 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | 4,314 | (12,182) | (32,516) | (18,880) |
Level 3 | Recurring | Investments AFS | ||||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||||
Balances, beginning of period | 62,827 | 326,108 | 63,235 | 327,199 |
Losses in OCI | (88) | (830) | (319) | (1,502) |
Gains/(losses) in earnings | 0 | 0 | 0 | 0 |
Additions/Issuances | 0 | 0 | 0 | 0 |
Transfers from level 2 | 0 | 0 | ||
Settlements | (12,075) | (299) | (12,252) | (718) |
Balances, end of period | 50,664 | 324,979 | 50,664 | 324,979 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | 0 | 0 | 0 | 0 |
Level 3 | Recurring | RICs HFI | ||||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||||
Balances, beginning of period | 87,384 | 114,809 | 84,334 | 126,312 |
Losses in OCI | 0 | 0 | 0 | 0 |
Gains/(losses) in earnings | 4,059 | 3,405 | 6,950 | 6,952 |
Additions/Issuances | 0 | 2,079 | 2,512 | 2,079 |
Transfers from level 2 | 17,634 | 0 | ||
Settlements | (18,581) | (16,100) | (38,568) | (31,150) |
Balances, end of period | 72,862 | 104,193 | 72,862 | 104,193 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | 4,059 | 3,405 | 6,950 | 6,952 |
Level 3 | Recurring | MSRs | ||||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||||
Balances, beginning of period | 97,697 | 140,134 | 130,855 | 149,660 |
Losses in OCI | 0 | 0 | 0 | 0 |
Gains/(losses) in earnings | (3,341) | (14,691) | (35,623) | (23,937) |
Additions/Issuances | 2,521 | 8,206 | 6,423 | 11,103 |
Transfers from level 2 | 0 | 0 | ||
Settlements | (8,203) | (3,736) | (12,981) | (6,913) |
Balances, end of period | 88,674 | 129,913 | 88,674 | 129,913 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | (3,341) | (14,691) | (35,623) | (23,937) |
Level 3 | Recurring | Derivatives, net | ||||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||||
Balances, beginning of period | 4,897 | 1,252 | 255 | 1,866 |
Losses in OCI | 0 | 0 | 0 | 0 |
Gains/(losses) in earnings | 4,990 | 599 | 9,550 | (101) |
Additions/Issuances | 0 | 0 | 0 | 0 |
Transfers from level 2 | 0 | 0 | ||
Settlements | 83 | 88 | 165 | 174 |
Balances, end of period | 9,970 | 1,939 | 9,970 | 1,939 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | $ 3,596 | $ (896) | $ (3,843) | $ (1,895) |
FAIR VALUE (Fair Value Measurements, Non-recurring) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 72,900 | $ 102,000 |
LHFS | 241,300 | 289,000 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 49,358 | 68,248 |
Vehicle inventory | 294,156 | 346,265 |
LHFS | 5,198,114 | 1,131,214 |
MSRs | 7,318 | 8,197 |
Nonrecurring | Lower-of-cost-or fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
LHFS | 2,600,000 | |
Nonrecurring | Impaired commercial LHFI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 185,261 | 489,860 |
Total carrying value of the loans | 175,800 | 448,800 |
Nonrecurring | Auto loans impaired due to bankruptcy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 187,837 | 201,007 |
Goodwill | 350,000 | 0 |
Nonrecurring | Impaired personal loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
LHFS | 808,400 | 1,000,000 |
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 |
MSRs | 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 |
Goodwill | 0 | 0 |
Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 8,693 | 17,168 |
Vehicle inventory | 294,156 | 346,265 |
LHFS | 103 | 0 |
MSRs | 0 | 0 |
Nonrecurring | Level 2 | Impaired commercial LHFI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 52,195 | 133,640 |
Nonrecurring | Level 2 | Auto loans impaired due to bankruptcy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 187,837 | 200,504 |
Goodwill | 0 | 0 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 40,665 | 51,080 |
Vehicle inventory | 0 | 0 |
LHFS | 5,198,011 | 1,131,214 |
MSRs | 7,318 | 8,197 |
Nonrecurring | Level 3 | Impaired commercial LHFI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 133,066 | 356,220 |
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 | 503 |
Goodwill | $ 350,000 | $ 0 |
FAIR VALUE (Fair Value Adjustments) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jan. 01, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Goodwill | $ 2,596,161,000 | $ 2,596,161,000 | $ 4,444,389,000 | |||
