Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'MUFG Americas Holdings Corporation | ' |
Entity Central Index Key | '0001011659 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 136,330,831 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'ub | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest Income | ' | ' | ' | ' |
Loans | $749 | $649 | $1,416 | $1,278 |
Securities | 115 | 118 | 230 | 236 |
Other | 3 | 2 | 8 | 5 |
Total interest income | 867 | 769 | 1,654 | 1,519 |
Interest Expense | ' | ' | ' | ' |
Deposits | 61 | 61 | 123 | 121 |
Commercial paper and other short-term borrowings | 2 | 1 | 3 | 2 |
Long-term debt | 41 | 35 | 82 | 71 |
Total interest expense | 104 | 97 | 208 | 194 |
Net Interest Income | 763 | 672 | 1,446 | 1,325 |
(Reversal of) provision for loan losses | 9 | -3 | -7 | -6 |
Net interest income after (reversal of) provision for loan losses | 754 | 675 | 1,453 | 1,331 |
Noninterest Income | ' | ' | ' | ' |
Service charges on deposit accounts | 50 | 52 | 101 | 105 |
Trust and investment management fees | 26 | 38 | 52 | 73 |
Trading account activities | 14 | 21 | 30 | 26 |
Securities gains, net | 1 | 27 | 3 | 123 |
Credit facility fees | 31 | 26 | 59 | 52 |
Merchant banking fees | 27 | 23 | 51 | 39 |
Brokerage commissions and fees | 13 | 11 | 26 | 22 |
Card processing fees, net | 9 | 9 | 17 | 18 |
Other, net | 31 | -6 | 44 | -6 |
Total noninterest income | 202 | 201 | 383 | 452 |
Noninterest Expense | ' | ' | ' | ' |
Salaries and employee benefits | 378 | 413 | 766 | 834 |
Net occupancy and equipment | 75 | 84 | 146 | 159 |
Professional and outside services | 63 | 62 | 118 | 120 |
Intangible asset amortization | 13 | 17 | 26 | 33 |
Regulatory assessments | 16 | 20 | 31 | 40 |
(Reversal of) provision for losses on unfunded credit commitments | -3 | -2 | 13 | 13 |
Other | 107 | 108 | 209 | 216 |
Total noninterest expense | 649 | 702 | 1,309 | 1,415 |
Income before income taxes and including noncontrolling interests | 307 | 174 | 527 | 368 |
Income tax expense | 62 | 35 | 112 | 85 |
Net Income Including Noncontrolling Interests | 245 | 139 | 415 | 283 |
Deduct: Net loss from noncontrolling interests | 4 | 3 | 9 | 7 |
Net Income Attributable to MUFG Americas Holdings Corporation (MUAH) | $249 | $142 | $424 | $290 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Net Income Attributable to MUAH | $249 | $142 | $424 | $290 |
Other Comprehensive Income (Loss), Net of Tax: | ' | ' | ' | ' |
Net change in cash flow hedges | 25 | -3 | 16 | -3 |
Net change in securities | 87 | -330 | 155 | -394 |
Net change in foreign currency translation adjustments | 2 | -2 | ' | -3 |
Net change in pension and other postretirement benefits | 4 | 17 | 12 | 35 |
Total other comprehensive income (loss) | 118 | -318 | 183 | -365 |
Comprehensive Income (Loss) Attributable to MUAH | 367 | -176 | 607 | -75 |
Comprehensive loss from noncontrolling interests | -4 | -3 | -9 | -7 |
Total Comprehensive Income (Loss) | $363 | ($179) | $598 | ($82) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $1,911 | $1,863 |
Interest bearing deposits in banks | 2,353 | 4,329 |
Federal funds sold and securities purchased under resale agreements | 65 | 11 |
Total cash and cash equivalents | 4,329 | 6,203 |
Trading account assets (includes $25 at June 30, 2014 and $8 at December 31, 2013 of assets pledged as collateral) | 941 | 851 |
Securities available for sale | 14,670 | 15,817 |
Securities held to maturity (Fair value: June 30, 2014, $8,251; December 31, 2013, $6,439) | 8,177 | 6,509 |
Loans held for investment | 72,369 | 68,312 |
Allowance for loan losses | -559 | -568 |
Loans held for investment, net | 71,810 | 67,744 |
Premises and equipment, net | 632 | 688 |
Goodwill | 3,227 | 3,228 |
Other assets | 5,034 | 4,854 |
Total assets | 108,820 | 105,894 |
Deposits: | ' | ' |
Noninterest bearing | 27,446 | 26,495 |
Interest bearing | 54,120 | 53,606 |
Total deposits | 81,566 | 80,101 |
Commercial paper and other short-term borrowings | 2,870 | 2,563 |
Long-term debt | 6,995 | 6,547 |
Trading account liabilities | 664 | 540 |
Other liabilities | 1,666 | 1,675 |
Total liabilities | 93,761 | 91,426 |
Commitments, contingencies and guarantees-See Note 13 | ' | ' |
MUAH stockholder's equity: | ' | ' |
Preferred stock: Authorized 5,000,000 shares; no shares issued or outstanding | ' | ' |
Common stock, par value $1 per share: Authorized 300,000,000 shares, 136,330,830 shares issued and outstanding as of June 30, 2014 and December 31, 2013 | 136 | 136 |
Additional paid-in capital | 7,184 | 7,191 |
Retained earnings | 7,936 | 7,512 |
Accumulated other comprehensive loss | -441 | -624 |
Total MUAH stockholder's equity | 14,815 | 14,215 |
Noncontrolling interests | 244 | 253 |
Total equity | 15,059 | 14,468 |
Total liabilities and equity | $108,820 | $105,894 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Trading account assets pledged as collateral | $25 | $8 |
Fair value of securities held to maturity | $8,251 | $6,439 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, share authorized | 300,000,000 | 300,000,000 |
Common stock, share issued | 136,330,830 | 136,330,830 |
Common stock, share outstanding | 136,330,830 | 136,330,830 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholder's Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
In Millions | ||||||
BALANCE, beginning at Dec. 31, 2012 | $12,725 | $136 | $5,994 | $6,845 | ($514) | $264 |
Net income (loss) | 283 | ' | ' | 290 | ' | -7 |
Other comprehensive income (loss), net of tax | -365 | ' | ' | ' | -365 | ' |
Compensation-restricted stock units | -15 | ' | -15 | ' | ' | ' |
Other | 13 | ' | ' | ' | ' | 13 |
Net change | -84 | ' | -15 | 290 | -365 | 6 |
BALANCE, ending at Jun. 30, 2013 | 12,641 | 136 | 5,979 | 7,135 | -879 | 270 |
BALANCE, beginning at Dec. 31, 2013 | 14,468 | 136 | 7,191 | 7,512 | -624 | 253 |
Net income (loss) | 415 | ' | ' | 424 | ' | -9 |
Other comprehensive income (loss), net of tax | 183 | ' | ' | ' | 183 | ' |
Compensation-restricted stock units | -7 | ' | -7 | ' | ' | ' |
Net change | 591 | ' | -7 | 424 | 183 | -9 |
BALANCE, ending at Jun. 30, 2014 | $15,059 | $136 | $7,184 | $7,936 | ($441) | $244 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income including noncontrolling interests | $415 | $283 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
(Reversal of) provision for loan losses | -7 | -6 |
(Reversal of) provision for losses on unfunded credit commitments | 13 | 13 |
Depreciation, amortization and accretion, net | 201 | 229 |
Stock-based compensation-restricted stock units | 13 | 10 |
Deferred income taxes | 71 | -28 |
Net gains on sales of securities | -3 | -123 |
Net decrease (increase) in trading account assets | -90 | 364 |
Net decrease (increase) in other assets | 106 | 145 |
Net increase (decrease) in trading account liabilities | 124 | -329 |
Net increase (decrease) in other liabilities | -211 | 64 |
Loans originated for sale | -96 | -52 |
Net proceeds from sale of loans originated for sale | 181 | 76 |
Pension and other benefits adjustment | -91 | -347 |
Other, net | -9 | -9 |
Total adjustments | 202 | 7 |
Net cash provided by (used in) operating activities | 617 | 290 |
Cash Flows from Investing Activities: | ' | ' |
Proceeds from sales of securities available for sale | 598 | 5,585 |
Proceeds from paydowns and maturities of securities available for sale | 1,169 | 2,015 |
Purchases of securities available for sale and held to maturity | -2,426 | -9,996 |
Proceeds from paydowns and maturities of securities held to maturity | 374 | 212 |
Purchases of premises and equipment | -45 | -53 |
Proceeds from sales of loans | 190 | 199 |
Net decrease (increase) in loans | -4,270 | -2,640 |
Proceeds from FDIC loss share agreements | -11 | 7 |
Net cash paid for acquisitions | ' | -3,688 |
Other, net | -270 | 13 |
Net cash provided by (used in) investing activities | -4,691 | -8,346 |
Cash Flows from Financing Activities: | ' | ' |
Net increase (decrease) in deposits | 1,465 | 3,052 |
Net increase (decrease) in commercial paper and other short-term borrowings | 307 | 2,429 |
Proceeds from issuance of subordinated debt due to BTMU | ' | 750 |
Proceeds from issuance of long-term debt | 749 | ' |
Repayment of long-term debt | -300 | -300 |
Other, net | -21 | -25 |
Change in noncontrolling interests | ' | 13 |
Net cash provided by (used in) financing activities | 2,200 | 5,919 |
Net change in cash and cash equivalents | -1,874 | -2,137 |
Cash and cash equivalents at beginning of period | 6,203 | 5,491 |
Cash and cash equivalents at end of period | 4,329 | 3,354 |
Cash Paid During the Period For: | ' | ' |
Interest | 210 | 204 |
Income taxes, net | -13 | 21 |
Supplemental Schedule of Noncash Investing and Financing Activities: | ' | ' |
Net transfer of loans held for investment to loans held for sale | 199 | 214 |
Transfer of loans held for investment to other real estate owned assets (OREO) | ' | $17 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies, Nature of Operations and Other Developments | 6 Months Ended |
Jun. 30, 2014 | |
Summary of Significant Accounting Policies, Nature of Operations and Other Developments | ' |
Summary of Significant Accounting Policies, Nature of Operations and Other Developments | ' |
Note 1—Summary of Significant Accounting Policies, Nature of Operations and Other Developments | |
The unaudited Consolidated Financial Statements of MUFG Americas Holdings Corporation, its subsidiaries, and its consolidated variable interest entities (the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Rules and Regulations of the Securities and Exchange Commission (SEC). However, they do not include all of the disclosures necessary for annual financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the second quarter of 2014 are not necessarily indicative of the operating results anticipated for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in MUFG Americas Holdings Corporation's Annual Report on Form 10-K for the year ended December 31, 2013 (2013 Form 10-K). | |
The preparation of financial statements in conformity with U.S. GAAP also requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Although such estimates contemplate current conditions and management's expectations of how they may change in the future, it is reasonably possible that actual results could differ significantly from those estimates. This could materially affect the Company's results of operations and financial condition in the near term. Significant estimates made by management in the preparation of the Company's financial statements include, but are not limited to, the fair value of assets acquired and liabilities assumed (Note 3), the evaluation of other-than-temporary impairment on investment securities (Note 4), the allowance for credit losses (Note 5), purchased credit-impaired loans (Note 5), goodwill impairment, pension accounting (Note 12), income taxes, fair value of financial instruments (Note 9), and hedge accounting (Note 10). | |
MUFG Americas Holdings Corporation (MUAH) is a financial holding company and bank holding company whose principal subsidiary is MUFG Union Bank, N.A. (the Bank or MUB). The Company provides a wide range of financial services to consumers, small businesses, middle-market companies and major corporations nationally and internationally. Effective July 1, 2014, the U.S. branch banking operations of the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) were integrated with the Bank. The integration did not involve a legal entity combination, but rather an integration of personnel and certain business activities. As part of this integration, approximately 2,300 U.S. employees of BTMU became employees of the Bank and BTMU's U.S. corporate customer list was transferred to the Bank. As a result, the Bank and BTMU entered into a master services agreement, which provides for employees of the Bank to perform and make available various business, banking, financial, and administrative and support services (the Services) and facilities for BTMU in connection with the operation and administration of BTMU's business in the U.S. (including BTMU's U.S. branches). In consideration for the Services, BTMU will pay to the Bank fee income, which will reflect market-based pricing. Costs related to the Services performed by the transferred employees will be recorded in salaries and benefits. While this initiative will have the effect of increasing noninterest income and noninterest expense, it is not expected to have a significant impact on the Company's net income, financial condition or capital ratios in the near term. | |
Recently Issued Accounting Pronouncements That Are Not Yet Effective | |
Accounting for Investments in Qualified Affordable Housing Projects | |
In January 2014, the FASB issued ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects, which amends guidance on the accounting for investments in qualified affordable housing projects and permits reporting entities to make an accounting policy election to account for investments in qualified affordable housing projects using the proportional amortization method, if certain conditions are met. Under the proportional amortization method, reporting entities amortize the initial cost of the investment in proportion to tax credits and tax benefits received and recognize the amortization as a component of income tax expense. This guidance is effective for interim and annual periods beginning on January 1, 2015. The guidance is required to be applied retrospectively to all periods presented. Management is currently assessing the impact of this guidance on the Company's financial position and results of operations, and is considering adopting the standard in 2014. | |
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure | |
In January 2014, the FASB issued ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure, which provides guidance on when an in-substance repossession or foreclosure of residential real estate has occurred and when a creditor should derecognize the consumer mortgage loan and recognize the residential real estate. The guidance clarifies that an in-substance repossession or foreclosure occurs upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. In addition, the standard requires additional interim and annual disclosures. The guidance is effective for interim and annual periods beginning on January 1, 2015, with early adoption permitted. Management does not expect the adoption of this guidance to significantly impact the Company's financial position or results of operations. | |
Presentation of Financial Statements and Property, Plant and Equipment and Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements and Property, Plant and Equipment and Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the criteria for reporting discontinued operations and requires additional disclosures for discontinued operations which meet the new criteria. The amendments in ASU 2014-08 limit discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have or will have a major effect on an entity's operations and financial results. The guidance is effective for interim and annual periods beginning on January 1, 2015 with early adoption permitted. Management does not expect the adoption of this guidance to significantly impact the Company's financial position and results of operations. | |
Revenue from Contracts with Customers | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides guidance on the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard applies to all contracts with customers, except financial instruments, guarantees, lease contracts, insurance contracts, and certain non-monetary exchanges. It provides the following five-step revenue recognition model: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. In addition, the standard requires additional disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The standard is effective for interim and annual periods beginning on January 1, 2017. Management is currently assessing the impact of this guidance on the Company's financial position and results of operations. | |
Transfers and Servicing—Amendments to Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures Requirements | |
In June 2014, the FASB issued ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, which changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. The guidance requires that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. Additionally, the guidance requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. It also requires enhanced disclosures about repurchase agreements and other similar transactions. The guidance is effective on January 1, 2015. Earlier application is prohibited. Management does not expect the adoption of this guidance to significantly impact the Company's financial position or results of operations. | |
Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period | |
In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which provides guidance that a performance target that affects vesting of a share-based payment and that could be achieved after the completion of the employee's requisite service period is a performance condition under the accounting guidance for share-based awards. The standard clarifies that the performance target would not be reflected in estimating the fair value of the award at the grant date. Instead, compensation cost for the award would be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The guidance is effective for interim and annual periods beginning on January 1, 2016, with early adoption permitted. Management does not expect the adoption of this guidance to significantly impact the Company's financial position or results of operations. | |
Correction_of_Prior_Period_Amo
Correction of Prior Period Amounts | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Correction of Prior Period Amounts | ' | |||||||||||||||||||
Correction of Prior Period Amounts | ' | |||||||||||||||||||
Note 2—Correction of Prior Period Amounts | ||||||||||||||||||||
During the third quarter of 2013, the Company corrected prior period errors related to the recognition of income and expense associated with market-linked certificates of deposit. These errors affected historical periods beginning in 2009 through June 30, 2013. The Company recognized certain noninterest income amounts in the period in which the market-linked certificates of deposit originated. These amounts should have been deferred and recognized as a reduction of interest expense over the contractual term of the related certificates of deposit. These errors were not material to any of the Company's previously issued financial statements. In accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (SAB 108), the consolidated statements of income and comprehensive income for the three and six months ended June 30, 2013 and changes in stockholder's equity for the year ended December 31, 2012 have been adjusted to reflect the correction of these errors. | ||||||||||||||||||||
The following tables show the affected line items within the consolidated financial statements: | ||||||||||||||||||||
Consolidated Statements of Income: | ||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||
June 30, 2013 | June 30, 2013 | |||||||||||||||||||
(Dollars in millions) | As Previously | Adjustment | As | As Previously | Adjustment | As | ||||||||||||||
Reported | Corrected | Reported | Corrected | |||||||||||||||||
Net interest income | ||||||||||||||||||||
Interest expense—deposits | $ | 67 | $ | (6 | ) | $ | 61 | $ | 132 | $ | (11 | ) | $ | 121 | ||||||
Noninterest income | ||||||||||||||||||||
Trading account activities | 24 | (3 | ) | 21 | 32 | (6 | ) | 26 | ||||||||||||
Brokerage commissions and fees | 12 | (1 | ) | 11 | 24 | (2 | ) | 22 | ||||||||||||
Income before income taxes and including noncontrolling interests | 172 | 2 | 174 | 365 | 3 | 368 | ||||||||||||||
Net Income Attributable to MUAH | 141 | 1 | 142 | 288 | 2 | 290 | ||||||||||||||
Consolidated Balance Sheet and Statements of Changes in Stockholder's Equity: | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
(Dollars in millions) | As Previously | Adjustment | As | |||||||||||||||||
Reported | Corrected | |||||||||||||||||||
Retained earnings | $ | 6,875 | $ | (30 | ) | $ | 6,845 |
Business_Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2014 | |
Business Combinations | ' |
Business Combinations | ' |
Note 3—Business Combinations | |
Acquisition of PB Capital | |
During the second quarter of 2013, the Company acquired PB Capital Corporation's (PB Capital) institutional commercial real estate (CRE) lending division for $3.7 billion in cash. The acquisition expands the Company's CRE presence in the U.S., and provides geographic and asset class diversification. Excluding the effects of purchase accounting adjustments, the Company acquired approximately $3.5 billion in loans. The final values of the assets acquired totaled $3.4 billion, resulting in goodwill of $238 million, which was allocated to the Company's Commercial Banking reporting segment. | |
Securities
Securities | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||||||
Note 4—Securities | |||||||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the amortized cost, gross unrealized gains, gross unrealized losses, and fair values of securities are presented below. | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
(Dollars in millions) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
Asset Liability Management securities: | |||||||||||||||||||||||||||||
U.S. government-sponsored agencies | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies | 8,281 | 3 | 127 | 8,157 | |||||||||||||||||||||||||
Privately issued | 188 | 4 | 1 | 191 | |||||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | 1,824 | 14 | 25 | 1,813 | |||||||||||||||||||||||||
Collateralized loan obligations | 2,543 | 13 | 22 | 2,534 | |||||||||||||||||||||||||
Asset-backed and other | 18 | 1 | — | 19 | |||||||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
Asset Liability Management securities | 12,854 | 35 | 175 | 12,714 | |||||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||
Direct bank purchase bonds | 1,888 | 42 | 33 | 1,897 | |||||||||||||||||||||||||
Other | 54 | — | 2 | 52 | |||||||||||||||||||||||||
Equity securities | 6 | 1 | — | 7 | |||||||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
Total securities available for sale | $ | 14,802 | $ | 78 | $ | 210 | $ | 14,670 | |||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
(Dollars in millions) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
Asset Liability Management securities: | |||||||||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 73 | $ | — | $ | — | $ | 73 | |||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies | 9,194 | 2 | 296 | 8,900 | |||||||||||||||||||||||||
Privately issued | 220 | 4 | 2 | 222 | |||||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | 1,947 | 8 | 85 | 1,870 | |||||||||||||||||||||||||
Collateralized loan obligations | 2,670 | 25 | 22 | 2,673 | |||||||||||||||||||||||||
Asset-backed and other | 34 | 1 | — | 35 | |||||||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
Asset Liability Management securities | 14,138 | 40 | 405 | 13,773 | |||||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||
Direct bank purchase bonds | 1,968 | 35 | 43 | 1,960 | |||||||||||||||||||||||||
Other | 81 | — | 5 | 76 | |||||||||||||||||||||||||
Equity securities | 7 | 1 | — | 8 | |||||||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
Total securities available for sale | $ | 16,194 | $ | 76 | $ | 453 | $ | 15,817 | |||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
The Company's securities available for sale with a continuous unrealized loss position at June 30, 2014 and December 31, 2013 are shown below, identified for periods less than 12 months and 12 months or more. | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||
(Dollars in millions) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||
Asset Liability Management securities: | |||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies | $ | 429 | $ | 1 | $ | 7,195 | $ | 126 | $ | 7,624 | $ | 127 | |||||||||||||||||
Privately issued | 7 | — | 56 | 1 | 63 | 1 | |||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | 115 | — | 931 | 25 | 1,046 | 25 | |||||||||||||||||||||||
Collateralized loan obligations | 1,697 | 18 | 224 | 4 | 1,921 | 22 | |||||||||||||||||||||||
Asset-backed and other | — | — | 1 | — | 1 | — | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Asset Liability Management securities | 2,248 | 19 | 8,407 | 156 | 10,655 | 175 | |||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||
Direct bank purchase bonds | 301 | 7 | 939 | 26 | 1,240 | 33 | |||||||||||||||||||||||
Other | — | — | 24 | 2 | 24 | 2 | |||||||||||||||||||||||
Equity securities | 5 | — | — | — | 5 | — | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Total securities available for sale | $ | 2,554 | $ | 26 | $ | 9,370 | $ | 184 | $ | 11,924 | $ | 210 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||
(Dollars in millions) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||
Asset Liability Management securities: | |||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies | $ | 8,508 | $ | 293 | $ | 147 | $ | 3 | $ | 8,655 | $ | 296 | |||||||||||||||||
Privately issued | 72 | 2 | 18 | — | 90 | 2 | |||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | 1,274 | 80 | 58 | 5 | 1,332 | 85 | |||||||||||||||||||||||
Collateralized loan obligations | 1,879 | 21 | 10 | 1 | 1,889 | 22 | |||||||||||||||||||||||
Asset-backed and other | — | — | 1 | — | 1 | — | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Asset Liability Management securities | 11,733 | 396 | 234 | 9 | 11,967 | 405 | |||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||
Direct bank purchase bonds | 537 | 18 | 778 | 25 | 1,315 | 43 | |||||||||||||||||||||||
Other | 15 | 1 | 34 | 4 | 49 | 5 | |||||||||||||||||||||||
Equity securities | 5 | — | — | — | 5 | — | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Total securities available for sale | $ | 12,290 | $ | 415 | $ | 1,046 | $ | 38 | $ | 13,336 | $ | 453 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
At June 30, 2014, the Company did not have the intent to sell any securities in an unrealized loss position before a recovery of the amortized cost, which may be at maturity. The Company also believes that it is more likely than not that it will not be required to sell the securities prior to recovery of amortized cost. | |||||||||||||||||||||||||||||
Agency residential mortgage-backed securities consist of securities guaranteed by a U.S. government corporation or a government-sponsored enterprise (GSE) such as Fannie Mae, Freddie Mac, and Ginnie Mae. These securities are collateralized by residential mortgage loans and may be prepaid at par prior to maturity. The unrealized losses on agency residential mortgage-backed securities resulted from changes in interest rates and not from changes in credit quality. At June 30, 2014, the Company expects to recover the entire amortized cost basis of these securities because the Company determined that the strength of the issuers' guarantees through direct obligations or support from the U.S. government is sufficient to protect the Company from losses. | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities are collateralized by commercial mortgage loans and are generally subject to prepayment penalties. The unrealized losses on commercial mortgage-backed securities resulted from higher market yields since purchase. The Company estimated the unrealized loss for each security by assessing the loans collateralizing each security. The Company estimates the portion of loss attributable to credit based on the expected cash flows of the underlying collateral using estimates of current key assumptions, such as default rates, loss severity and prepayment rates. Based on the analysis performed as of June 30, 2014, the Company expects to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||||||
The Company's collateralized loan obligations (CLOs) consist of Cash Flow CLOs. A Cash Flow CLO is a structured finance product that securitizes a diversified pool of loan assets into multiple classes of notes. Cash Flow CLOs pay the note holders through the receipt of interest and principal repayments from the underlying loans unlike other types of CLOs that pay note holders through the trading and sale of underlying collateral. Unrealized losses typically arise from widening credit spreads and deteriorating credit quality of the underlying collateral. Cash flow analysis of the underlying collateral provides an estimate of other-than-temporary impairment, which is performed quarterly when the fair value of a security is lower than its amortized cost. Based on the analysis performed as of June 30, 2014, the Company expects to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||||||
Other debt securities primarily consist of direct bank purchase bonds, which are not rated by external credit rating agencies. The unrealized losses on these bonds resulted from a higher return on capital expected by the secondary market compared with the return on capital required at the time of origination when the bonds were purchased. The Company estimated the unrealized loss for each security by assessing the underlying collateral of each security. The Company estimates the portion of loss attributable to credit based on the expected cash flows of the underlying collateral using estimates of current key assumptions, such as probability of default and loss severity. Cash flow analysis of the underlying collateral provides an estimate of other-than-temporary impairment, which is performed quarterly when the fair value of a security is lower than its amortized cost and potential impairment is identified. Based on the analysis performed as of June 30, 2014, the Company expects to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||||||
The fair value of debt securities available for sale by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
(Dollars in millions) | One Year or Less | Over One Year | Over Five Years | Over Ten Years | Total Fair Value | ||||||||||||||||||||||||
Through Five | Through Ten | ||||||||||||||||||||||||||||
Years | Years | ||||||||||||||||||||||||||||
Asset Liability Management securities: | |||||||||||||||||||||||||||||
U.S. government-sponsored agencies | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies | 1 | 35 | 559 | 7,562 | 8,157 | ||||||||||||||||||||||||
Privately issued | — | — | 5 | 186 | 191 | ||||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | — | — | 35 | 1,778 | 1,813 | ||||||||||||||||||||||||
Collateralized loan obligations | — | 263 | 467 | 1,804 | 2,534 | ||||||||||||||||||||||||
Asset-backed and other | — | 11 | 8 | — | 19 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | |||||||||||||
Asset Liability Management securities | 1 | 309 | 1,074 | 11,330 | 12,714 | ||||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||
Direct bank purchase bonds | 28 | 457 | 917 | 495 | 1,897 | ||||||||||||||||||||||||
Other | — | 17 | 4 | 31 | 52 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | |||||||||||||
Total debt securities available for sale | $ | 29 | $ | 783 | $ | 1,995 | $ | 11,856 | $ | 14,663 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | | | | |||||||||||||
The proceeds from sales of securities available for sale and gross realized gains and losses are shown below. The specific identification method is used to calculate realized gains and losses on sales. | |||||||||||||||||||||||||||||
For the Three | For the Six | ||||||||||||||||||||||||||||
Months Ended | Months Ended | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Proceeds from sales | $ | 264 | $ | 487 | $ | 598 | $ | 5,585 | |||||||||||||||||||||
Gross realized gains | 6 | 27 | 8 | 126 | |||||||||||||||||||||||||
Gross realized losses | — | — | — | — | |||||||||||||||||||||||||
Securities Held to Maturity | |||||||||||||||||||||||||||||
The securities held to maturity consist of residential mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities and U.S. government-sponsored agencies. Management has asserted the positive intent and ability to hold these securities to maturity. At June 30, 2014 and December 31, 2013, the amortized cost, gross unrealized gains and losses recognized in other comprehensive income (OCI), carrying amount, gross unrealized gains and losses not recognized in OCI, and fair values of securities held to maturity are presented below. | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Recognized in OCI | Not Recognized in OCI | ||||||||||||||||||||||||||||
(Dollars in millions) | Amortized | Gross | Gross | Carrying | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Amount | Unrealized | Unrealized | Value | |||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies—residential mortgage backed securities | $ | 5,734 | $ | 6 | $ | 71 | $ | 5,669 | $ | 42 | $ | 13 | $ | 5,698 | |||||||||||||||
U.S. government agency and government-sponsored agencies—commercial mortgage-backed securities | 1,836 | — | 87 | 1,749 | 48 | 5 | 1,792 | ||||||||||||||||||||||
U.S. Treasury | 484 | — | — | 484 | 2 | — | 486 | ||||||||||||||||||||||
U.S. government-sponsored agencies | 275 | — | — | 275 | 1 | 1 | 275 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||
Total securities held to maturity | $ | 8,329 | $ | 6 | $ | 158 | $ | 8,177 | $ | 93 | $ | 19 | $ | 8,251 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Recognized in OCI | Not Recognized in OCI | ||||||||||||||||||||||||||||
(Dollars in millions) | Amortized | Gross | Gross | Carrying | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Amount | Unrealized | Unrealized | Value | |||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies—residential mortgage backed securities | $ | 5,065 | $ | 7 | $ | 77 | $ | 4,995 | $ | 8 | $ | 69 | $ | 4,934 | |||||||||||||||
U.S. government agency and government-sponsored agencies—commercial mortgage-backed securities | 1,606 | — | 92 | 1,514 | 3 | 12 | 1,505 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||
Total securities held to maturity | $ | 6,671 | $ | 7 | $ | 169 | $ | 6,509 | $ | 11 | $ | 81 | $ | 6,439 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||
For securities held to maturity, the amount recognized in OCI primarily reflects the unrealized gain or loss at date of transfer to the held to maturity classification, net of amortization. Amortized cost is defined as the original purchase cost, adjusted for any accretion or amortization of a purchase discount or premium, less principal payments and any impairment previously recognized in earnings. | |||||||||||||||||||||||||||||
The Company's securities held to maturity with a continuous unrealized loss position at June 30, 2014 and December 31, 2013 are shown below, separately for periods less than 12 months and 12 months or more. | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | Unrealized Losses | |||||||||||||||||||||||||||
(Dollars in millions) | Fair | Recognized | Not | Fair | Recognized | Not | Fair | Recognized | Not | ||||||||||||||||||||
Value | in OCI | Recognized | Value | in OCI | Recognized | Value | in OCI | Recognized | |||||||||||||||||||||
in OCI | in OCI | in OCI | |||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies—residential mortgage backed securities | $ | 496 | $ | — | $ | 3 | $ | 2,758 | $ | 71 | $ | 10 | $ | 3,254 | $ | 71 | $ | 13 | |||||||||||
U.S. government agency and government-sponsored agencies—commercial mortgage-backed securities | 146 | — | 1 | 1,456 | 87 | 4 | 1,602 | 87 | 5 | ||||||||||||||||||||
U.S. Treasury | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
U.S. government-sponsored agencies | 150 | — | 1 | — | — | — | 150 | — | 1 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total securities held to maturity | $ | 792 | $ | — | $ | 5 | $ | 4,214 | $ | 158 | $ | 14 | $ | 5,006 | $ | 158 | $ | 19 | |||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2013 | |||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | Unrealized Losses | |||||||||||||||||||||||||||
(Dollars in millions) | Fair | Recognized | Not | Fair | Recognized | Not | Fair | Recognized | Not | ||||||||||||||||||||
Value | in OCI | Recognized | Value | in OCI | Recognized | Value | in OCI | Recognized | |||||||||||||||||||||
in OCI | in OCI | in OCI | |||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies—residential mortgage backed securities | $ | 3,873 | $ | 76 | $ | 68 | $ | 54 | $ | 1 | $ | 1 | $ | 3,927 | $ | 77 | $ | 69 | |||||||||||
U.S. government agency and government-sponsored agencies—commercial mortgage-backed securities | 1,016 | 46 | 10 | 489 | 46 | 2 | 1,505 | 92 | 12 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total securities held to maturity | $ | 4,889 | $ | 122 | $ | 78 | $ | 543 | $ | 47 | $ | 3 | $ | 5,432 | $ | 169 | $ | 81 | |||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The carrying amount and fair value of securities held to maturity by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Over One Year | Over Five Years | Over Ten Years | Total | ||||||||||||||||||||||||||
Through Five | Through Ten | ||||||||||||||||||||||||||||
Years | Years | ||||||||||||||||||||||||||||
(Dollars in millions) | Carrying | Fair | Carrying | Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Amount | Value | Amount | Value | Amount | Value | Amount | Value | ||||||||||||||||||||||
U.S. government agency and government-sponsored agencies—residential mortgage backed securities | $ | 2 | $ | 2 | $ | — | $ | — | $ | 5,667 | $ | 5,696 | $ | 5,669 | $ | 5,698 | |||||||||||||
U.S. government agency and government-sponsored agencies—commercial mortgage backed securities | 49 | 50 | 789 | 828 | 911 | 914 | 1,749 | 1,792 | |||||||||||||||||||||
U.S. Treasury | 244 | 245 | 240 | 241 | — | — | 484 | 486 | |||||||||||||||||||||
U.S. government-sponsored agencies | — | — | 275 | 275 | — | — | 275 | 275 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Total securities held to maturity | $ | 295 | $ | 297 | $ | 1,304 | $ | 1,344 | $ | 6,578 | $ | 6,610 | $ | 8,177 | $ | 8,251 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Securities Pledged as Collateral | |||||||||||||||||||||||||||||
Transactions involving purchases of securities under agreements to resell (reverse repurchase agreements or reverse repos) or sales of securities under agreements to repurchase (repurchase agreements or repos) are accounted for as collateralized financings except where the Company does not have an agreement to sell (or purchase) the same or substantially the same securities before maturity at a fixed or determinable price. The Company's policy is to obtain possession of collateral with a market value equal to or in excess of the principal amount loaned under resale agreements. Collateral is valued daily, and the Company may require counterparties to deposit additional collateral or return collateral pledged, when appropriate. | |||||||||||||||||||||||||||||
The Company separately identifies in the consolidated balance sheets, securities pledged as collateral in secured borrowings, and other arrangements when the secured party can sell or repledge the securities. If the secured party cannot resell or repledge the securities that have been placed as collateral, those securities are not separately identified. At June 30, 2014, the Company had $6.1 billion of securities available for sale pledged as collateral where the secured party cannot resell or repledge such securities. Available for sale securities of $0.6 billion have been pledged to secure borrowing, $0.3 billion to support unrealized losses on derivative transactions reported in trading liabilities and $5.2 billion to secure public and trust deposits. | |||||||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the Company accepted securities as collateral that it is permitted by contract to sell or repledge of $44 million (none of which has been repledged) and $10 million (none of which has been repledged), respectively. These securities were received as collateral for secured lending. | |||||||||||||||||||||||||||||
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||
Note 5—Loans and Allowance for Loan Losses | ||||||||||||||||||||||||||
The following table provides the outstanding balances of loans at June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||
(Dollars in millions) | June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||||||
Commercial and industrial | $ | 25,162 | $ | 23,528 | ||||||||||||||||||||||
Commercial mortgage | 13,549 | 13,092 | ||||||||||||||||||||||||
Construction | 1,248 | 905 | ||||||||||||||||||||||||
Lease financing | 829 | 854 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total commercial portfolio | 40,788 | 38,379 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Residential mortgage | 27,619 | 25,547 | ||||||||||||||||||||||||
Home equity and other consumer loans | 3,178 | 3,280 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total consumer portfolio | 30,797 | 28,827 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total loans held for investment, before purchased credit-impaired loans | 71,585 | 67,206 | ||||||||||||||||||||||||
Purchased credit-impaired loans(1) | 784 | 1,106 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total loans held for investment(2) | 72,369 | 68,312 | ||||||||||||||||||||||||
Allowance for loan losses | (559 | ) | (568 | ) | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Loans held for investment, net | $ | 71,810 | $ | 67,744 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
-1 | ||||||||||||||||||||||||||
Includes $199 million and $251 million as of June 30, 2014 and December 31, 2013, respectively, of loans for which the Company will be reimbursed a substantial portion of any future losses under the terms of the FDIC loss share agreements. Of these FDIC covered loans, $16 million and $15 million as of June 30, 2014 and December 31, 2013, respectively, were not accounted for under accounting guidance for loans acquired with deteriorated credit quality. | ||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||
Includes $130 million and $88 million at June 30, 2014 and December 31, 2013, respectively, for net unamortized discounts and premiums and deferred fees and costs. | ||||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||
The following tables provide a reconciliation of changes in the allowance for loan losses by portfolio segment: | ||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Purchased | Unallocated | Total | |||||||||||||||||||||
Credit- | ||||||||||||||||||||||||||
Impaired | ||||||||||||||||||||||||||
Allowance for loan losses, beginning of period | $ | 479 | $ | 55 | $ | 3 | $ | 20 | $ | 557 | ||||||||||||||||
(Reversal of) provision for loan losses | 7 | (3 | ) | — | 5 | 9 | ||||||||||||||||||||
Loans charged-off | (8 | ) | (4 | ) | — | — | (12 | ) | ||||||||||||||||||
Recoveries of loans previously charged-off | 4 | 1 | — | — | 5 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Allowance for loan losses, end of period | $ | 482 | $ | 49 | $ | 3 | $ | 25 | $ | 559 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Purchased | Unallocated | Total | |||||||||||||||||||||
Credit- | ||||||||||||||||||||||||||
Impaired | ||||||||||||||||||||||||||
Allowance for loan losses, beginning of period | $ | 486 | $ | 113 | $ | 1 | $ | 38 | $ | 638 | ||||||||||||||||
(Reversal of) provision for loan losses | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||||
Decrease in allowance covered by FDIC indemnification | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||||
Loans charged-off | (12 | ) | (8 | ) | — | — | (20 | ) | ||||||||||||||||||
