Delaware | 05-0412693 | |||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $0.01 par value per share | CFG | New York Stock Exchange | ||||||
Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | CFG PrD | New York Stock Exchange | ||||||
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E | CFG PrE | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Table of Contents | ||||||||||||||
Part I. Financial Information | ||||||||||||||
Item 1. Financial Statements | ||||||||||||||
Notes to the Consolidated Financial Statements (unaudited) | ||||||||||||||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||||||
Item 3. Quantitative and Qualitative Disclosures about Market Risk | ||||||||||||||
Item 4. Controls and Procedures | ||||||||||||||
Part II. Other Information | ||||||||||||||
Item 1. Legal Proceedings | ||||||||||||||
Item 1A. Risk Factors | ||||||||||||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||||||||
Item 6. Exhibits | ||||||||||||||
Signature | ||||||||||||||
2020 Form 10-K | Annual Report on Form 10-K for the year ended December 31, 2020 | |||||||
AACL | Adjusted Allowance for Credit Losses | |||||||
ACL | Allowance for Credit Losses: Allowance for Loan and Lease Losses plus Allowance for Unfunded Lending Commitments | |||||||
AFS | Available for Sale | |||||||
ALLL | Allowance for Loan and Lease Losses | |||||||
ALM | Asset and Liability Management | |||||||
AOCI | Accumulated Other Comprehensive Income (Loss) | |||||||
ARRC | Alternative Reference Rate Committee | |||||||
ASU | Accounting Standards Update | |||||||
ATM | Automated Teller Machine | |||||||
Board or Board of Directors | The Board of Directors of Citizens Financial Group, Inc. | |||||||
bps | Basis Points | |||||||
Capital Plan Rule | Federal Reserve’s Regulation Y Capital Plan Rule | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | |||||||
CBNA | Citizens Bank, National Association | |||||||
CCAR | Comprehensive Capital Analysis and Review | |||||||
CCB | Capital Conservation Buffer | |||||||
CCMI | Citizens Capital Markets, Inc. | |||||||
CECL | Current Expected Credit Losses (ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) | |||||||
CET1 | Common Equity Tier 1 | |||||||
CET1 capital ratio | Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach | |||||||
Citizens, CFG, the Company, we, us, or our | Citizens Financial Group, Inc. and its Subsidiaries | |||||||
CLO | Collateralized Loan Obligation | |||||||
CLTV | Combined Loan-to-Value | |||||||
COVID-19 pandemic | Coronavirus Disease 2019 Pandemic | |||||||
CRE | Commercial Real Estate | |||||||
Dodd-Frank Act | The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 | |||||||
Elevated cash | Cash above targeted operating levels | |||||||
EPS | Earnings Per Share | |||||||
EVE | Economic Value of Equity | |||||||
Exchange Act | The Securities Exchange Act of 1934 | |||||||
Fannie Mae (FNMA) | Federal National Mortgage Association | |||||||
FCA | Financial Conduct Authority | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
FHA | Federal Housing Administration | |||||||
FHLB | Federal Home Loan Bank | |||||||
FICO | Fair Isaac Corporation (credit rating) | |||||||
FRB or Federal Reserve | Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s) | |||||||
Freddie Mac (FHLMC) | Federal Home Loan Mortgage Corporation | |||||||
FTE | Fully Taxable Equivalent | |||||||
GAAP | Accounting Principles Generally Accepted in the United States of America | |||||||
GDP | Gross Domestic Product | |||||||
Ginnie Mae (GNMA) | Government National Mortgage Association | |||||||
GSE | Government Sponsored Entity | |||||||
HSBC | HSBC Bank U.S.A., N.A. | |||||||
HTM | Held To Maturity | |||||||
ICE | Intercontinental Exchange | |||||||
Investors | Investors Bancorp, Inc. | |||||||
Last-of-Layer | Last-of-layer is a fair value hedge of the interest rate risk of a portfolio of similar prepayable assets whereby the last dollar amount within the portfolio of assets is identified as the hedged item | |||||||
LHFS | Loans Held for Sale | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LIHTC | Low Income Housing Tax Credit | |||||||
LTV | Loan to Value | |||||||
MBS | Mortgage-Backed Securities | |||||||
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||
Mid-Atlantic | District of Columbia, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia | |||||||
Midwest | Illinois, Indiana, Michigan, and Ohio | |||||||
Modified CECL Transition | The Day-1 CECL adoption entry booked to retained earnings plus 25% of subsequent CECL ACL reserve build | |||||||
Modified AACL Transition | The Day-1 CECL adoption entry booked to ACL plus 25% of subsequent CECL ACL reserve build | |||||||
MSRs | Mortgage Servicing Rights | |||||||
NCOs | Net charge-offs | |||||||
New England | Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont | |||||||
NPLs | Nonaccrual loans and leases | |||||||
OCC | Office of the Comptroller of the Currency | |||||||
OCI | Other Comprehensive Income (Loss) | |||||||
Parent Company | Citizens Financial Group, Inc. (the Parent Company of Citizens Bank, National Association and other subsidiaries) | |||||||
PPP | Paycheck Protection Program | |||||||
ROTCE | Return on Average Tangible Common Equity | |||||||
RPA | Risk Participation Agreement | |||||||
RWA | Risk-Weighted Assets | |||||||
SBA | United States Small Business Administration | |||||||
SCB | Stress Capital Buffer | |||||||
SEC | United States Securities and Exchange Commission | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
SVaR | Stressed Value at Risk | |||||||
Tailoring Rules | Rules establishing risk-based categories for determining prudential standards for large U.S. and foreign banking organizations, consistent with the Dodd-Frank Act, as amended by the Economic Growth, Regulatory Relief and Consumer Protection Act | |||||||
TBAs | To-Be-Announced Mortgage Securities | |||||||
TDR | Troubled Debt Restructuring | |||||||
Tier 1 capital ratio | Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach | |||||||
Tier 1 leverage ratio | Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by quarterly adjusted average assets as defined under the U.S. Basel III Standardized approach |
Total capital ratio | Total capital, which includes Common Equity Tier 1 capital, tier 1 capital and allowance for credit losses and qualifying subordinated debt that qualifies as tier 2 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach | |||||||
USDA | United States Department of Agriculture | |||||||
VA | United States Department of Veterans Affairs | |||||||
VaR | Value at Risk | |||||||
VIE | Variable Interest Entities | |||||||
Page | ||||||||
Forward-Looking Statements | ||||||||
Selected Consolidated Financial Data | ||||||||
Results of Operations | ||||||||
Analysis of Financial Condition | ||||||||
Table 1: Notable Items | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Noninterest expense | Income tax expense | Net Income | Noninterest expense | Income tax expense | Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported results (GAAP): | $991 | $183 | $648 | $979 | $54 | $253 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less notable items: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total integration costs | 2 | (1) | (1) | 2 | (1) | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other notable items(1) | 9 | (2) | (7) | 17 | (8) | (9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total notable items | 11 | (3) | (8) | 19 | (9) | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Underlying results (non-GAAP) | $980 | $186 | $656 | $960 | $63 | $263 |
Table 1: Notable Items | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Noninterest expense | Income tax expense | Net Income | Noninterest expense | Income tax expense | Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported results (GAAP) | $1,018 | $170 | $611 | $1,012 | $11 | $34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less notable items: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total integration costs | — | — | — | 4 | (1) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other notable items (1) | 20 | (5) | (15) | 29 | (7) | (22) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total notable items | 20 | (5) | (15) | 33 | (8) | (25) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Underlying results* (non-GAAP) | $998 | $175 | $626 | $979 | $19 | $59 |
Table 2: Notable Items | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Noninterest expense | Income tax expense | Net Income | Noninterest expense | Income tax expense | Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported results (GAAP) | $2,009 | $353 | $1,259 | $1,991 | $65 | $287 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less notable items: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total integration costs | 2 | (1) | (1) | 6 | (2) | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other notable items (1) | 29 | (7) | (22) | 46 | (15) | (31) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total notable items | 31 | (8) | (23) | 52 | (17) | (35) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Underlying results (non-GAAP) | $1,978 | $361 | $1,282 | $1,939 | $82 | $322 |
Table 2: Summary of Consolidated Operating Data | ||||||||||||||||||||||||||||||||||||||||||||||
Table 3: Summary of Consolidated Operating Data | Table 3: Summary of Consolidated Operating Data | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | 2021 | 2020 | (dollars in millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
OPERATING DATA: | OPERATING DATA: | OPERATING DATA: | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $1,117 | $1,160 | Net interest income | $1,124 | $1,160 | $2,241 | $2,320 | ||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 542 | 497 | Noninterest income | 485 | 590 | 1,027 | 1,087 | ||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 1,659 | 1,657 | Total revenue | 1,609 | 1,750 | 3,268 | 3,407 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (140) | 600 | Provision for credit losses | (213) | 464 | (353) | 1,064 | ||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 1,018 | 1,012 | Noninterest expense | 991 | 979 | 2,009 | 1,991 | ||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 781 | 45 | Income before income tax expense | 831 | 307 | 1,612 | 352 | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 170 | 11 | Income tax expense | 183 | 54 | 353 | 65 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $611 | $34 | Net income | $648 | $253 | $1,259 | $287 | ||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $588 | $12 | Net income available to common stockholders | $616 | $225 | $1,204 | $237 | ||||||||||||||||||||||||||||||||||||||
Net income per common share - basic | Net income per common share - basic | $1.38 | $0.03 | Net income per common share - basic | $1.45 | $0.53 | $2.83 | $0.56 | ||||||||||||||||||||||||||||||||||||||
Net income per common share - diluted | Net income per common share - diluted | $1.37 | $0.03 | Net income per common share - diluted | $1.44 | $0.53 | $2.81 | $0.55 | ||||||||||||||||||||||||||||||||||||||
OTHER OPERATING DATA: | OTHER OPERATING DATA: | OTHER OPERATING DATA: | ||||||||||||||||||||||||||||||||||||||||||||
Return on average common equity | Return on average common equity | 11.57 | % | 0.24 | % | Return on average common equity | 11.85 | % | 4.44 | % | 11.71 | % | 2.35 | % | ||||||||||||||||||||||||||||||||
Return on average tangible common equity | Return on average tangible common equity | 17.17 | 0.36 | Return on average tangible common equity | 17.50 | 6.62 | 17.34 | 3.51 | ||||||||||||||||||||||||||||||||||||||
Return on average total assets | Return on average total assets | 1.36 | 0.08 | Return on average total assets | 1.41 | 0.57 | 1.38 | 0.33 | ||||||||||||||||||||||||||||||||||||||
Return on average total tangible assets | Return on average total tangible assets | 1.41 | 0.09 | Return on average total tangible assets | 1.46 | 0.59 | 1.44 | 0.35 | ||||||||||||||||||||||||||||||||||||||
Efficiency ratio | Efficiency ratio | 61.35 | 61.10 | Efficiency ratio | 61.63 | 55.91 | 61.49 | 58.43 | ||||||||||||||||||||||||||||||||||||||
Operating leverage | Operating leverage | (0.41) | (3.71) | Operating leverage | (9.42) | 4.60 | (5.02) | 0.48 | ||||||||||||||||||||||||||||||||||||||
Net interest margin, FTE | Net interest margin, FTE | 2.76 | 3.10 | Net interest margin, FTE | 2.72 | 2.88 | 2.74 | 2.99 | ||||||||||||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | 21.76 | 24.13 | Effective income tax rate | 21.96 | 17.69 | 21.86 | 18.51 |
Table 3: Summary of Consolidated Balance Sheet data | ||||||||||||||||||||||
Table 4: Summary of Consolidated Balance Sheet data | Table 4: Summary of Consolidated Balance Sheet data | |||||||||||||||||||||
(dollars in millions) | (dollars in millions) | March 31, 2021 | December 31, 2020 | (dollars in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||||||
BALANCE SHEET DATA: | BALANCE SHEET DATA: | BALANCE SHEET DATA: | ||||||||||||||||||||
Total assets | Total assets | $187,217 | $183,349 | Total assets | $185,104 | $183,349 | ||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 4,304 | 3,564 | Loans held for sale, at fair value | 3,616 | 3,564 | ||||||||||||||||
Other loans held for sale | Other loans held for sale | 75 | 439 | Other loans held for sale | 82 | 439 | ||||||||||||||||
Loans and leases | Loans and leases | 122,195 | 123,090 | Loans and leases | 122,581 | 123,090 | ||||||||||||||||
Allowance for loan and lease losses | Allowance for loan and lease losses | (2,194) | (2,443) | Allowance for loan and lease losses | (1,947) | (2,443) | ||||||||||||||||
Total securities | Total securities | 28,138 | 26,847 | Total securities | 27,976 | 26,847 | ||||||||||||||||
Goodwill | Goodwill | 7,050 | 7,050 | Goodwill | 7,050 | 7,050 | ||||||||||||||||
Total liabilities | Total liabilities | 164,564 | 160,676 | Total liabilities | 161,905 | 160,676 | ||||||||||||||||
Total deposits | Total deposits | 151,349 | 147,164 | Total deposits | 150,636 | 147,164 | ||||||||||||||||
Short-term borrowed funds | Short-term borrowed funds | 70 | 243 | Short-term borrowed funds | 62 | 243 | ||||||||||||||||
Long-term borrowed funds | Long-term borrowed funds | 8,316 | 8,346 | Long-term borrowed funds | 6,957 | 8,346 | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 22,653 | 22,673 | Total stockholders’ equity | 23,199 | 22,673 | ||||||||||||||||
OTHER BALANCE SHEET DATA: | OTHER BALANCE SHEET DATA: | OTHER BALANCE SHEET DATA: | ||||||||||||||||||||
Asset Quality Ratios: | Asset Quality Ratios: | Asset Quality Ratios: | ||||||||||||||||||||
Allowance for loan and lease losses to loans and leases | Allowance for loan and lease losses to loans and leases | 1.80 | % | 1.98 | % | Allowance for loan and lease losses to loans and leases | 1.59 | % | 1.98 | % | ||||||||||||
Allowance for credit losses to loans and leases | Allowance for credit losses to loans and leases | 1.94 | 2.17 | Allowance for credit losses to loans and leases | 1.70 | 2.17 | ||||||||||||||||
Allowance for credit losses to loans and leases, excluding the impact of PPP loans(1) | Allowance for credit losses to loans and leases, excluding the impact of PPP loans(1) | 2.03 | 2.24 | Allowance for credit losses to loans and leases, excluding the impact of PPP loans(1) | 1.75 | 2.24 | ||||||||||||||||
Allowance for loan and lease losses to nonaccruing loans and leases | Allowance for loan and lease losses to nonaccruing loans and leases | 218 | 240 | Allowance for loan and lease losses to nonaccruing loans and leases | 250 | 240 | ||||||||||||||||
Allowance for credit losses to nonaccruing loans and leases | Allowance for credit losses to nonaccruing loans and leases | 235 | 262 | Allowance for credit losses to nonaccruing loans and leases | 267 | 262 | ||||||||||||||||
Nonaccruing loans and leases to loans and leases | Nonaccruing loans and leases to loans and leases | 0.82 | 0.83 | Nonaccruing loans and leases to loans and leases | 0.64 | 0.83 | ||||||||||||||||
Capital Ratios: | Capital Ratios: | Capital Ratios: | ||||||||||||||||||||
CET1 capital ratio | CET1 capital ratio | 10.1 | % | 10.0 | % | CET1 capital ratio | 10.3 | % | 10.0 | % | ||||||||||||
Tier 1 capital ratio | Tier 1 capital ratio | 11.4 | 11.3 | Tier 1 capital ratio | 11.6 | 11.3 | ||||||||||||||||
Total capital ratio | Total capital ratio | 13.4 | 13.4 | Total capital ratio | 13.5 | 13.4 | ||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 9.5 | 9.4 | Tier 1 leverage ratio | 9.7 | 9.4 |
Table 4: Major Components of Net Interest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 5: Major Components of Net Interest Income, Quarter-to-Date | Table 5: Major Components of Net Interest Income, Quarter-to-Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Yields/ Rates (bps) | (dollars in millions) | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Yields/ Rates (bps) | ||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and due from banks and deposits in banks | Interest-bearing cash and due from banks and deposits in banks | $10,861 | $3 | 0.11 | % | $1,859 | $5 | 1.12 | % | $9,002 | (101) bps | Interest-bearing cash and due from banks and deposits in banks | $11,259 | $3 | 0.12 | % | $5,231 | $1 | 0.09 | % | $6,028 | 3 bps | ||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 27,031 | 128 | 1.89 | 25,339 | 147 | 2.32 | 1,692 | (43) | Taxable investment securities | 27,597 | 124 | 1.80 | 25,180 | 130 | 2.15 | 2,417 | (35) | ||||||||||||||||||||||||||||||||||||||||||||||
Non-taxable investment securities | Non-taxable investment securities | 3 | — | 2.60 | 4 | — | 2.60 | (1) | — | Non-taxable investment securities | 3 | — | 2.60 | 4 | — | 2.60 | (1) | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | 27,034 | 128 | 1.89 | 25,343 | 147 | 2.32 | 1,691 | (43) | Total investment securities | 27,600 | 124 | 1.80 | 25,184 | 130 | 2.15 | 2,416 | (35) | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 44,287 | 347 | 3.12 | 43,152 | 417 | 3.82 | 1,135 | (70) | Commercial and industrial | 44,388 | 345 | 3.08 | 50,443 | 412 | 3.23 | (6,055) | (15) | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 14,675 | 94 | 2.57 | 13,876 | 139 | 3.96 | 799 | (139) | Commercial real estate | 14,473 | 95 | 2.58 | 14,540 | 106 | 2.87 | (67) | (29) | ||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | 1,915 | 13 | 2.69 | 2,482 | 18 | 2.83 | (567) | (14) | Leases | 1,792 | 12 | 2.76 | 2,426 | 16 | 2.75 | (634) | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | Total commercial loans and leases | 60,877 | 454 | 2.98 | 59,510 | 574 | 3.81 | 1,367 | (83) | Total commercial loans and leases | 60,653 | 452 | 2.96 | 67,409 | 534 | 3.14 | (6,756) | (18) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 19,388 | 148 | 3.05 | 18,866 | 164 | 3.47 | 522 | (42) | Residential mortgages | 20,242 | 154 | 3.04 | 18,872 | 150 | 3.19 | 1,370 | (15) | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 12,001 | 95 | 3.20 | 13,042 | 152 | 4.69 | (1,041) | (149) | Home equity | 11,825 | 92 | 3.13 | 12,736 | 111 | 3.50 | (911) | (37) | ||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 12,229 | 125 | 4.14 | 12,173 | 131 | 4.34 | 56 | (20) | Automobile | 12,526 | 125 | 4.00 | 11,998 | 129 | 4.33 | 528 | (33) | ||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 12,436 | 134 | 4.38 | 10,610 | 149 | 5.64 | 1,826 | (126) | Education | 12,632 | 135 | 4.26 | 11,183 | 145 | 5.21 | 1,449 | (95) | ||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 5,916 | 105 | 7.25 | 6,854 | 132 | 7.77 | (938) | (52) | Other retail | 5,612 | 100 | 7.13 | 6,557 | 123 | 7.52 | (945) | (39) | ||||||||||||||||||||||||||||||||||||||||||||||
Total retail loans | Total retail loans | 61,970 | 607 | 3.96 | 61,545 | 728 | 4.75 | 425 | (79) | Total retail loans | 62,837 | 606 | 3.86 | 61,346 | 658 | 4.31 | 1,491 | (45) | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | Total loans and leases | 122,847 | 1,061 | 3.47 | 121,055 | 1,302 | 4.29 | 1,792 | (82) | Total loans and leases | 123,490 | 1,058 | 3.42 | 128,755 | 1,192 | 3.69 | (5,265) | (27) | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 3,254 | 18 | 2.27 | 1,890 | 15 | 3.28 | 1,364 | (101) | Loans held for sale, at fair value | 3,751 | 24 | 2.55 | 2,710 | 20 | 2.85 | 1,041 | (30) | ||||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | Other loans held for sale | 385 | 6 | 6.30 | 799 | 9 | 4.31 | (414) | 199 | Other loans held for sale | 233 | 2 | 2.99 | 510 | 7 | 4.66 | (277) | (167) | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | 164,381 | 1,216 | 2.97 | 150,946 | 1,478 | 3.91 | 13,435 | (94) | Interest-earning assets | 166,333 | 1,211 | 2.90 | 162,390 | 1,350 | 3.33 | 3,943 | (43) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (2,439) | (1,708) | (731) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 7,050 | 7,046 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-earning assets | 13,577 | 10,893 | 2,684 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 18,123 | 17,403 | 720 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $182,569 | $167,177 | $15,392 | Total assets | $184,456 | $179,793 | $4,663 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking with interest | Checking with interest | $26,116 | $6 | 0.09 | % | $24,612 | $37 | 0.60 | % | $1,504 | (51) | Checking with interest | $27,278 | $5 | 0.08 | % | $26,312 | $11 | 0.17 | % | $966 | (9) | ||||||||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 49,536 | 22 | 0.18 | 39,839 | 93 | 0.94 | 9,697 | (76) | Money market accounts | 49,394 | 21 | 0.17 | 45,187 | 39 | 0.35 | 4,207 | (18) | ||||||||||||||||||||||||||||||||||||||||||||||
Regular savings | Regular savings | 18,611 | 5 | 0.11 | 14,201 | 18 | 0.51 | 4,410 | (40) | Regular savings | 20,077 | 5 | 0.10 | 15,883 | 15 | 0.39 | 4,194 | (29) | ||||||||||||||||||||||||||||||||||||||||||||||
Term deposits | Term deposits | 8,572 | 17 | 0.83 | 18,616 | 79 | 1.70 | (10,044) | (87) | Term deposits | 6,970 | 11 | 0.61 | 16,470 | 59 | 1.44 | (9,500) | (83) | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 102,835 | 50 | 0.20 | 97,268 | 227 | 0.94 | 5,567 | (74) | Total interest-bearing deposits | 103,719 | 42 | 0.16 | 103,852 | 124 | 0.48 | (133) | (32) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowed funds | Short-term borrowed funds | 150 | — | 0.46 | 644 | 1 | 0.76 | (494) | (30) | Short-term borrowed funds | 69 | — | 0.87 | 222 | — | 0.29 | (153) | 58 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowed funds | Long-term borrowed funds | 8,336 | 49 | 2.35 | 14,057 | 90 | 2.56 | (5,721) | (21) | Long-term borrowed funds | 7,434 | 45 | 2.41 | 11,755 | 66 | 2.22 | (4,321) | 19 | ||||||||||||||||||||||||||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | 8,486 | 49 | 2.32 | 14,701 | 91 | 2.48 | (6,215) | (16) | Total borrowed funds | 7,503 | 45 | 2.40 | 11,977 | 66 | 2.18 | (4,474) | 22 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 111,321 | 99 | 0.36 | 111,969 | 318 | 1.14 | (648) | (78) | Total interest-bearing liabilities | 111,222 | 87 | 0.31 | 115,829 | 190 | 0.66 | (4,607) | (35) | ||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 43,814 | 29,362 | 14,452 | Demand deposits | 46,630 | 37,745 | 8,885 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 4,858 | 4,053 | 805 | Other liabilities | 3,741 | 4,086 | (345) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 159,993 | 145,384 | 14,609 | Total liabilities | 161,593 | 157,660 | 3,933 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 22,576 | 21,793 | 783 | Stockholders’ equity | 22,863 | 22,133 | 730 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $182,569 | $167,177 | $15,392 | Total liabilities and stockholders’ equity | $184,456 | $179,793 | $4,663 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.62 | % | 2.77 | % | (15) | Interest rate spread | 2.59 | % | 2.67 | % | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net interest margin | Net interest income and net interest margin | $1,117 | 2.75 | % | $1,160 | 3.09 | % | (34) | Net interest income and net interest margin | $1,124 | 2.71 | % | $1,160 | 2.87 | % | (16) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net interest margin, FTE(1) | Net interest income and net interest margin, FTE(1) | $1,120 | 2.76 | % | $1,164 | 3.10 | % | (34) | Net interest income and net interest margin, FTE(1) | $1,126 | 2.72 | % | $1,163 | 2.88 | % | (16) | ||||||||||||||||||||||||||||||||||||||||||||||||
Memo: Total deposits (interest-bearing and demand) | Memo: Total deposits (interest-bearing and demand) | $146,649 | $50 | 0.14 | % | $126,630 | $227 | 0.72 | % | $20,019 | (58) bps | Memo: Total deposits (interest-bearing and demand) | $150,349 | $42 | 0.11 | % | $141,597 | $124 | 0.35 | % | $8,752 | (24) bps |
Table 6: Major Components of Net Interest Income, Year-to-Date | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||||||||||||||
(dollars in millions) | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Yields/ Rates (bps) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Interest-bearing cash and due from banks and deposits in banks | $11,061 | $6 | 0.11 | % | $3,545 | $6 | 0.36 | % | $7,516 | (25) bps | ||||||||||||||||||||||
Taxable investment securities | 27,316 | 252 | 1.84 | 25,259 | 277 | 2.24 | 2,057 | (40) | ||||||||||||||||||||||||
Non-taxable investment securities | 3 | — | 2.60 | 4 | — | 2.60 | (1) | — | ||||||||||||||||||||||||
Total investment securities | 27,319 | 252 | 1.84 | 25,263 | 277 | 2.24 | 2,056 | (40) | ||||||||||||||||||||||||
Commercial and industrial | 44,338 | 692 | 3.10 | 46,797 | 829 | 3.50 | (2,459) | (40) | ||||||||||||||||||||||||
Commercial real estate | 14,574 | 189 | 2.58 | 14,208 | 245 | 3.40 | 366 | (82) | ||||||||||||||||||||||||
Leases | 1,852 | 25 | 2.73 | 2,454 | 34 | 2.79 | (602) | (6) | ||||||||||||||||||||||||
Total commercial loans and leases | 60,764 | 906 | 2.97 | 63,459 | 1,108 | 3.45 | (2,695) | (48) | ||||||||||||||||||||||||
Residential mortgages | 19,817 | 302 | 3.05 | 18,869 | 314 | 3.33 | 948 | (28) | ||||||||||||||||||||||||
Home equity | 11,912 | 187 | 3.16 | 12,889 | 263 | 4.10 | (977) | (94) | ||||||||||||||||||||||||
Automobile | 12,378 | 250 | 4.07 | 12,085 | 260 | 4.33 | 293 | (26) | ||||||||||||||||||||||||
Education | 12,534 | 269 | 4.32 | 10,897 | 294 | 5.42 | 1,637 | (110) | ||||||||||||||||||||||||
Other retail | 5,765 | 205 | 7.19 | 6,706 | 255 | 7.65 | (941) | (46) | ||||||||||||||||||||||||
Total retail loans | 62,406 | 1,213 | 3.91 | 61,446 | 1,386 | 4.53 | 960 | (62) | ||||||||||||||||||||||||
Total loans and leases | 123,170 | 2,119 | 3.44 | 124,905 | 2,494 | 3.98 | (1,735) | (54) | ||||||||||||||||||||||||
Loans held for sale, at fair value | 3,535 | 42 | 2.40 | 2,300 | 35 | 3.03 | 1,235 | (63) | ||||||||||||||||||||||||
Other loans held for sale | 348 | 8 | 4.48 | 655 | 16 | 4.45 | (307) | 3 | ||||||||||||||||||||||||
Interest-earning assets | 165,433 | 2,427 | 2.94 | 156,668 | 2,828 | 3.61 | 8,765 | (67) | ||||||||||||||||||||||||
Noninterest-earning assets | 18,085 | 16,817 | 1,268 | |||||||||||||||||||||||||||||
Total assets | $183,518 | $173,485 | $10,033 | |||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||
Checking with interest | $26,700 | $11 | 0.09 | % | $25,462 | $48 | 0.38 | % | $1,238 | (29) | ||||||||||||||||||||||
Money market accounts | 49,465 | 43 | 0.17 | 42,513 | 132 | 0.63 | 6,952 | (46) | ||||||||||||||||||||||||
Regular savings | 19,348 | 10 | 0.10 | 15,042 | 33 | 0.44 | 4,306 | (34) | ||||||||||||||||||||||||
Term deposits | 7,767 | 28 | 0.73 | 17,543 | 138 | 1.58 | (9,776) | (85) | ||||||||||||||||||||||||
Total interest-bearing deposits | 103,280 | 92 | 0.18 | 100,560 | 351 | 0.70 | 2,720 | (52) | ||||||||||||||||||||||||
Short-term borrowed funds | 109 | — | 0.59 | 433 | 1 | 0.64 | (324) | (5) | ||||||||||||||||||||||||
Long-term borrowed funds | 7,882 | 94 | 2.38 | 12,906 | 156 | 2.40 | (5,024) | (2) | ||||||||||||||||||||||||
Total borrowed funds | 7,991 | 94 | 2.36 | 13,339 | 157 | 2.35 | (5,348) | 1 | ||||||||||||||||||||||||
Total interest-bearing liabilities | 111,271 | 186 | 0.34 | 113,899 | 508 | 0.90 | (2,628) | (56) | ||||||||||||||||||||||||
Demand deposits | 45,230 | 33,553 | 11,677 | |||||||||||||||||||||||||||||
Other liabilities | 4,297 | 4,070 | 227 | |||||||||||||||||||||||||||||
Total liabilities | 160,798 | 151,522 | 9,276 | |||||||||||||||||||||||||||||
Stockholders’ equity | 22,720 | 21,963 | 757 | |||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $183,518 | $173,485 | $10,033 | |||||||||||||||||||||||||||||
Interest rate spread | 2.60 | % | 2.71 | % | (11) | |||||||||||||||||||||||||||
Net interest income and net interest margin | $2,241 | 2.73 | % | $2,320 | 2.98 | % | (25) | |||||||||||||||||||||||||
Net interest income and net interest margin, FTE(1) | $2,246 | 2.74 | % | $2,327 | 2.99 | % | (25) | |||||||||||||||||||||||||
Memo: Total deposits (interest-bearing and demand) | $148,510 | $92 | 0.12 | % | $134,113 | $351 | 0.53 | % | $14,397 | (41) bps | ||||||||||||||||||||||
Table 5: Noninterest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 7: Noninterest Income | Table 7: Noninterest Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | Change | Percent | (in millions) | 2021 | 2020 | Change | Percent | 2021 | 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking fees | Mortgage banking fees | $165 | $159 | $6 | 4 | % | Mortgage banking fees | $85 | $276 | ($191) | (69 | %) | $250 | $435 | ($185) | (43 | %) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | 99 | 118 | (19) | (16 | %) | Service charges and fees | 100 | 84 | 16 | 19 | 199 | 202 | (3) | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital markets fees | Capital markets fees | 81 | 43 | 38 | 88 | Capital markets fees | 91 | 61 | 30 | 49 | 172 | 104 | 68 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Card fees | Card fees | 55 | 56 | (1) | (2) | Card fees | 64 | 48 | 16 | 33 | 119 | 104 | 15 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust and investment services fees | Trust and investment services fees | 58 | 53 | 5 | 9 | Trust and investment services fees | 60 | 45 | 15 | 33 | 118 | 98 | 20 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letter of credit and loan fees | Letter of credit and loan fees | 38 | 34 | 4 | 12 | Letter of credit and loan fees | 38 | 31 | 7 | 23 | 76 | 65 | 11 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange and interest rate products | Foreign exchange and interest rate products | 28 | 24 | 4 | 17 | Foreign exchange and interest rate products | 28 | 34 | (6) | (18) | 56 | 58 | (2) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities gains, net | Securities gains, net | 3 | — | 3 | 100 | Securities gains, net | 3 | 3 | — | — | 6 | 3 | 3 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (1) | Other income (1) | 15 | 10 | 5 | 50 | Other income (1) | 16 | 8 | 8 | 100 | 31 | 18 | 13 | 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | $542 | $497 | $45 | 9 | % | Noninterest income | $485 | $590 | ($105) | (18 | %) | $1,027 | $1,087 | ($60) | (6 | %) |