Impairment of goodwill | $ 0 | 1,848,228,000 | $ 0 | 1,848,228,000 | $ 0 | |
Nonrecurring | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Goodwill | 2,200,000,000 | 2,200,000,000 | ||||
Nonrecurring | Impaired LHFI | Credit loss expense | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value adjustment | 2,461,000 | 479,000 | 6,153,000 | (6,113,000) | ||
Nonrecurring | Foreclosed assets | Miscellaneous income, net | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value adjustment | (1,171,000) | (1,532,000) | (3,121,000) | (3,784,000) | ||
Nonrecurring | LHFS | Miscellaneous income, net | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value adjustment | (268,364,000) | (104,365,000) | (331,302,000) | (172,038,000) | ||
Nonrecurring | Auto loans impaired due to bankruptcy | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Goodwill, fair value disclosure | 350,000,000 | 350,000,000 | $ 0 | |||
Nonrecurring | Auto loans impaired due to bankruptcy | Credit loss expense | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value adjustment | 4,953,000 | (7,254,000) | 0 | (11,664,000) | ||
Nonrecurring | Goodwill impairment | Impairment of goodwill | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value adjustment | 1,848,228,000 | 0 | 1,848,228,000 | 0 | ||
Nonrecurring | MSRs | Miscellaneous income, net | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value adjustment | $ (5,000) | $ (182,000) | $ (138,000) | $ (355,000) |
FAIR VALUE (Quantitative Information) (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
---|---|---|
Financial Assets: | ||
RICs held-for-investment | $ 72,900 | $ 102,000 |
LHFS | 241,300 | 289,000 |
MSRs | 90,231 | 132,683 |
Level 3 | Financing bonds | ||
Financial Assets: | ||
ABS | $ 50,664 | $ 51,001 |
Level 3 | Financing bonds | Discount rate | Minimum | ||
Financial Assets: | ||
ABS, Unobservable Inputs (as a percent) | 0.0037 | 0.0164 |
Level 3 | Financing bonds | Discount rate | Maximum | ||
Financial Assets: | ||
ABS, Unobservable Inputs (as a percent) | 0.0037 | 0.0164 |
Level 3 | Financing bonds | Discount rate | Weighted Average | ||
Financial Assets: | ||
ABS, Unobservable Inputs (as a percent) | 0.0037 | 0.0164 |
Level 3 | Sale-leaseback securities | ||
Financial Assets: | ||
ABS | $ 12,234 | |
Level 3 | Sale-leaseback securities | Offered Quotes | ||
Financial Assets: | ||
ABS, Unobservable Inputs (as a percent) | 1.0300 | |
Level 3 | RICs HFI | ||
Financial Assets: | ||
RICs held-for-investment | $ 72,862 | $ 84,334 |
Level 3 | RICs HFI | Discount rate | Minimum | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.095 | 0.0950 |
Level 3 | RICs HFI | Discount rate | Maximum | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.145 | 0.1450 |
Level 3 | RICs HFI | Discount rate | Weighted Average | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.1201 | 0.1316 |
Level 3 | RICs HFI | CPR | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.0666 | 0.0666 |
Level 3 | RICs HFI | Recovery Rate | Minimum | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.25 | 0.25 |
Level 3 | RICs HFI | Recovery Rate | Maximum | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.43 | 0.43 |
Level 3 | RICs HFI | Recovery Rate | Weighted Average | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.4196 | 0.4112 |
Level 3 | Personal LHFS | ||
Financial Assets: | ||
LHFS | $ 808,405 | $ 1,007,105 |
Level 3 | Personal LHFS | Discount rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.2000 | 0.1500 |
Level 3 | Personal LHFS | Discount rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.3000 | 0.2500 |
Level 3 | Personal LHFS | Market participant view | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.6500 | 0.7000 |
Level 3 | Personal LHFS | Market participant view | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.7000 | 0.8000 |
Level 3 | Personal LHFS | Default rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.4500 | 0.3000 |
Level 3 | Personal LHFS | Default rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.5500 | 0.4000 |
Level 3 | Personal LHFS | Net principal & interest payment rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.5000 | 0.7000 |