Recoveries of loans previously charged-off | 9 | 1 | 2 | — | 12 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Allowance for loan losses, end of period | $ | 480 | $ | 106 | $ | 1 | $ | 38 | $ | 625 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Purchased | Unallocated | Total | |||||||||||||||||||||
Credit- | ||||||||||||||||||||||||||
Impaired | ||||||||||||||||||||||||||
Allowance for loan losses, beginning of period | $ | 421 | $ | 69 | $ | 1 | $ | 77 | $ | 568 | ||||||||||||||||
(Reversal of) provision for loan losses | 58 | (15 | ) | — | (52 | ) | (9 | ) | ||||||||||||||||||
Provision for purchased credit-impaired loan losses not subject to FDIC indemnification | — | — | 2 | — | 2 | |||||||||||||||||||||
Other | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||||
Loans charged-off | (14 | ) | (7 | ) | — | — | (21 | ) | ||||||||||||||||||
Recoveries of loans previously charged-off | 18 | 2 | — | — | 20 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Allowance for loan losses, end of period | $ | 482 | $ | 49 | $ | 3 | $ | 25 | $ | 559 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Purchased | Unallocated | Total | |||||||||||||||||||||
Credit- | ||||||||||||||||||||||||||
Impaired | ||||||||||||||||||||||||||
Allowance for loan losses, beginning of period | $ | 418 | $ | 124 | $ | 1 | $ | 110 | $ | 653 | ||||||||||||||||
(Reversal of) provision for loan losses | 65 | 1 | — | (72 | ) | (6 | ) | |||||||||||||||||||
Loans charged-off | (15 | ) | (21 | ) | (3 | ) | — | (39 | ) | |||||||||||||||||
Recoveries of loans previously charged-off | 12 | 2 | 3 | — | 17 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Allowance for loan losses, end of period | $ | 480 | $ | 106 | $ | 1 | $ | 38 | $ | 625 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
The following tables show the allowance for loan losses and related loan balances by portfolio segment as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Purchased | Unallocated | Total | |||||||||||||||||||||
Credit- | ||||||||||||||||||||||||||
Impaired | ||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 43 | $ | 20 | $ | — | $ | — | $ | 63 | ||||||||||||||||
Collectively evaluated for impairment | 439 | 29 | — | 25 | 493 | |||||||||||||||||||||
Purchased credit-impaired loans | — | — | 3 | — | 3 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total allowance for loan losses | $ | 482 | $ | 49 | $ | 3 | $ | 25 | $ | 559 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Loans held for investment: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 284 | $ | 334 | $ | 2 | $ | — | $ | 620 | ||||||||||||||||
Collectively evaluated for impairment | 40,504 | 30,463 | — | — | 70,967 | |||||||||||||||||||||
Purchased credit-impaired loans | — | — | 782 | — | 782 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total loans held for investment | $ | 40,788 | $ | 30,797 | $ | 784 | $ | — | $ | 72,369 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Purchased | Unallocated | Total | |||||||||||||||||||||
Credit- | ||||||||||||||||||||||||||
Impaired | ||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 19 | $ | 20 | $ | — | $ | — | $ | 39 | ||||||||||||||||
Collectively evaluated for impairment | 402 | 49 | — | 77 | 528 | |||||||||||||||||||||
Purchased credit-impaired loans | — | — | 1 | — | 1 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total allowance for loan losses | $ | 421 | $ | 69 | $ | 1 | $ | 77 | $ | 568 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Loans held for investment: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 266 | $ | 339 | $ | 3 | $ | — | $ | 608 | ||||||||||||||||
Collectively evaluated for impairment | 38,113 | 28,488 | — | — | 66,601 | |||||||||||||||||||||
Purchased credit-impaired loans | — | — | 1,103 | — | 1,103 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total loans held for investment | $ | 38,379 | $ | 28,827 | $ | 1,106 | $ | — | $ | 68,312 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Nonaccrual and Past Due Loans | ||||||||||||||||||||||||||
The following table presents nonaccrual loans as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||
(Dollars in millions) | June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Commercial and industrial | $ | 161 | $ | 44 | ||||||||||||||||||||||
Commercial mortgage | 47 | 51 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total commercial portfolio | 208 | 95 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Residential mortgage | 243 | 286 | ||||||||||||||||||||||||
Home equity and other consumer loans | 46 | 46 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total consumer portfolio | 289 | 332 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total nonaccrual loans, before purchased credit-impaired loans | 497 | 427 | ||||||||||||||||||||||||
Purchased credit-impaired loans | 17 | 15 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total nonaccrual loans | $ | 514 | $ | 442 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Troubled debt restructured loans that continue to accrue interest | $ | 297 | $ | 367 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Troubled debt restructured nonaccrual loans (included in the total nonaccrual loans above) | $ | 248 | $ | 225 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
The following table shows an aging of the balance of loans held for investment, excluding purchased credit-impaired loans, by class as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
Aging Analysis of Loans | ||||||||||||||||||||||||||
(Dollars in millions) | Current | 30 to 89 | 90 Days | Total Past | Total | |||||||||||||||||||||
Days Past | or More | Due | ||||||||||||||||||||||||
Due | Past Due | |||||||||||||||||||||||||
Commercial and industrial | $ | 25,946 | $ | 33 | $ | 12 | $ | 45 | $ | 25,991 | ||||||||||||||||
Commercial mortgage | 13,444 | 98 | 7 | 105 | 13,549 | |||||||||||||||||||||
Construction | 1,248 | — | — | — | 1,248 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total commercial portfolio | 40,638 | 131 | 19 | 150 | 40,788 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Residential mortgage | 27,419 | 120 | 80 | 200 | 27,619 | |||||||||||||||||||||
Home equity and other consumer loans | 3,144 | 17 | 17 | 34 | 3,178 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total consumer portfolio | 30,563 | 137 | 97 | 234 | 30,797 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total loans held for investment, excluding purchased credit-impaired loans | $ | 71,201 | $ | 268 | $ | 116 | $ | 384 | $ | 71,585 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
Aging Analysis of Loans | ||||||||||||||||||||||||||
(Dollars in millions) | Current | 30 to 89 | 90 Days | Total Past | Total | |||||||||||||||||||||
Days Past | or More | Due | ||||||||||||||||||||||||
Due | Past Due | |||||||||||||||||||||||||
Commercial and industrial | $ | 24,310 | $ | 66 | $ | 6 | $ | 72 | $ | 24,382 | ||||||||||||||||
Commercial mortgage | 13,004 | 68 | 20 | 88 | 13,092 | |||||||||||||||||||||
Construction | 891 | 14 | — | 14 | 905 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total commercial portfolio | 38,205 | 148 | 26 | 174 | 38,379 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Residential mortgage | 25,342 | 114 | 91 | 205 | 25,547 | |||||||||||||||||||||
Home equity and other consumer loans | 3,238 | 23 | 19 | 42 | 3,280 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total consumer portfolio | 28,580 | 137 | 110 | 247 | 28,827 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total loans held for investment, excluding purchased credit-impaired loans | $ | 66,785 | $ | 285 | $ | 136 | $ | 421 | $ | 67,206 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Loans 90 days or more past due and still accruing totaled $11 million and $5 million at June 30, 2014 and December 31, 2013, respectively. Purchased credit-impaired loans that were 90 days or more past due and still accruing totaled $103 million and $124 million at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||
Management analyzes the Company's loan portfolios by applying specific monitoring policies and procedures that vary according to the relative risk profile and other characteristics within the various loan portfolios. For further information related to the credit quality indicators the Company uses to monitor the portfolio, see Note 5 to the Consolidated Financial Statements in Part II, Item 8. "Financial Statements and Supplementary Data" in our 2013 Form 10-K. | ||||||||||||||||||||||||||
The following tables summarize the loans in the commercial portfolio segment and commercial loans within the purchased credit-impaired loans segment monitored for credit quality based on internal ratings, excluding $167 million and $213 million covered by Federal Deposit Insurance Corporation (FDIC) loss share agreements, at June 30, 2014 and December 31, 2013, respectively. The amounts presented reflect unpaid principal balances less charge-offs. | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | Pass | Special Mention | Classified | Total | ||||||||||||||||||||||
Commercial and industrial | $ | 24,701 | $ | 603 | $ | 439 | $ | 25,743 | ||||||||||||||||||
Construction | 1,254 | 9 | — | 1,263 | ||||||||||||||||||||||
Commercial mortgage | 12,975 | 182 | 217 | 13,374 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total commercial portfolio | 38,930 | 794 | 656 | 40,380 | ||||||||||||||||||||||
Purchased credit-impaired loans | 49 | 127 | 187 | 363 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total | $ | 38,979 | $ | 921 | $ | 843 | $ | 40,743 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
(Dollars in millions) | Pass | Special Mention | Classified | Total | ||||||||||||||||||||||
Commercial and industrial | $ | 23,346 | $ | 576 | $ | 313 | $ | 24,235 | ||||||||||||||||||
Construction | 879 | 14 | — | 893 | ||||||||||||||||||||||
Commercial mortgage | 12,562 | 142 | 228 | 12,932 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total commercial portfolio | 36,787 | 732 | 541 | 38,060 | ||||||||||||||||||||||
Purchased credit-impaired loans | 48 | 204 | 362 | 614 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total | $ | 36,835 | $ | 936 | $ | 903 | $ | 38,674 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
The Company monitors the credit quality of its consumer portfolio segment and consumer loans within the purchased credit-impaired loans segment based primarily on payment status. The following tables summarize the loans in the consumer portfolio segment and purchased credit-impaired loans segment, which excludes $32 million and $38 million of loans covered by FDIC loss share agreements, at June 30, 2014 and December 31, 2013, respectively: | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | Accrual | Nonaccrual | Total | |||||||||||||||||||||||
Residential mortgage | $ | 27,376 | $ | 243 | $ | 27,619 | ||||||||||||||||||||
Home equity and other consumer loans | 3,132 | 46 | 3,178 | |||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Total consumer portfolio | 30,508 | 289 | 30,797 | |||||||||||||||||||||||
Purchased credit-impaired loans | 222 | — | 222 | |||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Total | $ | 30,730 | $ | 289 | $ | 31,019 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
(Dollars in millions) | Accrual | Nonaccrual | Total | |||||||||||||||||||||||
Residential mortgage | $ | 25,261 | $ | 286 | $ | 25,547 | ||||||||||||||||||||
Home equity and other consumer loans | 3,234 | 46 | 3,280 | |||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Total consumer portfolio | 28,495 | 332 | 28,827 | |||||||||||||||||||||||
Purchased credit-impaired loans | 242 | — | 242 | |||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Total | $ | 28,737 | $ | 332 | $ | 29,069 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
The Company also monitors the credit quality for substantially all of its consumer portfolio segment using credit scores provided by Fair Isaac Corporation (FICO) and refreshed loan-to-value (LTV) ratios. FICO credit scores are refreshed at least quarterly to monitor the quality of the portfolio. Refreshed LTV measures the principal balance of the loan as a percentage of the estimated current value of the property securing the loan. Home equity loans are evaluated using combined LTV, which measures the principal balance of the combined loans that have liens against the property (including unused credit lines for home equity products) as a percentage of the estimated current value of the property securing the loans. The LTV ratios are refreshed on a quarterly basis, using the most recent home pricing index (HPI) data available for the property location. | ||||||||||||||||||||||||||
The following tables summarize the loans in the consumer portfolio segment and consumer loans within the purchased credit-impaired loans segment monitored for credit quality based on refreshed FICO scores and refreshed LTV ratios at June 30, 2014 and December 31, 2013. These tables exclude loans covered by FDIC loss share agreements, as discussed above. The amounts presented reflect unpaid principal balances less partial charge-offs. | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||
(Dollars in millions) | 720 and above | Below 720 | No FICO | Total | ||||||||||||||||||||||
Available(1) | ||||||||||||||||||||||||||
Residential mortgage | $ | 21,339 | $ | 5,554 | $ | 515 | $ | 27,408 | ||||||||||||||||||
Home equity and other consumer loans | 2,248 | 790 | 80 | 3,118 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total consumer portfolio | 23,587 | 6,344 | 595 | 30,526 | ||||||||||||||||||||||
Purchased credit-impaired loans | 87 | 123 | 12 | 222 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total | $ | 23,674 | $ | 6,467 | $ | 607 | $ | 30,748 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Percentage of total | 77 | % | 21 | % | 2 | % | 100 | % | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||
(Dollars in millions) | 720 and above | Below 720 | No FICO | Total | ||||||||||||||||||||||
Available(1) | ||||||||||||||||||||||||||
Residential mortgage | $ | 19,614 | $ | 5,301 | $ | 459 | $ | 25,374 | ||||||||||||||||||
Home equity and other consumer loans | 2,283 | 839 | 81 | 3,203 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total consumer portfolio | 21,897 | 6,140 | 540 | 28,577 | ||||||||||||||||||||||
Purchased credit-impaired loans | 94 | 135 | 15 | 244 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total | $ | 21,991 | $ | 6,275 | $ | 555 | $ | 28,821 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Percentage of total | 76 | % | 22 | % | 2 | % | 100 | % | ||||||||||||||||||
-1 | ||||||||||||||||||||||||||
Represents loans for which management was not able to obtain an updated FICO score (e.g., due to recent profile changes). | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
LTV ratios | ||||||||||||||||||||||||||
(Dollars in millions) | Less than | 80-100 Percent | Greater than | No LTV | Total | |||||||||||||||||||||
80 Percent | 100 Percent | Available(1) | ||||||||||||||||||||||||
Residential mortgage | $ | 25,486 | $ | 1,733 | $ | 134 | $ | 55 | $ | 27,408 | ||||||||||||||||
Home equity loans | 2,445 | 299 | 149 | 51 | 2,944 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total consumer portfolio | 27,931 | 2,032 | 283 | 106 | 30,352 | |||||||||||||||||||||
Purchased credit-impaired loans | 150 | 50 | 20 | — | 220 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total | $ | 28,081 | $ | 2,082 | $ | 303 | $ | 106 | $ | 30,572 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Percentage of total | 92 | % | 7 | % | 1 | % | — | % | 100 | % | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
LTV ratios | ||||||||||||||||||||||||||
(Dollars in millions) | Less than | 80-100 Percent | Greater than | No LTV | Total | |||||||||||||||||||||
80 Percent | 100 Percent | Available(1) | ||||||||||||||||||||||||
Residential mortgage | $ | 23,209 | $ | 1,884 | $ | 228 | $ | 53 | $ | 25,374 | ||||||||||||||||
Home equity loans | 2,487 | 362 | 202 | 52 | 3,103 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total consumer portfolio | 25,696 | 2,246 | 430 | 105 | 28,477 | |||||||||||||||||||||
Purchased credit-impaired loans | 152 | 57 | 31 | — | 240 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total | $ | 25,848 | $ | 2,303 | $ | 461 | $ | 105 | $ | 28,717 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Percentage of total | 90 | % | 8 | % | 2 | % | — | % | 100 | % | ||||||||||||||||
-1 | ||||||||||||||||||||||||||
Represents loans for which management was not able to obtain refreshed property values. | ||||||||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||
The following table provides a summary of the Company's recorded investment in troubled debt restructurings (TDRs) as of June 30, 2014 and December 31, 2013. The summary includes those TDRs that are on nonaccrual status and those that continue to accrue interest. The Company had $52 million and $43 million in commitments to lend additional funds to borrowers with loan modifications classified as TDRs as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||
(Dollars in millions) | June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Commercial and industrial | $ | 173 | $ | 212 | ||||||||||||||||||||||
Commercial mortgage | 36 | 38 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total commercial portfolio | 209 | 250 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Residential mortgage | 308 | 315 | ||||||||||||||||||||||||
Home equity and other consumer loans | 26 | 24 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total consumer portfolio | 334 | 339 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total restructured loans, excluding purchased credit-impaired loans(1) | $ | 543 | $ | 589 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
-1 | ||||||||||||||||||||||||||
Amounts exclude $2 million and $3 million of TDRs covered by FDIC loss share agreements at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||
For the second quarter of 2014, TDR modifications in the commercial portfolio segment were primarily composed of interest rate changes, maturity extensions, covenant waivers, conversions from revolving lines of credit to term loans, or some combination thereof. In the consumer portfolio segment, primarily all of the modifications were composed of interest rate reductions and maturity extensions. There were no charge-offs related to TDR modifications for the six months ended June 30, 2014 and for the year ended December 31, 2013. For the commercial and consumer portfolio segments, the allowance for loan losses for TDRs is measured on an individual loan basis or in pools with similar risk characteristics. | ||||||||||||||||||||||||||
The following table provides the pre- and post-modification outstanding recorded investment amounts of TDRs as of the date of the restructuring that occurred during the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||
Outstanding Recorded | Outstanding Recorded | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||||
Investment(1) | Investment(2) | Investment(1) | Investment(2) | |||||||||||||||||||||||
Commercial and industrial | $ | 76 | $ | 76 | $ | 80 | $ | 80 | ||||||||||||||||||
Commercial mortgage | 7 | 7 | 18 | 18 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total commercial portfolio | 83 | 83 | 98 | 98 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Residential mortgage | 4 | 4 | 10 | 9 | ||||||||||||||||||||||
Home equity and other consumer loans | 2 | 2 | 4 | 4 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total consumer portfolio | 6 | 6 | 14 | 13 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total | $ | 89 | $ | 89 | $ | 112 | $ | 111 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
-1 | ||||||||||||||||||||||||||
Represents the recorded investment in the loan immediately prior to the restructuring event. | ||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||
Represents the recorded investment in the loan immediately following the restructuring event. It includes the effect of paydowns that were required as part of the restructuring terms. | ||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
June 30, 2013 | June 30, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||
Outstanding Recorded | Outstanding Recorded | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||||
Investment(1) | Investment(2) | Investment(1) | Investment(2) | |||||||||||||||||||||||
Commercial and industrial | $ | 49 | $ | 47 | $ | 125 | $ | 121 | ||||||||||||||||||
Commercial mortgage | 4 | 4 | 15 | 15 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total commercial portfolio | 53 | 51 | 140 | 136 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Residential mortgage | 30 | 30 | 55 | 54 | ||||||||||||||||||||||
Home equity and other consumer loans | 3 | 2 | 4 | 3 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total consumer portfolio | 33 | 32 | 59 | 57 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total | $ | 86 | $ | 83 | $ | 199 | $ | 193 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
-1 | ||||||||||||||||||||||||||
Represents the recorded investment in the loan immediately prior to the restructuring event. | ||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||
Represents the recorded investment in the loan immediately following the restructuring event. It includes the effect of paydowns that were required as part of the restructuring terms. | ||||||||||||||||||||||||||
The following table provides the recorded investment amounts of TDRs at the date of default, for which there was a payment default during the three and six months ended June 30, 2014 and 2013, and where the default occurred within the first twelve months after modification into a TDR. A payment default is defined as the loan being 60 days or more past due. | ||||||||||||||||||||||||||
(Dollars in millions) | For the Three | For the Six | ||||||||||||||||||||||||
Months Ended | Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||
Commercial and industrial | $ | 6 | $ | 6 | ||||||||||||||||||||||
Commercial mortgage | 3 | 3 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total commercial portfolio | 9 | 9 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Residential mortgage | 2 | 4 | ||||||||||||||||||||||||
Home equity and other consumer loans | — | 1 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total consumer portfolio | 2 | 5 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total | $ | 11 | $ | 14 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
(Dollars in millions) | For the Three | For the Six | ||||||||||||||||||||||||
Months Ended | Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||
Commercial and industrial | $ | 3 | $ | 8 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total commercial portfolio | 3 | 8 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Residential mortgage | 7 | 9 | ||||||||||||||||||||||||
Home equity and other consumer loans | 1 | 1 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total consumer portfolio | 8 | 10 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total | $ | 11 | $ | 18 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
For the consumer portfolio, historical payment defaults and the propensity to redefault are some of the factors considered when determining the allowance for loan losses for situations where impairment is measured using the present value of expected future cash flows discounted at the loan's effective interest rate. | ||||||||||||||||||||||||||
Loan Impairment | ||||||||||||||||||||||||||
Loans that are individually evaluated for impairment include larger nonaccruing loans within the commercial and industrial, construction, commercial mortgage loan portfolios and loans modified in a TDR. When the value of an impaired loan is less than the recorded investment in the loan, the Company records an impairment allowance. | ||||||||||||||||||||||||||
The following tables show information about impaired loans by class as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | |||||||||||||||||||||||||
(Dollars in millions) | With an | Without an | Total | Allowance | With an | Without an | ||||||||||||||||||||
Allowance | Allowance | for Impaired | Allowance | Allowance | ||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||
Commercial and industrial | $ | 242 | $ | 4 | $ | 246 | $ | 40 | $ | 250 | $ | 7 | ||||||||||||||
Commercial mortgage | 31 | 7 | 38 | 3 | 35 | 9 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total commercial portfolio | 273 | 11 | 284 | 43 | 285 | 16 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Residential mortgage | 215 | 93 | 308 | 20 | 231 | 107 | ||||||||||||||||||||
Home equity and other consumer loans | 5 | 21 | 26 | — | 6 | 35 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total consumer portfolio | 220 | 114 | 334 | 20 | 237 | 142 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total, excluding purchased credit-impaired loans | 493 | 125 | 618 | 63 | 522 | 158 | ||||||||||||||||||||
Purchased credit-impaired loans | 2 | — | 2 | — | 2 | 1 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total | $ | 495 | $ | 125 | $ | 620 | $ | 63 | $ | 524 | $ | 159 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | |||||||
December 31, 2013 | ||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | |||||||||||||||||||||||||
(Dollars in millions) | With an | Without an | Total | Allowance | With an | Without an | ||||||||||||||||||||
Allowance | Allowance | for Impaired | Allowance | Allowance | ||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||
Commercial and industrial | $ | 117 | $ | 104 | $ | 221 | $ | 16 | $ | 121 | $ | 114 | ||||||||||||||
Commercial mortgage | 33 | 12 | 45 | 3 | 36 | 15 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total commercial portfolio | 150 | 116 | 266 | 19 | 157 | 129 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Residential mortgage | 220 | 95 | 315 | 20 | 236 | 108 | ||||||||||||||||||||
Home equity and other consumer loans | 4 | 20 | 24 | — | 4 | 34 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total consumer portfolio | 224 | 115 | 339 | 20 | 240 | 142 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total, excluding purchased credit-impaired loans | 374 | 231 | 605 | 39 | 397 | 271 | ||||||||||||||||||||
Purchased credit-impaired loans | 2 | 1 | 3 | — | 2 | 6 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total | $ | 376 | $ | 232 | $ | 608 | $ | 39 | $ | 399 | $ | 277 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | |||||||
The following table presents the average recorded investment in impaired loans and the amount of interest income recognized for impaired loans during the three and six months ended June 30, 2014 and 2013 for the commercial, consumer and purchased credit-impaired loans portfolio segments. | ||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
(Dollars in millions) | Average | Recognized | Average | Recognized | Average | Recognized | Average | Recognized | ||||||||||||||||||
Recorded | Interest | Recorded | Interest | Recorded | Interest | Recorded | Interest | |||||||||||||||||||
Investment | Income | Investment | Income | Investment | Income | Investment | Income | |||||||||||||||||||
Commercial and industrial | $ | 219 | $ | 1 | $ | 265 | $ | 5 | $ | 219 | $ | 4 | $ | 250 | $ | 8 | ||||||||||
Commercial mortgage | 35 | — | 53 | 1 | 37 | 2 | 60 | 1 | ||||||||||||||||||
Construction | — | 1 | 2 | — | — | 1 | 13 | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial portfolio | 254 | 2 | 320 | 6 | 256 | 7 | 323 | 9 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage | 310 | 3 | 288 | 2 | 312 | 6 | 282 | 5 | ||||||||||||||||||
Home equity and other consumer loans | 26 | — | 22 | 1 | 25 | 1 | 21 | 1 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total consumer portfolio | 336 | 3 | 310 | 3 | 337 | 7 | 303 | 6 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total, excluding purchased credit-impaired loans | 590 | 5 | 630 | 9 | 593 | 14 | 626 | 15 | ||||||||||||||||||
Purchased credit-impaired loans | 2 | — | 4 | — | 2 | — | 4 | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 592 | $ | 5 | $ | 634 | $ | 9 | $ | 595 | $ | 14 | $ | 630 | $ | 15 | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
The Company transferred a net $199 million and $214 million of loans from held for investment to held for sale and sold $190 million and $199 million in loans during the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||||
Loans Acquired in Business Combinations | ||||||||||||||||||||||||||
The Company accounts for certain loans acquired in business combinations in accordance with accounting guidance related to loans acquired with deteriorated credit quality (purchased credit-impaired loans). The following table presents the outstanding balances and carrying amounts of the Company's purchased credit-impaired loans as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||
(Dollars in millions) | June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Total outstanding balance | $ | 1,196 | $ | 1,733 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Carrying amount | $ | 768 | $ | 1,091 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
The accretable yield for purchased credit-impaired loans for the three and six months ended June 30, 2014 and 2013 was as follows: | ||||||||||||||||||||||||||
For the Three | For the Six | |||||||||||||||||||||||||
Months Ended | Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Accretable yield, beginning of period | $ | 382 | $ | 501 | $ | 378 | $ | 590 | ||||||||||||||||||
Additions | — | 31 | — | 31 | ||||||||||||||||||||||
Accretion | (118 | ) | (81 | ) | (178 | ) | (160 | ) | ||||||||||||||||||
Reclassifications from nonaccretable difference during the period | 83 | 28 | 147 | 18 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Accretable yield, end of period | $ | 347 | $ | 479 | $ | 347 | $ | 479 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Variable_Interest_Entities
Variable Interest Entities | 6 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||||||||
Note 6—Variable Interest Entities | |||||||||||||||||||||||
In the normal course of business, the Company has certain financial interests in entities which have been determined to be variable interest entities (VIEs). Generally, a VIE is a corporation, partnership, trust or other legal structure where the equity investors do not have substantive voting rights, an obligation to absorb the entity's losses or the right to receive the entity's returns, or the ability to direct the significant activities of the entity. The following discusses the Company's consolidated and unconsolidated VIEs. | |||||||||||||||||||||||
Consolidated VIEs | |||||||||||||||||||||||
The following tables present the assets and liabilities of consolidated VIEs recorded on the Company's consolidated balance sheet at June 30, 2014. | |||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||
Consolidated Assets | |||||||||||||||||||||||
Consolidated Liabilities | |||||||||||||||||||||||
Interest | Loans | ||||||||||||||||||||||
Bearing | Held for | ||||||||||||||||||||||
Deposits in | Investment, | ||||||||||||||||||||||
(Dollars in millions) | Banks | net | Other | Total | Long-Term | Other | Total | ||||||||||||||||
Assets | Assets | Debt | Liabilities | Liabilities | |||||||||||||||||||
Low-income housing credit investments | $ | 9 | $ | — | $ | 251 | $ | 260 | $ | 4 | $ | — | $ | 4 | |||||||||
Leasing investments | 5 | 712 | 101 | 818 | — | 83 | 83 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Total consolidated VIEs | $ | 14 | $ | 712 | $ | 352 | $ | 1,078 | $ | 4 | $ | 83 | $ | 87 | |||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Low-Income Housing Credit (LIHC) Investments | |||||||||||||||||||||||
The Company sponsors, manages and syndicates two LIHC investment fund structures. These investments are designed to generate a return primarily through the realization of U.S. federal tax credits and deductions. The Company is considered a primary beneficiary and has consolidated these investments because the Company has the power to direct activities that most significantly impact the funds' economic performances and also has the obligation to absorb losses of the funds that could potentially be significant to the funds. Neither creditors nor equity investors in the LIHC investments have any recourse to the general credit of the Company, and the Company's creditors do not have any recourse to the assets of the consolidated LIHC investments. | |||||||||||||||||||||||
Leasing Investments | |||||||||||||||||||||||
The Company has leasing investments primarily in the wind, rail and coal industries. The Company is considered the primary beneficiary and has consolidated these investments because the Company has the power to direct the activities of these entities that significantly impact the entities' economic performances. The Company also has the right to receive potentially significant benefits or the obligation to absorb potentially significant losses of these entities. | |||||||||||||||||||||||
Unconsolidated VIEs | |||||||||||||||||||||||
The following table presents the Company's carrying amounts related to the unconsolidated VIEs and location on the consolidated balance sheets at June 30, 2014. The table also presents the Company's maximum exposure to loss resulting from its involvement with these VIEs. The maximum exposure to loss represents the carrying amount of the Company's involvement plus any legally binding unfunded commitments in the unlikely event that all of the assets in the VIEs become worthless. | |||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||
Unconsolidated Assets | Unconsolidated | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
(Dollars in millions) | Securities | Loans | Other | Total | Other | Total | Maximum | ||||||||||||||||
Available | Held for | Assets | Assets | Liabilities | Liabilities | Exposure to | |||||||||||||||||
for Sale | Investment | Loss | |||||||||||||||||||||
LIHC investments | $ | 26 | $ | 132 | $ | 1,053 | $ | 1,211 | $ | 398 | $ | 398 | $ | 1,211 | |||||||||
Leasing investments | — | 44 | 838 | 882 | — | — | 898 | ||||||||||||||||
Other investments | — | 21 | 27 | 48 | — | — | 50 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Total unconsolidated VIEs | $ | 26 | $ | 197 | $ | 1,918 | $ | 2,141 | $ | 398 | $ | 398 | $ | 2,159 | |||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
LIHC Investments | |||||||||||||||||||||||
The Company makes investments in partnerships and funds formed by third parties. The primary purpose of the partnerships and funds is to invest in low-income housing units and distribute tax credits and tax benefits associated with the underlying properties to investors. The Company is a limited partner investor and is allocated tax credits and deductions, but has no voting or other rights to direct the activities of the funds, and therefore is not considered the primary beneficiary and does not consolidate these investments. | |||||||||||||||||||||||
Leasing Investments | |||||||||||||||||||||||
The unconsolidated VIEs related to leasing investments are primarily renewable energy investments. Through its subsidiaries, the Company makes equity investments in LLCs established by a third party sponsor. The LLCs are created to operate and manage wind, solar, hydroelectric and cogeneration power plant projects. Power generated by the projects is sold to third parties through long-term purchase power agreements. As a limited investor member, the Company is allocated production tax credits and taxable income or losses associated with the projects. The Company has no voting or other rights to direct the activities of the LLCs, and therefore is not considered the primary beneficiary and does not consolidate these entities. | |||||||||||||||||||||||
Other Investments | |||||||||||||||||||||||
The Company has direct equity investments in structures formed by third parties. The Company has no voting or other rights to direct the activities of the investments that would most significantly impact the entities' performance, and therefore is not considered the primary beneficiary and does not consolidate these entities. | |||||||||||||||||||||||
Commercial_Paper_and_Other_Sho
Commercial Paper and Other Short-Term Borrowings | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Commercial Paper and Other Short-Term Borrowings | ' | |||||||
Commercial Paper and Other Short-Term Borrowings | ' | |||||||
Note 7—Commercial Paper and Other Short-Term Borrowings | ||||||||
The following table is a summary of the Company's commercial paper and other short-term borrowings: | ||||||||
(Dollars in millions) | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
Federal funds purchased and securities sold under repurchase agreements with weighted average interest rates of 0.11% and 0.07% at June 30, 2014 and December 31, 2013 | $ | 137 | $ | 39 | ||||
Commercial paper, with weighted average interest rates of 0.16% and 0.19% at June 30, 2014 and December 31, 2013, respectively | 2,733 | 2,524 | ||||||
| | | | | | | | |
Total commercial paper and other short-term borrowings | $ | 2,870 | $ | 2,563 | ||||
| | | | | | | | |
| | | | | | | | |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ' | |||||||
Note 8—Long-Term Debt | ||||||||
The following is a summary of the Company's long-term debt: | ||||||||
(Dollars in millions) | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
Debt issued by MUFG Americas Holdings Corporation | ||||||||
Senior debt: | ||||||||
Fixed rate 3.50% notes due June 2022 | $ | 397 | $ | 397 | ||||
Subordinated debt: | ||||||||
Floating rate subordinated debt due December 2023. This note, which bears interest at 1.38% above 3-month LIBOR, had a rate of 1.61% at June 30, 2014 and 1.63% at December 31, 2013 | 300 | 300 | ||||||
Junior subordinated debt payable to trusts(1): | ||||||||
Floating rate notes with maturities ranging from March 2033 to September 2036. These notes bear a combined weighted-average rate of 2.57% at June 30, 2014 and 2.60% at December 31, 2013 | 66 | 66 | ||||||
| | | | | | | | |
Total debt issued by MUFG Americas Holdings Corporation | 763 | 763 | ||||||
| | | | | | | | |
Debt issued by MUFG Union Bank, N.A. and other subsidiaries | ||||||||
Senior debt: | ||||||||
Fixed and floating Federal Home Loan Bank advances with maturities ranging from February 2015 to February 2016. These notes bear a combined weighted-average rate of 2.56% at June 30, 2014 and 2.55% at December 31, 2013 | $ | 800 | $ | 800 | ||||
Floating rate notes due June 2014. These notes, which bear interest at 0.95% above 3-month LIBOR, had a rate of 1.19% at December 31, 2013 | — | 300 | ||||||
Fixed rate 3.00% notes due June 2016 | 699 | 699 | ||||||
Fixed rate 1.50% notes due September 2016 | 499 | 499 | ||||||
Floating rate notes due September 2016. These notes, which bear interest at 0.75% above 3-month LIBOR, had a rate of 0.98% at June 30, 2014 and 1.00% at December 31, 2013 | 500 | 500 | ||||||
Fixed rate 2.125% notes due June 2017 | 499 | 499 | ||||||
Fixed rate 2.625% notes due September 2018 | 1,000 | 1,000 | ||||||
Fixed rate 2.250% notes due May 2019 | 502 | — | ||||||
Floating rate notes due May 2017. These notes, which bear interest at 0.40% above 3-month LIBOR, had a rate of 0.62% at June 30, 2014 | 250 | — | ||||||
Note payable: | ||||||||
Fixed rate 6.03% notes due July 2014 (related to consolidated VIE) | 4 | 4 | ||||||
Subordinated debt: | ||||||||
Fixed rate 5.95% notes due May 2016 | 715 | 718 | ||||||
Subordinated debt due to BTMU: | ||||||||
Floating rate subordinated debt due June 2023. This note, which bears interest at 1.2% above 3-month LIBOR, had a rate of 1.43% at June 30, 2014 and 1.45% at December 31, 2013 | 750 | 750 | ||||||
Capital lease obligations with a combined weighted-average interest rate of 4.88% at both June 30, 2014 and December 31, 2013 | 14 | 15 | ||||||
| | | | | | | | |
Total debt issued by MUFG Union Bank, N.A. and other subsidiaries | 6,232 | 5,784 | ||||||
| | | | | | | | |
Total long-term debt | $ | 6,995 | $ | 6,547 | ||||
| | | | | | | | |
| | | | | | | | |
-1 | ||||||||
Long-term debt assumed through PCBC acquisition | ||||||||
Senior Debt | ||||||||
On May 6, 2014, the Bank issued $250 million in aggregate principal amount of Floating Rate Senior Bank Notes due 2017 (2017 Floating Rate Notes) and $500 million in aggregate principal amount of Fixed Rate Senior Bank Notes due 2019 (2019 Fixed Rate Notes) and, together with the 2017 Floating Rate Notes, the Senior Notes. The 2017 Floating Rate Notes were issued to purchasers at a price of 100% of their principal amount. The 2019 Fixed Rate Notes were issued to purchasers at a price of 99.774% of their principal amount. The 2017 Floating Rate Notes will bear interest at a rate equal to three-month U.S. Dollar LIBOR plus 0.40% and will mature on May 5, 2017. Interest payments are due quarterly. The 2019 Fixed Rate Notes will bear interest at a rate of 2.25% per annum and will mature on May 6, 2019. Interest payments are due semi-annually. | ||||||||
The Bank may redeem any of the 2017 Floating Rate Notes, in whole or in part, on May 5, 2016 at a redemption price equal to 100% of the principal amount being redeemed plus accrued interest. The Bank may redeem any of the 2019 Fixed Rate Notes, in whole or in part, on or after April 6, 2019 at a redemption price equal to 100% of the principal amount being redeemed plus accrued interest. None of the Senior Notes are subject to repayment at the option of the holders prior to maturity. | ||||||||
The net proceeds from the sale of the Senior Notes were used by the Bank for general corporate purposes in the ordinary course of its banking business. The Senior Notes were issued as part of the Bank's $8 billion bank note program under which the Bank may issue, from time to time, senior unsecured debt obligations with maturities of more than one year from their respective dates of issue and subordinated debt obligations with maturities of five years or more from their respective dates of issue. After issuing the Senior Notes, there is $1.9 billion available for issuance under the program. | ||||||||
Fair_Value_Measurement_and_Fai
Fair Value Measurement and Fair Value of Financial Instruments | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Measurement and Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||||||||
Fair Value Measurement and Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||||||||
Note 9—Fair Value Measurement and Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||
Valuation Methodologies | ||||||||||||||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in an orderly transaction between willing market participants at the measurement date. The Company has an established and documented process for determining fair value for financial assets and liabilities that are measured at fair value on either a recurring or nonrecurring basis. When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair value is based upon valuation techniques that use, where possible, current market-based or independently sourced parameters, such as yield curves, foreign exchange rates, credit spreads, commodity prices, and implied volatilities. Valuation adjustments may be made to ensure the financial instruments are recorded at fair value. These adjustments include amounts that reflect counterparty credit quality and that consider the Company's creditworthiness in determining the fair value of its trading liabilities. For further information related to the valuation methodologies used for certain financial assets and financial liabilities measured at fair value, see Note 12 to the Consolidated Financial Statements in Part II, Item 8. "Financial Statements and Supplementary Data" in our 2013 Form 10-K. | ||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||
