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, 2021 and 2020 | |||||
Condensed Consolidated Statements of Comprehensive Income for the three-month and six-month periods ended June 30, 2021 and 2020 | |||||
Condensed Consolidated Statements of Stockholder's Equity for the three-month and six-month periods ended June 30, 2021 and 2020 | |||||
Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2021 and 2020 | |||||
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 | CRA NPR: The NPR related to the CRA issued by the OCC and FDIC on December 12, 2019 | |||||||
ACL: Allowance for credit losses | CRE: Commercial Real Estate | |||||||
AFS: Available-for-sale | CRE & VF: Commercial Real Estate and Vehicle Finance | |||||||
ALLL: Allowance for loan and lease losses | DCF: Discounted cash flow | |||||||
AOCI: Accumulated other comprehensive income | DFA: Dodd-Frank Wall Street Reform and Consumer Protection Act | |||||||
ARRC: Alternative Reference Rate Committee | DOJ: Department of Justice | |||||||
ASC: Accounting Standards Codification | DPD: Days past due | |||||||
ASU: Accounting Standards Update | DRIVE: Drive Auto Receivables Trust, a securitization platform | |||||||
ATM: Automated teller machine | DTI: Debt-to-income | |||||||
BHC: Bank holding company | EAD: Exposure at default | |||||||
BHCA: Bank Holding Company Act of 1956, as amended | Economic Growth Act: The Economic Growth, Regulatory Relief, and Consumer Protection Act | |||||||
BOLI: Bank-owned life insurance | EIP: Economic impact payments | |||||||
BSI: Banco Santander International | EIR: Effective interest rate | |||||||
BSPR: Banco Santander Puerto Rico | EPS: Enhanced Prudential Standards | |||||||
C&I: Commercial & industrial | ETR: Effective tax rate | |||||||
CARES Act: Coronavirus Aid, Relief, and Economic Security Act | Evaluation Date: March 31, 2021 | |||||||
CBB: Consumer and Business Banking | Exchange Act: Securities Exchange Act of 1934, as amended | |||||||
CBP: Citizens Bank of Pennsylvania | FASB: Financial Accounting Standards Board | |||||||
CCAR: Comprehensive Capital Analysis and Review | FBO: Foreign banking organization | |||||||
CD: Certificate of deposit | FDIC: Federal Deposit Insurance Corporation | |||||||
CECL: Current expected credit losses as defined by ASU 2016-13, ASU 2019-04, and ASU 2019-11, Financial Instruments - Credit Losses | Federal Reserve: Board of Governors of the Federal Reserve System | |||||||
CEF: Closed-end fund | FHLB: Federal Home Loan Bank | |||||||
CEO: Chief Executive Officer | FHLMC: Federal Home Loan Mortgage Corporation | |||||||
CET1: Common Equity Tier 1 | FICO®: Fair Isaac Corporation credit scoring model | |||||||
CEVF: Commercial equipment vehicle financing | FINRA: Financial Industrial Regulatory Authority | |||||||
CFPB: Consumer Financial Protection Bureau | FNMA: Federal National Mortgage Association | |||||||
CFO: Chief Financial Officer | FRB: Federal Reserve Bank | |||||||
CCAP: Chrysler Capital; trade name used in providing services under the MPLFA | FVO: Fair value option | |||||||
CIB: Corporate and Investment Banking | GAAP: Accounting principles generally accepted in the United States of America | |||||||
CID: Civil investigative demand | GBP: British pound sterling | |||||||
CLTV: Combined loan-to-value | GDP: Gross domestic product | |||||||
CMO: Collateralized mortgage obligation | GNMA: Government National Mortgage Association | |||||||
CODM: Chief Operating Decision Maker | GSIB: Global systemically important bank | |||||||
Company: Santander Holdings USA, Inc. | HFI: Held for investment | |||||||
Covered Fund: a hedge fund or private equity fund | HFS: Held for sale | |||||||
COVID-19: a novel strain of coronavirus, declared a pandemic by the World Health Organization in March 2020 | HPI: Housing Price Index | |||||||
CPR: Constant prepayment rate | HTM: Held to maturity | |||||||
CRA: Community Reinvestment Act | IBOR: Inter-bank offered rate | |||||||
CRA Final Rule: the final rule relating to the CRA issued by the OCC on July 20, 2020 | IDI: Insured depository institution | |||||||
IHC: U.S. intermediate holding company | RWA: Risk-weighted asset | |||||||
Interim Policy: Policy issued by the Federal Reserve for the third quarter of 2020 and extended through the first quarter of 2021 prohibiting share repurchases and limiting dividends by CCAR institutions | S&P: Standard & Poor's | |||||||
IPO: Initial public offering | SAF: Santander Auto Finance | |||||||
IRS: Internal Revenue Service | SAM: Santander Asset Management, LLC | |||||||
ISDA: International Swaps and Derivatives Association, Inc. | Santander: Banco Santander, S.A. | |||||||
IT: Information technology | Santander UK: Santander UK plc | |||||||
LCR: Liquidity coverage ratio | SBNA: Santander Bank, National Association | |||||||
LGD: Loss given default | SBC: Santander BanCorp and its subsidiaries | |||||||
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 | |||||||
Moody's: Moody's Investor Service, Inc. | SEC: Securities and Exchange Commission | |||||||
MPLFA: Ten-year master private-label financing agreement with Stellantis N.V. signed in May 2013 | Securities Act: Securities Act of 1933, as amended | |||||||
MSPA: Master Securities Purchase Agreement | Securities Financing Agreements: Resale, repurchase securities borrowed and securities lending agreements | |||||||
MSR: Mortgage servicing right | SFS: Santander Financial Services, Inc. | |||||||
MVE: Market value of equity | SHUSA: Santander Holdings USA, Inc. | |||||||
NCI: Non-controlling interest | SIS: Santander Investment Securities Inc. | |||||||
NMDs: Non-maturity deposits | SOFR: Secured overnight financing rate | |||||||
NMTC: New market tax credits | SPAIN: Santander Private Auto Issuing Note | |||||||
NPL: Non-performing loan | SPE: Special purpose entity | |||||||
NPR: Notice of proposed rule-making | SRT: Santander Retail Auto Lease Trust | |||||||
NSFR: Net stable funding ratio | SSLLC: Santander Securities LLC | |||||||
NYSE: New York Stock Exchange | Stellantis N.V.: Fiat Chrysler Automobiles US LLC parent Stellantis N.V. and/or any affiliates | |||||||
OCC: Office of the Comptroller of the Currency | 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. | |||||||
OCI: Other comprehensive income | TALF: Term asset-backed securities loan facility | |||||||
OIS: Overnight indexed swap | TDR: Troubled debt restructuring | |||||||
OREO: Other real estate owned | TLAC: Total loss-absorbing capacity | |||||||
Parent Company: The parent holding company of SBNA and other consolidated subsidiaries | TLAC Rule: The Federal Reserve's total loss-absorbing capacity rule | |||||||
PCI: purchased credit-impaired | Trusts: Securitization trusts | |||||||
PD: Probability of default | UPB: Unpaid principal balance | |||||||
REIT: Real estate investment trust | USD: United States dollar | |||||||
RIC: Retail installment contract | VIE: Variable interest entity | |||||||
ROU: Right-of-use | VOE: Voting rights entity | |||||||
RV: Recreational vehicle | YTD: Year-to-date | |||||||
June 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Federal funds sold and securities purchased under resale agreements or similar arrangements | |||||||||||
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 | |||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | |||||||||||
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; | |||||||||||
AOCI/(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, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
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 / (benefit) | ( | ( | |||||||||||||||||||||
NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE | |||||||||||||||||||||||
NON-INTEREST INCOME: | |||||||||||||||||||||||
Consumer and commercial fees | |||||||||||||||||||||||
Lease income | |||||||||||||||||||||||
Miscellaneous income, net(1) (2) | ( | ||||||||||||||||||||||
TOTAL FEES AND OTHER INCOME | |||||||||||||||||||||||
Net gain(loss) 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 | |||||||||||||||||||||||
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | ( | ( | |||||||||||||||||||||
Income tax (benefit)/provision | ( | ( | |||||||||||||||||||||
NET INCOME / (LOSS) INCLUDING NCI | ( | ( | |||||||||||||||||||||
LESS: NET INCOME / (LOSS) ATTRIBUTABLE TO NCI | ( | ( | |||||||||||||||||||||
NET INCOME / (LOSS) ATTRIBUTABLE TO SHUSA | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
NET INCOME / (LOSS) INCLUDING NCI | $ | $ | ( | $ | $ | ( | |||||||||||||||||
OCI, NET OF TAX | |||||||||||||||||||||||
Net unrealized changes in cash flow hedge derivative financial instruments, net of tax (1) | ( | ( | |||||||||||||||||||||
Net unrealized (losses) / gains on AFS investment securities, net of tax(1) | ( | ( | |||||||||||||||||||||
Pension and post-retirement actuarial gains, net of tax | |||||||||||||||||||||||
TOTAL OCI / (LOSS), NET OF TAX | ( | ( | |||||||||||||||||||||
COMPREHENSIVE INCOME | ( | ( | |||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO NCI | ( | ( | |||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO SHUSA | $ | $ | ( | $ | $ | ( |
Common Shares Outstanding | Common Stock and Paid-in Capital | Accumulated Other Comprehensive Income / (Loss) | Retained Earnings | Noncontrolling Interest | Total Stockholder's Equity | ||||||||||||||||||||||||||||||
Balance, April 1, 2021 | ( | ||||||||||||||||||||||||||||||||||
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 | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||
Balance, April 1, 2020 | |||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment upon adoption of new accounting standards (Note 1) | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Comprehensive income attributable to SHUSA | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
OCI/(loss) 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, January 1, 2021 | |||||||||||||||||||||||||||||||||||
Comprehensive income/(loss) attributable to SHUSA | — | — | ( | — | |||||||||||||||||||||||||||||||
Other comprehensive income/(loss) 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, 2021 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||
Balance, January 1, 2020 | ( | ||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment upon adoption of | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||
Comprehensive income/(loss) attributable to SHUSA | — | — | ( | — | ( | ||||||||||||||||||||||||||||||
OCI/(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 | $ | $ | $ | $ | $ |
Six-Month Period Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income/(loss) including NCI | $ | $ | ( | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Impairment of goodwill | |||||||||||
Credit loss (benefit)/expense | ( | ||||||||||
Deferred tax expense/(benefit) | ( | ||||||||||
Depreciation, amortization and accretion | |||||||||||
Net (gain)/loss on sale of loans | ( | ||||||||||
Net gain on sale of investment securities | ( | ( | |||||||||
Loss on debt extinguishment | |||||||||||
Net (gain)/loss on real estate owned, premises and equipment, and other | ( | ||||||||||
Stock-based compensation | |||||||||||
Equity loss on equity method investments | |||||||||||
Originations of LHFS | ( | ( | |||||||||
Proceeds from sales of and collections on LHFS (1) | |||||||||||
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 | ( | ( | |||||||||
Net change in federal funds sold and securities purchased under resale agreements | ( | ||||||||||
Proceeds from sales of LHFI (2) | |||||||||||
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 | ( | ( | |||||||||
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 federal funds purchased and securities loaned or sold under repurchase agreements | |||||||||||
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 | |||||||||||
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 (3) | $ | $ | |||||||||
NON-CASH TRANSACTIONS | |||||||||||
Loans transferred to/(from) OREO | ( | ( | |||||||||
Loans transferred from/(to) LHFI (from)/to LHFS, net | |||||||||||
Unsettled purchases of investment securities | |||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(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 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Residential | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Commercial | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
FHLMC and FNMA - Residential | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
FHLMC and FNMA - Commercial | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total investments in debt securities AFS | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(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, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||
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, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized 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) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Proceeds from the sales of AFS securities | $ | $ | $ | $ | ||||||||||||||||||||||
Gross realized gains | $ | $ | $ | $ | ||||||||||||||||||||||
Gross realized losses | ( | ( | ( | |||||||||||||||||||||||
Net realized gains/(losses) (1) | $ | $ | $ | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||
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, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | ||||||||||||||||||||||
Commercial LHFI: | ||||||||||||||||||||||||||
CRE loans | $ | % | $ | % | ||||||||||||||||||||||
C&I loans | % | % | ||||||||||||||||||||||||
Multifamily loans | % | % | ||||||||||||||||||||||||
Other commercial(2)(4) | % | % | ||||||||||||||||||||||||
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, 2021 | |||||||||||||||||||||||
(in thousands) | Commercial | Consumer | Total | ||||||||||||||||||||
ALLL, beginning of period (1) | $ | $ | $ | ||||||||||||||||||||
Credit loss expense / (benefit) | ( | ( | ( | ||||||||||||||||||||
Charge-offs | ( | ( | ( | ||||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Charge-offs, net of recoveries | ( | ||||||||||||||||||||||
ALLL, end of period | $ | $ | $ | ||||||||||||||||||||
Reserve for unfunded lending commitments, beginning of period (1) | $ | $ | $ | ||||||||||||||||||||
Credit loss expense / (benefit) on unfunded lending commitments | ( | ( | |||||||||||||||||||||
Reserve for unfunded lending commitments, end of period | |||||||||||||||||||||||
Total ACL, end of period | $ | $ | $ | ||||||||||||||||||||
Six-Month Period Ended June 30, 2021 | |||||||||||||||||||||||
(in thousands) | Commercial | Consumer | Total | ||||||||||||||||||||
ALLL, beginning of period | $ | $ | $ | ||||||||||||||||||||
Credit loss expense / (benefit) | ( | ( | ( | ||||||||||||||||||||
Charge-offs | ( | ( | ( | ||||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Charge-offs, net of recoveries | ( | ( | ( | ||||||||||||||||||||
ALLL, end of period | $ | $ | $ | ||||||||||||||||||||
Reserve for unfunded lending commitments, beginning of period | $ | $ | $ | ||||||||||||||||||||
Credit loss expense / (benefit) on unfunded lending commitments | ( | ( | ( | ||||||||||||||||||||
Reserve for unfunded lending commitments, end of period | |||||||||||||||||||||||
Total ACL, end of period | $ | $ | $ |
Three-Month Period Ended June 30, 2020 | ||||||||||||||||||||||||||
(in thousands) | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
ALLL, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Credit loss expense (benefit)(1) | ||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||
Charge-offs, net of recoveries | ( | ( | ( | |||||||||||||||||||||||
ALLL, end of period | $ | $ | $ | $ | ||||||||||||||||||||||
Reserve for unfunded lending commitments, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Credit loss expense / (release 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, 2020 | ||||||||||||||||||||||||||
(in thousands) | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
ALLL, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
( | ||||||||||||||||||||||||||
Credit loss expense (benefit) (1) | ||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||
Charge-offs, net of recoveries | ( | ( | ( | |||||||||||||||||||||||
ALLL, end of period | $ | $ | $ | $ | ||||||||||||||||||||||
Reserve for unfunded lending commitments, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Credit loss expense / (release of) credit loss expense on unfunded lending commitments (1) | ( | |||||||||||||||||||||||||
Reserve for unfunded lending commitments, end of period | ||||||||||||||||||||||||||
Total ACL, end of period | $ | $ | $ | $ |
Non-accrual loans as of: | Non-accrual loans with no allowance | Interest Income recognized on nonaccrual loans | ||||||||||||||||||||||||
(in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2021 | June 30, 2021 | ||||||||||||||||||||||
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, 2021 | ||||||||||||||||||||||||||||||||||||||
(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(3) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
C&I(1) | ||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Other commercial | ||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Residential mortgages(2) | ||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||||||||||||||||||||
RICs and auto loans(4) | ||||||||||||||||||||||||||||||||||||||
Personal unsecured loans | ||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
As of | ||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
(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, 2021 | Commercial Loan Portfolio (1) | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year | |||||||||||||||||||||||||||||||||||||||||||
Regulatory Rating: | 2021(3) | 2020 | 2019 | 2018 | 2017 | Prior | Total | |||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||
N/A | ||||||||||||||||||||||||||||||||||||||||||||
Total CRE | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
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, 2020 | Commercial Loan Portfolio (1) | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year | |||||||||||||||||||||||||||||||||||||||||||
Regulatory Rating: | 2020(3) | 2019 | 2018 | 2017 | 2016 | Prior | Total | |||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||
N/A | ||||||||||||||||||||||||||||||||||||||||||||
Total CRE | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | $ |
As of June 30, 2021 | RICs and auto loans | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year(3) | ||||||||||||||||||||||||||||||||||||||||||||||
Credit Score Range | 2021(2) | 2020 | 2019 | 2018 | 2017 | Prior | Total | Percent | |||||||||||||||||||||||||||||||||||||||
No FICO(1) | $ | $ | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||||||
<600 | % | ||||||||||||||||||||||||||||||||||||||||||||||
600-639 | % | ||||||||||||||||||||||||||||||||||||||||||||||
>=640 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | % |
As of December 31, 2020 | RICs and auto loans | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year(3) | ||||||||||||||||||||||||||||||||||||||||||||||
Credit Score Range | 2020(2) | 2019 | 2018 | 2017 | 2016 | Prior | Total | Percent | |||||||||||||||||||||||||||||||||||||||
No FICO(1) | $ | $ | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||||||
<600 | % | ||||||||||||||||||||||||||||||||||||||||||||||
600-639 | % | ||||||||||||||||||||||||||||||||||||||||||||||
>=640 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | % |
As of June 30, 2021 | Residential Mortgages(1)(3) | ||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year | ||||||||||||||||||||||||||||
FICO Score | 2021(4) | 2020 | 2019 | 2018 | 2017 | Prior | Grand Total | ||||||||||||||||||||||
N/A(2) | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
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, 2021 | Home Equity Loans and Lines of Credit(2) | ||||||||||||||||||||||||||||
(in thousands) | Amortized Cost by Origination Year | ||||||||||||||||||||||||||||
FICO Score | 2021(4) | 2020 | 2019 | 2018 | 2017 | Prior | Total | Revolving | |||||||||||||||||||||
N/A(2) | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | $ | $ |
As of December 31, 2020 | Residential Mortgages(1)(3) | ||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year | ||||||||||||||||||||||||||||
FICO Score | 2020(4) | 2019 | 2018 | 2017 | 2016 | Prior | Grand Total | ||||||||||||||||||||||
N/A(2) | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
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 December 31, 2020 | Home Equity Loans and Lines of Credit(2) | ||||||||||||||||||||||||||||
(in thousands) | Amortized Cost by Origination Year | ||||||||||||||||||||||||||||
FICO Score | 2020(4) | 2019 | 2018 | 2017 | 2016 | Prior | Total | Revolving | |||||||||||||||||||||
N/A(2) | |||||||||||||||||||||||||||||
LTV <= 70% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | $ | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||
Performing | $ | $ | ||||||||||||
Non-performing | ||||||||||||||
Total (1) | $ | $ |
Three-Month Period Ended June 30, 2021 | |||||||||||||||||
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, 2021 | |||||||||||||||||
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 | $ | $ |
Three-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 | $ | $ | |||||||||||||||
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, | Six-Month Period Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 | December 31, 2020 | ||||||||||||
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 | $ | $ |
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total | $ |
(in thousands) | CBB | C&I | CRE & VF | CIB | SC | Total | ||||||||||||||||||||||||||||||||
Goodwill at June 30, 2021 | $ | $ | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(in thousands) | Net Carrying Amount | Accumulated Amortization | Net Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||
Intangibles subject to amortization: | ||||||||||||||||||||||||||
Dealer networks | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Chrysler relationship | ( | ( | ||||||||||||||||||||||||
Trade name | ( | ( | ||||||||||||||||||||||||
Other intangibles(1) | ( | ( | ||||||||||||||||||||||||
Total intangibles subject to amortization | $ | $ | ( | $ | $ | ( |
Year | Calendar Year Amount | Recorded To Date | Remaining Amount To Record | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
2021 | $ | $ | $ | |||||||||||||||||
2022 | — | |||||||||||||||||||
2023 | — | |||||||||||||||||||
2024 | — | |||||||||||||||||||
2025 | — | |||||||||||||||||||
Thereafter | — |
(in thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||
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, 2021 | Total Operating leases | |||||||
(in thousands) | ||||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total lease liabilities | $ | |||||||
Less: Interest | ( | |||||||
Present value of lease liabilities | $ |
Supplemental Balance Sheet Information | June 30, 2021 | December 31, 2020 | ||||||||||||
Operating lease ROU assets | $ | $ | ||||||||||||
Weighted-average remaining lease term (years) | ||||||||||||||
Weighted-average discount rate |
Six-Month Period Ended June 30, | ||||||||||||||
Other Information | 2021 | 2020 | ||||||||||||
(in thousands) | ||||||||||||||
Operating cash flows from operating leases(1) | $ | ( | $ | ( | ||||||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | $ | ( |
(in thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||
Assets | ||||||||||||||
Restricted cash | $ | $ | ||||||||||||
LHFS | ||||||||||||||
LHFI | ||||||||||||||
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) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
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, 2021 | December 31, 2020 | ||||||||||||
Related party SPAIN securitizations | $ | $ | ||||||||||||
Third party SCART serviced securitizations | ||||||||||||||
Third party CCAP securitizations | ||||||||||||||
Total serviced for other portfolio | $ | $ |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Receivables securitized (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Net proceeds from new securitizations | ||||||||||||||||||||||||||
Cash received for servicing fees | ||||||||||||||||||||||||||
Total cash received from Trusts | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(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) | $ | % | $ | % |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(dollars in thousands) | Balance | Effective Rate | Balance | Effective Rate | ||||||||||||||||||||||
Parent Company | ||||||||||||||||||||||||||
$ | $ | |||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
Senior notes due June 2022(1) | % | |||||||||||||||||||||||||
Senior notes due January 2023 (2) | ||||||||||||||||||||||||||
Senior notes due July 2023 (2) | ||||||||||||||||||||||||||
Short-term borrowing due within one year, with an affiliate | % | |||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||
% | % | |||||||||||||||||||||||||
Short-term borrowing with an affiliate, maturing January 2021 | % | % | ||||||||||||||||||||||||
Short-term borrowing due within one year, maturing July 2021 | % | % | ||||||||||||||||||||||||
Total Parent Company and subsidiaries' borrowings and other debt obligations | $ | $ | % |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(dollars in thousands) | Balance | Effective Rate | Balance | Effective Rate | ||||||||||||||||||||||
FHLB advances, maturing through May 2022 | $ | % | $ | |||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Committed Amount | Effective Rate | Assets Pledged | Restricted Cash Pledged | |||||||||||||||||||||||||||
Warehouse line due June 2023 | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Warehouse line due March 2023 | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due January 2023 | % | |||||||||||||||||||||||||||||||
Warehouse line due November 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due July 2022 | % | |||||||||||||||||||||||||||||||
Total facilities with third parties | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Promissory note with Santander due June 2022 | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Promissory note with Santander due September 2022 | % | |||||||||||||||||||||||||||||||
Total facilities with related parties | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Total SC credit facilities | $ | $ | % | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Committed Amount | Effective Rate | Assets Pledged | Restricted Cash Pledged | |||||||||||||||||||||||||||
Warehouse line due March 2022 | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Warehouse line due November 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due August 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due January 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due July 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2022 | % | |||||||||||||||||||||||||||||||
Warehouse line due October 2022 | % | |||||||||||||||||||||||||||||||
Repurchase facility due January 2021 | % | |||||||||||||||||||||||||||||||
Total facilities with third parties | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Promissory note with Santander due June 2022 | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Promissory note with Santander due September 2022 | % | |||||||||||||||||||||||||||||||
Total facilities with related parties | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
Total SC credit facilities | $ | $ | % | $ | $ | |||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Initial Note Amounts Issued(3) | Initial Weighted Average Interest Rate Range | Collateral(2) | Restricted Cash | |||||||||||||||||||||||||||
SC public securitizations maturing on various dates between July 2022 and January 2029(1) | $ | $ | $ | $ | ||||||||||||||||||||||||||||
SC privately issued amortizing notes maturing on various dates between June 2022 and December 2027 (3) | ||||||||||||||||||||||||||||||||
Total SC secured structured financings | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Initial Note Amounts Issued | Initial Weighted Average Interest Rate Range | Collateral | Restricted Cash | |||||||||||||||||||||||||||
SC public securitizations maturing on various dates between May 2022 and May 2028 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
SC privately issued amortizing notes maturing on various dates between June 2022 and December 2027 | ||||||||||||||||||||||||||||||||
Total SC secured structured financings | $ | $ | $ | $ |
Total Other Comprehensive Income/(Loss) | Total Accumulated Other Comprehensive (Loss)/Income | |||||||||||||||||||||||||||||||||||||
Three-Month Period Ended June 30, 2021 | March 31, 2021 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||
(in thousands) | Pretax Activity | Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||||||||||
Change in AOCI on cash flow hedge derivative financial instruments | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains)/losses on cash flow hedge derivative financial instruments(1) | ( | |||||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) on cash flow hedge derivative financial instruments | ( | ( | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Change in unrealized (losses) 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, 2021 | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Total Other Comprehensive (Loss)/Income | Total Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||
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 AOCI 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 investment securities | ( | |||||||||||||||||||||||||||||||||||||
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(3) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
As of June 30, 2020 | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Total OCI/(Loss) | Total AOCI/(Loss) | |||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2021 | December 31, 2020 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||
(in thousands) | Pretax Activity | Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||||||||||
Change in AOCI on cash flow hedge derivative financial instruments | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains)/losses on cash flow hedge derivative financial instruments(1) | ( | |||||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) on cash flow hedge derivative financial instruments | ( | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Change in unrealized gains/(losses) on investments in debt securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains)/losses included in net income/(expense) on debt securities AFS (2) | ( | ( | ||||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) on investments in debt securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Pension and post-retirement actuarial gain(3) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
As of June 30, 2021 | $ | ( | $ | $ | ( | $ | $ | ( | $ | ( |
Total OCI/(Loss) | Total AOCI/(Loss) | |||||||||||||||||||||||||||||||||||||
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 AOCI on cash flow hedge derivative financial instruments | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Reclassification adjustment for net loss/(gains) on cash flow hedge derivative financial instruments(1) | ( | |||||||||||||||||||||||||||||||||||||
Net unrealized gains on cash flow hedge derivative financial instruments | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Change in unrealized gains/(losses) on investments in debt securities | ( | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains)/losses included in net income/(expense) on debt securities AFS (2) | ( | ( | ||||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) on investment securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Pension and post-retirement actuarial gain(3) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
As of June 30, 2020 | $ | $ | ( | $ | $ | ( | $ | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Securities purchased under agreements to resell | $ | $ | |||||||||
Deposits paid for securities borrowed | |||||||||||
Total | $ | $ | |||||||||
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Securities loaned or sold under agreements to repurchase | $ | $ | |||||||||
Deposits received for securities loaned | |||||||||||
Total | $ | $ |
June 30, 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | Open and overnight | Up to 30 days | 31-90 days | Greater than 90 days | Total | |||||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(in thousands) | Repurchase agreements | Securities lending agreements | Total | |||||||||||||||||
U.S. Treasury and federal agency securities | $ | $ | $ | |||||||||||||||||
Total | $ | $ | $ |
(dollars in thousands) | Notional Amount | Asset | Liability | Weighted Average Receive Rate | Weighted Average Pay Rate | Weighted Average Life (Years) | ||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | % | % | |||||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Pay fixed — receive variable interest rate swaps | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Pay variable - receive fixed interest rate swaps | ||||||||||||||||||||||||||||||||||||||
Interest rate floor | % | |||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
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, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
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 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||
Interest rate swaps | Net interest income | $ | $ | $ | $ | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Interest rate floors | 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 Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
(in thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | Collateral Received (3) | Net Amount | |||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||
Fair value hedges | $ | $ | $ | $ | ||||||||||||||||||||||||||||
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, 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 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Offsetting of Financial Liabilities | ||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
(in thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | Collateral Pledged (3) | Net Amount | |||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||
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, 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 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Balance at June 30, 2021 | Level 1 | Level 2 | Level 3 | Balance at December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||||||||||||||
MBS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in debt securities AFS(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments - trading securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
RICs HFI(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
LHFS (1)(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||
MSRs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets - derivatives (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total financial assets (5) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities - derivatives (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Three-Month Period Ended June 30, 2021 | Three-Month Period Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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, 2021 | Six-Month Period Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 | Level 1 | Level 2 | Level 3 | Balance at December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||
Impaired commercial LHFI | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Foreclosed assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle inventory | ||||||||||||||||||||||||||||||||||||||||||||||||||
LHFS(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Auto loans impaired due to bankruptcy | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | ||||||||||||||||||||||||||||
(in thousands) | Statement of Operations Location | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Impaired LHFI | Credit loss expense | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
Foreclosed assets | Miscellaneous income, net (1) | ( | ( | ( | ( | ||||||||||||||||||||||||
LHFS | Miscellaneous income | ( | ( | ||||||||||||||||||||||||||
Auto loans impaired due to bankruptcy | Credit loss expense | ||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value at June 30, 2021 (4) | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||
Financing bonds | $ | DCF | Discount rate (1) | |||||||||||||||||||||||
RICs HFS | DCF | Discount rate | ||||||||||||||||||||||||
Default rate | ||||||||||||||||||||||||||
Prepayment rate | ||||||||||||||||||||||||||
Loss severity rate | ||||||||||||||||||||||||||
MSRs | DCF | CPR (2) | [ | |||||||||||||||||||||||
Discount rate (3) | ||||||||||||||||||||||||||
(dollars in thousands) | Fair Value at December 31, 2020 | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | |||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
ABS | |||||||||||||||||||||||
Financing bonds | $ | DCF | Discount rate (1) | ||||||||||||||||||||
Personal LHFS (4) | 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 | DCF | CPR (2) | |||||||||||||||||||||
Discount rate (3) | % | ||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements or similar arrangements(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in debt securities AFS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in debt securities HTM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LHFI, net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LHFS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSRs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and other debt obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(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) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Gain / (loss) on sale of non-mortgage loans | ( | ( | ( | |||||||||||||||||||||||
Other miscellaneous income / (loss), 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) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Other miscellaneous income / (loss), net (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) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
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, 2021 | December 31, 2020 | ||||||||||||
(in thousands) | ||||||||||||||
Commitments to extend credit | $ | $ | ||||||||||||
Letters of credit | ||||||||||||||
Commitments to sell loans | ||||||||||||||
Recourse exposure on sold loans | ||||||||||||||
Total commitments | $ | $ |
Agreement or Legal Matter | Commitment or Contingency | June 30, 2021 | December 31, 2020 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
MPLFA | 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, 2021 | CBB | C&I | CRE & VF | CIB(4) | Other(1) | SC(2) | SC Purchase Price Adjustments(3) | Eliminations(3) | 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) | ( | ( | ( | ||||||||||||||||||||||||||||||||
For the Year-to-Date Ended | SHUSA Reportable Segments | ||||||||||||||||||||||||||||||||||
June 30, 2021 | CBB | C&I | CRE & VF | CIB(4) | Other(1) | SC(2) | SC Purchase Price Adjustments(3) | Eliminations(3) | 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) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total assets |
For the Three-Month Period Ended | SHUSA Reportable Segments | ||||||||||||||||||||||||||||||||||
June 30, 2020 | CBB | C&I | CRE & VF | CIB(4) | Other(1) | SC(2) | SC Purchase Price Adjustments(3) | Eliminations(3) | 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) | ( | ( | ( | ||||||||||||||||||||||||||||||||
For the Year-to-Date Ended | SHUSA Reportable Segments | ||||||||||||||||||||||||||||||||||
June 30, 2020 | CBB | C&I | CRE & VF | CIB(4) | Other(1) | SC(2) | SC Purchase Price Adjustments(3) | Eliminations(3) | 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) | ( | ( | |||||||||||||||||||||||||||||||||
Total assets |
June 30, 2021 | ||||||||
Dow Jones Industrial Average | 12.7% | |||||||
S&P 500 | 14.4% | |||||||
NASDAQ Composite | 12.5% |
SANTANDER (1) | SHUSA | SBNA (2) | Overall Outlook | ||||||||||||||||||||
Fitch | A | BBB+ | BBB+ | Stable | |||||||||||||||||||
Moody's | A2 | Baa3 | Baa1 | Stable | |||||||||||||||||||
S&P | A | BBB+ | A- | Stable |
CONSOLIDATED AVERAGE BALANCE SHEET / NET INTEREST MARGIN ANALYSIS | |||||||||||||||||||||||||||||||||||||||||||||||
THREE-MONTH PERIODS ENDED JUNE 30, 2021 AND 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 (1) | 2020 (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(3) | $ | 30,779,243 | $ | 58,076 | 0.75 | % | $ | 28,429,283 | $ | 88,527 | 1.25 | % | $ | (30,451) | $ | 7,932 | $ | (38,383) | |||||||||||||||||||||||||||||