Level 3 | Personal LHFS | Net principal & interest payment rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.6000 | 0.8500 |
Level 3 | Personal LHFS | Loss severity rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.9000 | 0.9000 |
Level 3 | Personal LHFS | Loss severity rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.9500 | 0.9500 |
Level 3 | RICs HFS | ||
Financial Assets: | ||
LHFS | $ 1,637,194 | |
Level 3 | RICs HFS | Discount rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.0150 | |
Level 3 | RICs HFS | Discount rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.0250 | |
Level 3 | RICs HFS | Discount rate | Weighted Average | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.0200 | |
Level 3 | RICs HFS | Default rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.0100 | |
Level 3 | RICs HFS | Default rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.0200 | |
Level 3 | RICs HFS | Default rate | Weighted Average | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.0180 | |
Level 3 | RICs HFS | Loss severity rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.5000 | |
Level 3 | RICs HFS | Loss severity rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.6000 | |
Level 3 | RICs HFS | Loss severity rate | Weighted Average | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.5500 | |
Level 3 | RICs HFS | Prepayment rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.1000 | |
Level 3 | RICs HFS | Prepayment rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.2000 | |
Level 3 | RICs HFS | Prepayment rate | Weighted Average | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.1500 | |
Level 3 | MSRs | ||
Financial Assets: | ||
MSRs | $ 88,674 | $ 130,855 |
Level 3 | MSRs | Discount rate | ||
Financial Assets: | ||
MSRs, Unobservable Inputs (as a percent) | 0.0943 | 0.0963 |
Level 3 | MSRs | CPR | Minimum | ||
Financial Assets: | ||
MSRs, Unobservable Inputs (as a percent) | 0.0000 | 0.0783 |
Level 3 | MSRs | CPR | Maximum | ||
Financial Assets: | ||
MSRs, Unobservable Inputs (as a percent) | 0.2871 | 1.0000 |
Level 3 | MSRs | CPR | Weighted Average | ||
Financial Assets: | ||
MSRs, Unobservable Inputs (as a percent) | 0.1696 | 0.1197 |
FAIR VALUE (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financial assets: | ||
AFS investment securities | $ 12,047,923 | $ 14,339,758 |
Investments in debt securities HTM | 5,414,720 | 3,957,227 |
Other investments - trading securities | 19,766 | 1,097 |
LHFS | 241,300 | 289,000 |
Derivatives | 1,644,784 | 555,896 |
Financial liabilities: | ||
Derivatives | 1,424,258 | 537,008 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 11,085,206 | 7,644,372 |
AFS investment securities | 12,047,923 | 14,339,758 |
Investments in debt securities HTM | 5,229,562 | 3,938,797 |
Other investments - trading securities | 769,766 | 1,097 |
LHFI, net | 84,181,092 | 89,059,251 |
LHFS | 5,439,364 | 1,420,223 |
Restricted cash | 5,189,766 | 3,881,880 |
MSRs | 90,231 | 132,683 |
Derivatives | 1,645,386 | 556,331 |
Financial liabilities: | ||
Deposits | 5,528,540 | 9,375,281 |
Borrowings and other debt obligations | 49,857,326 | 50,654,406 |
Derivatives | 1,434,883 | 546,414 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 11,085,206 | 7,644,372 |
AFS investment securities | 12,047,923 | 14,339,758 |
Investments in debt securities HTM | 5,414,720 | 3,957,227 |
Other investments - trading securities | 769,766 | 1,097 |
LHFI, net | 88,368,326 | 90,490,760 |
LHFS | 5,439,364 | 1,420,295 |
Restricted cash | 5,189,766 | 3,881,880 |
MSRs | 95,992 | 139,052 |
Derivatives | 1,645,386 | 556,331 |
Financial liabilities: | ||
Deposits | 5,575,162 | 9,384,994 |
Borrowings and other debt obligations | 50,291,535 | 51,232,798 |
Derivatives | 1,434,883 | 546,414 |
Fair Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 11,085,206 | 7,644,372 |
AFS investment securities | 0 | 0 |
Investments in debt securities HTM | 0 | 0 |
Other investments - trading securities | 0 | 379 |
LHFI, net | 0 | 0 |
LHFS | 0 | 0 |
Restricted cash | 5,189,766 | 3,881,880 |
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 | 11,997,259 | 14,276,523 |