In determining fair value, the Company maximizes the use of observable market inputs and minimizes the use of unobservable inputs. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect the Company's estimate about market data. Based on the observability of the significant inputs used, the Company classifies its fair value measurements in accordance with the three-level hierarchy as defined by U.S. GAAP. This hierarchy is based on the quality, observability, and reliability of the information used to determine fair value. For further information related to the fair value hierarchy, see Note 12 to the Consolidated Financial Statements in Part II, Item 8. "Financial Statements and Supplementary Data" in our 2013 Form 10-K. | ||||||||||||||||||||||||||||||||
Valuation Processes | ||||||||||||||||||||||||||||||||
The Company has established a Valuation Committee (VC) to oversee its valuation framework for measuring fair value and to establish valuation policies and procedures. The VC's responsibilities include reviewing fair value measurements and categorizations within the fair value hierarchy and monitoring the use of pricing sources, mark-to-model valuations, dealer quotes, and other valuation processes. The VC reports to the Company's Risk & Capital Committee and meets at least quarterly. | ||||||||||||||||||||||||||||||||
Independent Price Verification (IPV) is performed periodically by the Company to test the market data and valuations of substantially all instruments measured at fair value on a recurring basis. As part of its IPV procedures, the Company compares pricing sources, tests data variance within certain thresholds and performs variance analysis, utilizing third party valuations and both internal and external models. Results are formally reported on a quarterly basis to the VC. For further information related to valuation processes, see Note 12 to the Consolidated Financial Statements in Part II, Item 8. "Financial Statements and Supplementary Data" in our 2013 Form 10-K. | ||||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||||||||
The following tables present financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, by major category and by valuation hierarchy level: | ||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Level 1 | Level 2 | Level 3 | Netting | Fair Value | |||||||||||||||||||||||||||
Adjustment(1) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Trading account assets: | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | — | $ | 25 | $ | — | $ | — | $ | 25 | ||||||||||||||||||||||
U.S. government sponsored agencies | — | 121 | — | — | 121 | |||||||||||||||||||||||||||
State and municipal | — | 24 | — | — | 24 | |||||||||||||||||||||||||||
Interest rate derivative contracts | 1 | 790 | 6 | (150 | ) | 647 | ||||||||||||||||||||||||||
Commodity derivative contracts | — | 108 | 9 | (48 | ) | 69 | ||||||||||||||||||||||||||
Foreign exchange derivative contracts | — | 23 | 2 | (10 | ) | 15 | ||||||||||||||||||||||||||
Equity derivative contracts | — | — | 286 | (246 | ) | 40 | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total trading account assets | 1 | 1,091 | 303 | (454 | ) | 941 | ||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | — | — | — | — | — | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
U.S. government and government sponsored agencies | — | 8,157 | — | — | 8,157 | |||||||||||||||||||||||||||
Privately issued | — | 191 | — | — | 191 | |||||||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | — | 1,813 | — | — | 1,813 | |||||||||||||||||||||||||||
Collateralized loan obligations | — | 2,534 | — | — | 2,534 | |||||||||||||||||||||||||||
Asset-backed and other | — | 19 | — | — | 19 | |||||||||||||||||||||||||||
Other debt securities: | ||||||||||||||||||||||||||||||||
Direct bank purchase bonds | — | — | 1,897 | — | 1,897 | |||||||||||||||||||||||||||
Other | — | 4 | 48 | — | 52 | |||||||||||||||||||||||||||
Equity securities | 7 | — | — | — | 7 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total securities available for sale | 7 | 12,718 | 1,945 | — | 14,670 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Interest rate hedging contracts | — | 40 | — | — | 40 | |||||||||||||||||||||||||||
Other derivative contracts | — | — | 2 | — | 2 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total other assets | — | 40 | 2 | — | 42 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total assets | $ | 8 | $ | 13,849 | $ | 2,250 | $ | (454 | ) | $ | 15,653 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Percentage of Total | — | % | 89 | % | 14 | % | (3 | )% | 100 | % | ||||||||||||||||||||||
Percentage of Total Company Assets | — | % | 12 | % | 2 | % | — | % | 14 | % | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Trading account liabilities: | ||||||||||||||||||||||||||||||||
Interest rate derivative contracts | $ | 4 | $ | 667 | $ | — | $ | (408 | ) | $ | 263 | |||||||||||||||||||||
Commodity derivative contracts | — | 98 | 9 | (79 | ) | 28 | ||||||||||||||||||||||||||
Foreign exchange derivative contracts | — | 53 | 2 | (23 | ) | 32 | ||||||||||||||||||||||||||
Equity derivative contracts | — | — | 287 | — | 287 | |||||||||||||||||||||||||||
Securities sold, not yet purchased | — | 54 | — | — | 54 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total trading account liabilities | 4 | 872 | 298 | (510 | ) | 664 | ||||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||||||||
FDIC clawback liability | — | — | 102 | — | 102 | |||||||||||||||||||||||||||
Interest rate hedging contracts | — | 2 | — | — | 2 | |||||||||||||||||||||||||||
Other derivative contracts | — | 2 | 3 | — | 5 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total other liabilities | — | 4 | 105 | — | 109 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total liabilities | $ | 4 | $ | 876 | $ | 403 | $ | (510 | ) | $ | 773 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Percentage of Total | 1 | % | 113 | % | 52 | % | (66 | )% | 100 | % | ||||||||||||||||||||||
Percentage of Total Company Liabilities | — | % | 1 | % | — | % | — | % | 1 | % | ||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||||
Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts. | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Level 1 | Level 2 | Level 3 | Netting | Fair Value | |||||||||||||||||||||||||||
Adjustment(1) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Trading account assets: | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | — | $ | 8 | $ | — | $ | — | $ | 8 | ||||||||||||||||||||||
U.S. government sponsored agencies | — | 116 | — | — | 116 | |||||||||||||||||||||||||||
State and municipal | — | 5 | — | — | 5 | |||||||||||||||||||||||||||
Other loans | — | 140 | — | — | 140 | |||||||||||||||||||||||||||
Interest rate derivative contracts | 1 | 705 | 7 | (212 | ) | 501 | ||||||||||||||||||||||||||
Commodity derivative contracts | — | 67 | 9 | (66 | ) | 10 | ||||||||||||||||||||||||||
Foreign exchange derivative contracts | 1 | 30 | 2 | (18 | ) | 15 | ||||||||||||||||||||||||||
Equity derivative contracts | — | — | 253 | (197 | ) | 56 | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total trading account assets | 2 | 1,071 | 271 | (493 | ) | 851 | ||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | — | 73 | — | — | 73 | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
U.S government and government sponsored agencies | — | 8,900 | — | — | 8,900 | |||||||||||||||||||||||||||
Privately issued | — | 222 | — | — | 222 | |||||||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | — | 1,870 | — | — | 1,870 | |||||||||||||||||||||||||||
Collateralized loan obligations | — | 2,673 | — | — | 2,673 | |||||||||||||||||||||||||||
Asset-backed and other | — | 35 | — | — | 35 | |||||||||||||||||||||||||||
Other debt securities: | ||||||||||||||||||||||||||||||||
Direct bank purchase bonds | — | — | 1,960 | — | 1,960 | |||||||||||||||||||||||||||
Other | — | 18 | 58 | — | 76 | |||||||||||||||||||||||||||
Equity securities | 8 | — | — | — | 8 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total securities available for sale | 8 | 13,791 | 2,018 | — | 15,817 | |||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Interest rate hedging contracts | — | 8 | — | — | 8 | |||||||||||||||||||||||||||
Other derivative contracts | — | 1 | 1 | — | 2 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total other assets | — | 9 | 1 | — | 10 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total assets | $ | 10 | $ | 14,871 | $ | 2,290 | $ | (493 | ) | $ | 16,678 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Percentage of Total | — | % | 89 | % | 14 | % | (3 | )% | 100 | % | ||||||||||||||||||||||
Percentage of Total Company Assets | — | % | 14 | % | 2 | % | — | % | 16 | % | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Trading account liabilities: | ||||||||||||||||||||||||||||||||
Interest rate derivative contracts | $ | 3 | $ | 606 | $ | — | $ | (379 | ) | $ | 230 | |||||||||||||||||||||
Commodity derivative contracts | — | 53 | 8 | (33 | ) | 28 | ||||||||||||||||||||||||||
Foreign exchange derivative contracts | 1 | 26 | 2 | (11 | ) | 18 | ||||||||||||||||||||||||||
Equity derivative contracts | — | — | 254 | — | 254 | |||||||||||||||||||||||||||
Securities sold, not yet purchased | — | 10 | — | — | 10 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total trading account liabilities | 4 | 695 | 264 | (423 | ) | 540 | ||||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||||||||
FDIC clawback liability | — | — | 96 | — | 96 | |||||||||||||||||||||||||||
Interest rate hedging contracts | — | 13 | — | — | 13 | |||||||||||||||||||||||||||
Other derivative contracts | — | 1 | 3 | — | 4 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total other liabilities | — | 14 | 99 | — | 113 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total liabilities | $ | 4 | $ | 709 | $ | 363 | $ | (423 | ) | $ | 653 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Percentage of Total | 1 | % | 109 | % | 55 | % | (65 | )% | 100 | % | ||||||||||||||||||||||
Percentage of Total Company Liabilities | — | % | 1 | % | — | % | — | % | 1 | % | ||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||||
Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts. | ||||||||||||||||||||||||||||||||
The following tables present a reconciliation of the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2014 and 2013. Level 3 available for sale securities at June 30, 2014 and 2013 primarily consist of direct bank purchase bonds. The Company's policy is to recognize transfers in and out of Level 1, 2 and 3 as of the end of a reporting period. | ||||||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||
(Dollars in millions) | Trading | Securities | Other | Trading | Other | Trading | Securities | Other | Trading | Other | ||||||||||||||||||||||
Assets | Available | Assets | Liabilities | Liabilities | Assets | Available | Assets | Liabilities | Liabilities | |||||||||||||||||||||||
for Sale | for Sale | |||||||||||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | 273 | $ | 2,046 | $ | 1 | $ | (266 | ) | $ | (103 | ) | $ | 186 | $ | 1,592 | $ | 1 | $ | (187 | ) | $ | (96 | ) | ||||||||
Total gains (losses) (realized/unrealized): | ||||||||||||||||||||||||||||||||
Included in income before taxes | 35 | — | 1 | (36 | ) | (2 | ) | (5 | ) | — | 1 | 5 | 2 | |||||||||||||||||||
Included in other comprehensive income | — | 7 | — | — | — | — | 18 | — | — | — | ||||||||||||||||||||||
Purchases/additions | — | 14 | — | — | — | 1 | 192 | — | — | — | ||||||||||||||||||||||
Sales | — | — | — | (1 | ) | — | — | — | — | (1 | ) | — | ||||||||||||||||||||
Settlements | (5 | ) | (122 | ) | — | 5 | — | — | (40 | ) | — | — | — | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset (liability) balance, end of period | $ | 303 | $ | 1,945 | $ | 2 | $ | (298 | ) | $ | (105 | ) | $ | 182 | $ | 1,762 | $ | 2 | $ | (183 | ) | $ | (94 | ) | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period | $ | 35 | $ | — | $ | 1 | $ | (36 | ) | $ | (2 | ) | $ | (5 | ) | $ | — | $ | 1 | $ | 5 | $ | 2 | |||||||||
For the Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||
(Dollars in millions) | Trading | Securities | Other | Trading | Other | Trading | Securities | Other | Trading | Other | ||||||||||||||||||||||
Assets | Available | Assets | Liabilities | Liabilities | Assets | Available | Assets | Liabilities | Liabilities | |||||||||||||||||||||||
for Sale | for Sale | |||||||||||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | 271 | $ | 2,018 | $ | 1 | $ | (264 | ) | $ | (99 | ) | $ | 136 | $ | 1,499 | $ | — | $ | (136 | ) | $ | (95 | ) | ||||||||
Total gains (losses) (realized/unrealized): | ||||||||||||||||||||||||||||||||
Included in income before taxes | 36 | — | 1 | (37 | ) | (6 | ) | 42 | — | 1 | (43 | ) | 1 | |||||||||||||||||||
Included in other comprehensive income | — | 15 | — | — | — | — | 37 | — | — | — | ||||||||||||||||||||||
Purchases/additions | 3 | 137 | — | — | — | 4 | 329 | 1 | — | — | ||||||||||||||||||||||
Sales | — | — | — | (4 | ) | — | — | (14 | ) | — | (4 | ) | — | |||||||||||||||||||
Settlements | (7 | ) | (225 | ) | — | 7 | — | — | (89 | ) | — | — | — | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset (liability) balance, end of period | $ | 303 | $ | 1,945 | $ | 2 | $ | (298 | ) | $ | (105 | ) | $ | 182 | $ | 1,762 | $ | 2 | $ | (183 | ) | $ | (94 | ) | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period | $ | 36 | $ | — | $ | 1 | $ | (37 | ) | $ | (6 | ) | $ | 42 | $ | — | $ | 1 | $ | (43 | ) | $ | 1 | |||||||||
The following table presents information about significant unobservable inputs related to the Company's significant Level 3 assets and liabilities at June 30, 2014. | ||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Level 3 Fair | Valuation Technique(s) | Significant Unobservable Input(s) | Range of Inputs | Weighted | |||||||||||||||||||||||||||
Value | Average | |||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
Direct bank purchase bonds | $ | 1,897 | Return on equity | Market-required return on capital | 8.0 - 10.0 | % | 9.9 | % | ||||||||||||||||||||||||
Probability of default | 0.0 - 8.0 | % | 0.5 | % | ||||||||||||||||||||||||||||
Loss severity | 10.0 - 60.0 | % | 31.6 | % | ||||||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||||||||
FDIC clawback liability | $ | 102 | Discounted cash flow | Probability of default | 0.1 - 100.0 | % | 56.2 | % | ||||||||||||||||||||||||
Loss severity | 0.0 - 100.0 | % | 40 | % | ||||||||||||||||||||||||||||
The direct bank purchase bonds use a return on equity valuation technique. This technique uses significant unobservable inputs such as market-required return on capital, probability of default, and loss severity. Increases (decreases) in any of these inputs in isolation would result in a lower (higher) fair value measurement. | ||||||||||||||||||||||||||||||||
The FDIC clawback liability uses a discounted cash flow valuation technique. This technique uses significant unobservable inputs such as probability of default and loss severity. Increases (decreases) in probability of default and loss severity would result in a lower (higher) liability. | ||||||||||||||||||||||||||||||||
Fair Value Measurement on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||
Certain assets may be measured at fair value on a nonrecurring basis. These assets are subject to fair value adjustments that result from the application of the lower of cost or fair value accounting or write-downs of individual assets. For assets measured at fair value on a nonrecurring basis during the three and six months ended June 30, 2014 and 2013 that were still held on the consolidated balance sheet as of the respective periods ended, the following tables present the fair value of such financial instruments by the level of valuation assumptions used to determine each fair value adjustment. | ||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||
Loss for the | Loss for the | |||||||||||||||||||||||||||||||
Three Months | Six Months | |||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||
(Dollars in millions) | Fair | Level 1 | Level 2 | Level 3 | June 30, 2014 | June 30, 2014 | ||||||||||||||||||||||||||
Value | ||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Impaired loans | $ | 198 | $ | — | $ | — | $ | 198 | $ | (6 | ) | $ | (35 | ) | ||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
OREO | 14 | — | — | 14 | (1 | ) | (3 | ) | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
Total | $ | 212 | $ | — | $ | — | $ | 212 | $ | (7 | ) | $ | (38 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||
Loss for the | Loss for the | |||||||||||||||||||||||||||||||
Three Months | Six Months | |||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||
(Dollars in millions) | Fair | Level 1 | Level 2 | Level 3 | June 30, 2013 | June 30, 2013 | ||||||||||||||||||||||||||
Value | ||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Impaired loans | $ | 91 | $ | — | $ | — | $ | 91 | $ | (11 | ) | $ | (23 | ) | ||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
OREO | 37 | — | — | 37 | (3 | ) | (6 | ) | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
Total | $ | 128 | $ | — | $ | — | $ | 128 | $ | (14 | ) | $ | (29 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
Loans include individually impaired loans that are measured based on the fair value of the underlying collateral or the fair value of the loan. The fair value of impaired loans was determined based on appraised values of the underlying collateral or market pricing for the loan, adjusted for management judgment, as of the measurement date. The fair value of OREO was primarily based on independent appraisals. | ||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments Disclosures | ||||||||||||||||||||||||||||||||
The tables below present the carrying amount and estimated fair value of certain financial instruments by the level of valuation assumptions held by the Company as of June 30, 2014 and as of December 31, 2013: | ||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Amount | Value | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,329 | $ | 4,329 | $ | 4,329 | $ | — | $ | — | ||||||||||||||||||||||
Securities held to maturity | 8,177 | 8,251 | — | 8,251 | — | |||||||||||||||||||||||||||
Loans held for investment, net of allowance for loan losses(1) | 70,988 | 71,934 | — | — | 71,934 | |||||||||||||||||||||||||||
FDIC indemnification asset | 101 | 11 | — | — | 11 | |||||||||||||||||||||||||||
Other assets | 4 | 4 | — | — | 4 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Deposits | $ | 81,566 | $ | 81,713 | $ | — | $ | 81,713 | $ | — | ||||||||||||||||||||||
Commercial paper and other short-term borrowings | 2,870 | 2,870 | — | 2,870 | — | |||||||||||||||||||||||||||
Long-term debt | 6,995 | 7,167 | — | 7,167 | — | |||||||||||||||||||||||||||
Off-Balance Sheet Instruments | ||||||||||||||||||||||||||||||||
Commitments to extend credit and standby and commercial letters of credit | $ | 290 | $ | 290 | $ | — | $ | — | $ | 290 | ||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||||
Excludes lease financing, net of related allowance. | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Amount | Value | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,203 | $ | 6,203 | $ | 6,203 | $ | — | $ | — | ||||||||||||||||||||||
Securities held to maturity | 6,509 | 6,439 | — | 6,439 | — | |||||||||||||||||||||||||||
Loans held for investment, net of allowance for loan losses(1) | 66,898 | 68,132 | — | — | 68,132 | |||||||||||||||||||||||||||
FDIC indemnification asset | 141 | 95 | — | — | 95 | |||||||||||||||||||||||||||
Other assets | 3 | 3 | — | — | 3 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Deposits | $ | 80,101 | $ | 80,228 | $ | — | $ | 80,228 | $ | — | ||||||||||||||||||||||
Commercial paper and other short-term borrowings | 2,563 | 2,563 | — | 2,563 | — | |||||||||||||||||||||||||||
Long-term debt | 6,547 | 6,709 | — | 6,709 | — | |||||||||||||||||||||||||||
Off-Balance Sheet Instruments | ||||||||||||||||||||||||||||||||
Commitments to extend credit and standby and commercial letters of credit | $ | 273 | $ | 273 | $ | — | $ | — | $ | 273 | ||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||||
Excludes lease financing, net of related allowance. | ||||||||||||||||||||||||||||||||
For further information on methodologies for approximating fair values, see Note 12 to the Consolidated Financial Statements in Part II, Item 8. "Financial Statements and Supplementary Data" in our 2013 Form 10-K. | ||||||||||||||||||||||||||||||||
Derivative_Instruments_and_Oth
Derivative Instruments and Other Financial Instruments Used For Hedging | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Other Financial Instruments Used For Hedging | ' | |||||||||||||||||||||||
Derivative Instruments and Other Financial Instruments Used For Hedging | ' | |||||||||||||||||||||||
Note 10—Derivative Instruments and Other Financial Instruments Used For Hedging | ||||||||||||||||||||||||
The Company enters into certain derivative and other financial instruments primarily to assist customers with their risk management objectives and to manage the Company's exposure to interest rate risk. When entering into derivatives on behalf of customers the Company generally acts as a financial intermediary by offsetting a significant portion of the market risk for these derivatives with third parties. The Company may also enter into derivatives for other risk management purposes and, subject to certain limits, may take market risk when buying and selling derivatives for its own account. All derivative instruments are recognized as assets or liabilities on the consolidated balance sheets at fair value. | ||||||||||||||||||||||||
Counterparty credit risk is inherent in derivative instruments. In order to reduce its exposure to counterparty credit risk, the Company utilizes credit approvals, limits, monitoring procedures and master netting and collateral support annex (CSA) agreements. Additionally, the Company considers the potential loss in the event of counterparty default in estimating the fair value amount of the derivative instrument. | ||||||||||||||||||||||||
The table below presents the notional amounts and fair value amounts of the Company's derivative instruments reported on the consolidated balance sheets, segregated between derivative instruments designated and qualifying as hedging instruments and derivative instruments not designated and qualifying as hedging instruments as of June 30, 2014 and December 31, 2013, respectively. Asset and liability values are presented gross, excluding the impact of legally enforceable master netting and CSA agreements. The fair value of asset and liability derivatives designated and qualifying as hedging instruments and derivatives designated as other risk management are included in other assets and other liabilities, respectively. The fair value of asset and liability trading derivatives are included in trading account assets and trading account liabilities, respectively. | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
(Dollars in millions) | Notional | Asset | Liability | Notional | Asset | Liability | ||||||||||||||||||
Amount | Derivatives | Derivatives | Amount | Derivatives | Derivatives | |||||||||||||||||||
Designated and qualifying as hedging instruments: | ||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||
Interest rate contracts | $ | 8,200 | $ | 37 | $ | 2 | $ | 4,300 | $ | 8 | $ | 13 | ||||||||||||
Fair value hedges | ||||||||||||||||||||||||
Interest rate contracts | 500 | 3 | — | — | — | — | ||||||||||||||||||
Not designated and qualifying as hedging instruments: | ||||||||||||||||||||||||
Trading | ||||||||||||||||||||||||
Interest rate contracts | 47,006 | 797 | 671 | 44,427 | 713 | 609 | ||||||||||||||||||
Commodity contracts | 5,776 | 117 | 107 | 5,714 | 76 | 61 | ||||||||||||||||||
Foreign exchange contracts | 5,329 | 25 | 55 | 5,645 | 33 | 29 | ||||||||||||||||||
Equity contracts | 4,034 | 286 | 287 | 4,027 | 253 | 254 | ||||||||||||||||||
Other contracts | — | — | — | 140 | — | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total Trading | 62,145 | 1,225 | 1,120 | 59,953 | 1,075 | 953 | ||||||||||||||||||
Other risk management | 248 | 2 | 5 | 185 | 2 | 4 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total derivative instruments | $ | 71,093 | $ | 1,267 | $ | 1,127 | $ | 64,438 | $ | 1,085 | $ | 970 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | |||||
We recognized net losses of $1 million and $2 million on other risk management derivatives for the three and six months ended June 30, 2014, respectively, compared to net losses of $1 million and $5 million on other risk management derivatives for the three and six months ended June 30, 2013, respectively, which are included in other noninterest income. | ||||||||||||||||||||||||
Derivatives Designated and Qualifying as Hedging Instruments | ||||||||||||||||||||||||
The Company uses interest rate derivatives to manage the financial impact on the Company from changes in market interest rates. These instruments are used to manage interest rate risk relating to specified groups of assets and liabilities, primarily LIBOR-based commercial loans, certificates of deposit (CDs), borrowings, and debt issuances. Derivatives that qualify for hedge accounting are designated as either fair value or cash flow hedges. For further information related to the Company's hedging strategy, see Note 13 to the Consolidated Financial Statements in Part II, Item 8. "Financial Statements and Supplementary Data" in our 2013 Form 10-K. | ||||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||
The Company used interest rate swaps with a notional amount of $8.2 billion at June 30, 2014 to hedge the risk of changes in cash flows attributable to changes in the designated benchmark interest rate on LIBOR indexed loans. To the extent effective, payments received (or paid) under the swap contract offset fluctuations in interest income on loans caused by changes in the relevant LIBOR index. At June 30, 2014, the weighted average remaining life of the active cash flow hedges was approximately 3.85 years. | ||||||||||||||||||||||||
For cash flow hedges, the effective portion of the gain or loss on the hedging instruments is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged cash flows are recognized in net interest income. Gains and losses representing hedge ineffectiveness are recognized in earnings in the period in which they arise. At June 30, 2014, the Company expects to reclassify approximately $95 million of income from accumulated other comprehensive income to net interest income during the twelve months ending June 30, 2015. This amount could differ from amounts actually realized due to changes in interest rates, hedge terminations and the addition of other hedges subsequent to June 30, 2014. | ||||||||||||||||||||||||
The following tables present the amount and location of the net gains and losses recorded in the Company's consolidated statements of income and changes in stockholder's equity for derivatives designated as cash flow hedges for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||||
Amount of Gain or | Gain or (Loss) Reclassified | Gain or (Loss) Recognized in | ||||||||||||||||||||||
(Loss) Recognized in | from Accumulated OCI into | Income on Derivative | ||||||||||||||||||||||
OCI on Derivative | Income (Effective Portion) | Instruments (Ineffective | ||||||||||||||||||||||
Instruments | Portion and Amount Excluded | |||||||||||||||||||||||
(Effective Portion) | from Effectiveness Testing) | |||||||||||||||||||||||
For the Three Months | For the Three Months | For the Three Months | ||||||||||||||||||||||
Ended June 30, | Ended June 30, | Ended June 30, | ||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | Location | 2014 | 2013 | Location | 2014 | 2013 | ||||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||||||||
Interest income | $ | 27 | $ | 8 | ||||||||||||||||||||
Interest rate contracts | $ | 70 | $ | 3 | Interest expense | 2 | (1 | ) | Noninterest expense | $ | (1 | ) | $ | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 70 | $ | 3 | $ | 29 | $ | 7 | $ | (1 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Amount of Gain or | Gain or (Loss) Reclassified | Gain or (Loss) Recognized in | ||||||||||||||||||||||
(Loss) Recognized in | from Accumulated OCI into | Income on Derivative | ||||||||||||||||||||||
OCI on Derivative | Income (Effective Portion) | Instruments (Ineffective | ||||||||||||||||||||||
Instruments | Portion and Amount Excluded | |||||||||||||||||||||||
(Effective Portion) | from Effectiveness Testing) | |||||||||||||||||||||||
For the Six Months | For the Six Months | For the Six Months | ||||||||||||||||||||||
Ended June 30, | Ended June 30, | Ended June 30, | ||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | Location | 2014 | 2013 | Location | 2014 | 2013 | ||||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||||||||
Interest income | $ | 49 | $ | 15 | ||||||||||||||||||||
Interest rate contracts | $ | 78 | $ | 9 | Interest expense | 3 | (1 | ) | Noninterest expense | $ | (1 | ) | $ | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 78 | $ | 9 | $ | 52 | $ | 14 | $ | (1 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Fair Value Hedges | ||||||||||||||||||||||||
The Company engages in an interest rate hedging strategy in which one or more interest rate swaps are associated with a specified interest bearing liability, in order to convert the liability from a fixed rate to a floating rate instrument. This strategy mitigates the changes in fair value of the hedged liability caused by changes in the designated benchmark interest rate, U.S. dollar LIBOR. | ||||||||||||||||||||||||
For fair value hedges, the effective portion of the gain or loss on the hedging instruments is reported in interest expense and the ineffective portion is recorded in noninterest expense. | ||||||||||||||||||||||||
The following table presents the gains (losses) on the Company's fair value hedges for the three and six months ended June 30, 2014: | ||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||||||||||||||
(Dollars in millions) | Derivative | Hedged | Hedge | Derivative | Hedged | Hedge | ||||||||||||||||||
Item | Ineffectiveness | Item | Ineffectiveness | |||||||||||||||||||||
Interest rate risk on long-term debt | $ | 3 | $ | (3 | ) | $ | — | $ | 3 | $ | (3 | ) | $ | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total | $ | 3 | $ | (3 | ) | $ | — | $ | 3 | $ | (3 | ) | $ | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | |||||
Derivatives Not Designated and Qualifying as Hedging Instruments | ||||||||||||||||||||||||
Trading Derivatives | ||||||||||||||||||||||||
Derivative instruments classified as trading include both derivatives entered into as an accommodation for customers and, subject to certain limits, for the Company's own account. Trading derivatives are included in trading assets or trading liabilities with changes in fair value reflected in income from trading account activities. The majority of the Company's derivative transactions for customers were essentially offset by contracts with third parties that reduce or eliminate market risk exposures. | ||||||||||||||||||||||||
The Company offers market-linked CDs, which allow the client to earn the higher of either a minimum fixed rate of interest or a return tied to either equity, commodity or currency indices. The Company offsets its exposure to the embedded derivative contained in market-linked CDs with a matched over-the-counter option. Both the embedded derivative (when bifurcated) and hedge options are recorded at fair value with the realized and unrealized changes in fair value recorded in noninterest income within trading account activities. | ||||||||||||||||||||||||
The following table presents the amount of the net gains and losses for derivative instruments classified as trading reported in the consolidated statement of income under the heading trading account activities for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||||
Gain or (Loss) | ||||||||||||||||||||||||
Recognized in Income on | ||||||||||||||||||||||||
Derivative Instruments | Gain or (Loss) | |||||||||||||||||||||||
Recognized in Income on | ||||||||||||||||||||||||
For the Three Months Ended | Derivative Instruments | |||||||||||||||||||||||
For the Six Months Ended | ||||||||||||||||||||||||
(Dollars in millions) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||||||
Trading derivatives: | ||||||||||||||||||||||||
Interest rate contracts | $ | 9 | $ | 10 | $ | 19 | $ | 9 | ||||||||||||||||
Equity contracts | — | — | 1 | — | ||||||||||||||||||||
Foreign exchange contracts | 2 | 5 | 6 | 8 | ||||||||||||||||||||
Commodity contracts | (1 | ) | 1 | 1 | — | |||||||||||||||||||
Other contracts | 2 | — | 1 | 1 | ||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||
Total | $ | 12 | $ | 16 | $ | 28 | $ | 18 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||||||
| | | | | | | | | | | | | | |||||||||||
Offsetting Assets and Liabilities | ||||||||||||||||||||||||
The Company primarily enters into derivative contracts and repurchase agreements with counterparties utilizing standard International Swaps and Derivatives Association master netting agreements (ISDA MNA) or master repurchase agreements, which generally establish the terms and conditions of the transactions, including a legal right to set-off amounts payable and receivable between the Company and a counterparty, regardless of whether or not such amounts have matured or have contingency features. | ||||||||||||||||||||||||
The following tables present the offsetting of financial assets and liabilities as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Gross Amounts Not Offset in | ||||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||
(Dollars in millions) | Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | ||||||||||||||||||
of Recognized | Offset in | Presented in | Instruments | Received/Pledged | ||||||||||||||||||||
Assets/Liabilities | Balance Sheet | Balance Sheet | ||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Derivative Assets | $ | 1,267 | $ | 454 | $ | 813 | $ | 50 | $ | — | $ | 763 | ||||||||||||
Securities purchased under resale agreements | 45 | — | 45 | 44 | — | 1 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total | $ | 1,312 | $ | 454 | $ | 858 | $ | 94 | $ | — | $ | 764 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | |||||
Financial Liabilities: | ||||||||||||||||||||||||
Derivative Liabilities | $ | 1,127 | $ | 510 | $ | 617 | $ | 220 | $ | — | $ | 397 | ||||||||||||
Securities sold under repurchase agreements | 25 | — | 25 | 25 | — | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total | $ | 1,152 | $ | 510 | $ | 642 | $ | 245 | $ | — | $ | 397 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | |||||
December 31, 2013 | ||||||||||||||||||||||||
Gross Amounts Not Offset in | ||||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||
(Dollars in millions) | Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | ||||||||||||||||||
of Recognized | Offset in | Presented in | Instruments | Received/Pledged | ||||||||||||||||||||
Assets/Liabilities | Balance Sheet | Balance Sheet | ||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Derivative Assets | $ | 1,085 | $ | 493 | $ | 592 | $ | 79 | $ | — | $ | 513 | ||||||||||||
Securities purchased under resale agreements | 10 | — | 10 | 10 | — | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total | $ | 1,095 | $ | 493 | $ | 602 | $ | 89 | $ | — | $ | 513 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | |||||
Financial Liabilities: | ||||||||||||||||||||||||
Derivative Liabilities | $ | 970 | $ | 423 | $ | 547 | $ | 144 | $ | — | $ | 403 | ||||||||||||
Securities sold under repurchase agreements | 8 | — | 8 | 8 | — | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total | $ | 978 | $ | 423 | $ | 555 | $ | 152 | $ | — | $ | 403 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | |||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Note 11—Accumulated Other Comprehensive Loss | |||||||||||||||||
The following table presents the change in each of the components of accumulated other comprehensive loss and the related tax effect of the change allocated to each component for the three months ended June 30, 2014 and 2013: | |||||||||||||||||
(Dollars in millions) | Before | Tax | Net of | ||||||||||||||
Tax | Effect | Tax | |||||||||||||||
Amount | |||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||
Cash flow hedge activities: | |||||||||||||||||
Unrealized net gains (losses) on hedges arising during the period | $ | 3 | $ | (1 | ) | $ | 2 | ||||||||||
Less: Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt | (7 | ) | 2 | (5 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Net change | (4 | ) | 1 | (3 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Securities: | |||||||||||||||||
Unrealized holding gains (losses) arising during the period on securities available for sale | (503 | ) | 197 | (306 | ) | ||||||||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net | (27 | ) | 11 | (16 | ) | ||||||||||||
Less: accretion of fair value adjustment on securities available for sale | (23 | ) | 10 | (13 | ) | ||||||||||||
Less: accretion of fair value adjustment on held to maturity securities | (3 | ) | 1 | (2 | ) | ||||||||||||
Less: amortization of net unrealized (gains) losses on held to maturity securities | 11 | (4 | ) | 7 | |||||||||||||
| | | | | | | | | | | |||||||
Net change | (545 | ) | 215 | (330 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Foreign currency translation adjustment | (3 | ) | 1 | (2 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Pension and other benefits: | |||||||||||||||||
Recognized net actuarial gain (loss)(1) | 29 | (12 | ) | 17 | |||||||||||||
| | | | | | | | | | | |||||||
Net change(1) | 29 | (12 | ) | 17 | |||||||||||||
| | | | | | | | | | | |||||||
Net change in accumulated other comprehensive loss | $ | (523 | ) | $ | 205 | $ | (318 | ) | |||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||
Cash flow hedge activities: | |||||||||||||||||
Unrealized net gains (losses) on hedges arising during the period | $ | 70 | $ | (28 | ) | $ | 42 | ||||||||||
Less: Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt | (29 | ) | 12 | (17 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Net change | 41 | (16 | ) | 25 | |||||||||||||
| | | | | | | | | | | |||||||
Securities: | |||||||||||||||||
Unrealized holding gains (losses) arising during the period on securities available for sale | 156 | (61 | ) | 95 | |||||||||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net | (1 | ) | — | (1 | ) | ||||||||||||
Less: accretion of fair value adjustment on securities available for sale | (18 | ) | 8 | (10 | ) | ||||||||||||
Less: amortization of net unrealized (gains) losses on held to maturity securities | 5 | (2 | ) | 3 | |||||||||||||
| | | | | | | | | | | |||||||
Net change | 142 | (55 | ) | 87 | |||||||||||||
| | | | | | | | | | | |||||||
Foreign currency translation adjustment | 4 | (2 | ) | 2 | |||||||||||||
| | | | | | | | | | | |||||||
Pension and other benefits: | |||||||||||||||||
Pension and other benefits arising during the period | (4 | ) | 2 | (2 | ) | ||||||||||||
Amortization of prior service costs(1) | (4 | ) | 2 | (2 | ) | ||||||||||||
Recognized net actuarial gain (loss)(1) | 15 | (7 | ) | 8 | |||||||||||||
| | | | | | | | | | | |||||||
Net change | 7 | (3 | ) | 4 | |||||||||||||
| | | | | | | | | | | |||||||
Net change in accumulated other comprehensive loss | $ | 194 | $ | (76 | ) | $ | 118 | ||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
-1 | |||||||||||||||||
These amounts are included in the computation of net periodic pension cost. For further information, see Note 12 to these consolidated financial statements. | |||||||||||||||||
The following table presents the change in each of the components of accumulated other comprehensive loss and the related tax effect of the change allocated to each component for the six months ended June 30, 2014 and 2013: | |||||||||||||||||
(Dollars in millions) | Before | Tax | Net of | ||||||||||||||
Tax | Effect | Tax | |||||||||||||||
Amount | |||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||
Cash flow hedge activities: | |||||||||||||||||
Unrealized net gains (losses) on hedges arising during the period | $ | 9 | $ | (3 | ) | $ | 6 | ||||||||||
Less: Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt | (14 | ) | 5 | (9 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Net change | (5 | ) | 2 | (3 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Securities: | |||||||||||||||||
Unrealized holding gains (losses) arising during the period on securities available for sale | (503 | ) | 197 | (306 | ) | ||||||||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net | (123 | ) | 49 | (74 | ) | ||||||||||||
Less: accretion of fair value adjustment on securities available for sale | (38 | ) | 16 | (22 | ) | ||||||||||||
Less: accretion of fair value adjustment on held to maturity securities | (11 | ) | 4 | (7 | ) | ||||||||||||
Less: amortization of net unrealized (gains) losses on held to maturity securities | 25 | (10 | ) | 15 | |||||||||||||
| | | | | | | | | | | |||||||
Net change | (650 | ) | 256 | (394 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Foreign currency translation adjustment | (5 | ) | 2 | (3 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Pension and other benefits: | |||||||||||||||||
Recognized net actuarial gain (loss)(1) | 58 | (23 | ) | 35 | |||||||||||||
| | | | | | | | | | | |||||||
Net change(1) | 58 | (23 | ) | 35 | |||||||||||||
| | | | | | | | | | | |||||||
Net change in accumulated other comprehensive loss | $ | (602 | ) | $ | 237 | $ | (365 | ) | |||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||
Cash flow hedge activities: | |||||||||||||||||
Unrealized net gains (losses) on hedges arising during the period | $ | 78 | $ | (31 | ) | $ | 47 | ||||||||||
Less: Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt | (52 | ) | 21 | (31 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Net change | 26 | (10 | ) | 16 | |||||||||||||
| | | | | | | | | | | |||||||
Securities: | |||||||||||||||||
Unrealized holding gains (losses) arising during the period on securities available for sale | 272 | (107 | ) | 165 | |||||||||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net | (3 | ) | 1 | (2 | ) | ||||||||||||
Less: accretion of fair value adjustment on securities available for sale | (24 | ) | 10 | (14 | ) | ||||||||||||
Less: amortization of net unrealized (gains) losses on held to maturity securities | 10 | (4 | ) | 6 | |||||||||||||
| | | | | | | | | | | |||||||
Net change | 255 | (100 | ) | 155 | |||||||||||||
| | | | | | | | | | | |||||||
Pension and other benefits: | |||||||||||||||||
Pension and other benefits arising during the period | (4 | ) | 2 | (2 | ) | ||||||||||||
Amortization of prior service costs(1) | (4 | ) | 2 | (2 | ) | ||||||||||||
Recognized net actuarial gain (loss)(1) | 29 | (13 | ) | 16 | |||||||||||||
| | | | | | | | | | | |||||||
Net change | 21 | (9 | ) | 12 | |||||||||||||
| | | | | | | | | | | |||||||
Net change in accumulated other comprehensive loss | $ | 302 | $ | (119 | ) | $ | 183 | ||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
-1 | |||||||||||||||||
These amounts are included in the computation of net periodic pension cost. For further information, see Note 12 to these consolidated financial statements. | |||||||||||||||||
The following tables present the change in accumulated other comprehensive loss balances: | |||||||||||||||||
For the Three Months Ended June 30, 2013 and 2014: | |||||||||||||||||
(Dollars in millions) | Net | Net | Foreign | Pension and | Accumulated | ||||||||||||