LOANS(4): | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 31,409,228 | 244,313 | 3.11 | % | 34,420,465 | 293,222 | 3.41 | % | (48,909) | (24,386) | (24,523) | ||||||||||||||||||||||||||||||||||||
Multifamily | 7,986,605 | 65,754 | 3.29 | % | 8,455,070 | 72,686 | 3.44 | % | (6,932) | (3,879) | (3,053) | ||||||||||||||||||||||||||||||||||||
Total commercial loans | 39,395,833 | 310,067 | 3.15 | % | 42,875,535 | 365,908 | 3.41 | % | (55,841) | (28,265) | (27,576) | ||||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 6,275,860 | 49,367 | 3.15 | % | 8,669,723 | 80,253 | 3.70 | % | (30,886) | (20,076) | (10,810) | ||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 3,839,731 | 28,315 | 2.95 | % | 4,542,745 | 36,984 | 3.26 | % | (8,669) | (5,370) | (3,299) | ||||||||||||||||||||||||||||||||||||
Total consumer loans secured by real estate | 10,115,591 | 77,682 | 3.07 | % | 13,212,468 | 117,237 | 3.55 | % | (39,555) | (25,446) | (14,109) | ||||||||||||||||||||||||||||||||||||
RICs and auto loans | 42,154,262 | 1,339,797 | 12.71 | % | 37,974,160 | 1,251,951 | 13.19 | % | 87,846 | 131,233 | (43,387) | ||||||||||||||||||||||||||||||||||||
Personal unsecured | 955,937 | 25,748 | 10.77 | % | 2,411,976 | 139,204 | 23.09 | % | (113,456) | (60,222) | (53,234) | ||||||||||||||||||||||||||||||||||||
Other consumer(5) | 189,414 | 3,558 | 7.51 | % | 282,811 | 4,962 | 7.02 | % | (1,404) | (1,780) | 376 | ||||||||||||||||||||||||||||||||||||
Total consumer | 53,415,204 | 1,446,785 | 10.83 | % | 53,881,415 | 1,513,354 | 11.23 | % | (66,569) | 43,785 | (110,354) | ||||||||||||||||||||||||||||||||||||
Total loans | 92,811,037 | 1,756,852 | 7.57 | % | 96,756,950 | 1,879,262 | 7.77 | % | (122,410) | 15,520 | (137,930) | ||||||||||||||||||||||||||||||||||||
Intercompany investments | — | — | — | % | — | — | — | % | — | — | — | ||||||||||||||||||||||||||||||||||||
TOTAL EARNING ASSETS | 123,590,280 | 1,814,928 | 5.87 | % | 125,186,233 | 1,967,789 | 6.29 | % | (152,861) | 23,452 | (176,313) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses (6) | (7,134,776) | (6,620,331) | |||||||||||||||||||||||||||||||||||||||||||||
Other assets(7) | 33,333,043 | 35,573,456 | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 149,788,547 | $ | 154,139,358 | |||||||||||||||||||||||||||||||||||||||||||
INTEREST BEARING FUNDING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits and other customer related accounts: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 12,479,038 | $ | 1,496 | 0.05 | % | $ | 11,810,121 | $ | 2,820 | 0.10 | % | $ | (1,324) | $ | 169 | $ | (1,493) | |||||||||||||||||||||||||||||
Savings | 5,433,275 | 524 | 0.04 | % | 6,103,704 | 2,429 | 0.16 | % | (1,905) | (243) | (1,662) | ||||||||||||||||||||||||||||||||||||
Money market | 34,546,669 | 14,039 | 0.16 | % | 29,272,445 | 38,233 | 0.52 | % | (24,194) | 8,511 | (32,705) | ||||||||||||||||||||||||||||||||||||
CDs | 3,056,179 | 5,927 | 0.78 | % | 6,593,071 | 25,640 | 1.56 | % | (19,713) | (10,203) | (9,510) | ||||||||||||||||||||||||||||||||||||
TOTAL INTEREST-BEARING DEPOSITS | 55,515,161 | 21,986 | 0.16 | % | 53,779,341 | 69,122 | 0.51 | % | (47,136) | (1,766) | (45,370) | ||||||||||||||||||||||||||||||||||||
BORROWED FUNDS: | |||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances, federal funds purchased, and repurchase agreements | 1,207,618 | 1,368 | 0.45 | % | 7,142,297 | 23,333 | 1.31 | % | (21,965) | (12,270) | (9,695) | ||||||||||||||||||||||||||||||||||||
Other borrowings | 42,720,806 | 259,739 | 2.43 | % | 44,848,829 | 336,544 | 3.00 | % | (76,805) | (15,346) | (61,459) | ||||||||||||||||||||||||||||||||||||
TOTAL BORROWED FUNDS (8) | 43,928,424 | 261,107 | 2.38 | % | 51,991,126 | 359,877 | 2.77 | % | (98,770) | (27,616) | (71,154) | ||||||||||||||||||||||||||||||||||||
TOTAL INTEREST-BEARING FUNDING LIABILITIES | 99,443,585 | 283,093 | 1.14 | % | 105,770,467 | 428,999 | 1.62 | % | (145,906) | (29,382) | (116,524) | ||||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 20,179,520 | 18,309,976 | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities(9) | 7,438,125 | 7,600,050 | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES | 127,061,230 | 131,680,493 | |||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDER’S EQUITY | 22,727,317 | 22,458,865 | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY | $ | 149,788,547 | $ | 154,139,358 | |||||||||||||||||||||||||||||||||||||||||||
NET INTEREST SPREAD (10) | 4.73 | % | 4.67 | % | |||||||||||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN (11) | 4.96 | % | 4.92 | % | |||||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME (12) | $ | 1,531,835 | $ | 1,538,790 | |||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET / NET INTEREST MARGIN ANALYSIS | |||||||||||||||||||||||||||||||||||||||||||||||
SIX-MONTH PERIODS ENDED JUNE 30, 2021 AND 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 (1) | 2020 (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(3) | $ | 29,576,921 | $ | 117,272 | 0.79 | % | $ | 27,162,206 | $ | 220,754 | 1.63 | % | $ | (103,482) | $ | 21,576 | $ | (125,058) | |||||||||||||||||||||||||||||
LOANS(4): | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 31,385,059 | 487,766 | 3.11 | % | 33,488,826 | 609,168 | 3.64 | % | (121,402) | (36,591) | (84,811) | ||||||||||||||||||||||||||||||||||||
Multifamily | 8,094,772 | 136,651 | 3.38 | % | 8,493,807 | 155,893 | 3.67 | % | (19,242) | (7,175) | (12,067) | ||||||||||||||||||||||||||||||||||||
Total commercial loans | 39,479,831 | 624,417 | 3.16 | % | 41,982,633 | 765,061 | 3.64 | % | (140,644) | (43,766) | (96,878) | ||||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 6,510,326 | 101,284 | 3.11 | % | 8,806,806 | 166,386 | 3.78 | % | (65,102) | (38,755) | (26,347) | ||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 3,926,178 | 60,571 | 3.09 | % | 4,597,439 | 87,698 | 3.82 | % | (27,127) | (11,749) | (15,378) | ||||||||||||||||||||||||||||||||||||
Total consumer loans secured by real estate | 10,436,504 | 161,855 | 3.10 | % | 13,404,245 | 254,084 | 3.79 | % | (92,229) | (50,504) | (41,725) | ||||||||||||||||||||||||||||||||||||
RICs and auto loans | 41,723,321 | 2,661,689 | 12.76 | % | 37,382,043 | 2,524,460 | 13.51 | % | 137,229 | 262,903 | (125,674) | ||||||||||||||||||||||||||||||||||||
Personal unsecured | 1,304,724 | 167,638 | 25.70 | % | 2,329,078 | 303,040 | 26.02 | % | (135,402) | (131,719) | (3,683) | ||||||||||||||||||||||||||||||||||||
Other consumer(5) | 201,098 | 6,964 | 6.93 | % | 293,972 | 10,365 | 7.05 | % | (3,401) | (3,227) | (174) | ||||||||||||||||||||||||||||||||||||
Total consumer | 53,665,647 | 2,998,146 | 11.17 | % | 53,409,338 | 3,091,949 | 11.58 | % | (93,803) | 77,453 | (171,256) | ||||||||||||||||||||||||||||||||||||
Total loans | 93,145,478 | 3,622,563 | 7.78 | % | 95,391,971 | 3,857,010 | 8.09 | % | (234,447) | 33,687 | (268,134) | ||||||||||||||||||||||||||||||||||||
Intercompany investments | — | — | % | — | — | — | % | — | — | — | |||||||||||||||||||||||||||||||||||||
TOTAL EARNING ASSETS | 122,722,399 | 3,739,835 | 6.09 | % | 122,554,177 | 4,077,764 | 6.65 | % | (337,929) | 55,263 | (393,192) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses(6) | (7,225,153) | (6,324,985) | |||||||||||||||||||||||||||||||||||||||||||||
Other assets(7) | 33,271,699 | 34,877,861 | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 148,768,945 | $ | 151,107,053 | |||||||||||||||||||||||||||||||||||||||||||
INTEREST-BEARING FUNDING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits and other customer related accounts: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 12,118,987 | $ | 2,904 | 0.05 | % | $ | 11,351,363 | $ | 19,915 | 0.35 | % | $ | (17,011) | $ | 1,458 | $ | (18,469) | |||||||||||||||||||||||||||||
Savings | 5,217,059 | 1,007 | 0.04 | % | 5,868,215 | 5,359 | 0.18 | % | (4,352) | (544) | (3,808) | ||||||||||||||||||||||||||||||||||||
Money market | 34,248,835 | 31,939 | 0.19 | % | 28,208,387 | 110,301 | 0.78 | % | (78,362) | 30,945 | (109,307) | ||||||||||||||||||||||||||||||||||||
CDs | 3,315,076 | 15,922 | 0.96 | % | 7,569,060 | 62,160 | 1.64 | % | (46,238) | (26,610) | (19,628) | ||||||||||||||||||||||||||||||||||||
TOTAL INTEREST-BEARING DEPOSITS | 54,899,957 | 51,772 | 0.19 | % | 52,997,025 | 197,735 | 0.75 | % | (145,963) | 5,249 | (151,212) | ||||||||||||||||||||||||||||||||||||
BORROWED FUNDS: | |||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances, federal funds purchased, and repurchase agreements | 1,125,642 | 3,024 | 0.54 | % | 6,963,137 | 58,185 | 1.67 | % | (55,161) | (30,526) | (24,635) | ||||||||||||||||||||||||||||||||||||
Other borrowings | 43,531,609 | 533,872 | 2.45 | % | 44,508,110 | 697,078 | 3.13 | % | (163,206) | (14,966) | (148,240) | ||||||||||||||||||||||||||||||||||||
TOTAL BORROWED FUNDS (8) | 44,657,251 | 536,896 | 2.40 | % | 51,471,247 | 755,263 | 2.93 | % | (218,367) | (45,492) | (172,875) | ||||||||||||||||||||||||||||||||||||
TOTAL INTEREST-BEARING FUNDING LIABILITIES | 99,557,208 | 588,668 | 1.18 | % | 104,468,272 | 952,998 | 1.82 | % | (364,330) | (40,243) | (324,087) | ||||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 19,635,303 | 16,714,359 | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities(9) | 7,407,399 | 7,220,157 | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES | 126,599,910 | 128,402,788 | |||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDER’S EQUITY | 22,169,035 | 22,704,265 | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY | $ | 148,768,945 | $ | 151,107,053 | |||||||||||||||||||||||||||||||||||||||||||
NET INTEREST SPREAD (10) | 4.91 | % | 4.83 | % | |||||||||||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN (11) | 5.14 | % | 5.10 | % | |||||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME (12) | $ | 3,151,167 | $ | 3,124,766 | |||||||||||||||||||||||||||||||||||||||||||
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||||||||||||||||||||||
Consumer fees | $ | 72,983 | $ | 78,145 | $ | 156,675 | $ | 166,715 | $ | (5,162) | (6.6) | % | $ | (10,040) | (6.0) | % | ||||||||||||||||||||||||||||||||||
Commercial fees | 33,943 | 30,681 | 69,470 | 66,359 | 3,262 | 10.6 | % | 3,111 | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||
Lease income | 732,892 | 755,006 | 1,505,784 | 1,526,666 | (22,114) | (2.9) | % | (20,882) | (1.4) | % | ||||||||||||||||||||||||||||||||||||||||
Miscellaneous income, net | 337,099 | (100,030) | 619,610 | 21,943 | 437,129 | 437.0 | % | 597,667 | 2,723.7 | % | ||||||||||||||||||||||||||||||||||||||||
Net gains recognized in earnings | 5,370 | 22,516 | 15,243 | 31,795 | (17,146) | (76.2) | % | (16,552) | (52.1) | % | ||||||||||||||||||||||||||||||||||||||||
Total non-interest income | $ | 1,182,287 | $ | 786,318 | $ | 2,366,782 | $ | 1,813,478 | $ | 395,969 | 50.4 | % | $ | 553,304 | 30.5 | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||||||||||||||||||||||
Mortgage banking income, net | $ | 675 | $ | 17,038 | $ | 21,413 | $ | 33,127 | $ | (16,363) | (96.0) | % | $ | (11,714) | (35.4) | % | ||||||||||||||||||||||||||||||||||
BOLI | 15,387 | 13,815 | 30,933 | 28,909 | 1,572 | 11.4 | % | 2,024 | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||
Capital market revenue | 60,146 | 84,184 | 141,935 | 122,468 | (24,038) | (28.6) | % | 19,467 | 15.9 | % | ||||||||||||||||||||||||||||||||||||||||
Net gain on sale of operating leases | 178,544 | 23,145 | 286,807 | 50,096 | 155,399 | 671.4 | % | 236,711 | 472.5 | % | ||||||||||||||||||||||||||||||||||||||||
Asset and wealth management fees | 58,744 | 50,941 | 117,471 | 103,592 | 7,803 | 15.3 | % | 13,879 | 13.4 | % | ||||||||||||||||||||||||||||||||||||||||
Loss on sale of non-mortgage loans | 14,831 | (122,533) | (23,185) | (184,640) | 137,364 | 112.1 | % | 161,455 | 87.4 | % | ||||||||||||||||||||||||||||||||||||||||
Other miscellaneous income / (loss), net | 8,772 | (166,620) | 44,236 | (131,609) | 175,392 | 105.3 | % | 175,845 | 133.6 | % | ||||||||||||||||||||||||||||||||||||||||
Total miscellaneous income | $ | 337,099 | $ | (100,030) | $ | 619,610 | $ | 21,943 | $ | 437,129 | 437.0 | % | $ | 597,667 | 2,723.7 | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | 488,201 | $ | 440,521 | $ | 953,459 | $ | 929,794 | $ | 47,680 | 10.8 | % | $ | 23,665 | 2.5 | % | |||||||||||||||||||||||||||||||
Occupancy and equipment expenses | 168,415 | 164,875 | 340,491 | 311,786 | 3,540 | 2.1 | % | 28,705 | 9.2 | % | |||||||||||||||||||||||||||||||||||||
Technology, outside services, and marketing expense | 139,618 | 126,991 | 274,370 | 261,981 | 12,627 | 9.9 | % | 12,389 | 4.7 | % | |||||||||||||||||||||||||||||||||||||
Loan expense | 70,505 | 58,423 | 182,086 | 152,344 | 12,082 | 20.7 | % | 29,742 | 19.5 | % | |||||||||||||||||||||||||||||||||||||
Lease expense | 517,646 | 641,270 | 1,077,985 | 1,231,631 | (123,624) | (19.3) | % | (153,646) | (12.5) | % | |||||||||||||||||||||||||||||||||||||
Impairment of goodwill | — | 1,848,228 | — | 1,848,228 | (1,848,228) | (100.0) | % | (1,848,228) | (100.0) | % | |||||||||||||||||||||||||||||||||||||
Other expenses | 108,497 | 149,382 | 212,919 | 277,727 | (40,885) | (27.4) | % | (64,808) | (23.3) | % | |||||||||||||||||||||||||||||||||||||
Total general, administrative and other expenses | $ | 1,492,882 | $ | 3,429,690 | $ | 3,041,310 | $ | 5,013,491 | $ | (1,936,808) | (56.5) | % | $ | (1,972,181) | (39.3) | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 367,195 | $ | 337,310 | $ | 719,703 | $ | 669,117 | $ | 29,885 | 8.9 | % | $ | 50,586 | 7.6 | % | |||||||||||||||||||||||||||||||
Total non-interest income | 71,481 | 68,629 | 147,791 | 148,877 | 2,852 | 4.2 | % | (1,086) | (0.7) | % | |||||||||||||||||||||||||||||||||||||
Credit loss expense / (release of) credit loss expenses | (17,437) | 178,601 | (36,592) | 331,608 | (196,038) | (109.8) | % | (368,200) | (111.0) | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 373,470 | 1,933,865 | 741,921 | 2,300,911 | (1,560,395) | (80.7) | % | (1,558,990) | (67.8) | % | |||||||||||||||||||||||||||||||||||||
Income / (Loss) before income taxes | 82,643 | (1,706,527) | 162,165 | (1,814,525) | 1,789,170 | 104.8 | % | 1,976,690 | 108.9 | % | |||||||||||||||||||||||||||||||||||||
Intersegment revenue / (expense) | (214) | (132) | (471) | (392) | (82) | (62.1) | % | (79) | (20.2) | % | |||||||||||||||||||||||||||||||||||||
Total assets | 23,223,301 | 22,650,349 | 23,223,301 | 22,650,349 | 572,952 | 2.5 | % | 572,952 | 2.5 | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 71,842 | $ | 91,544 | $ | 145,061 | $ | 167,677 | $ | (19,702) | (21.5) | % | $ | (22,616) | (13.5) | % | |||||||||||||||||||||||||||||||
Total non-interest income | 19,040 | 15,016 | 35,717 | 32,104 | 4,024 | 26.8 | % | 3,613 | 11.3 | % | |||||||||||||||||||||||||||||||||||||
Credit loss expense / (release of) credit loss expenses | (20,721) | 44,822 | (52,062) | 92,054 | (65,543) | (146.2) | % | (144,116) | (156.6) | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 63,897 | 356,261 | 127,563 | 424,984 | (292,364) | (82.1) | % | (297,421) | (70.0) | % | |||||||||||||||||||||||||||||||||||||
Income / (Loss) before income taxes | 47,706 | (294,523) | 105,277 | (317,257) | 342,229 | 116.2 | % | 422,534 | 133.2 | % | |||||||||||||||||||||||||||||||||||||
Intersegment revenue / (expense) | 3,568 | 3,055 | 6,225 | 6,297 | 513 | 16.8 | % | (72) | (1.1) | % | |||||||||||||||||||||||||||||||||||||
Total assets | 7,477,639 | 8,529,379 | 7,477,639 | 8,529,379 | (1,051,740) | (12.3) | % | (1,051,740) | (12.3) | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 91,360 | $ | 91,366 | $ | 187,962 | $ | 192,107 | $ | (6) | — | % | $ | (4,145) | (2.2) | % | |||||||||||||||||||||||||||||||
Total non-interest income | 15,415 | (320) | 21,010 | 4,365 | 15,735 | 4,917.2 | % | 16,645 | 381.3 | % | |||||||||||||||||||||||||||||||||||||
Credit loss expense / (Release of) credit loss expense | (866) | 16,987 | 920 | 66,837 | (17,853) | (105.1) | % | (65,917) | (98.6) | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 37,131 | 35,116 | 72,678 | 70,235 | 2,015 | 5.7 | % | 2,443 | 3.5 | % | |||||||||||||||||||||||||||||||||||||
Income / (Loss) before income taxes | 70,510 | 38,943 | 135,374 | 59,400 | 31,567 | 81.1 | % | 75,974 | 127.9 | % | |||||||||||||||||||||||||||||||||||||
Intersegment revenue / (expense) | 409 | 1,019 | 1,122 | 2,753 | (610) | (59.9) | % | (1,631) | (59.2) | % | |||||||||||||||||||||||||||||||||||||
Total assets | 19,841,903 | 20,252,082 | 19,841,903 | 20,252,082 | (410,179) | (2.0) | % | (410,179) | (2.0) | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 30,244 | $ | 33,435 | $ | 57,656 | $ | 67,517 | $ | (3,191) | (9.5) | % | $ | (9,861) | (14.6) | % | |||||||||||||||||||||||||||||||
Total non-interest income | 53,911 | 90,374 | 131,275 | 140,509 | (36,463) | (40.3) | % | (9,234) | (6.6) | % | |||||||||||||||||||||||||||||||||||||
Credit loss expense / (release of) credit loss expenses | (13,633) | 15,314 | (22,327) | 33,455 | (28,947) | (189.0) | % | (55,782) | (166.7) | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 63,272 | 62,965 | 130,969 | 126,199 | 307 | 0.5 | % | 4,770 | 3.8 | % | |||||||||||||||||||||||||||||||||||||
Income / (Loss) before income taxes | 34,516 | 45,530 | 80,289 | 48,372 | (11,014) | (24.2) | % | 31,917 | 66.0 | % | |||||||||||||||||||||||||||||||||||||
Intersegment expense | (3,762) | (3,941) | (6,875) | (8,658) | 179 | 4.5 | % | 1,783 | 20.6 | % | |||||||||||||||||||||||||||||||||||||
Total assets | 11,788,209 | 12,419,110 | 11,788,209 | 12,419,110 | (630,901) | (5.1) | % | (630,901) | (5.1) | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | (54,760) | $ | (1,904) | $ | (98,461) | $ | 26,060 | $ | (52,856) | (2,776.1) | % | $ | (124,521) | (477.8) | % | |||||||||||||||||||||||||||||||
Total non-interest income | 98,168 | (46,659) | 214,116 | 66,167 | 144,827 | 310.4 | % | 147,949 | 223.6 | % | |||||||||||||||||||||||||||||||||||||
Credit loss expense / (release of) credit loss expenses | (874) | (140,473) | (3,613) | (131,186) | 139,599 | 99.4 | % | 127,573 | 97.2 | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 123,579 | 118,583 | 234,462 | 280,318 | 4,996 | 4.2 | % | (45,856) | (16.4) | % | |||||||||||||||||||||||||||||||||||||
Income / (Loss) before income taxes | (79,297) | (26,673) | (115,194) | (56,905) | (52,624) | (197.3) | % | (58,289) | (102.4) | % | |||||||||||||||||||||||||||||||||||||
Total assets | 44,608,657 | 41,234,172 | 44,608,657 | 41,234,172 | 3,374,485 | 8.2 | % | 3,374,485 | 8.2 | % |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 1,020,062 | $ | 984,745 | $ | 2,129,029 | $ | 1,996,152 | $ | 35,317 | 3.6 | % | $ | 132,877 | 6.7 | % | |||||||||||||||||||||||||||||||
Total non-interest income | 941,170 | 667,242 | 1,845,282 | 1,441,074 | 273,928 | 41.1 | % | 404,208 | 28.0 | % | |||||||||||||||||||||||||||||||||||||
Credit loss expense / (release of) credit loss expenses | (263,751) | 861,896 | (127,542) | 1,769,783 | (1,125,647) | (130.6) | % | (1,897,325) | (107.2) | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 834,361 | 919,626 | 1,735,119 | 1,803,423 | (85,265) | (9.3) | % | (68,304) | (3.8) | % | |||||||||||||||||||||||||||||||||||||
Income / (Loss) before income taxes | 1,390,622 | (129,535) | 2,366,734 | (135,980) | 1,520,157 | 1,173.5 | % | 2,502,714 | 1,840.5 | % | |||||||||||||||||||||||||||||||||||||
Intersegment revenue | — | — | — | — | — | 0.0% | — | 0.0% | |||||||||||||||||||||||||||||||||||||||
Total assets | 48,245,934 | 47,268,695 | 48,245,934 | 47,268,695 | 977,239 | 2.1 | % | 977,239 | 2.1 | % |
June 30, 2021 | December 31, 2020 | Dollar Increase / (Decrease) | Percent Increase (Decrease) | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||
Commercial LHFI: | |||||||||||||||||||||||||||||||||||
CRE | $ | 7,410,298 | 8.0 | % | $ | 7,327,853 | 8.0 | % | $ | 82,445 | 1.1 | % | |||||||||||||||||||||||
C&I | 15,941,764 | 17.1 | % | 16,537,899 | 17.9 | % | (596,135) | (3.6) | % | ||||||||||||||||||||||||||
Multifamily | 8,139,694 | 8.7 | % | 8,367,147 | 9.1 | % | (227,453) | (2.7) | % | ||||||||||||||||||||||||||
Other commercial | 7,997,606 | 8.6 | % | 7,455,504 | 8.1 | % | 542,102 | 7.3 | % | ||||||||||||||||||||||||||
Total commercial loans (1) | 39,489,362 | 42.4 | % | 39,688,403 | 43.1 | % | (199,041) | (0.5) | % | ||||||||||||||||||||||||||
Consumer loans secured by real estate: | |||||||||||||||||||||||||||||||||||
Residential mortgages | 5,901,546 | 6.3 | % | 6,590,168 | 7.2 | % | (688,622) | (10.4) | % | ||||||||||||||||||||||||||
Home equity loans and lines of credit | 3,768,489 | 4.0 | % | 4,108,505 | 4.5 | % | (340,016) | (8.3) | % | ||||||||||||||||||||||||||
Total consumer loans secured by real estate | 9,670,035 | 10.3 | % | 10,698,673 | 11.7 | % | (1,028,638) | (9.6) | % | ||||||||||||||||||||||||||
Consumer loans not secured by real estate: | |||||||||||||||||||||||||||||||||||
RICs and auto loans | 42,666,918 | 45.8 | % | 40,698,642 | 44.1 | % | 1,968,276 | 4.8 | % | ||||||||||||||||||||||||||
Personal unsecured loans | 1,126,365 | 1.2 | % | 824,430 | 0.9 | % | 301,935 | 36.6 | % | ||||||||||||||||||||||||||
Other consumer | 177,835 | 0.3 | % | 223,034 | 0.2 | % | (45,199) | (20.3) | % | ||||||||||||||||||||||||||
Total consumer loans | 53,641,153 | 57.6 | % | 52,444,779 | 56.9 | % | 1,196,374 | 2.3 | % | ||||||||||||||||||||||||||
Total LHFI | $ | 93,130,515 | 100.0 | % | $ | 92,133,182 | 100.0 | % | $ | 997,333 | 1.1 | % | |||||||||||||||||||||||
Total LHFI with: | |||||||||||||||||||||||||||||||||||
Fixed | $ | 65,717,718 | 70.6 | % | $ | 64,036,154 | 69.5 | % | $ | 1,681,564 | 2.6 | % | |||||||||||||||||||||||
Variable | 27,412,797 | 29.4 | % | 28,097,028 | 30.5 | % | (684,231) | (2.4) | % | ||||||||||||||||||||||||||
Total LHFI | $ | 93,130,515 | 100.0 | % | $ | 92,133,182 | 100.0 | % | $ | 997,333 | 1.1 | % |
At June 30, 2021, Maturing | ||||||||||||||||||||||||||
(in thousands) | In One Year Or Less | One to Five Years | After Five Years | Total (1) | ||||||||||||||||||||||
CRE loans | $ | 1,915,040 | $ | 4,681,455 | $ | 822,758 | $ | 7,419,253 | ||||||||||||||||||
C&I and other commercial | 11,248,541 | 11,309,801 | 1,470,773 | 24,029,115 | ||||||||||||||||||||||
Multifamily loans | 1,050,377 | 4,776,392 | 2,312,925 | 8,139,694 | ||||||||||||||||||||||
Total | $ | 14,213,958 | $ | 20,767,648 | $ | 4,606,456 | $ | 39,588,062 | ||||||||||||||||||
Loans with: | ||||||||||||||||||||||||||
Fixed rates | $ | 5,509,969 | $ | 8,873,233 | $ | 2,780,055 | $ | 17,163,257 | ||||||||||||||||||
Variable rates | 8,703,989 | 11,894,415 | 1,826,401 | 22,424,805 | ||||||||||||||||||||||
Total | $ | 14,213,958 | $ | 20,767,648 | $ | 4,606,456 | $ | 39,588,062 |
Period Ended | Change | |||||||||||||||||||||||||
(dollars in thousands) | June 30, 2021 | December 31, 2020 | Dollar | Percentage | ||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
CRE | $ | 97,952 | $ | 106,751 | $ | (8,799) | (8.2) | % | ||||||||||||||||||
C&I | 100,682 | 107,053 | (6,371) | (6.0) | % | |||||||||||||||||||||
Multifamily | 120,747 | 72,392 | 48,355 | 66.8 | % | |||||||||||||||||||||
Other commercial | 14,700 | 20,019 | (5,319) | (26.6) | % | |||||||||||||||||||||
Total commercial loans | 334,081 | 306,215 | 27,866 | 9.1 | % | |||||||||||||||||||||
Consumer loans secured by real estate: | ||||||||||||||||||||||||||
Residential mortgages | 119,883 | 160,172 | (40,289) | (25.2) | % | |||||||||||||||||||||
Home equity loans and lines of credit | 96,277 | 91,606 | 4,671 | 5.1 | % | |||||||||||||||||||||
Consumer loans not secured by real estate: | ||||||||||||||||||||||||||
RICs and auto loans | 937,264 | 1,174,317 | (237,053) | (20.2) | % | |||||||||||||||||||||
Other consumer | 5,733 | 6,325 | (592) | (9.4) | % | |||||||||||||||||||||
Total consumer loans | 1,159,157 | 1,432,420 | (273,263) | (19.1) | % | |||||||||||||||||||||
Total non-accrual loans | 1,493,238 | 1,738,635 | (245,397) | (14.1) | % | |||||||||||||||||||||
OREO | 4,276 | 29,799 | (25,523) | (85.7) | % | |||||||||||||||||||||
Repossessed vehicles | 229,477 | 204,653 | 24,824 | 12.1 | % | |||||||||||||||||||||
Other repossessed assets | 1,644 | 3,247 | (1,603) | (49.4) | % | |||||||||||||||||||||
Total OREO and other repossessed assets | 235,397 | 237,699 | (2,302) | (1.0) | % | |||||||||||||||||||||
Total non-performing assets | $ | 1,728,635 | $ | 1,976,334 | $ | (247,699) | (12.5) | % | ||||||||||||||||||
Past due 90 days or more as to interest or principal and accruing interest | $ | 2,310 | $ | 52,863 | $ | (50,553) | (95.6)% | |||||||||||||||||||
Annualized net loan charge-offs to average loans (1) | 0.5 | % | 1.7 | % | n/a | n/a | ||||||||||||||||||||
Non-performing assets as a percentage of total assets | 1.1 | % | 1.3 | % | n/a | n/a | ||||||||||||||||||||
NPLs as a percentage of total loans | 1.6 | % | 1.8 | % | n/a | n/a | ||||||||||||||||||||
ALLL as a percentage of total NPLs | 461.4 | % | 422.1 | % | n/a | n/a |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(dollars in thousands) | Residential mortgages | Home equity loans and lines of credit | Residential mortgages | Home equity loans and lines of credit | ||||||||||||||||||||||
NPLs - HFI | $ | 119,883 | $ | 96,277 | $ | 74,473 | $ | 91,606 | ||||||||||||||||||
Total LHFI | 5,901,546 | 3,768,489 | 6,590,168 | 4,108,505 | ||||||||||||||||||||||
NPLs as a percentage of total LHFI | 2.0 | % | 2.6 | % | 1.1 | % | 2.2 | % | ||||||||||||||||||
As of June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | % | Consumer Loans Secured by Real Estate | % | RICs and Auto Loans | % | Other Consumer | % | Total TDRs | |||||||||||||||||||||||||||||||||||
Performing | $ | 121,844 | 49.5 | % | $ | 155,401 | 61.7 | % | $ | 3,926,677 | 92.1 | % | $ | 28,320 | 96.1 | % | $ | 4,232,242 | ||||||||||||||||||||||||||
Non-performing | 124,212 | 50.5 | % | 96,481 | 38.3 | % | 335,751 | 7.9 | % | 1,135 | 3.9 | % | 557,579 | |||||||||||||||||||||||||||||||
Total | $ | 246,056 | 100.0 | % | $ | 251,882 | 100.0 | % | $ | 4,262,428 | 100.0 | % | $ | 29,455 | 100.0 | % | $ | 4,789,821 | ||||||||||||||||||||||||||
% of loan portfolio | 0.6 | % | n/a | 2.6 | % | n/a | 10.0 | % | n/a | 2.3 | % | n/a | 5.1 | % | ||||||||||||||||||||||||||||||
(1) Excludes LHFS. | ||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | % | Consumer Loans Secured by Real Estate | % | RICs and Auto Loans | % | Other Consumer | % | Total TDRs | |||||||||||||||||||||||||||||||||||
Performing | $ | 73,950 | 43.2 | % | $ | 87,896 | 66.8 | % | $ | 3,655,681 | 91.7 | % | $ | 33,095 | 98.0 | % | $ | 3,850,622 | ||||||||||||||||||||||||||
Non-performing | 97,054 | 56.8 | % | 43,605 | 33.2 | % | 332,164 | 8.3 | % | 684 | 2.0 | % | 473,507 | |||||||||||||||||||||||||||||||
Total | $ | 171,004 | 100.0 | % | $ | 131,501 | 100.0 | % | $ | 3,987,845 | 100.0 | % | $ | 33,779 | 100.0 | % | $ | 4,324,129 | ||||||||||||||||||||||||||
% of loan portfolio | 0.4 | % | n/a | 1.2 | % | n/a | 9.8 | % | n/a | 3.2 | % | n/a | 4.7 | % |
Six-Month Period Ended June 30, 2021 | Six-Month Period Ended June 30, 2020 | |||||||||||||||||||||||||
(in thousands) | RICs and Auto Loans | All Other Loans(1)(2) | RICs and Auto Loans | All Other Loans(1) | ||||||||||||||||||||||
TDRs, beginning of period | $ | 3,987,845 | $ | 336,284 | $ | 3,847,819 | $ | 472,312 | ||||||||||||||||||
New TDRs(1) | 867,518 | 352,014 | 1,158,527 | 100,752 | ||||||||||||||||||||||
Charged-Off TDRs | 202,819 | (5,940) | (428,630) | (3,028) | ||||||||||||||||||||||
Sold TDRs | 67,622 | — | (26,381) | (163,210) | ||||||||||||||||||||||
Payments on TDRs | (863,376) | (154,965) | (592,073) | (65,993) | ||||||||||||||||||||||
TDRs, end of period | $ | 4,262,428 | $ | 527,393 | $ | 3,959,262 | $ | 340,833 |
(in thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||
Investment securities AFS: | ||||||||||||||
U.S. Treasury securities and government agencies | $ | 6,533,443 | $ | 5,440,140 | ||||||||||
FNMA and FHLMC securities | 4,352,893 | 5,608,296 | ||||||||||||
Other securities (1) | 715,776 | 265,053 | ||||||||||||
Total investment securities AFS | 11,602,112 | 11,313,489 | ||||||||||||
Total investment securities HTM | 6,662,308 | 5,504,685 | ||||||||||||
Other investments | 1,529,791 | 1,553,862 | ||||||||||||
Total investment portfolio | $ | 19,794,211 | $ | 18,372,036 |
June 30, 2021 | December 31, 2020 | Change | Percent | |||||||||||||||||||||||
(in thousands) | Fair Value | Fair Value | ||||||||||||||||||||||||
U.S. Treasury securities | $ | 100,642 | $ | 170,653 | $ | (70,011) | (41.03) | % | ||||||||||||||||||
Corporate debt securities | 246,542 | 155,715 | 90,827 | 58.33 | % | |||||||||||||||||||||
ABS | 469,234 | 109,338 | 359,896 | 329.16 | % | |||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||
GNMA - Residential | 4,451,089 | 3,536,125 | 914,964 | 25.87 | % | |||||||||||||||||||||
GNMA - Commercial | 1,981,712 | 1,733,362 | 248,350 | 14.33 | % | |||||||||||||||||||||
FHLMC and FNMA - Residential | 4,285,369 | 5,538,283 | (1,252,914) | (22.62) | % | |||||||||||||||||||||
FHLMC and FNMA - Commercial | 67,524 | 70,013 | (2,489) | (3.56) | % | |||||||||||||||||||||
Total investments in debt securities AFS | $ | 11,602,112 | $ | 11,313,489 | $ | 288,623 | 2.55 | % |
(in thousands) | June 30, 2021 | December 31, 2020 | Change in unrealized gain/(loss) | |||||||||||||||||
Total unrealized loss | $ | (66,576) | $ | (7,183) | $ | (59,393) | ||||||||||||||
Total unrealized gain | 87,399 | 184,287 | (96,888) | |||||||||||||||||
Total unrealized gain/(loss) position | $ | 20,823 | $ | 177,104 | $ | (156,281) |
June 30, 2021 | ||||||||||||||
(in thousands) | Amortized Cost | Fair Value | ||||||||||||
FNMA | $ | 2,020,704 | $ | 2,028,193 | ||||||||||
FHLMC | 2,325,259 | 2,324,700 | ||||||||||||
GNMA (1) | 12,967,096 | 13,029,476 | ||||||||||||
Total | $ | 17,313,059 | $ | 17,382,369 |
(in thousands) | CBB | C&I | CRE & VF | CIB | SC | Total | ||||||||||||||||||||||||||||||||
Goodwill at June 30, 2021 | $ | 297,802 | $ | 52,198 | $ | 1,095,071 | $ | 131,130 | $ | 1,019,960 | $ | 2,596,161 |
SHUSA | ||||||||||||||||||||
June 30, 2021 | Well-capitalized Requirement(1) | Minimum Requirement(1) | ||||||||||||||||||
CET1 capital ratio | 17.56 | % | 6.50 | % | 4.50 | % | ||||||||||||||
Tier 1 capital ratio | 19.30 | % | 8.00 | % | 6.00 | % | ||||||||||||||
Total capital ratio | 20.70 | % | 10.00 | % | 8.00 | % | ||||||||||||||
Leverage ratio | 14.77 | % | 5.00 | % | 4.00 | % |
SBNA | ||||||||||||||||||||
June 30, 2021 | Well-capitalized Requirement(1) | Minimum Requirement(1) | ||||||||||||||||||
CET1 capital ratio | 16.25 | % | 6.50 | % | 4.50 | % | ||||||||||||||
Tier 1 capital ratio | 16.25 | % | 8.00 | % | 6.00 | % | ||||||||||||||
Total capital ratio | 17.44 | % | 10.00 | % | 8.00 | % | ||||||||||||||
Leverage ratio | 11.96 | % | 5.00 | % | 4.00 | % |
Six-Month Period Ended June 30, | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Net cash flows from operating activities | $ | 4,742,426 | $ | 2,378,828 | ||||||||||
Net cash flows from investing activities | (2,762,340) | (2,759,935) | ||||||||||||
Net cash flows from financing activities | 2,666,215 | 5,129,827 |
Three-Month Period Ended June 30, | Six-Month Period Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
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 | 357,747 | 5,757,761 | ||||||||||||||||||||||
Average price per share | $ | — | $ | 17.08 | $ | 26.46 | $ | 16.60 | ||||||||||||||||||
Cost of shares purchased(2) | $ | — | $ | 83,890 | $ | 9,468 | $ | 95,590 | ||||||||||||||||||
Total number of shares purchased | — | 4,911,300 | 357,747 | 23,272,468 | ||||||||||||||||||||||
Average price per share | $ | — | $ | 17.08 | $ | 26.46 | $ | 23.67 | ||||||||||||||||||
Total cost of shares purchased(2) | $ | — | $ | 83,890 | $ | 9,468 | $ | 550,972 |
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) | $ | 853,219 | $ | 853,219 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Notes payable - revolving facilities | 761,045 | 761,045 | — | — | — | |||||||||||||||||||||||||||
Notes payable - secured structured financings | 27,271,224 | 636,091 | 10,392,234 | 11,347,811 | 4,895,088 | |||||||||||||||||||||||||||
Other debt obligations (1) (2) | 17,281,727 | 4,577,565 | 8,040,571 | 2,527,255 | 2,136,336 | |||||||||||||||||||||||||||
CDs (1) | 2,863,202 | 2,070,633 | 689,460 | 99,697 | 3,412 | |||||||||||||||||||||||||||
Repurchase agreements(1) | 577,680 | 577,680 | — | — | — | |||||||||||||||||||||||||||
Non-qualified pension and post-retirement benefits | 68,988 | 7,235 | 14,336 | 13,958 | 33,459 | |||||||||||||||||||||||||||
Operating leases(3) | 636,900 | 137,333 | 232,038 | 147,649 | 119,880 | |||||||||||||||||||||||||||
Total contractual cash obligations | $ | 50,313,985 | $ | 9,620,801 | $ | 19,368,639 | $ | 14,136,370 | $ | 7,188,175 | ||||||||||||||||||||||
Other commitments: | ||||||||||||||||||||||||||||||||
Commitments to extend credit | $ | 28,113,863 | $ | 7,012,034 | $ | 7,884,964 | $ | 5,155,514 | $ | 8,061,351 | ||||||||||||||||||||||
Letters of credit | 1,361,595 | 1,064,686 | 180,532 | 41,560 | 74,817 | |||||||||||||||||||||||||||
Total Contractual Obligations and Other Commitments | $ | 79,789,443 | $ | 17,697,521 | $ | 27,434,135 | $ | 19,333,444 | $ | 15,324,343 |
The following estimated percentage increase/(decrease) to net interest income would result | ||||||||||||||
If interest rates changed in parallel by the amounts below | June 30, 2021 | December 31, 2020 | ||||||||||||
Down 100 basis points | (2.04) | % | (1.12) | % | ||||||||||
Up 100 basis points | 4.68 % | 3.18 % | ||||||||||||
Up 200 basis points | 8.86 % | 6.25 % |
The following estimated percentage increase/(decrease) to MVE would result | ||||||||||||||
If interest rates changed in parallel by the amounts below | June 30, 2021 | December 31, 2020 | ||||||||||||
Down 100 basis points | (3.26) | % | (6.18) | % | ||||||||||
Up 100 basis points | (1.38) | % | 1.62 % | |||||||||||
Up 200 basis points | (4.79) | % | 0.51 % |
(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) | |||||
(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 3, 2021 | /s/ Juan Carlos Alvarez de Soto | |||||||||
Juan Carlos Alvarez de Soto | |||||||||||
Chief Financial Officer and Senior Executive Vice President | |||||||||||
Date: | August 3, 2021 | /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, 2021 |
Dec. 31, 2020 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||||||||
Cash and cash equivalents | $ 16,541,091 | $ 12,621,281 | ||||||||||||
Federal Funds Sold and Securities Purchased under Agreements to Resell | 552,826 | 0 | ||||||||||||
Investment securities: | ||||||||||||||
AFS at fair value | 11,602,112 | 11,313,489 | ||||||||||||
HTM (fair value of $6,712,989 and $5,677,929 as of June 30, 2021 and December 31, 2020, respectively) | 6,662,308 | 5,504,685 | ||||||||||||
Other investments (includes trading securities of $36,419 and $40,435 as of June 30, 2021 and December 31, 2020, respectively) | 1,529,791 | 1,553,862 | ||||||||||||
LHFI | [1],[2] | 93,130,515 | 92,133,182 | |||||||||||
ALLL | [2] | (6,889,315) | (7,338,493) | |||||||||||
Net LHFI | 86,241,200 | 84,794,689 | ||||||||||||
LHFS | [3] | 686,491 | 2,226,196 | |||||||||||
Premises and equipment, net | [4] | 792,266 | 787,341 | |||||||||||
Operating lease assets, net | [2],[5] | 16,122,005 | 16,412,929 | |||||||||||
Goodwill | 2,596,161 | 2,596,161 | ||||||||||||
Intangible assets, net | 372,478 | 357,547 | ||||||||||||
BOLI | 1,923,581 | 1,908,806 | ||||||||||||
Restricted cash | [2] | 6,029,951 | 5,303,460 | |||||||||||
Other assets | [2],[6] | 3,533,382 | 4,052,230 | |||||||||||
TOTAL ASSETS | 155,185,643 | 149,432,676 | ||||||||||||
LIABILITIES | ||||||||||||||
Accounts payables and Accrued expenses | 5,584,750 | 4,700,349 | ||||||||||||
Deposits and other customer accounts | 80,868,397 | 75,303,707 | ||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 576,000 | 0 | ||||||||||||
Borrowings and other debt obligations | [2] | 42,940,006 | 46,359,467 | |||||||||||
Advance payments by borrowers for taxes and insurance | 164,583 | 144,214 | ||||||||||||
Deferred tax liabilities, net | 533,531 | 182,353 | ||||||||||||
Other liabilities | [2] | 1,415,055 | 1,479,874 | |||||||||||
TOTAL LIABILITIES | 132,082,322 | 128,169,964 | ||||||||||||
Commitments and contingencies (Note 16) | ||||||||||||||
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, 2021 and December 31, 2020) | 17,875,938 | 17,876,818 | ||||||||||||
AOCI/(loss), net of taxes | (11,520) | 166,295 | ||||||||||||
Retained earnings | 3,549,434 | 1,843,765 | ||||||||||||
TOTAL SHUSA STOCKHOLDER'S EQUITY | 21,413,852 | 19,886,878 | ||||||||||||
NCI | 1,689,469 | 1,375,834 | ||||||||||||
TOTAL STOCKHOLDER'S EQUITY | 23,103,321 | 21,262,712 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 155,185,643 | $ 149,432,676 | ||||||||||||
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||||
Held-to-maturity securities, fair value | $ 6,712,989 | $ 5,677,929 | ||||||||
Trading securities | $ 36,419 | $ 40,435 | ||||||||
STOCKHOLDER'S EQUITY | ||||||||||
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 | ||||||||
Common stock, shares outstanding (in shares) | 530,391,043 | 530,391,043 | ||||||||
Loans held for investment, fair value | $ 39,400 | $ 50,400 | ||||||||
Loans held for sale | 196,600 | 265,400 | ||||||||
Accumulated depreciation | 1,700,000 | 1,600,000 | ||||||||
LHFI | [1],[2] | 93,130,515 | 92,133,182 | |||||||
Operating lease assets, net | [2],[3] | 16,122,005 | 16,412,929 | |||||||
Restricted cash | [2] | 6,029,951 | 5,303,460 | |||||||
Other assets | [2],[4] | 3,533,382 | 4,052,230 | |||||||
Borrowings and other debt obligations | [2] | 42,940,006 | 46,359,467 | |||||||
Other liabilities | [2] | 1,415,055 | 1,479,874 | |||||||
Property, plant, and equipment, lessor asset under operating lease, accumulated depreciation | (4,300,000) | (4,800,000) | ||||||||
VIEs, Primary Beneficiary | ||||||||||
STOCKHOLDER'S EQUITY | ||||||||||
LHFI | 21,773,401 | 22,572,549 | ||||||||
Operating lease assets, net | 16,120,051 | 16,391,107 | ||||||||
Restricted cash | 1,977,541 | 1,737,021 | ||||||||
Other assets | 777,437 | 791,306 | ||||||||
Borrowings and other debt obligations | 29,600,000 | 31,700,000 | ||||||||
Other liabilities | 23,707 | 84,922 | ||||||||
Residential mortgages | ||||||||||
STOCKHOLDER'S EQUITY | ||||||||||
Mortgage servicing rights | $ 79,700 | $ 77,500 | ||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||
INTEREST INCOME: | ||||||||
Loans | $ 1,756,852,000 | $ 1,879,262,000 | $ 3,622,563,000 | $ 3,857,010,000 | ||||
Interest-earning deposits | 6,478,000 | 8,272,000 | 11,661,000 | 40,421,000 | ||||
Investment securities: | ||||||||
AFS | 24,568,000 | 51,631,000 | 50,622,000 | 121,654,000 | ||||
HTM | 24,829,000 | 23,130,000 | 50,264,000 | 46,775,000 | ||||
Other investments | 2,201,000 | 5,494,000 | 4,725,000 | 11,904,000 | ||||
TOTAL INTEREST INCOME | 1,814,928,000 | 1,967,789,000 | 3,739,835,000 | 4,077,764,000 | ||||
INTEREST EXPENSE: | ||||||||
Deposits and other customer accounts | 21,986,000 | 69,122,000 | 51,772,000 | 197,735,000 | ||||
Borrowings and other debt obligations | 261,107,000 | 359,877,000 | 536,896,000 | 755,263,000 | ||||
TOTAL INTEREST EXPENSE | 283,093,000 | 428,999,000 | 588,668,000 | 952,998,000 | ||||
NET INTEREST INCOME | 1,531,835,000 | 1,538,790,000 | 3,151,167,000 | 3,124,766,000 | ||||
Credit loss expense / (benefit) | (317,282,000) | 977,373,000 | (241,216,000) | 2,162,983,000 | ||||
NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE | 1,849,117,000 | 561,417,000 | 3,392,383,000 | 961,783,000 | ||||
NON-INTEREST INCOME: | ||||||||
Consumer and commercial fees | 106,926,000 | 108,826,000 | 226,145,000 | 233,074,000 | ||||
Lease income | 732,892,000 | 755,006,000 | 1,505,784,000 | 1,526,666,000 | ||||
Miscellaneous income, net | [1],[2] | 337,099,000 | (100,030,000) | 619,610,000 | 21,943,000 | |||
TOTAL FEES AND OTHER INCOME | 1,176,917,000 | 763,802,000 | 2,351,539,000 | 1,781,683,000 | ||||
Net gain(loss) on sale of investment securities | 5,370,000 | 22,516,000 | 15,243,000 | 31,795,000 | ||||
TOTAL NON-INTEREST INCOME | 1,182,287,000 | 786,318,000 | 2,366,782,000 | 1,813,478,000 | ||||
GENERAL, ADMINISTRATIVE AND OTHER EXPENSES: | ||||||||
Compensation and benefits | 488,201,000 | 440,521,000 | 953,459,000 | 929,794,000 | ||||
Occupancy and equipment expenses | 168,415,000 | 164,875,000 | 340,491,000 | 311,786,000 | ||||
Technology, outside service, and marketing expense | 139,618,000 | 126,991,000 | 274,370,000 | 261,981,000 | ||||
Loan expense | 70,505,000 | 58,423,000 | 182,086,000 | 152,344,000 | ||||
Lease expense | 517,646,000 | 641,270,000 | 1,077,985,000 | 1,231,631,000 | ||||
Impairment of goodwill | 0 | 1,848,228,000 | 0 | 1,848,228,000 | ||||
Other expenses | 108,497,000 | 149,382,000 | 212,919,000 | 277,727,000 | ||||
TOTAL GENERAL, ADMINISTRATIVE AND OTHER EXPENSES | 1,492,882,000 | 3,429,690,000 | 3,041,310,000 | 5,013,491,000 | ||||