Investments in debt securities HTM | 5,414,720 | 3,957,227 |
Other investments - trading securities | 769,766 | 718 |
LHFI, net | 52,195 | 1,142,998 |
LHFS | 241,353 | 289,009 |
Restricted cash | 0 | 0 |
MSRs | 0 | 0 |
Derivatives | 1,628,619 | 553,222 |
Financial liabilities: | ||
Deposits | 5,575,162 | 9,384,994 |
Borrowings and other debt obligations | 33,991,246 | 36,114,404 |
Derivatives | 1,428,086 | 543,560 |
Fair Value | Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
AFS investment securities | 50,664 | 63,235 |
Investments in debt securities HTM | 0 | 0 |
Other investments - trading securities | 0 | 0 |
LHFI, net | 88,316,131 | 89,347,762 |
LHFS | 5,198,011 | 1,131,286 |
Restricted cash | 0 | 0 |
MSRs | 95,992 | 139,052 |
Derivatives | 16,767 | 3,109 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Borrowings and other debt obligations | 16,300,289 | 15,118,394 |
Derivatives | $ 6,797 | $ 2,854 |
FAIR VALUE (Fair Value Option for Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value | ||
Nonaccrual loans | $ 2,382 | $ 10,616 |
Aggregate UPB | ||
Nonaccrual loans | 3,558 | 12,917 |
Difference | ||
Nonaccrual loans | (1,176) | (2,301) |
Residential mortgages | ||
Difference | ||
Principal balance of loans serviced for others | 14,100,000 | 15,000,000 |
LHFS | ||
Fair Value | ||
LHFS | 241,250 | 289,009 |
Aggregate UPB | ||
LHFS | 228,660 | 284,111 |
Difference | ||
LHFS | 12,590 | 4,898 |
RICs HFI | ||
Fair Value | ||
RICs HFI | 72,862 | 101,968 |
Aggregate UPB | ||
RICs HFI | 79,249 | 113,863 |
Difference | ||
RICs HFI | $ (6,387) | $ (11,895) |
NON-INTEREST INCOME AND OTHER EXPENSES (Schedule of Non-Interest Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Revenue from Contract with Customer [Abstract] | ||||
Consumer and commercial fees | $ 108,826 | $ 146,499 | $ 233,074 | $ 279,517 |
Lease income | 755,006 | 705,835 | 1,526,666 | 1,380,720 |
Mortgage banking income, net | 17,038 | 13,908 | 33,127 | 22,723 |
BOLI | 13,815 | 16,113 | 28,909 | 30,431 |
Capital market revenue | 84,184 | 48,442 | 122,468 | 97,964 |
Net gain on sale of operating leases | 23,145 | 48,479 | 50,096 | 72,490 |
Asset and wealth management fees | 50,941 | 44,157 | 103,592 | 87,204 |
Loss on sale of non-mortgage loans | (122,533) | (83,916) | (184,640) | (151,373) |
Other miscellaneous (loss) / income, net | (166,620) | 21,088 | (131,609) | 38,376 |
Net gain/(loss) on sale of investment securities | 22,516 | 2,379 | 31,795 | 379 |
TOTAL NON-INTEREST INCOME | $ 786,318 | $ 962,984 | $ 1,813,478 | $ 1,858,431 |
NON-INTEREST INCOME AND OTHER EXPENSES (Disaggregation by Revenue Source) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Lease income | $ 755,006 | $ 705,835 | $ 1,526,666 | $ 1,380,720 |
Miscellaneous income/(loss) | (244,182) | (16,198) | (269,873) | (38,257) |
Net gain/(loss) on sale of investment securities | 22,516 | 2,379 | 31,795 | 379 |
Total out-of-scope of revenue from contracts with customers | 592,367 | 767,810 | 1,401,976 | 1,484,382 |
Non-interest income | 786,318 | 962,984 | 1,813,478 | 1,858,431 |
Total in-scope of revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 193,951 | 195,174 | 411,502 | 374,049 |
Depository services | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 41,825 | 60,115 | 99,029 | 116,282 |
Commission and trailer fees | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 45,552 | 40,987 | 97,264 | 79,636 |
Interchange income, net | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 15,599 | 17,851 | 31,919 | 32,963 |
Underwriting service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 49,200 | 27,249 | 75,407 | 50,792 |
Asset and wealth management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 26,271 | 37,077 | 69,291 | 73,997 |
Other revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 15,504 | 11,895 | 38,592 | 20,379 |
Consumer and commercial fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Out-of-scope of revenue from contracts with customers | $ 59,027 | $ 75,794 | $ 113,388 | $ 141,540 |
NON-INTEREST INCOME AND OTHER EXPENSES (Schedule of Other Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 48 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Revenue from Contract with Customer [Abstract] | |||||