Table 8: Noninterest Expense | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | Percent | 2021 | 2020 | Change | Percent | |||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $524 | $513 | $11 | 2 | % | $1,072 | $1,062 | $10 | 1 | % | |||||||||||||||||||||||||||||||||||||
Equipment and software | 155 | 142 | 13 | 9 | 307 | 275 | 32 | 12 | |||||||||||||||||||||||||||||||||||||||
Outside services | 137 | 131 | 6 | 5 | 276 | 266 | 10 | 4 | |||||||||||||||||||||||||||||||||||||||
Occupancy | 82 | 82 | — | — | 170 | 166 | 4 | 2 | |||||||||||||||||||||||||||||||||||||||
Other operating expense | 93 | 111 | (18) | (16) | 184 | 222 | (38) | (17) | |||||||||||||||||||||||||||||||||||||||
Noninterest expense | $991 | $979 | $12 | 1 | % | $2,009 | $1,991 | $18 | 1 | % |
Table 6: Noninterest Expense | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | Percent | |||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $548 | $549 | ($1) | 0 | % | ||||||||||||||||||||||||||||||||||||||||||
Equipment and software | 152 | 133 | 19 | 14 | |||||||||||||||||||||||||||||||||||||||||||
Outside services | 139 | 135 | 4 | 3 | |||||||||||||||||||||||||||||||||||||||||||
Occupancy | 88 | 84 | 4 | 5 | |||||||||||||||||||||||||||||||||||||||||||
Other operating expense | 91 | 111 | (20) | (18) | |||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | $1,018 | $1,012 | $6 | 1 | % |
Table 7: Selected Financial Data for Business Operating Segments | ||||||||||||||||||||||||||||||||||||||||||||||
Table 9: Selected Financial Data for Business Operating Segments, Quarter-to-Date | Table 9: Selected Financial Data for Business Operating Segments, Quarter-to-Date | |||||||||||||||||||||||||||||||||||||||||||||
Consumer Banking | Commercial Banking | Consumer Banking | Commercial Banking | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | 2021 | 2020 | 2021 | 2020 | (dollars in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $863 | $793 | $421 | $365 | Net interest income | $897 | $814 | $419 | $419 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 351 | 357 | 170 | 125 | Noninterest income | 283 | 428 | 178 | 144 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 1,214 | 1,150 | 591 | 490 | Total revenue | 1,180 | 1,242 | 597 | 563 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 750 | 738 | 227 | 221 | Noninterest expense | 751 | 735 | 226 | 213 | ||||||||||||||||||||||||||||||||||||
Profit before credit losses | Profit before credit losses | 464 | 412 | 364 | 269 | Profit before credit losses | 429 | 507 | 371 | 350 | ||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | 59 | 97 | 101 | 43 | Net charge-offs | 45 | 80 | 34 | 70 | ||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 405 | 315 | 263 | 226 | Income before income tax expense | 384 | 427 | 337 | 280 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 103 | 79 | 52 | 47 | Income tax expense | 98 | 107 | 72 | 59 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $302 | $236 | $211 | $179 | Net income | $286 | $320 | $265 | $221 | ||||||||||||||||||||||||||||||||||||
Average Balances: | Average Balances: | Average Balances: | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $75,283 | $68,415 | $57,738 | $59,005 | Total assets | $75,600 | $71,634 | $57,527 | $65,280 | ||||||||||||||||||||||||||||||||||||
Total loans and leases(1)(2) | Total loans and leases(1)(2) | 70,188 | 65,343 | 54,813 | 56,555 | Total loans and leases(1)(2) | 71,389 | 68,205 | 54,758 | 62,011 | ||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 97,180 | 85,228 | 43,974 | 33,545 | Deposits | 100,933 | 91,648 | 44,049 | 41,750 | ||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | 71,135 | 65,393 | 55,175 | 57,016 | Interest-earning assets | 72,308 | 68,256 | 55,143 | 62,422 |
Table 10: Selected Financial Data for Business Operating Segments, Year-to-Date | |||||||||||||||||||||||
Consumer Banking | Commercial Banking | ||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net interest income | $1,760 | $1,607 | $840 | $784 | |||||||||||||||||||
Noninterest income | 634 | 785 | 348 | 269 | |||||||||||||||||||
Total revenue | 2,394 | 2,392 | 1,188 | 1,053 | |||||||||||||||||||
Noninterest expense | 1,501 | 1,473 | 453 | 434 | |||||||||||||||||||
Profit before credit losses | 893 | 919 | 735 | 619 | |||||||||||||||||||
Net charge-offs | 104 | 177 | 135 | 113 | |||||||||||||||||||
Income before income tax expense | 789 | 742 | 600 | 506 | |||||||||||||||||||
Income tax expense | 201 | 186 | 124 | 106 | |||||||||||||||||||
Net income | $588 | $556 | $476 | $400 | |||||||||||||||||||
Average Balances: | |||||||||||||||||||||||
Total assets | $75,443 | $70,024 | $57,632 | $62,142 | |||||||||||||||||||
Total loans and leases(1)(2) | 70,792 | 66,774 | 54,786 | 59,283 | |||||||||||||||||||
Deposits | 99,067 | 88,438 | 44,012 | 37,647 | |||||||||||||||||||
Interest-earning assets | 71,725 | 66,825 | 55,159 | 59,719 |
Table 8: Amortized Cost and Fair Value of AFS and HTM Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 11: Amortized Cost and Fair Value of AFS and HTM Securities | Table 11: Amortized Cost and Fair Value of AFS and HTM Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | (in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and other | U.S. Treasury and other | $11 | $11 | $11 | $11 | U.S. Treasury and other | $11 | $11 | $11 | $11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | State and political subdivisions | 3 | 3 | 3 | 3 | State and political subdivisions | 3 | 3 | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, at fair value: | Mortgage-backed securities, at fair value: | Mortgage-backed securities, at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | 23,966 | 24,113 | 21,954 | 22,506 | Federal agencies and U.S. government sponsored entities | 23,960 | 24,112 | 21,954 | 22,506 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other/non-agency | Other/non-agency | 324 | 340 | 396 | 422 | Other/non-agency | 267 | 280 | 396 | 422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities, at fair value | Total mortgage-backed securities, at fair value | 24,290 | 24,453 | 22,350 | 22,928 | Total mortgage-backed securities, at fair value | 24,227 | 24,392 | 22,350 | 22,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations, at fair value | Collateralized loan obligations, at fair value | 177 | 177 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available for sale, at fair value | Total debt securities available for sale, at fair value | $24,304 | $24,467 | $22,364 | $22,942 | Total debt securities available for sale, at fair value | $24,418 | $24,583 | $22,364 | $22,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, at cost: | Mortgage-backed securities, at cost: | Mortgage-backed securities, at cost: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | $2,139 | $2,223 | $2,342 | $2,464 | Federal agencies and U.S. government sponsored entities | $1,887 | $1,964 | $2,342 | $2,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities, at cost | Total mortgage-backed securities, at cost | 2,139 | 2,223 | 2,342 | 2,464 | Total mortgage-backed securities, at cost | 1,887 | 1,964 | 2,342 | 2,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, at cost | Asset-backed securities, at cost | 856 | 854 | 893 | 893 | Asset-backed securities, at cost | 824 | 826 | 893 | 893 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities held to maturity | Total debt securities held to maturity | $2,995 | $3,077 | $3,235 | $3,357 | Total debt securities held to maturity | $2,711 | $2,790 | $3,235 | $3,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available for sale and held to maturity | Total debt securities available for sale and held to maturity | $27,299 | $27,544 | $25,599 | $26,299 | Total debt securities available for sale and held to maturity | $27,129 | $27,373 | $25,599 | $26,299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, at cost | Equity securities, at cost | $602 | $602 | $604 | $604 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | $73 | $73 | $66 | $66 | Equity securities, at fair value | 80 | 80 | 66 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, at cost | 603 | 603 | 604 | 604 |
Table 9: Composition of Loans and Leases, Excluding LHFS | ||||||||||||||||||||||||||||||||||||||||||||||
Table 12: Composition of Loans and Leases, Excluding LHFS | Table 12: Composition of Loans and Leases, Excluding LHFS | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | March 31, 2021 | December 31, 2020 | Change | Percent | (in millions) | June 30, 2021 | December 31, 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||
Commercial and industrial (1) | Commercial and industrial (1) | $44,058 | $44,173 | ($115) | — | % | Commercial and industrial (1) | $42,842 | $44,173 | ($1,331) | (3) | % | ||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 14,553 | 14,652 | (99) | (1) | Commercial real estate | 14,412 | 14,652 | (240) | (2) | ||||||||||||||||||||||||||||||||||||
Leases | Leases | 1,802 | 1,968 | (166) | (8) | Leases | 1,829 | 1,968 | (139) | (7) | ||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 60,413 | 60,793 | (380) | (1) | Total commercial | 59,083 | 60,793 | (1,710) | (3) | ||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 19,202 | 19,539 | (337) | (2) | Residential mortgages | 20,538 | 19,539 | 999 | 5 | ||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 11,854 | 12,149 | (295) | (2) | Home equity | 11,841 | 12,149 | (308) | (3) | ||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 12,344 | 12,153 | 191 | 2 | Automobile | 12,780 | 12,153 | 627 | 5 | ||||||||||||||||||||||||||||||||||||
Education | Education | 12,691 | 12,308 | 383 | 3 | Education | 12,800 | 12,308 | 492 | 4 | ||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 5,691 | 6,148 | (457) | (7) | Other retail | 5,539 | 6,148 | (609) | (10) | ||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 61,782 | 62,297 | (515) | (1) | Total retail | 63,498 | 62,297 | 1,201 | 2 | ||||||||||||||||||||||||||||||||||||
Total loans and leases | Total loans and leases | $122,195 | $123,090 | ($895) | (1 | %) | Total loans and leases | $122,581 | $123,090 | ($509) | — | % |
Table 10: ACL and Related Coverage Ratios by Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
Table 13: ACL and Related Coverage Ratios by Portfolio | Table 13: ACL and Related Coverage Ratios by Portfolio | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Loans and Leases | Allowance | Coverage | Loans and Leases | Allowance | Coverage | (in millions) | Loans and Leases | Allowance | Coverage | Loans and Leases | Allowance | Coverage | ||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $44,058 | $742 | 1.68 | % | $44,173 | $821 | 1.86 | % | Commercial and industrial | $42,842 | $674 | 1.57 | % | $44,173 | $821 | 1.86 | % | ||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 14,553 | 353 | 2.43 | 14,652 | 360 | 2.46 | Commercial real estate | 14,412 | 218 | 1.51 | 14,652 | 360 | 2.46 | ||||||||||||||||||||||||||||||||
Leases | Leases | 1,802 | 51 | 2.82 | 1,968 | 52 | 2.67 | Leases | 1,829 | 61 | 3.36 | 1,968 | 52 | 2.67 | ||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 60,413 | 1,146 | 1.90 | 60,793 | 1,233 | 2.03 | Total commercial | 59,083 | 953 | 1.61 | 60,793 | 1,233 | 2.03 | ||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 19,202 | 125 | 0.65 | 19,539 | 141 | 0.72 | Residential mortgages | 20,538 | 140 | 0.68 | 19,539 | 141 | 0.72 | ||||||||||||||||||||||||||||||||
Home equity | Home equity | 11,854 | 102 | 0.86 | 12,149 | 134 | 1.10 | Home equity | 11,841 | 102 | 0.86 | 12,149 | 134 | 1.10 | ||||||||||||||||||||||||||||||||
Automobile | Automobile | 12,344 | 175 | 1.41 | 12,153 | 200 | 1.65 | Automobile | 12,780 | 168 | 1.31 | 12,153 | 200 | 1.65 | ||||||||||||||||||||||||||||||||
Education | Education | 12,691 | 342 | 2.70 | 12,308 | 361 | 2.93 | Education | 12,800 | 322 | 2.51 | 12,308 | 361 | 2.93 | ||||||||||||||||||||||||||||||||
Other retail | Other retail | 5,691 | 304 | 5.34 | 6,148 | 374 | 6.07 | Other retail | 5,539 | 262 | 4.74 | 6,148 | 374 | 6.07 | ||||||||||||||||||||||||||||||||
Total retail loans | 61,782 | 1,048 | 1.70 | 62,297 | 1,210 | 1.94 | ||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 63,498 | 994 | 1.57 | 62,297 | 1,210 | 1.94 | |||||||||||||||||||||||||||||||||||||||
Total loans and leases | Total loans and leases | $122,195 | $2,194 | 1.80 | % | $123,090 | $2,443 | 1.98 | % | Total loans and leases | $122,581 | $1,947 | 1.59 | % | $123,090 | $2,443 | 1.98 | % | ||||||||||||||||||||||||||||
Allowance for Unfunded Lending Commitments | Allowance for Unfunded Lending Commitments | Allowance for Unfunded Lending Commitments | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $165 | 2.17 | % | $186 | 2.33 | % | Commercial | $121 | 1.82 | % | $186 | 2.33 | % | ||||||||||||||||||||||||||||||||
Retail | Retail | 13 | 1.72 | 41 | 2.01 | Retail | 13 | 1.59 | 41 | 2.01 | ||||||||||||||||||||||||||||||||||||
Total allowance for unfunded lending commitments | Total allowance for unfunded lending commitments | 178 | 227 | Total allowance for unfunded lending commitments | 134 | 227 | ||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | $122,195 | $2,372 | 1.94 | % | $123,090 | $2,670 | 2.17 | % | Allowance for credit losses | $122,581 | $2,081 | 1.70 | % | $123,090 | $2,670 | 2.17 | % |
Table 11: Nonaccrual Loans and Leases | ||||||||||||||||||||||||||||||||||||||||||||||
Table 14: Nonaccrual Loans and Leases | Table 14: Nonaccrual Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | March 31, 2021 | December 31, 2020 | Change | Percent | (dollars in millions) | June 30, 2021 | December 31, 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $281 | $280 | $1 | — | % | Commercial and industrial | $163 | $280 | ($117) | (42 | %) | ||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 100 | 176 | (76) | (43 | %) | Commercial real estate | 102 | 176 | (74) | (42) | |||||||||||||||||||||||||||||||||||
Leases | Leases | 1 | 2 | (1) | (50) | Leases | 1 | 2 | (1) | (50) | ||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | Total commercial loans and leases | 382 | 458 | (76) | (17) | Total commercial loans and leases | 266 | 458 | (192) | (42) | ||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 237 | 167 | 70 | 42 | Residential mortgages | 174 | 167 | 7 | 4 | ||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 269 | 276 | (7) | (3) | Home equity | 234 | 276 | (42) | (15) | ||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 70 | 72 | (2) | (3) | Automobile | 62 | 72 | (10) | (14) | ||||||||||||||||||||||||||||||||||||
Education | Education | 22 | 18 | 4 | 22 | Education | 21 | 18 | 3 | 17 | ||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 28 | 28 | — | — | Other retail | 22 | 28 | (6) | (21) | ||||||||||||||||||||||||||||||||||||
Total retail loans | Total retail loans | 626 | 561 | 65 | 12 | Total retail loans | 513 | 561 | (48) | (9) | ||||||||||||||||||||||||||||||||||||
Nonaccrual loans and leases | Nonaccrual loans and leases | $1,008 | $1,019 | ($11) | (1 | %) | Nonaccrual loans and leases | $779 | $1,019 | ($240) | (24 | %) | ||||||||||||||||||||||||||||||||||
Nonaccrual loans and leases to total loans and leases | Nonaccrual loans and leases to total loans and leases | 0.82 | % | 0.83 | % | (1 | bp) | Nonaccrual loans and leases to total loans and leases | 0.64 | % | 0.83 | % | (19 | bps) | ||||||||||||||||||||||||||||||||
Allowance for loan and lease losses to nonaccruing loans and leases | Allowance for loan and lease losses to nonaccruing loans and leases | 218 | 240 | (22 | %) | Allowance for loan and lease losses to nonaccruing loans and leases | 250 | 240 | 10 | % | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses to nonaccruing loans and leases | Allowance for credit losses to nonaccruing loans and leases | 235 | 262 | (27 | %) | Allowance for credit losses to nonaccruing loans and leases | 267 | 262 | 5 | % |
Table 12: Net Charge-offs and Charge-Off Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 15: Net Charge-offs and Charge-Off Ratios, Quarter-to-Date | Table 15: Net Charge-offs and Charge-Off Ratios, Quarter-to-Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | (dollars in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $77 | $44 | $33 | 0.70 | % | 0.41 | % | 29 | bps | Commercial and industrial | $28 | $65 | ($37) | 0.25 | % | 0.52 | % | (27 | bps) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 26 | — | 26 | 0.73 | — | 73 | Commercial real estate | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | 1 | — | 1 | 0.26 | 0.07 | 19 | Leases | 13 | 6 | 7 | 2.97 | 1.03 | 194 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 104 | 44 | 60 | 0.69 | 0.30 | 39 | Total commercial | 41 | 71 | (30) | 0.27 | 0.42 | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | (1) | — | (1) | (0.01) | 0.01 | (2) | Residential mortgages | (1) | 1 | (2) | (0.03) | 0.02 | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | (7) | (3) | (4) | (0.25) | (0.10) | (15) | Home equity | (10) | (2) | (8) | (0.33) | (0.05) | (28) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 11 | 27 | (16) | 0.35 | 0.88 | (53) | Automobile | (2) | 20 | (22) | (0.04) | 0.68 | (72) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 7 | 14 | (7) | 0.24 | 0.55 | (31) | Education | 13 | 10 | 3 | 0.40 | 0.34 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 44 | 55 | (11) | 3.00 | 3.21 | (21) | Other retail | 37 | 47 | (10) | 2.63 | 2.93 | (30) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail loans | Total retail loans | 54 | 93 | (39) | 0.35 | 0.61 | (26) | Total retail loans | 37 | 76 | (39) | 0.24 | 0.50 | (26) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net charge-offs | Total net charge-offs | $158 | $137 | $21 | 0.52 | % | 0.46 | % | 6 | bps | Total net charge-offs | $78 | $147 | ($69) | 0.25 | % | 0.46 | % | (21 | bps) |
Table 16: Net Charge-offs and Charge-Off Ratios, Year-to-Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $105 | $109 | ($4) | 0.48 | % | 0.47 | % | 1 | bps | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 26 | — | 26 | 0.36 | — | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 14 | 6 | 8 | 1.58 | 0.55 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 145 | 115 | 30 | 0.48 | 0.37 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | (2) | 1 | (3) | (0.02) | 0.01 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | (17) | (5) | (12) | (0.29) | (0.08) | (21) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | 9 | 47 | (38) | 0.15 | 0.78 | (63) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | 20 | 24 | (4) | 0.32 | 0.44 | (12) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | 81 | 102 | (21) | 2.82 | 3.07 | (25) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail loans | 91 | 169 | (78) | 0.29 | 0.56 | (27) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net charge-offs | $236 | $284 | ($48) | 0.39 | % | 0.46 | % | (7 | bps) |
Table 13: Commercial Loans and Leases by Regulatory Classification | ||||||||||||||||||||||||||||||||||
Table 17: Commercial Loans and Leases by Regulatory Classification | Table 17: Commercial Loans and Leases by Regulatory Classification | |||||||||||||||||||||||||||||||||
March 31, 2021 | June 30, 2021 | |||||||||||||||||||||||||||||||||
Criticized | Criticized | |||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Pass | Special Mention | Substandard | Doubtful | Total | (in millions) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||
Commercial and industrial(1) | Commercial and industrial(1) | $40,922 | $1,282 | $1,609 | $245 | $44,058 | Commercial and industrial(1) | $39,945 | $1,145 | $1,631 | $121 | $42,842 | ||||||||||||||||||||||
Commercial real estate | Commercial real estate | 13,631 | 489 | 408 | 25 | 14,553 | Commercial real estate | 13,115 | 666 | 604 | 27 | 14,412 | ||||||||||||||||||||||
Leases | Leases | 1,751 | 34 | 16 | 1 | 1,802 | Leases | 1,776 | 29 | 23 | 1 | 1,829 | ||||||||||||||||||||||
Total commercial | Total commercial | $56,304 | $1,805 | $2,033 | $271 | $60,413 | Total commercial | $54,836 | $1,840 | $2,258 | $149 | $59,083 |
December 31, 2020 | |||||||||||||||||
Criticized | |||||||||||||||||
(in millions) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||
Commercial and industrial(1) | $40,878 | $1,583 | $1,464 | $248 | $44,173 | ||||||||||||
Commercial real estate | 13,356 | 804 | 416 | 76 | 14,652 | ||||||||||||
Leases | 1,922 | 33 | 12 | 1 | 1,968 | ||||||||||||
Total commercial | $56,156 | $2,420 | $1,892 | $325 | $60,793 |
Table 14: Commercial Loans and Leases by Industry Sector | ||||||||||||||||||||||||||||||||||
Table 18: Commercial Loans and Leases by Industry Sector | Table 18: Commercial Loans and Leases by Industry Sector | |||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Balance | % of Total Loans | Balance | % of Total Loans | (dollars in millions) | Balance | % of Total Loans and Leases | Balance | % of Total Loans and Leases | ||||||||||||||||||||||||
Finance and insurance | Finance and insurance | $6,297 | 5 | % | $6,481 | 5 | % | Finance and insurance | $6,693 | 5 | % | $6,473 | 5 | % | ||||||||||||||||||||
Health, pharma, and social assistance | Health, pharma, and social assistance | 3,147 | 3 | 3,243 | 3 | Health, pharma, and social assistance | 3,078 | 3 | 3,253 | 3 | ||||||||||||||||||||||||
Accommodation and food services | Accommodation and food services | 3,251 | 3 | 3,206 | 3 | Accommodation and food services | 3,127 | 3 | 3,159 | 3 | ||||||||||||||||||||||||
Professional, scientific, and technical services | Professional, scientific, and technical services | 2,753 | 2 | 2,804 | 2 | Professional, scientific, and technical services | 2,644 | 2 | 2,804 | 2 | ||||||||||||||||||||||||
Other manufacturing | Other manufacturing | 2,366 | 2 | 2,403 | 2 | Other manufacturing | 3,705 | 3 | 3,686 | 3 | ||||||||||||||||||||||||
Information | 2,223 | 2 | 2,378 | 2 | ||||||||||||||||||||||||||||||
Technology | Technology | 3,765 | 3 | 3,546 | 3 | |||||||||||||||||||||||||||||
Retail trade | Retail trade | 2,381 | 2 | 2,336 | 2 | Retail trade | 2,224 | 2 | 2,312 | 2 | ||||||||||||||||||||||||
Energy and related | Energy and related | 2,044 | 2 | 2,237 | 2 | Energy and related | 1,936 | 2 | 2,237 | 2 | ||||||||||||||||||||||||
Wholesale trade | Wholesale trade | 2,006 | 2 | 1,904 | 2 | Wholesale trade | 2,226 | 2 | 1,976 | 2 | ||||||||||||||||||||||||
Metals and mining | 1,533 | 1 | 1,646 | 1 | ||||||||||||||||||||||||||||||
Arts, entertainment, and recreation | Arts, entertainment, and recreation | 1,250 | 1 | 1,382 | 1 | Arts, entertainment, and recreation | 1,131 | 1 | 1,383 | 1 | ||||||||||||||||||||||||
Other services | Other services | 1,368 | 1 | 1,370 | 1 | Other services | 1,758 | 1 | 1,360 | 1 | ||||||||||||||||||||||||
Administrative and waste management services | Administrative and waste management services | 1,241 | 1 | 1,320 | 1 | Administrative and waste management services | 1,261 | 1 | 1,327 | 1 | ||||||||||||||||||||||||
Computer, electrical equipment, appliance, and component manufacturing | 1,213 | 1 | 1,174 | 1 | ||||||||||||||||||||||||||||||
Transportation and warehousing | Transportation and warehousing | 1,216 | 1 | 1,169 | 1 | Transportation and warehousing | 1,196 | 1 | 1,169 | 1 | ||||||||||||||||||||||||
Consumer products manufacturing | Consumer products manufacturing | 1,131 | 1 | 1,112 | 1 | Consumer products manufacturing | 1,075 | 1 | 1,078 | 1 | ||||||||||||||||||||||||
Automotive | Automotive | 990 | 1 | 1,051 | 1 | Automotive | 1,066 | 1 | 1,057 | 1 | ||||||||||||||||||||||||
Educational services | Educational services | 803 | 1 | 844 | 1 | Educational services | 693 | — | 844 | — | ||||||||||||||||||||||||
Chemicals | Chemicals | 771 | — | 736 | — | Chemicals | 726 | — | 736 | — | ||||||||||||||||||||||||
Real estate and rental and leasing | Real estate and rental and leasing | 744 | — | 732 | — | Real estate and rental and leasing | 949 | 1 | 734 | — | ||||||||||||||||||||||||
All other (1) | 182 | — | 490 | — | ||||||||||||||||||||||||||||||
All other (2) | All other (2) | 110 | — | 884 | 1 | |||||||||||||||||||||||||||||
Total commercial and industrial | Total commercial and industrial | 38,910 | 32 | 40,018 | 32 | Total commercial and industrial | 39,363 | 32 | 40,018 | 32 | ||||||||||||||||||||||||
Real estate and rental and leasing | Real estate and rental and leasing | 13,116 | 11 | 13,169 | 11 | Real estate and rental and leasing | 12,907 | 11 | 13,167 | 11 | ||||||||||||||||||||||||
Accommodation and food services | Accommodation and food services | 789 | 1 | 749 | 1 | Accommodation and food services | 814 | 1 | 749 | 1 | ||||||||||||||||||||||||
Finance and insurance | Finance and insurance | 469 | — | 498 | — | Finance and insurance | 498 | — | 498 | — | ||||||||||||||||||||||||
All other (1) | 179 | — | 236 | — | ||||||||||||||||||||||||||||||
All other (2) | All other (2) | 193 | — | 238 | — | |||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 14,553 | 12 | 14,652 | 12 | Total commercial real estate | 14,412 | 12 | 14,652 | 12 | ||||||||||||||||||||||||
Total leases | Total leases | 1,802 | 1 | 1,968 | 2 | Total leases | 1,829 | 1 | 1,968 | 2 | ||||||||||||||||||||||||
Total commercial (2) | $55,265 | 45 | % | $56,638 | 46 | % | ||||||||||||||||||||||||||||
Total commercial (1,3) | Total commercial (1,3) | $55,604 | 45 | % | $56,638 | 46 | % |
Table 15: Aging of Retail Loans as a Percentage of Loan Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 19: Aging of Retail Loans as a Percentage of Loan Class | Table 19: Aging of Retail Loans as a Percentage of Loan Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past Due | Days Past Due | Days Past Due | Days Past Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-29 | 30-59 | 60-89 | 90 or More | Current-29 | 30-59 | 60-89 | 90 or More | Current-29 | 30-59 | 60-89 | 90+ | Current-29 | 30-59 | 60-89 | 90+ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 98.69 | % | 0.29 | % | 0.06 | % | 0.96 | % | 98.73 | % | 0.30 | % | 0.11 | % | 0.86 | % | Residential mortgages | 96.83 | % | 0.86 | % | 0.30 | % | 2.03 | % | 98.73 | % | 0.30 | % | 0.11 | % | 0.86 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 97.85 | 0.39 | 0.16 | 1.60 | 97.53 | 0.50 | 0.23 | 1.74 | Home equity | 98.03 | 0.27 | 0.14 | 1.56 | 97.53 | 0.50 | 0.23 | 1.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 98.64 | 0.95 | 0.33 | 0.08 | 97.93 | 1.40 | 0.53 | 0.14 | Automobile | 98.69 | 0.89 | 0.34 | 0.08 | 97.93 | 1.40 | 0.53 | 0.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 99.58 | 0.23 | 0.10 | 0.09 | 99.56 | 0.27 | 0.11 | 0.06 | Education | 99.58 | 0.23 | 0.10 | 0.09 | 99.56 | 0.27 | 0.11 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 98.44 | 0.54 | 0.42 | 0.60 | 98.36 | 0.62 | 0.47 | 0.55 | Other retail | 98.47 | 0.67 | 0.36 | 0.51 | 98.36 | 0.62 | 0.47 | 0.55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 98.68 | % | 0.45 | % | 0.17 | % | 0.70 | % | 98.47 | % | 0.58 | % | 0.25 | % | 0.70 | % | Total retail | 98.12 | % | 0.61 | % | 0.24 | % | 1.02 | % | 98.47 | % | 0.58 | % | 0.25 | % | 0.70 | % |
Table 16: Retail Asset Quality Metrics | ||||||||||||||||||||||
Table 20: Retail Asset Quality Metrics | Table 20: Retail Asset Quality Metrics | |||||||||||||||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||
Average refreshed FICO for total portfolio | Average refreshed FICO for total portfolio | 769 | 771 | Average refreshed FICO for total portfolio | 769 | 771 | ||||||||||||||||
CLTV ratio for secured real estate(1) | CLTV ratio for secured real estate(1) | 58 | % | 60 | % | CLTV ratio for secured real estate(1) | 58 | % | 60 | % | ||||||||||||
Nonaccruing retail loans to total retail | Nonaccruing retail loans to total retail | 1.01 | 0.90 | Nonaccruing retail loans to total retail | 0.81 | 0.90 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | 2021 | 2020 | Change | Percent | (dollars in millions) | 2021 | 2020 | Change | Percent | 2021 | 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | $54 | $93 | ($39) | (42 | %) | Net charge-offs | $37 | $76 | ($39) | (51 | %) | $91 | $169 | ($78) | (46 | %) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annualized net charge-off rate | Annualized net charge-off rate | 0.35 | % | 0.61 | % | (26) | bps | Annualized net charge-off rate | 0.24 | % | 0.50 | % | (26) | bps | 0.29 | % | 0.56 | % | (27) | bps |