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 1,538,522,000 | (2,081,955,000) | 2,717,855,000 | (2,238,230,000) | ||||
Income tax (benefit)/provision | 371,644,000 | (186,151,000) | 658,473,000 | (219,512,000) | ||||
NET INCOME / (LOSS) INCLUDING NCI | 1,166,878,000 | (1,895,804,000) | 2,059,382,000 | (2,018,718,000) | ||||
LESS: NET INCOME / (LOSS) ATTRIBUTABLE TO NCI | 208,256,000 | (23,377,000) | 353,713,000 | (19,614,000) | ||||
NET INCOME / (LOSS) ATTRIBUTABLE TO SHUSA | $ 958,622,000 | $ (1,872,427,000) | $ 1,705,669,000 | $ (1,999,104,000) | ||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
Income Statement [Abstract] | ||
Lower of cost or market adjustment on a portion of unsecured loan portfolio held for sale | $ 268.4 | $ 331.3 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||
Statement of Comprehensive Income [Abstract] | ||||||
NET INCOME / (LOSS) INCLUDING NCI | $ 1,166,878 | $ (1,895,804) | $ 2,059,382 | $ (2,018,718) | ||
OCI, NET OF TAX | ||||||
Net unrealized changes in cash flow hedge derivative financial instruments, net of tax | [1] | (3,482) | 7,348 | (66,157) | 155,653 | |
Net unrealized (losses) / gains on AFS investment securities, net of tax | [1] | 9,000 | (15,203) | (113,156) | 191,120 | |
Pension and post-retirement actuarial gains, net of tax | 561 | 560 | 1,498 | 1,120 | ||
TOTAL OCI / (LOSS), NET OF TAX | 6,079 | (7,295) | (177,815) | 347,893 | ||
COMPREHENSIVE INCOME | 1,172,957 | (1,903,099) | 1,881,567 | (1,670,825) | ||
NET INCOME ATTRIBUTABLE TO NCI | 208,256 | (23,377) | 353,713 | (19,614) | ||
COMPREHENSIVE INCOME ATTRIBUTABLE TO SHUSA | $ 964,701 | $ (1,879,722) | $ 1,527,854 | $ (1,651,211) | ||
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
OCI attributable to noncontrolling interest | $ 1,100 | $ 27 | $ 2,800 | $ (10,100) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands |
6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
| ||||||||
Proceeds from sales of and collections on LHFS | $ 2,420,095 | [1] | ||||||
Proceeds from sales of LHFI | 2,404,935 | [2] | ||||||
Cash and cash equivalents | 16,541,091 | |||||||
Restricted cash | 6,029,951 | [3] | ||||||
Consumer | Personal Loans | ||||||||
Proceeds from sales of and collections on LHFS | 608,000 | |||||||
Proceeds from sales of LHFI | $ 188,000 | |||||||
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DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES | DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES SHUSA is the parent holding company of SBNA, a national banking association; SC, a consumer finance company headquartered in Dallas, Texas; SSLLC, a broker-dealer headquartered in Boston, Massachusetts; BSI, a financial services company headquartered in Miami, Florida that offers a full range of banking services to foreign individuals and corporations based primarily in Latin America; SIS, a registered broker-dealer headquartered in New York providing services in investment banking, institutional sales, and trading and offering research reports of Latin American and European equity and fixed income securities; SFS, a consumer credit institution headquartered in Puerto Rico; and several other subsidiaries. SHUSA is headquartered in Boston and SBNA's home office is in Wilmington, Delaware. SSLLC and SIS are registered investment advisers with the SEC. SHUSA's two largest subsidiaries by asset size and revenue are SBNA and SC. SHUSA is a wholly-owned subsidiary of Santander. As of June 30, 2021, SC was owned approximately 80.2% by SHUSA and 19.8% by other shareholders. SC Common Stock is listed on the NYSE under the trading symbol "SC." Acquisitions and Divestitures On September 1, 2020 the Company sold its investment in SBC, a financial holding company headquartered in Puerto Rico that offered a full range of financial services through its wholly-owned banking subsidiary, BSPR. Acquisition of Credit Agricole Miami Wealth Management Business In May 2021, BSI closed an agreement with Crédit Agricole Corporate and Investment Bank, S.A. to take over management of $3.1 billion in global wealth management client assets and liabilities for consideration of $188 million. The Company has recorded assets acquired of $565 million (including loans of $528 million and definite-lived intangible assets of approximately $37 million) and liabilities assumed, comprised of deposits of $377 million, at fair value. Intangible assets will be amortized over the estimated useful life of six years. Agreement to Acquire Pierpont Capital Holdings LLC In July 2021, SHUSA announced that it has reached an agreement to acquire Pierpont Capital Holdings LLC, parent company of Amherst Pierpont Securities, a market-leading independent fixed-income broker dealer, through the acquisition of its parent holding company, Pierpont Capital Holdings LLC, for a total consideration of approximately $450 million and a net book value of approximately $300 million. Amherst Pierpont Securities has approximately 230 employees serving more than 1,300 active institutional clients from its headquarters in New York and offices in Chicago, San Francisco, Austin, other U.S. locations and Hong Kong. The transaction is expected to close by the end of the first quarter of 2022, subject to regulatory approvals and customary closing conditions. Proposal to Acquire SC Shares In July 2021, SHUSA submitted a proposal to the SC Board of Directors to acquire all outstanding shares of common stock of SC not already owned by SHUSA for $39.00 per share in cash. The proposal represented a 30.4% premium to SC’s average share price since January 1, 2021. If the transaction is completed, SC would become a wholly-owned subsidiary of SHUSA. Core Business SBNA’s primary business consists of attracting deposits and providing other retail banking services through its network of retail branches, and originating small business loans, middle market, large and global commercial loans, multifamily loans, residential mortgage loans, home equity lines of credit, and auto and other consumer loans throughout the Mid-Atlantic and Northeastern areas of the United States, principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, and Delaware. SBNA uses its deposits, as well as other financing sources, to fund its loan and investment portfolios. SC is a specialized consumer finance company focused on vehicle finance and third-party servicing and delivering service to dealers and customers across the full credit spectrum. SC's primary business is the indirect origination and servicing of RICs and auto 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. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) Since May 2013, under the MPLFA with Stellantis N.V., SC has operated as Stellantis N.V.'s preferred provider for consumer loans, leases, and dealer loans and provides services to Stellantis N.V. customers and dealers under the CCAP brand. These products and services include consumer RICs and leases, as well as dealer loans for inventory, construction, real estate, working capital and revolving lines of credit. In 2019, SC entered into an amendment to the MPLFA which modified that agreement to, among other things, adjust certain performance metrics, exclusivity commitments and payment provisions. SC also originates vehicle loans through a web-based direct lending program, purchases vehicle RICs from other lenders, and services automobile and recreational and marine vehicle portfolios for other lenders. Additionally, SC has other relationships through which it provides other consumer finance products. Basis of Presentation These Condensed Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, including certain Trusts that are considered VIEs. The Company generally consolidates VIEs for which it is deemed to be the primary beneficiary and VOEs in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP and pursuant to SEC regulations. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal and recurring nature necessary for a fair statement of the Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income, Statements of Stockholder's Equity and Statement of Cash Flow for the periods indicated, and contain adequate disclosure to make the information presented not misleading. Results of operations for the periods presented herein are not necessarily indicative of results of operations for the entire year. These financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2020. Certain prior-year amounts have been reclassified to conform to the current year presentation. These reclassifications did not have a material impact on the Company's consolidated financial condition or results of operations. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates, and those differences may be material. The most significant estimates include the ACL, fair value measurements, expected end-of-term lease residual values, goodwill, and income taxes. These estimates, although based on actual historical trends and modeling, may potentially show significant variances over time. Accounting Policies There have been no changes in the Company's accounting policies from those disclosed in the 2020 Annual Report on Form 10-K. Subsequent Events The Company evaluated events from the date of these Condensed Consolidated Financial Statements on June 30, 2021 through the issuance of these Condensed Consolidated Financial Statements, and has determined that there have been no material events that would require recognition in its Condensed Consolidated Financial Statements or disclosure in the Notes to the Condensed Consolidated Financial Statements for the three-month and six-month periods ended June 30, 2021 except as noted above.
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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 table presents the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities AFS at the dates indicated:
The following table presents the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities HTM at the dates indicated:
As of June 30, 2021 and December 31, 2020, the Company had investment securities with an estimated carrying value of $5.2 billion and $3.5 billion, respectively, pledged as collateral, which were comprised of the following: $1.4 billion and $754.1 million, respectively, were pledged as collateral for the Company's borrowing capacity with the FRB; $3.3 billion and $2.2 billion, respectively, were pledged to secure public fund deposits; $75.1 million and $103.4 million, respectively, were pledged to various independent parties to secure repurchase agreements, support hedging relationships, and for recourse on loan sales; and $324.9 million and $388.0 million, respectively, were pledged to secure the Company's customer overnight sweep product. The Company also participates in Securities Financing Arrangements discussed further in Note 11 to these Condensed Consolidated Financial Statements. At June 30, 2021 and December 31, 2020, the Company had $29.0 million and $34.6 million, respectively, of accrued interest related to investment securities which is included in the Other assets line of the Company's Condensed Consolidated Balance Sheets. No accrued interest related to investment securities was written off during the periods ended June 30, 2021 or December 31, 2020. There were no transfers of securities between AFS and HTM during the periods ended June 30, 2021 or December 31, 2020. NOTE 2. INVESTMENT SECURITIES (continued) Contractual Maturity of Investments in Debt Securities Contractual maturities of the Company’s investments in debt securities AFS at June 30, 2021 were as follows:
Contractual maturities of the Company’s investments in debt securities HTM at June 30, 2021 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, 2021 and December 31, 2020 on debt securities in the Company’s AFS investment portfolios classified according to the amount of time those securities have been in a continuous loss position:
NOTE 2. INVESTMENT SECURITIES (continued) The following table presents the aggregate amount of unrealized losses as of June 30, 2021 and December 31, 2020 on debt securities in the Company’s HTM investment portfolios classified according to the amount of time those securities have been in a continuous loss position:
Allowance for credit-related losses on AFS securities The Company did not record an allowance for credit-related losses on AFS and HTM securities at June 30, 2021 or December 31, 2020. As discussed in Note 1 of the Company's 2020 Annual Report on Form 10-K, securities for which management has an expectation that nonpayment of the amortized cost basis is zero do not have a reserve. For securities that do not qualify for the zero credit loss expectation exception, management has concluded that the unrealized losses are not credit-related since (1) they are not related to the underlying credit quality of the issuers, (2) the entire contractual principal and interest due on these securities is currently expected to be recoverable, (3) the Company does not intend to sell these investments at a loss and (4) it is more likely than not that the Company will not be required to sell the investments before recovery of the amortized cost basis, which for the Company's debt securities may be at maturity. Gains (Losses) and Proceeds on Sales of Investments in Debt Securities Proceeds from sales of investments in debt securities and the realized gross gains and losses from those sales were as follows:
(1) Includes net realized gain/(losses) on trading securities of $(0.5) million, and $(0.7) million for the three-month and six-month periods ended June 30, 2021, respectively, and $0.5 million and $(0.9) million for the three-month and six-month periods ended June 30, 2020, respectively. The Company uses the specific identification method to determine the cost of the securities sold and the gain or loss recognized. Other Investments Other investments consisted of the following as of:
(1) Includes $3.2 million and $1.4 million of equity certificates related to an off-balance sheet securitization as of June 30, 2021 and December 31, 2020, respectively. NOTE 2. INVESTMENT SECURITIES (continued) Other investments primarily include the Company's investment in the stock of the FHLB of Pittsburgh and the FRB. These stocks do not have readily determinable fair values because their ownership is restricted and there is no market for their sale. The stocks can be sold back only at their par value of $100 per share, and FHLB stock can be sold back only to the FHLB or to another member institution. Accordingly, these stocks are carried at cost. During the three-month and six-month periods ended June 30, 2021, the Company purchased $1.2 million and $3.5 million of FHLB stock at par, and redeemed $4.9 million and $18.8 million of FHLB stock at par. The Company redeemed zero and $0.7 million of FRB stock at par during the three-month and six-month periods ended June 30, 2021. The Company did not purchase any FRB stock during the six-month period ended June 30, 2021. There was no gain or loss associated with these redemptions. The Company's LIHTC investments are accounted for using the proportional amortization method. Equity securities are measured at fair value as of June 30, 2021, with changes in fair value recognized in net income, and consist primarily of CRA mutual fund investments. Interest-bearing deposits include deposits maturing in more than 90 days with Santander. With the exception of equity and trading securities, which are measured at fair value, the Company evaluates these other investments for impairment based on the ultimate recoverability of the carrying value, rather than by recognizing temporary declines in value. The Company held an immaterial amount of equity securities without readily determinable fair values at the reporting date.
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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 $47.2 billion at June 30, 2021 and $52.0 billion at December 31, 2020. Loans that the Company intends to sell are classified as LHFS. The LHFS portfolio balance at June 30, 2021 was $686.5 million, compared to $2.2 billion at December 31, 2020. For a discussion on the valuation of LHFS at fair value, see Note 13 to these Condensed Consolidated Financial Statements. LHFS in the residential mortgage portfolio that were originated with the intent to sell were $196.6 million as of June 30, 2021 and are reported at either estimated fair value (if the FVO is elected) or the lower of cost or fair value. Interest on loans is credited to income as it is earned. Loan origination fees and certain direct loan origination costs are deferred and recognized as adjustments to interest income in the Condensed Consolidated Statements of Operations over the contractual life of the loan utilizing the interest method. Loan origination costs and fees and premiums and discounts on RICs are deferred and recognized in interest income over their estimated lives using estimated prepayment speeds, which are updated on a monthly basis. At June 30, 2021 and December 31, 2020, accrued interest receivable on the Company's loans was $506.9 million and $589.2 million, respectively. During the six months ended June 30, 2021, SBNA approved and executed purchases of performing personal unsecured loans with a UPB of approximately $400.0 million. Also during the first quarter of 2021, SC sold RICs with a UPB of approximately $2.4 billion to third-parties in three separate transactions. Two of these transactions were accounted for as off-balance sheet securitizations. During the second quarter of 2021, SFS sold the majority of its commercial and consumer loan and REO HFS portfolios to third parties at their approximate fair values with no material gain or loss. In addition, during the second quarter of 2021, SC sold RICs with a UPB of approximately $310 million to a third party. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Sale of the Personal Lending Portfolio During the first quarter of 2021, SC completed the sale of $1.3 billion in UPB of its Bluestem personal lending portfolio to a third party. In addition, SC executed a forward flow sale agreement with a third party to purchase all personal lending receivables that SC purchases from Bluestem through the term of the agreement with Bluestem. Prior to the sale, these loans were classified as LHFS. 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 $3.0 billion and $3.1 billion as of June 30, 2021 and December 31, 2020, respectively. (2)Other commercial includes CEVF leveraged leases and loans. (3)Other consumer primarily includes RV and marine loans. (4)Includes loans with a carrying value of $24.3 million for which a fair value hedge resulting in a fair value adjustment of ($0.1) million. Portfolio segments and classes The Company discloses information about the credit quality of its financing receivables at disaggregated levels, specifically defined as “portfolio segments” and “classes,” based on management’s systematic methodology for determining the ACL. The Company utilizes similar categorization compared to the financial statement categorization of loans to model and calculate the ACL and track the credit quality, delinquency and impairment status of the underlying loan populations. In disaggregating its financing receivables portfolio, the Company’s methodology begins with the commercial and consumer segments. The commercial segmentation reflects line of business distinctions. The CRE line of business includes C&I owner-occupied real estate and specialized lending for investment real estate. C&I includes non-real estate-related commercial loans. "Multifamily" represents loans for multifamily residential housing units. “Other commercial” includes loans to global customer relationships in Latin America which are not defined as commercial or consumer for regulatory purposes. The remainder of the portfolio primarily represents the CEVF portfolio. The Company's portfolio classes are substantially the same as its financial statement categorization of loans for consumer loan populations. “Residential mortgages” includes mortgages on residential property, including single family and 1-4 family units. "Home equity loans and lines of credit" include all organic home equity contracts and purchased home equity portfolios. "RICs and auto loans" includes the Company's direct automobile loan portfolios, but excludes RV and marine RICs. "Personal unsecured loans" includes personal revolving loans and credit cards. “Other consumer” includes an acquired portfolio of marine RICs and RV contracts as well as indirect auto loans. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) During the six-month periods ended June 30, 2021 and 2020, SC originated $8.3 billion and $7.3 billion, respectively, in CCAP loans (including through the SBNA originations program), which represented 56% and 62%, respectively, of the UPB of SC's total RIC originations (including the SBNA originations program). 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, 2021 and 2020 was as follows:
NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
The credit risk in the Company’s loan portfolios is driven by credit and collateral quality, and is affected by borrower-specific and economy-wide factors. In general, there is an inverse relationship between the credit quality of loans and projections of impairment losses so that loans with better credit quality require a lower expected loss reserve. The Company manages this risk through its underwriting, pricing strategies, credit policy standards, and servicing guidelines and practices, as well as the application of geographic and other concentration limits. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) The Company estimates CECL based on prospective information as well as account-level models based on historical data. Unemployment, HPI, GDP, CRE price index and used vehicle index growth rates, along with loan level characteristics, are the key inputs used in the models for prediction of the likelihood that the borrower will default in the forecasted period (the PD). To estimate the loss in the event of a default (the LGD), the models use unemployment, HPI, CRE and used vehicle indices, along with loan level characteristics as key inputs. The Company has determined the reasonable and supportable period to be three years, at which time the economic forecasts generally tend to revert to historical averages. The Company utilizes qualitative factors to capture any additional risks that may not be captured in either the economic forecasts or in the historical data, including consideration of the portfolio metrics and collateral value. The Company generally uses a third-party vendor's consensus baseline macroeconomic scenario for the quantitative estimate and additional positive and negative macroeconomic scenarios to make qualitative adjustments for macroeconomic uncertainty and considers adjustments to macroeconomic inputs and outputs based on market volatility. The Company's allowance for loan losses decreased by $270.8 million and $449.2 million for the three-month and six-month periods ended June 30, 2021, primarily due to an improved macroeconomic outlook and decrease of lifetime expected credit losses for non-TDR loans mainly due to increased used car prices. 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:
NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Age Analysis of Past Due Loans The Company generally considers an account delinquent when an obligor fails to pay substantially all (defined as 90%) of the scheduled payment by the due date. When an account is deferred, the loan is returned to accrual status during the deferral period and accrued interest related to the loan is evaluated for collectability. The age of amortized cost in past due loans and accruing loans 90 days or greater past due disaggregated by class of financing receivables is summarized as follows:
(1) C&I loans includes $89.7 million of LHFS at June 30, 2021. (2) Residential mortgages includes $196.6 million of LHFS at June 30, 2021. (3) CRE loans include $9.0 million of LHFS at June 30, 2021. (4) RICs and auto loans includes $391.2 million of LHFS at June 30, 2021.
(1)C&I loans included $222.3 million of LHFS at December 31, 2020. (2) Residential mortgages included $404.2 million of LHFS at December 31, 2020. (3) Personal unsecured loans included $893.5 million of LHFS at December 31, 2020. (4) RICs and auto loans includes $674.0 million of LHFS at December 31, 2020. (5) Multifamily loans includes $3.8 million of LHFS at December 31, 2020. (6) Other Commercial loans includes $0.3 million of LHFS at December 31, 2020. (7) CRE loans include $28.0 million of LHFS at December 31, 2020. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Commercial Lending Asset Quality Indicators The Company's Risk Department performs a credit analysis and classifies certain loans over an internal threshold based on the commercial lending classifications described below: PASS. Asset is well-protected by the current net worth and paying capacity of the obligor or guarantors, if any, or by the fair value less costs to acquire and sell any underlying collateral in a timely manner. SPECIAL MENTION. Asset has potential weaknesses that deserve management’s close attention, which, if left uncorrected, may result in deterioration of the repayment prospects for an asset at some future date. Special mention assets are not adversely classified. SUBSTANDARD. Asset is inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. A well-defined weakness or weaknesses exist that jeopardize the liquidation of the debt. The loans are characterized by the distinct possibility that the Company will sustain some loss if deficiencies are not corrected. DOUBTFUL. Exhibits the inherent weaknesses of a substandard credit. Additional characteristics exist that make collection or liquidation in full highly questionable and improbable, on the basis of currently known facts, conditions and values. Possibility of loss is extremely high, but because of certain important and reasonable specific pending factors which may work to the advantage and strengthening of the credit, an estimated loss cannot yet be determined. LOSS. Credit is considered uncollectible and of such little value that it does not warrant consideration as an active asset. There may be some recovery or salvage value, but there is doubt as to whether, how much or when the recovery would occur. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Each commercial loan is evaluated to determine its risk rating at least annually. The indicators represent the rating for loans as of the date presented based on the most recent assessment performed. Amortized cost basis of loans in the commercial portfolio segment by credit quality indicator, class of financing receivable, and year of origination are summarized as follows:
(1)Includes $98.7 million of LHFS at June 30, 2021. (2)Consists of loans that have not been assigned a regulatory rating. (3)Loans originated during the year-to-date ended June 30, 2021. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(1)Includes $254.5 million of LHFS at December 31, 2020. (2)Consists of loans that have not been assigned a regulatory rating. (3)Loans originated during the year ended December 31, 2020. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Consumer Lending Asset Quality Indicators-Credit Score Consumer financing receivables for which either an internal or external credit score is a core component of the allowance model are summarized by credit score determined at origination as follows:
(1) Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model. (2) Loans originated during the year-to-date ended June 30, 2021. (3) Excludes LHFS.
(1) Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model. (2) Loans originated during the year ended December 31, 2020. (3) Excludes LHFS. Consumer Lending Asset Quality Indicators-FICO and LTV Ratio For both residential and home equity loans, loss severity assumptions are incorporated in the loan and lease loss reserve models to estimate loan balances that will ultimately charge off. These assumptions are based on recent loss experience within various current LTV bands within these portfolios. LTVs are refreshed quarterly by applying Federal Housing Finance Agency Home price index changes at a state-by-state level to the last known appraised value of the property to estimate the current LTV. The Company's CECL loss calculation incorporates the refreshed LTV information to update the distribution of defaulted loans by LTV as well as the associated LGD for each LTV band. Reappraisals on a recurring basis at the individual property level are not considered cost-effective or necessary; however, reappraisals are performed on certain higher risk accounts to support line management activities, default servicing decisions, or when other situations arise for which the Company believes the additional expense is warranted. FICO scores are refreshed quarterly, where possible. The indicators disclosed represent the credit scores for loans as of the date presented based on the most recent assessment performed. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Residential mortgage and home equity financing receivables by LTV and FICO range are summarized as follows:
(1) Excludes LHFS. (2) Balances in the "N/A" range for LTV or FICO score primarily represent loans serviced by others, in run-off portfolios or for which a current LTV or FICO score is unavailable. (3) The ALLL model considers LTV for financing receivables in first lien position and CLTV for financing receivables in second lien position for the Company. (4) Loans originated during the year-to-date ended June 30, 2021. 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) Balances in the "N/A" range for LTV or FICO score primarily represent loans serviced by others, in run-off portfolios or for which a current LTV or FICO score is unavailable. (3) The ALLL model considers LTV for financing receivables in first lien position and CLTV for financing receivables in second lien position for the Company. (4) Loans originated during the year ended December 31, 2020. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(1) - (4) Refer to corresponding notes above 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. The increase in total TDRs was primarily due to the resumption of the pre-COVID-19 method of determining whether or not a modification qualifies as a TDR for RICs effective January 1, 2021. 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, 2021 and 2020:
(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. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) 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, 2021 and 2020, 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 MPLFA. Income continues to accrue during the extension period and remaining lease payments are recorded on a straight-line basis over the modified lease term. Operating lease assets, net consisted of the following as of June 30, 2021 and December 31, 2020:
The following summarizes the future minimum rental payments due to the Company as lessor under operating leases as of June 30, 2021 (in thousands):
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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 the Company's goodwill by its reporting units as of June 30, 2021:
During the three-month and six-month periods ended June 30, 2021, there were no disposals, additions, impairments or re-allocations of goodwill. The Company evaluates goodwill for impairment at the reporting unit level. The Company completes its annual goodwill impairment test as of October 1 each year. The Company conducted its last annual goodwill impairment tests as of October 1, 2020 using generally accepted valuation methods. As a result of that impairment test, no goodwill impairment was identified. NOTE 5. GOODWILL AND OTHER INTANGIBLES (continued) During the second quarter of 2020, primarily due to the ongoing economic impacts of the COVID-19 pandemic, the Company determined that a goodwill triggering event occurred for the CBB, C&I, and CRE & VF reporting units. Based on its goodwill impairment analysis performed as of June 30, 2020, the Company concluded that a goodwill impairment charge of $1.6 billion and $0.3 billion was required for the CBB and C&I reporting units, respectively. The CRE & VF reporting unit’s estimated fair value exceeded its carrying value by less than 5%. The goodwill allocated to these reporting units has become more sensitive to impairment as the valuation is highly correlated with forecasted interest rates, credit costs, and other factors. During the fourth quarter of 2020, the Company implemented organizational changes which resulted in the transfer of Upper Business Banking customers into the C&I segment from the CBB segment. Refer to Note 18 to these Consolidated Financial Statements for additional details on the Company's reportable segments. As a result of the re-organization, the Company re-allocated approximately $25.1 million of goodwill from the CBB reporting unit to the C&I reporting unit. Upon re-allocation, the Company performed a post evaluation for impairment on the CBB and C&I reporting units utilizing assumptions consistent with our October 1, 2020 impairment test and noted no impairment. Other Intangible Assets The following table details amounts related to the Company's intangible assets subject to amortization for the dates indicated.
(1) Includes approximately $37 million of intangible assets added in connection with the close of its agreement with Crédit Agricole Corporate and Investment Bank, S.A.to take over management of global wealth management client assets and liabilities. This intangible asset will be amortized over a year useful life. At June 30, 2021 and December 31, 2020, the Company did not have any intangibles, other than goodwill, that were not subject to amortization. Amortization expense on intangible assets was $10.7 million and $22.0 million for the three-month and six-month periods ended June 30, 2021, respectively, and $14.7 million and $29.5 million for the corresponding periods in 2020, respectively. NOTE 5. GOODWILL AND OTHER INTANGIBLES (continued) The estimated aggregate amortization expense related to intangibles, excluding any impairment charges, for each of the five succeeding calendar years ending December 31 is:
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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, 2021 and December 31, 2020:
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, 2021, operating lease expenses were $37.1 million and $76.8 million, respectively, compared to $40.7 million and $75.8 million for the corresponding periods in 2020. Sublease income was $1.2 million and $2.3 million, respectively, for the three-month and six-month periods ended June 30, 2021 compared to $1.2 million and $2.6 million for the corresponding periods in 2020. These are reported within Occupancy and equipment expenses in the Company’s Condensed Consolidated Statements of Operations. NOTE 6. OTHER ASSETS (continued) Supplemental balance sheet information related to leases was as follows:
(1) Activity is included within the net change in other liabilities on the Consolidated SCF. The remainder of Other assets is comprised of: •Deferred tax asset, net - Refer to Note 15 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 12 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 13. •Income tax receivables - Refer to Note 15 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. •Miscellaneous assets and receivables includes Subvention receivables in connection with the agreement with CCAP, investment and capital market receivables, derivatives trading receivables, and unapplied payments.
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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 8) in the 2020 Annual Report on Form 10-K. On-balance sheet VIEs The assets of consolidated VIEs presented based upon the legal transfer of the underlying assets in order to reflect legal ownership, that can be used only to settle obligations of the consolidated VIEs and the liabilities of those entities for which creditors (or beneficial interest holders) do not have recourse to the Company's general credit, were as follows:
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, 2021 and December 31, 2020, the Company was servicing $26.3 billion and $27.7 billion, respectively, of gross RICs that have been transferred to consolidated Trusts. The remainder of the Company’s RICs remains unpledged. NOTE 7. VIEs (continued) A summary of the cash flows received from the consolidated Trusts for the three-month and six-month periods ended June 30, 2021, and 2020 is as follows:
(1) Includes additional advances on existing securitizations. (2) These amounts are not reflected in the accompanying Condensed Consolidated SCF because the cash flows are between the VIEs and other entities included in the consolidation. Off-balance sheet VIEs During the six-month periods ended June 30, 2021, and 2020, SC sold $1.9 billion and $512.3 million, respectively, of gross RICs to third-party investors in off-balance sheet securitizations for a gain of $7.2 million and a loss of $26.9 million, respectively. The gains and losses were recorded in Miscellaneous income, net, in the accompanying Condensed Consolidated Statements of Income. As of June 30, 2021 and December 31, 2020, the Company was servicing $3.2 billion and $2.2 billion, respectively, of gross RICs that have been sold in off-balance sheet securitizations and were subject to an optional clean-up call. The portfolio was comprised as follows:
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, 2021 and 2020, respectively, were as follows:
(1) Represents the unpaid principal balance at the time of original securitization.
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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 foreign deposits, as defined by the FRB, of $6.5 billion and $5.8 billion at June 30, 2021 and December 31, 2020, respectively. Deposits collateralized by investment securities, loans, and other financial instruments totaled $3.3 billion and $2.2 billion at June 30, 2021 and December 31, 2020, respectively. Demand deposit overdrafts that have been reclassified as loan balances were $219.2 million and $110.5 million at June 30, 2021 and December 31, 2020, respectively. At June 30, 2021 and December 31, 2020, the Company had $632.8 million and $768.2 million, 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, 2021 were $42.9 billion, compared to $46.4 billion at December 31, 2020. The Company's debt agreements impose certain limitations on dividend payments and other transactions. The Company is currently in compliance with these limitations. Periodically, as part of the Company's wholesale funding management, it opportunistically repurchases outstanding borrowings in the open market and subsequently retires the obligations. SBNA SBNA had no securities issuances during the six-month periods ended June 30, 2021 or 2020 and no repurchases during the six-month period ended June 30, 2021. 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. SHUSA SHUSA had no securities issuances during the six-month period ended June 30, 2021. During the six-month period ended June 30, 2021, SHUSA called $427.9 million of its senior floating-rate notes due June 2022. 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 fixed-rate notes due April 2023. •$1.0 billion 3.45% senior fixed-rate notes 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) 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 LIBOR plus 110 basis points per annum. (3) These notes are with SHUSA's parent company, Santander. SBNA Borrowings and Debt Obligations The following table presents information regarding SBNA's borrowings and other debt obligations at the dates indicated:
SBNA had outstanding irrevocable letters of credit totaling $153.5 million from the FHLB of Pittsburgh at June 30, 2021 used to secure uninsured deposits placed with SBNA by state and local governments and their political subdivisions. NOTE 9. BORROWINGS (continued) SC Credit Facilities The following tables present information regarding SC's credit facilities as of June 30, 2021 and December 31, 2020, respectively:
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, 2021 and December 31, 2020, 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.
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ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) The following table presents the components of AOCI, net of related tax, for the three-month and six-month periods ended June 30, 2021, and 2020, respectively.
NOTE 10. ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (continued)
(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.