Amortization of intangibles | $ 14,744 | $ 14,742 | $ 29,487 | $ 29,508 | |
Deposit insurance premiums and other expenses | 13,766 | 10,507 | 26,320 | 42,244 | $ 25,300 |
Loss on debt extinguishment | 890 | 1,109 | 1,026 | 1,127 | |
Other administrative expenses | 111,655 | 122,644 | 199,485 | 258,529 | |
Other miscellaneous expenses | 8,327 | 11,502 | 21,409 | 14,828 | |
Total Other expenses | $ 149,382 | $ 160,504 | $ 277,727 | $ 346,236 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Other Commitments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Commitments [Line Items] | ||
Lines of credit outstanding | $ 122,700 | $ 89,600 |
Total commitments | 33,846,354 | 32,378,134 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Other commitments | 32,068,222 | 30,685,478 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Letters of credit | 1,653,301 | 1,592,726 |
Commitments to sell loans | ||
Other Commitments [Line Items] | ||
Other commitments | 44,588 | 21,341 |
Unsecured revolving lines of credit | ||
Other Commitments [Line Items] | ||
Lines of credit outstanding | 26,854 | 24,922 |
Recourse exposure on sold loans | ||
Other Commitments [Line Items] | ||
Other commitments | $ 53,389 | $ 53,667 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Commitments to Extend Credit) (Details) - USD ($) $ in Billions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments that can be canceled without notice | $ 6.5 | $ 5.7 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Letters of Credit) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Other Commitments [Line Items] | ||
Lines of credit outstanding | $ 122,700 | $ 89,600 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Commitments, weighted average term | 15 months 3 days | |
Letters of credit | $ 1,653,301 | $ 1,592,726 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Commitments to Sell Loans) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Commitments to sell loans | |
Other Commitments [Line Items] | |
Forward contracts maturity period (less than) | 1 year |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (SC Commitments) (Details) - SC - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Consumer arrangements | ||
Long-term Purchase Commitment [Line Items] | ||
Contingencies | $ 12,300 | $ 1,991 |
Chrysler | Revenue-sharing and gain/(loss), net-sharing payments | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments | (2,228) | 12,132 |
Bank of America | Servicer performance fee | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments | 1,508 | 2,503 |
CBP | Loss-sharing payments | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments | $ 940 | $ 1,429 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Chrysler Agreement) (Details) - SC - Chrysler |
Jun. 30, 2020
USD ($)
|
---|---|
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 | $ 5,000,000,000.0 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Agreement with Bank of America) (Details) - SC - Bank of America - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jan. 31, 2017 |
|
Other Commitments [Line Items] | ||
Commitments | $ 300,000,000.0 | |
Servicer payments period | 6 years |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Agreement with CBP) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
SC | CBP | |
Other Commitments [Line Items] | |
Loss-sharing payment percentage | 0.50% |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Bluestem) (Details) - SC - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Other Commitments [Line Items] | ||||
Purchase obligation | $ 14.9 | $ 10.6 | ||
Purchase commitment, repurchase rate | 9.99% | |||
Purchase commitment, exercise of repurchase rights, retainer rate | 20.00% | |||
Bluestem | Purchase New Advances on Personal Revolving Financing Receivable | ||||
Other Commitments [Line Items] | ||||
Other commitments | $ 3,000.0 | 3,000.0 | $ 3,100.0 | |
Purchases from other commitments | 500.0 | $ 1,200.0 | ||
Bluestem | Purchase of Receivables Related to New Opened Customer Accounts | ||||
Other Commitments [Line Items] | ||||