Table 17: Accruing and Nonaccruing Retail Troubled Debt Restructurings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 21: Accruing and Nonaccruing Troubled Debt Restructurings | Table 21: Accruing and Nonaccruing Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of Accruing Retail TDRs | As a % of Accruing TDRs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Accruing | 30-89 Days Past Due | 90+ Days Past Due | Nonaccruing | Total | (dollars in millions) | Accruing | 30-89 Days Past Due | 90+ Days Past Due | Nonaccruing | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | $174 | 2.0 | % | 2.6 | % | $46 | $220 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 150 | 0.3 | % | — | % | 70 | 220 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | — | — | 9 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 150 | 0.3 | — | 79 | 229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages(1) | Residential mortgages(1) | 343 | 3.9 | 9.5 | 34 | 377 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 213 | 0.9 | — | 85 | 298 | Home equity | 211 | 0.5 | — | 81 | 292 | ||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 3 | 0.1 | — | 43 | 46 | Automobile | 3 | 0.1 | — | 39 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 112 | 0.6 | 0.3 | 12 | 124 | Education | 113 | 0.4 | 0.2 | 11 | 124 | ||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 24 | 0.3 | — | 2 | 26 | Other retail | 22 | 0.2 | — | 3 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 692 | 5.1 | 9.6 | 168 | 860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $526 | 3.9 | % | 2.9 | % | $188 | $714 | Total | $842 | 5.4 | % | 9.6 | % | $247 | $1,089 |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of Accruing Retail TDRs | As a % of Accruing TDRs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Accruing | 30-89 Days Past Due | 90+ Days Past Due | Nonaccruing | Total | (dollars in millions) | Accruing | 30-89 Days Past Due | 90+ Days Past Due | Nonaccruing | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | $172 | 2.7 | % | 2.6 | % | $43 | $215 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $134 | 0.1 | % | — | % | $97 | $231 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | $26 | — | — | — | $26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | $160 | 0.1 | — | 97 | $257 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages(1) | Residential mortgages(1) | 172 | 2.1 | 2.0 | 43 | 215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 221 | 1.3 | — | 83 | 304 | Home equity | 221 | 1.0 | — | 83 | 304 | ||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 13 | 0.5 | — | 33 | 46 | Automobile | 13 | 0.4 | — | 33 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 116 | 0.6 | 0.3 | 10 | 126 | Education | 116 | 0.5 | 0.3 | 10 | 126 | ||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 25 | 0.3 | — | 2 | 27 | Other retail | 25 | 0.2 | — | 2 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 547 | 4.2 | 2.3 | 171 | 718 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $547 | 5.4 | % | 2.9 | % | $171 | $718 | Total | $707 | 4.3 | % | 2.3 | % | $268 | $975 |
Table 18: Composition of Deposits | ||||||||||||||||||||||||||||||||||||||||||||||
Table 22: Composition of Deposits | Table 22: Composition of Deposits | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | March 31, 2021 | December 31, 2020 | Change | Percent | (in millions) | June 30, 2021 | December 31, 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||
Demand | Demand | $46,067 | $43,831 | $2,236 | 5 | % | Demand | $47,480 | $43,831 | $3,649 | 8 | % | ||||||||||||||||||||||||||||||||||
Checking with interest | Checking with interest | 26,883 | 27,204 | (321) | (1) | Checking with interest | 28,074 | 27,204 | 870 | 3 | ||||||||||||||||||||||||||||||||||||
Regular savings | Regular savings | 19,634 | 18,044 | 1,590 | 9 | Regular savings | 20,382 | 18,044 | 2,338 | 13 | ||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 51,074 | 48,569 | 2,505 | 5 | Money market accounts | 48,150 | 48,569 | (419) | (1) | ||||||||||||||||||||||||||||||||||||
Term deposits | Term deposits | 7,691 | 9,516 | (1,825) | (19) | Term deposits | 6,550 | 9,516 | (2,966) | (31) | ||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $151,349 | $147,164 | $4,185 | 3 | % | Total deposits | $150,636 | $147,164 | $3,472 | 2 | % |
Table 19: Summary of Long-Term Borrowed Funds | ||||||||||||||||||||||
Table 23: Summary of Long-Term Borrowed Funds | Table 23: Summary of Long-Term Borrowed Funds | |||||||||||||||||||||
(in millions) | (in millions) | March 31, 2021 | December 31, 2020 | (in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||||||
Parent Company: | Parent Company: | Parent Company: | ||||||||||||||||||||
2.375% fixed-rate senior unsecured debt, due July 2021 | 2.375% fixed-rate senior unsecured debt, due July 2021 | $350 | $350 | 2.375% fixed-rate senior unsecured debt, due July 2021 | $— | $350 | ||||||||||||||||
4.150% fixed-rate subordinated debt, due September 2022 | 4.150% fixed-rate subordinated debt, due September 2022 | 168 | 182 | 4.150% fixed-rate subordinated debt, due September 2022 | 168 | 182 | ||||||||||||||||
3.750% fixed-rate subordinated debt, due July 2024 | 3.750% fixed-rate subordinated debt, due July 2024 | 90 | 159 | 3.750% fixed-rate subordinated debt, due July 2024 | 90 | 159 | ||||||||||||||||
4.023% fixed-rate subordinated debt, due October 2024 | 4.023% fixed-rate subordinated debt, due October 2024 | 17 | 25 | 4.023% fixed-rate subordinated debt, due October 2024 | 17 | 25 | ||||||||||||||||
4.350% fixed-rate subordinated debt, due August 2025 | 4.350% fixed-rate subordinated debt, due August 2025 | 133 | 193 | 4.350% fixed-rate subordinated debt, due August 2025 | 133 | 193 | ||||||||||||||||
4.300% fixed-rate subordinated debt, due December 2025 | 4.300% fixed-rate subordinated debt, due December 2025 | 336 | 450 | 4.300% fixed-rate subordinated debt, due December 2025 | 336 | 450 | ||||||||||||||||
2.850% fixed-rate senior unsecured notes, due July 2026 | 2.850% fixed-rate senior unsecured notes, due July 2026 | 497 | 497 | 2.850% fixed-rate senior unsecured notes, due July 2026 | 497 | 497 | ||||||||||||||||
2.500% fixed-rate senior unsecured notes, due February 2030 | 2.500% fixed-rate senior unsecured notes, due February 2030 | 297 | 297 | 2.500% fixed-rate senior unsecured notes, due February 2030 | 298 | 297 | ||||||||||||||||
3.250% fixed-rate senior unsecured notes, due April 2030 | 3.250% fixed-rate senior unsecured notes, due April 2030 | 745 | 745 | 3.250% fixed-rate senior unsecured notes, due April 2030 | 745 | 745 | ||||||||||||||||
3.750% fixed-rate reset subordinated debt, due February 2031 | 3.750% fixed-rate reset subordinated debt, due February 2031 | 69 | — | 3.750% fixed-rate reset subordinated debt, due February 2031 | 69 | — | ||||||||||||||||
4.300% fixed-rate reset subordinated debt, due February 2031 | 4.300% fixed-rate reset subordinated debt, due February 2031 | 135 | — | 4.300% fixed-rate reset subordinated debt, due February 2031 | 135 | — | ||||||||||||||||
4.350% fixed-rate reset subordinated debt, due February 2031 | 4.350% fixed-rate reset subordinated debt, due February 2031 | 60 | — | 4.350% fixed-rate reset subordinated debt, due February 2031 | 60 | — | ||||||||||||||||
2.638% fixed-rate subordinated debt, due September 2032 | 2.638% fixed-rate subordinated debt, due September 2032 | 545 | 543 | 2.638% fixed-rate subordinated debt, due September 2032 | 547 | 543 | ||||||||||||||||
CBNA’s Global Note Program: | CBNA’s Global Note Program: | CBNA’s Global Note Program: | ||||||||||||||||||||
2.550% senior unsecured notes, due May 2021 | 2.550% senior unsecured notes, due May 2021 | 1,000 | 1,003 | 2.550% senior unsecured notes, due May 2021 | — | 1,003 | ||||||||||||||||
3.250% senior unsecured notes, due February 2022 | 3.250% senior unsecured notes, due February 2022 | 712 | 716 | 3.250% senior unsecured notes, due February 2022 | 708 | 716 | ||||||||||||||||
0.918% floating-rate senior unsecured notes, due February 2022 (2) | 300 | 299 | ||||||||||||||||||||
1.000% floating-rate senior unsecured notes, due May 2022 (2) | 250 | 250 | ||||||||||||||||||||
0.874% floating-rate senior unsecured notes, due February 2022 (3) | 0.874% floating-rate senior unsecured notes, due February 2022 (3) | 300 | 299 | |||||||||||||||||||
0.951% floating-rate senior unsecured notes, due May 2022 (3) | 0.951% floating-rate senior unsecured notes, due May 2022 (3) | 250 | 250 | |||||||||||||||||||
2.650% senior unsecured notes, due May 2022 | 2.650% senior unsecured notes, due May 2022 | 508 | 510 | 2.650% senior unsecured notes, due May 2022 | 507 | 510 | ||||||||||||||||
3.700% senior unsecured notes, due March 2023 | 3.700% senior unsecured notes, due March 2023 | 523 | 527 | 3.700% senior unsecured notes, due March 2023 | 520 | 527 | ||||||||||||||||
1.143% floating-rate senior unsecured notes, due March 2023 (2) | 250 | 249 | ||||||||||||||||||||
1.096% floating-rate senior unsecured notes, due March 2023 (3) | 1.096% floating-rate senior unsecured notes, due March 2023 (3) | 250 | 249 | |||||||||||||||||||
2.250% senior unsecured notes, due April 2025 | 2.250% senior unsecured notes, due April 2025 | 746 | 746 | 2.250% senior unsecured notes, due April 2025 | 746 | 746 | ||||||||||||||||
3.750% senior unsecured notes, due February 2026 | 3.750% senior unsecured notes, due February 2026 | 536 | 551 | 3.750% senior unsecured notes, due February 2026 | 536 | 551 | ||||||||||||||||
Additional Borrowings by CBNA and Other Subsidiaries: | Additional Borrowings by CBNA and Other Subsidiaries: | Additional Borrowings by CBNA and Other Subsidiaries: | ||||||||||||||||||||
Federal Home Loan Bank advances, 0.920% weighted average rate, due through 2038 | 19 | 19 | ||||||||||||||||||||
Federal Home Loan Bank advances, 0.909% weighted average rate, due through 2038 | Federal Home Loan Bank advances, 0.909% weighted average rate, due through 2038 | 18 | 19 | |||||||||||||||||||
Other | Other | 30 | 35 | Other | 27 | 35 | ||||||||||||||||
Total long-term borrowed funds | Total long-term borrowed funds | $8,316 | $8,346 | Total long-term borrowed funds | $6,957 | $8,346 |
Table 20: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules | ||||||||||||||||||||||||||||||||||||||||
Table 24: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules | Table 24: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules | |||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | Required Minimum plus Required CCB for Non-Leverage Ratios(1) | June 30, 2021 | December 31, 2020 | Required Minimum plus Required CCB for Non-Leverage Ratios(1) | |||||||||||||||||||||||||||||||||||
(in millions, except ratio data) | (in millions, except ratio data) | Amount | Ratio | Amount | Ratio | (in millions, except ratio data) | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
CET1 capital | CET1 capital | $14,867 | 10.1 | % | $14,607 | 10.0 | % | 7.9 | % | CET1 capital | $15,266 | 10.3 | % | $14,607 | 10.0 | % | 7.9 | % | ||||||||||||||||||||||
Tier 1 capital | Tier 1 capital | 16,832 | 11.4 | 16,572 | 11.3 | 9.4 | Tier 1 capital | 17,280 | 11.6 | 16,572 | 11.3 | 9.4 | ||||||||||||||||||||||||||||
Total capital | Total capital | 19,879 | 13.4 | 19,602 | 13.4 | 11.4 | Total capital | 20,111 | 13.5 | 19,602 | 13.4 | 11.4 | ||||||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | 16,832 | 9.5 | 16,572 | 9.4 | 4.0 | Tier 1 leverage | 17,280 | 9.7 | 16,572 | 9.4 | 4.0 | ||||||||||||||||||||||||||||
Risk-weighted assets | Risk-weighted assets | 147,817 | 146,781 | Risk-weighted assets | 148,563 | 146,781 | ||||||||||||||||||||||||||||||||||
Quarterly adjusted average assets | Quarterly adjusted average assets | 176,890 | 175,370 | Quarterly adjusted average assets | 178,929 | 175,370 |
Table 21: Capital Composition Under the U.S. Basel III Capital Framework | ||||||||||||||||||||||
Table 25: Capital Composition Under the U.S. Basel III Capital Framework | Table 25: Capital Composition Under the U.S. Basel III Capital Framework | |||||||||||||||||||||
(in millions) | (in millions) | March 31, 2021 | December 31, 2020 | (in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||||||
Total common shareholders' equity | Total common shareholders' equity | $20,688 | $20,708 | Total common shareholders' equity | $21,185 | $20,708 | ||||||||||||||||
Exclusions: | Exclusions: | Exclusions: | ||||||||||||||||||||
Modified CECL transitional amount | Modified CECL transitional amount | 493 | 568 | Modified CECL transitional amount | 420 | 568 | ||||||||||||||||
Net unrealized (gains)/losses recorded in accumulated other comprehensive income (loss), net of tax: | Net unrealized (gains)/losses recorded in accumulated other comprehensive income (loss), net of tax: | Net unrealized (gains)/losses recorded in accumulated other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Debt and equity securities | Debt and equity securities | (71) | (380) | Debt and equity securities | (78) | (380) | ||||||||||||||||
Derivatives | Derivatives | 57 | 11 | Derivatives | 38 | 11 | ||||||||||||||||
Unamortized net periodic benefit costs | Unamortized net periodic benefit costs | 425 | 429 | Unamortized net periodic benefit costs | 421 | 429 | ||||||||||||||||
Deductions: | Deductions: | Deductions: | ||||||||||||||||||||
Goodwill | Goodwill | (7,050) | (7,050) | Goodwill | (7,050) | (7,050) | ||||||||||||||||
Deferred tax liability associated with goodwill | Deferred tax liability associated with goodwill | 380 | 379 | Deferred tax liability associated with goodwill | 383 | 379 | ||||||||||||||||
Other intangible assets | Other intangible assets | (55) | (58) | Other intangible assets | (53) | (58) | ||||||||||||||||
Total common equity tier 1 | Total common equity tier 1 | 14,867 | 14,607 | Total common equity tier 1 | 15,266 | 14,607 | ||||||||||||||||
Qualifying preferred stock | Qualifying preferred stock | 1,965 | 1,965 | Qualifying preferred stock | 2,014 | 1,965 | ||||||||||||||||
Total tier 1 capital | Total tier 1 capital | 16,832 | 16,572 | Total tier 1 capital | 17,280 | 16,572 | ||||||||||||||||
Qualifying subordinated debt(1) | Qualifying subordinated debt(1) | 1,282 | 1,204 | Qualifying subordinated debt(1) | 1,284 | 1,204 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | 2,372 | 2,670 | Allowance for credit losses | 2,081 | 2,670 | ||||||||||||||||
Exclusions from tier 2 capital: | Exclusions from tier 2 capital: | Exclusions from tier 2 capital: | ||||||||||||||||||||
Modified AACL transitional amount | Modified AACL transitional amount | (607) | (682) | Modified AACL transitional amount | (534) | (682) | ||||||||||||||||
Excess allowance for credit losses(2) | Excess allowance for credit losses(2) | — | (162) | Excess allowance for credit losses(2) | — | (162) | ||||||||||||||||
Adjusted allowance for credit losses | Adjusted allowance for credit losses | 1,765 | 1,826 | Adjusted allowance for credit losses | 1,547 | 1,826 | ||||||||||||||||
Total capital | Total capital | $19,879 | $19,602 | Total capital | $20,111 | $19,602 |
Table 22: CBNA's Capital Ratios Under the U.S. Basel III Standardized Rules | ||||||||||||||||||||||||||||||||||
Table 26: CBNA's Capital Ratios Under the U.S. Basel III Standardized Rules | Table 26: CBNA's Capital Ratios Under the U.S. Basel III Standardized Rules | |||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(dollars in millions, except ratio data) | (dollars in millions, except ratio data) | Amount | Ratio | Amount | Ratio | (dollars in millions, except ratio data) | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||
CET1 capital | CET1 capital | $16,265 | 11.0 | % | $16,032 | 10.9 | % | CET1 capital | $16,545 | 11.2 | % | $16,032 | 10.9 | % | ||||||||||||||||||||
Tier 1 capital | Tier 1 capital | 16,265 | 11.0 | 16,032 | 10.9 | Tier 1 capital | 16,545 | 11.2 | 16,032 | 10.9 | ||||||||||||||||||||||||
Total capital | Total capital | 19,155 | 13.0 | 18,980 | 13.0 | Total capital | 19,217 | 13.0 | 18,980 | 13.0 | ||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | 16,265 | 9.2 | 16,032 | 9.2 | Tier 1 leverage | 16,545 | 9.3 | 16,032 | 9.2 | ||||||||||||||||||||||||
Risk-weighted assets | Risk-weighted assets | 147,394 | 146,558 | Risk-weighted assets | 148,105 | 146,558 | ||||||||||||||||||||||||||||
Quarterly adjusted average assets | Quarterly adjusted average assets | 176,427 | 174,954 | Quarterly adjusted average assets | 178,441 | 174,954 |
Table | |||||||||||||||||
Moody’s | Standard and Poor’s | Fitch | |||||||||||||||
Citizens Financial Group, Inc.: | |||||||||||||||||
Long-term issuer | NR | BBB+ | BBB+ | ||||||||||||||
Short-term issuer | NR | A-2 | F1 | ||||||||||||||
Subordinated debt | NR | BBB | BBB | ||||||||||||||
Preferred Stock | NR | BB+ | BB | ||||||||||||||
Citizens Bank, National Association: | |||||||||||||||||
Long-term issuer | Baa1 | A- | BBB+ | ||||||||||||||
Short-term issuer | NR | A-2 | F1 | ||||||||||||||
Long-term deposits | A1 | NR | A- | ||||||||||||||
Short-term deposits | P-1 | NR | F1 | ||||||||||||||
NR = Not rated |
Table 24: Outstanding Off-Balance Sheet Arrangements | ||||||||||||||||||||||||||||||||||||||||||||||
Table 28: Outstanding Off-Balance Sheet Arrangements | Table 28: Outstanding Off-Balance Sheet Arrangements | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | March 31, 2021 | December 31, 2020 | Change | Percent | (in millions) | June 30, 2021 | December 31, 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $76,200 | $74,160 | $2,040 | 3 | % | Commitments to extend credit | $76,761 | $74,160 | $2,601 | 4 | % | ||||||||||||||||||||||||||||||||||
Letters of credit | Letters of credit | 2,077 | 2,239 | (162) | (7) | Letters of credit | 1,926 | 2,239 | (313) | (14) | ||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | 71 | 98 | (27) | (28) | Risk participation agreements | 68 | 98 | (30) | (31) | ||||||||||||||||||||||||||||||||||||
Loans sold with recourse | Loans sold with recourse | 58 | 54 | 4 | 7 | Loans sold with recourse | 64 | 54 | 10 | 19 | ||||||||||||||||||||||||||||||||||||
Marketing rights | Marketing rights | 29 | 29 | — | — | Marketing rights | 26 | 29 | (3) | (10) | ||||||||||||||||||||||||||||||||||||
Total | Total | $78,435 | $76,580 | $1,855 | 2 | % | Total | $78,845 | $76,580 | $2,265 | 3 | % |
Table 25: Sensitivity of Net Interest Income | |||||||||||
Estimated % Change in Net Interest Income over 12 Months | |||||||||||
Basis points | March 31, 2021 | December 31, 2020 | |||||||||
Instantaneous Change in Interest Rates | |||||||||||
200 | 17.6 | % | 21.2 | % | |||||||
100 | 9.1 | 11.2 | |||||||||
-25 | (2.3) | (2.7) | |||||||||
Gradual Change in Interest Rates | |||||||||||
200 | 8.5 | 10.8 | |||||||||
100 | 4.3 | 5.5 | |||||||||
-25 | (1.3) | (1.5) |
Table 29: Sensitivity of Net Interest Income | |||||||||||
Estimated % Change in Net Interest Income over 12 Months | |||||||||||
Basis points | June 30, 2021 | December 31, 2020 | |||||||||
Instantaneous Change in Interest Rates | |||||||||||
200 | 21.7 | % | 21.2 | % | |||||||
100 | 11.3 | 11.2 | |||||||||
-25 | (2.2) | (2.7) | |||||||||
Gradual Change in Interest Rates | |||||||||||
200 | 10.7 | 10.8 | |||||||||
100 | 5.4 | 5.5 | |||||||||
-25 | (1.2) | (1.5) |
Table 26: Interest Rate Swap Contracts Used to Manage Non-Trading Interest Rate Exposure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 30: Interest Rate Swap Contracts Used to Manage Non-Trading Interest Rate Exposure | Table 30: Interest Rate Swap Contracts Used to Manage Non-Trading Interest Rate Exposure | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average | Weighted Average | Weighted Average | Weighted Average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Notional Amount | Maturity (Years) | Receive Rate | Pay Rate | Notional Amount | Maturity (Years) | Receive Rate | Pay Rate | (dollars in millions) | Notional Amount | Maturity (Years) | Receive Rate | Pay Rate | Notional Amount | Maturity (Years) | Receive Rate | Pay Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow - receive-fixed/pay-variable - conventional ALM(1) | Cash flow - receive-fixed/pay-variable - conventional ALM(1) | $18,350 | 2.4 | 1.2 | % | 0.1 | % | $12,350 | 1.0 | 1.5 | % | 0.2 | % | Cash flow - receive-fixed/pay-variable - conventional ALM(1) | $18,100 | 2.5 | 1.1 | % | 0.1 | % | $12,350 | 1.0 | 1.5 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Fair value - receive-fixed/pay-variable - conventional debt | Fair value - receive-fixed/pay-variable - conventional debt | 3,200 | 1.4 | 2.1 | 0.2 | 3,200 | 1.7 | 2.1 | 0.2 | Fair value - receive-fixed/pay-variable - conventional debt | 2,200 | 1.8 | 2.5 | 0.2 | 3,200 | 1.7 | 2.1 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow - pay-fixed/receive-variable - conventional ALM(1)(2) | Cash flow - pay-fixed/receive-variable - conventional ALM(1)(2) | 3,000 | 3.2 | 0.1 | 1.7 | 4,750 | 3.9 | 0.2 | 1.4 | Cash flow - pay-fixed/receive-variable - conventional ALM(1)(2) | 3,000 | 3.0 | 0.1 | 1.7 | 4,750 | 3.9 | 0.2 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value - pay-fixed/receive-variable - conventional ALM(1) | Fair value - pay-fixed/receive-variable - conventional ALM(1) | 2,000 | 3.5 | 0.1 | 1.5 | 2,000 | 3.7 | 0.2 | 1.5 | Fair value - pay-fixed/receive-variable - conventional ALM(1) | 2,000 | 3.2 | 0.1 | 1.5 | 2,000 | 3.7 | 0.2 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio swaps | Total portfolio swaps | $26,550 | 2.5 | 1.1 | % | 0.4 | % | $22,300 | 2 | 1.2 | % | 0.6 | % | Total portfolio swaps | $25,300 | 2.5 | 1.0 | % | 0.4 | % | $22,300 | 2.0 | 1.2 | % | 0.6 | % |
Table 27: Pre-Tax Gains (Losses) Recorded in the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income(1) | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Amount of pre-tax net (losses) gains recognized in OCI | ($28) | $129 | |||||||||||||||||||||
Amount of pre-tax net gains reclassified from OCI into interest income | 46 | 5 | |||||||||||||||||||||
Amount of pre-tax net losses reclassified from OCI into interest expense | (12) | (1) |
Table 27: Pre-Tax Gains (Losses) Recorded in the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income(1) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Amount of pre-tax net gains (losses) recognized in OCI | $62 | ($11) | $34 | $118 | |||||||||||||||||||
Amount of pre-tax net gains (losses) reclassified from OCI into interest income | 49 | 55 | 95 | 60 | |||||||||||||||||||
Amount of pre-tax net gains (losses) reclassified from OCI into interest expense | (12) | (10) | (24) | (11) |
Table 28: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 32: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations | Table 32: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | For the Three Months Ended March 31, 2021 | For the Three Months Ended March 31, 2020 | (in millions) | For the Three Months Ended June 30, 2021 | For the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Risk Category | Market Risk Category | Period End | Average | High | Low | Period End | Average | High | Low | Market Risk Category | Period End | Average | High | Low | Period End | Average | High | Low | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | Interest Rate | $2 | $3 | $6 | $1 | $1 | $1 | $4 | $— | Interest Rate | $2 | $2 | $5 | $— | $1 | $2 | $5 | $1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Exchange Currency Rate | Foreign Exchange Currency Rate | — | — | — | — | — | — | — | — | Foreign Exchange Currency Rate | 1 | — | 1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Spread | Credit Spread | 15 | 13 | 18 | 6 | 14 | 5 | 14 | 4 | Credit Spread | 13 | 13 | 17 | 10 | 13 | 8 | 15 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity | Commodity | — | — | — | — | — | — | — | — | Commodity | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General VaR | General VaR | 14 | 12 | 16 | 7 | 13 | 5 | 14 | 4 | General VaR | 14 | 12 | 16 | 9 | 12 | 11 | 13 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific Risk VaR | Specific Risk VaR | — | — | — | — | — | — | — | — | Specific Risk VaR | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total VaR | Total VaR | $14 | $12 | $16 | $7 | $13 | $5 | $14 | $4 | Total VaR | $14 | $12 | $17 | $9 | $12 | $11 | $13 | $9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stressed General VaR | Stressed General VaR | $18 | $15 | $19 | $9 | $15 | $11 | $15 | $9 | Stressed General VaR | $16 | $16 | $19 | $13 | $14 | $13 | $15 | $11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stressed Specific Risk VaR | Stressed Specific Risk VaR | — | — | — | — | — | — | — | — | Stressed Specific Risk VaR | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Stressed VaR | Total Stressed VaR | $18 | $15 | $19 | $9 | $15 | $11 | $15 | $9 | Total Stressed VaR | $16 | $16 | $19 | $13 | $14 | $13 | $15 | $11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Risk Regulatory Capital | Market Risk Regulatory Capital | $82 | $50 | Market Risk Regulatory Capital | $89 | $73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific Risk Not Modeled Add-on | Specific Risk Not Modeled Add-on | 15 | 12 | Specific Risk Not Modeled Add-on | 19 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Market Risk Regulatory Capital | Total Market Risk Regulatory Capital | $97 | $62 | Total Market Risk Regulatory Capital | $108 | $86 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Risk-Weighted Assets | Market Risk-Weighted Assets | $1,216 | $774 | Market Risk-Weighted Assets | $1,350 | $1,078 |
Table 29: Reconciliations of Non-GAAP Measures | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 33: Reconciliations of Non-GAAP Measures | Table 33: Reconciliations of Non-GAAP Measures | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of and for the Three Months Ended March 31, | As of and for the Three Months Ended June 30, | As of and for the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except share, per share and ratio data) | (in millions, except share, per share and ratio data) | Ref. | 2021 | 2020 | (in millions, except share, per share and ratio data) | Ref. | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Total revenue, Underlying: | Total revenue, Underlying: | Total revenue, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue (GAAP) | Total revenue (GAAP) | A | $1,659 | $1,657 | Total revenue (GAAP) | A | $1,609 | $1,750 | $3,268 | $3,407 | ||||||||||||||||||||||||||||||||||||||||||
Less: Notable items | Less: Notable items | — | — | Less: Notable items | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total revenue, Underlying (non-GAAP) | Total revenue, Underlying (non-GAAP) | B | $1,659 | $1,657 | Total revenue, Underlying (non-GAAP) | B | $1,609 | $1,750 | $3,268 | $3,407 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest expense, Underlying: | Noninterest expense, Underlying: | Noninterest expense, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense (GAAP) | Noninterest expense (GAAP) | C | $1,018 | $1,012 | Noninterest expense (GAAP) | C | $991 | $979 | $2,009 | $1,991 | ||||||||||||||||||||||||||||||||||||||||||
Less: Notable items | Less: Notable items | 20 | 33 | Less: Notable items | 11 | 19 | 31 | 52 | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense, Underlying (non-GAAP) | Noninterest expense, Underlying (non-GAAP) | D | $998 | $979 | Noninterest expense, Underlying (non-GAAP) | D | $980 | $960 | $1,978 | $1,939 | ||||||||||||||||||||||||||||||||||||||||||
Pre-provision profit: | Pre-provision profit: | Pre-provision profit: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue (GAAP) | Total revenue (GAAP) | A | $1,659 | $1,657 | Total revenue (GAAP) | A | $1,609 | $1,750 | $3,268 | $3,407 | ||||||||||||||||||||||||||||||||||||||||||
Less: Noninterest expense (GAAP) | Less: Noninterest expense (GAAP) | C | 1,018 | 1,012 | Less: Noninterest expense (GAAP) | C | 991 | 979 | 2,009 | 1,991 | ||||||||||||||||||||||||||||||||||||||||||
Pre-provision profit (GAAP) | Pre-provision profit (GAAP) | $641 | $645 | Pre-provision profit (GAAP) | $618 | $771 | $1,259 | $1,416 | ||||||||||||||||||||||||||||||||||||||||||||
Pre-provision profit, Underlying | Pre-provision profit, Underlying | Pre-provision profit, Underlying | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue, Underlying (non-GAAP) | Total revenue, Underlying (non-GAAP) | B | $1,659 | $1,657 | Total revenue, Underlying (non-GAAP) | B | $1,609 | $1,750 | $3,268 | $3,407 | ||||||||||||||||||||||||||||||||||||||||||
Less: Noninterest expense, Underlying (non-GAAP) | Less: Noninterest expense, Underlying (non-GAAP) | D | 998 | 979 | Less: Noninterest expense, Underlying (non-GAAP) | D | 980 | 960 | 1,978 | 1,939 | ||||||||||||||||||||||||||||||||||||||||||
Pre-provision profit, Underlying (non-GAAP) | Pre-provision profit, Underlying (non-GAAP) | $661 | $678 | Pre-provision profit, Underlying (non-GAAP) | $629 | $790 | $1,290 | $1,468 | ||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense, Underlying: | Income before income tax expense, Underlying: | Income before income tax expense, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense (GAAP) | Income before income tax expense (GAAP) | E | $781 | $45 | Income before income tax expense (GAAP) | E | $831 | $307 | $1,612 | $352 | ||||||||||||||||||||||||||||||||||||||||||
Less: Expense before income tax benefit related to notable items | (20) | (33) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Income (loss) before income tax expense (benefit) related to notable items | Less: Income (loss) before income tax expense (benefit) related to notable items | (11) | (19) | (31) | (52) | |||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense, Underlying (non-GAAP) | Income before income tax expense, Underlying (non-GAAP) | F | $801 | $78 | Income before income tax expense, Underlying (non-GAAP) | F | $842 | $326 | $1,643 | $404 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense and effective income tax rate, Underlying: | Income tax expense and effective income tax rate, Underlying: | Income tax expense and effective income tax rate, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (GAAP) | Income tax expense (GAAP) | G | $170 | $11 | Income tax expense (GAAP) | G | $183 | $54 | $353 | $65 | ||||||||||||||||||||||||||||||||||||||||||
Less: Income tax benefit related to notable items | (5) | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Income tax expense (benefit) related to notable items | Less: Income tax expense (benefit) related to notable items | (3) | (9) | (8) | (17) | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense, Underlying (non-GAAP) | Income tax expense, Underlying (non-GAAP) | H | $175 | $19 | Income tax expense, Underlying (non-GAAP) | H | $186 | $54 | $361 | $82 | ||||||||||||||||||||||||||||||||||||||||||
Effective income tax rate (GAAP) | Effective income tax rate (GAAP) | G/E | 21.76 | % | 24.13 | % | Effective income tax rate (GAAP) | G/E | 21.96 | % | 17.69 | % | 21.86 | % | 18.51 | % | ||||||||||||||||||||||||||||||||||||
Effective income tax rate, Underlying (non-GAAP) | Effective income tax rate, Underlying (non-GAAP) | H/F | 21.85 | 24.52 | Effective income tax rate, Underlying (non-GAAP) | H/F | 22.01 | 19.36 | 21.93 | 20.36 | ||||||||||||||||||||||||||||||||||||||||||
Net income, Underlying: | Net income, Underlying: | Net income, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (GAAP) | Net income (GAAP) | I | $611 | $34 | Net income (GAAP) | I | $648 | $253 | $1,259 | $287 | ||||||||||||||||||||||||||||||||||||||||||
Add: Notable items, net of income tax benefit | Add: Notable items, net of income tax benefit | 15 | 25 | Add: Notable items, net of income tax benefit | 8 | 10 | 23 | 35 | ||||||||||||||||||||||||||||||||||||||||||||