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SECURITIES FINANCING AGREEMENTS |
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Banking and Thrift, Other Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES FINANCING AGREEMENTS | SECURITIES FINANCING AGREEMENTS The Company may enter into Securities Financing Agreements primarily to deploy the Company’s excess cash and investment positions. Securities Financing Agreements are treated as collateralized financings and are included in "Federal funds sold and securities purchased under resale agreements or similar arrangements" and "Federal funds purchased and securities loaned or sold under repurchase agreements" on the Company’s Condensed Consolidated Balance Sheets. Resale and repurchase agreements are generally carried at the amounts at which the securities will be subsequently sold or repurchased. These agreements are generally carried at the amount of cash collateral advanced or received plus accrued interest. Where appropriate under applicable accounting guidance, Securities Financing Agreements with the same counterparty are reported on a net basis. Refer to Note 1 for further discussion of the offsetting of assets and liabilities. Securities transferred to counterparties under repurchase agreements and securities lending transactions continue to be recognized on the Condensed Consolidated Balance Sheets, are measured at fair value, and are included in Investment securities AFS on the Company’s Condensed Consolidated Balance Sheets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Condensed Consolidated Balance Sheets unless the counterparty defaults. The securities transferred under Securities Financing Agreements typically are U.S. Treasury and agency securities or residential agency MBS. In general, the securities transferred can be sold, re-pledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. The Company may be exposed to counterparty risk, with such risk managed by performing assessments independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. These financing transactions do not create material credit risk given the collateral provided and the related monitoring process. Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following:
The Company received $3.4 million in securities borrowed that are eligible to be re-pledged as collateral. Securities loaned or sold under agreements to repurchase, at their respective carrying values, consisted of the following:
NOTE 11. SECURITIES FINANCING AGREEMENTS (continued) Securities Financing Agreements are generally executed under standard industry agreements, including master agreements that create a single contract under which all transactions between two counterparties are executed, allowing for trade aggregation of receivables and payables into a single net payment or settlement. At June 30, 2021, there were no Securities Financing Agreement assets or liabilities which qualified for offset in the Condensed Consolidated Balance Sheets. The following tables present the gross amounts of liabilities associated with Securities Financing Agreements by remaining contractual maturity:
The following tables present the gross amounts of liabilities associated with Securities Financing Agreements by class of underlying collateral as of June 30, 2021:
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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 13 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, 2021, derivatives in this category had a fair value of $0.5 million. The credit ratings of the Company and SBNA are currently considered investment grade. During the second quarter of 2021, no additional collateral would be required if there were a further 1- or 2- notch downgrade by either S&P or Moody's. As of June 30, 2021 and December 31, 2020, the aggregate fair value of all derivative contracts with credit risk contingent features (i.e., those containing collateral posting or termination provisions based on the Company's ratings) that were in a net liability position totaled $13.3 million and $9.9 million, respectively. The Company had $12.5 million and $3.9 million in cash and securities collateral posted to cover those positions as of June 30, 2021 and December 31, 2020, respectively. Hedge Accounting Management uses derivative instruments designated as hedges to mitigate the impact of interest rate and foreign exchange rate movements on the fair value of certain assets and liabilities and on highly probable forecasted cash flows. These instruments primarily include interest rate swaps that have underlying interest rates based on key benchmark indices. The nature and volume of the derivative instruments used to manage interest rate risk depend on the level and type of assets and liabilities on the balance sheet and the risk management strategies for the current and anticipated interest rate environment. Interest rate swaps are generally used to convert fixed-rate assets and liabilities to variable rate assets and liabilities and vice versa. The Company utilizes interest rate swaps that have a high degree of correlation to the related financial instrument. Fair Value Hedges During the second quarter of 2021, the Company began entering into derivatives to hedge the risk of changes in fair value of a portion of its LHFI portfolio. These derivatives are designated as fair value hedges at inception. The gains/(losses) from changes in the fair value of the hedging derivative and the offsetting gains/(losses) from changes in the fair value of the related underlying hedged items are reporting in the same line item in the Condensed Consolidated Statements of Operations as earnings from the hedged items. The cumulative fair value hedge basis adjustments included in the carrying amount of hedged assets is reversed through earnings in future periods as an adjustment to yield. The Company includes gains/(losses) on the hedging derivatives and the related hedged items in the assessment of hedge effectiveness. All of these swaps have been deemed highly effective fair value hedges. The last of the hedges is scheduled to expire in 2026. NOTE 12. DERIVATIVES (continued) Cash Flow Hedges The Company has outstanding interest rate swap agreements designed to hedge a portion of the Company’s floating rate assets and liabilities (including its borrowed funds). All of these swaps have been deemed highly effective cash flow hedges. The gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same Condensed Consolidated Statements of Operations line item as the earnings effect of the hedged item. The last of the hedges is scheduled to expire in March 2027. The Company includes all components of each derivative's gain or loss in the assessment of hedge effectiveness. As of June 30, 2021, the Company estimated that approximately $27.4 million of unrealized gains included in AOCI 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, 2021 and December 31, 2020 included:
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. NOTE 12. DERIVATIVES (continued) 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. Derivatives Not Designated in Hedge Relationships – Notional and Fair Values Other derivative activities at June 30, 2021 and December 31, 2020 included:
NOTE 12. DERIVATIVES (continued) Gains (Losses) on All Derivatives The following Condensed Consolidated Statement of Operations line items were impacted by the Company’s derivative activities for the three-month and six-month periods ended June 30, 2021 and 2020:
(1) Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected. The net amount of change recognized in OCI for cash flow hedge derivatives was a loss of $3.6 million and $66.4 million, net of tax, for the three-month and six-month periods ended June 30, 2021, respectively, and 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. 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, 2021, respectively, and 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. Disclosures about Offsetting Assets and Liabilities The Company enters into legally enforceable master netting agreements which reduce risk by permitting netting of transactions with the same counterparty on the occurrence of certain events. A master netting agreement allows two counterparties the ability to net-settle amounts under all contracts, including any related collateral posted, through a single payment and in a single currency. The right to offset and certain terms regarding the collateral process, such as valuation, credit events and settlement, are contained in the applicable master agreement. The Company's financial instruments, including resell and repurchase agreements, securities lending arrangements, derivatives and cash collateral, may be eligible for offset on its Condensed Consolidated Balance Sheets. The Company has elected to present derivative balances on a gross basis even if the derivative is subject to a legally enforceable nettable ISDA Master Agreement for all trades executed after April 1, 2013. Collateral that is received or pledged for these transactions is disclosed within the “Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets” section of the tables below. Prior to April 1, 2013, the Company had elected to net all caps, floors, and interest rate swaps when it had an ISDA Master Agreement with the counterparty. The collateral received or pledged in connection with these transactions is disclosed within the “Gross Amounts Offset in the Condensed Consolidated Balance Sheets" section of the tables below. NOTE 12. DERIVATIVES (continued) Information about financial assets and liabilities that are eligible for offset on the Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020, 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 12. 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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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE | FAIR VALUE The fair value hierarchy categorizes the underlying assumptions and inputs to valuation techniques that are used to measure fair value into three levels. The three fair value hierarchy classification levels are defined as follows: •Level 1 inputs are quoted prices in active markets for identical assets or liabilities that can be accessed as of the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. •Level 2 inputs are those other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3 inputs are those that are unobservable or not readily observable for the asset or liability and are used to measure fair value to the extent relevant observable inputs are not available. Assets and liabilities measured at fair value, by their nature, result in a higher degree of financial statement volatility. See Note 1 of the 2020 Annual Report on Form 10-K for a broad discussion of fair value measurement techniques. When available, the Company uses quoted market prices or matrix pricing in active markets to determine fair value and classifies such items as Level 1 or Level 2 assets or liabilities. If quoted market prices in active markets are not available, fair value is 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 13. 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, 2021 and December 31, 2020:
(1) LHFS disclosed on the Condensed Consolidated Balance Sheets also includes LHFS that are held at the lower of cost or fair value and are not presented within this table. (2) Refer to Note 2 for the fair value of investment securities and to Note 12 for the fair values of derivative assets and liabilities on a further disaggregated basis. (3) RICs collateralized by vehicle titles at SC and RV/marine loans at SBNA. (4) Residential mortgage loans. (5) Approximately $174.8 million of these financial assets were measured using model-based techniques, or Level 3 inputs, and represented approximately 1.4% of total assets measured at fair value on a recurring basis and approximately 0.1% of total consolidated assets. NOTE 13. FAIR VALUE (continued) Valuation Processes and Techniques - Recurring Fair Value Assets and Liabilities The following is a description of the valuation techniques used for instruments measured at fair value on a recurring basis: Investments in debt securities AFS Investments in debt securities AFS are accounted for at fair value. The Company utilizes a third-party pricing service to value its investment securities portfolios on a global basis. Its primary pricing service has consistently proved to be a high quality third-party pricing provider. For those investments not valued by pricing vendors, other trusted market sources are utilized. The Company monitors and validates the reliability of vendor pricing on an ongoing basis, which can include pricing methodology reviews, performing detailed reviews of the assumptions and inputs used by the vendor to price individual securities, and price validation testing. Price validation testing is performed independently of the risk-taking function and can include corroborating the prices received from third-party vendors with prices from another third-party source, reviewing valuations of comparable instruments, comparison to internal valuations, or by reference to recent sales of similar securities. The classification of securities within the fair value hierarchy is based upon the activity level in the market for the security type and the observability of the inputs used to determine their fair values. Actively traded quoted market prices for debt securities AFS, such as U.S. Treasury and government agency securities, corporate debt, state and municipal securities, and MBS, are not readily available. The Company's principal markets for its investment securities are the secondary institutional markets with an exit price that is predominantly reflective of bid-level pricing in these markets. These investment securities are priced by third-party pricing vendors. The third-party vendors use a variety of methods when pricing these securities that incorporate relevant observable market data to arrive at an estimate of what a buyer in the marketplace would pay for a security under current market conditions. These investment securities are, therefore, considered Level 2. Certain ABS are valued using DCF models. The DCF models are obtained from a third-party pricing vendor which uses observable market data and therefore are classified as Level 2. Other ABS that could not be valued using a third-party pricing service are valued using an internally-developed DCF model and are classified as Level 3. Realized gains and losses on investments in debt securities are recognized in the Condensed Consolidated Statements of Operations through Net gain(loss) on sale of investment securities. RICs HFI For certain RICs reported in LHFI, net, the Company has elected the FVO. The estimated fair value of the all RICs HFI at is estimated using a DCF model and are classified as Level 3. LHFS The Company's LHFS portfolios that are measured at fair value on a recurring basis consist primarily of residential mortgage LHFS. The fair values of LHFS are estimated using published forward agency prices to agency buyers such as FNMA and FHLMC. The majority of the residential mortgage LHFS portfolio is sold to these two agencies. The fair value is determined using current secondary market prices for portfolios with similar characteristics, adjusted for servicing values and market conditions. These loans are regularly traded in active markets, and observable pricing information is available from market participants. The prices are adjusted as necessary to include the embedded servicing value in the loans as well as the specific characteristics of certain loans that are priced based on the pricing of similar loans. These adjustments represent unobservable inputs to the valuation, and are not significant given the relative insensitivity of the value to changes in these inputs to the fair value of the loans. Accordingly, residential mortgage LHFS are classified as Level 2. Gains and losses on residential mortgage LHFS are recognized in the Condensed Consolidated Statements of Operations through Miscellaneous income, net. See further discussion below in the section captioned "FVO for Financial Assets and Financial Liabilities." NOTE 13. FAIR VALUE (continued) MSRs The Company has elected to measure most of its residential MSRs at fair value to be consistent with the risk management strategy to hedge changes in the fair value of these assets. The fair value of residential MSRs is estimated by using a cash flow valuation model which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected mortgage loan prepayment rates, discount rates (reflective of a market participant’s return on an investment for similar assets), servicing costs, and other economic factors which are determined based on current market conditions. Historically, servicing costs and discount rates have been less volatile than prepayment rates, which are directly correlated with changes in market interest rates. Increases in prepayment rates, discount rates and servicing costs result in lower valuations of MSRs. Decreases in the anticipated earnings rate on escrow and similar balances result in lower valuations of MSRs. Assumptions incorporated into the residential MSR valuation model reflect management's best estimate of factors that a market participant would use in valuing the residential MSRs, as well as future expectations. Although sales of residential MSRs do occur, residential MSRs do not trade in an active market with readily observable prices. Those MSRs not accounted for at fair value are accounted for at amortized cost, less impairment. As a benchmark for the reasonableness of the residential MSRs fair value, opinions of value from Brokers are obtained. Brokers provide a range of values based upon their own DCF calculations of our portfolio that reflect conditions in the secondary market and any recently executed servicing transactions. Management compares the internally-developed residential MSR values to the ranges of values received from Brokers. If the residential MSRs fair value falls outside of the Brokers' ranges, management will assess whether a valuation adjustment is warranted. The residential MSRs value is considered to represent a reasonable estimate of fair value. MSR’s are classified as Level 3. Gains and losses on MSRs are recognized on the Condensed Consolidated Statements of Operations through Miscellaneous income, net. Significant assumptions used in the valuation of residential MSRs include CPRs and the discount rate. Other important valuation assumptions include market-based servicing costs and the anticipated earnings on escrow and similar balances held by the Company in the normal course of mortgage servicing activities. Below is a sensitivity analysis of the most significant inputs utilized by the Company in the evaluation of residential MSRs: • A 10% and 20% increase in the CPR speed would decrease the fair value of the residential servicing asset by $3.8 million and $7.3 million, respectively, at June 30, 2021. •A 10% and 20% increase in the discount rate would decrease the fair value of the residential servicing asset by $2.4 million and $4.6 million, respectively, at June 30, 2021. Significant increases/(decreases) in any of those inputs in isolation would result in significantly (lower)/higher fair value measurements, respectively. These sensitivity calculations are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of an adverse variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change. Prepayment estimates generally increase when market interest rates decline and decrease when market interest rates rise. Discount rates typically increase when market interest rates increase and/or credit and liquidity risks increase, and decrease when market interest rates decline and/or credit and liquidity conditions improve. Derivatives The valuation of these instruments is determined using commonly accepted valuation techniques, including DCF analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable and unobservable market-based inputs. The fair value represents the estimated amount the Company would receive or pay to terminate the contract or agreement, taking into account current interest rates, foreign exchange rates, equity prices and, when appropriate, the current creditworthiness of the counterparties. The Company incorporates credit valuation adjustments in the fair value measurement of its derivatives to reflect the counterparty's nonperformance risk in the fair value measurement of its derivatives, except for those derivative contracts with associated credit support annexes which provide credit enhancements, such as collateral postings and guarantees. NOTE 13. FAIR VALUE (continued) The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. Certain of the Company's derivatives utilize Level 3 inputs, which are primarily related to mortgage banking derivatives-interest rate lock commitments and total return settlement derivative contracts. The DCF model is utilized to determine the fair value of the mortgage banking derivatives-interest rate lock commitments and the total return settlement derivative contracts. The significant unobservable inputs for mortgage banking derivatives used in the fair value measurement of the Company's loan commitments are "pull through" percentage and the MSR value that is inherent in the underlying loan value. The pull through percentage is an estimate of loan commitments that will result in closed loans. The significant unobservable inputs for total return settlement derivative contracts used in the fair value measurement of the Company's liabilities are discount percentages, which are based on comparable financial instruments. Significant increases (decreases) in any of these inputs in isolation would result in significantly higher (lower) fair value measurements. Significant increases (decreases) in the fair value of a mortgage banking derivative asset (liability) results when the probability of funding increases (decreases). Significant increases (decreases) in the fair value of a mortgage loan commitment result when the embedded servicing value increases (decreases). See Note 12 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, 2021 and 2020, respectively, for those assets and liabilities measured at fair value on a recurring basis.
(1)Settlements include charge-offs, prepayments, paydowns and maturities. (2) The Company transferred RICs from Level 2 to Level 3 during 2020 because the fair value for these assets cannot be determined by using readily observable inputs. There were no other transfers into or out of Level 3 during the three-month and six-month periods ended June 30, 2021 or 2020. NOTE 13. FAIR VALUE (continued) Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company may be required to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP from time to time. These adjustments to fair value usually result from application of lower-of-cost-or-fair value accounting or certain impairment measures. Assets measured at fair value on a nonrecurring basis that were still held on the balance sheet were as follows:
(1) These amounts include zero and $0.9 billion of personal LHFS that were impaired as of June 30, 2021 and December 31, 2020, respectively. On March 16, 2021 the Company sold the personal lending portfolio. Refer to Note 1 for more information. Valuation Processes and Techniques - Nonrecurring Fair Value Assets and Liabilities Impaired commercial LHFI in the table above represents the recorded investment of impaired commercial loans for which the Company measures impairment during the period based on the fair value of the underlying collateral supporting the loan. Written offers to purchase a specific impaired loan are considered observable market inputs, which are considered Level 1 inputs. Appraisals are obtained to support the fair value of the collateral and incorporate measures such as recent sales prices for comparable properties and are considered Level 2 inputs. Loans for which the value of the underlying collateral is determined using a combination of real estate appraisals, field examinations and internal calculations are classified as Level 3. The inputs in the internal calculations may include the loan balance, estimation of the collectability of the underlying receivables held by the customer used as collateral, sale and liquidation value of the inventory held by the customer used as collateral and historical loss-given-default parameters. In cases in which the carrying value exceeds the fair value of the collateral less cost to sell, an impairment charge is recognized. The net carrying value of these loans was $16.1 million and $33.2 million at June 30, 2021 and December 31, 2020, respectively. Loans previously impaired which were not marked to fair value during the periods presented are excluded from this table. Foreclosed assets represent the recorded investment in assets taken during the period presented in foreclosure of defaulted loans, and are primarily comprised of commercial and residential real properties and generally measured at fair value less costs to sell. The fair value of the real property is generally determined using appraisals or other indications of market value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace. The Company estimates the fair value of its vehicles, which are obtained either through repossession or lease termination, using historical auction rates and current market values of used cars. The Company's LHFS portfolios that are measured at fair value on a nonrecurring basis primarily consist of personal, commercial, and RICs LHFS. The estimated fair value of these LHFS is calculated based on a combination of estimated market rates for similar loans with similar credit risks and a DCF analysis in which the Company uses significant unobservable inputs on key assumptions, including historical default rates and adjustments to reflect voluntary prepayments, prepayment rates, discount rates reflective of the cost of funding, and credit loss expectations. The lower of cost or fair value adjustment for personal LHFS includes customer default activity and adjustments related to the net change in the portfolio balance during the reporting period. For loans that are considered collateral-dependent, such as certain bankruptcy loans, impairment is measured based on the fair value of the collateral less its estimated cost to sell. For the underlying collateral, the estimated fair value is obtained using historical auction rates and current market levels of the collateral securing the loans. NOTE 13. FAIR VALUE (continued) The estimated fair value of goodwill is valued using unobservable inputs and is classified as Level 3 at October 1 annually or more frequently if impairment indicators are present at an interim date. Fair value is calculated using widely-accepted valuation techniques, such as the guideline public company market approach (earnings and price-to-tangible book value multiples of comparable public companies) and the income approach (the DCF method). The Company uses a combination of these accepted methodologies to determine the fair valuation of reporting units. Several factors are taken into account, including actual operating results, future business plans, economic projections, and market data. On a quarterly basis, the Company assesses whether or not impairment indicators are present. For information on the Company's goodwill impairment test and the results of the most recent goodwill impairment test, see Note 5 for a description of the Company's goodwill valuation methodology. Fair Value Adjustments The following table presents the increases and decreases in value of certain assets that are measured at fair value on a nonrecurring basis for which a fair value adjustment has been included in the Condensed Consolidated Statements of Operations relating to assets held at period-end:
(1) Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected. Level 3 Inputs - Significant Recurring and Nonrecurring Fair Value Assets and Liabilities The following table presents quantitative information about the significant unobservable inputs within significant Level 3 recurring and nonrecurring assets and liabilities at June 30, 2021 and December 31, 2020, respectively:
(1) Based on the applicable term and discount index. The Company owns one financing bond security. (2) Average CPR projected from collateral stratified by loan type and note rate. Weighted average amount was developed by weighting the associated relative unpaid principal balances. (3) Average discount rate from collateral stratified by loan type and note rate. Weighted average amount was developed by weighting the associated relative unpaid principal balances. (4) Excluded insignificant level 3 assets and liabilities. NOTE 13. FAIR VALUE (continued)
(1), (2), (3) - See corresponding footnotes to the June 30, 2021 Level 3 significant inputs table above. (4) Excludes non-significant Level 3 LHFS portfolios. The estimated fair value for personal LHFS (Bluestem) is calculated based on the lower of market participant view, a DCF analysis in which the Company uses significant unobservable inputs on key assumptions, and also considers the possible outcomes of the Bluestem bankruptcy process. Fair Value of Financial Instruments The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company's financial instruments are as follows:
(1) This line item excludes deposit liabilities with no defined or contractual maturities in accordance with ASU 2016-01. (2) This line item includes CDs with a maturity greater than 90 days and investments in trading securities. (3) Represents the fair value of the underlying collateral. NOTE 13. 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 has LHFS portfolios that are accounted for at the lower of cost or market. This primarily consists of RICs HFS for which the estimated fair value 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 13. 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. 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, 2021 and December 31, 2020, the balance of these loans serviced for others accounted for at fair value was $11.2 billion and $12.5 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 12 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." 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 NPLs 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, 2021 and December 31, 2020:
(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 |
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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 14. NON-INTEREST INCOME AND OTHER EXPENSES (continued) Other Expenses The following table presents the Company's other expenses for the following periods:
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INCOME TAXES |
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Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES An income tax expense of $371.6 million and a benefit of $186.2 million were recorded for the three-month periods ended June 30, 2021 and 2020, respectively. An income tax expense of $658.5 million and a benefit of $219.5 million were recorded for the six-month periods ended June 30, 2021 and 2020, respectively. This resulted in an ETR of 24.2% and 8.9% for the three-month periods ended June 30, 2021 and 2020, respectively, and 24.2% and 9.8% for the six-month periods ended June 30, 2021 and 2020, respectively. The increase in the ETR for the three-month and six-month periods ended June 30, 2021, compared to the three-month and six-month periods ended June 30, 2020, was primarily the result of expected pre-tax income for 2021, compared to a pre-tax loss in 2020, and the impairment of goodwill in 2020 that was non-deductible for tax purposes. 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 15. INCOME TAXES (continued) 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 $529.8 million at June 30, 2021 (consisting of a deferred tax asset balance of $3.7 million and a deferred tax liability balance of $533.5 million with respect to jurisdictional netting), compared to a net deferred tax liability balance of $171.2 million at December 31, 2020 (consisting of a deferred tax asset balance of $11.1 million and a deferred tax liability balance of $182.4 million). The $358.6 million increase in net deferred liability for the six-month period ended June 30, 2021 was primarily due to the impact of depreciation from leasing transactions and a decrease in net operating loss carryforwards.
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COMMITMENTS, CONTINGENCIES, AND GUARANTEES |
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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 12 to these Condensed Consolidated Financial Statements for discussion of all derivative contract commitments. NOTE 16. 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, 2021 and December 31, 2020 are $3.5 billion and $5.4 billion, respectively, of commitments that can be canceled by the Company without notice. Commitments to extend credit also include amounts committed by the Company to fund its investments in CRA, LIHTC, and other equity method investments in which it is a limited partner. Letters of Credit The Company’s letters of credit meet the definition of a guarantee. Letters of credit commit the Company to make payments on behalf of its customers if specified future events occur. The guarantees are primarily issued to support public and private borrowing arrangements. The weighted average term of these commitments at June 30, 2021 was 14.5 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, 2021 was $1.4 billion. The fees related to letters of credit are deferred and amortized over the lives of the respective commitments, and were immaterial to the Company’s financial statements at June 30, 2021. Management believes that the utilization rate of these letters of credit will continue to be substantially less than the amount of the commitments, as has been the Company’s experience to date. The credit risk associated with letters of credit is monitored using the same risk rating system utilized within the loan and financing lease portfolio. As of June 30, 2021 and December 31, 2020, the liability related to unfunded lending commitments was $124.3 million and $146.5 million, respectively. Unsecured Revolving Lines of Credit Such commitments arise primarily from agreements with customers for unused lines of credit on unsecured revolving accounts and credit cards, provided there is no violation of conditions in the underlying agreement. These commitments, substantially all of which the Company can terminate at any time and which do not necessarily represent future cash requirements, are reviewed periodically based on account usage, customer creditworthiness and loan qualifications. Loans Sold with Recourse The Company has loans sold with recourse that meet the definition of a guarantee. For loans sold with recourse under the terms of its multifamily sales program with the FNMA, the Company retained a portion of the associated credit risk. NOTE 16. 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. Securities Borrowed and Lending Subject to Repurchase or Resale Agreements In the second quarter of 2021, the Company began entering into Securities Financing Agreements primarily to deploy the Company’s excess cash and investments. Refer to Note 11 to these Condensed Consolidated Financial Statements for further discussion of the Company's commitments in connection with those agreements. SC Commitments The following table summarizes liabilities recorded for commitments and contingencies as of June 30, 2021 and December 31, 2020, 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. MPLFA Under the terms of the MPLFA, SC must make revenue sharing payments to Stellantis N.V. and also must share with Stellantis N.V. when residual gains/(losses) on leased vehicles exceed a specified threshold. The MPLFA also requires that SC maintain at least $5.0 billion in funding available for floor plan loans and $4.5 billion of financing dedicated to Stellantis N.V. retail financing. In turn, Stellantis N.V. must provide designated minimum threshold percentages of its Subvention business to SC. Agreement with Bank of America Until January 2017, SC had a flow agreement with Bank of America whereby SC was committed to sell up to $300.0 million of eligible loans to the bank each month. SC retains servicing on all sold loans and may receive or pay a servicer performance payment based on an agreed-upon formula if performance on the sold loans is better or worse, respectively, than expected performance at the time of sale. Servicer performance payments are due six years from the cut-off date of each loan sale. Agreement with CBP Until May 2017, SC sold loans to CBP under terms of a flow agreement and predecessor sale agreements. SC retained servicing on the sold loans and owes CBP a loss-sharing payment capped at 0.5% of the original pool balance if losses exceed a specified threshold, established on a pool-by-pool basis. Loss-sharing payments are due the month in which net losses exceed the established threshold of each loan sale. NOTE 16. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued) Agreements Bluestem SC is party to agreements with Bluestem whereby SC is committed to purchase certain new advances on personal revolving financings receivables, along with existing balances on accounts with new advances, originated by Bluestem through April 2022. During the first quarter in 2021, SC completed the sale of the Bluestem personal lending portfolio to a third party. In addition, SC executed a forward flow sale agreement with a third party to purchase all personal lending receivables that SC purchases from Bluestem through the term of the agreement with Bluestem. As of December 31, 2020, the total unused credit available to customers was $2.7 billion. In 2021, SC purchased $0.3 billion of receivables out of the $2.7 billion unused credit available to customers as of December 31, 2020. In 2020, SC purchased $1.2 billion of receivables out of the $3.0 billion unused credit available to customers as of December 31, 2019. In addition, SC purchased $24.9 million and $78.8 million of receivables related to newly-opened customer accounts during the six-month periods ended June 30, 2021 and 2020, respectively. Each customer account generated under the agreements generally is approved with a credit limit higher than the amount of the initial purchase, with each subsequent purchase automatically approved as long as it does not cause the account to exceed its limit and the customer is in good standing. Others Under terms of an application transfer agreement with Nissan, SC has the first opportunity to review for its own portfolio any credit applications turned down by Nissan’s captive finance company. The agreement does not require SC to originate any loans, but for each loan originated by SC, it will pay Nissan a referral fee. In connection with the sale of RICs through securitizations and other sales, SC has made standard representations and warranties customary to the consumer finance industry. Violations of these representations and warranties may require SC to repurchase loans previously sold to on- or off-balance sheet Trusts or other third parties. As of June 30, 2021, there were no loans that were the subject of a demand to repurchase or replace for breach of representations and warranties for SC's ABS or other sales. In the opinion of management, the potential exposure of other recourse obligations related to SC’s RICs sale agreements is not expected to have a material adverse effect on the Company's or SC’s business, consolidated financial position, results of operations, or cash flows. Santander has provided guarantees on the covenants, agreements, and obligations of SC under the governing documents of its warehouse facilities and privately issued amortizing notes. These guarantees are limited to the obligations of SC as servicer. In November 2015, SC executed a forward flow asset sale agreement with a third party under the terms of which SC is committed to sell $350.0 million in charged-off loan receivables in bankruptcy status on a quarterly basis. However, any sale of more than $275.0 million is subject to a market price check. The remaining aggregate commitment as of June 30, 2021 and December 31, 2020 not subject to a market price check was $6.2 million and $15.3 million. Other Off-Balance Sheet Risk Other off-balance sheet risk stems from financial instruments that do not meet the definition of guarantees under applicable accounting guidance and from other relationships that include items such as indemnifications provided in the ordinary course of business and intercompany guarantees. NOTE 16. 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, 2021 and December 31, 2020, the Company accrued aggregate legal and regulatory liabilities of approximately $52.0 million and $109.5 million, respectively. Further, the Company estimates the aggregate range of reasonably possible losses for legal and regulatory proceedings, in excess of reserves established, of up to approximately $14.7 million as of June 30, 2021. Set forth below are descriptions of the material lawsuits, regulatory matters and other legal proceedings to which the Company is subject. SBNA Matters Mortgage Escrow Interest Putative Class Action SBNA is a defendant in a putative class action lawsuit in the United States District Court, Southern District of New York, captioned Daniel and Rebecca Ruf-Tepper v. Santander Bank, N.A., No. 20-cv-00501. The Tepper Lawsuit, filed in January 2020, alleges that SBNA is obligated to pay interest on mortgage escrow accounts pursuant to state law. Plaintiffs filed an amended complaint and SBNA has filed a motion to dismiss. On July 12, 2021, plaintiffs filed a motion seeking preliminary approval of a settlement with SBNA pursuant to which SBNA will pay a total of $2 million to resolve the litigation. Overtime Putative Class Action SBNA is a defendant in a putative class action lawsuit in the United States District Court, District of New Jersey, captioned Crystal Sanchez, et. Al. v. Santander Bank, N.A., No. 17-cv-5775. The lawsuit alleges that SBNA failed to pay overtime to current and former branch operations managers. The Court denied SBNA’s motion to dismiss. Plaintiff's motion seeking to amend its complaint to add additional state law claims is fully briefed. NOTE 16. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued) SC Matters Shareholder Derivative Lawsuit Seattle City Employees Retirement System V. Santander Holdings USA, Inc., et al: In November 2020, a shareholder derivative complaint was filed in the Court of Chancery of the State of Delaware, captioned Seattle City v. Santander Holdings USA, Inc., C.A. No. 2020-0977-AGB. The plaintiff seeks unspecified monetary damages and other injunctive relief in the complaint. The complaint alleges, among other things, that SHUSA and the current director breached their fiduciary duties by causing SC to engage in share repurchases for the purpose of increasing SHUSA’s ownership of SC above 80%, which the complaint alleges would allow SHUSA to obtain tax and other benefits not available to the rest of SC’s shareholders. The defendants filed an answer to the complaint. Consumer Lending Cases The Company and its subsidiaries are also party to various lawsuits pending in federal and state courts alleging violations of state and federal consumer lending laws, including, without limitation, the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, Section 5 of the Federal Trade Commission Act, the Telephone Consumer Protection Act, the Truth in Lending Act, wrongful repossession laws, usury laws and laws related to unfair and deceptive acts or practices. In general, these cases seek damages and equitable and/or other relief. Regulatory Investigations and Proceedings SC is party to, or is periodically otherwise involved in, reviews, investigations, examinations and proceedings (both formal and informal), and information-gathering requests, by government and self-regulatory agencies, including the FRB of Boston, the CFPB, the DOJ, the SEC, the Federal Trade Commission and various state regulatory and enforcement agencies. Currently, such matters include, but are not limited to, the following: Mississippi Attorney General Lawsuit: In January 2017, Mississippi Attorney General filed a lawsuit against SC in the Chancery Court of the First Judicial District of Hinds County, 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. In July 2021, SC and the state of Mississippi entered into a settlement agreement resolving this matter for a monetary payment of $3.7 million to the state of Mississippi. 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, 2021, SSLLC had received 773 FINRA arbitration cases related to Puerto Rico bonds and Puerto Rico CEFs that SSLLC previously recommended and/or sold to clients. Most of these cases are based upon concerns regarding the local Puerto Rico securities market. The statements of claims allege, among other things, fraud, negligence, breach of fiduciary duty, breach of contract, unsuitability, over-concentration and failure to supervise. There were 47 arbitration cases pending as of June 30, 2021. The Company has experienced a decrease in the volume of claims since September 30, 2019 and does not expect to see a significant increase in claims in future periods. NOTE 16. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued) Puerto Rico Putative Class Action: SSLLC, SBC, BSPR, the Company and Santander are defendants in a putative class action alleging federal securities and common law claims relating to the solicitation and purchase of more than $180.0 million of Puerto Rico bonds and $101.0 million of CEFs during the period from December 2012 to October 2013. The case is pending in the United States District Court for the District of Puerto Rico and is captioned Jorge Ponsa-Rabell, et. al. v. SSLLC, Civ. No. 3:17-cv-02243. The amended complaint alleges that defendants acted in concert to defraud purchasers in connection with the underwriting and sale of Puerto Rico municipal bonds, CEFs and open-end funds. In May 2019, the defendants filed a motion to dismiss the amended complaint. On July 22, 2020, the District Court dismissed the complaint. Plaintiffs have appealed to the United States Court of Appeals for the First Circuit. Puerto Rico Municipal Bond Insurer Litigation: On August 8, 2019, bond insurers National Public Finance Guarantee Corporation and MBIA Insurance Corporation filed suit in Puerto Rico state court against eight Puerto Rico municipal bond underwriters, including SSLLC, alleging that the underwriters made misrepresentations in connection with the issuance of the debt and that the bond insurers relied on such misrepresentations in agreeing to insure certain of the bonds. The complaint alleges damages of not less than $720.0 million. On September 16, 2020, the defendants moved to dismiss the complaint. On June 2, 2021, the court denied the defendants’ motion to dismiss. Defendants are seeking to appeal the decision.. On October 28, 2020, bond insurer Ambac Assurance Corporation filed an amended complaint in Puerto Rico state court adding SSLLC and four other Puerto Rico municipal bond underwriters to a pending suit against seven underwriters, alleging that the underwriters made misrepresentations in connection with the issuance of the debt and that Ambac relied on such misrepresentations in agreeing to insure certain of the bonds. The amended complaint alleges damages of not less than $508 million. On December 8, 2020, the defendants moved to dismiss the amended complaint. On November 27, 2020, bond insurer Financial Guaranty Insurance Company filed suit in Puerto Rico state court against twelve Puerto Rico municipal bond underwriters, including SSLLC, alleging that the underwriters made misrepresentations in connection with the issuance of the debt and that Financial Guaranty Insurance Company relied on such misrepresentations in agreeing to insure certain of the bonds. The complaint alleges damages of not less than $447 million. On February 1, 2021, the defendants moved to dismiss the complaint. On July 9, 2021, the court granted the defendants’ motion to dismiss. 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, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company and its affiliates have various debt and derivative agreements with Santander. For further details of these agreements, see Note 10 and Note 20 to the Consolidated Financial Statements of the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The Company and its affiliates also entered into or were subject to various service agreements with Santander and its affiliates. Each of these agreements was made in the ordinary course of business and on market terms. SC had a MSPA with Santander, whereby it has the option to sell a contractually determined amount of eligible prime loans to Santander through the SPAIN trust securitization platform for a term that ended in December 2018. SC provides servicing on all loans originated under this arrangement. For the three-month and six-month periods ended June 30, 2021, servicing fee income of $2.4 million and $5.3 million, respectively, was recognized in the Condensed Consolidated Statements of Operations compared to $5.2 million and $11.2 million for the three-month and six-month periods ended June 30, 2020, respectively. SC had $6.0 million and $6.2 million of collections due to Santander as of June 30, 2021 and December 31, 2020, respectively. Beginning in 2018, SC agreed to provide SBNA with origination support services in connection with the processing, underwriting, and purchase of RICs, primarily from Stellantis N. 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, 2021, SC facilitated the purchase of RICs of $2.6 billion and $4.5 billion, respectively. For the three-month and six-month periods ended June 30, 2020, SC facilitated the purchase of RICs of $1.7 billion and $2.8 billion, respectively. SC recognizes referral fee income and servicing fee income related to this agreement that eliminates in the consolidation of SHUSA. NOTE 17. RELATED PARTY TRANSACTIONS (continued) Banco Santander (Brasil) S.A. had deposits with the Bank of $2.6 billion and $2.0 billion as of June 30, 2021 and December 31, 2020, respectively. Banco Santander-Chile had deposits with the Bank of $1.2 billion and $0.8 billion as of June 30, 2021 and December 31, 2020, respectively. Banco Santander Rio S.A. had deposits with the Bank of $105.0 million and zero as of June 30, 2021 and December 31, 2020, respectively. These transactions do not eliminate in the consolidation of SHUSA.
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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. •The CBB segment includes the products and services provided to Bank consumer and business banking customers, including consumer deposit, business banking, residential mortgage, unsecured lending and investment services. This segment offers a wide range of products and services to consumers and business banking customers, including demand and interest-bearing demand deposit accounts, money market and savings accounts, CDs and retirement savings products. It also offers lending products such as credit cards, mortgages, home equity lines of credit, and business loans such as business lines of credit and commercial cards. SBNA also finances indirect consumer automobile RICs through an intercompany agreement with SC. In addition, SBNA provides investment services to its retail customers, including annuities, mutual funds, and insurance products. Santander Universities, which provides grants and scholarships to universities and colleges as a way to foster education through research, innovation and entrepreneurship, is the last component of this segment. •The C&I segment currently provides commercial lines, loans, letters of credit, receivables financing and deposits to medium- and large-sized commercial customers, as well as financing and deposits for government entities. This segment also provides niche product financing for specific industries. •The CRE & VF segment offers CRE loans and multifamily loans to customers. This segment also offers commercial loans to dealers and financing for commercial equipment and vehicles. This category also includes SBNA’s community development finance activities, including originating CRA-eligible loans and making CRA-eligible investments. •The CIB segment serves the needs of global commercial and institutional customers by leveraging the international footprint of Santander to provide financing and banking services to corporations with over $500 million in annual revenues. CIB also includes SIS, a registered broker-dealer located in New York that provides services in investment banking, institutional sales, and trading and offering research reports of Latin American and European equity and fixed-income securities. CIB's offerings and strategy are based on Santander's local and global capabilities in wholesale banking. •SC is a specialized consumer finance company focused on vehicle finance and third-party servicing. SC’s primary business is the indirect origination of RICs, principally through manufacturer-franchised dealers in connection with their sale of new and used vehicles to retail consumers. In conjunction with the MPLFA, SC offers a full spectrum of auto financing products and services to Stellantis N.V. customers and dealers under the CCAP brand. These products and services include consumer RICs and leases, as well as dealer loans for inventory, construction, real estate, working capital and revolving lines of credit. SC also originates vehicle loans through a web-based direct lending program, purchases vehicle RICs from other lenders, and services automobile, recreational and marine vehicle portfolios for other lenders. During 2015, SC announced its intention to exit the personal lending business. SC has entered into a number of intercompany agreements with the Bank as described above as part of the Other segment. All intercompany revenue and fees between SBNA and SC are eliminated in the consolidated results of the Company. SBNA also offers customer-related derivatives to hedge interest rate risk, and for C&I and CIB offers derivatives relating to foreign exchange and lending arrangements. See Note 11 to the Consolidated Financial Statements for additional details. The Other category includes certain immaterial subsidiaries such as BSI, SSLLC, and several other subsidiaries, the unallocated interest expense on the Company's borrowings and other debt obligations and certain unallocated corporate income and indirect expenses. NOTE 18. BUSINESS SEGMENT INFORMATION (continued) The Company’s segment results, excluding SC and the entities that have been transferred to the Company as the IHC, are derived from the Company’s business unit profitability reporting system by specifically attributing managed balance sheet assets, deposits and other liabilities and their related interest income or expense to each of the segments. Funds transfer pricing methodologies are utilized to allocate a cost for funds used or a credit for funds provided to business line deposits, loans and selected other assets using a matched funding concept. The methodology includes a liquidity premium adjustment, which considers an appropriate market participant spread for commercial loans and deposits by analyzing the mix of borrowings available to the Company with comparable maturity periods. 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. During the fourth quarter of 2020, the Company implemented organizational changes to meet the evolving needs of its business customers including the re-alignment of Upper Business Banking with the C&I segment from the CBB segment. In addition, the Company moved the assets associated with its Community Development Finance business from its “Other” category to the CRE&VF segment to align its LIHTC assets with similar CRE assets and liabilities. All prior period results have been revised for these segment changes. The CODM manages SC on a historical basis by reviewing the results of SC on a pre-Change in Control basis. The Results of Segments table below discloses SC's operating information on the same basis that it is reviewed by the CODM. The adjustments column includes adjustments to reconcile SC's GAAP results to SHUSA's consolidated results. Results of Segments The following tables present certain information regarding the Company’s segments.
NOTE 18. BUSINESS SEGMENT INFORMATION (continued)
(1) Other includes the results of the entities transferred to the IHC, with the exception of SIS, earnings from non-strategic assets, the investment portfolio, interest expense on SBNA’s and the Company's borrowings and other debt obligations, amortization of intangible assets and certain unallocated corporate income and indirect expenses. (2) Management of SHUSA manages SC by analyzing the historical results of SC, which are presented in this column. (3) 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. (4) Includes results and assets of SIS.