Unrealized | Unrealized | Currency | Other | Other | |||||||||||||
Gains (Losses) | Gains (Losses) | Translation | Benefits | Comprehensive | |||||||||||||
on Cash Flow | on Securities | Adjustment | Adjustment | Loss | |||||||||||||
Hedges | |||||||||||||||||
Balance, March 31, 2013 | $ | 24 | $ | 95 | $ | — | $ | (680 | ) | $ | (561 | ) | |||||
Other comprehensive income (loss) before reclassifications | 2 | (314 | ) | (2 | ) | — | (314 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | (5 | ) | (16 | ) | — | 17 | (4 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2013 | $ | 21 | $ | (235 | ) | $ | (2 | ) | $ | (663 | ) | $ | (879 | ) | |||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Balance, March 31, 2014 | $ | 7 | $ | (260 | ) | $ | (5 | ) | $ | (301 | ) | $ | (559 | ) | |||
Other comprehensive income (loss) before reclassifications | 42 | 95 | 2 | (2 | ) | 137 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | (17 | ) | (8 | ) | — | 6 | (19 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2014 | $ | 32 | $ | (173 | ) | $ | (3 | ) | $ | (297 | ) | $ | (441 | ) | |||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
For the Six Months Ended June 30, 2013 and 2014: | |||||||||||||||||
(Dollars in millions) | Net | Net | Foreign | Pension and | Accumulated | ||||||||||||
Unrealized | Unrealized | Currency | Other | Other | |||||||||||||
Gains (Losses) | Gains (Losses) | Translation | Benefits | Comprehensive | |||||||||||||
on Cash Flow | on Securities | Adjustment | Adjustment | Loss | |||||||||||||
Hedges | |||||||||||||||||
Balance, December 31, 2012 | $ | 24 | $ | 159 | $ | 1 | $ | (698 | ) | $ | (514 | ) | |||||
Other comprehensive income (loss) before reclassifications | 6 | (320 | ) | (3 | ) | — | (317 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | (9 | ) | (74 | ) | — | 35 | (48 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2013 | $ | 21 | $ | (235 | ) | $ | (2 | ) | $ | (663 | ) | $ | (879 | ) | |||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Balance, December 31, 2013 | $ | 16 | $ | (328 | ) | $ | (3 | ) | $ | (309 | ) | $ | (624 | ) | |||
Other comprehensive income (loss) before reclassifications | 47 | 165 | — | (2 | ) | 210 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | (31 | ) | (10 | ) | — | 14 | (27 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2014 | $ | 32 | $ | (173 | ) | $ | (3 | ) | $ | (297 | ) | $ | (441 | ) | |||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Employee_Pension_and_Other_Pos
Employee Pension and Other Postretirement Benefits | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Employee Pension and Other Postretirement Benefits | ' | |||||||||||||||||||
Employee Pension and Other Postretirement Benefits | ' | |||||||||||||||||||
Note 12—Employee Pension and Other Postretirement Benefits | ||||||||||||||||||||
In April 2014, the pension plan was amended. Pension benefits accrued after December 31, 2014 for the majority of eligible employees will be earned under the cash balance plan formula, which was established effective October 1, 2012 for all future eligible employees. For those employees whose benefits will be earned under the cash balance plan formula, benefits earned under the previous final average pay formula will become fixed as of December 31, 2014. The health benefit plan was also amended on April 2014 to discontinue the availability of retiree health benefits for the majority of employees. As a result of these amendments, key assumptions used in computing plan benefit obligations and net periodic benefit cost were updated and the Company remeasured the plans' assets and benefit obligations as of April 30, 2014. For further information regarding key assumptions and measurement of pension plan assets and benefit obligations, see Note 16 to the Consolidated Financial Statements in Part II, Item 8 "Financial Statements and Supplementary Data" in our 2013 Form 10-K. | ||||||||||||||||||||
The following table summarizes the discount rates used in computing the present value of the pension and other benefit obligations at April 30, 2014 and December 31, 2013. | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
April 30, | December 31, | April 30, | December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Discount rate in determining benefit obligations | 4.5 | % | 4.9 | % | 4.2 | % | 4.6 | % | ||||||||||||
The plan amendments decreased the pension plan's and health plan's benefit obligation by $150 million and $29 million, respectively, and changes in discount rates and actuarial revisions increased the pension plan's and health plan's benefit obligations by $162 million and $21 million, respectively. These changes also resulted in an increase in accumulated other comprehensive loss before income taxes of $4 million. As a result of these amendments to the plans, estimated future benefit payments from 2014 through 2023 increased $93 million. | ||||||||||||||||||||
The following tables summarize the components of net periodic benefit cost for the three and six months ended June 30, 2014 and 2013. As a result of the amendments to the pension and health benefit plans and resulting remeasurements, 2014 total net periodic benefit cost will decrease from approximately $71 million to approximately $39 million. | ||||||||||||||||||||
Pension | Other Benefits | Superannuation, | ||||||||||||||||||
Benefits | SERP(1) | |||||||||||||||||||
and ESBP(2) | ||||||||||||||||||||
For the Three | For the Three | For the Three | ||||||||||||||||||
Months | Months | Months | ||||||||||||||||||
Ended | Ended | Ended | ||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||
Service cost | $ | 18 | $ | 21 | $ | 2 | $ | 3 | $ | — | $ | — | ||||||||
Interest cost | 26 | 24 | 3 | 3 | 1 | 1 | ||||||||||||||
Expected return on plan assets | (47 | ) | (42 | ) | (4 | ) | (4 | ) | — | — | ||||||||||
Amortization of prior service cost | (3 | ) | — | (1 | ) | — | — | — | ||||||||||||
Recognized net actuarial loss | 14 | 27 | — | 2 | 1 | — | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total net periodic benefit cost | $ | 8 | $ | 30 | $ | — | $ | 4 | $ | 2 | $ | 1 | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Pension | Other Benefits | Superannuation, | ||||||||||||||||||
Benefits | SERP(1) | |||||||||||||||||||
and ESBP(2) | ||||||||||||||||||||
For the Six | For the Six | For the Six | ||||||||||||||||||
Months | Months | Months | ||||||||||||||||||
Ended | Ended | Ended | ||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||
Service cost | $ | 39 | $ | 43 | $ | 5 | $ | 7 | $ | 1 | $ | — | ||||||||
Interest cost | 54 | 49 | 6 | 6 | 2 | 2 | ||||||||||||||
Expected return on plan assets | (95 | ) | (83 | ) | (9 | ) | (8 | ) | — | — | ||||||||||
Amortization of prior service cost | (3 | ) | — | (1 | ) | — | — | — | ||||||||||||
Recognized net actuarial loss | 28 | 54 | — | 3 | 1 | 1 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total net periodic benefit cost | $ | 23 | $ | 63 | $ | 1 | $ | 8 | $ | 4 | $ | 3 | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
-1 | ||||||||||||||||||||
Supplemental Executives Retirement Plan (SERP). | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Executive Supplemental Benefit Plans (ESBP). | ||||||||||||||||||||
Commitments_Contingencies_and_
Commitments, Contingencies and Guarantees | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments, Contingencies and Guarantees | ' | ||||
Commitments, Contingencies and Guarantees | ' | ||||
Note 13—Commitments, Contingencies and Guarantees | |||||
The following table summarizes the Company's commitments: | |||||
(Dollars in millions) | June 30, 2014 | ||||
Commitments to extend credit | $ | 34,724 | |||
Issued standby and commercial letters of credit | 5,887 | ||||
Other commitments | 180 | ||||
Commitments to extend credit are legally binding agreements to lend to a customer provided there are no violations of any condition established in the contract. Commitments have fixed expiration dates or other termination clauses and may require maintenance of compensatory balances. Since many of the commitments to extend credit may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. | |||||
Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, while commercial letters of credit are issued specifically to facilitate foreign or domestic trade transactions. Additionally, the Company enters into risk participations in bankers' acceptances wherein a fee is received to guarantee a portion of the credit risk on an acceptance of another bank. The majority of these types of commitments have terms of one year or less. At June 30, 2014, the carrying amount of the Company's risk participations in bankers' acceptances and standby and commercial letters of credit totaled $4.4 million. Estimated exposure to loss related to these commitments is covered by the allowance for losses on off-balance sheet commitments. The carrying amounts of the standby and commercial letters of credit and the allowance for losses on off-balance sheet commitments are included in other liabilities on the consolidated balance sheet. | |||||
The credit risk involved in issuing loan commitments and standby and commercial letters of credit is essentially the same as that involved in extending loans to customers and is represented by the contractual amount of these instruments. Collateral may be obtained based on management's credit assessment of the customer. | |||||
Other commitments include commitments to fund principal investments and other securities. | |||||
Principal investments include direct investments in private and public companies. The Company issues commitments to provide equity and mezzanine capital financing to private and public companies through direct investments. The timing of future cash requirements to fund such commitments is generally dependent on the investment cycle. This cycle, the period over which privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial offering, can vary based on overall market conditions as well as the nature and type of industry in which the companies operate. | |||||
The Company occasionally enters into financial guarantee contracts where a premium is received from another financial institution counterparty to guarantee a portion of the credit risk on interest rate swap contracts entered into between the financial institution and its customer. The Company becomes liable to pay the financial institution only if the financial institution is unable to collect amounts owed to them by their customer. As of June 30, 2014, the current exposure to loss under these contracts totaled $23 million, and the maximum potential exposure to loss in the future was estimated at $48 million. | |||||
The Company is subject to various pending and threatened legal actions that arise in the normal course of business. The Company maintains liabilities for losses from legal actions that are recorded when they are determined to be both probable in their occurrence and can be reasonably estimated. Management believes the disposition of all claims currently pending, including potential losses from claims that may exceed the liabilities recorded, and claims for loss contingencies that are considered reasonably possible to occur, will not have a material effect, either individually or in the aggregate, on the Company's consolidated financial condition, results of operations or liquidity. | |||||
Business_Segments
Business Segments | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||||
Note 14—Business Segments | ||||||||||||||||||||||||||
During the fourth quarter 2013, the composition of the Company's reporting segments were revised to reflect a new internal management structure resulting from the BTMU Americas Holdings business integration initiative announced in 2013. The Company now has five reportable segments: Retail Banking & Wealth Markets, Commercial Banking, Corporate Banking, Transaction Banking, and Investment Banking & Markets. Prior period segment results have been revised to conform to current period presentation. Below is a detailed description of these reportable segments. | ||||||||||||||||||||||||||
Retail Banking & Wealth Markets | ||||||||||||||||||||||||||
Retail Banking & Wealth Markets offers a range of banking products and services to individuals and small businesses, including high net worth individuals and institutional clients, delivered generally through a network of branches, private banking offices, ATMs, broker mortgage referrals, telephone services, and web-based and mobile banking applications. These products and services include mortgages, home equity lines of credit, consumer and commercial loans, deposit accounts, financial planning and investments. | ||||||||||||||||||||||||||
The Consumer Lending Division provides the centralized origination, underwriting, processing, servicing, collection and administration for consumer assets including residential mortgages. | ||||||||||||||||||||||||||
The Community Banking Division serves its customers through 358 full-service branches in California and 45 full-service branches in Washington and Oregon, as well as through ATMs, call centers, web-based and mobile internet banking applications and through alliances with other financial institutions. Community Banking provides checking and deposit products and services; bill and loan payment, merchant, and various types of financing and investment services; and products including credit cards. | ||||||||||||||||||||||||||
The Wealth Markets Division serves its customers through the Private Bank; UnionBanc Investment Services LLC (UBIS), a subsidiary of MUFG Union Bank and a registered broker-dealer and investment advisor; and Asset Management which includes HighMark Capital Management, Inc., a subsidiary of MUFG Union Bank and a registered investment advisor. Wealth Markets provides investment management and advisory services to institutional clients, wealth planning, deposits and risk management strategies, trust and estate administration, as well as investment sub-advisory services to unaffiliated funds. Products provided to its customers include traditional brokerage, managed accounts, annuities, mutual funds, fixed income products and insurance and customized lending. | ||||||||||||||||||||||||||
Commercial Banking | ||||||||||||||||||||||||||
Commercial Banking provides credit products including commercial loans, and accounts receivable, inventory, project, trade and real estate financing to corporate customers with revenues generally less than $2 billion. Commercial Banking also offers its customers a range of noncredit services and products, which include global treasury management and capital markets solutions, foreign exchange and various interest rate risk and commodity risk management products through cooperation with other segments. | ||||||||||||||||||||||||||
Commercial Banking is comprised of five main divisions: Western Markets, which serves companies primarily in California, Oregon and Washington; Petroleum, which serves oil and gas companies; Expansion Markets, which serves clients nationally, outside of the western states, and also targets certain defined industries such as entertainment and technology; Specialized Products, which focuses on specific industries on a national basis including commercial finance, funds finance, environmental services, non-profits, healthcare, and transportation, aerospace and defense; and Real Estate Industries, which serves professional real estate investors and developers. Additionally, through its Community Development Finance unit, tax credit investments are made in affordable housing projects, as well as construction and permanent financing. | ||||||||||||||||||||||||||
Corporate Banking | ||||||||||||||||||||||||||
Corporate Banking provides commercial lending products, including commercial loans, lines of credit and project financing, to corporate customers with revenues generally greater than $2 billion. The segment employs an industry-focused strategy including dedicated coverage teams in General Industries, Power and Utilities, Oil and Gas, Telecom and Media, Technology, Healthcare, Public Finance, and Financial Institutions (predominantly Insurance and Asset Managers). By working with the Company's other segments, Corporate Banking offers its customers a range of noncredit services, which include global treasury management and capital market solutions, and foreign exchange and various interest rate risk and commodity risk management products. | ||||||||||||||||||||||||||
Transaction Banking | ||||||||||||||||||||||||||
Transaction Banking works alongside the Company's other segments to provide working capital management and asset servicing solutions, including deposits and treasury management, trade finance, and institutional trust and custody, to the Company's customers. This segment also manages the digital banking channels for retail, small business, wealth management and commercial clients, as well as commercial product development. The client base consists of financial institutions, corporations, government agencies, insurance companies, mutual funds, investment managers and non-profit organizations. | ||||||||||||||||||||||||||
Investment Banking & Markets | ||||||||||||||||||||||||||
Investment Banking & Markets, which includes Global Capital Markets, works with the Company's other segments to provide customers structured credit services, including project finance; foreign exchange, interest rate and energy risk management solutions; and to facilitate merchant and investment banking-related transactions. Additionally, the segment's leasing arm provides lease and other financing services to corporate customers. | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
"Other" includes the Asian Corporate Banking segment, Corporate Treasury and the impact of certain corporate activities. The Asian Corporate Banking segment offers a range of credit, deposit, and investment management products and services to companies located primarily in the U.S. that are affiliated with companies headquartered in Japan and other Asian countries. Corporate Treasury is responsible for ALM, wholesale funding and the ALM investment and derivatives hedging portfolios. These Treasury management activities are carried out to manage the net interest rate and liquidity risks of the Company's balance sheet and to manage those risks within the guidelines established by ALCO. For additional discussion regarding these risk management activities, see Part I, Item 2. "Quantitative and Qualitative Disclosures About Market Risk" in this Form 10-Q. | ||||||||||||||||||||||||||
Additionally, "Other" is comprised of certain corporate activities of the Company; the net impact of the funds transfer pricing charges and credits allocated to the reportable segments; the residual costs of support groups; the unallocated allowance; goodwill, intangible assets, and the related amortization/accretion associated with the Company's privatization transaction; the elimination of the fully taxable-equivalent basis amount; the difference between the marginal tax rate and the consolidated effective tax rate; and the FDIC covered assets. | ||||||||||||||||||||||||||
The information, set forth in the tables that follow, is prepared using various management accounting methodologies to measure the performance of the individual segments. Unlike U.S. GAAP there is no standardized or authoritative guidance for management accounting. Consequently, reported results are not necessarily comparable with those presented by other companies and they are not necessarily indicative of the results that would be reported by the business units if they were unique economic entities. The management reporting accounting methodologies, which are enhanced from time to time, measure segment profitability by assigning balance sheet and income statement items to each operating segment. Methodologies that are applied to the measurement of segment profitability include a funds transfer pricing system, an activity-based costing methodology, other indirect costs and a methodology to allocate the provision for credit losses. The fund transfer pricing system assigns a cost of funds or a credit for funds to assets or liabilities based on their type, maturity or repricing characteristics. The activity-based costing methodology allocates certain indirect costs, such as operations and technology expense, to the segments based on studies of billable unit costs for product or data processing. Other indirect costs, such as corporate overhead, are allocated to the segments based on internal surveys and metrics that serve as proxies for estimated usage. The Company periodically changes or updates its management accounting methodologies in the normal course of business. The Company reflects a "market view" perspective in measuring the business segments. The market view is a measurement of customer markets aggregated to show all revenues generated and expenses incurred from all products and services sold to those customers regardless of where product areas organizationally report. Therefore, revenues and expenses are included in both the business segment that provides the service and the business segment that manages the customer relationship. The duplicative results from this internal management accounting view are eliminated in "Reconciling Items." | ||||||||||||||||||||||||||
As of and for the Three Months Ended June 30, 2014: | ||||||||||||||||||||||||||
(Dollars in millions) | Retail | Commercial | Corporate | Transaction | Investment | Other | Reconciling | MUFG | ||||||||||||||||||
Banking & | Banking | Banking | Banking | Banking & | Items | Americas | ||||||||||||||||||||
Wealth | Markets | Holdings | ||||||||||||||||||||||||
Markets | Corporation | |||||||||||||||||||||||||
Results of operations—Market View | ||||||||||||||||||||||||||
Net interest income (expense) | $ | 362 | $ | 277 | $ | 43 | $ | 94 | $ | 43 | $ | 36 | $ | (92 | ) | $ | 763 | |||||||||
Noninterest income (expense) | 87 | 58 | 22 | 39 | 57 | (6 | ) | (55 | ) | 202 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenue | 449 | 335 | 65 | 133 | 100 | 30 | (147 | ) | 965 | |||||||||||||||||
Noninterest expense | 340 | 104 | 16 | 88 | 28 | 111 | (38 | ) | 649 | |||||||||||||||||
(Reversal of) provision for loan losses | (2 | ) | (10 | ) | 9 | 2 | 15 | 3 | (8 | ) | 9 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and including noncontrolling interests | 111 | 241 | 40 | 43 | 57 | (84 | ) | (101 | ) | 307 | ||||||||||||||||
Income tax expense (benefit) | 44 | 65 | 16 | 17 | 12 | (53 | ) | (39 | ) | 62 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) including noncontrolling interests | 67 | 176 | 24 | 26 | 45 | (31 | ) | (62 | ) | 245 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Deduct: net loss from noncontrolling interests | — | — | — | — | — | 4 | — | 4 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to MUAH | $ | 67 | $ | 176 | $ | 24 | $ | 26 | $ | 45 | $ | (27 | ) | $ | (62 | ) | $ | 249 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets, end of period | $ | 36,417 | $ | 35,423 | $ | 4,916 | $ | 1,938 | $ | 6,199 | $ | 27,485 | $ | (3,558 | ) | $ | 108,820 | |||||||||
As of and for the Three Months Ended June 30, 2013: | ||||||||||||||||||||||||||
(Dollars in millions) | Retail | Commercial | Corporate | Transaction | Investment | Other | Reconciling | MUFG | ||||||||||||||||||
Banking & | Banking | Banking | Banking | Banking & | Items | Americas | ||||||||||||||||||||
Wealth | Markets | Holdings | ||||||||||||||||||||||||
Markets | Corporation | |||||||||||||||||||||||||
Results of operations—Market View | ||||||||||||||||||||||||||
Net interest income (expense) | $ | 332 | $ | 217 | $ | 31 | $ | 95 | $ | 43 | $ | 30 | $ | (76 | ) | $ | 672 | |||||||||
Noninterest income (expense) | 94 | 49 | 18 | 41 | 54 | (4 | ) | (51 | ) | 201 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenue | 426 | 266 | 49 | 136 | 97 | 26 | (127 | ) | 873 | |||||||||||||||||
Noninterest expense | 366 | 102 | 12 | 91 | 25 | 138 | (32 | ) | 702 | |||||||||||||||||
(Reversal of) provision for loan losses | (7 | ) | 3 | (4 | ) | (4 | ) | 7 | 3 | (1 | ) | (3 | ) | |||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and including noncontrolling interests | 67 | 161 | 41 | 49 | 65 | (115 | ) | (94 | ) | 174 | ||||||||||||||||
Income tax expense (benefit) | 27 | 40 | 15 | 20 | 17 | (48 | ) | (36 | ) | 35 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) including noncontrolling interests | 40 | 121 | 26 | 29 | 48 | (67 | ) | (58 | ) | 139 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Deduct: net loss from noncontrolling interests | — | — | — | — | — | 3 | — | 3 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to MUAH | $ | 40 | $ | 121 | $ | 26 | $ | 29 | $ | 48 | $ | (64 | ) | $ | (58 | ) | $ | 142 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets, end of period | $ | 33,008 | $ | 31,153 | $ | 4,364 | $ | 1,507 | $ | 5,585 | $ | 28,525 | $ | (1,863 | ) | $ | 102,279 | |||||||||
As of and for the Six Months Ended June 30, 2014: | ||||||||||||||||||||||||||
(Dollars in millions) | Retail | Commercial | Corporate | Transaction | Investment | Other | Reconciling | MUFG | ||||||||||||||||||
Banking & | Banking | Banking | Banking | Banking & | Items | Americas | ||||||||||||||||||||
Wealth | Markets | Holdings | ||||||||||||||||||||||||
Markets | Corporation | |||||||||||||||||||||||||
Results of operations—Market View | ||||||||||||||||||||||||||
Net interest income (expense) | $ | 709 | $ | 504 | $ | 74 | $ | 194 | $ | 89 | $ | 48 | $ | (172 | ) | $ | 1,446 | |||||||||
Noninterest income (expense) | 166 | 106 | 40 | 79 | 107 | (13 | ) | (102 | ) | 383 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenue | 875 | 610 | 114 | 273 | 196 | 35 | (274 | ) | 1,829 | |||||||||||||||||
Noninterest expense | 675 | 209 | 31 | 177 | 55 | 235 | (73 | ) | 1,309 | |||||||||||||||||
(Reversal of) provision for loan losses | (8 | ) | 6 | (7 | ) | 3 | 30 | (12 | ) | (19 | ) | (7 | ) | |||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and including noncontrolling interests | 208 | 395 | 90 | 93 | 111 | (188 | ) | (182 | ) | 527 | ||||||||||||||||
Income tax expense (benefit) | 82 | 99 | 35 | 36 | 23 | (92 | ) | (71 | ) | 112 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) including noncontrolling interests | 126 | 296 | 55 | 57 | 88 | (96 | ) | (111 | ) | 415 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Deduct: net loss from noncontrolling interests | — | — | — | — | — | 9 | — | 9 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to MUAH | $ | 126 | $ | 296 | $ | 55 | $ | 57 | $ | 88 | $ | (87 | ) | $ | (111 | ) | $ | 424 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets, end of period | $ | 36,417 | $ | 35,423 | $ | 4,916 | $ | 1,938 | $ | 6,199 | $ | 27,485 | $ | (3,558 | ) | $ | 108,820 | |||||||||
As of and for the Six Months Ended June 30, 2013: | ||||||||||||||||||||||||||
(Dollars in millions) | Retail | Commercial | Corporate | Transaction | Investment | Other | Reconciling | MUFG | ||||||||||||||||||
Banking & | Banking | Banking | Banking | Banking & Markets | Items | Americas | ||||||||||||||||||||
Wealth | Holdings | |||||||||||||||||||||||||
Markets | Corporation | |||||||||||||||||||||||||
Results of operations—Market View | ||||||||||||||||||||||||||
Net interest income (expense) | $ | 669 | $ | 423 | $ | 60 | $ | 206 | $ | 89 | $ | 31 | $ | (153 | ) | $ | 1,325 | |||||||||
Noninterest income (expense) | 187 | 92 | 35 | 79 | 101 | 50 | (92 | ) | 452 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenue | 856 | 515 | 95 | 285 | 190 | 81 | (245 | ) | 1,777 | |||||||||||||||||
Noninterest expense | 730 | 199 | 26 | 184 | 50 | 291 | (65 | ) | 1,415 | |||||||||||||||||
(Reversal of) provision for loan losses | (15 | ) | 30 | 2 | (3 | ) | 4 | (24 | ) | — | (6 | ) | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and including noncontrolling interests | 141 | 286 | 67 | 104 | 136 | (186 | ) | (180 | ) | 368 | ||||||||||||||||
Income tax expense (benefit) | 56 | 69 | 26 | 41 | 36 | (72 | ) | (71 | ) | 85 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) including noncontrolling interests | 85 | 217 | 41 | 63 | 100 | (114 | ) | (109 | ) | 283 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Deduct: net loss from noncontrolling interests | — | — | — | — | — | 7 | — | 7 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to MUAH | $ | 85 | $ | 217 | $ | 41 | $ | 63 | $ | 100 | $ | (107 | ) | $ | (109 | ) | $ | 290 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets, end of period | $ | 33,008 | $ | 31,153 | $ | 4,364 | $ | 1,507 | $ | 5,585 | $ | 28,525 | $ | (1,863 | ) | $ | 102,279 |
Correction_of_Prior_Period_Amo1
Correction of Prior Period Amounts (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Correction of Prior Period Amounts | ' | |||||||||||||||||||
Schedule of affected line items on the consolidated statements of income | ' | |||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||
June 30, 2013 | June 30, 2013 | |||||||||||||||||||
(Dollars in millions) | As Previously | Adjustment | As | As Previously | Adjustment | As | ||||||||||||||
Reported | Corrected | Reported | Corrected | |||||||||||||||||
Net interest income | ||||||||||||||||||||
Interest expense—deposits | $ | 67 | $ | (6 | ) | $ | 61 | $ | 132 | $ | (11 | ) | $ | 121 | ||||||
Noninterest income | ||||||||||||||||||||
Trading account activities | 24 | (3 | ) | 21 | 32 | (6 | ) | 26 | ||||||||||||
Brokerage commissions and fees | 12 | (1 | ) | 11 | 24 | (2 | ) | 22 | ||||||||||||
Income before income taxes and including noncontrolling interests | 172 | 2 | 174 | 365 | 3 | 368 | ||||||||||||||
Net Income Attributable to MUAH | 141 | 1 | 142 | 288 | 2 | 290 | ||||||||||||||
Schedule of affected line items on the Consolidated Balance Sheet and Statements of Changes in Stockholder's Equity: | ' | |||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
(Dollars in millions) | As Previously | Adjustment | As | |||||||||||||||||
Reported | Corrected | |||||||||||||||||||
Retained earnings | $ | 6,875 | $ | (30 | ) | $ | 6,845 |
Securities_Tables
Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Values of Securities | ' | ||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
(Dollars in millions) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
Asset Liability Management securities: | |||||||||||||||||||||||||||||
U.S. government-sponsored agencies | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies | 8,281 | 3 | 127 | 8,157 | |||||||||||||||||||||||||
Privately issued | 188 | 4 | 1 | 191 | |||||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | 1,824 | 14 | 25 | 1,813 | |||||||||||||||||||||||||
Collateralized loan obligations | 2,543 | 13 | 22 | 2,534 | |||||||||||||||||||||||||
Asset-backed and other | 18 | 1 | — | 19 | |||||||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
Asset Liability Management securities | 12,854 | 35 | 175 | 12,714 | |||||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||
Direct bank purchase bonds | 1,888 | 42 | 33 | 1,897 | |||||||||||||||||||||||||
Other | 54 | — | 2 | 52 | |||||||||||||||||||||||||
Equity securities | 6 | 1 | — | 7 | |||||||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
Total securities available for sale | $ | 14,802 | $ | 78 | $ | 210 | $ | 14,670 | |||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
(Dollars in millions) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
Asset Liability Management securities: | |||||||||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 73 | $ | — | $ | — | $ | 73 | |||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies | 9,194 | 2 | 296 | 8,900 | |||||||||||||||||||||||||
Privately issued | 220 | 4 | 2 | 222 | |||||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | 1,947 | 8 | 85 | 1,870 | |||||||||||||||||||||||||
Collateralized loan obligations | 2,670 | 25 | 22 | 2,673 | |||||||||||||||||||||||||
Asset-backed and other | 34 | 1 | — | 35 | |||||||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
Asset Liability Management securities | 14,138 | 40 | 405 | 13,773 | |||||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||
Direct bank purchase bonds | 1,968 | 35 | 43 | 1,960 | |||||||||||||||||||||||||
Other | 81 | — | 5 | 76 | |||||||||||||||||||||||||
Equity securities | 7 | 1 | — | 8 | |||||||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
Total securities available for sale | $ | 16,194 | $ | 76 | $ | 453 | $ | 15,817 | |||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||
Proceeds from Sales of Securities Available for Sale and Gross Realized Gains and Losses | ' | ||||||||||||||||||||||||||||
For the Three | For the Six | ||||||||||||||||||||||||||||
Months Ended | Months Ended | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Proceeds from sales | $ | 264 | $ | 487 | $ | 598 | $ | 5,585 | |||||||||||||||||||||
Gross realized gains | 6 | 27 | 8 | 126 | |||||||||||||||||||||||||
Gross realized losses | — | — | — | — | |||||||||||||||||||||||||
Schedule of Held to Maturity Securities Recognized and Not Recognized in Other Comprehensive Income (OCI) and Fair Values | ' | ||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Recognized in OCI | Not Recognized in OCI | ||||||||||||||||||||||||||||
(Dollars in millions) | Amortized | Gross | Gross | Carrying | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Amount | Unrealized | Unrealized | Value | |||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies—residential mortgage backed securities | $ | 5,734 | $ | 6 | $ | 71 | $ | 5,669 | $ | 42 | $ | 13 | $ | 5,698 | |||||||||||||||
U.S. government agency and government-sponsored agencies—commercial mortgage-backed securities | 1,836 | — | 87 | 1,749 | 48 | 5 | 1,792 | ||||||||||||||||||||||
U.S. Treasury | 484 | — | — | 484 | 2 | — | 486 | ||||||||||||||||||||||
U.S. government-sponsored agencies | 275 | — | — | 275 | 1 | 1 | 275 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||
Total securities held to maturity | $ | 8,329 | $ | 6 | $ | 158 | $ | 8,177 | $ | 93 | $ | 19 | $ | 8,251 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Recognized in OCI | Not Recognized in OCI | ||||||||||||||||||||||||||||
(Dollars in millions) | Amortized | Gross | Gross | Carrying | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Amount | Unrealized | Unrealized | Value | |||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies—residential mortgage backed securities | $ | 5,065 | $ | 7 | $ | 77 | $ | 4,995 | $ | 8 | $ | 69 | $ | 4,934 | |||||||||||||||
U.S. government agency and government-sponsored agencies—commercial mortgage-backed securities | 1,606 | — | 92 | 1,514 | 3 | 12 | 1,505 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||
Total securities held to maturity | $ | 6,671 | $ | 7 | $ | 169 | $ | 6,509 | $ | 11 | $ | 81 | $ | 6,439 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||
Securities Available for Sale | ' | ||||||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||||||
Securities in Unrealized Loss Position | ' | ||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||
(Dollars in millions) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||
Asset Liability Management securities: | |||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies | $ | 429 | $ | 1 | $ | 7,195 | $ | 126 | $ | 7,624 | $ | 127 | |||||||||||||||||
Privately issued | 7 | — | 56 | 1 | 63 | 1 | |||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | 115 | — | 931 | 25 | 1,046 | 25 | |||||||||||||||||||||||
Collateralized loan obligations | 1,697 | 18 | 224 | 4 | 1,921 | 22 | |||||||||||||||||||||||
Asset-backed and other | — | — | 1 | — | 1 | — | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Asset Liability Management securities | 2,248 | 19 | 8,407 | 156 | 10,655 | 175 | |||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||
Direct bank purchase bonds | 301 | 7 | 939 | 26 | 1,240 | 33 | |||||||||||||||||||||||
Other | — | — | 24 | 2 | 24 | 2 | |||||||||||||||||||||||
Equity securities | 5 | — | — | — | 5 | — | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Total securities available for sale | $ | 2,554 | $ | 26 | $ | 9,370 | $ | 184 | $ | 11,924 | $ | 210 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||
(Dollars in millions) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||
Asset Liability Management securities: | |||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies | $ | 8,508 | $ | 293 | $ | 147 | $ | 3 | $ | 8,655 | $ | 296 | |||||||||||||||||
Privately issued | 72 | 2 | 18 | — | 90 | 2 | |||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | 1,274 | 80 | 58 | 5 | 1,332 | 85 | |||||||||||||||||||||||
Collateralized loan obligations | 1,879 | 21 | 10 | 1 | 1,889 | 22 | |||||||||||||||||||||||
Asset-backed and other | — | — | 1 | — | 1 | — | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Asset Liability Management securities | 11,733 | 396 | 234 | 9 | 11,967 | 405 | |||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||
Direct bank purchase bonds | 537 | 18 | 778 | 25 | 1,315 | 43 | |||||||||||||||||||||||
Other | 15 | 1 | 34 | 4 | 49 | 5 | |||||||||||||||||||||||
Equity securities | 5 | — | — | — | 5 | — | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Total securities available for sale | $ | 12,290 | $ | 415 | $ | 1,046 | $ | 38 | $ | 13,336 | $ | 453 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Debt Securities by Contractual Maturity | ' | ||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
(Dollars in millions) | One Year or Less | Over One Year | Over Five Years | Over Ten Years | Total Fair Value | ||||||||||||||||||||||||
Through Five | Through Ten | ||||||||||||||||||||||||||||
Years | Years | ||||||||||||||||||||||||||||
Asset Liability Management securities: | |||||||||||||||||||||||||||||
U.S. government-sponsored agencies | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies | 1 | 35 | 559 | 7,562 | 8,157 | ||||||||||||||||||||||||
Privately issued | — | — | 5 | 186 | 191 | ||||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | — | — | 35 | 1,778 | 1,813 | ||||||||||||||||||||||||
Collateralized loan obligations | — | 263 | 467 | 1,804 | 2,534 | ||||||||||||||||||||||||
Asset-backed and other | — | 11 | 8 | — | 19 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | |||||||||||||
Asset Liability Management securities | 1 | 309 | 1,074 | 11,330 | 12,714 | ||||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||
Direct bank purchase bonds | 28 | 457 | 917 | 495 | 1,897 | ||||||||||||||||||||||||
Other | — | 17 | 4 | 31 | 52 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | |||||||||||||
Total debt securities available for sale | $ | 29 | $ | 783 | $ | 1,995 | $ | 11,856 | $ | 14,663 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | | | | |||||||||||||
Securities Held to Maturity | ' | ||||||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||||||
Securities in Unrealized Loss Position | ' | ||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | Unrealized Losses | |||||||||||||||||||||||||||
(Dollars in millions) | Fair | Recognized | Not | Fair | Recognized | Not | Fair | Recognized | Not | ||||||||||||||||||||
Value | in OCI | Recognized | Value | in OCI | Recognized | Value | in OCI | Recognized | |||||||||||||||||||||
in OCI | in OCI | in OCI | |||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies—residential mortgage backed securities | $ | 496 | $ | — | $ | 3 | $ | 2,758 | $ | 71 | $ | 10 | $ | 3,254 | $ | 71 | $ | 13 | |||||||||||
U.S. government agency and government-sponsored agencies—commercial mortgage-backed securities | 146 | — | 1 | 1,456 | 87 | 4 | 1,602 | 87 | 5 | ||||||||||||||||||||
U.S. Treasury | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
U.S. government-sponsored agencies | 150 | — | 1 | — | — | — | 150 | — | 1 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total securities held to maturity | $ | 792 | $ | — | $ | 5 | $ | 4,214 | $ | 158 | $ | 14 | $ | 5,006 | $ | 158 | $ | 19 | |||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2013 | |||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | Unrealized Losses | |||||||||||||||||||||||||||
(Dollars in millions) | Fair | Recognized | Not | Fair | Recognized | Not | Fair | Recognized | Not | ||||||||||||||||||||
Value | in OCI | Recognized | Value | in OCI | Recognized | Value | in OCI | Recognized | |||||||||||||||||||||
in OCI | in OCI | in OCI | |||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies—residential mortgage backed securities | $ | 3,873 | $ | 76 | $ | 68 | $ | 54 | $ | 1 | $ | 1 | $ | 3,927 | $ | 77 | $ | 69 | |||||||||||
U.S. government agency and government-sponsored agencies—commercial mortgage-backed securities | 1,016 | 46 | 10 | 489 | 46 | 2 | 1,505 | 92 | 12 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total securities held to maturity | $ | 4,889 | $ | 122 | $ | 78 | $ | 543 | $ | 47 | $ | 3 | $ | 5,432 | $ | 169 | $ | 81 | |||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Securities by Contractual Maturity | ' | ||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Over One Year | Over Five Years | Over Ten Years | Total | ||||||||||||||||||||||||||
Through Five | Through Ten | ||||||||||||||||||||||||||||
Years | Years | ||||||||||||||||||||||||||||
(Dollars in millions) | Carrying | Fair | Carrying | Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Amount | Value | Amount | Value | Amount | Value | Amount | Value | ||||||||||||||||||||||
U.S. government agency and government-sponsored agencies—residential mortgage backed securities | $ | 2 | $ | 2 | $ | — | $ | — | $ | 5,667 | $ | 5,696 | $ | 5,669 | $ | 5,698 | |||||||||||||
U.S. government agency and government-sponsored agencies—commercial mortgage backed securities | 49 | 50 | 789 | 828 | 911 | 914 | 1,749 | 1,792 | |||||||||||||||||||||
U.S. Treasury | 244 | 245 | 240 | 241 | — | — | 484 | 486 | |||||||||||||||||||||
U.S. government-sponsored agencies | — | — | 275 | 275 | — | — | 275 | 275 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Total securities held to maturity | $ | 295 | $ | 297 | $ | 1,304 | $ | 1,344 | $ | 6,578 | $ | 6,610 | $ | 8,177 | $ | 8,251 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||||
Summary of Loans | ' | |||||||||||||||||||||||||
(Dollars in millions) | June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||||||
Commercial and industrial | $ | 25,162 | $ | 23,528 | ||||||||||||||||||||||
Commercial mortgage | 13,549 | 13,092 | ||||||||||||||||||||||||
Construction | 1,248 | 905 | ||||||||||||||||||||||||
Lease financing | 829 | 854 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total commercial portfolio | 40,788 | 38,379 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Residential mortgage | 27,619 | 25,547 | ||||||||||||||||||||||||
Home equity and other consumer loans | 3,178 | 3,280 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total consumer portfolio | 30,797 | 28,827 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total loans held for investment, before purchased credit-impaired loans | 71,585 | 67,206 | ||||||||||||||||||||||||
Purchased credit-impaired loans(1) | 784 | 1,106 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total loans held for investment(2) | 72,369 | 68,312 | ||||||||||||||||||||||||
Allowance for loan losses | (559 | ) | (568 | ) | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Loans held for investment, net | $ | 71,810 | $ | 67,744 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
-1 | ||||||||||||||||||||||||||
Includes $199 million and $251 million as of June 30, 2014 and December 31, 2013, respectively, of loans for which the Company will be reimbursed a substantial portion of any future losses under the terms of the FDIC loss share agreements. Of these FDIC covered loans, $16 million and $15 million as of June 30, 2014 and December 31, 2013, respectively, were not accounted for under accounting guidance for loans acquired with deteriorated credit quality. | ||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||