Purchases from other commitments | $ 78.8 | $ 75.5 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Others) (Details) - SC - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Other Commitments [Line Items] | ||
Minimum sales commitment, charged off loan receivables | $ 350,000,000.0 | |
Threshold for sales subject to market price check (over) | 275,000,000.0 | |
Minimum sales commitment, loans receivable, written off, remaining | $ 27,700,000 | $ 39,800,000 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Legal and Regulatory Proceedings) (Details) loan in Thousands, $ in Millions |
6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jul. 28, 2020
USD ($)
|
May 19, 2020
USD ($)
|
Aug. 08, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
claim
|
Dec. 31, 2007
USD ($)
loan
|
Dec. 31, 2019
USD ($)
|
Oct. 31, 2013
USD ($)
|
|
Loss Contingencies [Line Items] | |||||||
Accrued legal and regulatory liabilities | $ 185.0 | $ 295.0 | |||||
JPMorgan Chase Mortgage Loan Sale Indemnity Demand | |||||||
Loss Contingencies [Line Items] | |||||||
Number of mortgage loans sold | loan | 35 | ||||||
Damages sought, value | $ 38.0 | ||||||
Consumer Remediation | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation settlement, amount awarded to other party | $ 65.0 | ||||||
Investigation Costs | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation settlement, amount awarded to other party | 5.0 | ||||||
Settlement Administration Costs | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation settlement, amount awarded to other party | 2.0 | ||||||
Debt Forgiveness | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation settlement, amount awarded to other party | $ 45.0 | ||||||
Puerto Rico FINRA Arbitrations | |||||||
Loss Contingencies [Line Items] | |||||||
Number of FINRA arbitration cases | claim | 764 | ||||||
Number of claims that remain pending | claim | 346 | ||||||
Puerto Rico Closed-End Funds Shareholder Derivative and Class Action | Puerto Rico | |||||||
Loss Contingencies [Line Items] | |||||||
Bonds (more than) | $ 180.0 | ||||||
Closed-end funds | $ 101.0 | ||||||
Puerto Rico Municipal Bond Insurer Litigation | Puerto Rico | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought, value | $ 720.0 | ||||||
Deka Investment v. Santander Comsumer USA Holdings Inc. | Subsequent Event | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, damages paid, value | $ 47.0 | ||||||
Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Estimate of possible loss | $ 145.0 |
RELATED PARTY TRANSACTIONS (Narrative 10-Q) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Related Party Transaction [Line Items] | |||||
Contribution from shareholder | $ 41,570,000 | $ 0 | $ 75,901,000 | ||
Interest-bearing deposits with an affiliate bank | $ 750,000,000 | 750,000,000 | $ 0 | ||
BSI | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Interest-bearing deposits with an affiliate bank | 1,000,000,000.0 | 1,000,000,000.0 | |||
Santander | SC | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Servicing fee income | 5,200,000 | 7,700,000 | 11,200,000 | 16,100,000 | |
Collections due to Santander | 7,100,000 | 7,100,000 | $ 8,200,000 | ||
Purchase of Retail Installment Contracts | SC | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Purchases of RICs | $ 1,700,000,000 | $ 1,900,000,000 | $ 2,800,000,000 | $ 3,000,000,000.0 |
BUSINESS SEGMENT INFORMATION (Narrative) (Details) $ in Millions |
Jun. 30, 2020
USD ($)
|
---|---|
CIB | |
Segment Reporting Information [Line Items] | |
Minimum annual revenue to service corporations | $ 500 |
BUSINESS SEGMENT INFORMATION (Segment Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 1,538,790 | $ 1,621,725 | $ 3,124,766 | $ 3,224,610 | |
Non-interest income | 786,318 | 962,984 | 1,813,478 | 1,858,431 | |
Credit loss expense | 977,373 | 480,632 | 2,162,983 | 1,080,843 | |
Total expenses | 3,429,690 | 1,542,386 | 5,013,491 | 3,084,801 | |
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/PROVISION | (2,081,955) | 561,691 | (2,238,230) | 917,397 | |
Intersegment revenue/(expense) | 0 | 0 | 0 | 0 | |
Total assets | 152,353,787 | 143,910,431 | 152,353,787 | 143,910,431 | $ 149,499,477 |
Reportable Segments | CBB | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 358,430 | 374,187 | 708,278 | 739,164 | |