(1)- (4) 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, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These Condensed Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, including certain Trusts that are considered VIEs. The Company generally consolidates VIEs for which it is deemed to be the primary beneficiary and VOEs in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP and pursuant to SEC regulations. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal and recurring nature necessary for a fair statement of the Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income, Statements of Stockholder's Equity and Statement of Cash Flow for the periods indicated, and contain adequate disclosure to make the information presented not misleading. Results of operations for the periods presented herein are not necessarily indicative of results of operations for the entire year. These financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2020. Certain prior-year amounts have been reclassified to conform to the current year presentation. These reclassifications did not have a material impact on the Company's consolidated financial condition or results of operations.
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Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates, and those differences may be material. The most significant estimates include the ACL, fair value measurements, expected end-of-term lease residual values, goodwill, and income taxes. These estimates, although based on actual historical trends and modeling, may potentially show significant variances over time.
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Accounting Policies | Accounting Policies There have been no changes in the Company's accounting policies from those disclosed in the 2020 Annual Report on Form 10-K.
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Credit Quality of Financing Receivables | Each commercial loan is evaluated to determine its risk rating at least annually. The indicators represent the rating for loans as of the date presented based on the most recent assessment performed. Amortized cost basis of loans in the commercial portfolio segment by credit quality indicator, class of financing receivable, and year of origination are summarized as follows: |
Securities Borrowed and Loaned | The Company may enter into Securities Financing Agreements primarily to deploy the Company’s excess cash and investment positions. Securities Financing Agreements are treated as collateralized financings and are included in "Federal funds sold and securities purchased under resale agreements or similar arrangements" and "Federal funds purchased and securities loaned or sold under repurchase agreements" on the Company’s Condensed Consolidated Balance Sheets. Resale and repurchase agreements are generally carried at the amounts at which the securities will be subsequently sold or repurchased. These agreements are generally carried at the amount of cash collateral advanced or received plus accrued interest. Where appropriate under applicable accounting guidance, Securities Financing Agreements with the same counterparty are reported on a net basis. Refer to Note 1 for further discussion of the offsetting of assets and liabilities. Securities transferred to counterparties under repurchase agreements and securities lending transactions continue to be recognized on the Condensed Consolidated Balance Sheets, are measured at fair value, and are included in Investment securities AFS on the Company’s Condensed Consolidated Balance Sheets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Condensed Consolidated Balance Sheets unless the counterparty defaults. The securities transferred under Securities Financing Agreements typically are U.S. Treasury and agency securities or residential agency MBS. In general, the securities transferred can be sold, re-pledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. The Company may be exposed to counterparty risk, with such risk managed by performing assessments independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. These financing transactions do not create material credit risk given the collateral provided and the related monitoring process.
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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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INVESTMENT SECURITIES (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt Securities, Available-for-sale | The following table presents the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities AFS at the dates indicated:
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Summary of Held-to-maturity Securities | The following table presents the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities HTM at the dates indicated:
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Investments Classified by Contractual Maturity Date | Contractual maturities of the Company’s investments in debt securities AFS at June 30, 2021 were as follows:
Contractual maturities of the Company’s investments in debt securities HTM at June 30, 2021 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, 2021 and December 31, 2020 on debt securities in the Company’s AFS investment portfolios classified according to the amount of time those securities have been in a continuous loss position:
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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, 2021 and December 31, 2020 on debt securities in the Company’s HTM investment portfolios classified according to the amount of time those securities have been in a continuous loss position:
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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 $(0.7) million for the three-month and six-month periods ended June 30, 2021, respectively, and $0.5 million and $(0.9) million for the three-month and six-month periods ended June 30, 2020, respectively.
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Schedule of Other Investments | Other investments consisted of the following as of:
(1) Includes $3.2 million and $1.4 million of equity certificates related to an off-balance sheet securitization as of June 30, 2021 and December 31, 2020, respectively.
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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) |
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Receivables [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 $3.0 billion and $3.1 billion as of June 30, 2021 and December 31, 2020, respectively. (2)Other commercial includes CEVF leveraged leases and loans. (3)Other consumer primarily includes RV and marine loans. (4)Includes loans with a carrying value of $24.3 million for which a fair value hedge resulting in a fair value adjustment of ($0.1) million.
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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, 2021 and 2020 was as follows:
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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:
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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) C&I loans includes $89.7 million of LHFS at June 30, 2021. (2) Residential mortgages includes $196.6 million of LHFS at June 30, 2021. (3) CRE loans include $9.0 million of LHFS at June 30, 2021. (4) RICs and auto loans includes $391.2 million of LHFS at June 30, 2021.
(1)C&I loans included $222.3 million of LHFS at December 31, 2020. (2) Residential mortgages included $404.2 million of LHFS at December 31, 2020. (3) Personal unsecured loans included $893.5 million of LHFS at December 31, 2020. (4) RICs and auto loans includes $674.0 million of LHFS at December 31, 2020. (5) Multifamily loans includes $3.8 million of LHFS at December 31, 2020. (6) Other Commercial loans includes $0.3 million of LHFS at December 31, 2020. (7) CRE loans include $28.0 million of LHFS at December 31, 2020.
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Financing Receivable Credit Quality Indicators | Amortized cost basis of loans in the commercial portfolio segment by credit quality indicator, class of financing receivable, and year of origination are summarized as follows:
(1)Includes $98.7 million of LHFS at June 30, 2021. (2)Consists of loans that have not been assigned a regulatory rating. (3)Loans originated during the year-to-date ended June 30, 2021. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(1)Includes $254.5 million of LHFS at December 31, 2020. (2)Consists of loans that have not been assigned a regulatory rating. (3)Loans originated during the year ended December 31, 2020. Consumer financing receivables for which either an internal or external credit score is a core component of the allowance model are summarized by credit score determined at origination as follows:
(1) Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model. (2) Loans originated during the year-to-date ended June 30, 2021. (3) Excludes LHFS.
(1) Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model. (2) Loans originated during the year ended December 31, 2020. (3) Excludes LHFS.
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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 year-to-date ended June 30, 2021. 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) Balances in the "N/A" range for LTV or FICO score primarily represent loans serviced by others, in run-off portfolios or for which a current LTV or FICO score is unavailable. (3) The ALLL model considers LTV for financing receivables in first lien position and CLTV for financing receivables in second lien position for the Company. (4) Loans originated during the year ended December 31, 2020. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)
(1) - (4) Refer to corresponding notes above
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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, 2021 and 2020:
(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, 2021 and 2020, 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, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Lease Assets, Net | Operating lease assets, net consisted of the following as of June 30, 2021 and December 31, 2020:
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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, 2021 (in thousands):
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GOODWILL AND OTHER INTANGIBLES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following table presents the Company's goodwill by its reporting units as of June 30, 2021:
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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.
(1) Includes approximately $37 million of intangible assets added in connection with the close of its agreement with Crédit Agricole Corporate and Investment Bank, S.A.to take over management of global wealth management client assets and liabilities. This intangible asset will be amortized over a year useful life.
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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, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | The following is a detail of items that comprised Other assets at June 30, 2021 and December 31, 2020:
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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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VIEs (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity and Securitizations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The assets of consolidated VIEs presented based upon the legal transfer of the underlying assets in order to reflect legal ownership, that can be used only to settle obligations of the consolidated VIEs and the liabilities of those entities for which creditors (or beneficial interest holders) do not have recourse to the Company's general credit, were as follows:
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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, 2021, and 2020 is as follows:
(1) Includes additional advances on existing securitizations. (2) These amounts are not reflected in the accompanying Condensed Consolidated SCF because the cash flows are between the VIEs and other entities included in the consolidation.
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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, 2021 and 2020, respectively, were as follows:
(1) Represents the unpaid principal balance at the time of original securitization.
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DEPOSITS AND OTHER CUSTOMER ACCOUNTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Deposits and Other Customer Accounts | Deposits and other customer accounts are summarized as follows:
(1) Includes foreign deposits, as defined by the FRB, of $6.5 billion and $5.8 billion at June 30, 2021 and December 31, 2020, respectively.
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BORROWINGS (Tables) |
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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 LIBOR plus 110 basis points per annum. (3) These notes are with SHUSA's parent company, Santander. The following table presents information regarding SBNA's borrowings and other debt obligations at the dates indicated:
The following tables present information regarding SC's credit facilities as of June 30, 2021 and December 31, 2020, respectively:
The following tables present information regarding SC's secured structured financings as of June 30, 2021 and December 31, 2020, 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.
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ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income / (Loss) | The following table presents the components of AOCI, net of related tax, for the three-month and six-month periods ended June 30, 2021, and 2020, respectively.
NOTE 10. ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (continued)
(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.
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SECURITIES FINANCING AGREEMENTS (Tables) |
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Banking and Thrift, Other Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Securities Financing Transactions | Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following:
Securities loaned or sold under agreements to repurchase, at their respective carrying values, consisted of the following:
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Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets | The following tables present the gross amounts of liabilities associated with Securities Financing Agreements by remaining contractual maturity:
The following tables present the gross amounts of liabilities associated with Securities Financing Agreements by class of underlying collateral as of June 30, 2021:
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DERIVATIVES (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | Derivatives designated as accounting hedges at June 30, 2021 and December 31, 2020 included:
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Schedule of Other Derivative Activities | Other derivative activities at June 30, 2021 and December 31, 2020 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, 2021 and 2020:
(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, 2021 and December 31, 2020, 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, 2021 and December 31, 2020:
(1) LHFS disclosed on the Condensed Consolidated Balance Sheets also includes LHFS that are held at the lower of cost or fair value and are not presented within this table. (2) Refer to Note 2 for the fair value of investment securities and to Note 12 for the fair values of derivative assets and liabilities on a further disaggregated basis. (3) RICs collateralized by vehicle titles at SC and RV/marine loans at SBNA. (4) Residential mortgage loans. (5) Approximately $174.8 million of these financial assets were measured using model-based techniques, or Level 3 inputs, and represented approximately 1.4% of total assets measured at fair value on a recurring basis and approximately 0.1% 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, 2021 and 2020, respectively, for those assets and liabilities measured at fair value on a recurring basis.
(1)Settlements include charge-offs, prepayments, paydowns and maturities. (2) The Company transferred RICs from Level 2 to Level 3 during 2020 because the fair value for these assets cannot be determined by using readily observable inputs. There were no other transfers into or out of Level 3 during the three-month and six-month periods ended June 30, 2021 or 2020.
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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:
(1) These amounts include zero and $0.9 billion of personal LHFS that were impaired as of June 30, 2021 and December 31, 2020, respectively. On March 16, 2021 the Company sold the personal lending portfolio. Refer to Note 1 for more information.
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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.
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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, 2021 and December 31, 2020, respectively:
(1) Based on the applicable term and discount index. The Company owns one financing bond security. (2) Average CPR projected from collateral stratified by loan type and note rate. Weighted average amount was developed by weighting the associated relative unpaid principal balances. (3) Average discount rate from collateral stratified by loan type and note rate. Weighted average amount was developed by weighting the associated relative unpaid principal balances. (4) Excluded insignificant level 3 assets and liabilities. NOTE 13. FAIR VALUE (continued)
(1), (2), (3) - See corresponding footnotes to the June 30, 2021 Level 3 significant inputs table above. (4) Excludes non-significant Level 3 LHFS portfolios. The estimated fair value for personal LHFS (Bluestem) is calculated based on the lower of market participant view, a DCF analysis in which the Company uses significant unobservable inputs on key assumptions, and also considers the possible outcomes of the Bluestem bankruptcy process.
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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) This line item excludes deposit liabilities with no defined or contractual maturities in accordance with ASU 2016-01. (2) This line item includes CDs with a maturity greater than 90 days and investments in trading securities. (3) Represents the fair value of the underlying collateral.
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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, 2021 and December 31, 2020:
(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) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Non-Interest Income | The following table presents the details of the Company's Non-interest income for the following periods:
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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:
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COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and December 31, 2020, 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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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The following tables present certain information regarding the Company’s segments.
NOTE 18. BUSINESS SEGMENT INFORMATION (continued)
(1) Other includes the results of the entities transferred to the IHC, with the exception of SIS, earnings from non-strategic assets, the investment portfolio, interest expense on SBNA’s and the Company's borrowings and other debt obligations, amortization of intangible assets and certain unallocated corporate income and indirect expenses. (2) Management of SHUSA manages SC by analyzing the historical results of SC, which are presented in this column. (3) 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. (4) Includes results and assets of SIS.
(1)- (4) Refer to corresponding notes above.
|
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (General) (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
May 31, 2021
USD ($)
|
Mar. 31, 2022
USD ($)
employee
institutional_client
|
Jul. 31, 2021
$ / shares
|
Jun. 30, 2021 |
|
Noncontrolling Interest [Line Items] | ||||
Finite-lived intangible asset, useful life | 6 years | |||
Credit Agricole Miami Wealth Management Business | ||||
Noncontrolling Interest [Line Items] | ||||
Amount of assets for which management will be transferred | $ 3,100,000 | |||
Asset acquisition, consideration transferred | 188,000 | |||
Assets acquired | 565,000 | |||
Loans acquired | 528,000 | |||
Finite-lived intangible assets acquired | 37,000 | |||
Deposits acquired | $ 377,000 | |||
Finite-lived intangible asset, useful life | 6 years | |||
Pierpoint Capital Holdings LLC | Forecast | ||||
Noncontrolling Interest [Line Items] | ||||
Business combination, consideration transferred | $ 450,000 | |||
Business combination, net book value | $ 300,000 | |||
Number of employees acquired | employee | 230 | |||
Number of active institutional clients acquired | institutional_client | 1,300 | |||
SC | Subsequent Event | ||||
Noncontrolling Interest [Line Items] | ||||
Business acquisition, share price (in dollars per share) | $ / shares | $ 39.00 | |||
Business acquisition, percentage of share price premium | 30.40% | |||
SC | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership percentage by parent | 80.20% | |||
Percentage owned by noncontrolling shareholders | 19.80% |
INVESTMENT SECURITIES (AFS Debt Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 11,581,289 | $ 11,136,385 |
Gross Unrealized Gains | 87,399 | 184,287 |
Gross Unrealized Loss | (66,576) | (7,183) |
Fair Value | 11,602,112 | 11,313,489 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 98,989 | 168,075 |
Gross Unrealized Gains | 1,653 | 2,578 |
Gross Unrealized Loss | 0 | 0 |
Fair Value | 100,642 | 170,653 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 246,298 | 155,610 |
Gross Unrealized Gains | 247 | 114 |
Gross Unrealized Loss | (3) | (9) |
Fair Value | 246,542 | 155,715 |
ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 469,579 | 109,888 |
Gross Unrealized Gains | 383 | 686 |
Gross Unrealized Loss | (728) | (1,236) |
Fair Value | 469,234 | 109,338 |
GNMA - Residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,420,426 | 3,467,611 |
Gross Unrealized Gains | 43,647 | 69,864 |
Gross Unrealized Loss | (12,984) | (1,350) |
Fair Value | 4,451,089 | 3,536,125 |
GNMA - Commercial | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,000,034 | 1,706,648 |
Gross Unrealized Gains | 4,166 | 26,949 |
Gross Unrealized Loss | (22,488) | (235) |
Fair Value | 1,981,712 | 1,733,362 |
FHLMC and FNMA - Residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,283,435 | 5,464,821 |
Gross Unrealized Gains | 32,306 | 77,813 |
Gross Unrealized Loss | (30,372) | (4,351) |
Fair Value | 4,285,369 | 5,538,283 |
FHLMC and FNMA - Commercial | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 62,528 | 63,732 |
Gross Unrealized Gains | 4,997 | 6,283 |
Gross Unrealized Loss | (1) | (2) |
Fair Value | $ 67,524 | $ 70,013 |
INVESTMENT SECURITIES (HTM Debt Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 6,662,308 | $ 5,504,685 |
Gross Unrealized Gains | 90,635 | 176,611 |
Gross Unrealized Loss | (39,954) | (3,367) |
Fair Value | 6,712,989 | 5,677,929 |
ABS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 115,672 | 44,841 |
Gross Unrealized Gains | 642 | 765 |
Gross Unrealized Loss | 0 | 0 |
Fair Value | 116,314 | 45,606 |
GNMA - Residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,679,327 | 1,966,247 |
Gross Unrealized Gains | 26,344 | 51,417 |
Gross Unrealized Loss | (14,476) | (1,819) |
Fair Value | 2,691,195 | 2,015,845 |
GNMA - Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,867,309 | 3,493,597 |
Gross Unrealized Gains | 63,649 | 124,429 |
Gross Unrealized Loss | (25,478) | (1,548) |
Fair Value | $ 3,905,480 | $ 3,616,478 |
INVESTMENT SECURITIES (Securities Pledged as Collateral) (Details) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | $ 5,200,000,000 | $ 3,500,000,000 |
Accrued interest on investment securities | 29,000,000.0 | 34,600,000 |
Debt securities, available-for-sale, accrued interest writeoff | 0 | 0 |
Debt securities, held-to-maturity, accrued interest, writeoff | 0 | 0 |
Collateral with Federal Reserve Bank | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | 1,400,000,000 | 754,100,000 |
Public fund deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | 3,300,000,000 | 2,200,000,000 |
Repurchase agreements, hedging activities and recourse on loan sales | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | 75,100,000 | 103,400,000 |
Overnight customer deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | $ 324,900,000 | $ 388,000,000.0 |
INVESTMENT SECURITIES (Contractual Maturity of AFS Debt Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Amortized Cost | ||
Due within one year | $ 257,803 | |
Due after 1 year but within 5 years | 192,078 | |
Due after 5 years but within 10 years | 280,123 | |
Due after 10 years | 10,851,285 | |
Amortized Cost | 11,581,289 | $ 11,136,385 |
Fair Value | ||
Due within one year | 258,561 | |
Due after 1 year but within 5 years | 195,982 | |
Due after 5 years but within 10 years | 291,170 | |
Due after 10 years | 10,856,399 | |
Fair Value | $ 11,602,112 |
INVESTMENT SECURITIES (Contractual Maturity of HTM Debt Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Amortized Cost | ||
Due within one year | $ 0 | |
Due after 1 year but within 5 years | 55,115 | |
Due after 5 years but within 10 years | 60,557 | |
Due after 10 years | 6,546,636 | |
Amortized Cost | 6,662,308 | $ 5,504,685 |
Fair Value | ||
Due within one year | 0 | |
Due after 1 year but within 5 years | 55,461 | |
Due after 5 years but within 10 years | 60,853 | |
Due after 10 years | 6,596,675 | |
Total | $ 6,712,989 | $ 5,677,929 |
INVESTMENT SECURITIES (Gross Unrealized Loss and Fair Value of AFS Debt Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value | ||
Less than 12 months | $ 6,334,937 | $ 1,590,986 |
12 months or longer | 52,952 | 81,077 |
Unrealized Losses | ||
Less than 12 months | (65,634) | (5,743) |
12 months or longer | (942) | (1,440) |
Corporate debt securities | ||
Fair Value | ||
Less than 12 months | 55,938 | 98,800 |
12 months or longer | 0 | 0 |
Unrealized Losses | ||
Less than 12 months | (3) | (9) |
12 months or longer | 0 | 0 |
ABS | ||
Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or longer | 26,493 | 49,033 |
Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | (728) | (1,236) |
GNMA - Residential | ||
Fair Value | ||
Less than 12 months | 1,953,144 | 347,821 |
12 months or longer | 0 | 8,875 |
Unrealized Losses | ||
Less than 12 months | (12,984) | (1,334) |
12 months or longer | 0 | (16) |
GNMA - Commercial | ||
Fair Value | ||
Less than 12 months | 1,817,758 | 103,891 |
12 months or longer | 0 | 0 |
Unrealized Losses | ||
Less than 12 months | (22,488) | (235) |
12 months or longer | 0 | 0 |
FHLMC and FNMA - Residential | ||
Fair Value | ||
Less than 12 months | 2,508,097 | 1,040,474 |
12 months or longer | 26,045 | 22,749 |
Unrealized Losses | ||
Less than 12 months | (30,159) | (4,165) |
12 months or longer | (213) | (186) |
FHLMC and FNMA - Commercial | ||
Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or longer | 414 | 420 |
Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | $ (1) | $ (2) |
INVESTMENT SECURITIES (Gross Unrealized Loss and Fair Value of HTM Debt Securities) (Details) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value | ||
Less than 12 months | $ 3,320,757 | $ 367,734 |
12 months or longer | 0 | 0 |
Unrealized Losses | ||
Less than 12 months | (39,954) | (3,367) |
12 months or longer | 0 | 0 |
GNMA - Residential | ||
Fair Value | ||
Less than 12 months | 1,556,312 | 212,471 |
12 months or longer | 0 | 0 |
Unrealized Losses | ||
Less than 12 months | (14,476) | (1,819) |
12 months or longer | 0 | 0 |
GNMA - Commercial | ||
Fair Value | ||
Less than 12 months | 1,764,445 | 155,263 |
12 months or longer | 0 | 0 |
Unrealized Losses | ||
Less than 12 months | (25,478) | (1,548) |
12 months or longer | $ 0 | $ 0 |
INVESTMENT SECURITIES (Other-Than-Temporary Impairment) (Details) - USD ($) |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Debt securities, available-for-sale, amortized cost, allowance for credit loss, excluding accrued interest | $ 0 | $ 0 |
Debt securities, held-to-maturity, allowance for credit loss, excluding accrued interest | $ 0 | $ 0 |
INVESTMENT SECURITIES (Gains (Losses) and Proceeds on Sale of Investment Securities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from the sales of AFS securities | $ 819,209 | $ 631,459 | $ 1,326,299 | $ 1,553,560 |
Gross realized gains | 8,196 | 22,516 | 18,267 | 32,829 |
Gross realized losses | (2,826) | 0 | (3,024) | (1,034) |
Net realized gains/(losses) | 5,370 | 22,516 | 15,243 | 31,795 |
Net realized gains/(losses) on trading securities | $ (500) | $ 500 | $ (700) | $ (900) |
INVESTMENT SECURITIES (Schedule of Other Investments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
FHLB of Pittsburgh and FRB stock | $ 419,266 | $ 435,330 |
LIHTC investments | 308,711 | 313,603 |
Equity securities not held for trading | 15,395 | 14,494 |
Interest-bearing deposits with an affiliate bank | 750,000 | 750,000 |
Trading securities | 36,419 | 40,435 |
Total | 1,529,791 | 1,553,862 |
Off-balance Securitization Trusts | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Equity securities not held for trading | $ 3,200 | $ 1,400 |
INVESTMENT SECURITIES (Other Investments) (Details) |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2021
USD ($)
$ / shares
|
Jun. 30, 2021
USD ($)
$ / shares
|
|
Investments, Debt and Equity Securities [Abstract] | ||
FHLB Stock, par value (in usd per share) | $ / shares | $ 100 | $ 100 |
Purchases of FHLB stock | $ 1,200,000 | $ 3,500,000 |
FHLB stock redeemed | 4,900,000 | 18,800,000 |
Proceeds from FRB stock | $ 0 | 700,000 |
Purchase of FRB stock | 0 | |
Gain (loss) on redemption of FHLB stock | $ 0 |
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|||
Loans Receivable [Line Items] | |||||||
Loans pledged as collateral | $ 47,200,000 | $ 47,200,000 | $ 52,000,000 | ||||
LHFS | [1] | 686,491 | 686,491 | 2,226,196 | |||
LHFS | 196,600 | 196,600 | 265,400 | ||||
Accrued interest receivable | 542,106 | 542,106 | 634,509 | ||||
Financing receivable, allowance for credit loss, period increase (decrease) | (270,800) | $ (449,200) | |||||
Percentage of payment needed on past due loans for qualification | 90.00% | ||||||
TDRs, number of days past due after modification considered to have subsequently defaulted | 90 days | ||||||
SC | Chrysler Capital Loans | |||||||
Loans Receivable [Line Items] | |||||||
Loans purchased/originated | $ 8,300,000 | $ 7,300,000 | |||||
SC | Chrysler Capital Loans | Accounts Receivable | Credit Concentration Risk | |||||||
Loans Receivable [Line Items] | |||||||
Percentage of loan origination | 56.00% | 62.00% | |||||
Loans receivable | |||||||
Loans Receivable [Line Items] | |||||||
Accrued interest receivable | 506,900 | $ 506,900 | 589,200 | ||||
Retail installment contracts | |||||||
Loans Receivable [Line Items] | |||||||
TDRs, number of days past due after modification considered to have subsequently defaulted | 120 days | ||||||
Consumer | Personal unsecured loans | |||||||
Loans Receivable [Line Items] | |||||||
LHFS | $ 893,500 | ||||||
Payments to acquire loans receivable | $ 400,000 | ||||||
Consumer | Retail installment contracts | |||||||
Loans Receivable [Line Items] | |||||||
Proceeds from sale of loans held-for-sale | $ 310,000 | $ 2,400,000 | |||||
Consumer | Personal Loans | |||||||
Loans Receivable [Line Items] | |||||||
Proceeds from sale of loans held-for-sale | $ 1,300,000 | ||||||
|
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Loan and Lease Portfolio Composition) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|
Loans Receivable [Line Items] | ||||||
Total | [1],[2] | $ 93,130,515 | $ 92,133,182 | |||
Loans held for investment with fixed rate of interest | 65,717,718 | 64,036,154 | ||||
Loans held for investment with variable rate of interest | $ 27,412,797 | $ 28,097,028 | ||||
Loans held for investment, percent of total loans | 100.00% | 100.00% | ||||
Loans held for investment with fixed rate of interest, percent of total loans | 70.60% | 69.50% | ||||
Loans held for investment with variable rate of interest, percent of total loans | 29.40% | 30.50% | ||||
Net increase in loan balances | $ 3,000,000 | $ 3,100,000 | ||||
Commercial | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 39,489,362 | $ 39,688,403 | ||||
Loans held for investment, percent of total loans | 42.40% | 43.10% | ||||
Commercial | CRE loans | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 7,410,298 | $ 7,327,853 | ||||
Loans held for investment, percent of total loans | 8.00% | 8.00% | ||||
Commercial | C&I loans | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 15,941,764 | $ 16,537,899 | ||||
Loans held for investment, percent of total loans | 17.10% | 17.90% | ||||
Commercial | Multifamily loans | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 8,139,694 | $ 8,367,147 | ||||
Loans held for investment, percent of total loans | 8.70% | 9.10% | ||||
Commercial | Other commercial | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 7,997,606 | $ 7,455,504 | ||||
Loans held for investment, percent of total loans | 8.60% | 8.10% | ||||
Hedged asset, fair value hedge | $ 24,300 | |||||
Hedged asset, fair value hedge, cumulative increase (decrease) | (100) | |||||
Consumer | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 53,641,153 | $ 52,444,779 | ||||
Loans held for investment, percent of total loans | 57.60% | 56.90% | ||||
Consumer | Residential mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 5,901,546 | $ 6,590,168 | ||||
Consumer | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | 3,768,489 | 4,108,505 | ||||
Consumer | RICs and auto loans | ||||||
Loans Receivable [Line Items] | ||||||
Total | 42,666,918 | 40,698,642 | ||||
Consumer loans secured by real estate | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 9,670,035 | $ 10,698,673 | ||||
Loans held for investment, percent of total loans | 10.30% | 11.70% | ||||
Consumer loans secured by real estate | Residential mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 5,901,546 | $ 6,590,168 | ||||
Loans held for investment, percent of total loans | 6.30% | 7.20% | ||||
Consumer loans secured by real estate | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 3,768,489 | $ 4,108,505 | ||||
Loans held for investment, percent of total loans | 4.00% | 4.50% | ||||
Consumer loans not secured by real estate | RICs and auto loans | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 42,666,918 | $ 40,698,642 | ||||
Loans held for investment, percent of total loans | 45.80% | 44.10% | ||||
Consumer loans not secured by real estate | Personal unsecured loans | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 1,126,365 | $ 824,430 | ||||
Loans held for investment, percent of total loans | 1.20% | 0.90% | ||||
Consumer loans not secured by real estate | Other consumer | ||||||
Loans Receivable [Line Items] | ||||||
Total | $ 177,835 | $ 223,034 | ||||
Loans held for investment, percent of total loans | 0.30% | 0.20% | ||||
|
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Rollforward of Allowance for Credit Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2019 |
|||||
Allowance for Loan Losses [Roll Forward] | ||||||||||
ALLL, beginning of period | $ 7,160,155 | $ 6,623,736 | $ 3,646,189 | $ 7,338,493 | [1] | $ 3,646,189 | ||||
Credit loss expense / (benefit) | (317,177) | 1,024,570 | (219,044) | 2,142,478 | ||||||
Charge-offs | (601,384) | (943,219) | (1,468,402) | (2,241,394) | ||||||
Recoveries | 647,721 | 407,652 | 1,238,268 | 1,029,584 | ||||||
Charge-offs, net of recoveries | 46,337 | (535,567) | (230,134) | (1,211,810) | ||||||
ALLL, end of period | 6,889,315 | [1] | 7,112,739 | 6,623,736 | 6,889,315 | [1] | 7,112,739 | $ 3,646,189 | ||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||||
Reserve for unfunded lending commitments, beginning of period | 124,389 | 169,940 | 91,826 | 146,455 | 91,826 | |||||
Credit loss expense / (benefit) on unfunded lending commitments | (105) | (47,197) | (22,171) | 20,506 | ||||||
Reserve for unfunded lending commitments, end of period | 124,284 | 122,743 | $ 169,940 | 124,284 | 122,743 | $ 91,826 | ||||
Total ACL, end of period | 7,013,599 | 7,235,482 | 7,013,599 | 7,235,482 | ||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||||
ALLL, beginning of period | $ 2,535,882 | 2,535,882 | ||||||||
ALLL, end of period | $ 2,535,882 | |||||||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||||
Reserve for unfunded lending commitments, beginning of period | 10,411 | 10,411 | ||||||||
Reserve for unfunded lending commitments, end of period | 10,411 | |||||||||
Commercial | ||||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||||
ALLL, beginning of period | 716,347 | 678,705 | 399,829 | 752,196 | 399,829 | |||||
Credit loss expense / (benefit) | (47,609) | 116,724 | (69,458) | 239,467 | ||||||
Charge-offs | (40,058) | (43,446) | (79,687) | (96,909) | ||||||
Recoveries | 12,835 | 7,617 | 38,464 | 18,293 | ||||||
Charge-offs, net of recoveries | (27,223) | (35,829) | (41,223) | (78,616) | ||||||
ALLL, end of period | 641,515 | 759,600 | 678,705 | 641,515 | 759,600 | 399,829 | ||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||||
Reserve for unfunded lending commitments, beginning of period | 100,317 | 129,740 | 85,934 | 119,129 | 85,934 | |||||
Credit loss expense / (benefit) on unfunded lending commitments | 1,160 | (34,718) | (17,652) | (993) | ||||||
Reserve for unfunded lending commitments, end of period | 101,477 | 95,022 | 129,740 | 101,477 | 95,022 | 85,934 | ||||
Total ACL, end of period | 742,992 | 854,622 | 742,992 | 854,622 | ||||||
Financing receivable, allowance for credit loss, excluding accrued interest, reclassification | (322,000) | (322,000) | ||||||||
Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||||
ALLL, beginning of period | 198,920 | 198,920 | ||||||||
ALLL, end of period | 198,920 | |||||||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||||
Reserve for unfunded lending commitments, beginning of period | 10,081 | 10,081 | ||||||||
Reserve for unfunded lending commitments, end of period | 10,081 | |||||||||
Consumer | ||||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||||
ALLL, beginning of period | 6,443,808 | 5,945,031 | 3,199,612 | 6,586,297 | 3,199,612 | |||||
Credit loss expense / (benefit) | (269,568) | 907,846 | (149,586) | 1,903,011 | ||||||
Charge-offs | (561,326) | (899,773) | (1,388,715) | (2,144,485) | ||||||
Recoveries | 634,886 | 400,035 | 1,199,804 | 1,011,291 | ||||||
Charge-offs, net of recoveries | 73,560 | (499,738) | (188,911) | (1,133,194) | ||||||
ALLL, end of period | 6,247,800 | 6,353,139 | 5,945,031 | 6,247,800 | 6,353,139 | 3,199,612 | ||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||||
Reserve for unfunded lending commitments, beginning of period | 24,072 | 40,200 | 5,892 | 27,326 | 5,892 | |||||
Credit loss expense / (benefit) on unfunded lending commitments | (1,265) | (12,479) | (4,519) | 21,499 | ||||||
Reserve for unfunded lending commitments, end of period | 22,807 | 27,721 | 40,200 | 22,807 | 27,721 | 5,892 | ||||
Total ACL, end of period | $ 6,270,607 | 6,380,860 | $ 6,270,607 | 6,380,860 | ||||||
Financing receivable, allowance for credit loss, excluding accrued interest, reclassification | 322,000 | 322,000 | ||||||||
Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||||
ALLL, beginning of period | 2,383,710 | 2,383,710 | ||||||||
ALLL, end of period | 2,383,710 | |||||||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||||
Reserve for unfunded lending commitments, beginning of period | 330 | 330 | ||||||||
Reserve for unfunded lending commitments, end of period | 330 | |||||||||
Unallocated | ||||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||||
ALLL, beginning of period | 0 | 46,748 | 46,748 | |||||||
Credit loss expense / (benefit) | 0 | 0 | ||||||||
Charge-offs | 0 | 0 | ||||||||
Recoveries | 0 | 0 | ||||||||
Charge-offs, net of recoveries | 0 | 0 | ||||||||
ALLL, end of period | 0 | 0 | 0 | 46,748 | ||||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||||
Reserve for unfunded lending commitments, beginning of period | 0 | 0 | 0 | |||||||
Credit loss expense / (benefit) on unfunded lending commitments | 0 | 0 | ||||||||