Includes $130 million and $88 million at June 30, 2014 and December 31, 2013, respectively, for net unamortized discounts and premiums and deferred fees and costs. | ||||||||||||||||||||||||||
Reconciliation of Changes in Allowance for Loan Losses by Portfolio Segment | ' | |||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Purchased | Unallocated | Total | |||||||||||||||||||||
Credit- | ||||||||||||||||||||||||||
Impaired | ||||||||||||||||||||||||||
Allowance for loan losses, beginning of period | $ | 479 | $ | 55 | $ | 3 | $ | 20 | $ | 557 | ||||||||||||||||
(Reversal of) provision for loan losses | 7 | (3 | ) | — | 5 | 9 | ||||||||||||||||||||
Loans charged-off | (8 | ) | (4 | ) | — | — | (12 | ) | ||||||||||||||||||
Recoveries of loans previously charged-off | 4 | 1 | — | — | 5 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Allowance for loan losses, end of period | $ | 482 | $ | 49 | $ | 3 | $ | 25 | $ | 559 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Purchased | Unallocated | Total | |||||||||||||||||||||
Credit- | ||||||||||||||||||||||||||
Impaired | ||||||||||||||||||||||||||
Allowance for loan losses, beginning of period | $ | 486 | $ | 113 | $ | 1 | $ | 38 | $ | 638 | ||||||||||||||||
(Reversal of) provision for loan losses | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||||
Decrease in allowance covered by FDIC indemnification | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||||
Loans charged-off | (12 | ) | (8 | ) | — | — | (20 | ) | ||||||||||||||||||
Recoveries of loans previously charged-off | 9 | 1 | 2 | — | 12 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Allowance for loan losses, end of period | $ | 480 | $ | 106 | $ | 1 | $ | 38 | $ | 625 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Purchased | Unallocated | Total | |||||||||||||||||||||
Credit- | ||||||||||||||||||||||||||
Impaired | ||||||||||||||||||||||||||
Allowance for loan losses, beginning of period | $ | 421 | $ | 69 | $ | 1 | $ | 77 | $ | 568 | ||||||||||||||||
(Reversal of) provision for loan losses | 58 | (15 | ) | — | (52 | ) | (9 | ) | ||||||||||||||||||
Provision for purchased credit-impaired loan losses not subject to FDIC indemnification | — | — | 2 | — | 2 | |||||||||||||||||||||
Other | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||||
Loans charged-off | (14 | ) | (7 | ) | — | — | (21 | ) | ||||||||||||||||||
Recoveries of loans previously charged-off | 18 | 2 | — | — | 20 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Allowance for loan losses, end of period | $ | 482 | $ | 49 | $ | 3 | $ | 25 | $ | 559 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Purchased | Unallocated | Total | |||||||||||||||||||||
Credit- | ||||||||||||||||||||||||||
Impaired | ||||||||||||||||||||||||||
Allowance for loan losses, beginning of period | $ | 418 | $ | 124 | $ | 1 | $ | 110 | $ | 653 | ||||||||||||||||
(Reversal of) provision for loan losses | 65 | 1 | — | (72 | ) | (6 | ) | |||||||||||||||||||
Loans charged-off | (15 | ) | (21 | ) | (3 | ) | — | (39 | ) | |||||||||||||||||
Recoveries of loans previously charged-off | 12 | 2 | 3 | — | 17 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Allowance for loan losses, end of period | $ | 480 | $ | 106 | $ | 1 | $ | 38 | $ | 625 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Allowance for Loan Losses and Related Loan Balances by Portfolio Segment | ' | |||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Purchased | Unallocated | Total | |||||||||||||||||||||
Credit- | ||||||||||||||||||||||||||
Impaired | ||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 43 | $ | 20 | $ | — | $ | — | $ | 63 | ||||||||||||||||
Collectively evaluated for impairment | 439 | 29 | — | 25 | 493 | |||||||||||||||||||||
Purchased credit-impaired loans | — | — | 3 | — | 3 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total allowance for loan losses | $ | 482 | $ | 49 | $ | 3 | $ | 25 | $ | 559 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Loans held for investment: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 284 | $ | 334 | $ | 2 | $ | — | $ | 620 | ||||||||||||||||
Collectively evaluated for impairment | 40,504 | 30,463 | — | — | 70,967 | |||||||||||||||||||||
Purchased credit-impaired loans | — | — | 782 | — | 782 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total loans held for investment | $ | 40,788 | $ | 30,797 | $ | 784 | $ | — | $ | 72,369 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Purchased | Unallocated | Total | |||||||||||||||||||||
Credit- | ||||||||||||||||||||||||||
Impaired | ||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 19 | $ | 20 | $ | — | $ | — | $ | 39 | ||||||||||||||||
Collectively evaluated for impairment | 402 | 49 | — | 77 | 528 | |||||||||||||||||||||
Purchased credit-impaired loans | — | — | 1 | — | 1 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total allowance for loan losses | $ | 421 | $ | 69 | $ | 1 | $ | 77 | $ | 568 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Loans held for investment: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 266 | $ | 339 | $ | 3 | $ | — | $ | 608 | ||||||||||||||||
Collectively evaluated for impairment | 38,113 | 28,488 | — | — | 66,601 | |||||||||||||||||||||
Purchased credit-impaired loans | — | — | 1,103 | — | 1,103 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total loans held for investment | $ | 38,379 | $ | 28,827 | $ | 1,106 | $ | — | $ | 68,312 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Summary of Nonaccrual Loans | ' | |||||||||||||||||||||||||
(Dollars in millions) | June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Commercial and industrial | $ | 161 | $ | 44 | ||||||||||||||||||||||
Commercial mortgage | 47 | 51 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total commercial portfolio | 208 | 95 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Residential mortgage | 243 | 286 | ||||||||||||||||||||||||
Home equity and other consumer loans | 46 | 46 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total consumer portfolio | 289 | 332 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total nonaccrual loans, before purchased credit-impaired loans | 497 | 427 | ||||||||||||||||||||||||
Purchased credit-impaired loans | 17 | 15 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total nonaccrual loans | $ | 514 | $ | 442 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Troubled debt restructured loans that continue to accrue interest | $ | 297 | $ | 367 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Troubled debt restructured nonaccrual loans (included in the total nonaccrual loans above) | $ | 248 | $ | 225 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Aging of Balance of Loans Held for Investment, Excluding Purchased Credit-Impaired Loans | ' | |||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
Aging Analysis of Loans | ||||||||||||||||||||||||||
(Dollars in millions) | Current | 30 to 89 | 90 Days | Total Past | Total | |||||||||||||||||||||
Days Past | or More | Due | ||||||||||||||||||||||||
Due | Past Due | |||||||||||||||||||||||||
Commercial and industrial | $ | 25,946 | $ | 33 | $ | 12 | $ | 45 | $ | 25,991 | ||||||||||||||||
Commercial mortgage | 13,444 | 98 | 7 | 105 | 13,549 | |||||||||||||||||||||
Construction | 1,248 | — | — | — | 1,248 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total commercial portfolio | 40,638 | 131 | 19 | 150 | 40,788 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Residential mortgage | 27,419 | 120 | 80 | 200 | 27,619 | |||||||||||||||||||||
Home equity and other consumer loans | 3,144 | 17 | 17 | 34 | 3,178 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total consumer portfolio | 30,563 | 137 | 97 | 234 | 30,797 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total loans held for investment, excluding purchased credit-impaired loans | $ | 71,201 | $ | 268 | $ | 116 | $ | 384 | $ | 71,585 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
Aging Analysis of Loans | ||||||||||||||||||||||||||
(Dollars in millions) | Current | 30 to 89 | 90 Days | Total Past | Total | |||||||||||||||||||||
Days Past | or More | Due | ||||||||||||||||||||||||
Due | Past Due | |||||||||||||||||||||||||
Commercial and industrial | $ | 24,310 | $ | 66 | $ | 6 | $ | 72 | $ | 24,382 | ||||||||||||||||
Commercial mortgage | 13,004 | 68 | 20 | 88 | 13,092 | |||||||||||||||||||||
Construction | 891 | 14 | — | 14 | 905 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total commercial portfolio | 38,205 | 148 | 26 | 174 | 38,379 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Residential mortgage | 25,342 | 114 | 91 | 205 | 25,547 | |||||||||||||||||||||
Home equity and other consumer loans | 3,238 | 23 | 19 | 42 | 3,280 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total consumer portfolio | 28,580 | 137 | 110 | 247 | 28,827 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total loans held for investment, excluding purchased credit-impaired loans | $ | 66,785 | $ | 285 | $ | 136 | $ | 421 | $ | 67,206 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Loans in Commercial Portfolio Segment and Commercial Loans within Purchased Credit-Impaired Loans Segment Monitored for Credit Quality Based on Internal Ratings | ' | |||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | Pass | Special Mention | Classified | Total | ||||||||||||||||||||||
Commercial and industrial | $ | 24,701 | $ | 603 | $ | 439 | $ | 25,743 | ||||||||||||||||||
Construction | 1,254 | 9 | — | 1,263 | ||||||||||||||||||||||
Commercial mortgage | 12,975 | 182 | 217 | 13,374 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total commercial portfolio | 38,930 | 794 | 656 | 40,380 | ||||||||||||||||||||||
Purchased credit-impaired loans | 49 | 127 | 187 | 363 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total | $ | 38,979 | $ | 921 | $ | 843 | $ | 40,743 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
(Dollars in millions) | Pass | Special Mention | Classified | Total | ||||||||||||||||||||||
Commercial and industrial | $ | 23,346 | $ | 576 | $ | 313 | $ | 24,235 | ||||||||||||||||||
Construction | 879 | 14 | — | 893 | ||||||||||||||||||||||
Commercial mortgage | 12,562 | 142 | 228 | 12,932 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total commercial portfolio | 36,787 | 732 | 541 | 38,060 | ||||||||||||||||||||||
Purchased credit-impaired loans | 48 | 204 | 362 | 614 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total | $ | 36,835 | $ | 936 | $ | 903 | $ | 38,674 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Loans in Consumer Portfolio an Purchased credit-impaired loans | ' | |||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | Accrual | Nonaccrual | Total | |||||||||||||||||||||||
Residential mortgage | $ | 27,376 | $ | 243 | $ | 27,619 | ||||||||||||||||||||
Home equity and other consumer loans | 3,132 | 46 | 3,178 | |||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Total consumer portfolio | 30,508 | 289 | 30,797 | |||||||||||||||||||||||
Purchased credit-impaired loans | 222 | — | 222 | |||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Total | $ | 30,730 | $ | 289 | $ | 31,019 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
(Dollars in millions) | Accrual | Nonaccrual | Total | |||||||||||||||||||||||
Residential mortgage | $ | 25,261 | $ | 286 | $ | 25,547 | ||||||||||||||||||||
Home equity and other consumer loans | 3,234 | 46 | 3,280 | |||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Total consumer portfolio | 28,495 | 332 | 28,827 | |||||||||||||||||||||||
Purchased credit-impaired loans | 242 | — | 242 | |||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Total | $ | 28,737 | $ | 332 | $ | 29,069 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
Loans in Consumer Portfolio Segment and Consumer Loans within Purchased Credit-Impaired Loans Segment Monitored for Credit Quality Based on Refreshed FICO Scores and Refreshed LTV ratios | ' | |||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||
(Dollars in millions) | 720 and above | Below 720 | No FICO | Total | ||||||||||||||||||||||
Available(1) | ||||||||||||||||||||||||||
Residential mortgage | $ | 21,339 | $ | 5,554 | $ | 515 | $ | 27,408 | ||||||||||||||||||
Home equity and other consumer loans | 2,248 | 790 | 80 | 3,118 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total consumer portfolio | 23,587 | 6,344 | 595 | 30,526 | ||||||||||||||||||||||
Purchased credit-impaired loans | 87 | 123 | 12 | 222 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total | $ | 23,674 | $ | 6,467 | $ | 607 | $ | 30,748 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Percentage of total | 77 | % | 21 | % | 2 | % | 100 | % | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||
(Dollars in millions) | 720 and above | Below 720 | No FICO | Total | ||||||||||||||||||||||
Available(1) | ||||||||||||||||||||||||||
Residential mortgage | $ | 19,614 | $ | 5,301 | $ | 459 | $ | 25,374 | ||||||||||||||||||
Home equity and other consumer loans | 2,283 | 839 | 81 | 3,203 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total consumer portfolio | 21,897 | 6,140 | 540 | 28,577 | ||||||||||||||||||||||
Purchased credit-impaired loans | 94 | 135 | 15 | 244 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total | $ | 21,991 | $ | 6,275 | $ | 555 | $ | 28,821 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Percentage of total | 76 | % | 22 | % | 2 | % | 100 | % | ||||||||||||||||||
-1 | ||||||||||||||||||||||||||
Represents loans for which management was not able to obtain an updated FICO score (e.g., due to recent profile changes). | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
LTV ratios | ||||||||||||||||||||||||||
(Dollars in millions) | Less than | 80-100 Percent | Greater than | No LTV | Total | |||||||||||||||||||||
80 Percent | 100 Percent | Available(1) | ||||||||||||||||||||||||
Residential mortgage | $ | 25,486 | $ | 1,733 | $ | 134 | $ | 55 | $ | 27,408 | ||||||||||||||||
Home equity loans | 2,445 | 299 | 149 | 51 | 2,944 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total consumer portfolio | 27,931 | 2,032 | 283 | 106 | 30,352 | |||||||||||||||||||||
Purchased credit-impaired loans | 150 | 50 | 20 | — | 220 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total | $ | 28,081 | $ | 2,082 | $ | 303 | $ | 106 | $ | 30,572 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Percentage of total | 92 | % | 7 | % | 1 | % | — | % | 100 | % | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
LTV ratios | ||||||||||||||||||||||||||
(Dollars in millions) | Less than | 80-100 Percent | Greater than | No LTV | Total | |||||||||||||||||||||
80 Percent | 100 Percent | Available(1) | ||||||||||||||||||||||||
Residential mortgage | $ | 23,209 | $ | 1,884 | $ | 228 | $ | 53 | $ | 25,374 | ||||||||||||||||
Home equity loans | 2,487 | 362 | 202 | 52 | 3,103 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total consumer portfolio | 25,696 | 2,246 | 430 | 105 | 28,477 | |||||||||||||||||||||
Purchased credit-impaired loans | 152 | 57 | 31 | — | 240 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Total | $ | 25,848 | $ | 2,303 | $ | 461 | $ | 105 | $ | 28,717 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | | | | ||||||||||
Percentage of total | 90 | % | 8 | % | 2 | % | — | % | 100 | % | ||||||||||||||||
-1 | ||||||||||||||||||||||||||
Represents loans for which management was not able to obtain refreshed property values. | ||||||||||||||||||||||||||
Summary of Troubled Debt Restructurings | ' | |||||||||||||||||||||||||
(Dollars in millions) | June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Commercial and industrial | $ | 173 | $ | 212 | ||||||||||||||||||||||
Commercial mortgage | 36 | 38 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total commercial portfolio | 209 | 250 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Residential mortgage | 308 | 315 | ||||||||||||||||||||||||
Home equity and other consumer loans | 26 | 24 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total consumer portfolio | 334 | 339 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total restructured loans, excluding purchased credit-impaired loans(1) | $ | 543 | $ | 589 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
-1 | ||||||||||||||||||||||||||
Amounts exclude $2 million and $3 million of TDRs covered by FDIC loss share agreements at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||
Pre- and Post-Modification Outstanding Recorded Investment Amounts of Troubled Debt Restructurings | ' | |||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||
Outstanding Recorded | Outstanding Recorded | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||||
Investment(1) | Investment(2) | Investment(1) | Investment(2) | |||||||||||||||||||||||
Commercial and industrial | $ | 76 | $ | 76 | $ | 80 | $ | 80 | ||||||||||||||||||
Commercial mortgage | 7 | 7 | 18 | 18 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total commercial portfolio | 83 | 83 | 98 | 98 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Residential mortgage | 4 | 4 | 10 | 9 | ||||||||||||||||||||||
Home equity and other consumer loans | 2 | 2 | 4 | 4 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total consumer portfolio | 6 | 6 | 14 | 13 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total | $ | 89 | $ | 89 | $ | 112 | $ | 111 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
-1 | ||||||||||||||||||||||||||
Represents the recorded investment in the loan immediately prior to the restructuring event. | ||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||
Represents the recorded investment in the loan immediately following the restructuring event. It includes the effect of paydowns that were required as part of the restructuring terms. | ||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
June 30, 2013 | June 30, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||
Outstanding Recorded | Outstanding Recorded | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||||
Investment(1) | Investment(2) | Investment(1) | Investment(2) | |||||||||||||||||||||||
Commercial and industrial | $ | 49 | $ | 47 | $ | 125 | $ | 121 | ||||||||||||||||||
Commercial mortgage | 4 | 4 | 15 | 15 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total commercial portfolio | 53 | 51 | 140 | 136 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Residential mortgage | 30 | 30 | 55 | 54 | ||||||||||||||||||||||
Home equity and other consumer loans | 3 | 2 | 4 | 3 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total consumer portfolio | 33 | 32 | 59 | 57 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Total | $ | 86 | $ | 83 | $ | 199 | $ | 193 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
-1 | ||||||||||||||||||||||||||
Represents the recorded investment in the loan immediately prior to the restructuring event. | ||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||
Represents the recorded investment in the loan immediately following the restructuring event. It includes the effect of paydowns that were required as part of the restructuring terms. | ||||||||||||||||||||||||||
Recorded Investment Amounts of Troubled Debt Restructurings | ' | |||||||||||||||||||||||||
(Dollars in millions) | For the Three | For the Six | ||||||||||||||||||||||||
Months Ended | Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||
Commercial and industrial | $ | 6 | $ | 6 | ||||||||||||||||||||||
Commercial mortgage | 3 | 3 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total commercial portfolio | 9 | 9 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Residential mortgage | 2 | 4 | ||||||||||||||||||||||||
Home equity and other consumer loans | — | 1 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total consumer portfolio | 2 | 5 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total | $ | 11 | $ | 14 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
(Dollars in millions) | For the Three | For the Six | ||||||||||||||||||||||||
Months Ended | Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||
Commercial and industrial | $ | 3 | $ | 8 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total commercial portfolio | 3 | 8 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Residential mortgage | 7 | 9 | ||||||||||||||||||||||||
Home equity and other consumer loans | 1 | 1 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total consumer portfolio | 8 | 10 | ||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Total | $ | 11 | $ | 18 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Information about Impaired Loans by Class | ' | |||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | |||||||||||||||||||||||||
(Dollars in millions) | With an | Without an | Total | Allowance | With an | Without an | ||||||||||||||||||||
Allowance | Allowance | for Impaired | Allowance | Allowance | ||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||
Commercial and industrial | $ | 242 | $ | 4 | $ | 246 | $ | 40 | $ | 250 | $ | 7 | ||||||||||||||
Commercial mortgage | 31 | 7 | 38 | 3 | 35 | 9 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total commercial portfolio | 273 | 11 | 284 | 43 | 285 | 16 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Residential mortgage | 215 | 93 | 308 | 20 | 231 | 107 | ||||||||||||||||||||
Home equity and other consumer loans | 5 | 21 | 26 | — | 6 | 35 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total consumer portfolio | 220 | 114 | 334 | 20 | 237 | 142 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total, excluding purchased credit-impaired loans | 493 | 125 | 618 | 63 | 522 | 158 | ||||||||||||||||||||
Purchased credit-impaired loans | 2 | — | 2 | — | 2 | 1 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total | $ | 495 | $ | 125 | $ | 620 | $ | 63 | $ | 524 | $ | 159 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | |||||||
December 31, 2013 | ||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | |||||||||||||||||||||||||
(Dollars in millions) | With an | Without an | Total | Allowance | With an | Without an | ||||||||||||||||||||
Allowance | Allowance | for Impaired | Allowance | Allowance | ||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||
Commercial and industrial | $ | 117 | $ | 104 | $ | 221 | $ | 16 | $ | 121 | $ | 114 | ||||||||||||||
Commercial mortgage | 33 | 12 | 45 | 3 | 36 | 15 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total commercial portfolio | 150 | 116 | 266 | 19 | 157 | 129 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Residential mortgage | 220 | 95 | 315 | 20 | 236 | 108 | ||||||||||||||||||||
Home equity and other consumer loans | 4 | 20 | 24 | — | 4 | 34 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total consumer portfolio | 224 | 115 | 339 | 20 | 240 | 142 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total, excluding purchased credit-impaired loans | 374 | 231 | 605 | 39 | 397 | 271 | ||||||||||||||||||||
Purchased credit-impaired loans | 2 | 1 | 3 | — | 2 | 6 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Total | $ | 376 | $ | 232 | $ | 608 | $ | 39 | $ | 399 | $ | 277 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | |||||||
Average Investment in Impaired Loans and Interest Income Recognized for Impaired Loans | ' | |||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
(Dollars in millions) | Average | Recognized | Average | Recognized | Average | Recognized | Average | Recognized | ||||||||||||||||||
Recorded | Interest | Recorded | Interest | Recorded | Interest | Recorded | Interest | |||||||||||||||||||
Investment | Income | Investment | Income | Investment | Income | Investment | Income | |||||||||||||||||||
Commercial and industrial | $ | 219 | $ | 1 | $ | 265 | $ | 5 | $ | 219 | $ | 4 | $ | 250 | $ | 8 | ||||||||||
Commercial mortgage | 35 | — | 53 | 1 | 37 | 2 | 60 | 1 | ||||||||||||||||||
Construction | — | 1 | 2 | — | — | 1 | 13 | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial portfolio | 254 | 2 | 320 | 6 | 256 | 7 | 323 | 9 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage | 310 | 3 | 288 | 2 | 312 | 6 | 282 | 5 | ||||||||||||||||||
Home equity and other consumer loans | 26 | — | 22 | 1 | 25 | 1 | 21 | 1 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total consumer portfolio | 336 | 3 | 310 | 3 | 337 | 7 | 303 | 6 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total, excluding purchased credit-impaired loans | 590 | 5 | 630 | 9 | 593 | 14 | 626 | 15 | ||||||||||||||||||
Purchased credit-impaired loans | 2 | — | 4 | — | 2 | — | 4 | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 592 | $ | 5 | $ | 634 | $ | 9 | $ | 595 | $ | 14 | $ | 630 | $ | 15 | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Outstanding Balances and Carrying Amounts of Purchased Credit-Impaired Loans | ' | |||||||||||||||||||||||||
(Dollars in millions) | June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Total outstanding balance | $ | 1,196 | $ | 1,733 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Carrying amount | $ | 768 | $ | 1,091 | ||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||
| | | | | | | | |||||||||||||||||||
Changes in Accretable Balance for Purchased Credit-Impaired Loans | ' | |||||||||||||||||||||||||
For the Three | For the Six | |||||||||||||||||||||||||
Months Ended | Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Accretable yield, beginning of period | $ | 382 | $ | 501 | $ | 378 | $ | 590 | ||||||||||||||||||
Additions | — | 31 | — | 31 | ||||||||||||||||||||||
Accretion | (118 | ) | (81 | ) | (178 | ) | (160 | ) | ||||||||||||||||||
Reclassifications from nonaccretable difference during the period | 83 | 28 | 147 | 18 | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Accretable yield, end of period | $ | 347 | $ | 479 | $ | 347 | $ | 479 | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | |||||||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 6 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Consolidated VIEs | ' | ||||||||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||||||||
Schedule of assets and liabilities of VIEs | ' | ||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||
Consolidated Assets | |||||||||||||||||||||||
Consolidated Liabilities | |||||||||||||||||||||||
Interest | Loans | ||||||||||||||||||||||
Bearing | Held for | ||||||||||||||||||||||
Deposits in | Investment, | ||||||||||||||||||||||
(Dollars in millions) | Banks | net | Other | Total | Long-Term | Other | Total | ||||||||||||||||
Assets | Assets | Debt | Liabilities | Liabilities | |||||||||||||||||||
Low-income housing credit investments | $ | 9 | $ | — | $ | 251 | $ | 260 | $ | 4 | $ | — | $ | 4 | |||||||||
Leasing investments | 5 | 712 | 101 | 818 | — | 83 | 83 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Total consolidated VIEs | $ | 14 | $ | 712 | $ | 352 | $ | 1,078 | $ | 4 | $ | 83 | $ | 87 | |||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Unconsolidated VIEs | ' | ||||||||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||||||||
Schedule of assets and liabilities of VIEs | ' | ||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||
Unconsolidated Assets | Unconsolidated | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
(Dollars in millions) | Securities | Loans | Other | Total | Other | Total | Maximum | ||||||||||||||||
Available | Held for | Assets | Assets | Liabilities | Liabilities | Exposure to | |||||||||||||||||
for Sale | Investment | Loss | |||||||||||||||||||||
LIHC investments | $ | 26 | $ | 132 | $ | 1,053 | $ | 1,211 | $ | 398 | $ | 398 | $ | 1,211 | |||||||||
Leasing investments | — | 44 | 838 | 882 | — | — | 898 | ||||||||||||||||
Other investments | — | 21 | 27 | 48 | — | — | 50 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Total unconsolidated VIEs | $ | 26 | $ | 197 | $ | 1,918 | $ | 2,141 | $ | 398 | $ | 398 | $ | 2,159 | |||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Commercial_Paper_and_Other_Sho1
Commercial Paper and Other Short-Term Borrowings (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Commercial Paper and Other Short-Term Borrowings | ' | |||||||
Summary of Commercial Paper and Other Short-Term Borrowings | ' | |||||||
(Dollars in millions) | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
Federal funds purchased and securities sold under repurchase agreements with weighted average interest rates of 0.11% and 0.07% at June 30, 2014 and December 31, 2013 | $ | 137 | $ | 39 | ||||
Commercial paper, with weighted average interest rates of 0.16% and 0.19% at June 30, 2014 and December 31, 2013, respectively | 2,733 | 2,524 | ||||||
| | | | | | | | |
Total commercial paper and other short-term borrowings | $ | 2,870 | $ | 2,563 | ||||
| | | | | | | | |
| | | | | | | | |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Long-Term Debt | ' | |||||||
Summary of Long-Term Debt | ' | |||||||
(Dollars in millions) | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
Debt issued by MUFG Americas Holdings Corporation | ||||||||
Senior debt: | ||||||||
Fixed rate 3.50% notes due June 2022 | $ | 397 | $ | 397 | ||||
Subordinated debt: | ||||||||
Floating rate subordinated debt due December 2023. This note, which bears interest at 1.38% above 3-month LIBOR, had a rate of 1.61% at June 30, 2014 and 1.63% at December 31, 2013 | 300 | 300 | ||||||
Junior subordinated debt payable to trusts(1): | ||||||||
Floating rate notes with maturities ranging from March 2033 to September 2036. These notes bear a combined weighted-average rate of 2.57% at June 30, 2014 and 2.60% at December 31, 2013 | 66 | 66 | ||||||
| | | | | | | | |
Total debt issued by MUFG Americas Holdings Corporation | 763 | 763 | ||||||
| | | | | | | | |
Debt issued by MUFG Union Bank, N.A. and other subsidiaries | ||||||||
Senior debt: | ||||||||
Fixed and floating Federal Home Loan Bank advances with maturities ranging from February 2015 to February 2016. These notes bear a combined weighted-average rate of 2.56% at June 30, 2014 and 2.55% at December 31, 2013 | $ | 800 | $ | 800 | ||||
Floating rate notes due June 2014. These notes, which bear interest at 0.95% above 3-month LIBOR, had a rate of 1.19% at December 31, 2013 | — | 300 | ||||||
Fixed rate 3.00% notes due June 2016 | 699 | 699 | ||||||
Fixed rate 1.50% notes due September 2016 | 499 | 499 | ||||||
Floating rate notes due September 2016. These notes, which bear interest at 0.75% above 3-month LIBOR, had a rate of 0.98% at June 30, 2014 and 1.00% at December 31, 2013 | 500 | 500 | ||||||
Fixed rate 2.125% notes due June 2017 | 499 | 499 | ||||||
Fixed rate 2.625% notes due September 2018 | 1,000 | 1,000 | ||||||
Fixed rate 2.250% notes due May 2019 | 502 | — | ||||||
Floating rate notes due May 2017. These notes, which bear interest at 0.40% above 3-month LIBOR, had a rate of 0.62% at June 30, 2014 | 250 | — | ||||||
Note payable: | ||||||||
Fixed rate 6.03% notes due July 2014 (related to consolidated VIE) | 4 | 4 | ||||||
Subordinated debt: | ||||||||
Fixed rate 5.95% notes due May 2016 | 715 | 718 | ||||||
Subordinated debt due to BTMU: | ||||||||
Floating rate subordinated debt due June 2023. This note, which bears interest at 1.2% above 3-month LIBOR, had a rate of 1.43% at June 30, 2014 and 1.45% at December 31, 2013 | 750 | 750 | ||||||
Capital lease obligations with a combined weighted-average interest rate of 4.88% at both June 30, 2014 and December 31, 2013 | 14 | 15 | ||||||
| | | | | | | | |
Total debt issued by MUFG Union Bank, N.A. and other subsidiaries | 6,232 | 5,784 | ||||||
| | | | | | | | |
Total long-term debt | $ | 6,995 | $ | 6,547 | ||||
| | | | | | | | |
| | | | | | | | |
-1 | ||||||||
Long-term debt assumed through PCBC acquisition | ||||||||
Fair_Value_Measurement_and_Fai1
Fair Value Measurement and Fair Value of Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Measurement and Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||||||||
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Level 1 | Level 2 | Level 3 | Netting | Fair Value | |||||||||||||||||||||||||||
Adjustment(1) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Trading account assets: | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | — | $ | 25 | $ | — | $ | — | $ | 25 | ||||||||||||||||||||||
U.S. government sponsored agencies | — | 121 | — | — | 121 | |||||||||||||||||||||||||||
State and municipal | — | 24 | — | — | 24 | |||||||||||||||||||||||||||
Interest rate derivative contracts | 1 | 790 | 6 | (150 | ) | 647 | ||||||||||||||||||||||||||
Commodity derivative contracts | — | 108 | 9 | (48 | ) | 69 | ||||||||||||||||||||||||||
Foreign exchange derivative contracts | — | 23 | 2 | (10 | ) | 15 | ||||||||||||||||||||||||||
Equity derivative contracts | — | — | 286 | (246 | ) | 40 | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total trading account assets | 1 | 1,091 | 303 | (454 | ) | 941 | ||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | — | — | — | — | — | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
U.S. government and government sponsored agencies | — | 8,157 | — | — | 8,157 | |||||||||||||||||||||||||||
Privately issued | — | 191 | — | — | 191 | |||||||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | — | 1,813 | — | — | 1,813 | |||||||||||||||||||||||||||
Collateralized loan obligations | — | 2,534 | — | — | 2,534 | |||||||||||||||||||||||||||
Asset-backed and other | — | 19 | — | — | 19 | |||||||||||||||||||||||||||
Other debt securities: | ||||||||||||||||||||||||||||||||
Direct bank purchase bonds | — | — | 1,897 | — | 1,897 | |||||||||||||||||||||||||||
Other | — | 4 | 48 | — | 52 | |||||||||||||||||||||||||||
Equity securities | 7 | — | — | — | 7 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total securities available for sale | 7 | 12,718 | 1,945 | — | 14,670 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Interest rate hedging contracts | — | 40 | — | — | 40 | |||||||||||||||||||||||||||
Other derivative contracts | — | — | 2 | — | 2 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total other assets | — | 40 | 2 | — | 42 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total assets | $ | 8 | $ | 13,849 | $ | 2,250 | $ | (454 | ) | $ | 15,653 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Percentage of Total | — | % | 89 | % | 14 | % | (3 | )% | 100 | % | ||||||||||||||||||||||
Percentage of Total Company Assets | — | % | 12 | % | 2 | % | — | % | 14 | % | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Trading account liabilities: | ||||||||||||||||||||||||||||||||
Interest rate derivative contracts | $ | 4 | $ | 667 | $ | — | $ | (408 | ) | $ | 263 | |||||||||||||||||||||
Commodity derivative contracts | — | 98 | 9 | (79 | ) | 28 | ||||||||||||||||||||||||||
Foreign exchange derivative contracts | — | 53 | 2 | (23 | ) | 32 | ||||||||||||||||||||||||||
Equity derivative contracts | — | — | 287 | — | 287 | |||||||||||||||||||||||||||
Securities sold, not yet purchased | — | 54 | — | — | 54 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total trading account liabilities | 4 | 872 | 298 | (510 | ) | 664 | ||||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||||||||
FDIC clawback liability | — | — | 102 | — | 102 | |||||||||||||||||||||||||||
Interest rate hedging contracts | — | 2 | — | — | 2 | |||||||||||||||||||||||||||
Other derivative contracts | — | 2 | 3 | — | 5 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total other liabilities | — | 4 | 105 | — | 109 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total liabilities | $ | 4 | $ | 876 | $ | 403 | $ | (510 | ) | $ | 773 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Percentage of Total | 1 | % | 113 | % | 52 | % | (66 | )% | 100 | % | ||||||||||||||||||||||
Percentage of Total Company Liabilities | — | % | 1 | % | — | % | — | % | 1 | % | ||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||||
Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts. | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Level 1 | Level 2 | Level 3 | Netting | Fair Value | |||||||||||||||||||||||||||
Adjustment(1) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Trading account assets: | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | — | $ | 8 | $ | — | $ | — | $ | 8 | ||||||||||||||||||||||
U.S. government sponsored agencies | — | 116 | — | — | 116 | |||||||||||||||||||||||||||
State and municipal | — | 5 | — | — | 5 | |||||||||||||||||||||||||||
Other loans | — | 140 | — | — | 140 | |||||||||||||||||||||||||||
Interest rate derivative contracts | 1 | 705 | 7 | (212 | ) | 501 | ||||||||||||||||||||||||||
Commodity derivative contracts | — | 67 | 9 | (66 | ) | 10 | ||||||||||||||||||||||||||
Foreign exchange derivative contracts | 1 | 30 | 2 | (18 | ) | 15 | ||||||||||||||||||||||||||
Equity derivative contracts | — | — | 253 | (197 | ) | 56 | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total trading account assets | 2 | 1,071 | 271 | (493 | ) | 851 | ||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | — | 73 | — | — | 73 | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
U.S government and government sponsored agencies | — | 8,900 | — | — | 8,900 | |||||||||||||||||||||||||||
Privately issued | — | 222 | — | — | 222 | |||||||||||||||||||||||||||
Privately issued—commercial mortgage-backed securities | — | 1,870 | — | — | 1,870 | |||||||||||||||||||||||||||
Collateralized loan obligations | — | 2,673 | — | — | 2,673 | |||||||||||||||||||||||||||
Asset-backed and other | — | 35 | — | — | 35 | |||||||||||||||||||||||||||
Other debt securities: | ||||||||||||||||||||||||||||||||
Direct bank purchase bonds | — | — | 1,960 | — | 1,960 | |||||||||||||||||||||||||||
Other | — | 18 | 58 | — | 76 | |||||||||||||||||||||||||||
Equity securities | 8 | — | — | — | 8 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total securities available for sale | 8 | 13,791 | 2,018 | — | 15,817 | |||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Interest rate hedging contracts | — | 8 | — | — | 8 | |||||||||||||||||||||||||||
Other derivative contracts | — | 1 | 1 | — | 2 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total other assets | — | 9 | 1 | — | 10 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total assets | $ | 10 | $ | 14,871 | $ | 2,290 | $ | (493 | ) | $ | 16,678 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Percentage of Total | — | % | 89 | % | 14 | % | (3 | )% | 100 | % | ||||||||||||||||||||||
Percentage of Total Company Assets | — | % | 14 | % | 2 | % | — | % | 16 | % | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Trading account liabilities: | ||||||||||||||||||||||||||||||||
Interest rate derivative contracts | $ | 3 | $ | 606 | $ | — | $ | (379 | ) | $ | 230 | |||||||||||||||||||||
Commodity derivative contracts | — | 53 | 8 | (33 | ) | 28 | ||||||||||||||||||||||||||
Foreign exchange derivative contracts | 1 | 26 | 2 | (11 | ) | 18 | ||||||||||||||||||||||||||
Equity derivative contracts | — | — | 254 | — | 254 | |||||||||||||||||||||||||||
Securities sold, not yet purchased | — | 10 | — | — | 10 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total trading account liabilities | 4 | 695 | 264 | (423 | ) | 540 | ||||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||||||||
FDIC clawback liability | — | — | 96 | — | 96 | |||||||||||||||||||||||||||
Interest rate hedging contracts | — | 13 | — | — | 13 | |||||||||||||||||||||||||||
Other derivative contracts | — | 1 | 3 | — | 4 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total other liabilities | — | 14 | 99 | — | 113 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Total liabilities | $ | 4 | $ | 709 | $ | 363 | $ | (423 | ) | $ | 653 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||
Percentage of Total | 1 | % | 109 | % | 55 | % | (65 | )% | 100 | % | ||||||||||||||||||||||
Percentage of Total Company Liabilities | — | % | 1 | % | — | % | — | % | 1 | % | ||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||||
Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts. | ||||||||||||||||||||||||||||||||
Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | ' | |||||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||
(Dollars in millions) | Trading | Securities | Other | Trading | Other | Trading | Securities | Other | Trading | Other | ||||||||||||||||||||||
Assets | Available | Assets | Liabilities | Liabilities | Assets | Available | Assets | Liabilities | Liabilities | |||||||||||||||||||||||
for Sale | for Sale | |||||||||||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | 273 | $ | 2,046 | $ | 1 | $ | (266 | ) | $ | (103 | ) | $ | 186 | $ | 1,592 | $ | 1 | $ | (187 | ) | $ | (96 | ) | ||||||||
Total gains (losses) (realized/unrealized): | ||||||||||||||||||||||||||||||||
Included in income before taxes | 35 | — | 1 | (36 | ) | (2 | ) | (5 | ) | — | 1 | 5 | 2 | |||||||||||||||||||
Included in other comprehensive income | — | 7 | — | — | — | — | 18 | — | — | — | ||||||||||||||||||||||
Purchases/additions | — | 14 | — | — | — | 1 | 192 | — | — | — | ||||||||||||||||||||||
Sales | — | — | — | (1 | ) | — | — | — | — | (1 | ) | — | ||||||||||||||||||||
Settlements | (5 | ) | (122 | ) | — | 5 | — | — | (40 | ) | — | — | — | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset (liability) balance, end of period | $ | 303 | $ | 1,945 | $ | 2 | $ | (298 | ) | $ | (105 | ) | $ | 182 | $ | 1,762 | $ | 2 | $ | (183 | ) | $ | (94 | ) | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period | $ | 35 | $ | — | $ | 1 | $ | (36 | ) | $ | (2 | ) | $ | (5 | ) | $ | — | $ | 1 | $ | 5 | $ | 2 | |||||||||
For the Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||
(Dollars in millions) | Trading | Securities | Other | Trading | Other | Trading | Securities | Other | Trading | Other | ||||||||||||||||||||||
Assets | Available | Assets | Liabilities | Liabilities | Assets | Available | Assets | Liabilities | Liabilities | |||||||||||||||||||||||
for Sale | for Sale | |||||||||||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | 271 | $ | 2,018 | $ | 1 | $ | (264 | ) | $ | (99 | ) | $ | 136 | $ | 1,499 | $ | — | $ | (136 | ) | $ | (95 | ) | ||||||||
Total gains (losses) (realized/unrealized): | ||||||||||||||||||||||||||||||||
Included in income before taxes | 36 | — | 1 | (37 | ) | (6 | ) | 42 | — | 1 | (43 | ) | 1 | |||||||||||||||||||
Included in other comprehensive income | — | 15 | — | — | — | — | 37 | — | — | — | ||||||||||||||||||||||
Purchases/additions | 3 | 137 | — | — | — | 4 | 329 | 1 | — | — | ||||||||||||||||||||||
Sales | — | — | — | (4 | ) | — | — | (14 | ) | — | (4 | ) | — | |||||||||||||||||||
Settlements | (7 | ) | (225 | ) | — | 7 | — | — | (89 | ) | — | — | — | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset (liability) balance, end of period | $ | 303 | $ | 1,945 | $ | 2 | $ | (298 | ) | $ | (105 | ) | $ | 182 | $ | 1,762 | $ | 2 | $ | (183 | ) | $ | (94 | ) | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period | $ | 36 | $ | — | $ | 1 | $ | (37 | ) | $ | (6 | ) | $ | 42 | $ | — | $ | 1 | $ | (43 | ) | $ | 1 | |||||||||
Significant Unobservable Inputs Level 3 Assets and Liabilities | ' | |||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Level 3 Fair | Valuation Technique(s) | Significant Unobservable Input(s) | Range of Inputs | Weighted | |||||||||||||||||||||||||||
Value | Average | |||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
Direct bank purchase bonds | $ | 1,897 | Return on equity | Market-required return on capital | 8.0 - 10.0 | % | 9.9 | % | ||||||||||||||||||||||||
Probability of default | 0.0 - 8.0 | % | 0.5 | % | ||||||||||||||||||||||||||||
Loss severity | 10.0 - 60.0 | % | 31.6 | % | ||||||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||||||||
FDIC clawback liability | $ | 102 | Discounted cash flow | Probability of default | 0.1 - 100.0 | % | 56.2 | % | ||||||||||||||||||||||||