Non-interest income | 71,373 | 86,543 | 154,926 | 161,200 | |
Credit loss expense | 186,714 | 40,215 | 352,184 | 77,215 | |
Total expenses | 1,955,547 | 404,102 | 2,340,820 | 794,073 | |
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/PROVISION | (1,712,458) | 16,413 | (1,829,800) | 29,076 | |
Intersegment revenue/(expense) | 541 | 581 | 961 | 976 | |
Total assets | 24,052,719 | 22,801,820 | 24,052,719 | 22,801,820 | |
Reportable Segments | C&I | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 70,034 | 57,428 | 127,853 | 110,771 | |
Non-interest income | 12,221 | 16,738 | 25,952 | 33,010 | |
Credit loss expense | 36,568 | 6,925 | 71,178 | 15,585 | |
Total expenses | 337,287 | 59,508 | 387,037 | 114,183 | |
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/PROVISION | (291,600) | 7,733 | (304,410) | 14,013 | |
Intersegment revenue/(expense) | 2,381 | 1,053 | 4,944 | 2,304 | |
Total assets | 7,048,220 | 7,442,924 | 7,048,220 | 7,442,924 | |
Reportable Segments | CRE & VF | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 90,160 | 105,148 | 191,309 | 207,714 | |
Non-interest income | 2,157 | 3,194 | 5,350 | 6,433 | |
Credit loss expense | 14,252 | 3,534 | 63,387 | 3,400 | |
Total expenses | 29,736 | 32,593 | 58,681 | 62,667 | |
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/PROVISION | 48,329 | 72,215 | 74,591 | 148,080 | |
Intersegment revenue/(expense) | 1,019 | 1,782 | 2,753 | 3,791 | |
Total assets | 19,567,288 | 18,809,753 | 19,567,288 | 18,809,753 | |
Reportable Segments | CIB | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 42,457 | 40,033 | 79,376 | 78,068 | |
Non-interest income | 90,398 | 54,423 | 140,550 | 106,629 | |
Credit loss expense | 15,314 | (4,188) | 33,455 | (2,746) | |
Total expenses | 62,424 | 66,120 | 124,923 | 132,560 | |
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/PROVISION | 55,117 | 32,524 | 61,548 | 54,883 | |
Intersegment revenue/(expense) | (3,941) | (3,401) | (8,658) | (7,071) | |
Total assets | 12,419,110 | 10,178,060 | 12,419,110 | 10,178,060 | |
Reportable Segments | Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (9,330) | 30,715 | 15,662 | 71,904 | |
Non-interest income | (49,109) | 114,251 | 65,244 | 206,633 | |
Credit loss expense | (137,597) | 4,622 | (127,436) | 8,393 | |
Total expenses | 121,796 | 181,599 | 291,186 | 406,301 | |
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/PROVISION | (42,638) | (41,255) | (82,844) | (136,157) | |
Intersegment revenue/(expense) | 0 | (15) | 0 | 0 | |
Total assets | 41,997,755 | 38,261,781 | 41,997,755 | 38,261,781 | |
Reportable Segments | SC | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 984,745 | 992,485 | 1,996,152 | 1,976,050 | |
Non-interest income | 667,242 | 713,737 | 1,441,074 | 1,389,291 | |
Credit loss expense | 861,896 | 430,676 | 1,769,783 | 981,555 | |
Total expenses | 919,626 | 795,514 | 1,803,423 | 1,566,487 | |
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/PROVISION | (129,535) | 480,032 | (135,980) | 817,299 | |
Intersegment revenue/(expense) | 0 | 0 | 0 | 0 | |
Total assets | 47,268,695 | 46,416,093 | 47,268,695 | 46,416,093 | |
SC Purchase Price Adjustments | SC | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (201) | 9,802 | (423) | 17,126 | |
Non-interest income | 3,168 | 2,313 | 5,021 | 4,314 | |
Credit loss expense | 226 | (1,152) | 432 | (2,559) | |
Total expenses | 9,804 | 9,860 | 19,593 | 20,390 | |
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/PROVISION | (7,063) | 3,407 | (15,427) | 3,609 | |
Intersegment revenue/(expense) | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | 0 | 0 | |
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 2,495 | 11,927 | 6,559 | 23,813 | |
Non-interest income | (11,132) | (28,215) | (24,639) | (49,079) | |
Credit loss expense | 0 | 0 | 0 | 0 | |
Total expenses | (6,530) | (6,910) | (12,172) | (11,860) | |
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/PROVISION | (2,107) | (9,378) | (5,908) | (13,406) | |
Intersegment revenue/(expense) | 0 | 0 | 0 | 0 | |
Total assets | $ 0 | $ 0 | $ 0 | $ 0 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201602Member |
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