Reserve for unfunded lending commitments, end of period | 0 | 0 | 0 | 0 | ||||||
Total ACL, end of period | $ 0 | 0 | ||||||||
Unallocated | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
Allowance for Loan Losses [Roll Forward] | ||||||||||
ALLL, beginning of period | (46,748) | (46,748) | ||||||||
ALLL, end of period | (46,748) | |||||||||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||||||||
Reserve for unfunded lending commitments, beginning of period | $ 0 | $ 0 | ||||||||
Reserve for unfunded lending commitments, end of period | $ 0 | |||||||||
|
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Non-accrual Loans) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | $ 1,493,238 | $ 1,738,635 |
Non-accrual loans with no allowance | 552,553 | |
Interest Income recognized on nonaccrual loans | 46,712 | |
Foreclosed and other repossessed assets | 231,121 | 207,900 |
Nonperforming | ||
Financing Receivable, Past Due [Line Items] | ||
OREO | 4,276 | 29,799 |
Repossessed vehicles | 229,477 | 204,653 |
Foreclosed and other repossessed assets | 1,644 | 3,247 |
Total OREO and other repossessed assets | 235,397 | 237,699 |
Total non-performing assets | 1,728,635 | 1,976,334 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 334,081 | 306,215 |
Non-accrual loans with no allowance | 270,883 | |
Interest Income recognized on nonaccrual loans | 386 | |
Commercial | CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 97,952 | 106,751 |
Non-accrual loans with no allowance | 88,518 | |
Interest Income recognized on nonaccrual loans | 0 | |
Commercial | C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 100,682 | 107,053 |
Non-accrual loans with no allowance | 55,699 | |
Interest Income recognized on nonaccrual loans | 386 | |
Commercial | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 120,747 | 72,392 |
Non-accrual loans with no allowance | 118,133 | |
Interest Income recognized on nonaccrual loans | 0 | |
Commercial | Other commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 14,700 | 20,019 |
Non-accrual loans with no allowance | 8,533 | |
Interest Income recognized on nonaccrual loans | 0 | |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 1,159,157 | 1,432,420 |
Non-accrual loans with no allowance | 281,670 | |
Interest Income recognized on nonaccrual loans | 46,326 | |
Consumer | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 119,883 | 160,172 |
Non-accrual loans with no allowance | 46,687 | |
Interest Income recognized on nonaccrual loans | 0 | |
Consumer | Home equity loans and lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 96,277 | 91,606 |
Non-accrual loans with no allowance | 40,627 | |
Interest Income recognized on nonaccrual loans | 0 | |
Consumer | RICs and auto loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 937,264 | 1,174,317 |
Non-accrual loans with no allowance | 194,293 | |
Interest Income recognized on nonaccrual loans | 46,326 | |
Consumer | Personal unsecured loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 0 | 0 |
Non-accrual loans with no allowance | 0 | |
Interest Income recognized on nonaccrual loans | 0 | |
Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 5,733 | $ 6,325 |
Non-accrual loans with no allowance | 63 | |
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, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | $ 93,817,006 | $ 94,359,378 |
Recorded Investment Greater than 90 Days and Accruing | 2,310 | 52,863 |
LHFS | 196,600 | 265,400 |
Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 3,321,738 | 4,194,940 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 2,888,777 | 3,475,725 |
90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 432,961 | 719,215 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 90,495,268 | 90,164,438 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 39,588,062 | 39,942,857 |
LHFS | 98,700 | 254,500 |
Commercial | CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 7,419,253 | 7,355,871 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 9,000 | 28,000 |
Commercial | CRE | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 76,064 | 111,624 |
Commercial | CRE | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 43,140 | 41,320 |
Commercial | CRE | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 32,924 | 70,304 |
Commercial | CRE | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 7,343,189 | 7,244,247 |
Commercial | C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 16,031,509 | 16,760,248 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 89,700 | 222,300 |
Commercial | C&I | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 55,615 | 105,642 |
Commercial | C&I | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 34,128 | 59,759 |
Commercial | C&I | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 21,487 | 45,883 |
Commercial | C&I | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 15,975,894 | 16,654,606 |
Commercial | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 8,139,694 | 8,370,902 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 3,800 | |
Commercial | Multifamily | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 82,319 | 113,780 |
Commercial | Multifamily | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 48,261 | 47,116 |
Commercial | Multifamily | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 34,058 | 66,664 |
Commercial | Multifamily | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 8,057,375 | 8,257,122 |
Commercial | Other commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 7,997,606 | 7,455,836 |
Recorded Investment Greater than 90 Days and Accruing | 173 | 56 |
LHFS | 300 | |
Commercial | Other commercial | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 41,432 | 90,207 |
Commercial | Other commercial | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 37,232 | 80,993 |
Commercial | Other commercial | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 4,200 | 9,214 |
Commercial | Other commercial | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 7,956,174 | 7,365,629 |
Consumer | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 6,098,128 | 6,994,383 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 196,600 | 404,200 |
Consumer | Residential mortgages | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 137,536 | 320,972 |
Consumer | Residential mortgages | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 56,956 | 209,274 |
Consumer | Residential mortgages | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 80,580 | 111,698 |
Consumer | Residential mortgages | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 5,960,592 | 6,673,411 |
Consumer | Home equity loans and lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 3,768,489 | 4,108,505 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
Consumer | Home equity loans and lines of credit | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 82,048 | 103,685 |
Consumer | Home equity loans and lines of credit | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 17,687 | 31,488 |
Consumer | Home equity loans and lines of credit | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 64,361 | 72,197 |
Consumer | Home equity loans and lines of credit | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 3,686,441 | 4,004,820 |
Consumer | RICs and auto loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 43,058,127 | 41,372,690 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 391,200 | 674,000 |
Consumer | RICs and auto loans | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 2,828,185 | 3,229,361 |
Consumer | RICs and auto loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 2,639,469 | 2,944,376 |
Consumer | RICs and auto loans | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 188,716 | 284,985 |
Consumer | RICs and auto loans | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 40,229,942 | 38,143,329 |
Consumer | Personal unsecured loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 1,126,365 | 1,717,909 |
Recorded Investment Greater than 90 Days and Accruing | 2,137 | 52,807 |
LHFS | 893,500 | |
Consumer | Personal unsecured loans | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 13,313 | 112,623 |
Consumer | Personal unsecured loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 7,913 | 56,041 |
Consumer | Personal unsecured loans | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 5,400 | 56,582 |
Consumer | Personal unsecured loans | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 1,113,052 | 1,605,286 |
Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 177,835 | 223,034 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
Consumer | Other consumer | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 5,226 | 7,046 |
Consumer | Other consumer | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 3,991 | 5,358 |
Consumer | Other consumer | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 1,235 | 1,688 |
Consumer | Other consumer | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | $ 172,609 | $ 215,988 |
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Lending Asset Quality Indicators) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 93,817,006 | $ 94,359,378 |
LHFS | 196,600 | 265,400 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6,070,051 | 10,324,958 |
Year two | 8,584,911 | 8,783,251 |
Year three | 8,007,132 | 7,443,648 |
Year four | 5,615,097 | 3,793,884 |
Year five | 3,218,241 | 2,243,431 |
Prior | 8,092,630 | 7,353,685 |
Total | 39,588,062 | 39,942,857 |
LHFS | 98,700 | 254,500 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 5,697,548 | 9,794,443 |
Year two | 8,037,828 | 8,145,195 |
Year three | 7,197,237 | 6,582,401 |
Year four | 4,634,898 | 3,327,043 |
Year five | 2,608,990 | 1,830,626 |
Prior | 7,003,430 | 6,245,767 |
Total | 35,179,931 | 35,925,475 |
Commercial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 44,919 | 39,929 |
Year two | 108,190 | 202,422 |
Year three | 201,377 | 374,698 |
Year four | 316,435 | 203,980 |
Year five | 333,750 | 210,028 |
Prior | 328,444 | 405,027 |
Total | 1,333,115 | 1,436,084 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 21,735 | 75,763 |
Year two | 100,290 | 140,837 |
Year three | 369,832 | 411,279 |
Year four | 606,755 | 246,144 |
Year five | 265,224 | 186,006 |
Prior | 748,506 | 636,822 |
Total | 2,112,342 | 1,696,851 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 173 | 3,504 |
Year two | 0 | 145 |
Year three | 0 | 179 |
Year four | 45 | 1,616 |
Year five | 0 | 1,383 |
Prior | 0 | 11,234 |
Total | 218 | 18,061 |
Commercial | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 305,676 | 411,319 |
Year two | 338,603 | 294,652 |
Year three | 238,686 | 75,091 |
Year four | 56,964 | 15,101 |
Year five | 10,277 | 15,388 |
Prior | 12,250 | 54,835 |
Total | 962,456 | 866,386 |
Commercial | CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 229,212 | 759,345 |
Year two | 990,099 | 1,456,481 |
Year three | 1,743,122 | 1,767,488 |
Year four | 1,485,516 | 893,808 |
Year five | 780,770 | 668,470 |
Prior | 2,190,534 | 1,810,279 |
Total | 7,419,253 | 7,355,871 |
LHFS | 9,000 | 28,000 |
Commercial | CRE | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 229,212 | 722,210 |
Year two | 956,493 | 1,424,392 |
Year three | 1,599,341 | 1,656,560 |
Year four | 1,223,797 | 816,607 |
Year five | 617,515 | 542,979 |
Prior | 1,880,511 | 1,536,812 |
Total | 6,506,869 | 6,699,560 |
Commercial | CRE | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 28,876 |
Year two | 30,227 | 15,480 |
Year three | 18,669 | 81,167 |
Year four | 120,075 | 43,368 |
Year five | 111,279 | 79,555 |
Prior | 67,193 | 83,751 |
Total | 347,443 | 332,197 |
Commercial | CRE | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 8,259 |
Year two | 3,379 | 16,609 |
Year three | 125,112 | 29,761 |
Year four | 141,644 | 33,833 |
Year five | 51,976 | 45,936 |
Prior | 242,830 | 189,716 |
Total | 564,941 | 324,114 |
Commercial | CRE | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Total | 0 | 0 |
Commercial | CRE | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Total | 0 | 0 |
Commercial | C&I | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,958,269 | 5,146,915 |
Year two | 4,239,208 | 3,812,347 |
Year three | 3,031,008 | 3,181,668 |
Year four | 1,891,590 | 994,505 |
Year five | 792,294 | 785,437 |
Prior | 3,119,140 | 2,839,376 |
Total | 16,031,509 | 16,760,248 |
LHFS | 89,700 | 222,300 |
Commercial | C&I | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,590,641 | 4,661,409 |
Year two | 3,827,844 | 3,365,828 |
Year three | 2,638,896 | 2,798,209 |
Year four | 1,610,770 | 868,373 |
Year five | 710,143 | 585,083 |
Prior | 2,647,226 | 2,305,305 |
Total | 14,025,520 | 14,584,207 |
Commercial | C&I | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 44,919 | 11,000 |
Year two | 31,694 | 136,413 |
Year three | 138,140 | 134,388 |
Year four | 94,925 | 49,601 |
Year five | 34,297 | 99,042 |
Prior | 204,284 | 254,102 |
Total | 548,259 | 684,546 |
Commercial | C&I | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 17,033 | 60,034 |
Year two | 41,067 | 15,309 |
Year three | 15,286 | 173,900 |
Year four | 128,931 | 59,814 |
Year five | 37,577 | 84,642 |
Prior | 255,380 | 213,908 |
Total | 495,274 | 607,607 |
Commercial | C&I | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 3,153 |
Year two | 0 | 145 |
Year three | 0 | 80 |
Year four | 0 | 1,616 |
Year five | 0 | 1,282 |
Prior | 0 | 11,226 |
Total | 0 | 17,502 |
Commercial | C&I | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 305,676 | 411,319 |
Year two | 338,603 | 294,652 |
Year three | 238,686 | 75,091 |
Year four | 56,964 | 15,101 |
Year five | 10,277 | 15,388 |
Prior | 12,250 | 54,835 |
Total | 962,456 | 866,386 |
Commercial | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 559,567 | 885,554 |
Year two | 877,608 | 2,082,649 |
Year three | 2,047,472 | 1,712,487 |
Year four | 1,632,883 | 1,457,976 |
Year five | 1,300,587 | 584,060 |
Prior | 1,721,577 | 1,648,176 |
Total | 8,139,694 | 8,370,902 |
LHFS | 3,800 | |
Commercial | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 555,367 | 880,199 |
Year two | 777,771 | 1,938,271 |
Year three | 1,779,416 | 1,361,178 |
Year four | 1,205,373 | 1,198,819 |
Year five | 940,033 | 503,267 |
Prior | 1,433,694 | 1,365,066 |
Total | 6,691,654 | 7,246,800 |
Commercial | Multifamily | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 46,223 | 39,433 |
Year three | 42,715 | 147,872 |
Year four | 94,965 | 110,906 |
Year five | 187,418 | 31,348 |
Prior | 48,163 | 59,072 |
Total | 419,484 | 388,631 |
Commercial | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 4,200 | 5,355 |
Year two | 53,614 | 104,945 |
Year three | 225,341 | 203,437 |
Year four | 332,545 | 148,251 |
Year five | 173,136 | 49,445 |
Prior | 239,720 | 224,038 |
Total | 1,028,556 | 735,471 |
Commercial | Multifamily | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Total | 0 | 0 |
Commercial | Multifamily | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Total | 0 | 0 |
Commercial | Remaining commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,323,003 | 3,533,144 |
Year two | 2,477,996 | 1,431,774 |
Year three | 1,185,530 | 782,005 |
Year four | 605,108 | 447,595 |
Year five | 344,590 | 205,464 |
Prior | 1,061,379 | 1,055,854 |
Total | 7,997,606 | 7,455,836 |
LHFS | 300 | |
Commercial | Remaining commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,322,328 | 3,530,625 |
Year two | 2,475,720 | 1,416,704 |
Year three | 1,179,584 | 766,454 |
Year four | 594,958 | 443,244 |
Year five | 341,299 | 199,297 |
Prior | 1,041,999 | 1,038,584 |
Total | 7,955,888 | 7,394,908 |
Commercial | Remaining commercial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 53 |
Year two | 46 | 11,096 |
Year three | 1,853 | 11,271 |
Year four | 6,470 | 105 |
Year five | 756 | 83 |
Prior | 8,804 | 8,102 |
Total | 17,929 | 30,710 |
Commercial | Remaining commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 502 | 2,115 |
Year two | 2,230 | 3,974 |
Year three | 4,093 | 4,181 |
Year four | 3,635 | 4,246 |
Year five | 2,535 | 5,983 |
Prior | 10,576 | 9,160 |
Total | 23,571 | 29,659 |
Commercial | Remaining commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 173 | 351 |
Year two | 0 | 0 |
Year three | 0 | 99 |
Year four | 45 | 0 |
Year five | 0 | 101 |
Prior | 0 | 8 |
Total | 218 | 559 |
Commercial | Remaining commercial | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Total | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Consumer Lending Asset Quality Indicators - Credit Score) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|
Loans Receivable [Line Items] | ||||||
Total | [1],[2] | $ 93,130,515 | $ 92,133,182 | |||
Consumer | ||||||
Loans Receivable [Line Items] | ||||||
Total | 53,641,153 | 52,444,779 | ||||
RICs and auto loans | Consumer | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 12,948,205 | 18,592,330 | ||||
Year two | 13,477,189 | 11,958,307 | ||||
Year three | 9,090,276 | 5,482,872 | ||||
Year four | 4,112,196 | 2,211,463 | ||||
Year five | 1,569,236 | 1,346,332 | ||||
Prior | 1,469,816 | 1,107,338 | ||||
Total | $ 42,666,918 | $ 40,698,642 | ||||
Total, percent | 100.00% | 100.00% | ||||
RICs and auto loans | Consumer | No FICO | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | $ 913,313 | $ 1,326,026 | ||||
Year two | 1,014,763 | 839,412 | ||||
Year three | 616,930 | 450,539 | ||||
Year four | 335,925 | 484,975 | ||||
Year five | 321,124 | 230,382 | ||||
Prior | 206,838 | 142,746 | ||||
Total | $ 3,408,893 | $ 3,474,080 | ||||
Total, percent | 8.00% | 8.50% | ||||
RICs and auto loans | Consumer | FICO score less than 600 | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | $ 4,318,538 | $ 6,056,260 | ||||
Year two | 4,954,403 | 4,373,991 | ||||
Year three | 3,421,888 | 2,648,215 | ||||
Year four | 2,022,609 | 1,126,742 | ||||
Year five | 825,967 | 685,830 | ||||
Prior | 841,067 | 634,480 | ||||
Total | $ 16,384,472 | $ 15,525,518 | ||||
Total, percent | 38.40% | 38.20% | ||||
RICs and auto loans | Consumer | FICO score of 600 to 639 | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | $ 2,047,137 | $ 2,782,566 | ||||
Year two | 2,134,995 | 1,912,731 | ||||
Year three | 1,428,973 | 1,001,985 | ||||
Year four | 741,789 | 335,111 | ||||
Year five | 238,456 | 229,690 | ||||
Prior | 239,475 | 173,501 | ||||
Total | $ 6,830,825 | $ 6,435,584 | ||||
Total, percent | 16.00% | 15.80% | ||||
RICs and auto loans | Consumer | FICO score equal to or greater than 640 | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | $ 5,669,217 | $ 8,427,478 | ||||
Year two | 5,373,028 | 4,832,173 | ||||
Year three | 3,622,485 | 1,382,133 | ||||
Year four | 1,011,873 | 264,635 | ||||
Year five | 183,689 | 200,430 | ||||
Prior | 182,436 | 156,611 | ||||
Total | $ 16,042,728 | $ 15,263,460 | ||||
Total, percent | 37.60% | 37.50% | ||||
|
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Consumer Lending Asset Quality Indicators - FICO and CLTV Range) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|
Loans Receivable [Line Items] | ||||||
Total | [1],[2] | $ 93,130,515 | $ 92,133,182 | |||
Consumer | ||||||
Loans Receivable [Line Items] | ||||||
Total | 53,641,153 | 52,444,779 | ||||
Consumer | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 638,696 | 1,189,694 | ||||
Year two | 1,124,364 | 1,179,322 | ||||
Year three | 877,034 | 652,298 | ||||
Year four | 462,568 | 840,968 | ||||
Year five | 623,076 | 807,057 | ||||
Prior | 2,175,808 | 1,920,829 | ||||
Total | 5,901,546 | 6,590,168 | ||||
Consumer | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 76,465 | 246,003 | ||||
Year two | 250,933 | 378,348 | ||||
Year three | 344,789 | 466,662 | ||||
Year four | 428,422 | 450,129 | ||||
Year five | 403,697 | 348,805 | ||||
Prior | 2,264,183 | 2,218,558 | ||||
Total | 3,768,489 | 4,108,505 | ||||
Revolving | 3,616,640 | 3,929,414 | ||||
Consumer | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 346,319 | 538,232 | ||||
Year two | 654,859 | 504,181 | ||||
Year three | 494,192 | 382,527 | ||||
Year four | 305,887 | 708,641 | ||||
Year five | 539,845 | 766,657 | ||||
Prior | 2,129,586 | 1,866,055 | ||||
Total | 4,470,688 | 4,766,293 | ||||
Consumer | LTV less than or equal to 70% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 63,302 | 185,611 | ||||
Year two | 204,666 | 251,619 | ||||
Year three | 259,101 | 330,909 | ||||
Year four | 375,178 | 372,523 | ||||
Year five | 384,425 | 321,712 | ||||
Prior | 2,001,255 | 1,869,887 | ||||
Total | 3,287,927 | 3,332,261 | ||||
Revolving | 3,197,151 | 3,222,783 | ||||
Consumer | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 198,380 | 357,296 | ||||
Year two | 295,114 | 356,003 | ||||
Year three | 187,729 | 138,233 | ||||
Year four | 119,662 | 112,571 | ||||
Year five | 80,402 | 37,926 | ||||
Prior | 22,470 | 26,556 | ||||
Total | 903,757 | 1,028,585 | ||||
Consumer | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 10,100 | 55,993 | ||||
Year two | 41,493 | 121,363 | ||||
Year three | 80,576 | 130,120 | ||||
Year four | 47,044 | 71,593 | ||||
Year five | 13,366 | 23,010 | ||||
Prior | 127,994 | 185,492 | ||||
Total | 320,573 | 587,571 | ||||
Revolving | 312,025 | 575,563 | ||||
Consumer | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 15,462 | 70,633 | ||||
Year two | 126,145 | 266,041 | ||||
Year three | 192,759 | 130,338 | ||||
Year four | 35,778 | 17,638 | ||||
Year five | 593 | 604 | ||||
Prior | 8,268 | 11,268 | ||||
Total | 379,005 | 496,522 | ||||
Consumer | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 50,526 | 114,044 | ||||
Year two | 45,228 | 50,927 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 564 | 293 | ||||
Prior | 2,708 | 3,964 | ||||
Total | 99,026 | 169,228 | ||||
Consumer | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 648 | 486 | ||||
Year two | 405 | 143 | ||||
Year three | 88 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 32,873 | 49,390 | ||||
Total | 34,014 | 50,019 | ||||
Revolving | 31,120 | 46,015 | ||||
Consumer | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 101 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 571 | ||||
Year five | 0 | 0 | ||||
Prior | 2,087 | 2,851 | ||||
Total | 2,087 | 3,523 | ||||
Consumer | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 92 | ||||
Prior | 3,396 | 4,952 | ||||
Total | 3,396 | 5,044 | ||||
Consumer | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 1,011 | 758 | ||||
Year two | 783 | 62 | ||||
Year three | 50 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 21,950 | 29,416 | ||||
Total | 23,794 | 30,236 | ||||
Revolving | 23,258 | 28,449 | ||||
Consumer | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 28,009 | 109,388 | ||||
Year two | 3,018 | 2,170 | ||||
Year three | 2,354 | 1,200 | ||||
Year four | 1,241 | 1,547 | ||||
Year five | 1,672 | 1,485 | ||||
Prior | 7,293 | 5,183 | ||||
Total | 43,587 | 120,973 | ||||
Consumer | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 1,404 | 3,155 | ||||
Year two | 3,586 | 5,161 | ||||
Year three | 4,974 | 5,633 | ||||
Year four | 6,200 | 6,013 | ||||
Year five | 5,906 | 4,083 | ||||
Prior | 80,111 | 84,373 | ||||
Total | 102,181 | 108,418 | ||||
Revolving | 53,086 | 56,604 | ||||
Consumer | FICO score not applicable | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 750 | ||||
Year two | 734 | 0 | ||||
Year three | 0 | 521 | ||||
Year four | 0 | 500 | ||||
Year five | 493 | 0 | ||||
Prior | 2,640 | 3,148 | ||||
Total | 3,867 | 4,919 | ||||
Consumer | FICO score not applicable | LTV less than or equal to 70% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 166 | 0 | ||||
Year three | 163 | 0 | ||||
Year four | 252 | 0 | ||||
Year five | 474 | 77 | ||||
Prior | 875 | 531 | ||||
Total | 1,930 | 608 | ||||
Revolving | 1,847 | 608 | ||||
Consumer | FICO score not applicable | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Total | 0 | 0 | ||||
Consumer | FICO score not applicable | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 21 | 8 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Total | 21 | 8 | ||||
Revolving | 21 | 8 | ||||
Consumer | FICO score not applicable | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Total | 0 | 0 | ||||
Consumer | FICO score not applicable | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Total | 0 | 0 | ||||
Consumer | FICO score not applicable | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Total | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Consumer | FICO score not applicable | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Total | 0 | 0 | ||||
Consumer | FICO score not applicable | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Total | 0 | 0 | ||||
Consumer | FICO score not applicable | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Total | 0 | 0 | ||||
Revolving | 0 | 0 | ||||
Consumer | FICO score not applicable | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 28,009 | 109,388 | ||||
Year two | 3,018 | 2,170 | ||||
Year three | 2,354 | 1,200 | ||||
Year four | 1,241 | 1,547 | ||||
Year five | 1,672 | 1,485 | ||||
Prior | 6,709 | 4,410 | ||||
Total | 43,003 | 120,200 | ||||
Consumer | FICO score not applicable | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 1,084 | 2,840 | ||||
Year two | 3,559 | 4,407 | ||||
Year three | 4,923 | 5,504 | ||||
Year four | 6,076 | 5,514 | ||||
Year five | 5,725 | 4,083 | ||||
Prior | 78,805 | 83,060 | ||||
Total | 100,172 | 105,408 | ||||
Revolving | 51,107 | 53,654 | ||||
Consumer | FICO score less than 600 | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 876 | ||||
Year two | 754 | 3,988 | ||||
Year three | 7,893 | 6,255 | ||||
Year four | 6,876 | 13,646 | ||||
Year five | 9,429 | 13,775 | ||||
Prior | 95,722 | 109,076 | ||||
Total | 120,674 | 147,616 | ||||
Consumer | FICO score less than 600 | LTV less than or equal to 70% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 727 | ||||
Year two | 240 | 3,389 | ||||
Year three | 2,428 | 7,255 | ||||
Year four | 8,922 | 10,780 | ||||
Year five | 12,497 | 15,566 | ||||
Prior | 116,698 | 121,240 | ||||
Total | 140,785 | 158,957 | ||||
Revolving | 121,937 | 137,921 | ||||
Consumer | FICO score less than 600 | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 1,053 | ||||
Year two | 2,141 | 5,235 | ||||
Year three | 2,863 | 4,603 | ||||
Year four | 8,661 | 7,707 | ||||
Year five | 7,997 | 3,406 | ||||
Prior | 2,357 | 2,832 | ||||
Total | 24,019 | 24,836 | ||||
Consumer | FICO score less than 600 | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 238 | ||||
Year two | 174 | 1,901 | ||||
Year three | 1,066 | 4,029 | ||||
Year four | 1,987 | 2,727 | ||||
Year five | 418 | 1,698 | ||||
Prior | 5,974 | 13,383 | ||||
Total | 9,619 | 23,976 | ||||
Revolving | 8,597 | 21,484 | ||||
Consumer | FICO score less than 600 | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 221 | ||||
Year two | 1,873 | 8,801 | ||||
Year three | 7,598 | 8,442 | ||||
Year four | 2,740 | 1,577 | ||||
Year five | 176 | 0 | ||||
Prior | 428 | 1,102 | ||||
Total | 12,815 | 20,143 | ||||
Consumer | FICO score less than 600 | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 292 | ||||
Year two | 0 | 2,792 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 219 | ||||
Prior | 366 | 690 | ||||
Total | 366 | 3,993 | ||||
Consumer | FICO score less than 600 | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 1,061 | 2,389 | ||||
Total | 1,061 | 2,389 | ||||
Revolving | 980 | 2,017 | ||||
Consumer | FICO score less than 600 | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 70 | 353 | ||||
Total | 70 | 353 | ||||
Consumer | FICO score less than 600 | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 0 | 1,445 | ||||
Total | 0 | 1,445 | ||||
Consumer | FICO score less than 600 | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 861 | 2,391 | ||||
Total | 861 | 2,391 | ||||
Revolving | 848 | 2,369 | ||||
Consumer | FICO score less than 600 | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 56 | 92 | ||||
Total | 56 | 92 | ||||
Consumer | FICO score less than 600 | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 15 | ||||
Year five | 15 | 0 | ||||
Prior | 489 | 562 | ||||
Total | 504 | 577 | ||||
Revolving | 504 | 555 | ||||
Consumer | FICO score of 600 to 639 | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 1,003 | 3,058 | ||||
Year two | 2,415 | 3,923 | ||||
Year three | 9,599 | 4,275 | ||||
Year four | 6,589 | 11,593 | ||||
Year five | 11,464 | 10,710 | ||||
Prior | 78,267 | 81,496 | ||||
Total | 109,337 | 115,055 | ||||
Consumer | FICO score of 600 to 639 | LTV less than or equal to 70% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 108 | 1,265 | ||||
Year two | 1,339 | 2,589 | ||||
Year three | 3,521 | 8,921 | ||||
Year four | 9,128 | 13,240 | ||||
Year five | 14,346 | 11,873 | ||||
Prior | 95,298 | 100,148 | ||||
Total | 123,740 | 138,036 | ||||
Revolving | 116,680 | 128,515 | ||||
Consumer | FICO score of 600 to 639 | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 422 | 1,585 | ||||
Year two | 3,193 | 4,839 | ||||
Year three | 2,679 | 3,901 | ||||
Year four | 3,955 | 5,300 | ||||
Year five | 4,041 | 2,040 | ||||
Prior | 1,627 | 2,935 | ||||
Total | 15,917 | 20,600 | ||||
Consumer | FICO score of 600 to 639 | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 728 | ||||
Year two | 626 | 3,149 | ||||
Year three | 2,576 | 5,618 | ||||
Year four | 1,594 | 2,491 | ||||
Year five | 613 | 433 | ||||
Prior | 6,511 | 8,812 | ||||
Total | 11,920 | 21,231 | ||||
Revolving | 11,083 | 19,784 | ||||
Consumer | FICO score of 600 to 639 | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 401 | 1,233 | ||||
Year two | 4,394 | 6,910 | ||||
Year three | 9,382 | 5,693 | ||||
Year four | 1,225 | 1,870 | ||||
Year five | 0 | 249 | ||||
Prior | 276 | 581 | ||||
Total | 15,678 | 16,536 | ||||
Consumer | FICO score of 600 to 639 | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 971 | 2,321 | ||||
Year two | 1,056 | 2,364 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 308 | 193 | ||||
Total | 2,335 | 4,878 | ||||
Consumer | FICO score of 600 to 639 | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 1,692 | 1,803 | ||||
Total | 1,692 | 1,803 | ||||
Revolving | 1,666 | 1,706 | ||||
Consumer | FICO score of 600 to 639 | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 0 | 707 | ||||
Total | 0 | 707 | ||||
Consumer | FICO score of 600 to 639 | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 0 | 333 | ||||
Total | 0 | 333 | ||||
Consumer | FICO score of 600 to 639 | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 2,783 | 3,235 | ||||
Total | 2,783 | 3,235 | ||||
Revolving | 2,698 | 2,858 | ||||
Consumer | FICO score of 600 to 639 | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Total | 0 | 0 | ||||
Consumer | FICO score of 600 to 639 | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 100 | 0 | ||||
Prior | 50 | 51 | ||||
Total | 150 | 51 | ||||
Revolving | 150 | 29 | ||||
Consumer | FICO score of 640 to 679 | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 2,054 | 11,264 | ||||
Year two | 14,058 | 21,946 | ||||
Year three | 16,537 | 17,039 | ||||
Year four | 16,531 | 24,447 | ||||
Year five | 18,661 | 26,992 | ||||
Prior | 139,227 | 124,559 | ||||
Total | 207,068 | 226,247 | ||||
Consumer | FICO score of 640 to 679 | LTV less than or equal to 70% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 260 | 4,983 | ||||
Year two | 7,712 | 15,432 | ||||
Year three | 12,673 | 23,718 | ||||
Year four | 25,945 | 26,211 | ||||
Year five | 20,918 | 19,167 | ||||
Prior | 161,560 | 152,823 | ||||
Total | 229,068 | 242,334 | ||||
Revolving | 220,653 | 231,152 | ||||
Consumer | FICO score of 640 to 679 | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 1,984 | 12,585 | ||||
Year two | 5,754 | 18,756 | ||||
Year three | 13,840 | 8,079 | ||||
Year four | 11,799 | 7,117 | ||||
Year five | 7,880 | 1,377 | ||||
Prior | 1,893 | 2,426 | ||||
Total | 43,150 | 50,340 | ||||
Consumer | FICO score of 640 to 679 | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 2,166 | ||||
Year two | 1,211 | 8,599 | ||||
Year three | 6,198 | 10,455 | ||||
Year four | 5,159 | 5,391 | ||||
Year five | 1,199 | 1,377 | ||||
Prior | 12,651 | 17,425 | ||||
Total | 26,418 | 45,413 | ||||
Revolving | 24,964 | 44,187 | ||||
Consumer | FICO score of 640 to 679 | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 337 | 2,385 | ||||
Year two | 5,940 | 18,975 | ||||
Year three | 13,579 | 12,715 | ||||
Year four | 5,149 | 1,265 | ||||
Year five | 0 | 0 | ||||
Prior | 1,337 | 1,108 | ||||
Total | 26,342 | 36,448 | ||||
Consumer | FICO score of 640 to 679 | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 2,948 | 7,256 | ||||
Year two | 2,365 | 4,501 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 614 | 573 | ||||
Total | 5,927 | 12,330 | ||||
Consumer | FICO score of 640 to 679 | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 53 | ||||
Year three | 56 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 4,700 | 6,279 | ||||
Total | 4,756 | 6,332 | ||||
Revolving | 4,063 | 5,784 | ||||
Consumer | FICO score of 640 to 679 | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 691 | 240 | ||||
Total | 691 | 240 | ||||
Consumer | FICO score of 640 to 679 | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 1,472 | 432 | ||||
Total | 1,472 | 432 | ||||
Consumer | FICO score of 640 to 679 | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 48 | ||||
Year two | 42 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 2,234 | 723 | ||||
Total | 2,276 | 771 | ||||
Revolving | 2,261 | 533 | ||||
Consumer | FICO score of 640 to 679 | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 28 | 0 | ||||
Total | 28 | 0 | ||||
Consumer | FICO score of 640 to 679 | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 95 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 100 | ||||
Year five | 0 | 0 | ||||
Prior | 78 | 70 | ||||
Total | 78 | 265 | ||||
Revolving | 58 | 265 | ||||
Consumer | FICO score of 680 to 719 | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 21,723 | 34,802 | ||||
Year two | 40,269 | 49,625 | ||||
Year three | 57,747 | 41,447 | ||||
Year four | 26,760 | 56,362 | ||||
Year five | 62,979 | 54,836 | ||||
Prior | 223,966 | 196,173 | ||||
Total | 433,444 | 433,245 | ||||
Consumer | FICO score of 680 to 719 | LTV less than or equal to 70% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 5,994 | 26,177 | ||||
Year two | 25,729 | 31,112 | ||||
Year three | 31,718 | 49,618 | ||||
Year four | 51,940 | 53,778 | ||||
Year five | 53,408 | 49,893 | ||||
Prior | 279,319 | 249,565 | ||||
Total | 448,108 | 460,143 | ||||
Revolving | 434,981 | 444,254 | ||||
Consumer | FICO score of 680 to 719 | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 16,382 | 38,582 | ||||
Year two | 20,678 | 37,546 | ||||
Year three | 26,966 | 20,202 | ||||
Year four | 16,873 | 18,615 | ||||
Year five | 10,395 | 5,047 | ||||
Prior | 4,694 | 4,556 | ||||
Total | 95,988 | 124,548 | ||||
Consumer | FICO score of 680 to 719 | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 1,003 | 8,483 | ||||
Year two | 4,630 | 17,515 | ||||
Year three | 12,727 | 19,442 | ||||
Year four | 6,901 | 11,250 | ||||
Year five | 2,390 | 2,996 | ||||
Prior | 17,650 | 24,541 | ||||
Total | 45,301 | 84,227 | ||||
Revolving | 44,653 | 82,534 | ||||
Consumer | FICO score of 680 to 719 | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 1,757 | 7,616 | ||||
Year two | 18,216 | 39,239 | ||||
Year three | 32,416 | 22,510 | ||||
Year four | 5,241 | 2,195 | ||||
Year five | 0 | 0 | ||||
Prior | 1,717 | 3,025 | ||||
Total | 59,347 | 74,585 | ||||
Consumer | FICO score of 680 to 719 | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 12,289 | 29,050 | ||||
Year two | 11,627 | 8,147 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 924 | 526 | ||||
Total | 24,840 | 37,723 | ||||
Consumer | FICO score of 680 to 719 | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 90 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 4,572 | 7,810 | ||||
Total | 4,572 | 7,900 | ||||
Revolving | 4,092 | 7,128 | ||||
Consumer | FICO score of 680 to 719 | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 101 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 818 | 475 | ||||
Total | 818 | 576 | ||||
Consumer | FICO score of 680 to 719 | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 353 | 802 | ||||
Total | 353 | 802 | ||||
Consumer | FICO score of 680 to 719 | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 141 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 4,649 | 5,756 | ||||
Total | 4,790 | 5,756 | ||||
Revolving | 4,576 | 5,477 | ||||
Consumer | FICO score of 680 to 719 | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 65 | 73 | ||||
Total | 65 | 73 | ||||
Consumer | FICO score of 680 to 719 | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 144 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 63 | ||||
Year five | 0 | 0 | ||||
Prior | 152 | 149 | ||||
Total | 152 | 356 | ||||
Revolving | 152 | 351 | ||||
Consumer | FICO score of 720 to 759 | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 92,290 | 105,769 | ||||
Year two | 116,368 | 89,140 | ||||
Year three | 106,311 | 88,485 | ||||
Year four | 81,082 | 145,301 | ||||
Year five | 100,504 | 132,720 | ||||
Prior | 340,422 | 285,308 | ||||
Total | 836,977 | 846,723 | ||||
Consumer | FICO score of 720 to 759 | LTV less than or equal to 70% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 18,183 | 39,927 | ||||
Year two | 40,990 | 49,716 | ||||
Year three | 51,279 | 62,795 | ||||
Year four | 75,175 | 79,821 | ||||
Year five | 84,684 | 68,503 | ||||
Prior | 365,405 | 348,679 | ||||
Total | 635,716 | 649,441 | ||||
Revolving | 624,459 | 634,206 | ||||
Consumer | FICO score of 720 to 759 | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 70,003 | 81,595 | ||||
Year two | 65,488 | 62,488 | ||||
Year three | 34,940 | 29,767 | ||||
Year four | 28,186 | 25,421 | ||||
Year five | 18,795 | 8,163 | ||||
Prior | 4,739 | 5,334 | ||||
Total | 222,151 | 212,768 | ||||
Consumer | FICO score of 720 to 759 | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 3,599 | 14,064 | ||||
Year two | 12,343 | 28,552 | ||||
Year three | 17,488 | 30,553 | ||||
Year four | 10,618 | 15,094 | ||||
Year five | 3,510 | 5,386 | ||||
Prior | 25,538 | 35,066 | ||||
Total | 73,096 | 128,715 | ||||
Revolving | 71,848 | 126,755 | ||||
Consumer | FICO score of 720 to 759 | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 3,707 | 16,714 | ||||
Year two | 31,953 | 57,807 | ||||
Year three | 52,597 | 30,850 | ||||
Year four | 7,444 | 2,754 | ||||
Year five | 339 | 355 | ||||
Prior | 1,311 | 1,566 | ||||
Total | 97,351 | 110,046 | ||||
Consumer | FICO score of 720 to 759 | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 17,793 | 37,846 | ||||
Year two | 13,945 | 12,066 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 163 | 563 | ||||
Total | 31,901 | 50,475 | ||||
Consumer | FICO score of 720 to 759 | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 648 | 0 | ||||
Year two | 0 | 69 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 5,086 | 8,270 | ||||
Total | 5,734 | 8,339 | ||||
Revolving | 5,250 | 7,128 | ||||
Consumer | FICO score of 720 to 759 | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 94 | 68 | ||||
Total | 94 | 68 | ||||
Consumer | FICO score of 720 to 759 | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 73 | 206 | ||||
Total | 73 | 206 | ||||
Consumer | FICO score of 720 to 759 | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 80 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 4,856 | 7,611 | ||||
Total | 4,936 | 7,611 | ||||
Revolving | 4,813 | 7,313 | ||||
Consumer | FICO score of 720 to 759 | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 111 | 227 | ||||
Total | 111 | 227 | ||||
Consumer | FICO score of 720 to 759 | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 35 | ||||
Year two | 24 | 56 | ||||
Year three | 51 | 0 | ||||
Year four | 0 | 253 | ||||
Year five | 0 | 0 | ||||
Prior | 136 | 122 | ||||
Total | 211 | 466 | ||||
Revolving | 201 | 466 | ||||
Consumer | FICO score equal to or greater than 760 | LTV less than or equal to 70% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 229,249 | 381,713 | ||||
Year two | 480,261 | 335,559 | ||||
Year three | 296,105 | 224,505 | ||||
Year four | 168,049 | 456,792 | ||||
Year five | 336,315 | 527,624 | ||||
Prior | 1,249,342 | 1,066,295 | ||||
Total | 2,759,321 | 2,992,488 | ||||
Consumer | FICO score equal to or greater than 760 | LTV less than or equal to 70% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 38,757 | 112,532 | ||||
Year two | 128,490 | 149,381 | ||||
Year three | 157,319 | 178,602 | ||||
Year four | 203,816 | 188,693 | ||||
Year five | 198,098 | 156,633 | ||||
Prior | 982,100 | 896,901 | ||||
Total | 1,708,580 | 1,682,742 | ||||
Revolving | 1,676,594 | 1,646,127 | ||||