Loss severity | 0.0 - 100.0 | % | 40 | % | ||||||||||||||||||||||||||||
Financial Assets Measured at Fair Value on Nonrecurring Basis | ' | |||||||||||||||||||||||||||||||
Loss for the | Loss for the | |||||||||||||||||||||||||||||||
Three Months | Six Months | |||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||
(Dollars in millions) | June 30, 2014 | June 30, 2014 | Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Value | ||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Impaired loans | $ | 198 | $ | — | $ | — | $ | 198 | $ | (6 | ) | $ | (35 | ) | ||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
OREO | 14 | — | — | 14 | (1 | ) | (3 | ) | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
Total | $ | 212 | $ | — | $ | — | $ | 212 | $ | (7 | ) | $ | (38 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||
Loss for the | Loss for the | |||||||||||||||||||||||||||||||
Three Months | Six Months | |||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||
(Dollars in millions) | Fair | Level 1 | Level 2 | Level 3 | June 30, 2013 | June 30, 2013 | ||||||||||||||||||||||||||
Value | ||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Impaired loans | $ | 91 | $ | — | $ | — | $ | 91 | $ | (11 | ) | $ | (23 | ) | ||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
OREO | 37 | — | — | 37 | (3 | ) | (6 | ) | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
Total | $ | 128 | $ | — | $ | — | $ | 128 | $ | (14 | ) | $ | (29 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
Carrying Amount and Estimated Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Amount | Value | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,329 | $ | 4,329 | $ | 4,329 | $ | — | $ | — | ||||||||||||||||||||||
Securities held to maturity | 8,177 | 8,251 | — | 8,251 | — | |||||||||||||||||||||||||||
Loans held for investment, net of allowance for loan losses(1) | 70,988 | 71,934 | — | — | 71,934 | |||||||||||||||||||||||||||
FDIC indemnification asset | 101 | 11 | — | — | 11 | |||||||||||||||||||||||||||
Other assets | 4 | 4 | — | — | 4 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Deposits | $ | 81,566 | $ | 81,713 | $ | — | $ | 81,713 | $ | — | ||||||||||||||||||||||
Commercial paper and other short-term borrowings | 2,870 | 2,870 | — | 2,870 | — | |||||||||||||||||||||||||||
Long-term debt | 6,995 | 7,167 | — | 7,167 | — | |||||||||||||||||||||||||||
Off-Balance Sheet Instruments | ||||||||||||||||||||||||||||||||
Commitments to extend credit and standby and commercial letters of credit | $ | 290 | $ | 290 | $ | — | $ | — | $ | 290 | ||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||||
Excludes lease financing, net of related allowance. | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Amount | Value | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,203 | $ | 6,203 | $ | 6,203 | $ | — | $ | — | ||||||||||||||||||||||
Securities held to maturity | 6,509 | 6,439 | — | 6,439 | — | |||||||||||||||||||||||||||
Loans held for investment, net of allowance for loan losses(1) | 66,898 | 68,132 | — | — | 68,132 | |||||||||||||||||||||||||||
FDIC indemnification asset | 141 | 95 | — | — | 95 | |||||||||||||||||||||||||||
Other assets | 3 | 3 | — | — | 3 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Deposits | $ | 80,101 | $ | 80,228 | $ | — | $ | 80,228 | $ | — | ||||||||||||||||||||||
Commercial paper and other short-term borrowings | 2,563 | 2,563 | — | 2,563 | — | |||||||||||||||||||||||||||
Long-term debt | 6,547 | 6,709 | — | 6,709 | — | |||||||||||||||||||||||||||
Off-Balance Sheet Instruments | ||||||||||||||||||||||||||||||||
Commitments to extend credit and standby and commercial letters of credit | $ | 273 | $ | 273 | $ | — | $ | — | $ | 273 | ||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||||
Excludes lease financing, net of related allowance. | ||||||||||||||||||||||||||||||||
Derivative_Instruments_and_Oth1
Derivative Instruments and Other Financial Instruments Used For Hedging (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Other Financial Instruments Used For Hedging | ' | |||||||||||||||||||||||
Notional Amounts, Balance Sheet Location and Fair Value Amounts of Derivative Instruments | ' | |||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
(Dollars in millions) | Notional | Asset | Liability | Notional | Asset | Liability | ||||||||||||||||||
Amount | Derivatives | Derivatives | Amount | Derivatives | Derivatives | |||||||||||||||||||
Designated and qualifying as hedging instruments: | ||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||
Interest rate contracts | $ | 8,200 | $ | 37 | $ | 2 | $ | 4,300 | $ | 8 | $ | 13 | ||||||||||||
Fair value hedges | ||||||||||||||||||||||||
Interest rate contracts | 500 | 3 | — | — | — | — | ||||||||||||||||||
Not designated and qualifying as hedging instruments: | ||||||||||||||||||||||||
Trading | ||||||||||||||||||||||||
Interest rate contracts | 47,006 | 797 | 671 | 44,427 | 713 | 609 | ||||||||||||||||||
Commodity contracts | 5,776 | 117 | 107 | 5,714 | 76 | 61 | ||||||||||||||||||
Foreign exchange contracts | 5,329 | 25 | 55 | 5,645 | 33 | 29 | ||||||||||||||||||
Equity contracts | 4,034 | 286 | 287 | 4,027 | 253 | 254 | ||||||||||||||||||
Other contracts | — | — | — | 140 | — | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total Trading | 62,145 | 1,225 | 1,120 | 59,953 | 1,075 | 953 | ||||||||||||||||||
Other risk management | 248 | 2 | 5 | 185 | 2 | 4 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total derivative instruments | $ | 71,093 | $ | 1,267 | $ | 1,127 | $ | 64,438 | $ | 1,085 | $ | 970 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | |||||
Amount and Location of Gains and Losses for Derivatives Designated as Cash Flow Hedges | ' | |||||||||||||||||||||||
Amount of Gain or | Gain or (Loss) Reclassified | Gain or (Loss) Recognized in | ||||||||||||||||||||||
(Loss) Recognized in | from Accumulated OCI into | Income on Derivative | ||||||||||||||||||||||
OCI on Derivative | Income (Effective Portion) | Instruments (Ineffective | ||||||||||||||||||||||
Instruments | Portion and Amount Excluded | |||||||||||||||||||||||
(Effective Portion) | from Effectiveness Testing) | |||||||||||||||||||||||
For the Three Months | For the Three Months | For the Three Months | ||||||||||||||||||||||
Ended June 30, | Ended June 30, | Ended June 30, | ||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | Location | 2014 | 2013 | Location | 2014 | 2013 | ||||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||||||||
Interest income | $ | 27 | $ | 8 | ||||||||||||||||||||
Interest rate contracts | $ | 70 | $ | 3 | Interest expense | 2 | (1 | ) | Noninterest expense | $ | (1 | ) | $ | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 70 | $ | 3 | $ | 29 | $ | 7 | $ | (1 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Amount of Gain or | Gain or (Loss) Reclassified | Gain or (Loss) Recognized in | ||||||||||||||||||||||
(Loss) Recognized in | from Accumulated OCI into | Income on Derivative | ||||||||||||||||||||||
OCI on Derivative | Income (Effective Portion) | Instruments (Ineffective | ||||||||||||||||||||||
Instruments | Portion and Amount Excluded | |||||||||||||||||||||||
(Effective Portion) | from Effectiveness Testing) | |||||||||||||||||||||||
For the Six Months | For the Six Months | For the Six Months | ||||||||||||||||||||||
Ended June 30, | Ended June 30, | Ended June 30, | ||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | Location | 2014 | 2013 | Location | 2014 | 2013 | ||||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||||||||
Interest income | $ | 49 | $ | 15 | ||||||||||||||||||||
Interest rate contracts | $ | 78 | $ | 9 | Interest expense | 3 | (1 | ) | Noninterest expense | $ | (1 | ) | $ | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 78 | $ | 9 | $ | 52 | $ | 14 | $ | (1 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Schedule of derivative gains (losses) on the Company's fair value hedges | ' | |||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||||||||||||||
(Dollars in millions) | Derivative | Hedged | Hedge | Derivative | Hedged | Hedge | ||||||||||||||||||
Item | Ineffectiveness | Item | Ineffectiveness | |||||||||||||||||||||
Interest rate risk on long-term debt | $ | 3 | $ | (3 | ) | $ | — | $ | 3 | $ | (3 | ) | $ | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total | $ | 3 | $ | (3 | ) | $ | — | $ | 3 | $ | (3 | ) | $ | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | |||||
Gain or (Loss) Recognized in Income on Derivative Instruments | ' | |||||||||||||||||||||||
Gain or (Loss) | ||||||||||||||||||||||||
Recognized in Income on | ||||||||||||||||||||||||
Derivative Instruments | Gain or (Loss) | |||||||||||||||||||||||
Recognized in Income on | ||||||||||||||||||||||||
For the Three Months Ended | Derivative Instruments | |||||||||||||||||||||||
For the Six Months Ended | ||||||||||||||||||||||||
(Dollars in millions) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||||||
Trading derivatives: | ||||||||||||||||||||||||
Interest rate contracts | $ | 9 | $ | 10 | $ | 19 | $ | 9 | ||||||||||||||||
Equity contracts | — | — | 1 | — | ||||||||||||||||||||
Foreign exchange contracts | 2 | 5 | 6 | 8 | ||||||||||||||||||||
Commodity contracts | (1 | ) | 1 | 1 | — | |||||||||||||||||||
Other contracts | 2 | — | 1 | 1 | ||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||
Total | $ | 12 | $ | 16 | $ | 28 | $ | 18 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||||||
| | | | | | | | | | | | | | |||||||||||
Summary of Offsetting Assets and Liabilities | ' | |||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Gross Amounts Not Offset in | ||||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||
(Dollars in millions) | Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | ||||||||||||||||||
of Recognized | Offset in | Presented in | Instruments | Received/Pledged | ||||||||||||||||||||
Assets/Liabilities | Balance Sheet | Balance Sheet | ||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Derivative Assets | $ | 1,267 | $ | 454 | $ | 813 | $ | 50 | $ | — | $ | 763 | ||||||||||||
Securities purchased under resale agreements | 45 | — | 45 | 44 | — | 1 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total | $ | 1,312 | $ | 454 | $ | 858 | $ | 94 | $ | — | $ | 764 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | |||||
Financial Liabilities: | ||||||||||||||||||||||||
Derivative Liabilities | $ | 1,127 | $ | 510 | $ | 617 | $ | 220 | $ | — | $ | 397 | ||||||||||||
Securities sold under repurchase agreements | 25 | — | 25 | 25 | — | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total | $ | 1,152 | $ | 510 | $ | 642 | $ | 245 | $ | — | $ | 397 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | |||||
December 31, 2013 | ||||||||||||||||||||||||
Gross Amounts Not Offset in | ||||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||
(Dollars in millions) | Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | ||||||||||||||||||
of Recognized | Offset in | Presented in | Instruments | Received/Pledged | ||||||||||||||||||||
Assets/Liabilities | Balance Sheet | Balance Sheet | ||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Derivative Assets | $ | 1,085 | $ | 493 | $ | 592 | $ | 79 | $ | — | $ | 513 | ||||||||||||
Securities purchased under resale agreements | 10 | — | 10 | 10 | — | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total | $ | 1,095 | $ | 493 | $ | 602 | $ | 89 | $ | — | $ | 513 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | |||||
Financial Liabilities: | ||||||||||||||||||||||||
Derivative Liabilities | $ | 970 | $ | 423 | $ | 547 | $ | 144 | $ | — | $ | 403 | ||||||||||||
Securities sold under repurchase agreements | 8 | — | 8 | 8 | — | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
Total | $ | 978 | $ | 423 | $ | 555 | $ | 152 | $ | — | $ | 403 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Components of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
(Dollars in millions) | Before | Tax | Net of | ||||||||||||||
Tax | Effect | Tax | |||||||||||||||
Amount | |||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||
Cash flow hedge activities: | |||||||||||||||||
Unrealized net gains (losses) on hedges arising during the period | $ | 3 | $ | (1 | ) | $ | 2 | ||||||||||
Less: Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt | (7 | ) | 2 | (5 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Net change | (4 | ) | 1 | (3 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Securities: | |||||||||||||||||
Unrealized holding gains (losses) arising during the period on securities available for sale | (503 | ) | 197 | (306 | ) | ||||||||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net | (27 | ) | 11 | (16 | ) | ||||||||||||
Less: accretion of fair value adjustment on securities available for sale | (23 | ) | 10 | (13 | ) | ||||||||||||
Less: accretion of fair value adjustment on held to maturity securities | (3 | ) | 1 | (2 | ) | ||||||||||||
Less: amortization of net unrealized (gains) losses on held to maturity securities | 11 | (4 | ) | 7 | |||||||||||||
| | | | | | | | | | | |||||||
Net change | (545 | ) | 215 | (330 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Foreign currency translation adjustment | (3 | ) | 1 | (2 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Pension and other benefits: | |||||||||||||||||
Recognized net actuarial gain (loss)(1) | 29 | (12 | ) | 17 | |||||||||||||
| | | | | | | | | | | |||||||
Net change(1) | 29 | (12 | ) | 17 | |||||||||||||
| | | | | | | | | | | |||||||
Net change in accumulated other comprehensive loss | $ | (523 | ) | $ | 205 | $ | (318 | ) | |||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||
Cash flow hedge activities: | |||||||||||||||||
Unrealized net gains (losses) on hedges arising during the period | $ | 70 | $ | (28 | ) | $ | 42 | ||||||||||
Less: Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt | (29 | ) | 12 | (17 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Net change | 41 | (16 | ) | 25 | |||||||||||||
| | | | | | | | | | | |||||||
Securities: | |||||||||||||||||
Unrealized holding gains (losses) arising during the period on securities available for sale | 156 | (61 | ) | 95 | |||||||||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net | (1 | ) | — | (1 | ) | ||||||||||||
Less: accretion of fair value adjustment on securities available for sale | (18 | ) | 8 | (10 | ) | ||||||||||||
Less: amortization of net unrealized (gains) losses on held to maturity securities | 5 | (2 | ) | 3 | |||||||||||||
| | | | | | | | | | | |||||||
Net change | 142 | (55 | ) | 87 | |||||||||||||
| | | | | | | | | | | |||||||
Foreign currency translation adjustment | 4 | (2 | ) | 2 | |||||||||||||
| | | | | | | | | | | |||||||
Pension and other benefits: | |||||||||||||||||
Pension and other benefits arising during the period | (4 | ) | 2 | (2 | ) | ||||||||||||
Amortization of prior service costs(1) | (4 | ) | 2 | (2 | ) | ||||||||||||
Recognized net actuarial gain (loss)(1) | 15 | (7 | ) | 8 | |||||||||||||
| | | | | | | | | | | |||||||
Net change | 7 | (3 | ) | 4 | |||||||||||||
| | | | | | | | | | | |||||||
Net change in accumulated other comprehensive loss | $ | 194 | $ | (76 | ) | $ | 118 | ||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
-1 | |||||||||||||||||
These amounts are included in the computation of net periodic pension cost. For further information, see Note 12 to these consolidated financial statements. | |||||||||||||||||
(Dollars in millions) | Before | Tax | Net of | ||||||||||||||
Tax | Effect | Tax | |||||||||||||||
Amount | |||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||
Cash flow hedge activities: | |||||||||||||||||
Unrealized net gains (losses) on hedges arising during the period | $ | 9 | $ | (3 | ) | $ | 6 | ||||||||||
Less: Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt | (14 | ) | 5 | (9 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Net change | (5 | ) | 2 | (3 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Securities: | |||||||||||||||||
Unrealized holding gains (losses) arising during the period on securities available for sale | (503 | ) | 197 | (306 | ) | ||||||||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net | (123 | ) | 49 | (74 | ) | ||||||||||||
Less: accretion of fair value adjustment on securities available for sale | (38 | ) | 16 | (22 | ) | ||||||||||||
Less: accretion of fair value adjustment on held to maturity securities | (11 | ) | 4 | (7 | ) | ||||||||||||
Less: amortization of net unrealized (gains) losses on held to maturity securities | 25 | (10 | ) | 15 | |||||||||||||
| | | | | | | | | | | |||||||
Net change | (650 | ) | 256 | (394 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Foreign currency translation adjustment | (5 | ) | 2 | (3 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Pension and other benefits: | |||||||||||||||||
Recognized net actuarial gain (loss)(1) | 58 | (23 | ) | 35 | |||||||||||||
| | | | | | | | | | | |||||||
Net change(1) | 58 | (23 | ) | 35 | |||||||||||||
| | | | | | | | | | | |||||||
Net change in accumulated other comprehensive loss | $ | (602 | ) | $ | 237 | $ | (365 | ) | |||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||
Cash flow hedge activities: | |||||||||||||||||
Unrealized net gains (losses) on hedges arising during the period | $ | 78 | $ | (31 | ) | $ | 47 | ||||||||||
Less: Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt | (52 | ) | 21 | (31 | ) | ||||||||||||
| | | | | | | | | | | |||||||
Net change | 26 | (10 | ) | 16 | |||||||||||||
| | | | | | | | | | | |||||||
Securities: | |||||||||||||||||
Unrealized holding gains (losses) arising during the period on securities available for sale | 272 | (107 | ) | 165 | |||||||||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net | (3 | ) | 1 | (2 | ) | ||||||||||||
Less: accretion of fair value adjustment on securities available for sale | (24 | ) | 10 | (14 | ) | ||||||||||||
Less: amortization of net unrealized (gains) losses on held to maturity securities | 10 | (4 | ) | 6 | |||||||||||||
| | | | | | | | | | | |||||||
Net change | 255 | (100 | ) | 155 | |||||||||||||
| | | | | | | | | | | |||||||
Pension and other benefits: | |||||||||||||||||
Pension and other benefits arising during the period | (4 | ) | 2 | (2 | ) | ||||||||||||
Amortization of prior service costs(1) | (4 | ) | 2 | (2 | ) | ||||||||||||
Recognized net actuarial gain (loss)(1) | 29 | (13 | ) | 16 | |||||||||||||
| | | | | | | | | | | |||||||
Net change | 21 | (9 | ) | 12 | |||||||||||||
| | | | | | | | | | | |||||||
Net change in accumulated other comprehensive loss | $ | 302 | $ | (119 | ) | $ | 183 | ||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
-1 | |||||||||||||||||
These amounts are included in the computation of net periodic pension cost. For further information, see Note 12 to these consolidated financial statements. | |||||||||||||||||
Change in Accumulated Other Comprehensive Loss Balances | ' | ||||||||||||||||
For the Three Months Ended June 30, 2013 and 2014: | |||||||||||||||||
(Dollars in millions) | Net | Net | Foreign | Pension and | Accumulated | ||||||||||||
Unrealized | Unrealized | Currency | Other | Other | |||||||||||||
Gains (Losses) | Gains (Losses) | Translation | Benefits | Comprehensive | |||||||||||||
on Cash Flow | on Securities | Adjustment | Adjustment | Loss | |||||||||||||
Hedges | |||||||||||||||||
Balance, March 31, 2013 | $ | 24 | $ | 95 | $ | — | $ | (680 | ) | $ | (561 | ) | |||||
Other comprehensive income (loss) before reclassifications | 2 | (314 | ) | (2 | ) | — | (314 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | (5 | ) | (16 | ) | — | 17 | (4 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2013 | $ | 21 | $ | (235 | ) | $ | (2 | ) | $ | (663 | ) | $ | (879 | ) | |||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Balance, March 31, 2014 | $ | 7 | $ | (260 | ) | $ | (5 | ) | $ | (301 | ) | $ | (559 | ) | |||
Other comprehensive income (loss) before reclassifications | 42 | 95 | 2 | (2 | ) | 137 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | (17 | ) | (8 | ) | — | 6 | (19 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2014 | $ | 32 | $ | (173 | ) | $ | (3 | ) | $ | (297 | ) | $ | (441 | ) | |||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
For the Six Months Ended June 30, 2013 and 2014: | |||||||||||||||||
(Dollars in millions) | Net | Net | Foreign | Pension and | Accumulated | ||||||||||||
Unrealized | Unrealized | Currency | Other | Other | |||||||||||||
Gains (Losses) | Gains (Losses) | Translation | Benefits | Comprehensive | |||||||||||||
on Cash Flow | on Securities | Adjustment | Adjustment | Loss | |||||||||||||
Hedges | |||||||||||||||||
Balance, December 31, 2012 | $ | 24 | $ | 159 | $ | 1 | $ | (698 | ) | $ | (514 | ) | |||||
Other comprehensive income (loss) before reclassifications | 6 | (320 | ) | (3 | ) | — | (317 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | (9 | ) | (74 | ) | — | 35 | (48 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2013 | $ | 21 | $ | (235 | ) | $ | (2 | ) | $ | (663 | ) | $ | (879 | ) | |||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Balance, December 31, 2013 | $ | 16 | $ | (328 | ) | $ | (3 | ) | $ | (309 | ) | $ | (624 | ) | |||
Other comprehensive income (loss) before reclassifications | 47 | 165 | — | (2 | ) | 210 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | (31 | ) | (10 | ) | — | 14 | (27 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2014 | $ | 32 | $ | (173 | ) | $ | (3 | ) | $ | (297 | ) | $ | (441 | ) | |||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Employee_Pension_and_Other_Pos1
Employee Pension and Other Postretirement Benefits (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Employee Pension and Other Postretirement Benefits | ' | |||||||||||||||||||
Summary of discount rates used in computing the present value of the pension and other benefit obligations | ' | |||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
April 30, | December 31, | April 30, | December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Discount rate in determining benefit obligations | 4.5 | % | 4.9 | % | 4.2 | % | 4.6 | % | ||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||||||
Pension | Other Benefits | Superannuation, | ||||||||||||||||||
Benefits | SERP(1) | |||||||||||||||||||
and ESBP(2) | ||||||||||||||||||||
For the Three | For the Three | For the Three | ||||||||||||||||||
Months | Months | Months | ||||||||||||||||||
Ended | Ended | Ended | ||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||
Service cost | $ | 18 | $ | 21 | $ | 2 | $ | 3 | $ | — | $ | — | ||||||||
Interest cost | 26 | 24 | 3 | 3 | 1 | 1 | ||||||||||||||
Expected return on plan assets | (47 | ) | (42 | ) | (4 | ) | (4 | ) | — | — | ||||||||||
Amortization of prior service cost | (3 | ) | — | (1 | ) | — | — | — | ||||||||||||
Recognized net actuarial loss | 14 | 27 | — | 2 | 1 | — | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total net periodic benefit cost | $ | 8 | $ | 30 | $ | — | $ | 4 | $ | 2 | $ | 1 | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Pension | Other Benefits | Superannuation, | ||||||||||||||||||
Benefits | SERP(1) | |||||||||||||||||||
and ESBP(2) | ||||||||||||||||||||
For the Six | For the Six | For the Six | ||||||||||||||||||
Months | Months | Months | ||||||||||||||||||
Ended | Ended | Ended | ||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||
Service cost | $ | 39 | $ | 43 | $ | 5 | $ | 7 | $ | 1 | $ | — | ||||||||
Interest cost | 54 | 49 | 6 | 6 | 2 | 2 | ||||||||||||||
Expected return on plan assets | (95 | ) | (83 | ) | (9 | ) | (8 | ) | — | — | ||||||||||
Amortization of prior service cost | (3 | ) | — | (1 | ) | — | — | — | ||||||||||||
Recognized net actuarial loss | 28 | 54 | — | 3 | 1 | 1 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total net periodic benefit cost | $ | 23 | $ | 63 | $ | 1 | $ | 8 | $ | 4 | $ | 3 | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
-1 | ||||||||||||||||||||
Supplemental Executives Retirement Plan (SERP). | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Executive Supplemental Benefit Plans (ESBP). | ||||||||||||||||||||
Commitments_Contingencies_and_1
Commitments, Contingencies and Guarantees (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments, Contingencies and Guarantees | ' | ||||
Summary of Commitments | ' | ||||
(Dollars in millions) | June 30, 2014 | ||||
Commitments to extend credit | $ | 34,724 | |||
Issued standby and commercial letters of credit | 5,887 | ||||
Other commitments | 180 |
Business_Segments_Tables
Business Segments (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||||
Schedule of reportable business segments | ' | |||||||||||||||||||||||||
As of and for the Three Months Ended June 30, 2014: | ||||||||||||||||||||||||||
(Dollars in millions) | Retail | Commercial | Corporate | Transaction | Investment | Other | Reconciling | MUFG | ||||||||||||||||||
Banking & | Banking | Banking | Banking | Banking & | Items | Americas | ||||||||||||||||||||
Wealth | Markets | Holdings | ||||||||||||||||||||||||
Markets | Corporation | |||||||||||||||||||||||||
Results of operations—Market View | ||||||||||||||||||||||||||
Net interest income (expense) | $ | 362 | $ | 277 | $ | 43 | $ | 94 | $ | 43 | $ | 36 | $ | (92 | ) | $ | 763 | |||||||||
Noninterest income (expense) | 87 | 58 | 22 | 39 | 57 | (6 | ) | (55 | ) | 202 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenue | 449 | 335 | 65 | 133 | 100 | 30 | (147 | ) | 965 | |||||||||||||||||
Noninterest expense | 340 | 104 | 16 | 88 | 28 | 111 | (38 | ) | 649 | |||||||||||||||||
(Reversal of) provision for loan losses | (2 | ) | (10 | ) | 9 | 2 | 15 | 3 | (8 | ) | 9 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and including noncontrolling interests | 111 | 241 | 40 | 43 | 57 | (84 | ) | (101 | ) | 307 | ||||||||||||||||
Income tax expense (benefit) | 44 | 65 | 16 | 17 | 12 | (53 | ) | (39 | ) | 62 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) including noncontrolling interests | 67 | 176 | 24 | 26 | 45 | (31 | ) | (62 | ) | 245 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Deduct: net loss from noncontrolling interests | — | — | — | — | — | 4 | — | 4 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to MUAH | $ | 67 | $ | 176 | $ | 24 | $ | 26 | $ | 45 | $ | (27 | ) | $ | (62 | ) | $ | 249 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets, end of period | $ | 36,417 | $ | 35,423 | $ | 4,916 | $ | 1,938 | $ | 6,199 | $ | 27,485 | $ | (3,558 | ) | $ | 108,820 | |||||||||
As of and for the Three Months Ended June 30, 2013: | ||||||||||||||||||||||||||
(Dollars in millions) | Retail | Commercial | Corporate | Transaction | Investment | Other | Reconciling | MUFG | ||||||||||||||||||
Banking & | Banking | Banking | Banking | Banking & | Items | Americas | ||||||||||||||||||||
Wealth | Markets | Holdings | ||||||||||||||||||||||||
Markets | Corporation | |||||||||||||||||||||||||
Results of operations—Market View | ||||||||||||||||||||||||||
Net interest income (expense) | $ | 332 | $ | 217 | $ | 31 | $ | 95 | $ | 43 | $ | 30 | $ | (76 | ) | $ | 672 | |||||||||
Noninterest income (expense) | 94 | 49 | 18 | 41 | 54 | (4 | ) | (51 | ) | 201 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenue | 426 | 266 | 49 | 136 | 97 | 26 | (127 | ) | 873 | |||||||||||||||||
Noninterest expense | 366 | 102 | 12 | 91 | 25 | 138 | (32 | ) | 702 | |||||||||||||||||
(Reversal of) provision for loan losses | (7 | ) | 3 | (4 | ) | (4 | ) | 7 | 3 | (1 | ) | (3 | ) | |||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and including noncontrolling interests | 67 | 161 | 41 | 49 | 65 | (115 | ) | (94 | ) | 174 | ||||||||||||||||
Income tax expense (benefit) | 27 | 40 | 15 | 20 | 17 | (48 | ) | (36 | ) | 35 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) including noncontrolling interests | 40 | 121 | 26 | 29 | 48 | (67 | ) | (58 | ) | 139 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Deduct: net loss from noncontrolling interests | — | — | — | — | — | 3 | — | 3 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to MUAH | $ | 40 | $ | 121 | $ | 26 | $ | 29 | $ | 48 | $ | (64 | ) | $ | (58 | ) | $ | 142 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets, end of period | $ | 33,008 | $ | 31,153 | $ | 4,364 | $ | 1,507 | $ | 5,585 | $ | 28,525 | $ | (1,863 | ) | $ | 102,279 | |||||||||
As of and for the Six Months Ended June 30, 2014: | ||||||||||||||||||||||||||
(Dollars in millions) | Retail | Commercial | Corporate | Transaction | Investment | Other | Reconciling | MUFG | ||||||||||||||||||
Banking & | Banking | Banking | Banking | Banking & | Items | Americas | ||||||||||||||||||||
Wealth | Markets | Holdings | ||||||||||||||||||||||||
Markets | Corporation | |||||||||||||||||||||||||
Results of operations—Market View | ||||||||||||||||||||||||||
Net interest income (expense) | $ | 709 | $ | 504 | $ | 74 | $ | 194 | $ | 89 | $ | 48 | $ | (172 | ) | $ | 1,446 | |||||||||
Noninterest income (expense) | 166 | 106 | 40 | 79 | 107 | (13 | ) | (102 | ) | 383 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenue | 875 | 610 | 114 | 273 | 196 | 35 | (274 | ) | 1,829 | |||||||||||||||||
Noninterest expense | 675 | 209 | 31 | 177 | 55 | 235 | (73 | ) | 1,309 | |||||||||||||||||
(Reversal of) provision for loan losses | (8 | ) | 6 | (7 | ) | 3 | 30 | (12 | ) | (19 | ) | (7 | ) | |||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and including noncontrolling interests | 208 | 395 | 90 | 93 | 111 | (188 | ) | (182 | ) | 527 | ||||||||||||||||
Income tax expense (benefit) | 82 | 99 | 35 | 36 | 23 | (92 | ) | (71 | ) | 112 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) including noncontrolling interests | 126 | 296 | 55 | 57 | 88 | (96 | ) | (111 | ) | 415 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Deduct: net loss from noncontrolling interests | — | — | — | — | — | 9 | — | 9 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to MUAH | $ | 126 | $ | 296 | $ | 55 | $ | 57 | $ | 88 | $ | (87 | ) | $ | (111 | ) | $ | 424 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets, end of period | $ | 36,417 | $ | 35,423 | $ | 4,916 | $ | 1,938 | $ | 6,199 | $ | 27,485 | $ | (3,558 | ) | $ | 108,820 | |||||||||
As of and for the Six Months Ended June 30, 2013: | ||||||||||||||||||||||||||
(Dollars in millions) | Retail | Commercial | Corporate | Transaction | Investment | Other | Reconciling | MUFG | ||||||||||||||||||
Banking & | Banking | Banking | Banking | Banking & Markets | Items | Americas | ||||||||||||||||||||
Wealth | Holdings | |||||||||||||||||||||||||
Markets | Corporation | |||||||||||||||||||||||||
Results of operations—Market View | ||||||||||||||||||||||||||
Net interest income (expense) | $ | 669 | $ | 423 | $ | 60 | $ | 206 | $ | 89 | $ | 31 | $ | (153 | ) | $ | 1,325 | |||||||||
Noninterest income (expense) | 187 | 92 | 35 | 79 | 101 | 50 | (92 | ) | 452 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenue | 856 | 515 | 95 | 285 | 190 | 81 | (245 | ) | 1,777 | |||||||||||||||||
Noninterest expense | 730 | 199 | 26 | 184 | 50 | 291 | (65 | ) | 1,415 | |||||||||||||||||
(Reversal of) provision for loan losses | (15 | ) | 30 | 2 | (3 | ) | 4 | (24 | ) | — | (6 | ) | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and including noncontrolling interests | 141 | 286 | 67 | 104 | 136 | (186 | ) | (180 | ) | 368 | ||||||||||||||||
Income tax expense (benefit) | 56 | 69 | 26 | 41 | 36 | (72 | ) | (71 | ) | 85 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) including noncontrolling interests | 85 | 217 | 41 | 63 | 100 | (114 | ) | (109 | ) | 283 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Deduct: net loss from noncontrolling interests | — | — | — | — | — | 7 | — | 7 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to MUAH | $ | 85 | $ | 217 | $ | 41 | $ | 63 | $ | 100 | $ | (107 | ) | $ | (109 | ) | $ | 290 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets, end of period | $ | 33,008 | $ | 31,153 | $ | 4,364 | $ | 1,507 | $ | 5,585 | $ | 28,525 | $ | (1,863 | ) | $ | 102,279 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies, Nature of Operations and Other Developments (Details) (Subsequent event) | Jul. 01, 2014 |
item | |
Subsequent event | ' |
Summary of significant accounting policies, nature of operations and other developments | ' |
Number of employees transferred to the Bank | 2,300 |
Correction_of_Prior_Period_Amo2
Correction of Prior Period Amounts (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Net interest income | ' | ' | ' | ' | ' | ' |
Interest expense-deposits | $61 | $61 | $123 | $121 | ' | ' |
Noninterest income | ' | ' | ' | ' | ' | ' |
Trading account activities | 14 | 21 | 30 | 26 | ' | ' |
Brokerage commissions and fees | 13 | 11 | 26 | 22 | ' | ' |
Income before income taxes and including noncontrolling interests | 307 | 174 | 527 | 368 | ' | ' |
Net Income Attributable to MUFG Americas Holdings Corporation (MUAH) | 249 | 142 | 424 | 290 | ' | ' |
Affected line items on the Consolidated Balance Sheet and Statements of Changes in Stockholder's Equity: | ' | ' | ' | ' | ' | ' |
Retained earnings | 7,936 | ' | 7,936 | ' | 7,512 | 6,845 |
As Previously Reported | ' | ' | ' | ' | ' | ' |
Net interest income | ' | ' | ' | ' | ' | ' |
Interest expense-deposits | ' | 67 | ' | 132 | ' | ' |
Noninterest income | ' | ' | ' | ' | ' | ' |
Trading account activities | ' | 24 | ' | 32 | ' | ' |
Brokerage commissions and fees | ' | 12 | ' | 24 | ' | ' |
Income before income taxes and including noncontrolling interests | ' | 172 | ' | 365 | ' | ' |
Net Income Attributable to MUFG Americas Holdings Corporation (MUAH) | ' | 141 | ' | 288 | ' | ' |
Affected line items on the Consolidated Balance Sheet and Statements of Changes in Stockholder's Equity: | ' | ' | ' | ' | ' | ' |
Retained earnings | ' | ' | ' | ' | ' | 6,875 |
Error pertaining to income of certificate of deposits recognized within noninterest income | Adjustment | ' | ' | ' | ' | ' | ' |
Net interest income | ' | ' | ' | ' | ' | ' |
Interest expense-deposits | ' | -6 | ' | -11 | ' | ' |
Noninterest income | ' | ' | ' | ' | ' | ' |
Trading account activities | ' | -3 | ' | -6 | ' | ' |
Brokerage commissions and fees | ' | -1 | ' | -2 | ' | ' |
Income before income taxes and including noncontrolling interests | ' | 2 | ' | 3 | ' | ' |
Net Income Attributable to MUFG Americas Holdings Corporation (MUAH) | ' | 1 | ' | 2 | ' | ' |
Affected line items on the Consolidated Balance Sheet and Statements of Changes in Stockholder's Equity: | ' | ' | ' | ' | ' | ' |
Retained earnings | ' | ' | ' | ' | ' | ($30) |
Business_Combinations_Details
Business Combinations (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
PB Capital | |||
Business Acquisitions | ' | ' | ' |
Purchase price, paid in cash | ' | ' | $3,700,000,000 |
Loans acquired excluding the effects of purchase accounting adjustments | ' | ' | 3,500,000,000 |
Fair value of net assets acquired | ' | ' | 3,400,000,000 |
Goodwill | $3,227,000,000 | $3,228,000,000 | $238,000,000 |
Securities_Details
Securities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Securities available for sale | ' | ' |
Amortized Cost | $14,802 | $16,194 |
Gross Unrealized Gains | 78 | 76 |
Gross Unrealized Losses | 210 | 453 |
Fair Value | 14,670 | 15,817 |
U.S. government sponsored agencies | ' | ' |
Securities available for sale | ' | ' |
Amortized Cost | ' | 73 |
Fair Value | ' | 73 |
Residential mortgage-backed securities, U.S. government agency and government-sponsored agencies | ' | ' |
Securities available for sale | ' | ' |
Amortized Cost | 8,281 | 9,194 |
Gross Unrealized Gains | 3 | 2 |
Gross Unrealized Losses | 127 | 296 |
Fair Value | 8,157 | 8,900 |
Residential mortgage-backed securities, Privately issued | ' | ' |
Securities available for sale | ' | ' |
Amortized Cost | 188 | 220 |
Gross Unrealized Gains | 4 | 4 |
Gross Unrealized Losses | 1 | 2 |
Fair Value | 191 | 222 |
Privately issued - commercial mortgage-backed securities | ' | ' |
Securities available for sale | ' | ' |
Amortized Cost | 1,824 | 1,947 |
Gross Unrealized Gains | 14 | 8 |
Gross Unrealized Losses | 25 | 85 |
Fair Value | 1,813 | 1,870 |
Collateralized loan obligations | ' | ' |
Securities available for sale | ' | ' |
Amortized Cost | 2,543 | 2,670 |
Gross Unrealized Gains | 13 | 25 |
Gross Unrealized Losses | 22 | 22 |
Fair Value | 2,534 | 2,673 |
Asset-backed and other | ' | ' |
Securities available for sale | ' | ' |
Amortized Cost | 18 | 34 |
Gross Unrealized Gains | 1 | 1 |
Fair Value | 19 | 35 |
Asset Liability Management securities | ' | ' |
Securities available for sale | ' | ' |
Amortized Cost | 12,854 | 14,138 |
Gross Unrealized Gains | 35 | 40 |
Gross Unrealized Losses | 175 | 405 |
Fair Value | 12,714 | 13,773 |
Other debt securities, Direct bank purchase bonds | ' | ' |
Securities available for sale | ' | ' |
Amortized Cost | 1,888 | 1,968 |
Gross Unrealized Gains | 42 | 35 |
Gross Unrealized Losses | 33 | 43 |
Fair Value | 1,897 | 1,960 |
Other debt securities, Other | ' | ' |
Securities available for sale | ' | ' |
Amortized Cost | 54 | 81 |
Gross Unrealized Losses | 2 | 5 |
Fair Value | 52 | 76 |
Equity securities | ' | ' |
Securities available for sale | ' | ' |
Amortized Cost | 6 | 7 |
Gross Unrealized Gains | 1 | 1 |
Fair Value | $7 | $8 |
Securities_Details_2
Securities (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Securities available for sale | ' | ' |
Securities available for sale, Less than 12 months, Fair Value | $2,554 | $12,290 |
Securities available for sale, 12 months or more, Fair Value | 9,370 | 1,046 |
Securities available for sale, Fair Value, Total | 11,924 | 13,336 |
Securities available for sale, Less than 12 months, Unrealized Losses | 26 | 415 |
Securities available for sale, 12 months or more, Unrealized Losses | 184 | 38 |
Securities available for sale, Unrealized Losses, Total | 210 | 453 |
Residential mortgage-backed securities, U.S. government agency and government-sponsored agencies | ' | ' |
Securities available for sale | ' | ' |
Securities available for sale, Less than 12 months, Fair Value | 429 | 8,508 |
Securities available for sale, 12 months or more, Fair Value | 7,195 | 147 |
Securities available for sale, Fair Value, Total | 7,624 | 8,655 |
Securities available for sale, Less than 12 months, Unrealized Losses | 1 | 293 |
Securities available for sale, 12 months or more, Unrealized Losses | 126 | 3 |
Securities available for sale, Unrealized Losses, Total | 127 | 296 |
Residential mortgage-backed securities, Privately issued | ' | ' |
Securities available for sale | ' | ' |
Securities available for sale, Less than 12 months, Fair Value | 7 | 72 |
Securities available for sale, 12 months or more, Fair Value | 56 | 18 |
Securities available for sale, Fair Value, Total | 63 | 90 |
Securities available for sale, Less than 12 months, Unrealized Losses | ' | 2 |
Securities available for sale, 12 months or more, Unrealized Losses | 1 | ' |
Securities available for sale, Unrealized Losses, Total | 1 | 2 |
Privately issued - commercial mortgage-backed securities | ' | ' |
Securities available for sale | ' | ' |
Securities available for sale, Less than 12 months, Fair Value | 115 | 1,274 |
Securities available for sale, 12 months or more, Fair Value | 931 | 58 |
Securities available for sale, Fair Value, Total | 1,046 | 1,332 |
Securities available for sale, Less than 12 months, Unrealized Losses | ' | 80 |
Securities available for sale, 12 months or more, Unrealized Losses | 25 | 5 |
Securities available for sale, Unrealized Losses, Total | 25 | 85 |
Collateralized loan obligations | ' | ' |
Securities available for sale | ' | ' |
Securities available for sale, Less than 12 months, Fair Value | 1,697 | 1,879 |
Securities available for sale, 12 months or more, Fair Value | 224 | 10 |
Securities available for sale, Fair Value, Total | 1,921 | 1,889 |
Securities available for sale, Less than 12 months, Unrealized Losses | 18 | 21 |
Securities available for sale, 12 months or more, Unrealized Losses | 4 | 1 |
Securities available for sale, Unrealized Losses, Total | 22 | 22 |
Asset-backed and other | ' | ' |
Securities available for sale | ' | ' |
Securities available for sale, 12 months or more, Fair Value | 1 | 1 |
Securities available for sale, Fair Value, Total | 1 | 1 |
Asset Liability Management securities | ' | ' |
Securities available for sale | ' | ' |
Securities available for sale, Less than 12 months, Fair Value | 2,248 | 11,733 |
Securities available for sale, 12 months or more, Fair Value | 8,407 | 234 |
Securities available for sale, Fair Value, Total | 10,655 | 11,967 |
Securities available for sale, Less than 12 months, Unrealized Losses | 19 | 396 |
Securities available for sale, 12 months or more, Unrealized Losses | 156 | 9 |
Securities available for sale, Unrealized Losses, Total | 175 | 405 |
Other debt securities, Direct bank purchase bonds | ' | ' |
Securities available for sale | ' | ' |
Securities available for sale, Less than 12 months, Fair Value | 301 | 537 |
Securities available for sale, 12 months or more, Fair Value | 939 | 778 |
Securities available for sale, Fair Value, Total | 1,240 | 1,315 |
Securities available for sale, Less than 12 months, Unrealized Losses | 7 | 18 |
Securities available for sale, 12 months or more, Unrealized Losses | 26 | 25 |
Securities available for sale, Unrealized Losses, Total | 33 | 43 |
Other debt securities, Other | ' | ' |
Securities available for sale | ' | ' |
Securities available for sale, Less than 12 months, Fair Value | ' | 15 |
Securities available for sale, 12 months or more, Fair Value | 24 | 34 |
Securities available for sale, Fair Value, Total | 24 | 49 |
Securities available for sale, Less than 12 months, Unrealized Losses | ' | 1 |
Securities available for sale, 12 months or more, Unrealized Losses | 2 | 4 |
Securities available for sale, Unrealized Losses, Total | 2 | 5 |
Equity securities | ' | ' |
Securities available for sale | ' | ' |
Securities available for sale, Less than 12 months, Fair Value | 5 | 5 |
Securities available for sale, Fair Value, Total | $5 | $5 |
Securities_Details_3
Securities (Details 3) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Securities available for sale | ' |
One Year or Less | $29 |
Over One Year Through Five Years | 783 |
Over Five Years Through Ten Years | 1,995 |
Over Ten Years | 11,856 |
Total Fair Value | 14,663 |
Residential mortgage-backed securities, U.S. government agency and government-sponsored agencies | ' |
Securities available for sale | ' |
One Year or Less | 1 |
Over One Year Through Five Years | 35 |
Over Five Years Through Ten Years | 559 |
Over Ten Years | 7,562 |
Total Fair Value | 8,157 |
Residential mortgage-backed securities, Privately issued | ' |
Securities available for sale | ' |
Over Five Years Through Ten Years | 5 |
Over Ten Years | 186 |
Total Fair Value | 191 |
Privately issued - commercial mortgage-backed securities | ' |
Securities available for sale | ' |
Over Five Years Through Ten Years | 35 |
Over Ten Years | 1,778 |
Total Fair Value | 1,813 |
Collateralized loan obligations | ' |
Securities available for sale | ' |
Over One Year Through Five Years | 263 |
Over Five Years Through Ten Years | 467 |
Over Ten Years | 1,804 |
Total Fair Value | 2,534 |
Asset-backed and other | ' |
Securities available for sale | ' |
Over One Year Through Five Years | 11 |
Over Five Years Through Ten Years | 8 |
Total Fair Value | 19 |
Asset Liability Management securities | ' |
Securities available for sale | ' |
One Year or Less | 1 |
Over One Year Through Five Years | 309 |
Over Five Years Through Ten Years | 1,074 |
Over Ten Years | 11,330 |
Total Fair Value | 12,714 |
Other debt securities, Direct bank purchase bonds | ' |
Securities available for sale | ' |
One Year or Less | 28 |
Over One Year Through Five Years | 457 |
Over Five Years Through Ten Years | 917 |