Net income, Underlying (non-GAAP) | Net income, Underlying (non-GAAP) | J | $626 | $59 | Net income, Underlying (non-GAAP) | J | $656 | $253 | $1,282 | $322 | ||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders, Underlying: | Net income available to common stockholders, Underlying: | Net income available to common stockholders, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders (GAAP) | Net income available to common stockholders (GAAP) | K | $588 | $12 | Net income available to common stockholders (GAAP) | K | 616 | 225 | $1,204 | $237 | ||||||||||||||||||||||||||||||||||||||||||
Add: Notable items, net of income tax benefit | Add: Notable items, net of income tax benefit | 15 | 25 | Add: Notable items, net of income tax benefit | 8 | 10 | 23 | 35 | ||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders, Underlying (non-GAAP) | Net income available to common stockholders, Underlying (non-GAAP) | L | $603 | $37 | Net income available to common stockholders, Underlying (non-GAAP) | L | $624 | $235 | $1,227 | $272 | ||||||||||||||||||||||||||||||||||||||||||
Return on average common equity and return on average common equity, Underlying: | Return on average common equity and return on average common equity, Underlying: | Return on average common equity and return on average common equity, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average common equity (GAAP) | Average common equity (GAAP) | M | $20,611 | $20,223 | Average common equity (GAAP) | M | $20,833 | $20,446 | $20,723 | $20,335 | ||||||||||||||||||||||||||||||||||||||||||
Return on average common equity | Return on average common equity | K/M | 11.57 | % | 0.24 | % | Return on average common equity | K/M | 11.85 | % | 4.44 | % | 11.71 | % | 2.35 | % | ||||||||||||||||||||||||||||||||||||
Return on average common equity, Underlying (non-GAAP) | Return on average common equity, Underlying (non-GAAP) | L/M | 11.85 | 0.74 | Return on average common equity, Underlying (non-GAAP) | L/M | 12.02 | 4.63 | 11.93 | 2.69 |
As of and for the Three Months Ended March 31, | As of and for the Three Months Ended June 30, | As of and for the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except share, per share and ratio data) | (in millions, except share, per share and ratio data) | Ref. | 2021 | 2020 | (in millions, except share, per share and ratio data) | Ref. | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity and return on average tangible common equity, Underlying: | Return on average tangible common equity and return on average tangible common equity, Underlying: | Return on average tangible common equity and return on average tangible common equity, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average common equity (GAAP) | Average common equity (GAAP) | M | $20,611 | $20,223 | Average common equity (GAAP) | M | $20,833 | $20,446 | $20,723 | $20,335 | ||||||||||||||||||||||||||||||||||||||||||
Less: Average goodwill (GAAP) | Less: Average goodwill (GAAP) | 7,050 | 7,046 | Less: Average goodwill (GAAP) | 7,050 | 7,050 | 7,050 | 7,048 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Average other intangibles (GAAP) | Less: Average other intangibles (GAAP) | 57 | 67 | Less: Average other intangibles (GAAP) | 53 | 65 | 55 | 66 | ||||||||||||||||||||||||||||||||||||||||||||
Add: Average deferred tax liabilities related to goodwill (GAAP) | Add: Average deferred tax liabilities related to goodwill (GAAP) | 379 | 374 | Add: Average deferred tax liabilities related to goodwill (GAAP) | 381 | 375 | 380 | 374 | ||||||||||||||||||||||||||||||||||||||||||||
Average tangible common equity | Average tangible common equity | N | $13,883 | $13,484 | Average tangible common equity | N | $14,111 | $13,706 | $13,998 | $13,595 | ||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity | Return on average tangible common equity | K/N | 17.17 | % | 0.36 | % | Return on average tangible common equity | K/N | 17.50 | % | 6.62 | % | 17.34 | % | 3.51 | % | ||||||||||||||||||||||||||||||||||||
Return on average tangible common equity, Underlying (non-GAAP) | Return on average tangible common equity, Underlying (non-GAAP) | L/N | 17.59 | 1.10 | Return on average tangible common equity, Underlying (non-GAAP) | L/N | 17.74 | 6.90 | 17.67 | 4.03 | ||||||||||||||||||||||||||||||||||||||||||
Return on average total assets and return on average total assets, Underlying: | Return on average total assets and return on average total assets, Underlying: | Return on average total assets and return on average total assets, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average total assets (GAAP) | Average total assets (GAAP) | O | $182,569 | $167,177 | Average total assets (GAAP) | O | $184,456 | $179,793 | $183,518 | $173,485 | ||||||||||||||||||||||||||||||||||||||||||
Return on average total assets | Return on average total assets | I/O | 1.36 | % | 0.08 | % | Return on average total assets | I/O | 1.41 | % | 0.57 | % | 1.38 | % | 0.33 | % | ||||||||||||||||||||||||||||||||||||
Return on average total assets, Underlying (non-GAAP) | Return on average total assets, Underlying (non-GAAP) | J/O | 1.39 | 0.14 | Return on average total assets, Underlying (non-GAAP) | J/O | 1.43 | 0.59 | 1.41 | 0.37 | ||||||||||||||||||||||||||||||||||||||||||
Return on average total tangible assets and return on average total tangible assets, Underlying: | Return on average total tangible assets and return on average total tangible assets, Underlying: | Return on average total tangible assets and return on average total tangible assets, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average total assets (GAAP) | Average total assets (GAAP) | O | $182,569 | $167,177 | Average total assets (GAAP) | O | $184,456 | $179,793 | $183,518 | $173,485 | ||||||||||||||||||||||||||||||||||||||||||
Less: Average goodwill (GAAP) | Less: Average goodwill (GAAP) | 7,050 | 7,046 | Less: Average goodwill (GAAP) | 7,050 | 7,050 | 7,050 | 7,048 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Average other intangibles (GAAP) | Less: Average other intangibles (GAAP) | 57 | 67 | Less: Average other intangibles (GAAP) | 53 | 65 | 55 | 66 | ||||||||||||||||||||||||||||||||||||||||||||
Add: Average deferred tax liabilities related to goodwill (GAAP) | Add: Average deferred tax liabilities related to goodwill (GAAP) | 379 | 374 | Add: Average deferred tax liabilities related to goodwill (GAAP) | 381 | 375 | 380 | 374 | ||||||||||||||||||||||||||||||||||||||||||||
Average tangible assets | Average tangible assets | P | $175,841 | $160,438 | Average tangible assets | P | $177,734 | $173,053 | $176,793 | $166,745 | ||||||||||||||||||||||||||||||||||||||||||
Return on average total tangible assets | Return on average total tangible assets | I/P | 1.41 | % | 0.09 | % | Return on average total tangible assets | I/P | 1.46 | % | 0.59 | % | 1.44 | % | 0.35 | % | ||||||||||||||||||||||||||||||||||||
Return on average total tangible assets, Underlying (non-GAAP) | Return on average total tangible assets, Underlying (non-GAAP) | J/P | 1.44 | 0.15 | Return on average total tangible assets, Underlying (non-GAAP) | J/P | 1.48 | 0.61 | 1.46 | 0.39 | ||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio and efficiency ratio, Underlying: | Efficiency ratio and efficiency ratio, Underlying: | Efficiency ratio and efficiency ratio, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio | Efficiency ratio | C/A | 61.35 | % | 61.10 | % | Efficiency ratio | C/A | 61.63 | % | 55.91 | % | 61.49 | % | 58.43 | % | ||||||||||||||||||||||||||||||||||||
Efficiency ratio, Underlying (non-GAAP) | Efficiency ratio, Underlying (non-GAAP) | D/B | 60.19 | 59.08 | Efficiency ratio, Underlying (non-GAAP) | D/B | 60.92 | 54.85 | 60.55 | 56.91 | ||||||||||||||||||||||||||||||||||||||||||
Operating leverage and operating leverage, Underlying: | Operating leverage and operating leverage, Underlying: | Operating leverage and operating leverage, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in total revenue | 0.07 | % | 4.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
(Decrease) increase in total revenue | (Decrease) increase in total revenue | (8.00) | % | 7.49 | % | (4.08) | % | 5.94 | % | |||||||||||||||||||||||||||||||||||||||||||
Increase in noninterest expense | Increase in noninterest expense | 0.48 | 8.06 | Increase in noninterest expense | 1.42 | 2.89 | 0.94 | 5.46 | ||||||||||||||||||||||||||||||||||||||||||||
Operating leverage | Operating leverage | (0.41 | %) | (3.71) | % | Operating leverage | (9.42) | % | 4.60 | % | (5.02 | %) | 0.48 | % | ||||||||||||||||||||||||||||||||||||||
Increase in total revenue, Underlying (non-GAAP) | 0.07 | % | 4.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
(Decrease) increase in total revenue, Underlying (non-GAAP) | (Decrease) increase in total revenue, Underlying (non-GAAP) | (8.00) | % | 7.49 | % | (4.08) | % | 5.94 | % | |||||||||||||||||||||||||||||||||||||||||||
Increase in noninterest expense, Underlying (non-GAAP) | Increase in noninterest expense, Underlying (non-GAAP) | 1.94 | 5.09 | Increase in noninterest expense, Underlying (non-GAAP) | 2.18 | 1.62 | 2.05 | 5.46 | ||||||||||||||||||||||||||||||||||||||||||||
Operating leverage, Underlying (non-GAAP) | Operating leverage, Underlying (non-GAAP) | (1.87 | %) | (0.74) | % | Operating leverage, Underlying (non-GAAP) | (10.18) | % | 5.87 | % | (6.13 | %) | 2.60 | % | ||||||||||||||||||||||||||||||||||||||
Tangible book value per common share: | Tangible book value per common share: | Tangible book value per common share: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares - at period end (GAAP) | Common shares - at period end (GAAP) | Q | 425,930,159 | 426,586,533 | Common shares - at period end (GAAP) | Q | 426,083,143 | 426,824,594 | 426,083,143 | 426,824,594 | ||||||||||||||||||||||||||||||||||||||||||
Common stockholders' equity (GAAP) | Common stockholders' equity (GAAP) | $20,688 | $20,380 | Common stockholders' equity (GAAP) | $21,185 | $20,453 | $21,185 | $20,453 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Goodwill (GAAP) | Less: Goodwill (GAAP) | 7,050 | 7,050 | Less: Goodwill (GAAP) | 7,050 | 7,050 | 7,050 | 7,050 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Other intangible assets (GAAP) | Less: Other intangible assets (GAAP) | 54 | 66 | Less: Other intangible assets (GAAP) | 52 | 63 | 52 | 63 | ||||||||||||||||||||||||||||||||||||||||||||
Add: Deferred tax liabilities related to goodwill (GAAP) | Add: Deferred tax liabilities related to goodwill (GAAP) | 380 | 375 | Add: Deferred tax liabilities related to goodwill (GAAP) | 383 | 376 | 383 | 376 | ||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity | Tangible common equity | R | $13,964 | $13,639 | Tangible common equity | R | $14,466 | $13,716 | $14,466 | $13,716 | ||||||||||||||||||||||||||||||||||||||||||
Tangible book value per common share | Tangible book value per common share | R/Q | $32.79 | $31.97 | Tangible book value per common share | R/Q | $33.95 | $32.13 | $33.95 | $32.13 | ||||||||||||||||||||||||||||||||||||||||||
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: | Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: | Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average common shares outstanding - basic (GAAP) | Average common shares outstanding - basic (GAAP) | S | 425,953,716 | 427,718,421 | Average common shares outstanding - basic (GAAP) | S | 425,948,706 | 426,613,053 | 425,951,197 | 427,165,737 | ||||||||||||||||||||||||||||||||||||||||||
Average common shares outstanding - diluted (GAAP) | Average common shares outstanding - diluted (GAAP) | T | 427,880,530 | 429,388,855 | Average common shares outstanding - diluted (GAAP) | T | 427,561,572 | 427,566,920 | 427,668,242 | 428,292,580 | ||||||||||||||||||||||||||||||||||||||||||
Net income per average common share - basic (GAAP) | Net income per average common share - basic (GAAP) | K/S | $1.38 | $0.03 | Net income per average common share - basic (GAAP) | K/S | $1.45 | $0.53 | $2.83 | $0.56 | ||||||||||||||||||||||||||||||||||||||||||
Net income per average common share - diluted (GAAP) | Net income per average common share - diluted (GAAP) | K/T | 1.37 | 0.03 | Net income per average common share - diluted (GAAP) | K/T | 1.44 | 0.53 | 2.81 | 0.55 | ||||||||||||||||||||||||||||||||||||||||||
Net income per average common share - basic, Underlying (non-GAAP) | Net income per average common share - basic, Underlying (non-GAAP) | L/S | 1.41 | 0.09 | Net income per average common share - basic, Underlying (non-GAAP) | L/S | 1.47 | 0.55 | 2.88 | 0.64 | ||||||||||||||||||||||||||||||||||||||||||
Net income per average common share - diluted, Underlying (non-GAAP) | Net income per average common share - diluted, Underlying (non-GAAP) | L/T | 1.41 | 0.09 | Net income per average common share - diluted, Underlying (non-GAAP) | L/T | 1.46 | 0.55 | 2.87 | 0.64 | ||||||||||||||||||||||||||||||||||||||||||
Dividend payout ratio and dividend payout ratio, Underlying: | Dividend payout ratio and dividend payout ratio, Underlying: | Dividend payout ratio and dividend payout ratio, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid per common share | Cash dividends declared and paid per common share | U | $0.39 | $0.39 | Cash dividends declared and paid per common share | U | $0.39 | $0.39 | $0.78 | $0.78 | ||||||||||||||||||||||||||||||||||||||||||
Dividend payout ratio | Dividend payout ratio | U/(K/S) | 28 | % | 1,398 | % | Dividend payout ratio | U/(K/S) | 27 | % | 74 | % | 28 | % | 140 | % | ||||||||||||||||||||||||||||||||||||
Dividend payout ratio, Underlying (non-GAAP) | Dividend payout ratio, Underlying (non-GAAP) | U/(L/S) | 28 | 451 | Dividend payout ratio, Underlying (non-GAAP) | U/(L/S) | 27 | 71 | 27 | 122 |
Table 30: Reconciliations of Non-GAAP Measures - Excluding PPP | ||||||||||||||
(in millions, except share, per share and ratio data) | Ref. | March 31, 2021 | December 31, 2020 | |||||||||||
Allowance for credit losses to total loans and leases, excluding the impact of PPP loans: | ||||||||||||||
Total loans and leases (GAAP) | A | $122,195 | $123,090 | |||||||||||
Less: PPP loans | 5,148 | 4,155 | ||||||||||||
Total loans and leases, excluding the impact of PPP loans (non-GAAP) | B | $117,047 | $118,935 | |||||||||||
Allowance for credit losses (GAAP) | C | $2,372 | $2,670 | |||||||||||
Allowance for credit losses to total loans and leases (GAAP) | C/A | 1.94 | % | 2.17 | % | |||||||||
Allowance for credit losses to total loans and leases, excluding the impact of PPP loans (non-GAAP) | C/B | 2.03 | % | 2.24 | % | |||||||||
Table 34: Reconciliations of Non-GAAP Measures - Excluding PPP | ||||||||||||||
(in millions, except share, per share and ratio data) | Ref. | June 30, 2021 | December 31, 2020 | |||||||||||
Allowance for credit losses to total loans and leases, excluding the impact of PPP loans: | ||||||||||||||
Total loans and leases (GAAP) | A | $122,581 | $123,090 | |||||||||||
Less: PPP loans | 3,479 | 4,155 | ||||||||||||
Total loans and leases, excluding the impact of PPP loans (non-GAAP) | B | $119,102 | $118,935 | |||||||||||
Allowance for credit losses (GAAP) | C | $2,081 | $2,670 | |||||||||||
Allowance for credit losses to total loans and leases (GAAP) | C/A | 1.70 | % | 2.17 | % | |||||||||
Allowance for credit losses to total loans and leases, excluding the impact of PPP loans (non-GAAP) | C/B | 1.75 | % | 2.24 | % | |||||||||
Table 31: Reconciliations of Non-GAAP Measures - Excluding Elevated Cash | ||||||||||||||||||||
As of and for the Three Months Ended March 31, | ||||||||||||||||||||
(in millions, except ratio data) | Ref. | 2021 | 2020 | |||||||||||||||||
Net interest income, FTE, excluding the impact of elevated cash: | ||||||||||||||||||||
Net interest income, FTE (GAAP) | A | $1,120 | $1,164 | |||||||||||||||||
Less: Net interest income associated with elevated cash | — | — | ||||||||||||||||||
Net interest income, FTE, excluding the impact of elevated cash (non-GAAP) | B | $1,120 | $1,164 | |||||||||||||||||
Average interest-earning assets, excluding the impact of elevated cash: | ||||||||||||||||||||
Total interest-earning assets (GAAP) | C | $164,381 | $150,946 | |||||||||||||||||
Less: Elevated cash | 8,985 | — | ||||||||||||||||||
Total average interest-earning assets, excluding the impact of elevated cash (non-GAAP) | D | $155,396 | $150,946 | |||||||||||||||||
Day count | E | 90 | 91 | |||||||||||||||||
Day count (year) | F | 365 | 366 | |||||||||||||||||
Ratios: | ||||||||||||||||||||
Net interest margin, FTE (GAAP) | A / C / E * F | 2.76 | % | 3.10 | % | |||||||||||||||
Net interest margin, FTE, excluding the impact of elevated cash (non-GAAP) | B / D / E * F | 2.92 | % | 3.10 | % |
Table 35: Reconciliations of Non-GAAP Measures - Excluding Elevated Cash | ||||||||||||||||||||
As of and for the Three Months Ended June 30, | As of and for the Six Months Ended June 30, | |||||||||||||||||||
(in millions, except ratio data) | Ref. | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
Net interest income, FTE, excluding the impact of elevated cash: | ||||||||||||||||||||
Net interest income, FTE (GAAP) | A | $1,126 | $1,163 | $2,246 | $2,327 | |||||||||||||||
Less: Net interest income associated with elevated cash | — | — | — | — | ||||||||||||||||
Net interest income, FTE, excluding the impact of elevated cash (non-GAAP) | B | $1,126 | $1,163 | $2,246 | $2,327 | |||||||||||||||
Average interest-earning assets, excluding the impact of elevated cash: | ||||||||||||||||||||
Total interest-earning assets (GAAP) | C | $166,333 | $162,390 | $165,433 | $156,668 | |||||||||||||||
Less: Elevated cash | 9,363 | 3,416 | 9,175 | 1,707 | ||||||||||||||||
Total average interest-earning assets, excluding the impact of elevated cash (non-GAAP) | D | $156,970 | $158,974 | $156,258 | $154,961 | |||||||||||||||
Day count | E | 91 | 91 | 181 | 182 | |||||||||||||||
Day count (year) | F | 365 | 366 | 365 | 366 | |||||||||||||||
Ratios: | ||||||||||||||||||||
Net interest margin, FTE (GAAP) | A / C / E * F | 2.72 | % | 2.88 | % | 2.74 | % | 2.99 | % | |||||||||||
Net interest margin, FTE, excluding the impact of elevated cash (non-GAAP) | B / D / E * F | 2.88 | % | 2.94 | % | 2.90 | % | 3.02 | % |
Page | ||||||||
(in millions, except share data) | (in millions, except share data) | March 31, 2021 | December 31, 2020 | (in millions, except share data) | June 30, 2021 | December 31, 2020 | ||||||||||||||||
ASSETS: | ASSETS: | ASSETS: | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $1,117 | $1,037 | Cash and due from banks | $1,035 | $1,037 | ||||||||||||||||
Interest-bearing cash and due from banks | Interest-bearing cash and due from banks | 13,543 | 11,696 | Interest-bearing cash and due from banks | 11,606 | 11,696 | ||||||||||||||||
Interest-bearing deposits in banks | Interest-bearing deposits in banks | 308 | 306 | Interest-bearing deposits in banks | 401 | 306 | ||||||||||||||||
Debt securities available for sale, at fair value (including $539 and $549 pledged to creditors, respectively)(1) | 24,467 | 22,942 | ||||||||||||||||||||
Debt securities held to maturity (fair value of $3,077 and $3,357 respectively, and including $141 and $144 pledged to creditors, respectively)(1) | 2,995 | 3,235 | ||||||||||||||||||||
Debt securities available for sale, at fair value (including $568 and $549 pledged to creditors, respectively)(1) | Debt securities available for sale, at fair value (including $568 and $549 pledged to creditors, respectively)(1) | 24,583 | 22,942 | |||||||||||||||||||
Debt securities held to maturity (fair value of $2,790 and $3,357 respectively, and including $124 and $144 pledged to creditors, respectively)(1) | Debt securities held to maturity (fair value of $2,790 and $3,357 respectively, and including $124 and $144 pledged to creditors, respectively)(1) | 2,711 | 3,235 | |||||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 4,304 | 3,564 | Loans held for sale, at fair value | 3,616 | 3,564 | ||||||||||||||||
Other loans held for sale | Other loans held for sale | 75 | 439 | Other loans held for sale | 82 | 439 | ||||||||||||||||
Loans and leases | Loans and leases | 122,195 | 123,090 | Loans and leases | 122,581 | 123,090 | ||||||||||||||||
Less: Allowance for loan and lease losses | Less: Allowance for loan and lease losses | (2,194) | (2,443) | Less: Allowance for loan and lease losses | (1,947) | (2,443) | ||||||||||||||||
Net loans and leases | Net loans and leases | 120,001 | 120,647 | Net loans and leases | 120,634 | 120,647 | ||||||||||||||||
Derivative assets | Derivative assets | 1,298 | 1,915 | Derivative assets | 1,655 | 1,915 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 743 | 759 | Premises and equipment, net | 735 | 759 | ||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 2,135 | 1,756 | Bank-owned life insurance | 2,268 | 1,756 | ||||||||||||||||
Goodwill | Goodwill | 7,050 | 7,050 | Goodwill | 7,050 | 7,050 | ||||||||||||||||
Other assets | Other assets | 9,181 | 8,003 | Other assets | 8,728 | 8,003 | ||||||||||||||||
TOTAL ASSETS | TOTAL ASSETS | $187,217 | $183,349 | TOTAL ASSETS | $185,104 | $183,349 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | LIABILITIES AND STOCKHOLDERS’ EQUITY: | LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||
LIABILITIES: | LIABILITIES: | LIABILITIES: | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Noninterest-bearing | Noninterest-bearing | $46,067 | $43,831 | Noninterest-bearing | $47,480 | $43,831 | ||||||||||||||||
Interest-bearing | Interest-bearing | 105,282 | 103,333 | Interest-bearing | 103,156 | 103,333 | ||||||||||||||||
Total deposits | Total deposits | 151,349 | 147,164 | Total deposits | 150,636 | 147,164 | ||||||||||||||||
Short-term borrowed funds | Short-term borrowed funds | 70 | 243 | Short-term borrowed funds | 62 | 243 | ||||||||||||||||
Derivative liabilities | Derivative liabilities | 111 | 128 | Derivative liabilities | 144 | 128 | ||||||||||||||||
Deferred taxes, net | Deferred taxes, net | 593 | 629 | Deferred taxes, net | 720 | 629 | ||||||||||||||||
Long-term borrowed funds | Long-term borrowed funds | 8,316 | 8,346 | Long-term borrowed funds | 6,957 | 8,346 | ||||||||||||||||
Other liabilities | Other liabilities | 4,125 | 4,166 | Other liabilities | 3,386 | 4,166 | ||||||||||||||||
TOTAL LIABILITIES | TOTAL LIABILITIES | 164,564 | 160,676 | TOTAL LIABILITIES | 161,905 | 160,676 | ||||||||||||||||
Contingencies (refer to Note 11) | Contingencies (refer to Note 11) | 0 | 0 | Contingencies (refer to Note 11) | 0 | 0 | ||||||||||||||||
STOCKHOLDERS’ EQUITY: | STOCKHOLDERS’ EQUITY: | STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||
Preferred stock: | Preferred stock: | Preferred stock: | ||||||||||||||||||||
$25.00 par value,100,000,000 shares authorized; 2,000,000 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 1,965 | 1,965 | ||||||||||||||||||||
$25.00 par value,100,000,000 shares authorized; 2,050,000 and 2,000,000 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | $25.00 par value,100,000,000 shares authorized; 2,050,000 and 2,000,000 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 2,014 | 1,965 | |||||||||||||||||||
Common stock: | Common stock: | Common stock: | ||||||||||||||||||||
$0.01 par value, 1,000,000,000 shares authorized; 570,841,385 shares issued and 425,930,159 shares outstanding at March 31, 2021 and 569,876,133 shares issued and 427,209,831 shares outstanding at December 31, 2020 | 6 | 6 | ||||||||||||||||||||
$0.01 par value, 1,000,000,000 shares authorized; 570,994,369 shares issued and 426,083,143 shares outstanding at June 30, 2021 and 569,876,133 shares issued and 427,209,831 shares outstanding at December 31, 2020 | $0.01 par value, 1,000,000,000 shares authorized; 570,994,369 shares issued and 426,083,143 shares outstanding at June 30, 2021 and 569,876,133 shares issued and 427,209,831 shares outstanding at December 31, 2020 | 6 | 6 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 18,945 | 18,940 | Additional paid-in capital | 18,964 | 18,940 | ||||||||||||||||
Retained earnings | Retained earnings | 6,866 | 6,445 | Retained earnings | 7,314 | 6,445 | ||||||||||||||||
Treasury stock, at cost, 144,911,226 and 142,666,302 shares at March 31, 2021 and December 31, 2020, respectively | (4,718) | (4,623) | ||||||||||||||||||||
Accumulated other comprehensive loss | (411) | (60) | ||||||||||||||||||||
Treasury stock, at cost, 144,911,226 and 142,666,302 shares at June 30, 2021 and December 31, 2020, respectively | Treasury stock, at cost, 144,911,226 and 142,666,302 shares at June 30, 2021 and December 31, 2020, respectively | (4,718) | (4,623) | |||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (381) | (60) | |||||||||||||||||||
TOTAL STOCKHOLDERS’ EQUITY | TOTAL STOCKHOLDERS’ EQUITY | $22,653 | $22,673 | TOTAL STOCKHOLDERS’ EQUITY | $23,199 | $22,673 | ||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $187,217 | $183,349 | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $185,104 | $183,349 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions, except share and per share data) | (in millions, except share and per share data) | 2021 | 2020 | (in millions, except share and per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
INTEREST INCOME: | INTEREST INCOME: | INTEREST INCOME: | ||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans and leases | Interest and fees on loans and leases | $1,061 | $1,302 | Interest and fees on loans and leases | $1,058 | $1,192 | $2,119 | $2,494 | ||||||||||||||||||||||||||||||||||||||
Interest and fees on loans held for sale, at fair value | Interest and fees on loans held for sale, at fair value | 18 | 15 | Interest and fees on loans held for sale, at fair value | 24 | 20 | 42 | 35 | ||||||||||||||||||||||||||||||||||||||
Interest and fees on other loans held for sale | Interest and fees on other loans held for sale | 6 | 9 | Interest and fees on other loans held for sale | 2 | 7 | 8 | 16 | ||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 128 | 147 | Investment securities | 124 | 130 | 252 | 277 | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks | Interest-bearing deposits in banks | 3 | 5 | Interest-bearing deposits in banks | 3 | 1 | 6 | 6 | ||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 1,216 | 1,478 | Total interest income | 1,211 | 1,350 | 2,427 | 2,828 | ||||||||||||||||||||||||||||||||||||||
INTEREST EXPENSE: | INTEREST EXPENSE: | INTEREST EXPENSE: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 50 | 227 | Deposits | 42 | 124 | 92 | 351 | ||||||||||||||||||||||||||||||||||||||
Short-term borrowed funds | Short-term borrowed funds | 0 | 1 | Short-term borrowed funds | 0 | 0 | 0 | 1 | ||||||||||||||||||||||||||||||||||||||
Long-term borrowed funds | Long-term borrowed funds | 49 | 90 | Long-term borrowed funds | 45 | 66 | 94 | 156 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 99 | 318 | Total interest expense | 87 | 190 | 186 | 508 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 1,117 | 1,160 | Net interest income | 1,124 | 1,160 | 2,241 | 2,320 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (140) | 600 | Provision for credit losses | (213) | 464 | (353) | 1,064 | ||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 1,257 | 560 | Net interest income after provision for credit losses | 1,337 | 696 | 2,594 | 1,256 | ||||||||||||||||||||||||||||||||||||||
NONINTEREST INCOME: | NONINTEREST INCOME: | NONINTEREST INCOME: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking fees | Mortgage banking fees | 165 | 159 | Mortgage banking fees | 85 | 276 | 250 | 435 | ||||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | 99 | 118 | Service charges and fees | 100 | 84 | 199 | 202 | ||||||||||||||||||||||||||||||||||||||
Capital markets fees | Capital markets fees | 81 | 43 | Capital markets fees | 91 | 61 | 172 | 104 | ||||||||||||||||||||||||||||||||||||||
Card fees | Card fees | 55 | 56 | Card fees | 64 | 48 | 119 | 104 | ||||||||||||||||||||||||||||||||||||||
Trust and investment services fees | Trust and investment services fees | 58 | 53 | Trust and investment services fees | 60 | 45 | 118 | 98 | ||||||||||||||||||||||||||||||||||||||
Letter of credit and loan fees | Letter of credit and loan fees | 38 | 34 | Letter of credit and loan fees | 38 | 31 | 76 | 65 | ||||||||||||||||||||||||||||||||||||||
Foreign exchange and interest rate products | Foreign exchange and interest rate products | 28 | 24 | Foreign exchange and interest rate products | 28 | 34 | 56 | 58 | ||||||||||||||||||||||||||||||||||||||
Securities gains, net | Securities gains, net | 3 | 0 | Securities gains, net | 3 | 3 | 6 | 3 | ||||||||||||||||||||||||||||||||||||||
Other income | Other income | 15 | 10 | Other income | 16 | 8 | 31 | 18 | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 542 | 497 | Total noninterest income | 485 | 590 | 1,027 | 1,087 | ||||||||||||||||||||||||||||||||||||||
NONINTEREST EXPENSE: | NONINTEREST EXPENSE: | NONINTEREST EXPENSE: | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 548 | 549 | Salaries and employee benefits | 524 | 513 | 1,072 | 1,062 | ||||||||||||||||||||||||||||||||||||||
Equipment and software | Equipment and software | 152 | 133 | Equipment and software | 155 | 142 | 307 | 275 | ||||||||||||||||||||||||||||||||||||||
Outside services | Outside services | 139 | 135 | Outside services | 137 | 131 | 276 | 266 | ||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 88 | 84 | Occupancy | 82 | 82 | 170 | 166 | ||||||||||||||||||||||||||||||||||||||
Other operating expense | Other operating expense | 91 | 111 | Other operating expense | 93 | 111 | 184 | 222 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 1,018 | 1,012 | Total noninterest expense | 991 | 979 | 2,009 | 1,991 | ||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 781 | 45 | Income before income tax expense | 831 | 307 | 1,612 | 352 | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 170 | 11 | Income tax expense | 183 | 54 | 353 | 65 | ||||||||||||||||||||||||||||||||||||||