Consumer | FICO score equal to or greater than 760 | LTV of 70.01% to 80% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 109,589 | 221,896 | ||||
Year two | 197,860 | 227,139 | ||||
Year three | 106,441 | 71,681 | ||||
Year four | 50,188 | 48,411 | ||||
Year five | 31,294 | 17,893 | ||||
Prior | 7,160 | 8,473 | ||||
Total | 502,532 | 595,493 | ||||
Consumer | FICO score equal to or greater than 760 | LTV of 70.01% to 90% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 5,477 | 30,306 | ||||
Year two | 22,509 | 61,647 | ||||
Year three | 40,521 | 60,023 | ||||
Year four | 20,785 | 34,640 | ||||
Year five | 5,236 | 11,120 | ||||
Prior | 59,670 | 86,265 | ||||
Total | 154,198 | 284,001 | ||||
Revolving | 150,859 | 280,811 | ||||
Consumer | FICO score equal to or greater than 760 | LTV of 80.01% to 90% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 9,260 | 42,464 | ||||
Year two | 63,769 | 134,309 | ||||
Year three | 77,187 | 50,128 | ||||
Year four | 13,979 | 7,977 | ||||
Year five | 78 | 0 | ||||
Prior | 3,199 | 3,886 | ||||
Total | 167,472 | 238,764 | ||||
Consumer | FICO score equal to or greater than 760 | LTV of 90.01% to 100% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 16,525 | 37,279 | ||||
Year two | 16,235 | 21,057 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 564 | 74 | ||||
Prior | 333 | 1,419 | ||||
Total | 33,657 | 59,829 | ||||
Consumer | FICO score equal to or greater than 760 | LTV of 90.01% to 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 396 | ||||
Year two | 405 | 21 | ||||
Year three | 32 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 15,762 | 22,839 | ||||
Total | 16,199 | 23,256 | ||||
Revolving | 15,069 | 22,252 | ||||
Consumer | FICO score equal to or greater than 760 | LTV of 100.01% to 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 571 | ||||
Year five | 0 | 0 | ||||
Prior | 414 | 1,008 | ||||
Total | 414 | 1,579 | ||||
Consumer | FICO score equal to or greater than 760 | LTV greater than 110% | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 92 | ||||
Prior | 1,498 | 1,734 | ||||
Total | 1,498 | 1,826 | ||||
Consumer | FICO score equal to or greater than 760 | LTV greater than 110% | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 790 | 710 | ||||
Year two | 741 | 62 | ||||
Year three | 50 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 6,567 | 9,700 | ||||
Total | 8,148 | 10,472 | ||||
Revolving | 8,062 | 9,899 | ||||
Consumer | FICO score equal to or greater than 760 | LTV not applicable | Residential Mortgages | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 0 | 0 | ||||
Year two | 0 | 0 | ||||
Year three | 0 | 0 | ||||
Year four | 0 | 0 | ||||
Year five | 0 | 0 | ||||
Prior | 324 | 381 | ||||
Total | 324 | 381 | ||||
Consumer | FICO score equal to or greater than 760 | LTV not applicable | Home equity loans and lines of credit | ||||||
Loans Receivable [Line Items] | ||||||
Current fiscal year | 320 | 185 | ||||
Year two | 3 | 554 | ||||
Year three | 0 | 129 | ||||
Year four | 124 | 68 | ||||
Year five | 66 | 0 | ||||
Prior | 401 | 359 | ||||
Total | 914 | 1,295 | ||||
Revolving | $ 914 | $ 1,284 | ||||
|
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Troubled Debt Restructuring Activity) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
contract
|
Jun. 30, 2020
USD ($)
contract
|
Jun. 30, 2021
USD ($)
contract
|
Jun. 30, 2020
USD ($)
contract
|
Dec. 31, 2020
USD ($)
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructurings | $ 4,789,821 | $ 4,789,821 | $ 4,324,129 | ||
Number of Contracts | contract | 12,489 | 46,235 | 58,802 | 56,143 | |
Pre-TDR Recorded Investment | $ 445,389 | $ 1,019,795 | $ 1,461,614 | $ 1,204,109 | |
Post-TDR Recorded Investment | $ 446,064 | $ 1,036,089 | $ 1,467,917 | $ 1,220,946 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 4,192 | 2,086 | 9,880 | 6,223 | |
Recorded Investment | $ 85,569 | $ 41,696 | $ 198,151 | $ 123,647 | |
Commercial | CRE | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 8 | 9 | 11 | 11 | |
Pre-TDR Recorded Investment | $ 36,053 | $ 13,047 | $ 44,005 | $ 14,974 | |
Post-TDR Recorded Investment | $ 36,053 | $ 13,047 | $ 44,005 | $ 14,974 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 0 | 14 | 0 | 32 | |
Recorded Investment | $ 0 | $ 2,909 | $ 0 | $ 5,114 | |
Commercial | C&I | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 59 | 354 | 370 | 389 | |
Pre-TDR Recorded Investment | $ 28,077 | $ 27,130 | $ 43,589 | $ 27,965 | |
Post-TDR Recorded Investment | $ 28,079 | $ 27,226 | $ 43,647 | $ 28,063 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 24 | 5 | 54 | 16 | |
Recorded Investment | $ 901 | $ 1,045 | $ 2,073 | $ 8,260 | |
Commercial | Multifamily | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 2 | 5 | 2 | 5 | |
Pre-TDR Recorded Investment | $ 29,370 | $ 51,466 | $ 29,370 | $ 51,466 | |
Post-TDR Recorded Investment | $ 29,370 | $ 51,466 | $ 29,370 | $ 51,466 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 0 | 0 | |||
Recorded Investment | $ 0 | $ 0 | |||
Commercial | Other commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 16 | 4 | 180 | 5 | |
Pre-TDR Recorded Investment | $ 1,018 | $ 72 | $ 14,653 | $ 117 | |
Post-TDR Recorded Investment | $ 1,018 | $ 72 | $ 14,653 | $ 117 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 0 | 0 | 1 | 1 | |
Recorded Investment | $ 0 | $ 0 | $ 17 | $ 45 | |
Consumer | Residential mortgages | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 250 | 15 | 343 | 28 | |
Pre-TDR Recorded Investment | $ 74,617 | $ 1,811 | $ 94,726 | $ 3,672 | |
Post-TDR Recorded Investment | $ 74,500 | $ 1,809 | $ 94,490 | $ 3,814 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 10 | 22 | 10 | 30 | |
Recorded Investment | $ 1,484 | $ 3,640 | $ 1,484 | $ 4,880 | |
Consumer | Home equity loans and lines of credit | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 323 | 22 | 366 | 50 | |
Pre-TDR Recorded Investment | $ 49,310 | $ 2,693 | $ 53,852 | $ 4,767 | |
Post-TDR Recorded Investment | $ 49,555 | $ 2,939 | $ 54,303 | $ 5,034 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 3 | 10 | 4 | 22 | |
Recorded Investment | $ 152 | $ 1,142 | $ 765 | $ 3,104 | |
Consumer | RICs and auto loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 11,772 | 45,816 | 57,437 | 55,642 | |
Pre-TDR Recorded Investment | $ 226,011 | $ 923,560 | $ 1,179,830 | $ 1,101,075 | |
Post-TDR Recorded Investment | $ 226,574 | $ 939,530 | $ 1,185,882 | $ 1,117,422 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 4,149 | 2,035 | 9,805 | 6,121 | |
Recorded Investment | $ 82,949 | $ 32,960 | $ 193,729 | $ 102,200 | |
Consumer | Personal unsecured loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 52 | 1 | 77 | 2 | |
Pre-TDR Recorded Investment | $ 751 | $ 0 | $ 999 | $ 0 | |
Post-TDR Recorded Investment | $ 743 | $ 0 | $ 987 | $ 0 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 6 | 0 | 6 | 0 | |
Recorded Investment | $ 83 | $ 0 | $ 83 | $ 0 | |
Consumer | Other consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 7 | 9 | 16 | 11 | |
Pre-TDR Recorded Investment | $ 182 | $ 16 | $ 590 | $ 73 | |
Post-TDR Recorded Investment | $ 172 | $ 0 | $ 580 | $ 56 | |
TDRs which Subsequently Defaulted | |||||
Number of Contracts | contract | 0 | 0 | 0 | 1 | |
Recorded Investment | $ 0 | $ 0 | $ 0 | $ 44 | |
Performing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructurings | 4,232,242 | 4,232,242 | 3,850,622 | ||
Non-performing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructurings | $ 557,579 | $ 557,579 | $ 473,507 |
OPERATING LEASE ASSETS, NET (Components of Leased Vehicles, Net) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|
Operating Leased Assets [Line Items] | ||||||
Less: accumulated depreciation | $ (4,300,000) | $ (4,800,000) | ||||
Operating lease assets, net | [1],[2] | 16,122,005 | 16,412,929 | |||
Leased vehicles | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating leases | 21,085,807 | 22,056,063 | ||||
Less: accumulated depreciation | (4,249,968) | (4,796,595) | ||||
Depreciated net capitalized cost | 16,835,839 | 17,259,468 | ||||
Manufacturer Subvention payments, net of accretion | (813,508) | (934,381) | ||||
Origination fees and other costs | 97,720 | 66,020 | ||||
Operating lease assets, net | 16,120,051 | 16,391,107 | ||||
Commercial equipment vehicles and aircraft | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating leases | 2,677 | 28,661 | ||||
Less: accumulated depreciation | (723) | (6,839) | ||||
Operating lease assets, net | $ 1,954 | $ 21,822 | ||||
|
OPERATING LEASE ASSETS, NET (Future Minimum Rental Receivables) (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
2021 | $ 1,564,462 |
2022 | 1,932,825 |
2023 | 1,151,995 |
2024 | 153,851 |
2025 | 8,519 |
Thereafter | 813 |
Total | $ 4,812,465 |
OPERATING LEASE ASSETS, NET (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Net gain on sale of operating leases | $ 178,544 | $ 23,145 | $ 286,807 | $ 50,096 |
GOODWILL AND OTHER INTANGIBLES (Goodwill) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill | $ 2,596,161 | $ 2,596,161 |
CBB | ||
Goodwill [Line Items] | ||
Goodwill | 297,802 | |
C&I | ||
Goodwill [Line Items] | ||
Goodwill | 52,198 | |
CRE & VF | ||
Goodwill [Line Items] | ||
Goodwill | 1,095,071 | |
CIB | ||
Goodwill [Line Items] | ||
Goodwill | 131,130 | |
SC | ||
Goodwill [Line Items] | ||
Goodwill | $ 1,019,960 |
GOODWILL AND OTHER INTANGIBLES (Goodwill) (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Oct. 01, 2020 |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Goodwill [Line Items] | ||||||
Re-allocation of Goodwill | $ 0 | $ 0 | ||||
Impairment of goodwill | $ 0 | $ 0 | $ (1,848,228,000) | $ 0 | $ (1,848,228,000) | |
Reporting unit, percentage of fair value in excess of carrying amount (less than) | 5.00% | 5.00% | ||||
CBB | ||||||
Goodwill [Line Items] | ||||||
Impairment of goodwill | $ (1,600,000,000) | |||||
C&I | ||||||
Goodwill [Line Items] | ||||||
Re-allocation of Goodwill | $ 25,100,000 | |||||
Impairment of goodwill | $ (300,000,000) |
GOODWILL AND OTHER INTANGIBLES (Finite-lived Intangibles) (Details) - USD ($) $ in Thousands |
1 Months Ended | ||
---|---|---|---|
May 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Net Carrying Amount | $ 372,478 | $ 357,547 | |
Accumulated Amortization | (458,409) | (436,376) | |
Finite-lived intangible asset, useful life | 6 years | ||
Dealer networks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net Carrying Amount | 295,708 | 308,768 | |
Accumulated Amortization | (284,292) | (271,232) | |
Chrysler relationship | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net Carrying Amount | 27,500 | 35,000 | |
Accumulated Amortization | (111,250) | (103,750) | |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net Carrying Amount | 11,700 | 12,300 | |
Accumulated Amortization | (6,300) | (5,700) | |
Other intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net Carrying Amount | 37,570 | 1,479 | |
Accumulated Amortization | $ (56,567) | $ (55,694) |
GOODWILL AND OTHER INTANGIBLES (Other Intangible Assets) (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Intangibles not subject to amortization | $ 0 | $ 0 | $ 0 | ||
Amortization of intangibles | $ 10,746,000 | $ 14,744,000 | $ 22,033,000 | $ 29,487,000 |
GOODWILL AND OTHER INTANGIBLES (Future Amortization Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Calendar Year Amount | ||||
2021 | $ 43,760 | $ 43,760 | ||
2022 | 46,072 | 46,072 | ||
2023 | 34,821 | 34,821 | ||
2024 | 30,964 | 30,964 | ||
2025 | 30,929 | 30,929 | ||
Thereafter | 207,965 | 207,965 | ||
Recorded To Date | ||||
2021 | 10,746 | $ 14,744 | 22,033 | $ 29,487 |
Remaining Amount To Record | ||||
2021 | $ 21,727 | $ 21,727 |
OTHER ASSETS (Components) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||
Operating lease ROU assets | $ 516,155 | $ 540,222 | ||||
Deferred tax assets | 3,696 | 11,114 | ||||
Accrued interest receivable | 542,106 | 634,509 | ||||
Derivative assets at fair value | 884,408 | 1,219,090 | ||||
Other repossessed assets | 231,121 | 207,900 | ||||
Equity method investments | 252,924 | 272,633 | ||||
MSRs | 79,730 | 77,545 | ||||
OREO | 4,276 | 29,799 | ||||
Income tax receivables | 138,542 | 225,736 | ||||
Prepaid expense | 290,867 | 225,251 | ||||
Miscellaneous assets and receivables | 589,557 | 608,431 | ||||
Total Other assets | [1],[2] | $ 3,533,382 | $ 4,052,230 | |||
|
OTHER ASSETS (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Lessee, Lease, Description [Line Items] | ||||
Operating lease expense | $ 37.1 | $ 40.7 | $ 76.8 | $ 75.8 |
Sublease income | $ 1.2 | $ 1.2 | $ 2.3 | $ 2.6 |
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) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
2021 | $ 69,209 | |
2022 | 132,038 | |
2023 | 115,465 | |
2024 | 100,028 | |
2025 | 74,212 | |
Thereafter | 145,948 | |
Total lease liabilities | 636,900 | |
Less: Interest | (53,539) | |
Present value of lease liabilities | $ 583,361 | $ 606,000 |
OTHER ASSETS (Operating Lease Term and Discount Rate) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Operating lease ROU assets | $ 516,155 | $ 540,222 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Various other liabilities | Various other liabilities |
Present value of lease liabilities | $ 583,361 | $ 606,000 |
Weighted-average remaining lease term (years) | 6 years 1 month 6 days | 6 years 6 months |
Weighted-average discount rate | 2.90% | 2.90% |
OTHER ASSETS (Other Information) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Operating cash flows from operating leases | $ (70,260) | $ (72,177) |
Leased assets obtained in exchange for new operating lease liabilities | $ 32,257 | $ (19,001) |
VIEs (Assets and Liabilities of VIEs) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | |||||||||||||||
Restricted cash | $ 6,029,951 | [1] | $ 5,303,460 | [1] | $ 5,200,000 | ||||||||||
LHFS | [2] | 686,491 | 2,226,196 | ||||||||||||
LHFI | [1],[3] | 93,130,515 | 92,133,182 | ||||||||||||
Operating lease assets, net | [1],[4] | 16,122,005 | 16,412,929 | ||||||||||||
Various other assets | [1],[5] | 3,533,382 | 4,052,230 | ||||||||||||
TOTAL ASSETS | 155,185,643 | 149,432,676 | $ 152,353,787 | ||||||||||||
Liabilities | |||||||||||||||
Various other liabilities | [1] | 1,415,055 | 1,479,874 | ||||||||||||
TOTAL LIABILITIES | 132,082,322 | 128,169,964 | |||||||||||||
VIEs, Primary Beneficiary | |||||||||||||||
Assets | |||||||||||||||
Restricted cash | 1,977,541 | 1,737,021 | |||||||||||||
LHFS | 269,168 | 581,938 | |||||||||||||
LHFI | 21,773,401 | 22,572,549 | |||||||||||||
Operating lease assets, net | 16,120,051 | 16,391,107 | |||||||||||||
Various other assets | 777,437 | 791,306 | |||||||||||||
TOTAL ASSETS | 40,917,598 | 42,073,921 | |||||||||||||
Liabilities | |||||||||||||||
Notes payable | 29,589,557 | 31,700,709 | |||||||||||||
Various other liabilities | 23,707 | 84,922 | |||||||||||||
TOTAL LIABILITIES | $ 29,613,264 | $ 31,785,631 | |||||||||||||
|
VIEs (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
VIEs, Primary Beneficiary | Trusts | |||||
Variable Interest Entity [Line Items] | |||||
Gross retail installment contracts transferred to consolidated Trusts | $ 26,300,000,000 | $ 26,300,000,000 | $ 27,700,000,000 | ||
VIE, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Sales of receivables securitization | 0 | $ 512,286,000 | 1,891,278,000 | $ 512,286,000 | |
Gain (loss) on retail installment contracts | 7,200,000 | $ 26,900,000 | |||
Total serviced for other portfolio | 3,225,176,000 | 3,225,176,000 | $ 2,226,786,000 | ||
VIE, maximum exposure to loss | $ 0 | $ 0 |
VIEs (Cash Flow Summary) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
VIEs, Primary Beneficiary | Trusts | ||||
Variable Interest Entity [Line Items] | ||||
Assets securitized | $ 7,238,608 | $ 3,887,075 | $ 11,361,659 | $ 10,562,806 |
Net proceeds from new securitizations | 5,990,485 | 2,932,117 | 9,576,609 | 6,808,647 |
Net proceeds from sale of retained bonds | 132,186 | 1,526 | 195,967 | 55,993 |
Cash received for servicing fees | 230,408 | 246,545 | 458,595 | 493,288 |
Net distributions from Trusts | 1,903,257 | 621,708 | 3,043,634 | 1,557,381 |
Total cash received from Trusts | 8,256,336 | 3,801,896 | 13,274,805 | 8,915,309 |
VIE, Not Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Receivables securitized | 0 | 512,286 | 1,891,278 | 512,286 |
Cash received for servicing fees | 9,294 | 5,079 | 16,021 | 11,258 |
Total cash received from Trusts | 9,294 | 465,165 | 1,795,553 | 471,344 |
VIE, Not Primary Beneficiary | Trusts | ||||
Variable Interest Entity [Line Items] | ||||
Net proceeds from new securitizations | $ 0 | $ 460,086 | $ 1,779,532 | $ 460,086 |
VIEs (Off-balance Sheet Portfolio) (Details) - VIE, Not Primary Beneficiary - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Total serviced for other portfolio | $ 3,225,176 | $ 2,226,786 |
Third party SCART serviced securitizations | ||
Variable Interest Entity [Line Items] | ||
Total serviced for other portfolio | 2,338,472 | 929,429 |
Third party CCAP securitizations | ||
Variable Interest Entity [Line Items] | ||
Total serviced for other portfolio | 46,561 | 82,713 |
SC | ||
Variable Interest Entity [Line Items] | ||
Total serviced for other portfolio | $ 840,143 | $ 1,214,644 |
DEPOSITS AND OTHER CUSTOMER ACCOUNTS (Summary of Deposits and Other Customer Accounts) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Balance | ||
Interest-bearing demand deposits | $ 12,684,578 | $ 11,097,595 |
Non-interest-bearing demand deposits | 24,766,564 | 21,800,278 |
Savings | 5,483,011 | 4,827,065 |
Customer repurchase accounts | 270,744 | 323,398 |
Money market | 34,816,096 | 33,358,315 |
CDs | 2,847,404 | 3,897,056 |
Total deposits | $ 80,868,397 | $ 75,303,707 |
Percent of total deposits | ||
Interest-bearing demand deposits (as a percent) | 15.70% | 14.70% |
Non-interest-bearing demand deposits (as a percent) | 30.60% | 28.90% |
Savings (as a percent) | 6.80% | 6.40% |
Customer repurchase accounts (as a percent) | 0.30% | 0.40% |
Money market (as a percent) | 43.10% | 44.40% |
CDs (as a percent) | 3.50% | 5.20% |
Total deposits (as a percent) | 100.00% | 100.00% |
Foreign deposits | $ 6,500,000 | $ 5,800,000 |
DEPOSITS AND OTHER CUSTOMER ACCOUNTS (Narrative) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | $ 5,200.0 | $ 3,500.0 |
Demand deposit overdrafts that have been reclassified as loan balances | 219.2 | 110.5 |
CD in denominations greater than $250,000 | 632.8 | 768.2 |
Public fund deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | $ 3,300.0 | $ 2,200.0 |
BORROWINGS (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Debt Disclosure [Abstract] | ||||
Total borrowings and other debt obligations | [1] | $ 42,940,006 | $ 46,359,467 | |
|
BORROWINGS (SBNA) (Narrative) (Details) - USD ($) |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Debt issued | $ 0 | $ 0 |
Debt repurchased | $ 0 | |
Real estate investment trust | ||
Debt Instrument [Line Items] | ||
Debt repurchased | 126,400,000 | |
Bank | Federal home loan bank advances | ||
Debt Instrument [Line Items] | ||
Debt repurchased | $ 1,000,000,000.0 |
BORROWINGS (SHUSA) (Narrative) (Details) - USD ($) |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Debt repurchased | $ 0 | |
Debt issued | 0 | $ 0 |
Short-term debt borrowing due February 2021 | ||
Debt Instrument [Line Items] | ||
Debt issued | $ 125,000,000.0 | |
Stated interest rate | 2.00% | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt issued | $ 2,100,000,000 | |
Senior Notes | Senior floating rate notes due June 2022 | ||
Debt Instrument [Line Items] | ||
Debt repurchased | $ 427,900,000 | |
Senior Notes | 5.83% senior notes, due March 2023 | ||
Debt Instrument [Line Items] | ||
Debt issued | $ 500,000,000.0 | |
Stated interest rate | 5.83% | 5.83% |
Senior Notes | Senior fixed 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] | ||
Debt repurchased | $ 1,000,000,000.0 | |
Stated interest rate | 2.65% |
BORROWINGS (Parent Company and Other IHC Entities) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
|||
Debt Instrument [Line Items] | |||||
Total borrowings and other debt obligations | [1] | $ 42,940,006 | $ 46,359,467 | ||
Short-term borrowing due within one year, with an affiliate | |||||
Debt Instrument [Line Items] | |||||
Short-term borrowings, Balance | $ 123,453 | ||||
Effective Rate | 0.00% | 2.00% | |||
Subsidiaries | 2.00% subordinated debt maturing through 2021 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 2.00% | ||||
Subordinated debt, Balance | $ 11 | $ 11 | |||
Effective Rate | 2.00% | 2.00% | |||
Subsidiaries | Short-term borrowing with an affiliate, maturing January 2021 | |||||
Debt Instrument [Line Items] | |||||
Short-term borrowings, Balance | $ 0 | $ 200,000 | |||
Effective Rate | 0.00% | 0.10% | |||
Subsidiaries | Short-term borrowing due within one year, maturing July 2021 | |||||
Debt Instrument [Line Items] | |||||
Short-term borrowings, Balance | $ 28,365 | $ 15,750 | |||
Effective Rate | 0.05% | 0.05% | |||
Parent Company and Other Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Total borrowings and other debt obligations | $ 10,137,364 | $ 10,872,111 | |||
Effective Rate | 3.65% | 3.57% | |||
Senior Notes | 4.45% senior notes due December 2021 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.45% | ||||
Senior notes, Balance | $ 491,799 | $ 491,411 | |||
Effective Rate | 4.61% | 4.61% | |||
Senior Notes | 3.70% senior notes due March 2022 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.70% | ||||
Senior notes, Balance | $ 706,696 | $ 707,896 | |||
Effective Rate | 3.67% | 3.67% | |||
Senior Notes | 3.40% senior notes due January 2023 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.40% | ||||
Senior notes, Balance | $ 997,943 | $ 997,298 | |||
Effective Rate | 3.54% | 3.54% | |||
Senior Notes | 3.50% senior notes due June 2024 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.50% | ||||
Senior notes, Balance | $ 997,145 | $ 996,687 | |||
Effective Rate | 3.60% | 3.60% | |||
Senior Notes | 4.50% senior notes due July 2025 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.50% | ||||
Senior notes, Balance | $ 1,097,367 | $ 1,097,074 | |||
Effective Rate | 4.56% | 4.56% | |||
Senior Notes | 4.40% senior notes due July 2027 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.40% | ||||
Senior notes, Balance | $ 1,049,547 | $ 1,049,531 | |||
Effective Rate | 4.40% | 4.40% | |||
Senior Notes | 2.88% senior notes, due January 2024 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 2.88% | ||||
Senior notes, Balance | $ 750,000 | $ 750,000 | |||
Effective Rate | 2.88% | 2.88% | |||
Senior Notes | 5.83% senior notes, due March 2023 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.83% | 5.83% | |||
Senior notes, Balance | $ 500,000 | $ 500,000 | |||
Effective Rate | 5.83% | 5.83% | |||
Senior Notes | 3.24% senior notes due November 2026 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.24% | ||||
Senior notes, Balance | $ 916,017 | $ 913,239 | |||
Effective Rate | 3.97% | 3.97% | |||
Senior Notes | 3.45% senior notes, due June 2025 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.45% | ||||
Senior notes, Balance | $ 995,422 | $ 994,871 | |||
Effective Rate | 3.58% | 3.58% | |||
Senior Notes | 3.50% senior notes, due April 2023 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.50% | ||||
Senior notes, Balance | $ 447,073 | $ 447,039 | |||
Effective Rate | 3.52% | 3.52% | |||
Senior Notes | Senior notes, due June 2022 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 0 | $ 427,925 | |||
Effective Rate | 0.00% | 1.84% | |||
Senior Notes | Senior notes, due June 2022 | 3-month LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on LIBOR (as a percent) | 100.00% | ||||
Senior Notes | Senior notes, due January 2023 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 720,926 | $ 720,904 | |||
Effective Rate | 1.33% | 2.06% | |||
Senior Notes | Senior notes, due January 2023 | 3-month LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on LIBOR (as a percent) | 110.00% | ||||
Senior Notes | Senior notes, due July 2023 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, Balance | $ 439,053 | $ 439,022 | |||
Effective Rate | 1.33% | 2.04% | |||
|
BORROWINGS (Santander Bank) (Details) - SBNA - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
FHLB advances, maturing through May 2022 | ||
Debt Instrument [Line Items] | ||
FHLB advances, Balance | $ 850,000 | $ 1,150,000 |
Effective Rate | 0.63% | 0.64% |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Letters of credit | $ 153,500 |
BORROWINGS (SC Credit Facilities) (Details) - USD ($) |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Balance | $ 124,300,000 | $ 146,500,000 |
SC | ||
Debt Instrument [Line Items] | ||
Balance | 55,649,318,000 | 55,523,298,000 |
Restricted Cash Pledged | 1,975,293,000 | 1,734,136,000 |
SC | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Balance | 4,761,045,000 | 8,159,955,000 |
Committed Amount | $ 15,750,000,000 | $ 15,917,967,000 |
Effective Rate | 1.21% | 1.72% |
Assets Pledged | $ 3,828,728,000 | $ 7,063,398,000 |
Restricted Cash Pledged | 2,249,000 | 2,886,000 |
SC | Revolving Credit Facilities With Third Parties | ||
Debt Instrument [Line Items] | ||
Balance | 761,045,000 | 4,159,955,000 |
Committed Amount | $ 11,750,000,000 | $ 11,917,967,000 |
Effective Rate | 1.31% | 2.21% |
Assets Pledged | $ 3,828,728,000 | $ 7,063,398,000 |
Restricted Cash Pledged | 2,249,000 | 2,886,000 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due June 2023 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | |
Committed Amount | $ 500,000,000 | |
Effective Rate | 0.00% | |
Assets Pledged | $ 257,653,000 | |
Restricted Cash Pledged | 0 | |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due March 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 942,845,000 | |
Committed Amount | $ 1,250,000,000 | |
Effective Rate | 1.34% | |
Assets Pledged | $ 1,621,206,000 | |
Restricted Cash Pledged | 1,000 | |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due March 2023 | ||
Debt Instrument [Line Items] | ||
Balance | 61,045,000 | |
Committed Amount | $ 1,250,000,000 | |
Effective Rate | 1.49% | |
Assets Pledged | $ 642,823,000 | |
Restricted Cash Pledged | 1,000 | |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due November 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | 177,600,000 |
Committed Amount | $ 500,000,000 | $ 500,000,000 |
Effective Rate | 0.00% | 1.18% |
Assets Pledged | $ 326,272,000 | $ 371,959,000 |
Restricted Cash Pledged | 0 | 0 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due October 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | 168,300,000 |
Committed Amount | $ 1,500,000,000 | $ 500,000,000 |
Effective Rate | 0.00% | 3.07% |
Assets Pledged | $ 352,012,000 | $ 243,649,000 |
Restricted Cash Pledged | 0 | 1,201,000 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due October 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | 845,800,000 |
Committed Amount | $ 3,500,000,000 | $ 2,100,000,000 |
Effective Rate | 10.64% | 3.29% |
Assets Pledged | $ 356,412,000 | $ 1,156,885,000 |
Restricted Cash Pledged | 0 | 0 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due October 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | 1,000,600,000 |
Committed Amount | $ 500,000,000 | $ 1,500,000,000 |
Effective Rate | 0.00% | 1.85% |
Assets Pledged | $ 20,859,000 | $ 639,875,000 |
Restricted Cash Pledged | 500,000 | 0 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due August 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | |
Committed Amount | $ 500,000,000 | |
Effective Rate | 1.50% | |
Assets Pledged | $ 159,348,000 | |
Restricted Cash Pledged | 0 | |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due October 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | 441,143,000 |
Committed Amount | $ 2,100,000,000 | $ 3,500,000,000 |
Effective Rate | 0.00% | 3.45% |
Assets Pledged | $ 464,045,000 | $ 2,057,758,000 |
Restricted Cash Pledged | 64,000 | 0 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due January 2023 | ||
Debt Instrument [Line Items] | ||
Balance | 700,000,000 | |
Committed Amount | $ 1,000,000,000 | |
Effective Rate | 1.29% | |
Assets Pledged | $ 1,408,652,000 | |
Restricted Cash Pledged | 0 | |
SC | Revolving Credit Facilities With Third Parties | Warehouse line due, January 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 415,700,000 | |
Committed Amount | $ 1,000,000,000 | |
Effective Rate | 1.81% | |
Assets Pledged | $ 595,518,000 | |
Restricted Cash Pledged | 0 | |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due July 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | 0 |
Committed Amount | $ 900,000,000 | $ 900,000,000 |
Effective Rate | 0.00% | 1.46% |
Assets Pledged | $ 0 | $ 0 |
Restricted Cash Pledged | 1,684,000 | 1,684,000 |
SC | Revolving Credit Facilities With Third Parties | Repurchase facility, due January 2021 | ||
Debt Instrument [Line Items] | ||
Balance | 167,967,000 | |
Committed Amount | $ 167,967,000 | |
Effective Rate | 1.64% | |
Assets Pledged | $ 217,200,000 | |
Restricted Cash Pledged | 0 | |
SC | Revolving Credit Facility With Related Parties | ||
Debt Instrument [Line Items] | ||
Balance | 4,000,000,000 | 4,000,000,000 |
Committed Amount | $ 4,000,000,000 | $ 4,000,000,000 |
Effective Rate | 1.19% | 1.22% |
Assets Pledged | $ 0 | $ 0 |
Restricted Cash Pledged | 0 | 0 |
SC | Revolving Credit Facility With Related Parties | Promissory note with Santander due June 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 2,000,000,000 | 2,000,000,000 |
Committed Amount | $ 2,000,000,000 | $ 2,000,000,000 |
Effective Rate | 1.34% | 1.40% |
Assets Pledged | $ 0 | $ 0 |
Restricted Cash Pledged | 0 | 0 |
SC | Revolving Credit Facility With Related Parties | Promissory note with Santander due September 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 2,000,000,000 | 2,000,000,000 |
Committed Amount | $ 2,000,000,000 | $ 2,000,000,000 |
Effective Rate | 1.04% | 1.04% |
Assets Pledged | $ 0 | $ 0 |
Restricted Cash Pledged | $ 0 | $ 0 |
BORROWINGS (Secured Structured Financings) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Initial Note Amounts Issued | $ 124,300 | $ 146,500 |
SC | ||
Debt Instrument [Line Items] | ||
Balance | 27,191,597 | 26,177,401 |
Initial Note Amounts Issued | 55,649,318 | 55,523,298 |
Collateral | 36,199,563 | 36,254,700 |
Restricted Cash | 1,975,293 | 1,734,136 |
Private issuances of notes backed by vehicle leases | $ 8,000,000 | $ 8,700,000 |
SC | Minimum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 0.50% | 0.60% |
SC | Maximum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 3.90% | 3.90% |
SC | SC public securitizations, maturing on various dates | ||
Debt Instrument [Line Items] | ||
Balance | $ 22,039,067 | $ 18,942,160 |
Initial Note Amounts Issued | 46,887,755 | 44,775,735 |
Collateral | 28,185,538 | 25,022,577 |
Restricted Cash | $ 1,958,958 | $ 1,710,351 |
SC | SC public securitizations, maturing on various dates | Minimum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 0.50% | 0.60% |
SC | SC public securitizations, maturing on various dates | Maximum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 3.42% | 3.42% |
SC | SC privately issued amortizing notes, maturing on various dates | ||
Debt Instrument [Line Items] | ||
Balance | $ 5,152,530 | $ 7,235,241 |
Initial Note Amounts Issued | 8,761,563 | 10,747,563 |
Collateral | 8,014,025 | 11,232,123 |
Restricted Cash | $ 16,335 | $ 23,785 |
SC | SC privately issued amortizing notes, maturing on various dates | Minimum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 1.28% | 1.28% |
SC | SC privately issued amortizing notes, maturing on various dates | Maximum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 3.90% | 3.90% |
ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive income/(loss), pretax activity | $ 9,744 | $ (12,680) | $ (240,910) | $ 467,610 |
Total other comprehensive income/(loss), tax effect | (3,665) | 5,385 | 63,095 | (119,717) |
TOTAL OCI / (LOSS), NET OF TAX | 6,079 | (7,295) | (177,815) | 347,893 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 21,940,666 | 22,223,973 | 21,262,712 | 24,398,830 |
Net Activity | 6,079 | (7,295) | (177,815) | 347,893 |
Ending balance | 23,103,321 | 20,226,777 | 23,103,321 | 20,226,777 |
Accumulated Other Comprehensive Income / (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (17,599) | 266,981 | 166,295 | (88,207) |
Ending balance | (11,520) | 259,686 | (11,520) | 259,686 |
Net unrealized gains/(losses) on cash flow hedge derivative financial instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income/(loss), pretax activity | (3,121) | 4,230 | (90,241) | 214,924 |
Other comprehensive income/(loss), tax effect | (468) | 3,014 | 23,842 | (59,482) |
Other comprehensive income/(loss), net activity | (3,589) | 7,244 | (66,399) | 155,442 |
Reclassification adjustment, pretax activity | 142 | 137 | 283 | 273 |
Reclassification adjustment, tax effect | (35) | (33) | (41) | (62) |
Reclassification adjustment, net activity | 107 | 104 | 242 | 211 |
Total other comprehensive income/(loss), pretax activity | (2,979) | 4,367 | (89,958) | 215,197 |
Total other comprehensive income/(loss), tax effect | (503) | 2,981 | 23,801 | (59,544) |
TOTAL OCI / (LOSS), NET OF TAX | (3,482) | 7,348 | (66,157) | 155,653 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 15,491 | 128,191 | 78,166 | (20,114) |
Net Activity | (3,482) | 7,348 | (66,157) | 155,653 |
Ending balance | 12,009 | 135,539 | 12,009 | 135,539 |
Net unrealized gains/(losses) on investments in debt securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income/(loss), pretax activity | 17,336 | 4,716 | (137,690) | 282,702 |
Other comprehensive income/(loss), tax effect | (4,297) | (688) | 35,812 | (67,363) |
Other comprehensive income/(loss), net activity | 13,039 | 4,028 | (101,878) | 215,339 |
Reclassification adjustment, pretax activity | (5,370) | (22,516) | (15,243) | (31,795) |
Reclassification adjustment, tax effect | 1,331 | 3,285 | 3,965 | 7,576 |
Reclassification adjustment, net activity | (4,039) | (19,231) | (11,278) | (24,219) |
Total other comprehensive income/(loss), pretax activity | 11,966 | (17,800) | (152,933) | 250,907 |
Total other comprehensive income/(loss), tax effect | (2,966) | 2,597 | 39,777 | (59,787) |
TOTAL OCI / (LOSS), NET OF TAX | 9,000 | (15,203) | (113,156) | 191,120 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (4,893) | 183,443 | 117,263 | (22,880) |
Net Activity | 9,000 | (15,203) | (113,156) | 191,120 |
Ending balance | 4,107 | 168,240 | 4,107 | 168,240 |
Pension and post-retirement actuarial gains | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive income/(loss), pretax activity | 757 | 753 | 1,981 | 1,506 |
Total other comprehensive income/(loss), tax effect | (196) | (193) | (483) | (386) |
TOTAL OCI / (LOSS), NET OF TAX | 561 | 560 | 1,498 | 1,120 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (28,197) | (44,653) | (29,134) | (45,213) |
Net Activity | 561 | 560 | 1,498 | 1,120 |
Ending balance | $ (27,636) | $ (44,093) | $ (27,636) | $ (44,093) |
SECURITIES FINANCING AGREEMENTS - Securities Borrowed and Purchased under Agreements to Resell (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Banking and Thrift, Other Disclosures [Abstract] | ||
Securities purchased under agreements to resell | $ 552,826 | $ 0 |
Deposits paid for securities borrowed | 0 | 0 |
Total | 552,826 | $ 0 |
Customer securities for which entity has right to sell or repledge, fair value | $ 3,400 |
SECURITIES FINANCING AGREEMENTS - Securities Loaned or Sold under Agreements to Repurchase (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Banking and Thrift, Other Disclosures [Abstract] | ||
Securities loaned or sold under agreements to repurchase | $ 576,000 | $ 0 |
Deposits received for securities loaned | 0 | 0 |
Total | $ 576,000 | $ 0 |
SECURITIES FINANCING AGREEMENTS - Gross Amounts of Liabilities Associated with Repurchase Agreements and Securities Lending Agreements by Remaining Contractual Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities loaned or sold under agreements to repurchase | $ 576,000 | $ 0 |
Total | 576,000 | |
Open and overnight | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities loaned or sold under agreements to repurchase | 576,000 | |
Total | 576,000 | |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities loaned or sold under agreements to repurchase | 0 | |
Total | 0 | |
31-90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities loaned or sold under agreements to repurchase | 0 | |
Total | 0 | |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities loaned or sold under agreements to repurchase | 0 | |
Total | $ 0 |
SECURITIES FINANCING AGREEMENTS - Gross Amounts of Liabilities Associated with Repurchase Agreements and Securities Lending Agreements by Class of Underlying Collateral (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 576,000 | $ 0 |
Securities lending | 0 | 0 |
Total | 576,000 | $ 0 |
U.S. Treasury securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 576,000 | |
Securities lending | 0 | |
Total | $ 576,000 |
DERIVATIVES (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Derivative [Line Items] | |||||
Fair value of derivatives with credit risk contingent feature associated with credit ratings | $ 500,000 | $ 500,000 | |||
Additional collateral required | 0 | 0 | |||
Fair value of derivatives with credit risk contingent features | 13,300,000 | 13,300,000 | $ 9,900,000 | ||
Collateral posted | 12,500,000 | 12,500,000 | $ 3,900,000 | ||
Cash flow hedge loss to be reclassified within next twelve months | 27,400,000 | ||||
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 | (3,589,000) | $ 7,244,000 | (66,399,000) | $ 155,442,000 | |
Amount reclassified from OCI into earnings for cash flow hedge derivatives | $ 107,000 | $ 104,000 | $ 242,000 | $ 211,000 |
DERIVATIVES (Derivatives Designated in Hedge Relationships) (Details) - Designated as hedging instrument - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Derivative [Line Items] | ||
Notional Amount | $ 14,894,300 | $ 14,720,000 |
Asset, Total | 101,488 | 177,837 |
Liability, Total | $ 89,425 | $ 70,771 |
Weighted Average Receive Rate | 0.85% | 1.03% |
Weighted Average Pay Rate | 0.29% | 0.33% |
Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 2 years 1 month 24 days | 1 year 10 months 2 days |
Fair value hedges | Pay fixed — receive variable interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 24,300 | |
Asset, Cash flow hedges | 70 | |
Liability, Cash flow hedges | $ 0 | |
Weighted Average Receive Rate | 0.05% | |
Weighted Average Pay Rate | 0.61% | |
Fair value hedges | Pay fixed — receive variable interest rate swaps | Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 4 years 7 months 2 days | |
Cash flow hedges | Pay fixed — receive variable interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 2,150,000 | $ 2,450,000 |
Asset, Cash flow hedges | 704 | 124 |
Liability, Cash flow hedges | $ 52,065 | $ 70,589 |
Weighted Average Receive Rate | 0.11% | 0.18% |
Weighted Average Pay Rate | 1.52% | 1.50% |
Cash flow hedges | Pay fixed — receive variable interest rate swaps | Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 1 year 7 months 28 days | 1 year 10 months 24 days |
Cash flow hedges | Pay variable - receive fixed interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 11,495,000 | $ 8,745,000 |
Asset, Cash flow hedges | 99,403 | 150,206 |
Liability, Cash flow hedges | $ 37,360 | $ 182 |
Weighted Average Receive Rate | 1.03% | 1.16% |
Weighted Average Pay Rate | 0.09% | 0.14% |
Cash flow hedges | Pay variable - receive fixed interest rate swaps | Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 2 years 3 months 14 days | 2 years 1 month 13 days |
Cash flow hedges | Interest rate floors | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,225,000 | $ 3,525,000 |
Asset, Cash flow hedges | 1,311 | 27,507 |
Liability, Cash flow hedges | $ 0 | $ 0 |
Weighted Average Receive Rate | 0.44% | 1.28% |
Weighted Average Pay Rate | 0.00% | 0.00% |
Cash flow hedges | Interest rate floors | Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 1 year 7 months 24 days | 1 year 1 month 6 days |
DERIVATIVES (Derivatives Not Designated in Hedge Relationships) (Details) - Not designated as hedging instrument - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | $ 60,213,642 | $ 61,305,922 |
Asset derivatives Fair value | 782,920 | 1,041,253 |
Liability derivatives Fair value | 738,731 | 1,001,255 |
Other | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 121,446 | 240,083 |
Asset derivatives Fair value | 467 | 5,886 |
Liability derivatives Fair value | 2,013 | 7,031 |
Foreign exchange contracts | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 5,284,175 | 4,258,869 |
Asset derivatives Fair value | 61,825 | 52,530 |
Liability derivatives Fair value | 56,225 | 62,616 |