Over Ten Years | 495 |
Total Fair Value | 1,897 |
Other debt securities, Other | ' |
Securities available for sale | ' |
Over One Year Through Five Years | 17 |
Over Five Years Through Ten Years | 4 |
Over Ten Years | 31 |
Total Fair Value | $52 |
Securities_Details_4
Securities (Details 4) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Securities | ' | ' | ' | ' |
Proceeds from sales | $264 | $487 | $598 | $5,585 |
Gross realized gains | $6 | $27 | $8 | $126 |
Securities_Details_5
Securities (Details 5) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Securities held to maturity | ' | ' |
Securities held to maturity, Amortized Cost | $8,329 | $6,671 |
Securities held to maturity, Gross Unrealized Gains, Recognized in Other Comprehensive Income (OCI) | 6 | 7 |
Securities held to maturity, gross unrealized losses, recognized in other comprehensive income (OCI) | 158 | 169 |
Total securities held to maturity, carrying amount | 8,177 | 6,509 |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 93 | 11 |
Securities held to maturity, Gross Unrealized Losses, Not Recognized in OCI | 19 | 81 |
Total securities held to maturity, Fair Value | 8,251 | 6,439 |
Residential mortgage-backed securities, U.S. government agency and government-sponsored agencies | ' | ' |
Securities held to maturity | ' | ' |
Securities held to maturity, Amortized Cost | 5,734 | 5,065 |
Securities held to maturity, Gross Unrealized Gains, Recognized in Other Comprehensive Income (OCI) | 6 | 7 |
Securities held to maturity, gross unrealized losses, recognized in other comprehensive income (OCI) | 71 | 77 |
Total securities held to maturity, carrying amount | 5,669 | 4,995 |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 42 | 8 |
Securities held to maturity, Gross Unrealized Losses, Not Recognized in OCI | 13 | 69 |
Total securities held to maturity, Fair Value | 5,698 | 4,934 |
U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities | ' | ' |
Securities held to maturity | ' | ' |
Securities held to maturity, Amortized Cost | 1,836 | 1,606 |
Securities held to maturity, gross unrealized losses, recognized in other comprehensive income (OCI) | 87 | 92 |
Total securities held to maturity, carrying amount | 1,749 | 1,514 |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 48 | 3 |
Securities held to maturity, Gross Unrealized Losses, Not Recognized in OCI | 5 | 12 |
Total securities held to maturity, Fair Value | 1,792 | 1,505 |
U.S. Treasury | ' | ' |
Securities held to maturity | ' | ' |
Securities held to maturity, Amortized Cost | 484 | ' |
Total securities held to maturity, carrying amount | 484 | ' |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 2 | ' |
Total securities held to maturity, Fair Value | 486 | ' |
U.S. government sponsored agencies | ' | ' |
Securities held to maturity | ' | ' |
Securities held to maturity, Amortized Cost | 275 | ' |
Total securities held to maturity, carrying amount | 275 | ' |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 1 | ' |
Securities held to maturity, Gross Unrealized Losses, Not Recognized in OCI | 1 | ' |
Total securities held to maturity, Fair Value | $275 | ' |
Securities_Details_6
Securities (Details 6) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Securities held to maturity | ' | ' |
Less than 12 months, Fair Value | $792 | $4,889 |
Less than 12 months, Unrealized Losses, Recognized in OCI | ' | 122 |
Less than 12 months, Unrealized Losses, Not Recognized in OCI | 5 | 78 |
12 months or more, Fair Value | 4,214 | 543 |
12 months or more, Unrealized Losses, Recognized in OCI | 158 | 47 |
12 months or more, Unrealized Losses, Not Recognized in OCI | 14 | 3 |
Total, Fair Value | 5,006 | 5,432 |
Total, Unrealized Losses, Recognized in OCI | 158 | 169 |
Total, Unrealized Losses, Not Recognized in OCI | 19 | 81 |
Residential mortgage-backed securities, U.S. government agency and government-sponsored agencies | ' | ' |
Securities held to maturity | ' | ' |
Less than 12 months, Fair Value | 496 | 3,873 |
Less than 12 months, Unrealized Losses, Recognized in OCI | ' | 76 |
Less than 12 months, Unrealized Losses, Not Recognized in OCI | 3 | 68 |
12 months or more, Fair Value | 2,758 | 54 |
12 months or more, Unrealized Losses, Recognized in OCI | 71 | 1 |
12 months or more, Unrealized Losses, Not Recognized in OCI | 10 | 1 |
Total, Fair Value | 3,254 | 3,927 |
Total, Unrealized Losses, Recognized in OCI | 71 | 77 |
Total, Unrealized Losses, Not Recognized in OCI | 13 | 69 |
U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities | ' | ' |
Securities held to maturity | ' | ' |
Less than 12 months, Fair Value | 146 | 1,016 |
Less than 12 months, Unrealized Losses, Recognized in OCI | ' | 46 |
Less than 12 months, Unrealized Losses, Not Recognized in OCI | 1 | 10 |
12 months or more, Fair Value | 1,456 | 489 |
12 months or more, Unrealized Losses, Recognized in OCI | 87 | 46 |
12 months or more, Unrealized Losses, Not Recognized in OCI | 4 | 2 |
Total, Fair Value | 1,602 | 1,505 |
Total, Unrealized Losses, Recognized in OCI | 87 | 92 |
Total, Unrealized Losses, Not Recognized in OCI | 5 | 12 |
U.S. government sponsored agencies | ' | ' |
Securities held to maturity | ' | ' |
Less than 12 months, Fair Value | 150 | ' |
Less than 12 months, Unrealized Losses, Not Recognized in OCI | 1 | ' |
Total, Fair Value | 150 | ' |
Total, Unrealized Losses, Not Recognized in OCI | $1 | ' |
Securities_Details_7
Securities (Details 7) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Securities held to maturity | ' | ' |
Over One Year Through Five Years, Carrying Amount | $295 | ' |
Over Five Years Through Ten Years, Carrying Amount | 1,304 | ' |
Over Ten Years, Carrying Amount | 6,578 | ' |
Total securities held to maturity, carrying amount | 8,177 | 6,509 |
Over One Year Through Five Years, Fair Value | 297 | ' |
Over Five Years Through Ten Years, Fair Value | 1,344 | ' |
Over Ten Years, Fair Value | 6,610 | ' |
Total securities held to maturity, Fair Value | 8,251 | 6,439 |
Residential mortgage-backed securities, U.S. government agency and government-sponsored agencies | ' | ' |
Securities held to maturity | ' | ' |
Over One Year Through Five Years, Carrying Amount | 2 | ' |
Over Ten Years, Carrying Amount | 5,667 | ' |
Total securities held to maturity, carrying amount | 5,669 | 4,995 |
Over One Year Through Five Years, Fair Value | 2 | ' |
Over Ten Years, Fair Value | 5,696 | ' |
Total securities held to maturity, Fair Value | 5,698 | 4,934 |
U.S. Treasury | ' | ' |
Securities held to maturity | ' | ' |
Over One Year Through Five Years, Carrying Amount | 244 | ' |
Over Five Years Through Ten Years, Carrying Amount | 240 | ' |
Total securities held to maturity, carrying amount | 484 | ' |
Over One Year Through Five Years, Fair Value | 245 | ' |
Over Five Years Through Ten Years, Fair Value | 241 | ' |
Total securities held to maturity, Fair Value | 486 | ' |
U.S. government sponsored agencies | ' | ' |
Securities held to maturity | ' | ' |
Over Five Years Through Ten Years, Carrying Amount | 275 | ' |
Total securities held to maturity, carrying amount | 275 | ' |
Over Five Years Through Ten Years, Fair Value | 275 | ' |
Total securities held to maturity, Fair Value | 275 | ' |
U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities | ' | ' |
Securities held to maturity | ' | ' |
Over One Year Through Five Years, Carrying Amount | 49 | ' |
Over Five Years Through Ten Years, Carrying Amount | 789 | ' |
Over Ten Years, Carrying Amount | 911 | ' |
Total securities held to maturity, carrying amount | 1,749 | 1,514 |
Over One Year Through Five Years, Fair Value | 50 | ' |
Over Five Years Through Ten Years, Fair Value | 828 | ' |
Over Ten Years, Fair Value | 914 | ' |
Total securities held to maturity, Fair Value | $1,792 | $1,505 |
Securities_Details_8
Securities (Details 8) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Securities Pledged as Collateral | ' | ' |
Securities available for sale pledged as collateral | $6,100,000,000 | ' |
Borrowings | ' | ' |
Securities Pledged as Collateral | ' | ' |
Securities available for sale pledged as collateral | 600,000,000 | ' |
Derivative | ' | ' |
Securities Pledged as Collateral | ' | ' |
Securities available for sale pledged as collateral | 300,000,000 | ' |
Public and trust deposits | ' | ' |
Securities Pledged as Collateral | ' | ' |
Securities available for sale pledged as collateral | 5,200,000,000 | ' |
Permitted by contract to sell or repledge | 44,000,000 | 10,000,000 |
Repledged to secure public agency or bankruptcy deposits and to cover short sales | $0 | $0 |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||||
Loans disclosures | ' | ' | ' | ' | ' | ' |
Loans excluding purchased credit-impaired loans | $71,585 | ' | $67,206 | ' | ' | ' |
Purchased credit-impaired loans | 784 | ' | 1,106 | ' | ' | ' |
Total loans held for investment | 72,369 | ' | 68,312 | ' | ' | ' |
Allowance for loan losses | -559 | -557 | -568 | -625 | -638 | -653 |
Loans held for investment, net | 71,810 | ' | 67,744 | ' | ' | ' |
Loans covered under a loss share agreement with FDIC | 199 | ' | 251 | ' | ' | ' |
Covered loans not accounted for under accounting guidance for loans acquired with deteriorated credit quality | 16 | ' | 15 | ' | ' | ' |
Net unamortized discounts and premiums and deferred fees and costs | 130 | ' | 88 | ' | ' | ' |
Commercial portfolio | ' | ' | ' | ' | ' | ' |
Loans disclosures | ' | ' | ' | ' | ' | ' |
Loans excluding purchased credit-impaired loans | 40,788 | ' | 38,379 | ' | ' | ' |
Total loans held for investment | 40,788 | ' | 38,379 | ' | ' | ' |
Allowance for loan losses | -482 | -479 | -421 | -480 | -486 | -418 |
Commercial portfolio | Commercial and industrial | ' | ' | ' | ' | ' | ' |
Loans disclosures | ' | ' | ' | ' | ' | ' |
Loans excluding purchased credit-impaired loans | 25,162 | ' | 23,528 | ' | ' | ' |
Commercial portfolio | Commercial mortgage | ' | ' | ' | ' | ' | ' |
Loans disclosures | ' | ' | ' | ' | ' | ' |
Loans excluding purchased credit-impaired loans | 13,549 | ' | 13,092 | ' | ' | ' |
Commercial portfolio | Construction | ' | ' | ' | ' | ' | ' |
Loans disclosures | ' | ' | ' | ' | ' | ' |
Loans excluding purchased credit-impaired loans | 1,248 | ' | 905 | ' | ' | ' |
Commercial portfolio | Lease financing | ' | ' | ' | ' | ' | ' |
Loans disclosures | ' | ' | ' | ' | ' | ' |
Loans excluding purchased credit-impaired loans | 829 | ' | 854 | ' | ' | ' |
Consumer portfolio | ' | ' | ' | ' | ' | ' |
Loans disclosures | ' | ' | ' | ' | ' | ' |
Loans excluding purchased credit-impaired loans | 30,797 | ' | 28,827 | ' | ' | ' |
Total loans held for investment | 30,797 | ' | 28,827 | ' | ' | ' |
Allowance for loan losses | -49 | -55 | -69 | -106 | -113 | -124 |
Consumer portfolio | Residential mortgage | ' | ' | ' | ' | ' | ' |
Loans disclosures | ' | ' | ' | ' | ' | ' |
Loans excluding purchased credit-impaired loans | 27,619 | ' | 25,547 | ' | ' | ' |
Consumer portfolio | Home equity and other consumer loans | ' | ' | ' | ' | ' | ' |
Loans disclosures | ' | ' | ' | ' | ' | ' |
Loans excluding purchased credit-impaired loans | $3,178 | ' | $3,280 | ' | ' | ' |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 |
Commercial portfolio | Commercial portfolio | Commercial portfolio | Commercial portfolio | Consumer portfolio | Consumer portfolio | Consumer portfolio | Consumer portfolio | Purchased credit-impaired loans | Purchased credit-impaired loans | Purchased credit-impaired loans | Purchased credit-impaired loans | Unallocated portfolio | Unallocated portfolio | Unallocated portfolio | Unallocated portfolio | |||||
Financing Receivable, Allowance for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of period | $557 | $638 | $568 | $653 | $479 | $486 | $421 | $418 | $55 | $113 | $69 | $124 | $1 | $1 | $1 | $3 | $20 | $77 | $110 | $38 |
(Reversal of) provision for loan losses | 9 | -3 | -9 | -6 | 7 | -3 | 58 | 65 | -3 | ' | -15 | 1 | ' | ' | ' | ' | 5 | -52 | -72 | ' |
(Reversal of) Provision for purchased credit-impaired loan losses not subject to FDIC indemnification | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Other | ' | ' | -1 | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in allowance covered by FDIC indemnification | ' | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' | ' | ' | ' | ' |
Loans charged-off | -12 | -20 | -21 | -39 | -8 | -12 | -14 | -15 | -4 | -8 | -7 | -21 | ' | ' | -3 | ' | ' | ' | ' | ' |
Recoveries of loans previously charged-off | 5 | 12 | 20 | 17 | 4 | 9 | 18 | 12 | 1 | 1 | 2 | 2 | 2 | ' | 3 | ' | ' | ' | ' | ' |
Allowance for loan losses, end of period | $559 | $625 | $559 | $625 | $482 | $480 | $482 | $480 | $49 | $106 | $49 | $106 | $1 | $3 | $1 | $3 | $25 | $25 | $38 | $38 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses (Details 3) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||||
Loan losses allowance | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | $63 | ' | $39 | ' | ' | ' |
Collectively evaluated for impairment | 493 | ' | 528 | ' | ' | ' |
Purchased credit-impaired loans | 3 | ' | 1 | ' | ' | ' |
Total allowance for loan losses | 559 | 557 | 568 | 625 | 638 | 653 |
Loans held for investment: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 620 | ' | 608 | ' | ' | ' |
Collectively evaluated for impairment | 70,967 | ' | 66,601 | ' | ' | ' |
Purchased credit-impaired loans | 782 | ' | 1,103 | ' | ' | ' |
Total loans held for investment | 72,369 | ' | 68,312 | ' | ' | ' |
Commercial portfolio | ' | ' | ' | ' | ' | ' |
Loan losses allowance | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 43 | ' | 19 | ' | ' | ' |
Collectively evaluated for impairment | 439 | ' | 402 | ' | ' | ' |
Total allowance for loan losses | 482 | 479 | 421 | 480 | 486 | 418 |
Loans held for investment: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 284 | ' | 266 | ' | ' | ' |
Collectively evaluated for impairment | 40,504 | ' | 38,113 | ' | ' | ' |
Total loans held for investment | 40,788 | ' | 38,379 | ' | ' | ' |
Consumer portfolio | ' | ' | ' | ' | ' | ' |
Loan losses allowance | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 20 | ' | 20 | ' | ' | ' |
Collectively evaluated for impairment | 29 | ' | 49 | ' | ' | ' |
Total allowance for loan losses | 49 | 55 | 69 | 106 | 113 | 124 |
Loans held for investment: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 334 | ' | 339 | ' | ' | ' |
Collectively evaluated for impairment | 30,463 | ' | 28,488 | ' | ' | ' |
Total loans held for investment | 30,797 | ' | 28,827 | ' | ' | ' |
Purchased credit-impaired loans | ' | ' | ' | ' | ' | ' |
Loan losses allowance | ' | ' | ' | ' | ' | ' |
Purchased credit-impaired loans | 3 | ' | 1 | ' | ' | ' |
Total allowance for loan losses | 3 | 3 | 1 | 1 | 1 | 1 |
Loans held for investment: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 2 | ' | 3 | ' | ' | ' |
Purchased credit-impaired loans | 782 | ' | 1,103 | ' | ' | ' |
Total loans held for investment | 784 | ' | 1,106 | ' | ' | ' |
Unallocated portfolio | ' | ' | ' | ' | ' | ' |
Loan losses allowance | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 25 | ' | 77 | ' | ' | ' |
Total allowance for loan losses | $25 | $20 | $77 | $38 | $38 | $110 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses (Details 4) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Nonaccrual loans | ' | ' |
Nonaccrual loans, before purchased credit-impaired loans | $497 | $427 |
Nonaccrual loans | 514 | 442 |
Troubled debt restructured loans that continue to accrue interest | 297 | 367 |
Troubled debt restructured nonaccrual loans (included in the total nonaccrual loans above) | 248 | 225 |
Commercial portfolio | ' | ' |
Nonaccrual loans | ' | ' |
Nonaccrual loans | 208 | 95 |
Commercial portfolio | Commercial and industrial | ' | ' |
Nonaccrual loans | ' | ' |
Nonaccrual loans | 161 | 44 |
Commercial portfolio | Commercial mortgage | ' | ' |
Nonaccrual loans | ' | ' |
Nonaccrual loans | 47 | 51 |
Consumer portfolio | ' | ' |
Nonaccrual loans | ' | ' |
Nonaccrual loans | 289 | 332 |
Consumer portfolio | Residential mortgage | ' | ' |
Nonaccrual loans | ' | ' |
Nonaccrual loans | 243 | 286 |
Consumer portfolio | Home equity and other consumer loans | ' | ' |
Nonaccrual loans | ' | ' |
Nonaccrual loans | 46 | 46 |
Purchased credit-impaired loans | ' | ' |
Nonaccrual loans | ' | ' |
Nonaccrual loans | $17 | $15 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses (Details 5) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Aging of loans | ' | ' |
Current | $71,201 | $66,785 |
30 to 89 Days Past Due | 268 | 285 |
90 Days or More Past Due | 116 | 136 |
Total Past Due | 384 | 421 |
Total loans held for investment, before purchased credit-impaired loans | 71,585 | 67,206 |
Total loans 90 days or more past due and still accruing | 11 | 5 |
Commercial portfolio | ' | ' |
Aging of loans | ' | ' |
Current | 40,638 | 38,205 |
30 to 89 Days Past Due | 131 | 148 |
90 Days or More Past Due | 19 | 26 |
Total Past Due | 150 | 174 |
Total loans held for investment, before purchased credit-impaired loans | 40,788 | 38,379 |
Commercial portfolio | Commercial and industrial | ' | ' |
Aging of loans | ' | ' |
Current | 25,946 | 24,310 |
30 to 89 Days Past Due | 33 | 66 |
90 Days or More Past Due | 12 | 6 |
Total Past Due | 45 | 72 |
Total loans held for investment, before purchased credit-impaired loans | 25,991 | 24,382 |
Commercial portfolio | Commercial mortgage | ' | ' |
Aging of loans | ' | ' |
Current | 13,444 | 13,004 |
30 to 89 Days Past Due | 98 | 68 |
90 Days or More Past Due | 7 | 20 |
Total Past Due | 105 | 88 |
Total loans held for investment, before purchased credit-impaired loans | 13,549 | 13,092 |
Commercial portfolio | Construction | ' | ' |
Aging of loans | ' | ' |
Current | 1,248 | 891 |
30 to 89 Days Past Due | ' | 14 |
Total Past Due | ' | 14 |
Total loans held for investment, before purchased credit-impaired loans | 1,248 | 905 |
Consumer portfolio | ' | ' |
Aging of loans | ' | ' |
Current | 30,563 | 28,580 |
30 to 89 Days Past Due | 137 | 137 |
90 Days or More Past Due | 97 | 110 |
Total Past Due | 234 | 247 |
Total loans held for investment, before purchased credit-impaired loans | 30,797 | 28,827 |
Consumer portfolio | Residential mortgage | ' | ' |
Aging of loans | ' | ' |
Current | 27,419 | 25,342 |
30 to 89 Days Past Due | 120 | 114 |
90 Days or More Past Due | 80 | 91 |
Total Past Due | 200 | 205 |
Total loans held for investment, before purchased credit-impaired loans | 27,619 | 25,547 |
Consumer portfolio | Home equity and other consumer loans | ' | ' |
Aging of loans | ' | ' |
Current | 3,144 | 3,238 |
30 to 89 Days Past Due | 17 | 23 |
90 Days or More Past Due | 17 | 19 |
Total Past Due | 34 | 42 |
Total loans held for investment, before purchased credit-impaired loans | 3,178 | 3,280 |
Purchased credit-impaired loans | ' | ' |
Aging of loans | ' | ' |
Total loans 90 days or more past due and still accruing | $103 | $124 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses (Details 6) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Aging of loans | ' | ' |
Loans covered under a loss share agreement with FDIC | $199 | $251 |
Commercial Loan | ' | ' |
Aging of loans | ' | ' |
Loans covered under a loss share agreement with FDIC | 167 | 213 |
Total loans | 40,743 | 38,674 |
Commercial portfolio | ' | ' |
Aging of loans | ' | ' |
Total loans | 40,380 | 38,060 |
Commercial portfolio | Commercial and industrial | ' | ' |
Aging of loans | ' | ' |
Total loans | 25,743 | 24,235 |
Commercial portfolio | Construction | ' | ' |
Aging of loans | ' | ' |
Total loans | 1,263 | 893 |
Commercial portfolio | Commercial mortgage | ' | ' |
Aging of loans | ' | ' |
Total loans | 13,374 | 12,932 |
Purchased credit-impaired loans | Commercial Loan | ' | ' |
Aging of loans | ' | ' |
Total loans | 363 | 614 |
Pass | Commercial Loan | ' | ' |
Aging of loans | ' | ' |
Total loans | 38,979 | 36,835 |
Pass | Commercial portfolio | ' | ' |
Aging of loans | ' | ' |
Total loans | 38,930 | 36,787 |
Pass | Commercial portfolio | Commercial and industrial | ' | ' |
Aging of loans | ' | ' |
Total loans | 24,701 | 23,346 |
Pass | Commercial portfolio | Construction | ' | ' |
Aging of loans | ' | ' |
Total loans | 1,254 | 879 |
Pass | Commercial portfolio | Commercial mortgage | ' | ' |
Aging of loans | ' | ' |
Total loans | 12,975 | 12,562 |
Pass | Purchased credit-impaired loans | Commercial Loan | ' | ' |
Aging of loans | ' | ' |
Total loans | 49 | 48 |
Special Mention | Commercial Loan | ' | ' |
Aging of loans | ' | ' |
Total loans | 921 | 936 |
Special Mention | Commercial portfolio | ' | ' |
Aging of loans | ' | ' |
Total loans | 794 | 732 |
Special Mention | Commercial portfolio | Commercial and industrial | ' | ' |
Aging of loans | ' | ' |
Total loans | 603 | 576 |
Special Mention | Commercial portfolio | Construction | ' | ' |
Aging of loans | ' | ' |
Total loans | 9 | 14 |
Special Mention | Commercial portfolio | Commercial mortgage | ' | ' |
Aging of loans | ' | ' |
Total loans | 182 | 142 |
Special Mention | Purchased credit-impaired loans | Commercial Loan | ' | ' |
Aging of loans | ' | ' |
Total loans | 127 | 204 |
Classified | Commercial Loan | ' | ' |
Aging of loans | ' | ' |
Total loans | 843 | 903 |
Classified | Commercial portfolio | ' | ' |
Aging of loans | ' | ' |
Total loans | 656 | 541 |
Classified | Commercial portfolio | Commercial and industrial | ' | ' |
Aging of loans | ' | ' |
Total loans | 439 | 313 |
Classified | Commercial portfolio | Commercial mortgage | ' | ' |
Aging of loans | ' | ' |
Total loans | 217 | 228 |
Classified | Purchased credit-impaired loans | Commercial Loan | ' | ' |
Aging of loans | ' | ' |
Total loans | $187 | $362 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses (Details 7) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Consumer portfolio loans | ' | ' |
Nonaccrual | $514 | $442 |
Total loans held for investment, before purchased credit-impaired loans | 71,585 | 67,206 |
Consumer | ' | ' |
Consumer portfolio loans | ' | ' |
Accrual | 30,730 | 28,737 |
Nonaccrual | 289 | 332 |
Total loans held for investment, before purchased credit-impaired loans | 31,019 | 29,069 |
Loans not covered | 32 | 38 |
Consumer portfolio | ' | ' |
Consumer portfolio loans | ' | ' |
Accrual | 30,508 | 28,495 |
Nonaccrual | 289 | 332 |
Total loans held for investment, before purchased credit-impaired loans | 30,797 | 28,827 |
Consumer portfolio | Residential mortgage | ' | ' |
Consumer portfolio loans | ' | ' |
Accrual | 27,376 | 25,261 |
Nonaccrual | 243 | 286 |
Total loans held for investment, before purchased credit-impaired loans | 27,619 | 25,547 |
Consumer portfolio | Home equity and other consumer loans | ' | ' |
Consumer portfolio loans | ' | ' |
Accrual | 3,132 | 3,234 |
Nonaccrual | 46 | 46 |
Total loans held for investment, before purchased credit-impaired loans | 3,178 | 3,280 |
Purchased credit-impaired loans | ' | ' |
Consumer portfolio loans | ' | ' |
Nonaccrual | 17 | 15 |
Purchased credit-impaired loans | Consumer | ' | ' |
Consumer portfolio loans | ' | ' |
Accrual | 222 | 242 |
Total loans held for investment, before purchased credit-impaired loans | $222 | $242 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses (Details 8) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Consumer | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $30,748 | $28,821 |
Percentage of total | 100.00% | 100.00% |
Consumer | FICO Score 720 and Above | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 23,674 | 21,991 |
Percentage of total | 77.00% | 76.00% |
Consumer | FICO Score Below 720 | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 6,467 | 6,275 |
Percentage of total | 21.00% | 22.00% |
Consumer | No FICO Available | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 607 | 555 |
Percentage of total | 2.00% | 2.00% |
Consumer portfolio | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 30,526 | 28,577 |
Consumer portfolio | FICO Score 720 and Above | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 23,587 | 21,897 |
Consumer portfolio | FICO Score Below 720 | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 6,344 | 6,140 |
Consumer portfolio | No FICO Available | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 595 | 540 |
Consumer portfolio | Residential mortgage | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 27,408 | 25,374 |
Consumer portfolio | Residential mortgage | FICO Score 720 and Above | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 21,339 | 19,614 |
Consumer portfolio | Residential mortgage | FICO Score Below 720 | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 5,554 | 5,301 |
Consumer portfolio | Residential mortgage | No FICO Available | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 515 | 459 |
Consumer portfolio | Home equity and other consumer loans | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 3,118 | 3,203 |
Consumer portfolio | Home equity and other consumer loans | FICO Score 720 and Above | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 2,248 | 2,283 |
Consumer portfolio | Home equity and other consumer loans | FICO Score Below 720 | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 790 | 839 |
Consumer portfolio | Home equity and other consumer loans | No FICO Available | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 80 | 81 |
Purchased credit-impaired loans | Consumer | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 222 | 244 |
Purchased credit-impaired loans | Consumer | FICO Score 720 and Above | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 87 | 94 |
Purchased credit-impaired loans | Consumer | FICO Score Below 720 | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 123 | 135 |
Purchased credit-impaired loans | Consumer | No FICO Available | ' | ' |
Credit quality of consumer loans | ' | ' |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $12 | $15 |
Recovered_Sheet1
Loans and Allowance for Loan Losses (Details 9) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Consumer | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | $30,572 | $28,717 |
Percentage of total loans categorized by LTV ratio | 100.00% | 100.00% |
Consumer | LTV ratio less than 80% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 28,081 | 25,848 |
Percentage of total loans categorized by LTV ratio | 92.00% | 90.00% |
Consumer | LTV ratio 80-100% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 2,082 | 2,303 |
Percentage of total loans categorized by LTV ratio | 7.00% | 8.00% |
Consumer | LTV ratio Greater than 100% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 303 | 461 |
Percentage of total loans categorized by LTV ratio | 1.00% | 2.00% |
Consumer | No LTV Available | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 106 | 105 |
Consumer portfolio | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 30,352 | 28,477 |
Consumer portfolio | LTV ratio less than 80% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 27,931 | 25,696 |
Consumer portfolio | LTV ratio 80-100% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 2,032 | 2,246 |
Consumer portfolio | LTV ratio Greater than 100% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 283 | 430 |
Consumer portfolio | No LTV Available | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 106 | 105 |
Consumer portfolio | Residential mortgage | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 27,408 | 25,374 |
Consumer portfolio | Residential mortgage | LTV ratio less than 80% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 25,486 | 23,209 |
Consumer portfolio | Residential mortgage | LTV ratio 80-100% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 1,733 | 1,884 |
Consumer portfolio | Residential mortgage | LTV ratio Greater than 100% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 134 | 228 |
Consumer portfolio | Residential mortgage | No LTV Available | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 55 | 53 |
Consumer portfolio | Home Equity loans | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 2,944 | 3,103 |
Consumer portfolio | Home Equity loans | LTV ratio less than 80% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 2,445 | 2,487 |
Consumer portfolio | Home Equity loans | LTV ratio 80-100% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 299 | 362 |
Consumer portfolio | Home Equity loans | LTV ratio Greater than 100% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 149 | 202 |
Consumer portfolio | Home Equity loans | No LTV Available | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 51 | 52 |
Purchased credit-impaired loans | Consumer | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 220 | 240 |
Purchased credit-impaired loans | Consumer | LTV ratio less than 80% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 150 | 152 |
Purchased credit-impaired loans | Consumer | LTV ratio 80-100% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | 50 | 57 |
Purchased credit-impaired loans | Consumer | LTV ratio Greater than 100% | ' | ' |
Credit quality of consumer loans | ' | ' |
Loans categorized by LTV ratio | $20 | $31 |
Recovered_Sheet2
Loans and Allowance for Loan Losses (Details 10) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Pre- and Post - modification recorded investments | ' | ' |
Commitment to lend additional funds to borrowers with loan modifications classified as TDRs | $52 | $43 |
Total excluding purchased credit-impaired loans | 543 | 589 |
TDRs covered by FDIC loss share agreements | 2 | 3 |
TDR modifications charge-offs | 0 | 0 |
Commercial portfolio | ' | ' |
Pre- and Post - modification recorded investments | ' | ' |
Total excluding purchased credit-impaired loans | 209 | 250 |
Commercial portfolio | Commercial and industrial | ' | ' |
Pre- and Post - modification recorded investments | ' | ' |
Total excluding purchased credit-impaired loans | 173 | 212 |
Commercial portfolio | Commercial mortgage | ' | ' |
Pre- and Post - modification recorded investments | ' | ' |
Total excluding purchased credit-impaired loans | 36 | 38 |
Consumer portfolio | ' | ' |
Pre- and Post - modification recorded investments | ' | ' |
Total excluding purchased credit-impaired loans | 334 | 339 |
Consumer portfolio | Residential mortgage | ' | ' |
Pre- and Post - modification recorded investments | ' | ' |
Total excluding purchased credit-impaired loans | 308 | 315 |
Consumer portfolio | Home equity and other consumer loans | ' | ' |
Pre- and Post - modification recorded investments | ' | ' |
Total excluding purchased credit-impaired loans | $26 | $24 |
Recovered_Sheet3
Loans and Allowance for Loan Losses (Details 11) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pre- and Post - modification recorded investments | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | $89 | $86 | $112 | $199 |
Post-Modification Outstanding Recorded Investment | 89 | 83 | 111 | 193 |
Commercial portfolio | ' | ' | ' | ' |
Pre- and Post - modification recorded investments | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | 83 | 53 | 98 | 140 |
Post-Modification Outstanding Recorded Investment | 83 | 51 | 98 | 136 |
Commercial portfolio | Commercial and industrial | ' | ' | ' | ' |
Pre- and Post - modification recorded investments | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | 76 | 49 | 80 | 125 |
Post-Modification Outstanding Recorded Investment | 76 | 47 | 80 | 121 |
Commercial portfolio | Commercial mortgage | ' | ' | ' | ' |
Pre- and Post - modification recorded investments | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | 7 | 4 | 18 | 15 |
Post-Modification Outstanding Recorded Investment | 7 | 4 | 18 | 15 |
Consumer portfolio | ' | ' | ' | ' |
Pre- and Post - modification recorded investments | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | 6 | 33 | 14 | 59 |
Post-Modification Outstanding Recorded Investment | 6 | 32 | 13 | 57 |
Consumer portfolio | Residential mortgage | ' | ' | ' | ' |
Pre- and Post - modification recorded investments | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | 4 | 30 | 10 | 55 |
Post-Modification Outstanding Recorded Investment | 4 | 30 | 9 | 54 |
Consumer portfolio | Home equity and other consumer loans | ' | ' | ' | ' |
Pre- and Post - modification recorded investments | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | 2 | 3 | 4 | 4 |
Post-Modification Outstanding Recorded Investment | $2 | $2 | $4 | $3 |
Recovered_Sheet4
Loans and Allowance for Loan Losses (Details 12) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Troubled debt restructured loans | ' | ' | ' | ' |
Total troubled debt restructured loans at date of default | $11 | $11 | $14 | $18 |
Minimum defaulting period | ' | ' | '60 days | ' |
Commercial portfolio | ' | ' | ' | ' |
Troubled debt restructured loans | ' | ' | ' | ' |
Total troubled debt restructured loans at date of default | 9 | 3 | 9 | 8 |
Commercial portfolio | Commercial and industrial | ' | ' | ' | ' |
Troubled debt restructured loans | ' | ' | ' | ' |
Total troubled debt restructured loans at date of default | 6 | 3 | 6 | 8 |
Commercial portfolio | Commercial mortgage | ' | ' | ' | ' |
Troubled debt restructured loans | ' | ' | ' | ' |
Total troubled debt restructured loans at date of default | 3 | ' | 3 | ' |
Consumer portfolio | ' | ' | ' | ' |
Troubled debt restructured loans | ' | ' | ' | ' |
Total troubled debt restructured loans at date of default | 2 | 8 | 5 | 10 |
Consumer portfolio | Residential mortgage | ' | ' | ' | ' |
Troubled debt restructured loans | ' | ' | ' | ' |
Total troubled debt restructured loans at date of default | 2 | 7 | 4 | 9 |
Consumer portfolio | Home equity and other consumer loans | ' | ' | ' | ' |
Troubled debt restructured loans | ' | ' | ' | ' |
Total troubled debt restructured loans at date of default | ' | $1 | $1 | $1 |
Recovered_Sheet5
Loans and Allowance for Loan Losses (Details 13) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Loan impairment | ' | ' |
Recorded investment with an allowance | $495 | $376 |
Recorded investment without an allowance | 125 | 232 |
Impaired loans | 620 | 608 |
Allowance for impaired loans | 63 | 39 |
Unpaid principal balance with an allowance | 524 | 399 |
Unpaid principal balance without an allowance | 159 | 277 |
Total, excluding purchased credit impaired loans | ' | ' |
Loan impairment | ' | ' |
Recorded investment with an allowance | 493 | 374 |
Recorded investment without an allowance | 125 | 231 |
Impaired loans | 618 | 605 |
Allowance for impaired loans | 63 | 39 |
Unpaid principal balance with an allowance | 522 | 397 |
Unpaid principal balance without an allowance | 158 | 271 |
Commercial portfolio | ' | ' |
Loan impairment | ' | ' |
Recorded investment with an allowance | 273 | 150 |
Recorded investment without an allowance | 11 | 116 |
Impaired loans | 284 | 266 |
Allowance for impaired loans | 43 | 19 |
Unpaid principal balance with an allowance | 285 | 157 |
Unpaid principal balance without an allowance | 16 | 129 |
Commercial portfolio | Commercial and industrial | ' | ' |
Loan impairment | ' | ' |
Recorded investment with an allowance | 242 | 117 |
Recorded investment without an allowance | 4 | 104 |
Impaired loans | 246 | 221 |
Allowance for impaired loans | 40 | 16 |
Unpaid principal balance with an allowance | 250 | 121 |
Unpaid principal balance without an allowance | 7 | 114 |
Commercial portfolio | Commercial mortgage | ' | ' |
Loan impairment | ' | ' |
Recorded investment with an allowance | 31 | 33 |
Recorded investment without an allowance | 7 | 12 |
Impaired loans | 38 | 45 |
Allowance for impaired loans | 3 | 3 |
Unpaid principal balance with an allowance | 35 | 36 |
Unpaid principal balance without an allowance | 9 | 15 |
Consumer portfolio | ' | ' |
Loan impairment | ' | ' |
Recorded investment with an allowance | 220 | 224 |
Recorded investment without an allowance | 114 | 115 |
Impaired loans | 334 | 339 |
Allowance for impaired loans | 20 | 20 |
Unpaid principal balance with an allowance | 237 | 240 |
Unpaid principal balance without an allowance | 142 | 142 |
Consumer portfolio | Residential mortgage | ' | ' |
Loan impairment | ' | ' |
Recorded investment with an allowance | 215 | 220 |
Recorded investment without an allowance | 93 | 95 |
Impaired loans | 308 | 315 |
Allowance for impaired loans | 20 | 20 |
Unpaid principal balance with an allowance | 231 | 236 |
Unpaid principal balance without an allowance | 107 | 108 |
Consumer portfolio | Home equity and other consumer loans | ' | ' |
Loan impairment | ' | ' |
Recorded investment with an allowance | 5 | 4 |
Recorded investment without an allowance | 21 | 20 |
Impaired loans | 26 | 24 |
Unpaid principal balance with an allowance | 6 | 4 |
Unpaid principal balance without an allowance | 35 | 34 |
Purchased credit-impaired loans | ' | ' |
Loan impairment | ' | ' |
Recorded investment with an allowance | 2 | 2 |
Recorded investment without an allowance | ' | 1 |
Impaired loans | 2 | 3 |
Unpaid principal balance with an allowance | 2 | 2 |
Unpaid principal balance without an allowance | $1 | $6 |
Recovered_Sheet6
Loans and Allowance for Loan Losses (Details 14) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Loan impairment | ' | ' | ' | ' |
Average Recorded Investment | $592 | $634 | $595 | $630 |
Recognized Interest Income | 5 | 9 | 14 | 15 |
Loan losses allowance | ' | ' | ' | ' |
Transfer of loans from held for investment to held for sale | ' | ' | 199 | 214 |
Loans receivable sold during the period | ' | ' | 190 | 199 |
Total, excluding purchased credit impaired loans | ' | ' | ' | ' |
Loan impairment | ' | ' | ' | ' |
Average Recorded Investment | 590 | 630 | 593 | 626 |
Recognized Interest Income | 5 | 9 | 14 | 15 |
Commercial portfolio | ' | ' | ' | ' |
Loan impairment | ' | ' | ' | ' |
Average Recorded Investment | 254 | 320 | 256 | 323 |
Recognized Interest Income | 2 | 6 | 7 | 9 |
Commercial portfolio | Commercial and industrial | ' | ' | ' | ' |
Loan impairment | ' | ' | ' | ' |
Average Recorded Investment | 219 | 265 | 219 | 250 |
Recognized Interest Income | 1 | 5 | 4 | 8 |
Commercial portfolio | Commercial mortgage | ' | ' | ' | ' |
Loan impairment | ' | ' | ' | ' |
Average Recorded Investment | 35 | 53 | 37 | 60 |
Recognized Interest Income | ' | 1 | 2 | 1 |
Commercial portfolio | Construction | ' | ' | ' | ' |
Loan impairment | ' | ' | ' | ' |
Average Recorded Investment | ' | 2 | ' | 13 |
Recognized Interest Income | 1 | ' | 1 | ' |
Consumer portfolio | ' | ' | ' | ' |
Loan impairment | ' | ' | ' | ' |
Average Recorded Investment | 336 | 310 | 337 | 303 |
Recognized Interest Income | 3 | 3 | 7 | 6 |
Consumer portfolio | Residential mortgage | ' | ' | ' | ' |
Loan impairment | ' | ' | ' | ' |
Average Recorded Investment | 310 | 288 | 312 | 282 |
Recognized Interest Income | 3 | 2 | 6 | 5 |
Consumer portfolio | Home equity and other consumer loans | ' | ' | ' | ' |
Loan impairment | ' | ' | ' | ' |
Average Recorded Investment | 26 | 22 | 25 | 21 |
Recognized Interest Income | ' | 1 | 1 | 1 |
Purchased credit-impaired loans | ' | ' | ' | ' |
Loan impairment | ' | ' | ' | ' |
Average Recorded Investment | $2 | $4 | $2 | $4 |
Recovered_Sheet7
Loans and Allowance for Loan Losses (Details 15) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Loans and Allowance for Loan Losses | ' | ' |
Total outstanding balance | $1,196 | $1,733 |
Carrying amount | $768 | $1,091 |
Recovered_Sheet8
Loans and Allowance for Loan Losses (Details 16) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Loans and Allowance for Loan Losses | ' | ' | ' | ' |
Accretable yield, beginning of period | $382 | $501 | $378 | $590 |
Additions | ' | 31 | ' | 31 |
Accretion | -118 | -81 | -178 | -160 |
Reclassifications from nonaccretable difference during the period | 83 | 28 | 147 | 18 |
Accretable yield, end of period | $347 | $479 | $347 | $479 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Consolidated Assets | ' | ' |
Interest Bearing Deposits in Banks | $2,353 | $4,329 |
Loans Held for Investment, net | 71,810 | 67,744 |
Other assets | 5,034 | 4,854 |
Consolidated Liabilities | ' | ' |
Other Liabilities | 1,666 | 1,675 |
Consolidated VIEs | ' | ' |
Consolidated Assets | ' | ' |
Interest Bearing Deposits in Banks | 14 | ' |
Loans Held for Investment, net | 712 | ' |
Other assets | 352 | ' |
Total assets | 1,078 | ' |
Consolidated Liabilities | ' | ' |
Long-Term Debt | 4 | ' |
Other Liabilities | 83 | ' |
Total Liabilities | 87 | ' |
Consolidated VIEs | Low-income housing credit investments | ' | ' |
Consolidated Assets | ' | ' |
Interest Bearing Deposits in Banks | 9 | ' |
Other assets | 251 | ' |
Total assets | 260 | ' |
Consolidated Liabilities | ' | ' |
Long-Term Debt | 4 | ' |
Total Liabilities | 4 | ' |
Number of LIHC investment fund | 2 | ' |
Consolidated VIEs | Leasing investments | ' | ' |
Consolidated Assets | ' | ' |
Interest Bearing Deposits in Banks | 5 | ' |
Loans Held for Investment, net | 712 | ' |
Other assets | 101 | ' |
Total assets | 818 | ' |
Consolidated Liabilities | ' | ' |
Other Liabilities | 83 | ' |
Total Liabilities | $83 | ' |
Variable_Interest_Entities_Det1
Variable Interest Entities (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Unconsolidated Assets | ' | ' |
Trading Account Assets | $941 | $851 |
Securities Available for Sale | 14,670 | 15,817 |
Loans Held for Investment | 72,369 | 68,312 |
Other Assets | 5,034 | 4,854 |
Unconsolidated Liabilities | ' | ' |
Other Liabilities | 1,666 | 1,675 |
Unconsolidated VIEs | ' | ' |
Unconsolidated Assets | ' | ' |
Securities Available for Sale | 26 | ' |
Loans Held for Investment | 197 | ' |
Other Assets | 1,918 | ' |
Total Assets | 2,141 | ' |
Unconsolidated Liabilities | ' | ' |
Other Liabilities | 398 | ' |
Total Liabilities | 398 | ' |
Maximum Exposure to Loss | 2,159 | ' |
Unconsolidated VIEs | LIHC investments | ' | ' |
Unconsolidated Assets | ' | ' |
Securities Available for Sale | 26 | ' |
Loans Held for Investment | 132 | ' |
Other Assets | 1,053 | ' |
Total Assets | 1,211 | ' |
Unconsolidated Liabilities | ' | ' |
Other Liabilities | 398 | ' |
Total Liabilities | 398 | ' |
Maximum Exposure to Loss | 1,211 | ' |
Unconsolidated VIEs | Other investments | ' | ' |
Unconsolidated Assets | ' | ' |
Loans Held for Investment | 21 | ' |
Other Assets | 27 | ' |
Total Assets | 48 | ' |
Unconsolidated Liabilities | ' | ' |
Maximum Exposure to Loss | 50 | ' |
Unconsolidated VIEs | Leasing investments | ' | ' |
Unconsolidated Assets | ' | ' |
Loans Held for Investment | 44 | ' |
Other Assets | 838 | ' |
Total Assets | 882 | ' |
Unconsolidated Liabilities | ' | ' |
Maximum Exposure to Loss | $898 | ' |
Commercial_Paper_and_Other_Sho2
Commercial Paper and Other Short-Term Borrowings (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commercial Paper and Short-Term Borrowings | ' | ' |
Federal funds purchased and securities sold under repurchase agreements with weighted average interest rates of 0.11% and 0.07% at June 30, 2014 and December 31, 2013 | $137 | $39 |
Commercial paper, with weighted average interest rates of 0.16% and 0.19% at June 30, 2014 and December 31, 2013, respectively | 2,733 | 2,524 |
Total commercial paper and other short-term borrowings | $2,870 | $2,563 |
Federal funds purchased and securities sold under repurchase agreements | ' | ' |
Commercial Paper and Short-Term Borrowings | ' | ' |
Weighted average interest rate (as a percent) | 0.11% | 0.07% |
Commercial paper | ' | ' |
Commercial Paper and Short-Term Borrowings | ' | ' |
Weighted average interest rate (as a percent) | 0.16% | 0.19% |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | 6-May-14 | 6-May-14 | Jun. 30, 2014 |
MUFG Americas Holdings Corporation | MUFG Americas Holdings Corporation | MUFG Americas Holdings Corporation | MUFG Americas Holdings Corporation | MUFG Americas Holdings Corporation | MUFG Americas Holdings Corporation | MUFG Americas Holdings Corporation | MUFG Americas Holdings Corporation | MUFG Americas Holdings Corporation | MUFG Americas Holdings Corporation | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Union Bank, N.A. and other subsidiaries | Bank | Bank | Bank | Bank | Bank | |||