NET INCOME | NET INCOME | $611 | $34 | NET INCOME | $648 | $253 | $1,259 | $287 | ||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $588 | $12 | Net income available to common stockholders | $616 | $225 | $1,204 | $237 | ||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding: | Weighted-average common shares outstanding: | Weighted-average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 425,953,716 | 427,718,421 | Basic | 425,948,706 | 426,613,053 | 425,951,197 | 427,165,737 | ||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 427,880,530 | 429,388,855 | Diluted | 427,561,572 | 427,566,920 | 427,668,242 | 428,292,580 | ||||||||||||||||||||||||||||||||||||||
Per common share information: | Per common share information: | Per common share information: | ||||||||||||||||||||||||||||||||||||||||||||
Basic earnings | Basic earnings | $1.38 | $0.03 | Basic earnings | $1.45 | $0.53 | $2.83 | $0.56 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings | Diluted earnings | 1.37 | 0.03 | Diluted earnings | 1.44 | 0.53 | 2.81 | 0.55 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Net income | $611 | $34 | |||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Net unrealized derivative instruments (losses) gains arising during the periods, net of income taxes of $(7) and $33, respectively | (21) | 96 | |||||||||||||||||||||
Reclassification adjustment for net derivative gains included in net income, net of income taxes of $(9) and $(1), respectively | (25) | (3) | |||||||||||||||||||||
Net unrealized debt securities (losses) gains arising during the periods, net of income taxes of $(100) and $129, respectively | (307) | 400 | |||||||||||||||||||||
Reclassification of net debt securities gains to net income, net of income taxes of $(1) and $0, respectively | (2) | 0 | |||||||||||||||||||||
Amortization of actuarial loss, net of income taxes of $0 and $1, respectively | 4 | 3 | |||||||||||||||||||||
Total other comprehensive (loss) income, net of income taxes | (351) | 496 | |||||||||||||||||||||
Total comprehensive income | $260 | $530 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income | $648 | $253 | $1,259 | $287 | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Net unrealized derivative instruments gains (losses) arising during the periods, net of income taxes of $16, $(3), $9 and $30, respectively | 46 | (8) | 25 | 88 | |||||||||||||||||||
Reclassification of net derivative (gains) losses included in net income, net of income taxes of $(10), $(11), $(19) and $(12), respectively | (27) | (34) | (52) | (37) | |||||||||||||||||||
Net unrealized debt securities gains (losses) arising during the periods, net of income taxes of $3, $16, $(97) and $145, respectively | 10 | 49 | (297) | 449 | |||||||||||||||||||
Reclassification of net debt securities (gains) losses to net income, net of income taxes of $0, $(1), $(1) and $(1), respectively | (3) | (2) | (5) | (2) | |||||||||||||||||||
Amortization of actuarial loss, net of income taxes of $1, $0, $1 and $1, respectively | 4 | 4 | 8 | 7 | |||||||||||||||||||
Total other comprehensive income (loss), net of income taxes | 30 | 9 | (321) | 505 | |||||||||||||||||||
Total comprehensive income (loss) | $678 | $262 | $938 | $792 |
Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Income (Loss) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Shares | Amount | Shares | Amount | (in millions) | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 2 | $1,570 | 433 | $6 | $18,891 | $6,498 | ($4,353) | ($411) | $22,201 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2020 | Balance at April 1, 2020 | 2 | $1,570 | 427 | $6 | $18,901 | $6,011 | ($4,623) | $85 | $21,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders | Dividends to common stockholders | — | — | — | — | — | (168) | — | — | (168) | Dividends to common stockholders | — | — | — | — | — | (168) | — | — | (168) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | Dividends to preferred stockholders | — | — | — | — | — | (22) | — | — | (22) | Dividends to preferred stockholders | — | — | — | — | — | (28) | — | — | (28) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock issued | Preferred stock issued | — | 395 | — | — | — | — | — | — | 395 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchased | Treasury stock purchased | — | — | (7) | — | — | — | (270) | — | (270) | Treasury stock purchased | — | — | — | — | — | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation plans | Share-based compensation plans | — | — | 1 | — | 6 | — | 0 | — | 6 | Share-based compensation plans | — | — | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan shares purchased | — | — | — | — | 4 | — | — | — | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | (331) | (331) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan purchased | Employee stock purchase plan purchased | — | — | — | — | 6 | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss): | Total comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 34 | — | — | 34 | Net income | — | — | — | — | — | 253 | — | — | 253 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | 496 | 496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | — | 34 | — | 496 | 530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 2 | $1,570 | 427 | $6 | $18,901 | $6,011 | ($4,623) | $85 | $21,950 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 2 | $1,965 | 427 | $6 | $18,940 | $6,445 | ($4,623) | ($60) | $22,673 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | — | — | — | 9 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | — | — | — | — | — | 253 | — | 9 | 262 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Balance at June 30, 2020 | 2 | $1,965 | 427 | $6 | $18,908 | $6,068 | ($4,623) | $94 | $22,418 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2021 | Balance at April 1, 2021 | 2 | $1,965 | 426 | $6 | $18,945 | $6,866 | ($4,718) | ($411) | $22,653 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders | Dividends to common stockholders | — | — | — | — | — | (167) | — | — | (167) | Dividends to common stockholders | — | — | — | — | — | (168) | — | — | (168) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | Dividends to preferred stockholders | — | — | — | — | — | (23) | — | — | (23) | Dividends to preferred stockholders | — | — | — | — | — | (32) | — | — | (32) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock issued | Preferred stock issued | — | 296 | — | — | — | — | — | — | 296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchased | — | — | (2) | — | — | — | (95) | — | (95) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock called | Preferred stock called | — | (247) | — | — | — | — | — | — | (247) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation plans | Share-based compensation plans | — | — | 1 | — | — | — | 0 | — | 0 | Share-based compensation plans | — | — | — | — | 13 | — | — | — | 13 | ||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan shares purchased | — | — | — | — | 5 | — | — | — | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan purchased | Employee stock purchase plan purchased | — | — | — | — | 6 | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss): | Total comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 611 | — | — | 611 | Net income | — | — | — | — | — | 648 | — | — | 648 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (351) | (351) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | — | — | — | 30 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | — | — | — | — | — | 611 | — | (351) | 260 | Total comprehensive income (loss) | — | — | — | — | — | 648 | — | 30 | 678 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 2 | $1,965 | 426 | $6 | $18,945 | $6,866 | ($4,718) | ($411) | $22,653 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Balance at June 30, 2021 | Balance at Balance at June 30, 2021 | 2 | $2,014 | 426 | $6 | $18,964 | $7,314 | ($4,718) | ($381) | $23,199 |
Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||
(in millions) | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||
Balance at January 1, 2020 | 2 | 1,570 | 433 | 6 | 18,891 | 6,498 | (4,353) | (411) | 22,201 | |||||||||||||||||||||||
Dividends to common stockholders | — | — | — | — | — | (336) | — | — | (336) | |||||||||||||||||||||||
Dividends to preferred stockholders | — | — | — | — | — | (50) | — | — | (50) | |||||||||||||||||||||||
Preferred stock issued | — | 395 | — | — | — | — | — | — | 395 | |||||||||||||||||||||||
Treasury stock purchased | — | — | (7) | — | — | — | (270) | — | (270) | |||||||||||||||||||||||
Share-based compensation plans | — | — | 1 | — | 7 | — | 0 | — | 7 | |||||||||||||||||||||||
Employee stock purchase plan purchased | — | — | — | — | 10 | — | — | — | 10 | |||||||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | — | — | — | (331) | — | — | (331) | |||||||||||||||||||||||
Total comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 287 | — | — | 287 | |||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | — | 505 | 505 | |||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | — | — | 287 | — | 505 | 792 | |||||||||||||||||||||||
Balance at June 30, 2020 | 2 | 1,965 | 427 | 6 | 18,908 | 6,068 | (4,623) | 94 | 22,418 | |||||||||||||||||||||||
Balance at January 1, 2021 | 2 | $1,965 | 427 | $6 | $18,940 | $6,445 | ($4,623) | ($60) | $22,673 | |||||||||||||||||||||||
Dividends to common stockholders | — | — | — | — | — | (335) | — | — | (335) | |||||||||||||||||||||||
Dividends to preferred stockholders | — | — | — | — | — | (55) | — | — | (55) | |||||||||||||||||||||||
Preferred stock issued | — | 296 | — | — | — | — | — | — | 296 | |||||||||||||||||||||||
Preferred stock called | — | (247) | — | — | — | — | — | — | (247) | |||||||||||||||||||||||
Treasury stock purchased | — | — | (2) | — | — | — | (95) | — | (95) | |||||||||||||||||||||||
Share-based compensation plans | — | — | 1 | — | 13 | — | 0 | — | 13 | |||||||||||||||||||||||
Employee stock purchase plan purchased | — | — | — | — | 11 | — | — | — | 11 | |||||||||||||||||||||||
Total comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,259 | — | — | 1,259 | |||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | — | (321) | (321) | |||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | — | — | 1,259 | — | (321) | 938 | |||||||||||||||||||||||
Balance at June 30, 2021 | 2 | $2,014 | 426 | $6 | $18,964 | $7,314 | ($4,718) | ($381) | $23,199 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | (in millions) | 2021 | 2020 | ||||||||||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | OPERATING ACTIVITIES | ||||||||||||||||||||||||||
Net income | Net income | $611 | $34 | Net income | $1,259 | $287 | ||||||||||||||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||||||||||||||||||
Adjustments to reconcile net income to net change in cash due to operating activities: | Adjustments to reconcile net income to net change in cash due to operating activities: | |||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (140) | 600 | Provision for credit losses | (353) | 1,064 | ||||||||||||||||||||||
Net change in loans held for sale | Net change in loans held for sale | (622) | (860) | Net change in loans held for sale | 322 | (737) | ||||||||||||||||||||||
Depreciation, amortization and accretion | Depreciation, amortization and accretion | 152 | 204 | Depreciation, amortization and accretion | 317 | 316 | ||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 80 | (134) | Deferred income taxes | 199 | (208) | ||||||||||||||||||||||
Share-based compensation | Share-based compensation | 22 | 21 | Share-based compensation | 35 | 23 | ||||||||||||||||||||||
Net gain on sales of: | Net gain on sales of: | |||||||||||||||||||||||||||
Debt securities | Debt securities | (6) | (3) | |||||||||||||||||||||||||
Net gain on sale of debt securities | (3) | 0 | ||||||||||||||||||||||||||
Premises and equipment | Premises and equipment | (1) | 0 | |||||||||||||||||||||||||
Increase in other assets | (773) | (1,022) | ||||||||||||||||||||||||||
Decrease in other liabilities | (17) | (170) | ||||||||||||||||||||||||||
Net cash used in operating activities | (690) | (1,327) | ||||||||||||||||||||||||||
Net (increase) decrease in other assets | Net (increase) decrease in other assets | (2,129) | (2,454) | |||||||||||||||||||||||||
Net increase (decrease) in other liabilities | Net increase (decrease) in other liabilities | 247 | 299 | |||||||||||||||||||||||||
Net change due to operating activities | Net change due to operating activities | (110) | (1,413) | |||||||||||||||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | INVESTING ACTIVITIES | ||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||
Purchases of debt securities available for sale | Purchases of debt securities available for sale | (4,256) | (2,102) | Purchases of debt securities available for sale | (6,413) | (3,308) | ||||||||||||||||||||||
Proceeds from maturities and paydowns of debt securities available for sale | Proceeds from maturities and paydowns of debt securities available for sale | 2,281 | 1,010 | Proceeds from maturities and paydowns of debt securities available for sale | 4,321 | 2,521 | ||||||||||||||||||||||
Proceeds from sales of debt securities available for sale | Proceeds from sales of debt securities available for sale | 54 | 0 | Proceeds from sales of debt securities available for sale | 104 | 0 | ||||||||||||||||||||||
Proceeds from maturities and paydowns of debt securities held to maturity | Proceeds from maturities and paydowns of debt securities held to maturity | 241 | 131 | Proceeds from maturities and paydowns of debt securities held to maturity | 530 | 349 | ||||||||||||||||||||||
Net (increase) decrease in interest-bearing deposits in banks | Net (increase) decrease in interest-bearing deposits in banks | (2) | 17 | Net (increase) decrease in interest-bearing deposits in banks | (95) | (178) | ||||||||||||||||||||||
Acquisitions, net of cash acquired | Acquisitions, net of cash acquired | 0 | (3) | Acquisitions, net of cash acquired | 0 | (3) | ||||||||||||||||||||||
Net decrease (increase) in loans and leases | 1,042 | (7,630) | ||||||||||||||||||||||||||
Net (increase) decrease in loans and leases | Net (increase) decrease in loans and leases | 497 | (7,014) | |||||||||||||||||||||||||
Capital expenditures, net | Capital expenditures, net | (10) | (16) | Capital expenditures, net | (32) | (53) | ||||||||||||||||||||||
Purchase of bank-owned life insurance | Purchase of bank-owned life insurance | (375) | 0 | Purchase of bank-owned life insurance | (500) | 0 | ||||||||||||||||||||||
Other | Other | (47) | (175) | Other | (115) | 87 | ||||||||||||||||||||||
Net cash used in investing activities | (1,072) | (8,768) | ||||||||||||||||||||||||||
Net change due to investing activities | Net change due to investing activities | (1,703) | (7,599) | |||||||||||||||||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | FINANCING ACTIVITIES | ||||||||||||||||||||||||||
Net increase in deposits | 4,185 | 8,162 | ||||||||||||||||||||||||||
Net (decrease) increase in short-term borrowed funds | (176) | 780 | ||||||||||||||||||||||||||
Net increase (decrease) in deposits | Net increase (decrease) in deposits | 3,472 | 18,305 | |||||||||||||||||||||||||
Net increase (decrease) in short-term borrowed funds | Net increase (decrease) in short-term borrowed funds | (183) | (18) | |||||||||||||||||||||||||
Proceeds from issuance of long-term borrowed funds | Proceeds from issuance of long-term borrowed funds | 0 | 6,800 | Proceeds from issuance of long-term borrowed funds | 0 | 8,309 | ||||||||||||||||||||||
Repayments of long-term borrowed funds | Repayments of long-term borrowed funds | (4) | (4,500) | Repayments of long-term borrowed funds | (1,357) | (13,253) | ||||||||||||||||||||||
Treasury stock purchased | Treasury stock purchased | (95) | (270) | Treasury stock purchased | (95) | (270) | ||||||||||||||||||||||
Net proceeds from issuance of preferred stock | Net proceeds from issuance of preferred stock | 296 | 395 | |||||||||||||||||||||||||
Dividends paid to common stockholders | Dividends paid to common stockholders | (167) | (168) | Dividends paid to common stockholders | (335) | (336) | ||||||||||||||||||||||
Dividends paid to preferred stockholders | Dividends paid to preferred stockholders | (32) | (23) | Dividends paid to preferred stockholders | (55) | (45) | ||||||||||||||||||||||
Premium paid to exchange subordinated debt | Premium paid to exchange subordinated debt | (1) | 0 | Premium paid to exchange subordinated debt | (1) | 0 | ||||||||||||||||||||||
Payments of employee tax withholding for share-based compensation | Payments of employee tax withholding for share-based compensation | (21) | (14) | Payments of employee tax withholding for share-based compensation | (21) | (15) | ||||||||||||||||||||||
Net cash provided by financing activities | 3,689 | 10,767 | ||||||||||||||||||||||||||
Increase in cash and cash equivalents (1) | 1,927 | 672 | ||||||||||||||||||||||||||
Net change due to financing activities | Net change due to financing activities | 1,721 | 13,072 | |||||||||||||||||||||||||
Net change in cash and cash equivalents (1) | Net change in cash and cash equivalents (1) | (92) | 4,060 | |||||||||||||||||||||||||
Cash and cash equivalents at beginning of period (1) | Cash and cash equivalents at beginning of period (1) | 12,733 | 3,386 | Cash and cash equivalents at beginning of period (1) | 12,733 | 3,386 | ||||||||||||||||||||||
Cash and cash equivalents at end of period (1) | Cash and cash equivalents at end of period (1) | $14,660 | $4,058 | Cash and cash equivalents at end of period (1) | $12,641 | $7,446 |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and other | U.S. Treasury and other | $11 | $0 | $0 | $11 | $11 | $0 | $0 | $11 | U.S. Treasury and other | $11 | $0 | $0 | $11 | $11 | $0 | $0 | $11 | ||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | State and political subdivisions | 3 | 0 | 0 | 3 | 3 | 0 | 0 | 3 | State and political subdivisions | 3 | 0 | 0 | 3 | 3 | 0 | 0 | 3 | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, at fair value: | Mortgage-backed securities, at fair value: | Mortgage-backed securities, at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | 23,966 | 415 | (268) | 24,113 | 21,954 | 571 | (19) | 22,506 | Federal agencies and U.S. government sponsored entities | 23,960 | 354 | (202) | 24,112 | 21,954 | 571 | (19) | 22,506 | ||||||||||||||||||||||||||||||||||||||||
Other/non-agency | Other/non-agency | 324 | 16 | 0 | 340 | 396 | 26 | 0 | 422 | Other/non-agency | 267 | 13 | 0 | 280 | 396 | 26 | 0 | 422 | ||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities, at fair value | Total mortgage-backed securities, at fair value | 24,290 | 431 | (268) | 24,453 | 22,350 | 597 | (19) | 22,928 | Total mortgage-backed securities, at fair value | 24,227 | 367 | (202) | 24,392 | 22,350 | 597 | (19) | 22,928 | ||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations, at fair value | Collateralized loan obligations, at fair value | 177 | 0 | 0 | 177 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available for sale, at fair value | Total debt securities available for sale, at fair value | $24,304 | $431 | ($268) | $24,467 | $22,364 | $597 | ($19) | $22,942 | Total debt securities available for sale, at fair value | $24,418 | $367 | ($202) | $24,583 | $22,364 | $597 | ($19) | $22,942 | ||||||||||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | $2,139 | $84 | $0 | $2,223 | $2,342 | $122 | $0 | $2,464 | Federal agencies and U.S. government sponsored entities | $1,887 | $77 | $0 | $1,964 | $2,342 | $122 | $0 | $2,464 | ||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities, at cost | Total mortgage-backed securities, at cost | 2,139 | 84 | 0 | 2,223 | 2,342 | 122 | 0 | 2,464 | Total mortgage-backed securities, at cost | 1,887 | 77 | 0 | 1,964 | 2,342 | 122 | 0 | 2,464 | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, at cost | Asset-backed securities, at cost | 856 | 0 | (2) | 854 | 893 | 0 | 0 | 893 | Asset-backed securities, at cost | 824 | 2 | 0 | 826 | 893 | 0 | 0 | 893 | ||||||||||||||||||||||||||||||||||||||||
Total debt securities held to maturity | Total debt securities held to maturity | $2,995 | $84 | ($2) | $3,077 | $3,235 | $122 | $0 | $3,357 | Total debt securities held to maturity | $2,711 | $79 | $0 | $2,790 | $3,235 | $122 | $0 | $3,357 | ||||||||||||||||||||||||||||||||||||||||
Equity securities, at cost | Equity securities, at cost | $602 | $— | $— | $602 | $604 | $— | $— | $604 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | $73 | $— | $— | $73 | $66 | $— | $— | $66 | Equity securities, at fair value | 80 | — | — | 80 | 66 | — | — | 66 | ||||||||||||||||||||||||||||||||||||||||
Equity securities, at cost | 603 | — | — | 603 | 604 | — | — | 604 |
March 31, 2021 | June 30, 2021 | |||||||||||||||||||||||||||||||||
Distribution of Maturities | Distribution of Maturities | |||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 1 Year or Less | After 1 Year through 5 Years | After 5 Years through 10 Years | After 10 Years | Total | (in millions) | 1 Year or Less | After 1 Year through 5 Years | After 5 Years through 10 Years | After 10 Years | Total | ||||||||||||||||||||||
Amortized cost: | Amortized cost: | Amortized cost: | ||||||||||||||||||||||||||||||||
U.S. Treasury and other | U.S. Treasury and other | $11 | $0 | $0 | $0 | $11 | U.S. Treasury and other | $11 | $0 | $0 | $0 | $11 | ||||||||||||||||||||||
State and political subdivisions | State and political subdivisions | 0 | 0 | 0 | 3 | 3 | State and political subdivisions | 0 | 0 | 0 | 3 | 3 | ||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | 2 | 108 | 1,626 | 22,230 | 23,966 | Federal agencies and U.S. government sponsored entities | 6 | 42 | 1,861 | 22,051 | 23,960 | ||||||||||||||||||||||
Other/non-agency | Other/non-agency | 0 | 0 | 0 | 324 | 324 | Other/non-agency | 0 | 0 | 0 | 267 | 267 | ||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 0 | 0 | 0 | 177 | 177 | ||||||||||||||||||||||||||||
Total debt securities available for sale | Total debt securities available for sale | 13 | 108 | 1,626 | 22,557 | 24,304 | Total debt securities available for sale | 17 | 42 | 1,861 | 22,498 | 24,418 | ||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | 0 | 0 | 0 | 2,139 | 2,139 | Federal agencies and U.S. government sponsored entities | 0 | 0 | 0 | 1,887 | 1,887 | ||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 0 | 0 | 856 | 0 | 856 | Asset-backed securities | 0 | 0 | 824 | 0 | 824 | ||||||||||||||||||||||
Total debt securities held to maturity | Total debt securities held to maturity | 0 | 0 | 856 | 2,139 | 2,995 | Total debt securities held to maturity | 0 | 0 | 824 | 1,887 | 2,711 | ||||||||||||||||||||||
Total amortized cost of debt securities | Total amortized cost of debt securities | $13 | $108 | $2,482 | $24,696 | $27,299 | Total amortized cost of debt securities | $17 | $42 | $2,685 | $24,385 | $27,129 | ||||||||||||||||||||||
Fair value: | Fair value: | Fair value: | ||||||||||||||||||||||||||||||||
U.S. Treasury and other | U.S. Treasury and other | $11 | $0 | $0 | $0 | $11 | U.S. Treasury and other | $11 | $0 | $0 | $0 | $11 | ||||||||||||||||||||||
State and political subdivisions | State and political subdivisions | 0 | 0 | 0 | 3 | 3 | State and political subdivisions | 0 | 0 | 0 | 3 | 3 | ||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | 2 | 111 | 1,676 | 22,324 | 24,113 | Federal agencies and U.S. government sponsored entities | 6 | 44 | 1,916 | 22,146 | 24,112 | ||||||||||||||||||||||
Other/non-agency | Other/non-agency | 0 | 0 | 0 | 340 | 340 | Other/non-agency | 0 | 0 | 0 | 280 | 280 | ||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 0 | 0 | 0 | 177 | 177 | ||||||||||||||||||||||||||||
Total debt securities available for sale | Total debt securities available for sale | 13 | 111 | 1,676 | 22,667 | 24,467 | Total debt securities available for sale | 17 | 44 | 1,916 | 22,606 | 24,583 | ||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | 0 | 0 | 0 | 2,223 | 2,223 | Federal agencies and U.S. government sponsored entities | 0 | 0 | 0 | 1,964 | 1,964 | ||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 0 | 0 | 854 | 0 | 854 | Asset-backed securities | 0 | 0 | 826 | 0 | 826 | ||||||||||||||||||||||
Total debt securities held to maturity | Total debt securities held to maturity | 0 | 0 | 854 | 2,223 | 3,077 | Total debt securities held to maturity | 0 | 0 | 826 | 1,964 | 2,790 | ||||||||||||||||||||||
Total fair value of debt securities | Total fair value of debt securities | $13 | $111 | $2,530 | $24,890 | $27,544 | Total fair value of debt securities | $17 | $44 | $2,742 | $24,570 | $27,373 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Gains on sale of debt securities | Gains on sale of debt securities | $3 | $0 | Gains on sale of debt securities | $3 | $3 | $6 | $3 | ||||||||||||||||||||||||||||||||||||||
Losses on sale of debt securities | Losses on sale of debt securities | 0 | 0 | Losses on sale of debt securities | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Debt securities gains, net | Debt securities gains, net | $3 | $0 | Debt securities gains, net | $3 | $3 | $6 | $3 |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(in millions) | (in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | (in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | $4,996 | $5,028 | $3,818 | $3,937 | |||||||||||||||||||||||||||||
Pledged against FHLB borrowed funds | Pledged against FHLB borrowed funds | 266 | 280 | 394 | 423 | |||||||||||||||||||||||||||||
Pledged against repurchase agreements | Pledged against repurchase agreements | $53 | $55 | $224 | $231 | Pledged against repurchase agreements | 49 | 52 | 224 | 231 | ||||||||||||||||||||||||
Pledged against FHLB borrowed funds | 322 | 340 | 394 | 423 | ||||||||||||||||||||||||||||||
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | 3,677 | 3,725 | 3,818 | 3,937 |
March 31, 2021 | June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | (dollars in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | $9,997 | ($268) | $0 | $0 | $9,997 | ($268) | Federal agencies and U.S. government sponsored entities | $10,916 | ($200) | $92 | ($2) | $11,008 | ($202) |
December 31, 2020 | ||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||
(dollars in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | $1,991 | ($19) | $0 | $0 | $1,991 | ($19) | ||||||||||||||||||||
(in millions) | (in millions) | March 31, 2021 | December 31, 2020 | (in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||||||
Commercial and industrial (1) | Commercial and industrial (1) | $44,058 | $44,173 | Commercial and industrial (1) | $42,842 | $44,173 | ||||||||||||||||
Commercial real estate | Commercial real estate | 14,553 | 14,652 | Commercial real estate | 14,412 | 14,652 | ||||||||||||||||
Leases | Leases | 1,802 | 1,968 | Leases | 1,829 | 1,968 | ||||||||||||||||
Total commercial | Total commercial | 60,413 | 60,793 | Total commercial | 59,083 | 60,793 | ||||||||||||||||
Residential mortgages | Residential mortgages | 19,202 | 19,539 | Residential mortgages | 20,538 | 19,539 | ||||||||||||||||
Home equity | Home equity | 11,854 | 12,149 | Home equity | 11,841 | 12,149 | ||||||||||||||||
Automobile | Automobile | 12,344 | 12,153 | Automobile | 12,780 | 12,153 | ||||||||||||||||
Education | Education | 12,691 | 12,308 | Education | 12,800 | 12,308 | ||||||||||||||||
Other retail | Other retail | 5,691 | 6,148 | Other retail | 5,539 | 6,148 | ||||||||||||||||
Total retail loans | 61,782 | 62,297 | ||||||||||||||||||||
Total retail | Total retail | 63,498 | 62,297 | |||||||||||||||||||
Total loans and leases | Total loans and leases | $122,195 | $123,090 | Total loans and leases | $122,581 | $123,090 |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Residential Mortgages(1) | Commercial(2) | Total | Residential Mortgages(1) | Commercial(2) | Total | (in millions) | Residential Mortgages(1) | Commercial(2) | Total | Residential Mortgages(1) | Commercial(2) | Total | ||||||||||||||||||||||||||||||||||||||
Loans held for sale at fair value | Loans held for sale at fair value | $4,208 | $96 | $4,304 | $3,416 | $148 | $3,564 | Loans held for sale at fair value | $3,499 | $117 | $3,616 | $3,416 | $148 | $3,564 | ||||||||||||||||||||||||||||||||||||||
Other loans held for sale | Other loans held for sale | 0 | 75 | 75 | 0 | 439 | 439 | Other loans held for sale | 0 | 82 | 82 | 0 | 439 | 439 |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||
(in millions) | Commercial | Retail | Total | Commercial | Retail | Total | |||||||||||||||||
Allowance for loan and lease losses, beginning of period | $1,146 | $1,048 | $2,194 | $1,233 | $1,210 | $2,443 | |||||||||||||||||
Charge-offs | (45) | (80) | (125) | (179) | (173) | (352) | |||||||||||||||||
Recoveries | 4 | 43 | 47 | 34 | 82 | 116 | |||||||||||||||||
Net charge-offs | (41) | (37) | (78) | (145) | (91) | (236) | |||||||||||||||||
Provision charged to income | (152) | (17) | (169) | (135) | (125) | (260) | |||||||||||||||||
Allowance for loan and lease losses, end of period | $953 | $994 | $1,947 | $953 | $994 | $1,947 | |||||||||||||||||
Allowance for unfunded lending commitments, beginning of period | $165 | $13 | $178 | $186 | $41 | $227 | |||||||||||||||||
Provision for unfunded lending commitments | (44) | 0 | (44) | (65) | (28) | (93) | |||||||||||||||||
Allowance for unfunded lending commitments, end of period | $121 | $13 | $134 | $121 | $13 | $134 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(in millions) | Commercial | Retail | Total | ||||||||||||||||||||
Allowance for loan and lease losses, beginning of period | $1,233 | $1,210 | $2,443 | ||||||||||||||||||||
Charge-offs | (134) | (93) | (227) | ||||||||||||||||||||
Recoveries | 30 | 39 | 69 | ||||||||||||||||||||
Net charge-offs | (104) | (54) | (158) | ||||||||||||||||||||
Provision charged to income | 17 | (108) | (91) | ||||||||||||||||||||
Allowance for loan and lease losses, end of period | $1,146 | $1,048 | $2,194 | ||||||||||||||||||||
Allowance for unfunded lending commitments, beginning of period | $186 | $41 | $227 | ||||||||||||||||||||
Provision for unfunded lending commitments | (21) | (28) | (49) | ||||||||||||||||||||
Allowance for unfunded lending commitments, end of period | $165 | $13 | $178 |