Interest rate swap agreements | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 250,000 | 250,000 |
Asset derivatives Fair value | 0 | 0 |
Liability derivatives Fair value | 9,615 | 12,934 |
Interest rate cap agreements | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 8,640,189 | 10,199,134 |
Asset derivatives Fair value | 16,867 | 4,617 |
Liability derivatives Fair value | 0 | 0 |
Options for interest rate cap agreements | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 8,640,189 | 10,199,134 |
Asset derivatives Fair value | 0 | 0 |
Liability derivatives Fair value | 16,867 | 4,617 |
Mortgage banking derivatives | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 1,114,044 | 1,277,770 |
Asset derivatives Fair value | 28,229 | 46,621 |
Liability derivatives Fair value | 9,920 | 17,237 |
Mortgage banking derivatives | Forward commitments to sell loans | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 373,221 | 520,299 |
Asset derivatives Fair value | 0 | 0 |
Liability derivatives Fair value | 122 | 3,835 |
Mortgage banking derivatives | Interest rate lock commitments | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 194,823 | 262,471 |
Asset derivatives Fair value | 5,515 | 13,202 |
Liability derivatives Fair value | 0 | 0 |
Mortgage banking derivatives | Mortgage servicing | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 546,000 | 495,000 |
Asset derivatives Fair value | 22,714 | 33,419 |
Liability derivatives Fair value | 9,798 | 13,402 |
Customer-related derivatives | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 36,163,599 | 34,880,932 |
Asset derivatives Fair value | 675,532 | 931,599 |
Liability derivatives Fair value | 644,091 | 896,820 |
Customer-related derivatives | Swaps receive fixed | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 15,450,128 | 15,350,026 |
Asset derivatives Fair value | 593,445 | 901,509 |
Liability derivatives Fair value | 45,245 | 8,778 |
Customer-related derivatives | Swaps pay fixed | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 15,820,153 | 15,749,590 |
Asset derivatives Fair value | 58,474 | 14,644 |
Liability derivatives Fair value | 576,086 | 874,260 |
Customer-related derivatives | Other | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 4,893,318 | 3,781,316 |
Asset derivatives Fair value | 23,613 | 15,446 |
Liability derivatives Fair value | $ 22,760 | $ 13,782 |
DERIVATIVES (Gains (Losses) on All Derivatives) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Interest rate swaps | Net interest income | Fair value hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | $ 70 | $ 0 | $ 70 | $ 0 |
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 | (7,651) | (7,497) | (15,308) | (8,321) |
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 | 25,987 | 26,079 | 49,103 | 22,924 |
Interest rate floors | Interest income on loans | Cash flow hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | 6,762 | 0 | 18,077 | 0 |
Forward commitments to sell loans | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | (7,002) | 7,741 | 3,713 | (3,090) |
Interest rate lock commitments | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | (314) | 1,395 | (7,687) | 13,392 |
Mortgage servicing | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | 4,388 | 2,727 | (5,344) | 32,113 |
Customer-related derivatives | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | 6,138 | 23,739 | 13,793 | 8,120 |
Foreign exchange | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | 832 | 1,783 | 6,194 | 12,805 |
Interest rate swaps, caps, and options | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | (214) | (1,028) | 30 | (10,686) |
Other | Miscellaneous income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivatives | $ (1,827) | $ (4,149) | $ (409) | $ (3,919) |
DERIVATIVES (Offsetting of Financial Assets) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets, Total derivatives subject to a master netting arrangement or similar arrangement | $ 878,893 | $ 1,205,888 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet, Total Derivative Assets | 0 | 0 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 878,893 | 1,205,888 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | 21,949 | 92,836 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 856,944 | 1,113,052 |
Total derivatives not subject to a master netting arrangement or similar arrangement | 5,515 | 13,202 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received | 45 | 0 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount | 5,470 | 13,202 |
Gross Amounts of Recognized Assets, Total Derivative Assets | 884,408 | 1,219,090 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet, Total Derivative Assets | 884,408 | 1,219,090 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | 21,994 | 92,836 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet - Net Amount, Total Derivative Assets | 862,414 | 1,126,254 |
Other derivative activities | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets, Total derivatives subject to a master netting arrangement or similar arrangement | 777,405 | 1,028,051 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet, Total Derivative Assets | 0 | 0 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 777,405 | 1,028,051 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | 21,245 | 7,771 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 756,160 | 1,020,280 |
Fair value hedges | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets, Total derivatives subject to a master netting arrangement or similar arrangement | 70 | |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet, Total Derivative Assets | 0 | |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 70 | |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | ||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 70 | |
Cash flow hedges | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets, Total derivatives subject to a master netting arrangement or similar arrangement | 101,418 | 177,837 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet, Total Derivative Assets | 0 | 0 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 101,418 | 177,837 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | 704 | 85,065 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | $ 100,714 | $ 92,772 |
DERIVATIVES (Offsetting of Financial Liabilities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities, Total derivatives subject to a master netting arrangement or similar arrangement | $ 828,034 | $ 1,068,191 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 3,100 | 3,517 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 824,934 | 1,064,674 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged | 420,611 | 655,560 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 404,323 | 409,114 |
Total derivatives not subject to a master netting arrangement or similar arrangement | 122 | 3,835 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged, Total derivatives not subject to a master netting arrangement or similar arrangement | 0 | 2,382 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives not subject to a master netting arrangement or similar arrangement | 122 | 1,453 |
Gross Amounts of Recognized Liabilities, Total Derivative Liabilities | 828,156 | 1,072,026 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet, Total Derivative Liabilities | 825,056 | 1,068,509 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged, Total Derivative Liabilities | 420,611 | 657,942 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total Derivatives Liabilities | 404,445 | 410,567 |
Other derivative activities | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities, Total derivatives subject to a master netting arrangement or similar arrangement | 738,609 | 997,420 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 3,100 | 3,517 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 735,509 | 993,903 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged | 348,729 | 584,971 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 386,780 | 408,932 |
Cash flow hedges | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities, Total derivatives subject to a master netting arrangement or similar arrangement | 89,425 | 70,771 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 89,425 | 70,771 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged | 71,882 | 70,589 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | $ 17,543 | $ 182 |
FAIR VALUE (Fair Value Measurements, Recurring) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Financial assets: | ||
Investment in debt securities AFS | $ 11,602,112 | $ 11,313,489 |
Other investments - trading securities | 36,419 | 40,435 |
RICs held-for-investment | 39,400 | 50,400 |
LHFS | 196,600 | 265,400 |
Other assets - derivatives | 884,408 | 1,219,090 |
Financial liabilities: | ||
Other liabilities - derivatives | 825,056 | 1,068,509 |
U.S. Treasury securities | ||
Financial assets: | ||
Investment in debt securities AFS | 100,642 | 170,653 |
Corporate debt | ||
Financial assets: | ||
Investment in debt securities AFS | 246,542 | 155,715 |
ABS | ||
Financial assets: | ||
Investment in debt securities AFS | 469,234 | 109,338 |
Recurring | ||
Financial assets: | ||
Investment in debt securities AFS | 11,602,112 | 11,313,489 |
Other investments - trading securities | 36,419 | 40,435 |
RICs held-for-investment | 39,436 | 50,391 |
LHFS | 196,582 | 265,428 |
MSRs | 79,730 | 77,545 |
Other assets - derivatives | 884,408 | 1,219,090 |
Total financial assets | 12,838,687 | 12,966,378 |
Financial liabilities: | ||
Other liabilities - derivatives | 828,156 | 1,072,026 |
Total financial liabilities | 828,156 | 1,072,026 |
Recurring | U.S. Treasury securities | ||
Financial assets: | ||
Investment in debt securities AFS | 100,642 | 170,653 |
Recurring | Corporate debt | ||
Financial assets: | ||
Investment in debt securities AFS | 246,542 | 155,715 |
Recurring | ABS | ||
Financial assets: | ||
Investment in debt securities AFS | 469,234 | 109,338 |
Recurring | MBS | ||
Financial assets: | ||
Investment in debt securities AFS | 10,785,694 | 10,877,783 |
Recurring | Level 1 | ||
Financial assets: | ||
Investment in debt securities AFS | 0 | 0 |
Other investments - trading securities | 0 | 0 |
RICs held-for-investment | 0 | 0 |
LHFS | 0 | 0 |
MSRs | 0 | 0 |
Other assets - derivatives | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Other liabilities - derivatives | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 1 | U.S. Treasury securities | ||
Financial assets: | ||
Investment in debt securities AFS | 0 | 0 |
Recurring | Level 1 | Corporate debt | ||
Financial assets: | ||
Investment in debt securities AFS | 0 | 0 |
Recurring | Level 1 | ABS | ||
Financial assets: | ||
Investment in debt securities AFS | 0 | 0 |
Recurring | Level 1 | MBS | ||
Financial assets: | ||
Investment in debt securities AFS | 0 | 0 |
Recurring | Level 2 | ||
Financial assets: | ||
Investment in debt securities AFS | 11,552,049 | 11,263,096 |
Other investments - trading securities | 36,419 | 40,435 |
RICs held-for-investment | 0 | 0 |
LHFS | 196,582 | 265,428 |
MSRs | 0 | 0 |
Other assets - derivatives | 878,794 | 1,205,690 |
Total financial assets | 12,663,844 | 12,774,649 |
Financial liabilities: | ||
Other liabilities - derivatives | 826,212 | 1,068,074 |
Total financial liabilities | 826,212 | 1,068,074 |
Recurring | Level 2 | U.S. Treasury securities | ||
Financial assets: | ||
Investment in debt securities AFS | 100,642 | 170,653 |
Recurring | Level 2 | Corporate debt | ||
Financial assets: | ||
Investment in debt securities AFS | 246,542 | 155,715 |
Recurring | Level 2 | ABS | ||
Financial assets: | ||
Investment in debt securities AFS | 419,171 | 58,945 |
Recurring | Level 2 | MBS | ||
Financial assets: | ||
Investment in debt securities AFS | 10,785,694 | 10,877,783 |
Recurring | Level 3 | ||
Financial assets: | ||
Investment in debt securities AFS | 50,063 | 50,393 |
Other investments - trading securities | 0 | 0 |
RICs held-for-investment | 39,436 | 50,391 |
LHFS | 0 | 0 |
MSRs | 79,730 | 77,545 |
Other assets - derivatives | 5,614 | 13,400 |
Total financial assets | 174,843 | 191,729 |
Financial liabilities: | ||
Other liabilities - derivatives | 1,944 | 3,952 |
Total financial liabilities | $ 1,944 | 3,952 |
Percentage of level 3 assets to total assets held at fair value | 1.40% | |
Percentage of level 3 assets to total assets | 0.10% | |
Recurring | Level 3 | U.S. Treasury securities | ||
Financial assets: | ||
Investment in debt securities AFS | $ 0 | 0 |
Recurring | Level 3 | Corporate debt | ||
Financial assets: | ||
Investment in debt securities AFS | 0 | 0 |
Recurring | Level 3 | ABS | ||
Financial assets: | ||
Investment in debt securities AFS | 50,063 | 50,393 |
Recurring | Level 3 | MBS | ||
Financial assets: | ||
Investment in debt securities AFS | $ 0 | $ 0 |
FAIR VALUE (Sensitivity Analysis of Fair Value, Mortgage Servicing Rights) (Details) - MSRs $ in Millions |
Jun. 30, 2021
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 | $ (3.8) |
Sensitivity analysis of fair value, impact of 20 percent adverse change in prepayment speed | (7.3) |
Sensitivity analysis of fair value, impact of 10 percent adverse change in discount rate | (2.4) |
Sensitivity analysis of fair value, impact of 20 percent adverse change in discount rate | $ (4.6) |
FAIR VALUE (Reconciliation of Assets and Liabilities Using Level 3 Inputs) (Details) - Level 3 - Recurring - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||||
Balances, beginning of period | $ 185,727 | $ 252,805 | $ 187,777 | $ 278,679 |
Losses in OCI | (175) | (88) | (331) | (319) |
Gains/(losses) in earnings | (5,723) | 5,708 | 2,676 | (19,123) |
Additions/Issuances | 4,015 | 2,521 | 7,626 | 8,935 |
Transfers from level 2 | 0 | 17,634 | ||
Settlements | (11,144) | (38,776) | (25,048) | (63,636) |
Balances, end of period | 172,700 | 222,170 | 172,700 | 222,170 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | (5,409) | 4,314 | 10,363 | (32,516) |
Investments AFS | ||||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||||
Balances, beginning of period | 50,237 | 62,827 | 50,393 | 63,235 |
Losses in OCI | (175) | (88) | (331) | (319) |
Gains/(losses) in earnings | 0 | 0 | 0 | 0 |
Additions/Issuances | 0 | 0 | 0 | 0 |
Transfers from level 2 | 0 | 0 | ||
Settlements | 1 | (12,075) | 1 | (12,252) |
Balances, end of period | 50,063 | 50,664 | 50,063 | 50,664 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | 0 | 0 | 0 | 0 |
RICs HFI | ||||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||||
Balances, beginning of period | 44,568 | 87,384 | 50,391 | 84,334 |
Losses in OCI | 0 | 0 | 0 | 0 |
Gains/(losses) in earnings | 0 | 4,059 | 0 | 6,950 |
Additions/Issuances | 0 | 0 | 0 | 2,512 |
Transfers from level 2 | 0 | 17,634 | ||
Settlements | (5,132) | (18,581) | (10,955) | (38,568) |
Balances, end of period | 39,436 | 72,862 | 39,436 | 72,862 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | 0 | 4,059 | 0 | 6,950 |
MSRs | ||||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||||
Balances, beginning of period | 86,653 | 97,697 | 77,545 | 130,855 |
Losses in OCI | 0 | 0 | 0 | 0 |
Gains/(losses) in earnings | (4,925) | (3,341) | 8,653 | (35,623) |
Additions/Issuances | 4,015 | 2,521 | 7,626 | 6,423 |
Transfers from level 2 | 0 | 0 | ||
Settlements | (6,013) | (8,203) | (14,094) | (12,981) |
Balances, end of period | 79,730 | 88,674 | 79,730 | 88,674 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | (4,925) | (3,341) | 8,653 | (35,623) |
Derivatives, net | ||||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||||
Balances, beginning of period | 4,269 | 4,897 | 9,448 | 255 |
Losses in OCI | 0 | 0 | 0 | 0 |
Gains/(losses) in earnings | (798) | 4,990 | (5,977) | 9,550 |
Additions/Issuances | 0 | 0 | 0 | 0 |
Transfers from level 2 | 0 | 0 | ||
Settlements | 0 | 83 | 0 | 165 |
Balances, end of period | 3,471 | 9,970 | 3,471 | 9,970 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | $ (484) | $ 3,596 | $ 1,710 | $ (3,843) |
FAIR VALUE (Fair Value Measurements, Non-recurring) (Details) - USD ($) |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 39,400,000 | $ 50,400,000 |
LHFS | 196,600,000 | 265,400,000 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 3,413,000 | 31,760,000 |
Vehicle inventory | 306,324,000 | 313,754,000 |
LHFS | 489,909,000 | 1,960,768,000 |
Nonrecurring | Impaired commercial LHFI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 21,053,000 | 44,534,000 |
Total carrying value of the loans | 16,100,000 | 33,200,000 |
Nonrecurring | Auto loans impaired due to bankruptcy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 194,731,000 | 191,785,000 |
Nonrecurring | Impaired personal loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
LHFS | 0 | 900,000,000 |
Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 0 | 0 |
Vehicle inventory | 0 | 0 |
LHFS | 0 | 0 |
Nonrecurring | Level 1 | Impaired commercial LHFI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring | Level 1 | Auto loans impaired due to bankruptcy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 3,413,000 | 8,232,000 |
Vehicle inventory | 306,324,000 | 313,754,000 |
LHFS | 0 | 0 |
Nonrecurring | Level 2 | Impaired commercial LHFI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 20,262,000 | 32,609,000 |
Nonrecurring | Level 2 | Auto loans impaired due to bankruptcy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 194,731,000 | 191,785,000 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 0 | 23,528,000 |
Vehicle inventory | 0 | 0 |
LHFS | 489,909,000 | 1,960,768,000 |
Nonrecurring | Level 3 | Impaired commercial LHFI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 791,000 | 11,925,000 |
Nonrecurring | Level 3 | Auto loans impaired due to bankruptcy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 0 | $ 0 |
FAIR VALUE (Fair Value Adjustments) (Details) - Nonrecurring - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Impaired LHFI | Credit loss expense | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value adjustment | $ (25,771) | $ 2,461 | $ (32,354) | $ 6,153 |
Foreclosed assets | Miscellaneous income, net | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value adjustment | (263) | (1,171) | (321) | (3,121) |
LHFS | Credit loss expense | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value adjustment | 0 | (268,364) | 0 | (331,302) |
Auto loans impaired due to bankruptcy | Credit loss expense | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value adjustment | $ 0 | $ 4,953 | $ 0 | $ 0 |
FAIR VALUE (Quantitative Information) (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
---|---|---|
Financial Assets: | ||
LHFS | $ 196,600 | $ 265,400 |
MSRs | 79,730 | 77,545 |
Level 3 | Financing bonds | ||
Financial Assets: | ||
ABS | $ 50,063 | $ 50,393 |
Level 3 | Financing bonds | Discount rate | ||
Financial Assets: | ||
ABS, Unobservable Inputs (as a percent) | 0.0093 | 0.0022 |
Level 3 | RICs HFS | ||
Financial Assets: | ||
LHFS | $ 391,209 | $ 674,048 |
Level 3 | RICs HFS | Discount rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.0100 | 0.015 |
Level 3 | RICs HFS | Discount rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.0200 | 0.025 |
Level 3 | RICs HFS | Discount rate | Weighted Average | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.0200 | 0.020 |
Level 3 | RICs HFS | Default rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.0400 | 0.020 |
Level 3 | RICs HFS | Default rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.1000 | 0.040 |
Level 3 | RICs HFS | Default rate | Weighted Average | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.0600 | 0.030 |
Level 3 | RICs HFS | Prepayment rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.1500 | 0.100 |
Level 3 | RICs HFS | Prepayment rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.2000 | 0.200 |
Level 3 | RICs HFS | Prepayment rate | Weighted Average | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.1700 | 0.150 |
Level 3 | RICs HFS | Loss severity rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.5000 | 0.500 |
Level 3 | RICs HFS | Loss severity rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.5500 | 0.600 |
Level 3 | RICs HFS | Loss severity rate | Weighted Average | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.5200 | 0.550 |
Level 3 | MSRs | ||
Financial Assets: | ||
MSRs | $ 79,730 | $ 77,545 |
Level 3 | MSRs | Discount rate | ||
Financial Assets: | ||
MSRs, Unobservable Inputs (as a percent) | 0.0936 | 0.0937 |
Level 3 | MSRs | CPR | Minimum | ||
Financial Assets: | ||
MSRs, Unobservable Inputs (as a percent) | 0.0000 | 0.0766 |
Level 3 | MSRs | CPR | Maximum | ||
Financial Assets: | ||
MSRs, Unobservable Inputs (as a percent) | 0.5972 | 0.4535 |
Level 3 | MSRs | CPR | Weighted Average | ||
Financial Assets: | ||
MSRs, Unobservable Inputs (as a percent) | 0.1413 | 0.1611 |
Level 3 | Personal LHFS | ||
Financial Assets: | ||
LHFS | $ 893,479 | |
Level 3 | Personal LHFS | Discount rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.2000 | |
Level 3 | Personal LHFS | Discount rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.3000 | |
Level 3 | Personal LHFS | Default rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.3500 | |
Level 3 | Personal LHFS | Default rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.4500 | |
Level 3 | Personal LHFS | Loss severity rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.9000 | |
Level 3 | Personal LHFS | Loss severity rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.9500 | |
Level 3 | Personal LHFS | Market participant view | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.6000 | |
Level 3 | Personal LHFS | Market participant view | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.7000 | |
Level 3 | Personal LHFS | Net principal & interest payment rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.6500 | |
Level 3 | Personal LHFS | Net principal & interest payment rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.7500 |
FAIR VALUE (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Financial assets: | ||||
Investment in debt securities AFS | $ 11,602,112 | $ 11,313,489 | ||
Investments in debt securities HTM | 6,712,989 | 5,677,929 | ||
Other investments - trading securities | 36,419 | 40,435 | ||
LHFI, net | 86,241,200 | 84,794,689 | ||
LHFS | [1] | 686,491 | 2,226,196 | |
Derivatives | 884,408 | 1,219,090 | ||
Financial liabilities: | ||||
Derivatives | 825,056 | 1,068,509 | ||
Carrying Value | ||||
Financial assets: | ||||
Cash and cash equivalents | 16,541,091 | 12,621,281 | ||
Federal funds sold and securities purchased under resale agreements or similar arrangements | 552,826 | 0 | ||
Investment in debt securities AFS | 11,581,289 | 11,313,489 | ||
Investments in debt securities HTM | 6,662,308 | 5,504,685 | ||
Other investments - trading securities | 786,419 | 790,435 | ||
LHFI, net | 86,241,200 | 84,794,689 | ||
LHFS | 686,491 | 2,226,196 | ||
Restricted cash | 6,029,951 | 5,303,460 | ||
MSRs | 79,730 | 77,545 | ||
Derivatives | 884,408 | 1,219,090 | ||
Financial liabilities: | ||||
Deposits | 2,847,404 | 3,897,056 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 576,000 | 0 | ||
Borrowings and other debt obligations | 42,940,006 | 46,359,467 | ||
Derivatives | 828,156 | 1,072,026 | ||
Fair Value | ||||
Financial assets: | ||||
Cash and cash equivalents | 16,541,091 | 12,621,281 | ||
Federal funds sold and securities purchased under resale agreements or similar arrangements | 579,350 | 0 | ||
Investment in debt securities AFS | 11,602,112 | 11,313,489 | ||
Investments in debt securities HTM | 6,712,989 | 5,677,929 | ||
Other investments - trading securities | 788,589 | 801,056 | ||
LHFI, net | 89,777,450 | 89,395,086 | ||
LHFS | 686,491 | 2,226,196 | ||
Restricted cash | 6,029,951 | 5,303,460 | ||
MSRs | 79,730 | 77,545 | ||
Derivatives | 884,408 | 1,219,090 | ||
Financial liabilities: | ||||
Deposits | 2,856,898 | 3,920,096 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 579,350 | 0 | ||
Borrowings and other debt obligations | 43,969,174 | 47,081,852 | ||
Derivatives | 828,156 | 1,072,026 | ||
Fair Value | Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents | 16,541,091 | 12,621,281 | ||
Federal funds sold and securities purchased under resale agreements or similar arrangements | 0 | 0 | ||
Investment in debt securities AFS | 0 | 0 | ||
Investments in debt securities HTM | 0 | 0 | ||
Other investments - trading securities | 0 | 0 | ||
LHFI, net | 0 | 0 | ||
LHFS | 0 | 0 | ||
Restricted cash | 6,029,951 | 5,303,460 | ||
MSRs | 0 | 0 | ||
Derivatives | 0 | 0 | ||
Financial liabilities: | ||||
Deposits | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Borrowings and other debt obligations | 0 | 0 | ||
Derivatives | 0 | 0 | ||
Fair Value | Level 2 | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Federal funds sold and securities purchased under resale agreements or similar arrangements | 579,350 | 0 | ||
Investment in debt securities AFS | 11,552,049 | 11,263,096 | ||
Investments in debt securities HTM | 6,712,989 | 5,677,929 | ||
Other investments - trading securities | 788,589 | 801,056 | ||
LHFI, net | 20,262 | 32,609 | ||
LHFS | 286,327 | 265,428 | ||
Restricted cash | 0 | 0 | ||
MSRs | 0 | 0 | ||
Derivatives | 878,794 | 1,205,690 | ||
Financial liabilities: | ||||
Deposits | 2,856,898 | 3,920,096 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 579,350 | 0 | ||
Borrowings and other debt obligations | 33,616,026 | 30,538,951 | ||
Derivatives | 826,212 | 1,068,074 | ||
Fair Value | Level 3 | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Federal funds sold and securities purchased under resale agreements or similar arrangements | 0 | 0 | ||
Investment in debt securities AFS | 50,063 | 50,393 | ||
Investments in debt securities HTM | 0 | 0 | ||
Other investments - trading securities | 0 | 0 | ||
LHFI, net | 89,757,188 | 89,362,477 | ||
LHFS | 400,164 | 1,960,768 | ||
Restricted cash | 0 | 0 | ||
MSRs | 79,730 | 77,545 | ||
Derivatives | 5,614 | 13,400 | ||
Financial liabilities: | ||||
Deposits | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Borrowings and other debt obligations | 10,353,148 | 16,542,901 | ||
Derivatives | $ 1,944 | $ 3,952 | ||
|
FAIR VALUE (Fair Value Option for Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value | ||
Nonaccrual loans | $ 435 | $ 1,474 |
Aggregate UPB | ||
Nonaccrual loans | 450 | 2,178 |
Difference | ||
Nonaccrual loans | (15) | (704) |
Residential mortgages | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Principal balance of loans serviced for others | 11,200,000 | 12,500,000 |
LHFS | ||
Fair Value | ||
LHFS | 196,582 | 265,428 |
Aggregate UPB | ||
LHFS | 190,640 | 250,822 |
Difference | ||
LHFS | 5,942 | 14,606 |
RICs HFI | ||
Fair Value | ||
RICs HFI | 39,436 | 50,391 |
Aggregate UPB | ||
RICs HFI | 39,571 | 50,624 |
Difference | ||
RICs HFI | $ (135) | $ (233) |
NON-INTEREST INCOME AND OTHER EXPENSES (Schedule of Non-Interest Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||||
Consumer and commercial fees | $ 106,926 | $ 108,826 | $ 226,145 | $ 233,074 |
Lease income | 732,892 | 755,006 | 1,505,784 | 1,526,666 |
Mortgage banking income, net | 675 | 17,038 | 21,413 | 33,127 |
BOLI | 15,387 | 13,815 | 30,933 | 28,909 |
Capital market revenue | 60,146 | 84,184 | 141,935 | 122,468 |
Net gain on sale of operating leases | 178,544 | 23,145 | 286,807 | 50,096 |
Asset and wealth management fees | 58,744 | 50,941 | 117,471 | 103,592 |
Gain / (loss) on sale of non-mortgage loans | 14,831 | (122,533) | (23,185) | (184,640) |
Other miscellaneous income / (loss), net | 8,772 | (166,620) | 44,236 | (131,609) |
Net gain/(loss) on sale of investment securities | 5,370 | 22,516 | 15,243 | 31,795 |
TOTAL NON-INTEREST INCOME | $ 1,182,287 | $ 786,318 | $ 2,366,782 | $ 1,813,478 |
NON-INTEREST INCOME AND OTHER EXPENSES (Disaggregation by Revenue Source) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Lease income | $ 732,892 | $ 755,006 | $ 1,505,784 | $ 1,526,666 |
Other miscellaneous income/(loss), net | 205,050 | (244,182) | 327,353 | (269,873) |
Net gain/(loss) on sale of investment securities | 5,370 | 22,516 | 15,243 | 31,795 |
Total out-of-scope of revenue from contracts with customers | 990,698 | 592,367 | 1,957,715 | 1,401,976 |
Non-interest income | 1,182,287 | 786,318 | 2,366,782 | 1,813,478 |
Total in-scope of revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 191,589 | 193,951 | 409,067 | 411,502 |
Depository services | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 43,505 | 41,825 | 86,540 | 99,029 |
Commission and trailer fees | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 53,525 | 45,552 | 108,064 | 97,264 |
Interchange income, net | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 18,253 | 15,599 | 34,762 | 31,919 |
Underwriting service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 35,846 | 49,200 | 94,919 | 75,407 |
Asset and wealth management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 31,507 | 26,271 | 63,749 | 69,291 |
Other revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
In-scope of revenue from contracts with customers | 8,953 | 15,504 | 21,033 | 38,592 |
Consumer and commercial fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Out-of-scope of revenue from contracts with customers | $ 47,386 | $ 59,027 | $ 109,335 | $ 113,388 |
NON-INTEREST INCOME AND OTHER EXPENSES (Schedule of Other Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||||
Amortization of intangibles | $ 10,746 | $ 14,744 | $ 22,033 | $ 29,487 |
Deposit insurance premiums and other expenses | 9,648 | 13,766 | 18,969 | 26,320 |
Loss on debt extinguishment | 0 | 890 | 0 | 1,026 |
Other administrative expenses | 82,466 | 111,655 | 155,442 | 199,485 |
Other miscellaneous expenses | 5,637 | 8,327 | 16,475 | 21,409 |
Total Other expenses | $ 108,497 | $ 149,382 | $ 212,919 | $ 277,727 |
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | |||||
Income tax (benefit)/provision | $ 371,644 | $ (186,151) | $ 658,473 | $ (219,512) | |
Effective income tax rate reconciliation, percent | 24.20% | 8.90% | 24.20% | 9.80% | |
Deferred tax liabilities, net | $ 529,800 | $ 529,800 | $ 171,200 | ||
Deferred tax assets, gross | 3,700 | 3,700 | 11,100 | ||
Deferred tax liabilities, gross | $ 533,500 | 533,500 | $ 182,400 | ||
Increase (decrease) in deferred tax liabilities, net | $ 358,600 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Other Commitments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Commitments [Line Items] | ||
Lines of credit outstanding | $ 124,300 | $ 146,500 |
Total commitments | 29,529,293 | 32,392,419 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Other commitments | 28,113,863 | 30,883,502 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Letters of credit | 1,361,595 | 1,432,764 |
Commitments to sell loans | ||
Other Commitments [Line Items] | ||
Other commitments | 30,401 | 49,791 |
Recourse exposure on sold loans | ||
Other Commitments [Line Items] | ||
Other commitments | $ 23,434 | $ 26,362 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Commitments to Extend Credit) (Details) - USD ($) $ in Billions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments that can be canceled without notice | $ 3.5 | $ 5.4 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Letters of Credit) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Other Commitments [Line Items] | ||
Lines of credit outstanding | $ 124,300 | $ 146,500 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Commitments, weighted average term | 14 months 15 days | |
Letters of credit | $ 1,361,595 | $ 1,432,764 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Commitments to Sell Loans) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
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, 2021 |
Dec. 31, 2020 |
---|---|---|
Consumer arrangements | ||
Long-term Purchase Commitment [Line Items] | ||
Contingencies | $ 28,408 | $ 22,155 |
Chrysler | Revenue-sharing and gain/(loss), net-sharing payments | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments | 102,191 | 43,778 |
Bank of America | Servicer performance fee | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments | (154) | 1,200 |
CBP | Loss-sharing payments | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments | $ (6) | $ 181 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Chrysler Agreement) (Details) - SC - Chrysler |
Jun. 30, 2021
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, 2021 |
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, 2021 | |
SC | CBP | |
Other Commitments [Line Items] | |
Loss-sharing payment percentage | 0.50% |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Bluestem) (Details) - Bluestem - SC - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Purchase New Advances on Personal Revolving Financing Receivable | ||||
Other Commitments [Line Items] | ||||
Other commitments | $ 2,700.0 | $ 3,000.0 | ||
Purchases from other commitments | $ 300.0 | $ 1,200.0 | ||
Purchase of Receivables Related to New Opened Customer Accounts | ||||
Other Commitments [Line Items] | ||||
Purchases from other commitments | $ 24.9 | $ 78.8 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Others) (Details) - SC - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
Nov. 30, 2015 |
|
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 | $ 6,200,000 | $ 15,300,000 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Legal and Regulatory Proceedings) (Details) $ in Millions |
1 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jul. 12, 2021
USD ($)
|
Nov. 27, 2020
USD ($)
municipalBondUnderwriter
|
Oct. 28, 2020
USD ($)
underwriter
municipalBondUnderwriter
|
Aug. 08, 2019
USD ($)
municipalBondUnderwriter
|
Jul. 31, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
claim
|
Dec. 31, 2020
USD ($)
|
Oct. 31, 2013
USD ($)
|
|
Loss Contingencies [Line Items] | ||||||||
Accrued legal and regulatory liabilities | $ 52.0 | $ 109.5 | ||||||
SC | ||||||||
Loss Contingencies [Line Items] | ||||||||
Ownership percentage by parent | 80.20% | |||||||
Crystal Sanchez v. Santander Bank, N.A. | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Damages sought, value | $ 2.0 | |||||||
Mississippi Attorney General Lawsuit | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation settlement, amount awarded to other party | $ 3.7 | |||||||
Puerto Rico FINRA Arbitrations | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of FINRA arbitration cases | claim | 773 | |||||||
Number of claims that remain pending | claim | 47 | |||||||
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 | $ 447.0 | $ 508.0 | $ 720.0 | |||||
Number of municipal bond underwriters | municipalBondUnderwriter | 12 | 4 | 8 | |||||
Number of underwriters | underwriter | 7 | |||||||
Maximum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of possible loss | $ 14.7 |
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Related Party Transaction [Line Items] | |||||
Deposits | $ 80,868,397,000 | $ 80,868,397,000 | $ 75,303,707,000 | ||
Santander | SC | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Servicing fee income | 2,400,000 | $ 5,200,000 | 5,300,000 | $ 11,200,000 | |
Collections due to Santander | 6,000,000.0 | 6,000,000.0 | 6,200,000 | ||
Banco Santander Brasil S.A. | SBNA | |||||
Related Party Transaction [Line Items] | |||||
Deposits | 2,600,000,000 | 2,600,000,000 | 2,000,000,000.0 | ||
Banco Santander-Chile | SBNA | |||||
Related Party Transaction [Line Items] | |||||
Deposits | 1,200,000,000 | 1,200,000,000 | 800,000,000 | ||
Banco Santander Rio S.A. | SBNA | |||||
Related Party Transaction [Line Items] | |||||
Deposits | 105,000,000.0 | 105,000,000.0 | $ 0 | ||
Purchase of Retail Installment Contracts | SC | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Purchases of RICs | $ 2,600,000,000 | $ 1,700,000,000 | $ 4,500,000,000 | $ 2,800,000,000 |
BUSINESS SEGMENT INFORMATION (Narrative) (Details) $ in Millions |
Jun. 30, 2021
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, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 1,531,835 | $ 1,538,790 | $ 3,151,167 | $ 3,124,766 | |
Non-interest income | 1,182,287 | 786,318 | 2,366,782 | 1,813,478 | |
Credit loss expense / (benefit) | (317,282) | 977,373 | (241,216) | 2,162,983 | |
Total expenses | 1,492,882 | 3,429,690 | 3,041,310 | 5,013,491 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 1,538,522 | (2,081,955) | 2,717,855 | (2,238,230) | |
Intersegment revenue/(expense) | 0 | 0 | 0 | 0 | |
Total assets | 155,185,643 | 152,353,787 | 155,185,643 | 152,353,787 | $ 149,432,676 |
Reportable Segments | CBB | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 367,195 | 337,310 | 719,703 | 669,117 | |
Non-interest income | 71,481 | 68,629 | 147,791 | 148,877 | |
Credit loss expense / (benefit) | (17,437) | 178,601 | (36,592) | 331,608 | |
Total expenses | 373,470 | 1,933,865 | 741,921 | 2,300,911 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 82,643 | (1,706,527) | 162,165 | (1,814,525) | |
Intersegment revenue/(expense) | (214) | (132) | (471) | (392) | |
Total assets | 23,223,301 | 22,650,349 | 23,223,301 | 22,650,349 | |
Reportable Segments | C&I | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 71,842 | 91,544 | 145,061 | 167,677 | |
Non-interest income | 19,040 | 15,016 | 35,717 | 32,104 | |
Credit loss expense / (benefit) | (20,721) | 44,822 | (52,062) | 92,054 | |
Total expenses | 63,897 | 356,261 | 127,563 | 424,984 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 47,706 | (294,523) | 105,277 | (317,257) | |
Intersegment revenue/(expense) | 3,568 | 3,055 | 6,225 | 6,297 | |
Total assets | 7,477,639 | 8,529,379 | 7,477,639 | 8,529,379 | |
Reportable Segments | CRE & VF | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 91,360 | 91,366 | 187,962 | 192,107 | |
Non-interest income | 15,415 | (320) | 21,010 | 4,365 | |
Credit loss expense / (benefit) | (866) | 16,987 | 920 | 66,837 | |
Total expenses | 37,131 | 35,116 | 72,678 | 70,235 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 70,510 | 38,943 | 135,374 | 59,400 | |
Intersegment revenue/(expense) | 409 | 1,019 | 1,122 | 2,753 | |
Total assets | 19,841,903 | 20,252,082 | 19,841,903 | 20,252,082 | |
Reportable Segments | CIB | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 30,244 | 33,435 | 57,656 | 67,517 | |
Non-interest income | 53,911 | 90,374 | 131,275 | 140,509 | |
Credit loss expense / (benefit) | (13,633) | 15,314 | (22,327) | 33,455 | |
Total expenses | 63,272 | 62,965 | 130,969 | 126,199 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 34,516 | 45,530 | 80,289 | 48,372 | |
Intersegment revenue/(expense) | (3,762) | (3,941) | (6,875) | (8,658) | |
Total assets | 11,788,209 | 12,419,110 | 11,788,209 | 12,419,110 | |
Reportable Segments | Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (54,760) | (1,904) | (98,461) | 26,060 | |
Non-interest income | 98,168 | (46,659) | 214,116 | 66,167 | |
Credit loss expense / (benefit) | (874) | (140,473) | (3,613) | (131,186) | |
Total expenses | 123,579 | 118,583 | 234,462 | 280,318 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | (79,297) | (26,673) | (115,194) | (56,905) | |
Intersegment revenue/(expense) | (1) | (1) | (1) | 0 | |
Total assets | 44,608,657 | 41,234,172 | 44,608,657 | 41,234,172 | |
Reportable Segments | SC | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1,020,062 | 984,745 | 2,129,029 | 1,996,152 | |
Non-interest income | 941,170 | 667,242 | 1,845,282 | 1,441,074 | |
Credit loss expense / (benefit) | (263,751) | 861,896 | (127,542) | 1,769,783 | |
Total expenses | 834,361 | 919,626 | 1,735,119 | 1,803,423 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 1,390,622 | (129,535) | 2,366,734 | (135,980) | |
Intersegment revenue/(expense) | 0 | 0 | 0 | 0 | |
Total assets | 48,245,934 | 47,268,695 | 48,245,934 | 47,268,695 | |
SC Purchase Price Adjustments | SC Purchase Price Adjustments | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 315 | (201) | 73 | (423) | |
Non-interest income | 0 | 3,168 | 0 | 5,021 | |
Credit loss expense / (benefit) | 0 | 226 | 0 | 432 | |
Total expenses | 5,875 | 9,804 | 13,060 | 19,593 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | (5,560) | (7,063) | (12,987) | (15,427) | |
Intersegment revenue/(expense) | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | 0 | 0 | |
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 5,577 | 2,495 | 10,144 | 6,559 | |
Non-interest income | (16,898) | (11,132) | (28,409) | (24,639) | |
Credit loss expense / (benefit) | 0 | 0 | 0 | 0 | |
Total expenses | (8,703) | (6,530) | (14,462) | (12,172) | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | (2,618) | (2,107) | (3,803) | (5,908) | |
Intersegment revenue/(expense) | 0 | 0 | 0 | 0 | |
Total assets | $ 0 | $ 0 | $ 0 | $ 0 |
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