Three Months Ended March 31, 2020 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Commercial | Retail | Total | (in millions) | Commercial | Retail | Total | Commercial | Retail | Total | |||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, beginning of period | Allowance for loan and lease losses, beginning of period | $674 | $578 | $1,252 | Allowance for loan and lease losses, beginning of period | $752 | $1,419 | $2,171 | $674 | $578 | $1,252 | |||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | Cumulative effect of change in accounting principle | (176) | 629 | 453 | Cumulative effect of change in accounting principle | 0 | 0 | 0 | (176) | 629 | 453 | |||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, beginning of period, adjusted | Allowance for loan and lease losses, beginning of period, adjusted | 498 | 1,207 | 1,705 | Allowance for loan and lease losses, beginning of period, adjusted | 752 | 1,419 | 2,171 | 498 | 1,207 | 1,705 | |||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (47) | (127) | (174) | Charge-offs | (74) | (106) | (180) | (121) | (233) | (354) | |||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 3 | 34 | 37 | Recoveries | 3 | 30 | 33 | 6 | 64 | 70 | |||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | (44) | (93) | (137) | Net charge-offs | (71) | (76) | (147) | (115) | (169) | (284) | |||||||||||||||||||||||||||||||||||
Provision charged to income | Provision charged to income | 298 | 305 | 603 | Provision charged to income | 554 | (130) | 424 | 852 | 175 | 1,027 | |||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, end of period | Allowance for loan and lease losses, end of period | $752 | $1,419 | $2,171 | Allowance for loan and lease losses, end of period | $1,235 | $1,213 | $2,448 | $1,235 | $1,213 | $2,448 | |||||||||||||||||||||||||||||||||||
Allowance for unfunded lending commitments, beginning of period | Allowance for unfunded lending commitments, beginning of period | $44 | $0 | $44 | Allowance for unfunded lending commitments, beginning of period | $38 | $1 | $39 | $44 | $0 | $44 | |||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | Cumulative effect of change in accounting principle | (3) | 1 | (2) | Cumulative effect of change in accounting principle | 0 | 0 | 0 | (3) | 1 | (2) | |||||||||||||||||||||||||||||||||||
Allowance for unfunded lending commitments, beginning of period, adjusted | Allowance for unfunded lending commitments, beginning of period, adjusted | 41 | 1 | 42 | Allowance for unfunded lending commitments, beginning of period, adjusted | 38 | 1 | 39 | 41 | 1 | 42 | |||||||||||||||||||||||||||||||||||
Provision for unfunded lending commitments | Provision for unfunded lending commitments | (3) | 0 | (3) | Provision for unfunded lending commitments | 31 | 9 | 40 | 28 | 9 | 37 | |||||||||||||||||||||||||||||||||||
Allowance for unfunded lending commitments, end of period | Allowance for unfunded lending commitments, end of period | $38 | $1 | $39 | Allowance for unfunded lending commitments, end of period | $69 | $10 | $79 | $69 | $10 | $79 |
Term Loans by Origination Year | Revolving Loans | Term Loans by Origination Year | Revolving Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the Revolving Period | Converted to Term | Total | (in millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the Revolving Period | Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass(1) | Pass(1) | $3,000 | $7,178 | $5,699 | $3,995 | $2,206 | $3,384 | $15,134 | $326 | $40,922 | Pass(1) | $5,146 | $5,140 | $5,260 | $3,623 | $1,975 | $2,797 | $15,853 | $151 | $39,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 0 | 41 | 221 | 241 | 86 | 244 | 415 | 34 | 1,282 | Special Mention | 3 | 41 | 196 | 196 | 74 | 181 | 454 | 0 | 1,145 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 22 | 101 | 294 | 256 | 124 | 177 | 612 | 23 | 1,609 | Substandard | 32 | 125 | 263 | 267 | 114 | 226 | 583 | 21 | 1,631 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 65 | 11 | 31 | 28 | 35 | 72 | 3 | 245 | Doubtful | 27 | 16 | 16 | 22 | 12 | 18 | 7 | 3 | 121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | Total commercial and industrial | 3,022 | 7,385 | 6,225 | 4,523 | 2,444 | 3,840 | 16,233 | 386 | 44,058 | Total commercial and industrial | 5,208 | 5,322 | 5,735 | 4,108 | 2,175 | 3,222 | 16,897 | 175 | 42,842 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 253 | 2,411 | 3,815 | 3,212 | 1,206 | 1,794 | 940 | 0 | 13,631 | Pass | 462 | 2,572 | 3,726 | 3,013 | 1,026 | 1,507 | 809 | 0 | 13,115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 0 | 9 | 131 | 72 | 178 | 99 | 0 | 0 | 489 | Special Mention | 73 | 7 | 193 | 102 | 155 | 122 | 14 | 0 | 666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 46 | 116 | 58 | 58 | 49 | 81 | 0 | 0 | 408 | Substandard | 1 | 39 | 210 | 135 | 146 | 73 | 0 | 0 | 604 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 16 | 0 | 7 | 0 | 2 | 0 | 0 | 25 | Doubtful | 0 | 9 | 16 | 0 | 0 | 2 | 0 | 0 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 299 | 2,552 | 4,004 | 3,349 | 1,433 | 1,976 | 940 | 0 | 14,553 | Total commercial real estate | 536 | 2,627 | 4,145 | 3,250 | 1,327 | 1,704 | 823 | 0 | 14,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 94 | 401 | 240 | 225 | 116 | 675 | 0 | 0 | 1,751 | Pass | 269 | 368 | 216 | 203 | 98 | 622 | 0 | 0 | 1,776 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 0 | 3 | 4 | 2 | 6 | 19 | 0 | 0 | 34 | Special Mention | 1 | 2 | 1 | 2 | 5 | 18 | 0 | 0 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 13 | 2 | 1 | 0 | 0 | 0 | 0 | 16 | Substandard | 0 | 16 | 5 | 1 | 0 | 1 | 0 | 0 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | Doubtful | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total leases | Total leases | 94 | 417 | 246 | 228 | 122 | 695 | 0 | 0 | 1,802 | Total leases | 270 | 386 | 222 | 206 | 103 | 642 | 0 | 0 | 1,829 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass(1) | Pass(1) | 3,347 | 9,990 | 9,754 | 7,432 | 3,528 | 5,853 | 16,074 | 326 | 56,304 | Pass(1) | 5,877 | 8,080 | 9,202 | 6,839 | 3,099 | 4,926 | 16,662 | 151 | 54,836 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 0 | 53 | 356 | 315 | 270 | 362 | 415 | 34 | 1,805 | Special Mention | 77 | 50 | 390 | 300 | 234 | 321 | 468 | 0 | 1,840 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 68 | 230 | 354 | 315 | 173 | 258 | 612 | 23 | 2,033 | Substandard | 33 | 180 | 478 | 403 | 260 | 300 | 583 | 21 | 2,258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 81 | 11 | 38 | 28 | 38 | 72 | 3 | 271 | Doubtful | 27 | 25 | 32 | 22 | 12 | 21 | 7 | 3 | 149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | $3,415 | $10,354 | $10,475 | $8,100 | $3,999 | $6,511 | $17,173 | $386 | $60,413 | Total commercial | $6,014 | $8,335 | $10,102 | $7,564 | $3,605 | $5,568 | $17,720 | $175 | $59,083 |
Term Loans by Origination Year | Revolving Loans | Term Loans by Origination Year | Revolving Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the Revolving Period | Converted to Term | Total | (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the Revolving Period | Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass(1) | Pass(1) | $8,036 | $5,730 | $4,180 | $2,174 | $1,157 | $1,980 | $17,281 | $340 | $40,878 | Pass(1) | $8,036 | $5,730 | $4,180 | $2,174 | $1,157 | $1,980 | $17,281 | $340 | $40,878 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 34 | 264 | 163 | 84 | 60 | 173 | 771 | 34 | 1,583 | Special Mention | 34 | 264 | 163 | 84 | 60 | 173 | 771 | 34 | 1,583 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 91 | 195 | 248 | 100 | 81 | 127 | 600 | 22 | 1,464 | Substandard | 91 | 195 | 248�� | 100 | 81 | 127 | 600 | 22 | 1,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 65 | 10 | 34 | 38 | 3 | 31 | 63 | 4 | 248 | Doubtful | 65 | 10 | 34 | 38 | 3 | 31 | 63 | 4 | 248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | Total commercial and industrial | 8,226 | 6,199 | 4,625 | 2,396 | 1,301 | 2,311 | 18,715 | 400 | 44,173 | Total commercial and industrial | 8,226 | 6,199 | 4,625 | 2,396 | 1,301 | 2,311 | 18,715 | 400 | 44,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 1,848 | 2,836 | 2,810 | 1,106 | 566 | 919 | 3,271 | 0 | 13,356 | Pass | 1,848 | 2,836 | 2,810 | 1,106 | 566 | 919 | 3,271 | 0 | 13,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 19 | 130 | 121 | 92 | 94 | 48 | 300 | 0 | 804 | Special Mention | 19 | 130 | 121 | 92 | 94 | 48 | 300 | 0 | 804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 116 | 2 | 65 | 5 | 53 | 26 | 149 | 0 | 416 | Substandard | 116 | 2 | 65 | 5 | 53 | 26 | 149 | 0 | 416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 16 | 26 | 8 | 0 | 0 | 2 | 24 | 0 | 76 | Doubtful | 16 | 26 | 8 | 0 | 0 | 2 | 24 | 0 | 76 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 1,999 | 2,994 | 3,004 | 1,203 | 713 | 995 | 3,744 | 0 | 14,652 | Total commercial real estate | 1,999 | 2,994 | 3,004 | 1,203 | 713 | 995 | 3,744 | 0 | 14,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 455 | 246 | 229 | 139 | 180 | 673 | 0 | 0 | 1,922 | Pass | 455 | 246 | 229 | 139 | 180 | 673 | 0 | 0 | 1,922 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 3 | 4 | 2 | 4 | 2 | 18 | 0 | 0 | 33 | Special Mention | 3 | 4 | 2 | 4 | 2 | 18 | 0 | 0 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 2 | 2 | 4 | 4 | 0 | 0 | 0 | 12 | Substandard | 0 | 2 | 2 | 4 | 4 | 0 | 0 | 0 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | Doubtful | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total leases | Total leases | 458 | 252 | 233 | 147 | 186 | 692 | 0 | 0 | 1,968 | Total leases | 458 | 252 | 233 | 147 | 186 | 692 | 0 | 0 | 1,968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass(1) | Pass(1) | 10,339 | 8,812 | 7,219 | 3,419 | 1,903 | 3,572 | 20,552 | 340 | 56,156 | Pass(1) | 10,339 | 8,812 | 7,219 | 3,419 | 1,903 | 3,572 | 20,552 | 340 | 56,156 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 56 | 398 | 286 | 180 | 156 | 239 | 1,071 | 34 | 2,420 | Special Mention | 56 | 398 | 286 | 180 | 156 | 239 | 1,071 | 34 | 2,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 207 | 199 | 315 | 109 | 138 | 153 | 749 | 22 | 1,892 | Substandard | 207 | 199 | 315 | 109 | 138 | 153 | 749 | 22 | 1,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 81 | 36 | 42 | 38 | 3 | 34 | 87 | 4 | 325 | Doubtful | 81 | 36 | 42 | 38 | 3 | 34 | 87 | 4 | 325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | $10,683 | $9,445 | $7,862 | $3,746 | $2,200 | $3,998 | $22,459 | $400 | $60,793 | Total commercial | $10,683 | $9,445 | $7,862 | $3,746 | $2,200 | $3,998 | $22,459 | $400 | $60,793 |
Term Loans by Origination Year | Revolving Loans | Term Loans by Origination Year | Revolving Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the Revolving Period | Converted to Term | Total | (in millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the Revolving Period | Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | Residential mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | $307 | $3,088 | $1,756 | $556 | $1,014 | $3,023 | $0 | $0 | $9,744 | 800+ | $851 | $3,079 | $1,574 | $454 | $897 | $2,697 | $0 | $0 | $9,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 729 | 2,369 | 944 | 337 | 446 | 1,442 | 0 | 0 | 6,267 | 740-799 | 1,619 | 2,261 | 890 | 311 | 448 | 1,335 | 0 | 0 | 6,864 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 175 | 699 | 331 | 140 | 157 | 681 | 0 | 0 | 2,183 | 680-739 | 377 | 653 | 360 | 178 | 169 | 660 | 0 | 0 | 2,397 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 14 | 96 | 93 | 46 | 65 | 306 | 0 | 0 | 620 | 620-679 | 42 | 112 | 180 | 103 | 117 | 328 | 0 | 0 | 882 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 2 | 25 | 28 | 40 | 53 | 224 | 0 | 0 | 372 | <620 | 2 | 49 | 153 | 162 | 167 | 293 | 0 | 0 | 826 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 2 | 2 | 1 | 0 | 0 | 11 | 0 | 0 | 16 | No FICO available(1) | 2 | 3 | 1 | 0 | 0 | 11 | 0 | 0 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgages | Total residential mortgages | 1,229 | 6,279 | 3,153 | 1,119 | 1,735 | 5,687 | 0 | 0 | 19,202 | Total residential mortgages | 2,893 | 6,157 | 3,158 | 1,208 | 1,798 | 5,324 | 0 | 0 | 20,538 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 0 | 3 | 7 | 8 | 6 | 192 | 4,288 | 335 | 4,839 | 800+ | 1 | 2 | 6 | 6 | 5 | 170 | 4,292 | 318 | 4,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 0 | 1 | 5 | 6 | 6 | 170 | 3,167 | 317 | 3,672 | 740-799 | 0 | 1 | 5 | 6 | 6 | 146 | 3,333 | 306 | 3,803 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 0 | 1 | 6 | 11 | 16 | 175 | 1,610 | 270 | 2,089 | 680-739 | 0 | 1 | 8 | 13 | 18 | 162 | 1,608 | 274 | 2,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 0 | 3 | 13 | 20 | 23 | 144 | 363 | 189 | 755 | 620-679 | 0 | 3 | 13 | 24 | 20 | 133 | 336 | 182 | 711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 0 | 5 | 21 | 33 | 26 | 124 | 87 | 203 | 499 | <620 | 0 | 3 | 20 | 25 | 23 | 106 | 79 | 187 | 443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | No FICO available(1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity | Total home equity | 0 | 13 | 52 | 78 | 77 | 805 | 9,515 | 1,314 | 11,854 | Total home equity | 1 | 10 | 52 | 74 | 72 | 717 | 9,648 | 1,267 | 11,841 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 370 | 997 | 749 | 378 | 265 | 168 | 0 | 0 | 2,927 | 800+ | 756 | 951 | 681 | 333 | 223 | 122 | 0 | 0 | 3,066 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 495 | 1,426 | 906 | 460 | 288 | 169 | 0 | 0 | 3,744 | 740-799 | 1,096 | 1,320 | 813 | 401 | 242 | 122 | 0 | 0 | 3,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 441 | 1,253 | 781 | 396 | 232 | 136 | 0 | 0 | 3,239 | 680-739 | 969 | 1,109 | 690 | 335 | 190 | 98 | 0 | 0 | 3,391 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 188 | 616 | 421 | 220 | 131 | 86 | 0 | 0 | 1,662 | 620-679 | 458 | 506 | 345 | 184 | 108 | 63 | 0 | 0 | 1,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 18 | 159 | 218 | 168 | 117 | 87 | 0 | 0 | 767 | <620 | 59 | 138 | 180 | 133 | 90 | 61 | 0 | 0 | 661 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 2 | 1 | 0 | 0 | 0 | 2 | 0 | 0 | 5 | No FICO available(1) | 3 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total automobile | Total automobile | 1,514 | 4,452 | 3,075 | 1,622 | 1,033 | 648 | 0 | 0 | 12,344 | Total automobile | 3,341 | 4,024 | 2,709 | 1,386 | 853 | 467 | 0 | 0 | 12,780 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | Education | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 347 | 1,781 | 1,169 | 713 | 647 | 1,151 | 0 | 0 | 5,808 | 800+ | 564 | 1,843 | 1,103 | 662 | 590 | 1,066 | 0 | — | 5,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 399 | 1,883 | 971 | 528 | 370 | 638 | 0 | 0 | 4,789 | 740-799 | 759 | 1,831 | 892 | 480 | 338 | 614 | 0 | 0 | 4,914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 98 | 560 | 326 | 187 | 136 | 312 | 0 | 0 | 1,619 | 680-739 | 204 | 536 | 289 | 172 | 123 | 300 | 0 | 0 | 1,624 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 5 | 55 | 50 | 41 | 34 | 125 | 0 | 0 | 310 | 620-679 | 14 | 54 | 45 | 37 | 29 | 110 | 0 | 0 | 289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 0 | 5 | 12 | 15 | 12 | 62 | 0 | 0 | 106 | <620 | 1 | 6 | 10 | 12 | 10 | 49 | 0 | 0 | 88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 2 | 0 | 0 | 0 | 0 | 57 | 0 | 0 | 59 | No FICO available(1) | 2 | 0 | 0 | 0 | 0 | 55 | 0 | 0 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total education | Total education | 851 | 4,284 | 2,528 | 1,484 | 1,199 | 2,345 | 0 | 0 | 12,691 | Total education | 1,544 | 4,270 | 2,339 | 1,363 | 1,090 | 2,194 | 0 | 0 | 12,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | Other retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 63 | 394 | 269 | 117 | 56 | 49 | 303 | 0 | 1,251 | 800+ | 107 | 343 | 209 | 100 | 48 | 42 | 357 | 0 | 1,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 95 | 546 | 359 | 151 | 68 | 42 | 592 | 2 | 1,855 | 740-799 | 169 | 479 | 285 | 128 | 58 | 36 | 662 | 2 | 1,819 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 87 | 431 | 245 | 102 | 45 | 22 | 531 | 5 | 1,468 | 680-739 | 150 | 372 | 190 | 85 | 37 | 18 | 593 | 5 | 1,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 56 | 229 | 88 | 36 | 13 | 7 | 170 | 6 | 605 | 620-679 | 94 | 181 | 65 | 28 | 10 | 6 | 208 | 6 | 598 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 4 | 46 | 35 | 20 | 7 | 4 | 74 | 8 | 198 | <620 | 11 | 39 | 23 | 13 | 4 | 2 | 66 | 7 | 165 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 24 | 9 | 0 | 0 | 0 | 0 | 279 | 2 | 314 | No FICO available(1) | 6 | 8 | 0 | 0 | 0 | 0 | 285 | 2 | 301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other retail | Total other retail | 329 | 1,655 | 996 | 426 | 189 | 124 | 1,949 | 23 | 5,691 | Total other retail | 537 | 1,422 | 772 | 354 | 157 | 104 | 2,171 | 22 | 5,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 1,087 | 6,263 | 3,950 | 1,772 | 1,988 | 4,583 | 4,591 | 335 | 24,569 | 800+ | 2,279 | 6,218 | 3,573 | 1,555 | 1,763 | 4,097 | 4,649 | 318 | 24,452 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 1,718 | 6,225 | 3,185 | 1,482 | 1,178 | 2,461 | 3,759 | 319 | 20,327 | 740-799 | 3,643 | 5,892 | 2,885 | 1,326 | 1,092 | 2,253 | 3,995 | 308 | 21,394 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 801 | 2,944 | 1,689 | 836 | 586 | 1,326 | 2,141 | 275 | 10,598 | 680-739 | 1,700 | 2,671 | 1,537 | 783 | 537 | 1,238 | 2,201 | 279 | 10,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 263 | 999 | 665 | 363 | 266 | 668 | 533 | 195 | 3,952 | 620-679 | 608 | 856 | 648 | 376 | 284 | 640 | 544 | 188 | 4,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 24 | 240 | 314 | 276 | 215 | 501 | 161 | 211 | 1,942 | <620 | 73 | 235 | 386 | 345 | 294 | 511 | 145 | 194 | 2,183 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 30 | 12 | 1 | 0 | 0 | 70 | 279 | 2 | 394 | No FICO available(1) | 13 | 11 | 1 | 0 | 0 | 67 | 285 | 2 | 379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | $3,923 | $16,683 | $9,804 | $4,729 | $4,233 | $9,609 | $11,464 | $1,337 | $61,782 | Total retail | $8,316 | $15,883 | $9,030 | $4,385 | $3,970 | $8,806 | $11,819 | $1,289 | $63,498 |
Term Loans by Origination Year | Revolving Loans | Term Loans by Origination Year | Revolving Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the Revolving Period | Converted to Term | Total | (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the Revolving Period | Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | Residential mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | $2,687 | $1,885 | $638 | $1,129 | $1,615 | $1,755 | $0 | $0 | $9,709 | 800+ | $2,687 | $1,885 | $638 | $1,129 | $1,615 | $1,755 | $0 | $0 | $9,709 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 2,931 | 1,133 | 398 | 527 | 743 | 904 | 0 | 0 | 6,636 | 740-799 | 2,931 | 1,133 | 398 | 527 | 743 | 904 | 0 | 0 | 6,636 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 784 | 351 | 162 | 172 | 295 | 458 | 0 | 0 | 2,222 | 680-739 | 784 | 351 | 162 | 172 | 295 | 458 | 0 | 0 | 2,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 97 | 94 | 44 | 56 | 66 | 223 | 0 | 0 | 580 | 620-679 | 97 | 94 | 44 | 56 | 66 | 223 | 0 | 0 | 580 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 12 | 28 | 35 | 58 | 50 | 185 | 0 | 0 | 368 | <620 | 12 | 28 | 35 | 58 | 50 | 185 | 0 | 0 | 368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 1 | 2 | 1 | 5 | 1 | 14 | 0 | 0 | 24 | No FICO available(1) | 1 | 2 | 1 | 5 | 1 | 14 | 0 | 0 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgages | Total residential mortgages | 6,512 | 3,493 | 1,278 | 1,947 | 2,770 | 3,539 | 0 | 0 | 19,539 | Total residential mortgages | 6,512 | 3,493 | 1,278 | 1,947 | 2,770 | 3,539 | 0 | 0 | 19,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 2 | 8 | 10 | 7 | 5 | 216 | 4,319 | 344 | 4,911 | 800+ | 2 | 8 | 10 | 7 | 5 | 216 | 4,319 | 344 | 4,911 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 2 | 6 | 7 | 6 | 5 | 180 | 3,234 | 331 | 3,771 | 740-799 | 2 | 6 | 7 | 6 | 5 | 180 | 3,234 | 331 | 3,771 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 1 | 6 | 10 | 15 | 8 | 179 | 1,632 | 284 | 2,135 | 680-739 | 1 | 6 | 10 | 15 | 8 | 179 | 1,632 | 284 | 2,135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 0 | 10 | 18 | 21 | 14 | 136 | 402 | 195 | 796 | 620-679 | 0 | 10 | 18 | 21 | 14 | 136 | 402 | 195 | 796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 1 | 17 | 30 | 29 | 18 | 122 | 105 | 214 | 536 | <620 | 1 | 17 | 30 | 29 | 18 | 122 | 105 | 214 | 536 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity | Total home equity | 6 | 47 | 75 | 78 | 50 | 833 | 9,692 | 1,368 | 12,149 | Total home equity | 6 | 47 | 75 | 78 | 50 | 833 | 9,692 | 1,368 | 12,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 1,056 | 812 | 424 | 312 | 169 | 62 | 0 | 0 | 2,835 | 800+ | 1,056 | 812 | 424 | 312 | 169 | 62 | 0 | 0 | 2,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 1,514 | 1,022 | 531 | 344 | 172 | 59 | 0 | 0 | 3,642 | 740-799 | 1,514 | 1,022 | 531 | 344 | 172 | 59 | 0 | 0 | 3,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 1,347 | 889 | 461 | 282 | 138 | 47 | 0 | 0 | 3,164 | 680-739 | 1,347 | 889 | 461 | 282 | 138 | 47 | 0 | 0 | 3,164 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 669 | 484 | 259 | 157 | 84 | 32 | 0 | 0 | 1,685 | 620-679 | 669 | 484 | 259 | 157 | 84 | 32 | 0 | 0 | 1,685 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 140 | 242 | 189 | 137 | 79 | 34 | 0 | 0 | 821 | <620 | 140 | 242 | 189 | 137 | 79 | 34 | 0 | 0 | 821 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 2 | 0 | 0 | 0 | 0 | 4 | 0 | 0 | 6 | No FICO available(1) | 2 | 0 | 0 | 0 | 0 | 4 | 0 | 0 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total automobile | Total automobile | 4,728 | 3,449 | 1,864 | 1,232 | 642 | 238 | 0 | 0 | 12,153 | Total automobile | 4,728 | 3,449 | 1,864 | 1,232 | 642 | 238 | 0 | 0 | 12,153 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | Education | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 1,817 | 1,363 | 849 | 781 | 578 | 777 | 0 | 0 | 6,165 | 800+ | 1,817 | 1,363 | 849 | 781 | 578 | 777 | 0 | 0 | 6,165 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 1,797 | 1,009 | 541 | 387 | 251 | 423 | 0 | 0 | 4,408 | 740-799 | 1,797 | 1,009 | 541 | 387 | 251 | 423 | 0 | 0 | 4,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 450 | 294 | 173 | 127 | 90 | 221 | 0 | 0 | 1,355 | 680-739 | 450 | 294 | 173 | 127 | 90 | 221 | 0 | 0 | 1,355 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 26 | 35 | 33 | 28 | 25 | 95 | 0 | 0 | 242 | 620-679 | 26 | 35 | 33 | 28 | 25 | 95 | 0 | 0 | 242 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 2 | 5 | 10 | 10 | 8 | 41 | 0 | 0 | 76 | <620 | 2 | 5 | 10 | 10 | 8 | 41 | 0 | 0 | 76 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 2 | 0 | 0 | 0 | 0 | 60 | 0 | 0 | 62 | No FICO available(1) | 2 | 0 | 0 | 0 | 0 | 60 | 0 | 0 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total education | Total education | 4,094 | 2,706 | 1,606 | 1,333 | 952 | 1,617 | 0 | 0 | 12,308 | Total education | 4,094 | 2,706 | 1,606 | 1,333 | 952 | 1,617 | 0 | 0 | 12,308 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | Other retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 461 | 380 | 163 | 77 | 15 | 44 | 341 | 0 | 1,481 | 800+ | 461 | 380 | 163 | 77 | 15 | 44 | 341 | 0 | 1,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 620 | 460 | 184 | 81 | 19 | 31 | 638 | 2 | 2,035 | 740-799 | 620 | 460 | 184 | 81 | 19 | 31 | 638 | 2 | 2,035 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 495 | 302 | 111 | 48 | 10 | 13 | 561 | 5 | 1,545 | 680-739 | 495 | 302 | 111 | 48 | 10 | 13 | 561 | 5 | 1,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 248 | 104 | 37 | 14 | 3 | 5 | 174 | 7 | 592 | 620-679 | 248 | 104 | 37 | 14 | 3 | 5 | 174 | 7 | 592 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 24 | 30 | 17 | 6 | 1 | 3 | 77 | 8 | 166 | <620 | 24 | 30 | 17 | 6 | 1 | 3 | 77 | 8 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 54 | 1 | 0 | 0 | 0 | 0 | 272 | 2 | 329 | No FICO available(1) | 54 | 1 | 0 | 0 | 0 | 0 | 272 | 2 | 329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other retail | Total other retail | 1,902 | 1,277 | 512 | 226 | 48 | 96 | 2,063 | 24 | 6,148 | Total other retail | 1,902 | 1,277 | 512 | 226 | 48 | 96 | 2,063 | 24 | 6,148 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 6,023 | 4,448 | 2,084 | 2,306 | 2,382 | 2,854 | 4,660 | 344 | 25,101 | 800+ | 6,023 | 4,448 | 2,084 | 2,306 | 2,382 | 2,854 | 4,660 | 344 | 25,101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 6,864 | 3,630 | 1,661 | 1,345 | 1,190 | 1,597 | 3,872 | 333 | 20,492 | 740-799 | 6,864 | 3,630 | 1,661 | 1,345 | 1,190 | 1,597 | 3,872 | 333 | 20,492 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 3,077 | 1,842 | 917 | 644 | 541 | 918 | 2,193 | 289 | 10,421 | 680-739 | 3,077 | 1,842 | 917 | 644 | 541 | 918 | 2,193 | 289 | 10,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 1,040 | 727 | 391 | 276 | 192 | 491 | 576 | 202 | 3,895 | 620-679 | 1,040 | 727 | 391 | 276 | 192 | 491 | 576 | 202 | 3,895 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 179 | 322 | 281 | 240 | 156 | 385 | 182 | 222 | 1,967 | <620 | 179 | 322 | 281 | 240 | 156 | 385 | 182 | 222 | 1,967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 59 | 3 | 1 | 5 | 1 | 78 | 272 | 2 | 421 | No FICO available(1) | 59 | 3 | 1 | 5 | 1 | 78 | 272 | 2 | 421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | $17,242 | $10,972 | $5,335 | $4,816 | $4,462 | $6,323 | $11,755 | $1,392 | $62,297 | Total retail | $17,242 | $10,972 | $5,335 | $4,816 | $4,462 | $6,323 | $11,755 | $1,392 | $62,297 |
As of March 31, 2021 | As of December 31, 2020 | As of June 30, 2021 | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Nonaccrual loans and leases | 90+ days past due and accruing | Nonaccrual with no related ACL | Nonaccrual loans and leases | 90+ days past due and accruing | Nonaccrual with no related ACL | (in millions) | Nonaccrual loans and leases | 90+ days past due and accruing | Nonaccrual with no related ACL | Nonaccrual loans and leases | 90+ days past due and accruing | Nonaccrual with no related ACL | ||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $281 | $3 | $56 | $280 | $20 | $56 | Commercial and industrial | $163 | $0 | $40 | $280 | $20 | $56 | ||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 100 | 9 | 37 | 176 | 0 | 2 | Commercial real estate | 102 | 0 | 37 | 176 | 0 | 2 | ||||||||||||||||||||||||||||||||
Leases | Leases | 1 | 0 | 0 | 2 | 1 | 0 | Leases | 1 | 1 | 0 | 2 | 1 | 0 | ||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 382 | 12 | 93 | 458 | 21 | 58 | Total commercial | 266 | 1 | 77 | 458 | 21 | 58 | ||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 237 | 23 | 178 | 167 | 30 | 96 | Residential mortgages | 174 | 270 | 138 | 167 | 30 | 96 | ||||||||||||||||||||||||||||||||
Home equity | Home equity | 269 | 0 | 202 | 276 | 0 | 207 | Home equity | 234 | 0 | 189 | 276 | 0 | 207 | ||||||||||||||||||||||||||||||||
Automobile | Automobile | 70 | 0 | 33 | 72 | 0 | 17 | Automobile | 62 | 0 | 34 | 72 | 0 | 17 | ||||||||||||||||||||||||||||||||
Education | Education | 22 | 2 | 2 | 18 | 2 | 2 | Education | 21 | 2 | 2 | 18 | 2 | 2 | ||||||||||||||||||||||||||||||||
Other retail | Other retail | 28 | 9 | 2 | 28 | 9 | 0 | Other retail | 22 | 7 | 2 | 28 | 9 | 0 | ||||||||||||||||||||||||||||||||
Total retail | Total retail | 626 | 34 | 417 | 561 | 41 | 322 | Total retail | 513 | 279 | 365 | 561 | 41 | 322 | ||||||||||||||||||||||||||||||||
Total loans and leases | Total loans and leases | $1,008 | $46 | $510 | $1,019 | $62 | $380 | Total loans and leases | $779 | $280 | $442 | $1,019 | $62 | $380 |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past Due | Days Past Due | Days Past Due | Days Past Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Current-29 | 30-59 | 60-89 | 90 or More | Total | Current-29 | 30-59 | 60-89 | 90 or More | Total | (in millions) | Current-29 | 30-59 | 60-89 | 90+ | Total | Current-29 | 30-59 | 60-89 | 90+ | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $43,768 | $178 | $20 | $92 | $44,058 | $43,817 | $223 | $16 | $117 | $44,173 | Commercial and industrial | $42,769 | $24 | $7 | $42 | $42,842 | $43,817 | $223 | $16 | $117 | $44,173 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 14,440 | 60 | 36 | 17 | 14,553 | 14,531 | 1 | 85 | 35 | 14,652 | Commercial real estate | 14,310 | 1 | 0 | 101 | 14,412 | 14,531 | 1 | 85 | 35 | 14,652 | ||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | 1,798 | 2 | 0 | 2 | 1,802 | 1,956 | 9 | 0 | 3 | 1,968 | Leases | 1,827 | 0 | 0 | 2 | 1,829 | 1,956 | 9 | 0 | 3 | 1,968 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 60,006 | 240 | 56 | 111 | 60,413 | 60,304 | 233 | 101 | 155 | 60,793 | Total commercial | 58,906 | 25 | 7 | 145 | 59,083 | 60,304 | 233 | 101 | 155 | 60,793 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 18,951 | 55 | 11 | 185 | 19,202 | 19,291 | 59 | 21 | 168 | 19,539 | Residential mortgages | 19,885 | 176 | 61 | 416 | 20,538 | 19,291 | 59 | 21 | 168 | 19,539 | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 11,599 | 46 | 19 | 190 | 11,854 | 11,848 | 61 | 28 | 212 | 12,149 | Home equity | 11,607 | 32 | 17 | 185 | 11,841 | 11,848 | 61 | 28 | 212 | 12,149 | ||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 12,176 | 117 | 41 | 10 | 12,344 | 11,901 | 170 | 65 | 17 | 12,153 | Automobile | 12,613 | 114 | 43 | 10 | 12,780 | 11,901 | 170 | 65 | 17 | 12,153 | ||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 12,638 | 29 | 13 | 11 | 12,691 | 12,255 | 33 | 13 | 7 | 12,308 | Education | 12,747 | 29 | 13 | 11 | 12,800 | 12,255 | 33 | 13 | 7 | 12,308 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 5,602 | 31 | 24 | 34 | 5,691 | 6,047 | 38 | 29 | 34 | 6,148 | Other retail | 5,454 | 37 | 20 | 28 | 5,539 | 6,047 | 38 | 29 | 34 | 6,148 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total retail loans | 60,966 | 278 | 108 | 430 | 61,782 | 61,342 | 361 | 156 | 438 | 62,297 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 62,306 | 388 | 154 | 650 | 63,498 | 61,342 | 361 | 156 | 438 | 62,297 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $120,972 | $518 | $164 | $541 | $122,195 | $121,646 | $594 | $257 | $593 | $123,090 | Total | $121,212 | $413 | $161 | $795 | $122,581 | $121,646 | $594 | $257 | $593 | $123,090 |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Commercial | $367 | $257 | |||||||||
Retail | 714 | 718 | |||||||||
Unfunded commitments related to TDRs | 167 | 49 |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary Modification Types | Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Amortized Cost Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Number of Contracts | Amortized Cost | Number of Contracts | Amortized Cost | Number of Contracts | Amortized Cost | (dollars in millions) | Number of Contracts | Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 0 | $0 | 3 | $3 | 4 | $0 | Commercial and industrial | 15 | $0 | $3 | $54 | $57 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 0 | 0 | 0 | 0 | 0 | 0 | Commercial real estate | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 0 | 0 | 3 | 3 | 4 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 15 | 0 | 3 | 54 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 20 | 4 | 9 | 6 | 13 | 3 | Residential mortgages | 671 | 8 | 120 | 44 | 172 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 34 | 2 | 41 | 5 | 72 | 4 | Home equity | 102 | 1 | 3 | 3 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 21 | 0 | 52 | 0 | 596 | 8 | Automobile | 379 | 1 | 0 | 5 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 0 | 0 | 0 | 0 | 147 | 4 | Education | 265 | 0 | 0 | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 556 | 3 | 0 | 0 | 74 | 1 | Other retail | 585 | 1 | 0 | 0 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail loans | 631 | 9 | 102 | 11 | 902 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 2,002 | 11 | 123 | 61 | 195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 631 | $9 | 105 | $14 | 906 | $20 | Total | 2,017 | $11 | $126 | $115 | $252 |
Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||
Primary Modification Types | ||||||||||||||||||||||||||
Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | ||||||||||||||||||||||||
(dollars in millions) | Number of Contracts | Amortized Cost | Number of Contracts | Amortized Cost | Number of Contracts | Amortized Cost | ||||||||||||||||||||
Commercial and industrial | 0 | $0 | 2 | $0 | 17 | $41 | ||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Total commercial loans | 0 | 0 | 2 | 0 | 17 | 41 | ||||||||||||||||||||
Residential mortgages | 38 | 6 | 37 | 7 | 21 | 4 | ||||||||||||||||||||
Home equity | 46 | 4 | 6 | 0 | 71 | 4 | ||||||||||||||||||||
Automobile | 47 | 1 | 0 | 0 | 183 | 2 | ||||||||||||||||||||
Education | 0 | 0 | 0 | 0 | 91 | 2 | ||||||||||||||||||||
Other retail | 861 | 4 | 0 | 0 | 112 | 1 | ||||||||||||||||||||
Total retail loans | 992 | 15 | 43 | 7 | 478 | 13 | ||||||||||||||||||||
Total | 992 | $15 | 45 | $7 | 495 | $54 |
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||
(dollars in millions) | Number of Contracts | Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Total | |||||||||||||||||||||||||||||||||
Commercial and industrial | 19 | $0 | $3 | $53 | $56 | |||||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total commercial | 19 | 0 | 3 | 53 | 56 | |||||||||||||||||||||||||||||||||
Residential mortgages | 145 | 11 | 14 | 3 | 28 | |||||||||||||||||||||||||||||||||
Home equity | 266 | 2 | 4 | 11 | 17 | |||||||||||||||||||||||||||||||||
Automobile | 947 | 0 | 0 | 15 | 15 | |||||||||||||||||||||||||||||||||
Education | 142 | 0 | 0 | 4 | 4 | |||||||||||||||||||||||||||||||||
Other retail | 710 | 3 | 0 | 1 | 4 | |||||||||||||||||||||||||||||||||
Total retail | 2,210 | 16 | 18 | 34 | 68 | |||||||||||||||||||||||||||||||||
Total | 2,229 | $16 | $21 | $87 | $124 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||
(dollars in millions) | Number of Contracts | Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Total | |||||||||||||||||||||||||||||||||
Commercial and industrial | 22 | $0 | $6 | $54 | $60 | |||||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total commercial | 22 | 0 | 6 | 54 | 60 | |||||||||||||||||||||||||||||||||
Residential mortgages | 713 | 12 | 126 | 47 | 185 | |||||||||||||||||||||||||||||||||
Home equity | 249 | 3 | 8 | 7 | 18 | |||||||||||||||||||||||||||||||||
Automobile | 1,048 | 1 | 0 | 13 | 14 | |||||||||||||||||||||||||||||||||
Education | 412 | 0 | 0 | 13 | 13 | |||||||||||||||||||||||||||||||||
Other retail | 1,215 | 4 | 0 | 1 | 5 | |||||||||||||||||||||||||||||||||
Total retail | 3,637 | 20 | 134 | 81 | 235 | |||||||||||||||||||||||||||||||||
Total | 3,659 | $20 | $140 | $135 | $295 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||
(dollars in millions) | Number of Contracts | Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Total | |||||||||||||||||||||||||||||||||
Commercial and industrial | 38 | $0 | $3 | $94 | $97 | |||||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total commercial | 38 | 0 | 3 | 94 | 97 | |||||||||||||||||||||||||||||||||
Residential mortgages | 241 | 17 | 21 | 7 | 45 | |||||||||||||||||||||||||||||||||
Home equity | 389 | 6 | 4 | 15 | 25 | |||||||||||||||||||||||||||||||||
Automobile | 1,177 | 1 | 0 | 17 | 18 | |||||||||||||||||||||||||||||||||
Education | 233 | 0 | 0 | 6 | 6 | |||||||||||||||||||||||||||||||||
Other retail | 1,683 | 7 | 0 | 2 | 9 | |||||||||||||||||||||||||||||||||
Total retail | 3,723 | 31 | 25 | 47 | 103 | |||||||||||||||||||||||||||||||||
Total | 3,761 | $31 | $28 | $141 | $200 |
March 31, 2021 | June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Residential Mortgages | Home Equity | Other Retail | Total | (in millions) | Residential Mortgages | Home Equity | Other Retail | Education | Total | |||||||||||||||||||||||||||||||||||
High loan-to-value | High loan-to-value | $224 | $41 | $0 | $265 | High loan-to-value | $235 | $27 | $0 | $0 | $262 | |||||||||||||||||||||||||||||||||||
Interest-only | Interest-only | 2,936 | 0 | 0 | 2,936 | Interest-only | 3,143 | 0 | 0 | 1 | 3,144 | |||||||||||||||||||||||||||||||||||
Low introductory rate | Low introductory rate | 0 | 0 | 145 | 145 | Low introductory rate | 0 | 0 | 135 | 0 | 135 | |||||||||||||||||||||||||||||||||||
Multiple characteristics and other | 2 | 0 | 0 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $3,162 | $41 | $145 | $3,348 | Total | $3,378 | $27 | $135 | $1 | $3,541 |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Residential Mortgages | Home Equity | Other Retail | Total | (in millions) | Residential Mortgages | Home Equity | Other Retail | Education | Total | |||||||||||||||||||||||||||||||||||
High loan-to-value | High loan-to-value | $289 | $64 | $0 | $353 | High loan-to-value | $289 | $64 | $0 | $0 | $353 | |||||||||||||||||||||||||||||||||||
Interest-only | Interest-only | 2,801 | 0 | 0 | 2,801 | Interest-only | 2,801 | 0 | 0 | 0 | 2,801 | |||||||||||||||||||||||||||||||||||
Low introductory rate | Low introductory rate | 0 | 0 | 170 | 170 | Low introductory rate | 0 | 0 | 170 | 0 | 170 | |||||||||||||||||||||||||||||||||||
Total | Total | $3,090 | $64 | $170 | $3,324 | Total | $3,090 | $64 | $170 | $1 | $3,324 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Cash proceeds from residential mortgage loans sold with servicing retained | Cash proceeds from residential mortgage loans sold with servicing retained | $9,038 | $5,272 | Cash proceeds from residential mortgage loans sold with servicing retained | $10,540 | $8,797 | $19,577 | $14,164 | ||||||||||||||||||||||||||||||||||||||
Gain on sales (1) | Gain on sales (1) | 140 | 143 | Gain on sales (1) | 85 | 283 | 225 | 426 | ||||||||||||||||||||||||||||||||||||||
Contractually specified servicing, late and other ancillary fees (1) | Contractually specified servicing, late and other ancillary fees (1) | 58 | 58 | Contractually specified servicing, late and other ancillary fees (1) | 60 | 55 | 118 | 113 |
As of and for the Three Months Ended March 31, | As of and for the Three Months Ended June 30, | As of and for the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Fair value as of beginning of the period | Fair value as of beginning of the period | $658 | $642 | Fair value as of beginning of the period | $893 | $577 | $658 | $642 | ||||||||||||||||||||||||||||||||||||||
Transfers upon election of fair value method(1) | Transfers upon election of fair value method(1) | 0 | 190 | Transfers upon election of fair value method (1) | 0 | 0 | 0 | 190 | ||||||||||||||||||||||||||||||||||||||
Fair value as of beginning of the period, adjusted | Fair value as of beginning of the period, adjusted | 658 | 832 | Fair value as of beginning of the period, adjusted | 893 | 577 | 658 | 832 | ||||||||||||||||||||||||||||||||||||||
Amounts capitalized | Amounts capitalized | 87 | 67 | Amounts capitalized | 122 | 86 | 209 | 153 | ||||||||||||||||||||||||||||||||||||||
Changes in unpaid principal balance during the period (2) | Changes in unpaid principal balance during the period (2) | (58) | (40) | Changes in unpaid principal balance during the period (2) | (47) | (46) | (105) | (86) | ||||||||||||||||||||||||||||||||||||||
Changes in fair value during the period (3) | Changes in fair value during the period (3) | 206 | (282) | Changes in fair value during the period (3) | (66) | (49) | 140 | (331) | ||||||||||||||||||||||||||||||||||||||
Fair value at end of the period | Fair value at end of the period | $893 | $577 | Fair value at end of the period | $902 | $568 | $902 | $568 |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Actual | Decline in fair value due to | Actual | Decline in fair value due to | Actual | Decline in fair value due to | Actual | Decline in fair value due to | |||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | (dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Fair value | Fair value | $893 | 50 bps adverse change | 100 bps adverse change | $658 | 50 bps adverse change | 100 bps adverse change | Fair value | $902 | 50 bps adverse change | 100 bps adverse change | $658 | 50 bps adverse change | 100 bps adverse change | ||||||||||||||||||||||||||||||||
Weighted average life (in years) | Weighted average life (in years) | 5.9 | 4.2 | Weighted average life (in years) | 5.7 | 4.2 | ||||||||||||||||||||||||||||||||||||||||
Weighted average constant prepayment rate | Weighted average constant prepayment rate | 11.3% | $103 | $228 | 17.3% | $122 | $202 | Weighted average constant prepayment rate | 11.9% | $129 | $273 | 17.3% | $122 | $202 | ||||||||||||||||||||||||||||||||
Weighted average option adjusted spread | Weighted average option adjusted spread | 582 bps | 18 | 37 | 595 bps | 12 | 24 | Weighted average option adjusted spread | 581 bps | 18 | 36 | 595 bps | 12 | 24 |
(in millions) | (in millions) | March 31, 2021 | December 31, 2020 | (in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||||||
Education | Education | $903 | $974 | Education | $867 | $974 | ||||||||||||||||
Commercial | Commercial | 55 | 51 | Commercial | 61 | 51 |
(in millions) | (in millions) | March 31, 2021 | December 31, 2020 | (in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||||||
Lending to special purpose entities included in loans and leases | Lending to special purpose entities included in loans and leases | $1,269 | $1,295 | Lending to special purpose entities included in loans and leases | $1,520 | $1,295 | ||||||||||||||||
LIHTC investment included in other assets | LIHTC investment included in other assets | 1,776 | 1,687 | LIHTC investment included in other assets | 1,926 | 1,687 | ||||||||||||||||
LIHTC unfunded commitments included in other liabilities | LIHTC unfunded commitments included in other liabilities | 874 | 875 | LIHTC unfunded commitments included in other liabilities | 974 | 875 | ||||||||||||||||
Investment in asset-backed securities included in HTM securities | Investment in asset-backed securities included in HTM securities | 854 | 893 | Investment in asset-backed securities included in HTM securities | 826 | 893 | ||||||||||||||||
Renewable energy investments included in other assets | Renewable energy investments included in other assets | 459 | 403 | Renewable energy investments included in other assets | 448 | 403 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Tax credits included in income tax expense | Tax credits included in income tax expense | $51 | $41 | Tax credits included in income tax expense | $51 | $39 | $102 | $80 | ||||||||||||||||||||||||||||||||||||||
Other tax benefits included in income tax expense | Other tax benefits included in income tax expense | 12 | 10 | Other tax benefits included in income tax expense | 13 | 10 | 25 | 20 | ||||||||||||||||||||||||||||||||||||||
Total tax benefit included in income tax expense | 63 | 51 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Amortization expense included in income tax expense | 53 | 43 | ||||||||||||||||||||||||||||||||||||||||||||
Net benefit from affordable housing tax credit investments included in income tax expense | $10 | $8 | ||||||||||||||||||||||||||||||||||||||||||||
Total tax benefits included in income tax expense | Total tax benefits included in income tax expense | 64 | 49 | 127 | 100 | |||||||||||||||||||||||||||||||||||||||||
Less: Amortization included in income tax expense | Less: Amortization included in income tax expense | 53 | 42 | 106 | 85 | |||||||||||||||||||||||||||||||||||||||||
Net benefits from affordable housing tax credit investments included in income tax expense | Net benefits from affordable housing tax credit investments included in income tax expense | $11 | $7 | $21 | $15 |
(in millions) | (in millions) | March 31, 2021 | December 31, 2020 | (in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||||||
Parent Company: | Parent Company: | Parent Company: | ||||||||||||||||||||
2.375% fixed-rate senior unsecured debt, due July 2021 | 2.375% fixed-rate senior unsecured debt, due July 2021 | $350 | $350 | 2.375% fixed-rate senior unsecured debt, due July 2021 | $0 | $350 | ||||||||||||||||
4.150% fixed-rate subordinated debt, due September 2022 | 4.150% fixed-rate subordinated debt, due September 2022 | 168 | 182 | 4.150% fixed-rate subordinated debt, due September 2022 | 168 | 182 | ||||||||||||||||
3.750% fixed-rate subordinated debt, due July 2024 | 3.750% fixed-rate subordinated debt, due July 2024 | 90 | 159 | 3.750% fixed-rate subordinated debt, due July 2024 | 90 | 159 | ||||||||||||||||
4.023% fixed-rate subordinated debt, due October 2024 | 4.023% fixed-rate subordinated debt, due October 2024 | 17 | 25 | 4.023% fixed-rate subordinated debt, due October 2024 | 17 | 25 | ||||||||||||||||
4.350% fixed-rate subordinated debt, due August 2025 | 4.350% fixed-rate subordinated debt, due August 2025 | 133 | 193 | 4.350% fixed-rate subordinated debt, due August 2025 | 133 | 193 | ||||||||||||||||
4.300% fixed-rate subordinated debt, due December 2025 | 4.300% fixed-rate subordinated debt, due December 2025 | 336 | 450 | 4.300% fixed-rate subordinated debt, due December 2025 | 336 | 450 | ||||||||||||||||
2.850% fixed-rate senior unsecured notes, due July 2026 | 2.850% fixed-rate senior unsecured notes, due July 2026 | 497 | 497 | 2.850% fixed-rate senior unsecured notes, due July 2026 | 497 | 497 | ||||||||||||||||
2.500% fixed-rate senior unsecured notes, due February 2030 | 2.500% fixed-rate senior unsecured notes, due February 2030 | 297 | 297 | 2.500% fixed-rate senior unsecured notes, due February 2030 | 298 | 297 | ||||||||||||||||
3.250% fixed-rate senior unsecured notes, due April 2030 | 3.250% fixed-rate senior unsecured notes, due April 2030 | 745 | 745 | 3.250% fixed-rate senior unsecured notes, due April 2030 | 745 | 745 | ||||||||||||||||
3.750% fixed-rate reset subordinated debt, due February 2031 | 3.750% fixed-rate reset subordinated debt, due February 2031 | 69 | 0 | 3.750% fixed-rate reset subordinated debt, due February 2031 | 69 | 0 | ||||||||||||||||
4.300% fixed-rate reset subordinated debt, due February 2031 | 4.300% fixed-rate reset subordinated debt, due February 2031 | 135 | 0 | 4.300% fixed-rate reset subordinated debt, due February 2031 | 135 | 0 | ||||||||||||||||
4.350% fixed-rate reset subordinated debt, due February 2031 | 4.350% fixed-rate reset subordinated debt, due February 2031 | 60 | 0 | 4.350% fixed-rate reset subordinated debt, due February 2031 | 60 | 0 | ||||||||||||||||
2.638% fixed-rate subordinated debt, due September 2032 | 2.638% fixed-rate subordinated debt, due September 2032 | 545 | 543 | 2.638% fixed-rate subordinated debt, due September 2032 | 547 | 543 | ||||||||||||||||
CBNA’s Global Note Program: | CBNA’s Global Note Program: | CBNA’s Global Note Program: | ||||||||||||||||||||
2.550% senior unsecured notes, due May 2021 | 2.550% senior unsecured notes, due May 2021 | 1,000 | 1,003 | 2.550% senior unsecured notes, due May 2021 | 0 | 1,003 | ||||||||||||||||
3.250% senior unsecured notes, due February 2022 | 3.250% senior unsecured notes, due February 2022 | 712 | 716 | 3.250% senior unsecured notes, due February 2022 | 708 | 716 | ||||||||||||||||
0.918% floating-rate senior unsecured notes, due February 2022 (2) | 300 | 299 | ||||||||||||||||||||
1.000% floating-rate senior unsecured notes, due May 2022 (2) | 250 | 250 | ||||||||||||||||||||
0.874% floating-rate senior unsecured notes, due February 2022 (3) | 0.874% floating-rate senior unsecured notes, due February 2022 (3) | 300 | 299 | |||||||||||||||||||
0.951% floating-rate senior unsecured notes, due May 2022 (3) | 0.951% floating-rate senior unsecured notes, due May 2022 (3) | 250 | 250 | |||||||||||||||||||
2.650% senior unsecured notes, due May 2022 | 2.650% senior unsecured notes, due May 2022 | 508 | 510 | 2.650% senior unsecured notes, due May 2022 | 507 | 510 | ||||||||||||||||
3.700% senior unsecured notes, due March 2023 | 3.700% senior unsecured notes, due March 2023 | 523 | 527 | 3.700% senior unsecured notes, due March 2023 | 520 | 527 | ||||||||||||||||
1.143% floating-rate senior unsecured notes, due March 2023 (2) | 250 | 249 | ||||||||||||||||||||
1.096% floating-rate senior unsecured notes, due March 2023 (3) | 1.096% floating-rate senior unsecured notes, due March 2023 (3) | 250 | 249 | |||||||||||||||||||
2.250% senior unsecured notes, due April 2025 | 2.250% senior unsecured notes, due April 2025 | 746 | 746 | 2.250% senior unsecured notes, due April 2025 | 746 | 746 | ||||||||||||||||
3.750% senior unsecured notes, due February 2026 | 3.750% senior unsecured notes, due February 2026 | 536 | 551 | 3.750% senior unsecured notes, due February 2026 | 536 | 551 | ||||||||||||||||
Additional Borrowings by CBNA and Other Subsidiaries: | Additional Borrowings by CBNA and Other Subsidiaries: | Additional Borrowings by CBNA and Other Subsidiaries: | ||||||||||||||||||||
Federal Home Loan Bank advances, 0.920% weighted average rate, due through 2038 | 19 | 19 | ||||||||||||||||||||
Federal Home Loan Bank advances, 0.909% weighted average rate, due through 2038 | Federal Home Loan Bank advances, 0.909% weighted average rate, due through 2038 | 18 | 19 | |||||||||||||||||||
Other | Other | 30 | 35 | Other | 27 | 35 | ||||||||||||||||
Total long-term borrowed funds | Total long-term borrowed funds | $8,316 | $8,346 | Total long-term borrowed funds | $6,957 | $8,346 |
(in millions) | (in millions) | Parent Company | CBNA and Other Subsidiaries | Consolidated | (in millions) | Parent Company | CBNA and Other Subsidiaries | Consolidated | ||||||||||||||
Year | Year | Year | ||||||||||||||||||||
2021 | 2021 | $350 | $1,006 | $1,356 | 2021 | $0 | $4 | $4 | ||||||||||||||
2022 | 2022 | 168 | 1,777 | 1,945 | 2022 | 168 | 1,771 | 1,939 | ||||||||||||||
2023 | 2023 | 0 | 774 | 774 | 2023 | 0 | 771 | 771 | ||||||||||||||
2024 | 2024 | 107 | 1 | 108 | 2024 | 107 | 0 | 107 | ||||||||||||||
2025 | 2025 | 469 | 759 | 1,228 | 2025 | 469 | 760 | 1,229 | ||||||||||||||
2026 and thereafter | 2026 and thereafter | 2,348 | 557 | 2,905 | 2026 and thereafter | 2,351 | 556 | 2,907 | ||||||||||||||
Total | Total | $3,442 | $4,874 | $8,316 | Total | $3,095 | $3,862 | $6,957 |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Notional Amount(1) | Derivative Assets | Derivative Liabilities | Notional Amount(1) | Derivative Assets | Derivative Liabilities | (in millions) | Notional Amount(1) | Derivative Assets | Derivative Liabilities | Notional Amount(1) | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $26,550 | $3 | $2 | $22,300 | $1 | $3 | Interest rate contracts | $25,300 | $16 | $7 | $22,300 | $1 | $3 | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | 148,086 | 1,122 | 182 | 149,021 | 1,565 | 214 | Interest rate contracts | 144,982 | 1,118 | 190 | 149,021 | 1,565 | 214 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | 18,731 | 273 | 213 | 16,789 | 320 | 291 | Foreign exchange contracts | 20,289 | 273 | 209 | 16,789 | 320 | 291 | ||||||||||||||||||||||||||||||||
Commodities contracts | Commodities contracts | 294 | 135 | 138 | 246 | 62 | 61 | Commodities contracts | 431 | 424 | 427 | 246 | 62 | 61 | ||||||||||||||||||||||||||||||||
TBA contracts | TBA contracts | 12,842 | 156 | 16 | 11,149 | 8 | 65 | TBA contracts | 10,924 | 5 | 28 | 11,149 | 8 | 65 | ||||||||||||||||||||||||||||||||
Other contracts | Other contracts | 7,527 | 38 | 0 | 8,051 | 197 | 0 | Other contracts | 6,717 | 89 | 0 | 8,051 | 197 | 0 | ||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | 1,724 | 549 | 2,152 | 631 | Total derivatives not designated as hedging instruments | 1,909 | 854 | 2,152 | 631 | ||||||||||||||||||||||||||||||||||||
Gross derivative fair values | Gross derivative fair values | 1,727 | 551 | 2,153 | 634 | Gross derivative fair values | 1,925 | 861 | 2,153 | 634 | ||||||||||||||||||||||||||||||||||||
Less: Gross amounts offset in the Consolidated Balance Sheets (2) | Less: Gross amounts offset in the Consolidated Balance Sheets (2) | (190) | (190) | (182) | (182) | Less: Gross amounts offset in the Consolidated Balance Sheets (2) | (207) | (207) | (182) | (182) | ||||||||||||||||||||||||||||||||||||
Less: Cash collateral applied (2) | Less: Cash collateral applied (2) | (239) | (250) | (56) | (324) | Less: Cash collateral applied (2) | (63) | (510) | (56) | (324) | ||||||||||||||||||||||||||||||||||||
Total net derivative fair values presented in the Consolidated Balance Sheets | Total net derivative fair values presented in the Consolidated Balance Sheets | $1,298 | $111 | $1,915 | $128 | Total net derivative fair values presented in the Consolidated Balance Sheets | $1,655 | $144 | $1,915 | $128 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | Affected Line Item in the Consolidated Statements of Operations | (in millions) | 2021 | 2020 | 2021 | 2020 | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps hedging borrowed funds | Interest rate swaps hedging borrowed funds | ($28) | $93 | Interest expense - long-term borrowed funds | Interest rate swaps hedging borrowed funds | ($10) | $5 | ($38) | $98 | Interest expense - long-term borrowed funds | ||||||||||||||||||||||||||||||||||||||||||
Hedged long-term debt attributable to the risk being hedged | Hedged long-term debt attributable to the risk being hedged | 28 | (92) | Interest expense - long-term borrowed funds | Hedged long-term debt attributable to the risk being hedged | 9 | (3) | 37 | (95) | Interest expense - long-term borrowed funds | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps hedging fixed rate loans | Interest rate swaps hedging fixed rate loans | 0 | 17 | Interest and fees on loans and leases | Interest rate swaps hedging fixed rate loans | 0 | 0 | 0 | 17 | Interest and fees on loans and leases | ||||||||||||||||||||||||||||||||||||||||||
Hedged fixed rate loans attributable to the risk being hedged | Hedged fixed rate loans attributable to the risk being hedged | 0 | (17) | Interest and fees on loans and leases | Hedged fixed rate loans attributable to the risk being hedged | 0 | 0 | 0 | (17) | Interest and fees on loans and leases | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps hedging debt securities available for sale | Interest rate swaps hedging debt securities available for sale | 28 | (107) | Interest income - investment securities | Interest rate swaps hedging debt securities available for sale | 4 | (14) | 32 | (121) | Interest income - investment securities | ||||||||||||||||||||||||||||||||||||||||||
Hedged debt securities available for sale attributable to risk being hedged | Hedged debt securities available for sale attributable to risk being hedged | (28) | 107 | Interest income - investment securities | Hedged debt securities available for sale attributable to risk being hedged | (4) | 14 | (32) | 121 | Interest income - investment securities |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(in millions) | (in millions) | Debt securities available for sale(1) | Long-term borrowed funds | Debt securities available for sale(1) | Long-term borrowed funds | (in millions) | Debt securities available for sale(1) | Long-term borrowed funds | Debt securities available for sale(1) | Long-term borrowed funds | ||||||||||||||||||||||||
Carrying amount of hedged assets | Carrying amount of hedged assets | $9,549 | $0 | $10,869 | $0 | Carrying amount of hedged assets | $8,287 | $0 | $10,869 | $0 | ||||||||||||||||||||||||
Carrying amount of hedged liabilities | Carrying amount of hedged liabilities | 0 | 3,280 | 0 | 3,307 | Carrying amount of hedged liabilities | 0 | 2,272 | 0 | 3,307 | ||||||||||||||||||||||||
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | 68 | 85 | 96 | 112 | Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | 64 | 76 | 96 | 112 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Amount of pre-tax net (losses) gains recognized in OCI | ($28) | $129 | |||||||||||||||||||||
Amount of pre-tax net gains reclassified from OCI into interest income | 46 | 5 | |||||||||||||||||||||
Amount of pre-tax net losses reclassified from OCI into interest expense | (12) | (1) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Amount of pre-tax net gains (losses) recognized in OCI | $62 | ($11) | $34 | $118 | |||||||||||||||||||
Amount of pre-tax net gains (losses) reclassified from OCI into interest income | 49 | 55 | 95 | 60 | |||||||||||||||||||
Amount of pre-tax net gains (losses) reclassified from OCI into interest expense | (12) | (10) | (24) | (11) |
Amounts Recognized in Noninterest Income for the | Amounts Recognized in Noninterest Income for the | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Affected Line Item in the Consolidated Statements of Operations | Three Months Ended June 30, | Six Months Ended June 30, | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||
Economic hedge type: | Economic hedge type: | Economic hedge type: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Customer interest rate contracts | Customer interest rate contracts | ($348) | $1,089 | Foreign exchange and interest rate products | Customer interest rate contracts | $133 | $180 | ($215) | $1,269 | Foreign exchange and interest rate products | ||||||||||||||||||||||||||||||||||||||||||
Derivatives hedging interest rate risk | Derivatives hedging interest rate risk | (129) | (161) | 227 | (1,246) | Foreign exchange and interest rate products | ||||||||||||||||||||||||||||||||||||||||||||||
Customer foreign exchange contracts | Customer foreign exchange contracts | (116) | (30) | Foreign exchange and interest rate products | Customer foreign exchange contracts | 19 | 23 | (97) | (7) | Foreign exchange and interest rate products | ||||||||||||||||||||||||||||||||||||||||||
Derivatives hedging foreign exchange risk | Derivatives hedging foreign exchange risk | (11) | (50) | 139 | 49 | Foreign exchange and interest rate products | ||||||||||||||||||||||||||||||||||||||||||||||
Customer commodity contracts | Customer commodity contracts | 94 | (63) | Foreign exchange and interest rate products | Customer commodity contracts | 319 | 7 | 413 | (56) | Foreign exchange and interest rate products | ||||||||||||||||||||||||||||||||||||||||||
Derivative contracts to hedge interest rate risk | 356 | (1,084) | Foreign exchange and interest rate products | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts to hedge foreign exchange risk | 150 | 99 | Foreign exchange and interest rate products | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative transactions to hedge commodity price risk | (92) | 63 | Foreign exchange and interest rate products | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives hedging commodity price risk | Derivatives hedging commodity price risk | (317) | (7) | (409) | 57 | Foreign exchange and interest rate products | ||||||||||||||||||||||||||||||||||||||||||||||
Residential loan commitments | Residential loan commitments | (238) | 140 | Mortgage banking fees | Residential loan commitments | 67 | 14 | (171) | 154 | Mortgage banking fees | ||||||||||||||||||||||||||||||||||||||||||
Derivative contracts used to hedge residential loan commitments | 275 | (129) | Mortgage banking fees | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value | Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value | (141) | 110 | 134 | (19) | Mortgage banking fees | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts used to hedge residential MSRs | Derivative contracts used to hedge residential MSRs | (182) | 271 | Mortgage banking fees | Derivative contracts used to hedge residential MSRs | 53 | 62 | (129) | 333 | Mortgage banking fees | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | ($101) | $356 | Total | ($7) | $178 | ($108) | $534 |
As of and for the Three Months Ended March 31, | ||||||||||||||||||||||||||
(in millions) | Net Unrealized (Losses) Gains on Derivatives | Net Unrealized (Losses) Gains on Debt Securities | Employee Benefit Plans | Total AOCI | ||||||||||||||||||||||
Balance at January 1, 2020 | $3 | $1 | ($415) | ($411) | ||||||||||||||||||||||
Other comprehensive income before reclassifications | 96 | 400 | 0 | 496 | ||||||||||||||||||||||
Amounts reclassified to the Consolidated Statements of Operations | (3) | 0 | 3 | 0 | ||||||||||||||||||||||
Net other comprehensive income | 93 | 400 | 3 | 496 | ||||||||||||||||||||||
Balance at March 31, 2020 | $96 | $401 | ($412) | $85 | ||||||||||||||||||||||
Balance at January 1, 2021 | ($11) | $380 | ($429) | ($60) | ||||||||||||||||||||||
Other comprehensive loss before reclassifications | (21) | (307) | 0 | (328) | ||||||||||||||||||||||
Amounts reclassified to the Consolidated Statements of Operations | (25) | (2) | 4 | (23) | ||||||||||||||||||||||
Net other comprehensive (loss) income | (46) | (309) | 4 | (351) | ||||||||||||||||||||||
Balance at March 31, 2021 | ($57) | $71 | ($425) | ($411) | ||||||||||||||||||||||
Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCI | Net interest income | Securities gains, net | Other operating expense |
As of and for the Three Months Ended June 30, | ||||||||||||||||||||||||||
(in millions) | Net Unrealized Gains (Losses) on Derivatives | Net Unrealized Gains (Losses) on Debt Securities | Employee Benefit Plans | Total AOCI | ||||||||||||||||||||||
Balance at April 1, 2020 | $96 | $401 | ($412) | $85 | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (8) | 49 | 0 | 41 | ||||||||||||||||||||||
Amounts reclassified to the Consolidated Statements of Operations | (34) | (2) | 4 | (32) | ||||||||||||||||||||||
Net other comprehensive income (loss) | (42) | 47 | 4 | 9 | ||||||||||||||||||||||
Balance at June 30, 2020 | $54 | $448 | ($408) | $94 | ||||||||||||||||||||||
Balance at April 1, 2021 | ($57) | $71 | ($425) | ($411) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 46 | 10 | 0 | 56 | ||||||||||||||||||||||
Amounts reclassified to the Consolidated Statements of Operations | (27) | (3) | 4 | (26) | ||||||||||||||||||||||
Net other comprehensive income (loss) | 19 | 7 | 4 | 30 | ||||||||||||||||||||||
Balance at June 30, 2021 | ($38) | $78 | ($421) | ($381) | ||||||||||||||||||||||
Primary location of amounts reclassified to the Consolidated Statements of Operations | Net interest income | Securities gains, net | Other operating expense |
As of and for the Six Months Ended June 30, | ||||||||||||||||||||||||||
(in millions) | Net Unrealized Gains (Losses) on Derivatives | Net Unrealized Gains (Losses) on Debt Securities | Employee Benefit Plans | Total AOCI | ||||||||||||||||||||||
Balance at January 1, 2020 | $3 | $1 | ($415) | ($411) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 88 | 449 | 0 | 537 | ||||||||||||||||||||||
Amounts reclassified to the Consolidated Statements of Operations | (37) | (2) | 7 | (32) | ||||||||||||||||||||||
Net other comprehensive income (loss) | 51 | 447 | 7 | 505 | ||||||||||||||||||||||
Balance at June 30, 2020 | $54 | $448 | ($408) | $94 | ||||||||||||||||||||||
Balance at January 1, 2021 | ($11) | $380 | ($429) | ($60) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 25 | (297) | 0 | (272) | ||||||||||||||||||||||
Amounts reclassified to the Consolidated Statements of Operations | (52) | (5) | 8 | (49) | ||||||||||||||||||||||
Net other comprehensive income (loss) | (27) | (302) | 8 | (321) | ||||||||||||||||||||||
Balance at June 30, 2021 | ($38) | $78 | ($421) | ($381) | ||||||||||||||||||||||
Primary location of amounts reclassified to the Consolidated Statements of Operations | Net interest income | Securities gains, net | Other operating expense |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share and share data) | (in millions, except per share and share data) | Liquidation value per share | Preferred Shares | Carrying Amount | Preferred Shares | Carrying Amount | (in millions, except per share and share data) | Liquidation value per share | Preferred Shares | Carrying Amount | Preferred Shares | Carrying Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Authorized ($25 par value) | 100,000,000 | 100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Authorized ($25 par value per share) | Authorized ($25 par value per share) | 100,000,000 | 100,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued and outstanding: | Issued and outstanding: | Issued and outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series A | $1,000 | 250,000 | $247 | 250,000 | $247 | Series A | $1,000 | 0 | $0 | 250,000 | $247 | ||||||||||||||||||||||||||||||||||||||||||||||
Series B | Series B | 1,000 | 300,000 | 296 | 300,000 | 296 | Series B | 1,000 | 300,000 | 296 | 300,000 | 296 | ||||||||||||||||||||||||||||||||||||||||||||||
Series C | Series C | 1,000 | 300,000 | 297 | 300,000 | 297 | Series C | 1,000 | 300,000 | 297 | 300,000 | 297 | ||||||||||||||||||||||||||||||||||||||||||||||
Series D | Series D | 1,000 | (1) | 300,000 | (2) | 293 | 300,000 | 293 | Series D | 1,000 | (1) | 300,000 | (2) | 293 | 300,000 | 293 | ||||||||||||||||||||||||||||||||||||||||||
Series E | Series E | 1,000 | (1) | 450,000 | (3) | 437 | 450,000 | 437 | Series E | 1,000 | (1) | 450,000 | (3) | 437 | 450,000 | 437 | ||||||||||||||||||||||||||||||||||||||||||
Series F | Series F | 1,000 | 400,000 | 395 | 400,000 | 395 | Series F | 1,000 | 400,000 | 395 | 400,000 | 395 | ||||||||||||||||||||||||||||||||||||||||||||||
Series G | Series G | 1,000 | 300,000 | 296 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 2,000,000 | $1,965 | 2,000,000 | $1,965 | Total | 2,050,000 | $2,014 | 2,000,000 | $1,965 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share and share data) | Dividends Declared per Share | Dividends Declared | Dividends Paid | Dividends Declared per Share | Dividends Declared | Dividends Paid | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | (in millions, except per share data) | Dividends Declared per Share | Dividends Declared | Dividends Paid | Dividends Declared per Share | Dividends Declared | Dividends Paid | |||||||||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | $0.39 | $167 | $167 | $0.39 | $168 | $168 | Common stock | $0.39 | $168 | $168 | $0.39 | $168 | $168 | ||||||||||||||||||||||||||||||||||||||
Preferred stock | Preferred stock | Preferred stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series A | $10.49 | $3 | $3 | $27.50 | $7 | $0 | Series A | $10.50 | $2 | $2 | $13.48 | $3 | $7 | ||||||||||||||||||||||||||||||||||||||
Series B | Series B | 0 | 0 | 9 | 0 | 0 | 9 | Series B | 30.00 | 9 | 0 | 30.00 | 9 | 0 | ||||||||||||||||||||||||||||||||||||||
Series C | Series C | 15.94 | 5 | 5 | 15.94 | 5 | 5 | Series C | 15.94 | 5 | 5 | 15.94 | 5 | 5 | ||||||||||||||||||||||||||||||||||||||
Series D | Series D | 15.88 | 5 | 5 | 15.88 | 5 | 5 | Series D | 15.88 | 4 | 4 | 15.88 | 5 | 5 | ||||||||||||||||||||||||||||||||||||||
Series E | Series E | 12.50 | 5 | 5 | 12.50 | 5 | 4 | Series E | 12.50 | 6 | 6 | 12.50 | 6 | 5 | ||||||||||||||||||||||||||||||||||||||
Series F | Series F | 14.13 | 5 | 5 | 0 | 0 | 0 | Series F | 14.13 | 6 | 6 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Total preferred stock | Total preferred stock | $23 | $32 | $22 | $23 | Total preferred stock | $32 | $23 | $28 | $22 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||||
(in millions, except per share data) | Dividends Declared per Share | Dividends Declared | Dividends Paid | Dividends Declared per Share | Dividends Declared | Dividends Paid | ||||||||||||||||||||
Common stock | $0.78 | $335 | $335 | $0.78 | $336 | $336 | ||||||||||||||||||||
Preferred stock | ||||||||||||||||||||||||||
Series A | $20.99 | $5 | $5 | $40.98 | $10 | $7 | ||||||||||||||||||||
Series B | 30.00 | 9 | 9 | 30.00 | 9 | 9 | ||||||||||||||||||||
Series C | 31.88 | 10 | 10 | 31.88 | 10 | 10 | ||||||||||||||||||||
Series D | 31.75 | 9 | 9 | 31.75 | 10 | 10 | ||||||||||||||||||||
Series E | 25.00 | 11 | 11 | 25.00 | 11 | 9 | ||||||||||||||||||||
Series F | 28.25 | 11 | 11 | 0 | 0 | 0 | ||||||||||||||||||||
Total preferred stock | $55 | $55 | $50 | $45 | ||||||||||||||||||||||
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Commitments to extend credit | $76,200 | $74,160 | |||||||||
Letters of credit | 2,077 | 2,239 | |||||||||
Risk participation agreements | 71 | 98 | |||||||||
Loans sold with recourse | 58 | 54 | |||||||||
Marketing rights | 29 | 29 | |||||||||
Total | $78,435 | $76,580 |
(in millions) | June 30, 2021 | December 31, 2020 | |||||||||
Commitments to extend credit | $76,761 | $74,160 | |||||||||
Letters of credit | 1,926 | 2,239 | |||||||||
Risk participation agreements | 68 | 98 | |||||||||
Loans sold with recourse | 64 | 54 | |||||||||
Marketing rights | 26 | 29 | |||||||||
Total | $78,845 | $76,580 |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Greater (Less) Aggregate Unpaid Principal | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Greater (Less) Aggregate Unpaid Principal | (in millions) | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Greater (Less) Aggregate Unpaid Principal | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Greater (Less) Aggregate Unpaid Principal | ||||||||||||||||||||||||||||||||
Residential mortgage loans held for sale, at fair value | Residential mortgage loans held for sale, at fair value | $4,208 | $4,165 | $43 | $3,416 | $3,260 | $156 | Residential mortgage loans held for sale, at fair value | $3,499 | $3,388 | $111 | $3,416 | $3,260 | $156 | ||||||||||||||||||||||||||||||||
Commercial and industrial, and commercial real estate loans held for sale, at fair value | Commercial and industrial, and commercial real estate loans held for sale, at fair value | 96 | 98 | (2) | 148 | 153 | (5) | Commercial and industrial, and commercial real estate loans held for sale, at fair value | 117 | 119 | (2) | 148 | 153 | (5) |
(in millions) | (in millions) | Total | Level 1 | Level 2 | Level 3 | (in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Debt securities available for sale: | Debt securities available for sale: | Debt securities available for sale: | ||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | $24,453 | $0 | $24,453 | $0 | Mortgage-backed securities | $24,392 | $0 | $24,392 | $0 | ||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 177 | 0 | 177 | 0 | |||||||||||||||||||||||
State and political subdivisions | State and political subdivisions | 3 | 0 | 3 | 0 | State and political subdivisions | 3 | 0 | 3 | 0 | ||||||||||||||||||
U.S. Treasury and other | U.S. Treasury and other | 11 | 11 | 0 | 0 | U.S. Treasury and other | 11 | 11 | 0 | 0 | ||||||||||||||||||
Total debt securities available for sale | Total debt securities available for sale | 24,467 | 11 | 24,456 | 0 | Total debt securities available for sale | 24,583 | 11 | 24,572 | 0 | ||||||||||||||||||
Loans held for sale, at fair value: | Loans held for sale, at fair value: | Loans held for sale, at fair value: | ||||||||||||||||||||||||||
Residential loans held for sale | Residential loans held for sale | 4,208 | 0 | 4,208 | 0 | Residential loans held for sale | 3,499 | 0 | 3,499 | 0 | ||||||||||||||||||
Commercial loans held for sale | Commercial loans held for sale | 96 | 0 | 96 | 0 | Commercial loans held for sale | 117 | 0 | 117 | 0 | ||||||||||||||||||
Total loans held for sale, at fair value | Total loans held for sale, at fair value | 4,304 | 0 | 4,304 | 0 | Total loans held for sale, at fair value | 3,616 | 0 | 3,616 | 0 | ||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 893 | 0 | 0 | 893 | Mortgage servicing rights | 902 | 0 | 0 | 902 | ||||||||||||||||||
Derivative assets: | Derivative assets: | Derivative assets: | ||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | 1,125 | 0 | 1,125 | 0 | Interest rate contracts | 1,134 | 0 | 1,134 | 0 | ||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | 273 | 0 | 273 | 0 | Foreign exchange contracts | 273 | 0 | 273 | 0 | ||||||||||||||||||
Commodities contracts | Commodities contracts | 135 | 0 | 135 | 0 | Commodities contracts | 424 | 0 | 424 | 0 | ||||||||||||||||||
TBA contracts | TBA contracts | 156 | 0 | 156 | 0 | TBA contracts | 5 | 0 | 5 | 0 | ||||||||||||||||||
Other contracts | Other contracts | 38 | 0 | 0 | 38 | Other contracts | 89 | 0 | 0 | 89 | ||||||||||||||||||
Total derivative assets | Total derivative assets | 1,727 | 0 | 1,689 | 38 | Total derivative assets | 1,925 | 0 | 1,836 | 89 | ||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 73 | 73 | 0 | 0 | Equity securities, at fair value | 80 | 80 | 0 | 0 | ||||||||||||||||||
Total assets | Total assets | $31,464 | $84 | $30,449 | $931 | Total assets | $31,106 | $91 | $30,024 | $991 | ||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $184 | $0 | $184 | $0 | Interest rate contracts | $197 | $0 | $197 | $0 | ||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | 213 | 0 | 213 | 0 | Foreign exchange contracts | 209 | 0 | 209 | 0 | ||||||||||||||||||
Commodities contracts | Commodities contracts | 138 | 0 | 138 | 0 | Commodities contracts | 427 | 0 | 427 | 0 | ||||||||||||||||||
TBA contracts | TBA contracts | 16 | 0 | 16 | 0 | TBA contracts | 28 | 0 | 28 | 0 | ||||||||||||||||||
Total derivative liabilities | Total derivative liabilities | 551 | 0 | 551 | 0 | Total derivative liabilities | 861 | 0 | 861 | 0 | ||||||||||||||||||
Total liabilities | Total liabilities | $551 | $0 | $551 | $0 | Total liabilities | $861 | $0 | $861 | $0 |
(in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||
Debt securities available for sale: | ||||||||||||||
Mortgage-backed securities | $22,928 | $0 | $22,928 | $0 | ||||||||||
State and political subdivisions | 3 | 0 | 3 | 0 | ||||||||||
U.S. Treasury and other | 11 | 11 | 0 | 0 | ||||||||||
Total debt securities available for sale | 22,942 | 11 | 22,931 | 0 | ||||||||||
Loans held for sale, at fair value: | ||||||||||||||
Residential loans held for sale | 3,416 | 0 | 3,416 | 0 | ||||||||||
Commercial loans held for sale | 148 | 0 | 148 | 0 | ||||||||||
Total loans held for sale, at fair value | 3,564 | 0 | 3,564 | 0 | ||||||||||
Mortgage servicing rights | 658 | 0 | 0 | 658 | ||||||||||
Derivative assets: | ||||||||||||||
Interest rate contracts | 1,566 | 0 | 1,566 | 0 | ||||||||||
Foreign exchange contracts | 320 | 0 | 320 | 0 | ||||||||||
Commodities contracts | 62 | 0 | 62 | 0 | ||||||||||
TBA contracts | 8 | 0 | 8 | 0 | ||||||||||
Other contracts | 197 | 0 | 0 | 197 | ||||||||||
Total derivative assets | 2,153 | 0 | 1,956 | 197 | ||||||||||
Equity securities, at fair value | 66 | 66 | 0 | 0 | ||||||||||
Total assets | $29,383 | $77 | $28,451 | $855 | ||||||||||
Derivative liabilities: | ||||||||||||||
Interest rate contracts | $217 | $0 | $217 | $0 | ||||||||||
Foreign exchange contracts | 291 | 0 | 291 | 0 | ||||||||||
Commodities contracts | 61 | 0 | 61 | 0 | ||||||||||
TBA contracts | 65 | 0 | 65 | 0 | ||||||||||
Total derivative liabilities | 634 | 0 | 634 | 0 | ||||||||||
Total liabilities | $634 | $0 | $634 | $0 |
Three Months Ended March 31, 2021 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Mortgage Servicing Rights | Other Derivative Contracts | (in millions) | Mortgage Servicing Rights | Other Derivative Contracts | Mortgage Servicing Rights | Other Derivative Contracts | ||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $658 | $197 | Beginning balance | $893 | $38 | $658 | $197 | ||||||||||||||||||||||||||||||||||||||
Issuances | Issuances | 87 | 162 | Issuances | 122 | 81 | 209 | 243 | ||||||||||||||||||||||||||||||||||||||
Settlements (2) | Settlements (2) | (58) | (83) | Settlements (2) | (47) | (97) | (105) | (180) | ||||||||||||||||||||||||||||||||||||||
Changes in fair value during the period recognized in earnings (3) | Changes in fair value during the period recognized in earnings (3) | 206 | (238) | Changes in fair value during the period recognized in earnings (3) | (66) | 67 | 140 | (171) | ||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $893 | $38 | Ending balance | $902 | $89 | $902 | $89 |
Three Months Ended March 31, 2020 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Mortgage Servicing Rights | Other Derivative Contracts | (in millions) | Mortgage Servicing Rights | Other Derivative Contracts | Mortgage Servicing Rights | Other Derivative Contracts | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | $642 | $19 | Beginning balance | $577 | $143 | $642 | $19 | ||||||||||||||||||||||||||
Transfers upon election of fair value method (1) | Transfers upon election of fair value method (1) | 190 | 0 | Transfers upon election of fair value method (1) | 0 | 0 | 190 | 0 | ||||||||||||||||||||||||||
Beginning balance, adjusted | Beginning balance, adjusted | 832 | 19 | Beginning balance, adjusted | 577 | 143 | 832 | 19 | ||||||||||||||||||||||||||
Issuances | Issuances | 67 | 171 | Issuances | 86 | 234 | 153 | 405 | ||||||||||||||||||||||||||
Settlements (2) | Settlements (2) | (40) | (76) | Settlements (2) | (46) | (344) | (86) | (420) | ||||||||||||||||||||||||||
Changes in fair value during the period recognized in earnings (3) | Changes in fair value during the period recognized in earnings (3) | (282) | 29 | Changes in fair value during the period recognized in earnings (3) | (49) | 140 | (331) | 169 | ||||||||||||||||||||||||||
Ending balance | Ending balance | $577 | $143 | Ending balance | $568 | $173 | $568 | $173 |
As of | ||||||||||||||
Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||
Mortgage servicing rights | Discounted Cash Flow | Constant prepayment rate | ||||||||||||
Option adjusted spread | ||||||||||||||
Other derivative contracts | Internal Model | Pull through rate | ||||||||||||
MSR value |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | ($19) | ($34) | Collateral-dependent loans | $0 | ($22) | ($19) | ($44) |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | (in millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $724 | $0 | $724 | $0 | $758 | $0 | $758 | $0 | Collateral-dependent loans | $620 | $0 | $620 | $0 | $758 | $0 | $758 | $0 |
March 31, 2021 | June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | (in millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held to maturity | Debt securities held to maturity | $2,995 | $3,077 | $0 | $0 | $2,139 | $2,223 | $856 | $854 | Debt securities held to maturity | $2,711 | $2,790 | $0 | $0 | $1,887 | $1,964 | $824 | $826 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | Other loans held for sale | 75 | 75 | 0 | 0 | 0 | 0 | 75 | 75 | Other loans held for sale | 82 | 82 | 0 | 0 | 0 | 0 | 82 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases | Loans and leases | 122,195 | 122,365 | 0 | 0 | 724 | 724 | 121,471 | 121,641 | Loans and leases | 122,581 | 123,022 | 0 | 0 | 620 | 620 | 121,961 | 122,402 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 603 | 603 | 0 | 0 | 595 | 595 | 8 | 8 | Other assets | 602 | 602 | 0 | 0 | 594 | 594 | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 151,349 | 151,384 | 0 | 0 | 151,349 | 151,384 | 0 | 0 | Deposits | 150,636 | 150,658 | 0 | 0 | 150,636 | 150,658 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowed funds | Short-term borrowed funds | 70 | 70 | 0 | 0 | 70 | 70 | 0 | 0 | Short-term borrowed funds | 62 | 62 | 0 | 0 | 62 | 62 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowed funds | Long-term borrowed funds | 8,316 | 8,618 | 0 | 0 | 8,316 | 8,618 | 0 | 0 | Long-term borrowed funds | 6,957 | 7,307 | 0 | 0 | 6,957 | 7,307 | 0 | 0 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||
Debt securities held to maturity | $3,235 | $3,357 | $0 | $0 | $2,342 | $2,464 | $893 | $893 | |||||||||||||||||||||||||||
Other loans held for sale | 439 | 439 | 0 | 0 | 0 | 0 | 439 | 439 | |||||||||||||||||||||||||||
Loans and leases | 123,090 | 123,678 | 0 | 0 | 758 | 758 | 122,332 | 122,920 | |||||||||||||||||||||||||||
Other assets | 604 | 604 | 0 | 0 | 596 | 596 | 8 | 8 | |||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||
Deposits | 147,164 | 147,223 | 0 | 0 | 147,164 | 147,223 | 0 | 0 | |||||||||||||||||||||||||||
Short-term borrowed funds | 243 | 243 | 0 | 0 | 243 | 243 | 0 | 0 | |||||||||||||||||||||||||||
Long-term borrowed funds | 8,346 | 8,850 | 0 | 0 | 8,346 | 8,850 | 0 | 0 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||
Debt securities held to maturity | $3,235 | $3,357 | $0 | $0 | $2,342 | $2,464 | $893 | $893 | |||||||||||||||||||||||||||
Other loans held for sale | 439 | 439 | 0 | 0 | 0 | 0 | 439 | 439 | |||||||||||||||||||||||||||
Loans and leases | 123,090 | 123,678 | 0 | 0 | 758 | 758 | 122,332 | 122,920 | |||||||||||||||||||||||||||
Other assets | 604 | 604 | 0 | 0 | 596 | 596 | 8 | 8 | |||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||
Deposits | 147,164 | 147,223 | 0 | 0 | 147,164 | 147,223 | 0 | 0 | |||||||||||||||||||||||||||
Short-term borrowed funds | 243 | 243 | 0 | 0 | 243 | 243 | 0 | 0 | |||||||||||||||||||||||||||
Long-term borrowed funds | 8,346 | 8,850 | 0 | 0 | 8,346 | 8,850 | 0 | 0 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Consumer Banking | Commercial Banking | Consolidated (1) | Consumer Banking | Commercial Banking | Consolidated (1) | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | Consumer Banking | Commercial Banking | Other | Consolidated | ||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | $74 | $25 | $99 | $92 | $26 | $118 | Service charges and fees | $74 | $26 | $0 | $100 | $59 | $25 | $0 | $84 | ||||||||||||||||||||||||||||||||||||
Card fees | Card fees | 47 | 7 | 54 | 45 | 10 | 55 | Card fees | 56 | 8 | 0 | 64 | 42 | 7 | 0 | 49 | ||||||||||||||||||||||||||||||||||||
Capital markets fees | Capital markets fees | 0 | 72 | 72 | 0 | 65 | 65 | Capital markets fees | 0 | 84 | 0 | 84 | 0 | 48 | 0 | 48 | ||||||||||||||||||||||||||||||||||||
Trust and investment services fees | Trust and investment services fees | 58 | 0 | 58 | 53 | 0 | 53 | Trust and investment services fees | 60 | 0 | 0 | 60 | 45 | 0 | 0 | 45 | ||||||||||||||||||||||||||||||||||||
Other banking fees | Other banking fees | 0 | 2 | 2 | 0 | 3 | 3 | Other banking fees | 0 | 2 | 0 | 2 | 0 | 1 | 0 | 1 | ||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | Total revenue from contracts with customers | $179 | $106 | $285 | $190 | $104 | $294 | Total revenue from contracts with customers | $190 | $120 | $0 | $310 | $146 | $81 | $0 | $227 | ||||||||||||||||||||||||||||||||||||
Total revenue from other sources(1) | Total revenue from other sources(1) | 93 | 58 | 24 | 175 | 282 | 63 | 18 | 363 | |||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $283 | $178 | $24 | $485 | $428 | $144 | $18 | $590 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||
(in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | Consumer Banking | Commercial Banking | Other | Consolidated | |||||||||||||||||||||
Service charges and fees | $148 | $51 | $0 | $199 | $151 | $51 | $0 | $202 | |||||||||||||||||||||
Card fees | 103 | 15 | 0 | 118 | 87 | 17 | 0 | 104 | |||||||||||||||||||||
Capital markets fees | 0 | 156 | 0 | 156 | 0 | 113 | 0 | 113 | |||||||||||||||||||||
Trust and investment services fees | 118 | 0 | 0 | 118 | 98 | 0 | 0 | 98 | |||||||||||||||||||||
Other banking fees | 0 | 4 | 0 | 4 | 0 | 4 | 0 | 4 | |||||||||||||||||||||
Total revenue from contracts with customers | $369 | $226 | $0 | $595 | $336 | $185 | $0 | $521 | |||||||||||||||||||||
Total revenue from other sources(1) | 265 | 122 | 45 | 432 | 449 | 84 | 33 | 566 | |||||||||||||||||||||
Total noninterest income | $634 | $348 | $45 | $1,027 | $785 | $269 | $33 | $1,087 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Bank-owned life insurance | $14 | $14 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Promotional expense | $19 | $24 | |||||||||||||||||||||
Other | 72 | 87 | |||||||||||||||||||||
Other operating expense | $91 | $111 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Marketing | $31 | $27 | $50 | $51 | |||||||||||||||||||
Other | 62 | 84 | 134 | 171 | |||||||||||||||||||
Other operating expense | $93 | $111 | $184 | $222 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions, except share and per share data) | (in millions, except share and per share data) | 2021 | 2020 | (in millions, except share and per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Numerator (basic and diluted): | Numerator (basic and diluted): | Numerator (basic and diluted): | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $611 | $34 | Net income | $648 | $253 | $1,259 | $287 | ||||||||||||||||||||||||||||||||||||||
Less: Preferred stock dividends | Less: Preferred stock dividends | 23 | 22 | Less: Preferred stock dividends | 32 | 28 | 55 | 50 | ||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $588 | $12 | Net income available to common stockholders | $616 | $225 | $1,204 | $237 | ||||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding - basic | Weighted-average common shares outstanding - basic | 425,953,716 | 427,718,421 | Weighted-average common shares outstanding - basic | 425,948,706 | 426,613,053 | 425,951,197 | 427,165,737 | ||||||||||||||||||||||||||||||||||||||
Dilutive common shares: share-based awards | Dilutive common shares: share-based awards | 1,926,814 | 1,670,434 | Dilutive common shares: share-based awards | 1,612,866 | 953,867 | 1,717,045 | 1,126,843 | ||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding - diluted | Weighted-average common shares outstanding - diluted | 427,880,530 | 429,388,855 | Weighted-average common shares outstanding - diluted | 427,561,572 | 427,566,920 | 427,668,242 | 428,292,580 | ||||||||||||||||||||||||||||||||||||||
Earnings per common share: | Earnings per common share: | Earnings per common share: | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $1.38 | $0.03 | Basic | $1.45 | $0.53 | $2.83 | $0.56 | ||||||||||||||||||||||||||||||||||||||
Diluted (1) | Diluted (1) | 1.37 | 0.03 | Diluted (1) | 1.44 | 0.53 | 2.81 | 0.55 |
As of and for the Three Months Ended March 31, 2021 | As of and for the Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $863 | $421 | ($167) | $1,117 | Net interest income | $897 | $419 | ($192) | $1,124 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 351 | 170 | 21 | 542 | Noninterest income | 283 | 178 | 24 | 485 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 1,214 | 591 | (146) | 1,659 | Total revenue | 1,180 | 597 | (168) | 1,609 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 750 | 227 | 41 | 1,018 | Noninterest expense | 751 | 226 | 14 | 991 | ||||||||||||||||||||||||||||||||||||
Profit (loss) before provision for credit losses | Profit (loss) before provision for credit losses | 464 | 364 | (187) | 641 | Profit (loss) before provision for credit losses | 429 | 371 | (182) | 618 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 59 | 101 | (300) | (140) | Provision for credit losses | 45 | 34 | (292) | (213) | ||||||||||||||||||||||||||||||||||||
Income before income tax expense | 405 | 263 | 113 | 781 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 103 | 52 | 15 | 170 | ||||||||||||||||||||||||||||||||||||||||||
Net income | $302 | $211 | $98 | $611 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | Income (loss) before income tax expense (benefit) | 384 | 337 | 110 | 831 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 98 | 72 | 13 | 183 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $286 | $265 | $97 | $648 | |||||||||||||||||||||||||||||||||||||||||
Total average assets | Total average assets | $75,283 | $57,738 | $49,548 | $182,569 | Total average assets | $75,600 | $57,527 | $51,329 | $184,456 |
As of and for the Three Months Ended March 31, 2020 | As of and for the Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $793 | $365 | $2 | $1,160 | Net interest income | $814 | $419 | ($73) | $1,160 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 357 | 125 | 15 | 497 | Noninterest income | 428 | 144 | 18 | 590 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 1,150 | 490 | 17 | 1,657 | Total revenue | 1,242 | 563 | (55) | 1,750 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 738 | 221 | 53 | 1,012 | Noninterest expense | 735 | 213 | 31 | 979 | ||||||||||||||||||||||||||||||||||||
Profit (loss) before provision for credit losses | Profit (loss) before provision for credit losses | 412 | 269 | (36) | 645 | Profit (loss) before provision for credit losses | 507 | 350 | (86) | 771 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 97 | 43 | 460 | 600 | Provision for credit losses | 80 | 70 | 314 | 464 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | Income (loss) before income tax expense (benefit) | 315 | 226 | (496) | 45 | Income (loss) before income tax expense (benefit) | 427 | 280 | (400) | 307 | ||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 79 | 47 | (115) | 11 | Income tax expense (benefit) | 107 | 59 | (112) | 54 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $236 | $179 | ($381) | $34 | Net income (loss) | $320 | $221 | ($288) | $253 | ||||||||||||||||||||||||||||||||||||
Total average assets | Total average assets | $68,415 | $59,005 | $39,757 | $167,177 | Total average assets | $71,634 | $65,280 | $42,879 | $179,793 |
As of and for the Six Months Ended June 30, 2021 | |||||||||||||||||||||||
(in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | |||||||||||||||||||
Net interest income | $1,760 | $840 | ($359) | $2,241 | |||||||||||||||||||
Noninterest income | 634 | 348 | 45 | 1,027 | |||||||||||||||||||
Total revenue | 2,394 | 1,188 | (314) | 3,268 | |||||||||||||||||||
Noninterest expense | 1,501 | 453 | 55 | 2,009 | |||||||||||||||||||
Profit (loss) before provision for credit losses | 893 | 735 | (369) | 1,259 | |||||||||||||||||||
Provision for credit losses | 104 | 135 | (592) | (353) | |||||||||||||||||||
Income (loss) before income tax expense (benefit) | 789 | 600 | 223 | 1,612 | |||||||||||||||||||
Income tax expense (benefit) | 201 | 124 | 28 | 353 | |||||||||||||||||||
Net income (loss) | $588 | $476 | $195 | $1,259 | |||||||||||||||||||
Total average assets | $75,443 | $57,632 | $50,443 | $183,518 |
As of and for the Six Months Ended June 30, 2020 | |||||||||||||||||||||||
(in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | |||||||||||||||||||
Net interest income | $1,607 | $784 | ($71) | $2,320 | |||||||||||||||||||
Noninterest income | 785 | 269 | 33 | 1,087 | |||||||||||||||||||
Total revenue | 2,392 | 1,053 | (38) | 3,407 | |||||||||||||||||||
Noninterest expense | 1,473 | 434 | 84 | 1,991 | |||||||||||||||||||
Profit (loss) before provision for credit losses | 919 | 619 | (122) | 1,416 | |||||||||||||||||||
Provision for credit losses | 177 | 113 | 774 | 1,064 | |||||||||||||||||||
Income (loss) before income tax expense (benefit) | 742 | 506 | (896) | 352 | |||||||||||||||||||
Income tax expense (benefit) | 186 | 106 | (227) | 65 | |||||||||||||||||||
Net income (loss) | $556 | $400 | ($669) | $287 | |||||||||||||||||||
Total average assets | $70,024 | $62,142 | $41,319 | $173,485 |
Period | Total Number of Shares Repurchased | Weighted Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Dollar Amount of Shares That May Yet Be Purchased As Part of Publicly Announced Plans or Programs (1) | ||||||||||
January 1, 2021 - January 31, 2021 | 2,103,412 | $42.32 | 2,103,412 | $660,988,442 | ||||||||||
February 1, 2021 - February 28, 2021 | — | $— | — | $660,988,442 | ||||||||||
March 1, 2021 - March 31, 2021 | 141,512 | $42.32 | 141,512 | $655,000,000 |
CITIZENS FINANCIAL GROUP, INC. | |||||
(Registrant) | |||||
By: | /s/ C. Jack Read | ||||
Name: C. Jack Read | |||||
Title: Executive Vice President, Chief Accounting Officer and Controller | |||||
(Principal Accounting Officer and Authorized Officer) |