Senior debt | Senior debt | Subordinated Debt | Subordinated Debt | Subordinated Debt | Subordinated Debt | Junior subordinated debt payable to trusts | Junior subordinated debt payable to trusts | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Senior debt | Subordinated Debt | Subordinated Debt | Subordinated Debt | Subordinated Debt | Subordinated Debt | Subordinated Debt | Note payable | Note payable | Junior subordinated debt payable to trusts | Junior subordinated debt payable to trusts | Senior debt | Senior debt | Senior debt | Subordinated Debt | ||||||||
Fixed rate 3.50% notes due June 2022 | Fixed rate 3.50% notes due June 2022 | Floating rate subordinated debt due December 2023 | Floating rate subordinated debt due December 2023 | Floating rate subordinated debt due December 2023 | Floating rate subordinated debt due December 2023 | Floating rate | Floating rate | Federal Home Loan Bank advances | Federal Home Loan Bank advances | Floating rate notes due June 2014 | Floating rate notes due June 2014 | Fixed rate 3.00% notes due June 2016 | Fixed rate 3.00% notes due June 2016 | Fixed rate 2.125% notes due June 2017 | Fixed rate 2.125% notes due June 2017 | Fixed rate 1.50% notes due September 2016 | Fixed rate 1.50% notes due September 2016 | Floating rate notes due September 2016 | Floating rate notes due September 2016 | Floating rate notes due September 2016 | Floating rate notes due September 2016 | Fixed rate 2.625% notes due September 2018 | Fixed rate 2.625% notes due September 2018 | Fixed rate 2.250% notes due May 2019 | Floating rate notes due May 2017 | Floating rate notes due May 2017 | Fixed rate 5.95% notes due May 2016 | Fixed rate 5.95% notes due May 2016 | Floating rate notes due to BTMU June 2023 | Floating rate notes due to BTMU June 2023 | Floating rate notes due to BTMU June 2023 | Floating rate notes due to BTMU June 2023 | Fixed rate 6.03% notes due July 2014 (related to consolidated VIE) | Fixed rate 6.03% notes due July 2014 (related to consolidated VIE) | Capital Lease Obligations | Capital Lease Obligations | Minimum | Fixed rate 2.250% notes due May 2019 | Floating rate notes due May 2017 | Minimum | ||||||||
London Interbank Offered Rate LIBOR | London Interbank Offered Rate LIBOR | London Interbank Offered Rate LIBOR | London Interbank Offered Rate LIBOR | London Interbank Offered Rate LIBOR | London Interbank Offered Rate LIBOR | London Interbank Offered Rate LIBOR | London Interbank Offered Rate LIBOR | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $6,995,000,000 | $6,547,000,000 | $763,000,000 | $763,000,000 | $397,000,000 | $397,000,000 | $300,000,000 | $300,000,000 | ' | ' | $66,000,000 | $66,000,000 | $6,232,000,000 | $5,784,000,000 | $800,000,000 | $800,000,000 | $300,000,000 | ' | $699,000,000 | $699,000,000 | $499,000,000 | $499,000,000 | $499,000,000 | $499,000,000 | $500,000,000 | $500,000,000 | ' | ' | $1,000,000,000 | $1,000,000,000 | ' | $250,000,000 | ' | $715,000,000 | $718,000,000 | $750,000,000 | $750,000,000 | ' | ' | $4,000,000 | $4,000,000 | $14,000,000 | $15,000,000 | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 502,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 250,000,000 | ' |
Debt instrument, Fixed interest rate (as a percent) | ' | ' | ' | ' | 3.50% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | 2.13% | 2.13% | 1.50% | 1.50% | ' | ' | ' | ' | 2.63% | 2.63% | 2.25% | ' | ' | 5.95% | 5.95% | ' | ' | ' | ' | 6.03% | 6.03% | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, weighted-average interest rate (as a percent) | ' | ' | ' | ' | ' | ' | 1.61% | 1.63% | ' | ' | 2.57% | 2.60% | ' | ' | 2.56% | 2.55% | 1.19% | ' | ' | ' | ' | ' | ' | ' | 0.98% | 1.00% | ' | ' | ' | ' | ' | 0.62% | ' | ' | ' | 1.43% | 1.45% | ' | ' | ' | ' | 4.88% | 4.88% | ' | ' | ' | ' | ' |
Variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 'three-month LIBOR | 'three-month LIBOR | ' | ' | ' | ' | ' | ' | ' | 'three-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | 'three-month LIBOR | 'three-month LIBOR | ' | ' | ' | ' | 'three-month LIBOR | ' | ' | ' | ' | 'three-month LIBOR | 'three-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate above variable interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.38% | 1.38% | ' | ' | ' | ' | ' | ' | ' | 0.95% | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | 0.75% | ' | ' | ' | ' | 0.40% | ' | ' | ' | ' | 1.20% | 1.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance price to purchasers as a percentage of principal amount (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.77% | 100.00% | ' |
Redemption price as a percentage of principal amount (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' |
Authorized amount under the bank note program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000,000 | ' | ' | ' | ' |
Maturity term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '5 years |
Amount available for issuance under the bank note program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,900,000,000 | ' | ' | ' | ' |
Fair_Value_Measurement_and_Fai2
Fair Value Measurement and Fair Value of Financial Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair value measurements | ' | ' |
Trading account assets | $941 | $851 |
Securities available for sale | 14,663 | ' |
Residential mortgage-backed securities, U.S. government agency and government-sponsored agencies | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 8,157 | ' |
Residential mortgage-backed securities, Privately issued | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 191 | ' |
Collateralized loan obligations | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 2,534 | ' |
Asset-backed and other | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 19 | ' |
Other debt securities, Direct bank purchase bonds | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 1,897 | ' |
Other debt securities, Other | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 52 | ' |
Level 3 | ' | ' |
Fair value measurements | ' | ' |
Other assets | 4 | 3 |
Fair Value Measurements Recurring | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 941 | 851 |
Securities available for sale | 14,670 | 15,817 |
Other assets | 42 | 10 |
Total assets | 15,653 | 16,678 |
Percentage of Total | 100.00% | 100.00% |
Percentage of Total Company Assets | 14.00% | 16.00% |
Trading account liabilities | 664 | 540 |
FDIC clawback liability | 102 | 96 |
Other liabilities | 109 | 113 |
Total liabilities | 773 | 653 |
Percentage of Total | 100.00% | 100.00% |
Percentage of Total Company Liabilities | 1.00% | 1.00% |
Fair Value Measurements Recurring | U.S. Treasury | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 25 | 8 |
Fair Value Measurements Recurring | U.S. government-sponsored agencies | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 121 | 116 |
Securities available for sale | ' | 73 |
Fair Value Measurements Recurring | State and municipal | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 24 | 5 |
Fair Value Measurements Recurring | Other loans | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | ' | 140 |
Fair Value Measurements Recurring | Interest rate derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 647 | 501 |
Trading account liabilities | 263 | 230 |
Fair Value Measurements Recurring | Commodity derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 69 | 10 |
Trading account liabilities | 28 | 28 |
Fair Value Measurements Recurring | Foreign exchange derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 15 | 15 |
Trading account liabilities | 32 | 18 |
Fair Value Measurements Recurring | Equity Derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 40 | 56 |
Trading account liabilities | 287 | 254 |
Fair Value Measurements Recurring | Residential mortgage-backed securities, U.S. government agency and government-sponsored agencies | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 8,157 | 8,900 |
Fair Value Measurements Recurring | Residential mortgage-backed securities, Privately issued | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 191 | 222 |
Fair Value Measurements Recurring | Privately issued commercial mortgage-backed securities | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 1,813 | 1,870 |
Fair Value Measurements Recurring | Collateralized loan obligations | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 2,534 | 2,673 |
Fair Value Measurements Recurring | Asset-backed and other | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 19 | 35 |
Fair Value Measurements Recurring | Other debt securities, Direct bank purchase bonds | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 1,897 | 1,960 |
Fair Value Measurements Recurring | Other debt securities, Other | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 52 | 76 |
Fair Value Measurements Recurring | Equity securities | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 7 | 8 |
Fair Value Measurements Recurring | Interest rate hedging contracts | ' | ' |
Fair value measurements | ' | ' |
Other assets | 40 | 8 |
Other liabilities | 2 | 13 |
Fair Value Measurements Recurring | Other derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Other assets | 2 | 2 |
Other liabilities | 5 | 4 |
Fair Value Measurements Recurring | Securities sold, not yet purchased | ' | ' |
Fair value measurements | ' | ' |
Trading account liabilities | 54 | 10 |
Fair Value Measurements Recurring | Level 1 | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 1 | 2 |
Securities available for sale | 7 | 8 |
Total assets | 8 | 10 |
Trading account liabilities | 4 | 4 |
Total liabilities | 4 | 4 |
Percentage of Total | 1.00% | 1.00% |
Fair Value Measurements Recurring | Level 1 | Interest rate derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 1 | 1 |
Trading account liabilities | 4 | 3 |
Fair Value Measurements Recurring | Level 1 | Foreign exchange derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | ' | 1 |
Trading account liabilities | ' | 1 |
Fair Value Measurements Recurring | Level 1 | Equity securities | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 7 | 8 |
Fair Value Measurements Recurring | Level 2 | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 1,091 | 1,071 |
Securities available for sale | 12,718 | 13,791 |
Other assets | 40 | 9 |
Total assets | 13,849 | 14,871 |
Percentage of Total | 89.00% | 89.00% |
Percentage of Total Company Assets | 12.00% | 14.00% |
Trading account liabilities | 872 | 695 |
Other liabilities | 4 | 14 |
Total liabilities | 876 | 709 |
Percentage of Total | 113.00% | 109.00% |
Percentage of Total Company Liabilities | 1.00% | 1.00% |
Fair Value Measurements Recurring | Level 2 | U.S. Treasury | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 25 | 8 |
Fair Value Measurements Recurring | Level 2 | U.S. government-sponsored agencies | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 121 | 116 |
Securities available for sale | ' | 73 |
Fair Value Measurements Recurring | Level 2 | State and municipal | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 24 | 5 |
Fair Value Measurements Recurring | Level 2 | Other loans | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | ' | 140 |
Fair Value Measurements Recurring | Level 2 | Interest rate derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 790 | 705 |
Trading account liabilities | 667 | 606 |
Fair Value Measurements Recurring | Level 2 | Commodity derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 108 | 67 |
Trading account liabilities | 98 | 53 |
Fair Value Measurements Recurring | Level 2 | Foreign exchange derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 23 | 30 |
Trading account liabilities | 53 | 26 |
Fair Value Measurements Recurring | Level 2 | Residential mortgage-backed securities, U.S. government agency and government-sponsored agencies | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 8,157 | 8,900 |
Fair Value Measurements Recurring | Level 2 | Residential mortgage-backed securities, Privately issued | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 191 | 222 |
Fair Value Measurements Recurring | Level 2 | Privately issued commercial mortgage-backed securities | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 1,813 | 1,870 |
Fair Value Measurements Recurring | Level 2 | Collateralized loan obligations | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 2,534 | 2,673 |
Fair Value Measurements Recurring | Level 2 | Asset-backed and other | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 19 | 35 |
Fair Value Measurements Recurring | Level 2 | Other debt securities, Other | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 4 | 18 |
Fair Value Measurements Recurring | Level 2 | Interest rate hedging contracts | ' | ' |
Fair value measurements | ' | ' |
Other assets | 40 | 8 |
Other liabilities | 2 | 13 |
Fair Value Measurements Recurring | Level 2 | Other derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Other assets | ' | 1 |
Other liabilities | 2 | 1 |
Fair Value Measurements Recurring | Level 2 | Securities sold, not yet purchased | ' | ' |
Fair value measurements | ' | ' |
Trading account liabilities | 54 | 10 |
Fair Value Measurements Recurring | Level 3 | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 303 | 271 |
Securities available for sale | 1,945 | 2,018 |
Other assets | 2 | 1 |
Total assets | 2,250 | 2,290 |
Percentage of Total | 14.00% | 14.00% |
Percentage of Total Company Assets | 2.00% | 2.00% |
Trading account liabilities | 298 | 264 |
FDIC clawback liability | 102 | 96 |
Other liabilities | 105 | 99 |
Total liabilities | 403 | 363 |
Percentage of Total | 52.00% | 55.00% |
Fair Value Measurements Recurring | Level 3 | Interest rate derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 6 | 7 |
Fair Value Measurements Recurring | Level 3 | Commodity derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 9 | 9 |
Trading account liabilities | 9 | 8 |
Fair Value Measurements Recurring | Level 3 | Foreign exchange derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 2 | 2 |
Trading account liabilities | 2 | 2 |
Fair Value Measurements Recurring | Level 3 | Equity Derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | 286 | 253 |
Trading account liabilities | 287 | 254 |
Fair Value Measurements Recurring | Level 3 | Other debt securities, Direct bank purchase bonds | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 1,897 | 1,960 |
Fair Value Measurements Recurring | Level 3 | Other debt securities, Other | ' | ' |
Fair value measurements | ' | ' |
Securities available for sale | 48 | 58 |
Fair Value Measurements Recurring | Level 3 | Other derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Other assets | 2 | 1 |
Other liabilities | 3 | 3 |
Fair Value Measurements Recurring | Netting Adjustment | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | -454 | -493 |
Total assets | -454 | -493 |
Percentage of Total | -3.00% | -3.00% |
Trading account liabilities | -510 | -423 |
Total liabilities | -510 | -423 |
Percentage of Total | -66.00% | -65.00% |
Fair Value Measurements Recurring | Netting Adjustment | Interest rate derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | -150 | -212 |
Trading account liabilities | -408 | -379 |
Fair Value Measurements Recurring | Netting Adjustment | Commodity derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | -48 | -66 |
Trading account liabilities | -79 | -33 |
Fair Value Measurements Recurring | Netting Adjustment | Foreign exchange derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | -10 | -18 |
Trading account liabilities | -23 | -11 |
Fair Value Measurements Recurring | Netting Adjustment | Equity Derivative contracts | ' | ' |
Fair value measurements | ' | ' |
Trading account assets | ($246) | ($197) |
Fair_Value_Measurement_and_Fai3
Fair Value Measurement and Fair Value of Financial Instruments (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Trading Assets | ' | ' | ' | ' |
Reconciliation of assets measured using significant unobservable inputs | ' | ' | ' | ' |
Reconciliation of asset balance at fair value on a recurring basis using significant unobservable inputs, beginning of period | $273 | $186 | $271 | $136 |
Total gains (losses) (realized/unrealized) included in income before taxes | 35 | -5 | 36 | 42 |
Purchases/additions, assets | ' | 1 | 3 | 4 |
Settlements | -5 | ' | -7 | ' |
Reconciliation of asset balance at fair value on a recurring basis using significant unobservable inputs, end of period | 303 | 182 | 303 | 182 |
Changes in unrealized gains (losses) included in income before taxes for assets still held at end of period | 35 | -5 | 36 | 42 |
Securities Available for Sale | ' | ' | ' | ' |
Reconciliation of assets measured using significant unobservable inputs | ' | ' | ' | ' |
Reconciliation of asset balance at fair value on a recurring basis using significant unobservable inputs, beginning of period | 2,046 | 1,592 | 2,018 | 1,499 |
Total gains (losses) (realized/unrealized) included in other comprehensive income | 7 | 18 | 15 | 37 |
Purchases/additions, assets | 14 | 192 | 137 | 329 |
Sales | ' | ' | ' | -14 |
Settlements | -122 | -40 | -225 | -89 |
Reconciliation of asset balance at fair value on a recurring basis using significant unobservable inputs, end of period | 1,945 | 1,762 | 1,945 | 1,762 |
Other assets | ' | ' | ' | ' |
Reconciliation of assets measured using significant unobservable inputs | ' | ' | ' | ' |
Reconciliation of asset balance at fair value on a recurring basis using significant unobservable inputs, beginning of period | 1 | 1 | 1 | ' |
Total gains (losses) (realized/unrealized) included in income before taxes | 1 | 1 | 1 | 1 |
Purchases/additions, assets | ' | ' | ' | 1 |
Reconciliation of asset balance at fair value on a recurring basis using significant unobservable inputs, end of period | 2 | 2 | 2 | 2 |
Changes in unrealized gains (losses) included in income before taxes for assets still held at end of period | $1 | $1 | $1 | $1 |
Fair_Value_Measurement_and_Fai4
Fair Value Measurement and Fair Value of Financial Instruments (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Trading Liabilities | ' | ' | ' | ' |
Reconciliation of assets measured using significant unobservable inputs | ' | ' | ' | ' |
Reconciliation of liability balance at fair value on a recurring basis using significant unobservable inputs, beginning of period | ($266) | ($187) | ($264) | ($136) |
Total gains (losses) (realized/unrealized) included in income before taxes | -36 | 5 | -37 | -43 |
Sales | -1 | -1 | -4 | -4 |
Settlements | 5 | ' | 7 | ' |
Reconciliation of liability balance at fair value on a recurring basis using significant unobservable inputs, ending of period | -298 | -183 | -298 | -183 |
Changes in unrealized gains (losses) included in income before taxes for liabilities still held at end of period | -36 | 5 | -37 | -43 |
Other Liabilities | ' | ' | ' | ' |
Reconciliation of assets measured using significant unobservable inputs | ' | ' | ' | ' |
Reconciliation of liability balance at fair value on a recurring basis using significant unobservable inputs, beginning of period | -103 | -96 | -99 | -95 |
Total gains (losses) (realized/unrealized) included in income before taxes | -2 | 2 | -6 | 1 |
Reconciliation of liability balance at fair value on a recurring basis using significant unobservable inputs, ending of period | -105 | -94 | -105 | -94 |
Changes in unrealized gains (losses) included in income before taxes for liabilities still held at end of period | ($2) | $2 | ($6) | $1 |
Fair_Value_Measurement_and_Fai5
Fair Value Measurement and Fair Value of Financial Instruments (Details 4) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Other debt securities, Direct bank purchase bonds | Other debt securities, Direct bank purchase bonds | Other debt securities, Direct bank purchase bonds | Other debt securities, Direct bank purchase bonds | Other debt securities, Direct bank purchase bonds | Level 3 | ||
Minimum | Maximum | Weighted Average | Other debt securities, Direct bank purchase bonds | |||||
Return on equity | Return on equity | Return on equity | ||||||
Significant unobservable inputs, Level 3 assets | ' | ' | ' | ' | ' | ' | ' | ' |
Market-required return on capital (as a percent) | ' | ' | ' | ' | 8.00% | 10.00% | 9.90% | ' |
Probability of default (as a percent) | ' | ' | ' | ' | 0.00% | 8.00% | 0.50% | ' |
Loss severity (as a percent) | ' | ' | ' | ' | 10.00% | 60.00% | 31.60% | ' |
Securities available for sale | $14,670 | $15,817 | $1,897 | $1,960 | ' | ' | ' | $1,897 |
Fair_Value_Measurement_and_Fai6
Fair Value Measurement and Fair Value of Financial Instruments (Details 5) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | FDIC clawback liability | FDIC clawback liability | FDIC clawback liability | Level 3 | ||
Minimum | Maximum | Weighted Average | FDIC clawback liability | |||
Discounted cash flow | Discounted cash flow | Discounted cash flow | ||||
Significant unobservable inputs, Level 3 assets | ' | ' | ' | ' | ' | ' |
Probability of default (as a percent) | ' | ' | 0.10% | 100.00% | 56.20% | ' |
Loss severity (as a percent) | ' | ' | 0.00% | 100.00% | 40.00% | ' |
Other liabilities | $1,666 | $1,675 | ' | ' | ' | $102 |
Fair_Value_Measurement_and_Fai7
Fair Value Measurement and Fair Value of Financial Instruments (Details 6) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Loans: | ' | ' | ' | ' | ' |
Impaired loans | $620 | ' | $620 | ' | $608 |
Loss Impaired loans | -6 | -11 | -35 | -23 | ' |
Other assets: | ' | ' | ' | ' | ' |
Loss on OREO | -1 | -3 | -3 | -6 | ' |
Loss, Total | -7 | -14 | -38 | -29 | ' |
Fair Value Measurements, Nonrecurring | ' | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' | ' |
Impaired loans | 198 | 91 | 198 | 91 | ' |
Other assets: | ' | ' | ' | ' | ' |
OREO | 14 | 37 | 14 | 37 | ' |
Total | 212 | 128 | 212 | 128 | ' |
Fair Value Measurements, Nonrecurring | Level 3 | ' | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' | ' |
Impaired loans | 198 | 91 | 198 | 91 | ' |
Other assets: | ' | ' | ' | ' | ' |
OREO | 14 | 37 | 14 | 37 | ' |
Total | $212 | $128 | $212 | $128 | ' |
Fair_Value_Measurement_and_Fai8
Fair Value Measurement and Fair Value of Financial Instruments (Details 7) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Securities held to maturity | $8,251 | $6,439 |
Level 1 | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 4,329 | 6,203 |
Level 2 | ' | ' |
Assets | ' | ' |
Securities held to maturity | 8,251 | 6,439 |
Liabilities | ' | ' |
Deposits | 81,713 | 80,228 |
Commercial paper and other short-term borrowings | 2,870 | 2,563 |
Long-term debt | 7,167 | 6,709 |
Level 3 | ' | ' |
Assets | ' | ' |
Loans held for investment, net of allowance for loan losses | 71,934 | 68,132 |
FDIC indemnification asset | 11 | 95 |
Other assets | 4 | 3 |
Off-Balance Sheet Instruments | ' | ' |
Commitments to extend credit and standby and commercial letters of credit | 290 | 273 |
Carrying Amount | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 4,329 | 6,203 |
Securities held to maturity | 8,177 | 6,509 |
Loans held for investment, net of allowance for loan losses | 70,988 | 66,898 |
FDIC indemnification asset | 101 | 141 |
Other assets | 4 | 3 |
Liabilities | ' | ' |
Deposits | 81,566 | 80,101 |
Commercial paper and other short-term borrowings | 2,870 | 2,563 |
Long-term debt | 6,995 | 6,547 |
Off-Balance Sheet Instruments | ' | ' |
Commitments to extend credit and standby and commercial letters of credit | 290 | 273 |
Fair Value | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 4,329 | 6,203 |
Securities held to maturity | 8,251 | 6,439 |
Loans held for investment, net of allowance for loan losses | 71,934 | 68,132 |
FDIC indemnification asset | 11 | 95 |
Other assets | 4 | 3 |
Liabilities | ' | ' |
Deposits | 81,713 | 80,228 |
Commercial paper and other short-term borrowings | 2,870 | 2,563 |
Long-term debt | 7,167 | 6,709 |
Off-Balance Sheet Instruments | ' | ' |
Commitments to extend credit and standby and commercial letters of credit | $290 | $273 |
Derivative_Instruments_and_Oth2
Derivative Instruments and Other Financial Instruments Used For Hedging (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Derivative Instruments and Other Financial Instruments | ' | ' | ' | ' | ' |
Derivative Notional Amount | $71,093 | ' | $71,093 | ' | $64,438 |
Fair Value, Asset Derivatives | 1,267 | ' | 1,267 | ' | 1,085 |
Fair Value, Liability Derivatives | 1,127 | ' | 1,127 | ' | 970 |
Not designated as hedging instruments | Trading derivatives | ' | ' | ' | ' | ' |
Derivative Instruments and Other Financial Instruments | ' | ' | ' | ' | ' |
Derivative Notional Amount | 62,145 | ' | 62,145 | ' | 59,953 |
Fair Value, Asset Derivatives | 1,225 | ' | 1,225 | ' | 1,075 |
Fair Value, Liability Derivatives | 1,120 | ' | 1,120 | ' | 953 |
Not designated as hedging instruments | Other risk management | ' | ' | ' | ' | ' |
Derivative Instruments and Other Financial Instruments | ' | ' | ' | ' | ' |
Derivative Notional Amount | 248 | ' | 248 | ' | 185 |
Fair Value, Asset Derivatives | 2 | ' | 2 | ' | 2 |
Fair Value, Liability Derivatives | 5 | ' | 5 | ' | 4 |
Net losses on derivatives included in other noninterest income | 1 | 1 | 2 | 5 | ' |
Interest rate derivative contracts | Not designated as hedging instruments | Trading derivatives | ' | ' | ' | ' | ' |
Derivative Instruments and Other Financial Instruments | ' | ' | ' | ' | ' |
Derivative Notional Amount | 47,006 | ' | 47,006 | ' | 44,427 |
Fair Value, Asset Derivatives | 797 | ' | 797 | ' | 713 |
Fair Value, Liability Derivatives | 671 | ' | 671 | ' | 609 |
Interest rate derivative contracts | Cash Flow Hedges | ' | ' | ' | ' | ' |
Derivative Instruments and Other Financial Instruments | ' | ' | ' | ' | ' |
Derivative Notional Amount | 8,200 | ' | 8,200 | ' | 4,300 |
Fair Value, Asset Derivatives | 37 | ' | 37 | ' | 8 |
Fair Value, Liability Derivatives | 2 | ' | 2 | ' | 13 |
Interest rate derivative contracts | Fair value hedges | ' | ' | ' | ' | ' |
Derivative Instruments and Other Financial Instruments | ' | ' | ' | ' | ' |
Derivative Notional Amount | 500 | ' | 500 | ' | ' |
Fair Value, Asset Derivatives | 3 | ' | 3 | ' | ' |
Commodity derivative contracts | Not designated as hedging instruments | Trading derivatives | ' | ' | ' | ' | ' |
Derivative Instruments and Other Financial Instruments | ' | ' | ' | ' | ' |
Derivative Notional Amount | 5,776 | ' | 5,776 | ' | 5,714 |
Fair Value, Asset Derivatives | 117 | ' | 117 | ' | 76 |
Fair Value, Liability Derivatives | 107 | ' | 107 | ' | 61 |
Foreign exchange derivative contracts | Not designated as hedging instruments | Trading derivatives | ' | ' | ' | ' | ' |
Derivative Instruments and Other Financial Instruments | ' | ' | ' | ' | ' |
Derivative Notional Amount | 5,329 | ' | 5,329 | ' | 5,645 |
Fair Value, Asset Derivatives | 25 | ' | 25 | ' | 33 |
Fair Value, Liability Derivatives | 55 | ' | 55 | ' | 29 |
Equity Derivative contracts | Not designated as hedging instruments | Trading derivatives | ' | ' | ' | ' | ' |
Derivative Instruments and Other Financial Instruments | ' | ' | ' | ' | ' |
Derivative Notional Amount | 4,034 | ' | 4,034 | ' | 4,027 |
Fair Value, Asset Derivatives | 286 | ' | 286 | ' | 253 |
Fair Value, Liability Derivatives | 287 | ' | 287 | ' | 254 |
Other derivative contracts | Not designated as hedging instruments | Trading derivatives | ' | ' | ' | ' | ' |
Derivative Instruments and Other Financial Instruments | ' | ' | ' | ' | ' |
Derivative Notional Amount | ' | ' | ' | ' | $140 |
Derivative_Instruments_and_Oth3
Derivative Instruments and Other Financial Instruments Used For Hedging (Details 2) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Cash flow hedges | ' | ' |
Derivative Notional Amount | $71,093 | $64,438 |
Income from accumulated other comprehensive income expected to be reclassified to net interest income | 95 | ' |
Cash Flow Hedges | Weighted average | ' | ' |
Cash flow hedges | ' | ' |
Weighted average remaining life of the currently active cash flow hedges | '3 years 10 months 6 days | ' |
Cash Flow Hedges | LIBOR indexed loans | Interest rate swaps | ' | ' |
Cash flow hedges | ' | ' |
Derivative Notional Amount | $8,200 | ' |
Derivative_Instruments_and_Oth4
Derivative Instruments and Other Financial Instruments Used For Hedging (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flow Hedges | ' | ' | ' | ' |
Amount and location of net gains and losses | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) | $70 | $3 | $78 | $9 |
Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 29 | 7 | 52 | 14 |
Cash Flow Hedges | Interest rate derivative contracts | ' | ' | ' | ' |
Amount and location of net gains and losses | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) | 70 | 3 | 78 | 9 |
Cash Flow Hedges | Interest rate derivative contracts | Interest income | ' | ' | ' | ' |
Amount and location of net gains and losses | ' | ' | ' | ' |
Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 27 | 8 | 49 | 15 |
Cash Flow Hedges | Interest rate derivative contracts | Interest expense | ' | ' | ' | ' |
Amount and location of net gains and losses | ' | ' | ' | ' |
Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 2 | -1 | 3 | -1 |
Cash Flow Hedges | Interest rate derivative contracts | Noninterest expense | Maximum | ' | ' | ' | ' |
Amount and location of net gains and losses | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivative Instruments (Ineffective Portion and Amount Excluded from Effectiveness Testing) | -1 | -1 | -1 | -1 |
Fair value hedges | Interest rate derivative contracts | ' | ' | ' | ' |
Amount and location of net gains and losses | ' | ' | ' | ' |
Derivative | 3 | ' | 3 | ' |
Hedged Item | ($3) | ' | ($3) | ' |
Derivative_Instruments_and_Oth5
Derivative Instruments and Other Financial Instruments Used For Hedging (Details 4) (Trading Derivatives, USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Trading Derivatives | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivative Instruments | $12 | $16 | $28 | $18 |
Interest rate derivative contracts | ' | ' | ' | ' |
Trading Derivatives | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivative Instruments | 9 | 10 | 19 | 9 |
Equity contracts | ' | ' | ' | ' |
Trading Derivatives | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivative Instruments | ' | ' | 1 | ' |
Foreign exchange derivative contracts | ' | ' | ' | ' |
Trading Derivatives | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivative Instruments | 2 | 5 | 6 | 8 |
Commodity contracts | ' | ' | ' | ' |
Trading Derivatives | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivative Instruments | -1 | 1 | 1 | ' |
Other contracts | ' | ' | ' | ' |
Trading Derivatives | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivative Instruments | $2 | ' | $1 | $1 |
Derivative_Instruments_and_Oth6
Derivative Instruments and Other Financial Instruments Used For Hedging (Details 5) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financial Assets | ' | ' |
Gross Amounts of Recognized Assets, Derivative assets | $1,267 | $1,085 |
Gross Amounts Offset in Balance Sheet, Derivative assets | 454 | 493 |
Net Amounts Presented in Balance Sheet, Derivative assets | 813 | 592 |
Gross Amounts Not Offset In Balance Sheet, Financial Instruments, Derivative assets | 50 | 79 |
Net Amount, Derivative assets | 763 | 513 |
Gross Amounts of Recognized Assets, Securities purchased under resale agreements | 45 | 10 |
Net Amounts Presented in Balance Sheet, Securities purchased under resale agreements | 45 | 10 |
Gross Amount Not Offset in Balance Sheet, Financial Instruments, Securities purchased under repurchase agreements | 44 | 10 |
Net Amount, Securities purchased under repurchase agreements | 1 | ' |
Gross Amounts of Recognized Assets, Financial Assets | 1,312 | 1,095 |
Gross Amounts Offset in Balance Sheet, Financial Assets | 454 | 493 |
Net Amounts Presented in Balance Sheet, Financial Assets | 858 | 602 |
Gross Amounts Not Offset In Balance Sheet, Financial Instruments, Financial Assets | 94 | 89 |
Net Amount, Financial Assets | 764 | 513 |
Financial Liabilities | ' | ' |
Gross Amounts of Recognized Liabilities, Derivative liabilities | 1,127 | 970 |
Gross Amounts Offset in Balance Sheet, Derivative liabilities | 510 | 423 |
Net Amounts Presented in Balance Sheet, Derivative liabilities | 617 | 547 |
Gross Amount Not Offset in Balance Sheet, Financial Instruments, Derivative liabilities | 220 | 144 |
Net Amount, Derivative liabilities | 397 | 403 |
Gross Amounts of Recognized Liabilities, Securities sold under repurchase agreements | 25 | 8 |
Net Amounts Presented in Balance Sheet, Securities sold under repurchase agreements | 25 | 8 |
Gross Amount Not Offset in Balance Sheet, Financial Instruments, Securities sold under repurchase agreements | 25 | 8 |
Gross Amounts of Recognized Liabilities, Financial Liabilities | 1,152 | 978 |
Gross Amounts Offset in Balance Sheet, Financial Liabilities | 510 | 423 |
Net Amounts Presented in Balance Sheet, Financial Liabilities | 642 | 555 |
Gross Amount Not Offset in Balance Sheet, Financial Instruments, Financial Liabilities | 245 | 152 |
Net Amount, Financial Liabilities | $397 | $403 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Unrealized net gains (losses) on hedges arising during the period, Before Tax Amount | $70 | $3 | $78 | $9 |
Less: Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt, Before Tax Amount | -29 | -7 | -52 | -14 |
Net change, Before Tax Amount | 41 | -4 | 26 | -5 |
Unrealized holding gains (losses) arising during the period on securities available for sale, Before Tax Amount | 156 | -503 | 272 | -503 |
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net, Before Tax Amount | -1 | -27 | -3 | -123 |
Less: accretion of fair value adjustment on securities available for sale, Before Tax Amount | -18 | -23 | -24 | -38 |
Less: accretion of fair value adjustment on held to maturity securities, Before Tax Amount | ' | -3 | ' | -11 |
Less: amortization of net unrealized (gains) losses on held to maturity securities, Before Tax Amount | 5 | 11 | 10 | 25 |
Net change, Before Tax Amount | 142 | -545 | 255 | -650 |
Foreign currency translation adjustment, Before Tax Amount | 4 | -3 | ' | -5 |
Pension and other benefits arising during the period, Before Tax Amount | -4 | ' | -4 | ' |
Amortization of prior service costs, Before Tax Amount | -4 | ' | -4 | ' |
Recognized net actuarial (gain) loss, Before Tax Amount | 15 | 29 | 29 | 58 |
Net change, Before Tax Amount | 7 | 29 | 21 | 58 |
Net change in accumulated other comprehensive loss, Before Tax Amount | 194 | -523 | 302 | -602 |
Unrealized net gains (losses) on hedges arising during the period, Tax Effect | -28 | -1 | -31 | -3 |
Less: Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt, Tax Effect | 12 | 2 | 21 | 5 |
Net change, Tax Effect | -16 | 1 | -10 | 2 |
Unrealized holding gains (losses) arising during the period on securities available for sale, Tax Effect | -61 | 197 | -107 | 197 |
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net, Tax Effect | ' | 11 | 1 | 49 |
Less: accretion of fair value adjustment on securities available for sale, Tax Effect | 8 | 10 | 10 | 16 |
Less: accretion of fair value adjustment on held to maturity securities, Tax Effect | ' | 1 | ' | 4 |
Less: amortization of net unrealized (gains) losses on held to maturity securities, Tax Effect | -2 | -4 | -4 | -10 |
Net change, Tax Effect | -55 | 215 | -100 | 256 |
Foreign currency translation adjustment, Tax Effect | -2 | 1 | ' | 2 |
Pension and other benefits arising during the period, Tax Effect | 2 | ' | 2 | ' |
Amortization of prior service costs, Tax Effect | 2 | ' | 2 | ' |
Recognized net actuarial (gain) loss, Tax Effect | -7 | -12 | -13 | -23 |
Net change, Tax Effect | -3 | -12 | -9 | -23 |
Net change in accumulated other comprehensive loss, Tax Effect | -76 | 205 | -119 | 237 |
Unrealized net gains (losses) on hedges arising during the period, Net of Tax | 42 | 2 | 47 | 6 |
Less: Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt, Net of Tax | -17 | -5 | -31 | -9 |
Net change, Net of Tax | 25 | -3 | 16 | -3 |
Unrealized holding gains (losses) arising during the period on securities available for sale, Net of Tax | 95 | -306 | 165 | -306 |
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net, Net of Tax | -1 | -16 | -2 | -74 |
Less: accretion of fair value adjustment on securities available for sale, Net of Tax | -10 | -13 | -14 | -22 |
Less: accretion of fair value adjustment on held to maturity securities, Net of Tax | ' | -2 | ' | -7 |
Less: amortization of net unrealized (gains) losses on held to maturity securities, Net of Tax | 3 | 7 | 6 | 15 |
Net change, Net of Tax | 87 | -330 | 155 | -394 |
Foreign currency translation adjustment, Net of Tax | 2 | -2 | ' | -3 |
Pension and other benefits arising during the period, Net of Tax | -2 | ' | -2 | ' |
Amortization of prior service costs, Net of Tax | -2 | ' | -2 | ' |
Recognized net actuarial (gain) loss, Net of Tax | 8 | 17 | 16 | 35 |
Net change, Net of Tax | 4 | 17 | 12 | 35 |
Net change in accumulated other comprehensive loss, Net of Tax | $118 | ($318) | $183 | ($365) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Securities | Net Unrealized Gains (Losses) on Securities | Net Unrealized Gains (Losses) on Securities | Net Unrealized Gains (Losses) on Securities | Foreign Currency Translation Adjustment | Foreign Currency Translation Adjustment | Foreign Currency Translation Adjustment | Foreign Currency Translation Adjustment | Pension and Other Benefits Adjustment | Pension and Other Benefits Adjustment | Pension and Other Benefits Adjustment | Pension and Other Benefits Adjustment | |||||
Change in accumulated other comprehensive loss balances: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss, Beginning Balance | ($559) | ($561) | ($624) | ($514) | $7 | $24 | $16 | $24 | ($260) | $95 | ($328) | $159 | ($5) | ' | $1 | ($3) | ($301) | ($680) | ($309) | ($698) |
Accumulated Other Comprehensive Loss, Other comprehensive income (loss) before reclassifications | 137 | -314 | 210 | -317 | 42 | 2 | 47 | 6 | 95 | -314 | 165 | -320 | 2 | -2 | -3 | ' | -2 | ' | -2 | ' |
Accumulated Other Comprehensive Loss, Amounts reclassified from accumulated other comprehensive loss | -19 | -4 | -27 | -48 | -17 | -5 | -31 | -9 | -8 | -16 | -10 | -74 | ' | ' | ' | ' | 6 | 17 | 14 | 35 |
Accumulated Other Comprehensive Loss, Ending Balance | ($441) | ($879) | ($441) | ($879) | $32 | $21 | $32 | $21 | ($173) | ($235) | ($173) | ($235) | ($3) | ($2) | ($2) | ($3) | ($297) | ($663) | ($297) | ($663) |
Employee_Pension_and_Other_Pos2
Employee Pension and Other Postretirement Benefits (Details) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
Forecast | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Other Benefits | Other Benefits | Other Benefits | Other Benefits | Other Benefits | Other Benefits | Superannuation, SERP and ESBP | Superannuation, SERP and ESBP | Superannuation, SERP and ESBP | Superannuation, SERP and ESBP | Health plan benefit | ||
Pension Plan and Other Postretirement Benefits Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate in determining benefit obligations | ' | ' | ' | ' | ' | ' | 4.50% | 4.90% | ' | ' | ' | ' | 4.20% | 4.60% | ' | ' | ' | ' | ' |
Decreased in plan's benefit obligation | ' | ' | ' | ' | $150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29 |
Increase in plan's benefit obligation | ' | ' | ' | ' | 162 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21 |
Increase in accumulated other comprehensive loss before income taxes | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in estimated future benefit payments from 2014 through 2023 | 93 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | 18 | 21 | 39 | 43 | ' | ' | 2 | 3 | 5 | 7 | ' | ' | ' | ' | 1 | ' | ' |
Interest cost | ' | ' | 26 | 24 | 54 | 49 | ' | ' | 3 | 3 | 6 | 6 | ' | ' | 1 | 1 | 2 | 2 | ' |
Expected return on plan assets | ' | ' | -47 | -42 | -95 | -83 | ' | ' | -4 | -4 | -9 | -8 | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service cost | ' | ' | -3 | ' | -3 | ' | ' | ' | -1 | ' | -1 | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized net actuarial loss | ' | ' | 14 | 27 | 28 | 54 | ' | ' | ' | 2 | ' | 3 | ' | ' | 1 | ' | 1 | 1 | ' |
Total net periodic benefit cost | ' | 39 | 8 | 30 | 23 | 63 | ' | ' | ' | 4 | 1 | 8 | ' | ' | 2 | 1 | 4 | 3 | ' |
Total net periodic benefit cost | ' | $71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_Contingencies_and_2
Commitments, Contingencies and Guarantees (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Commitments to extend credit | ' |
Commitment, Contingencies and Guarantees disclosures | ' |
Commitments | $34,724 |
Issued standby and commercial letters of credit | ' |
Commitment, Contingencies and Guarantees disclosures | ' |
Commitments | 5,887 |
Maximum term | '1 year |
Carrying value | 4.4 |
Other commitments | ' |
Commitment, Contingencies and Guarantees disclosures | ' |
Commitments | $180 |
Commitments_Contingencies_and_3
Commitments, Contingencies and Guarantees (Details 2) (Financial guarantee, Interest rate swap contracts, USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Financial guarantee | Interest rate swap contracts | ' |
Guarantee disclosures | ' |
Current exposure to loss | $23 |
Future exposure to loss | $48 |
Business_Segments_Details
Business Segments (Details) (USD $) | 6 Months Ended |
In Billions, unless otherwise specified | Jun. 30, 2014 |
item | |
Business Segments | ' |
Reportable business segments | 5 |
Community Banking Division | California | ' |
Business segments | ' |
Number of full-service branches | 358 |
Community Banking Division | Washington and Oregon | ' |
Business segments | ' |
Number of full-service branches | 45 |
Commercial Banking | ' |
Business segments | ' |
Number of divisions | 5 |
Commercial Banking | Maximum | ' |
Business segments | ' |
Corporate customers revenues | 2 |
Corporate Banking | Minimum | ' |
Business segments | ' |
Corporate customers revenues | 2 |
Business_Segments_Details_2
Business Segments (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Business segments | ' | ' | ' | ' | ' |
Net interest income (expense) | $763 | $672 | $1,446 | $1,325 | ' |
Noninterest income (expense) | 202 | 201 | 383 | 452 | ' |
Total revenue | 965 | 873 | 1,829 | 1,777 | ' |
Noninterest expense | 649 | 702 | 1,309 | 1,415 | ' |
(Reversal of) provision for loan losses | 9 | -3 | -7 | -6 | ' |
Income (loss) before income taxes and including noncontrolling interests | 307 | 174 | 527 | 368 | ' |
Income tax expense (benefit) | 62 | 35 | 112 | 85 | ' |
Net income (loss) including noncontrolling interests | 245 | 139 | 415 | 283 | ' |
Deduct: net loss from noncontrolling interests | 4 | 3 | 9 | 7 | ' |
Net Income Attributable to MUFG Americas Holdings Corporation (MUAH) | 249 | 142 | 424 | 290 | ' |
Total assets, end of period | 108,820 | 102,279 | 108,820 | 102,279 | 105,894 |
Reconciling Items | ' | ' | ' | ' | ' |
Business segments | ' | ' | ' | ' | ' |
Net interest income (expense) | -92 | -76 | -172 | -153 | ' |
Noninterest income (expense) | -55 | -51 | -102 | -92 | ' |
Total revenue | -147 | -127 | -274 | -245 | ' |
Noninterest expense | -38 | -32 | -73 | -65 | ' |
(Reversal of) provision for loan losses | -8 | -1 | -19 | ' | ' |
Income (loss) before income taxes and including noncontrolling interests | -101 | -94 | -182 | -180 | ' |
Income tax expense (benefit) | -39 | -36 | -71 | -71 | ' |
Net income (loss) including noncontrolling interests | -62 | -58 | -111 | -109 | ' |
Net Income Attributable to MUFG Americas Holdings Corporation (MUAH) | -62 | -58 | -111 | -109 | ' |
Total assets, end of period | -3,558 | -1,863 | -3,558 | -1,863 | ' |
Retail Banking and Wealth Markets | Operating segments | ' | ' | ' | ' | ' |
Business segments | ' | ' | ' | ' | ' |
Net interest income (expense) | 362 | 332 | 709 | 669 | ' |
Noninterest income (expense) | 87 | 94 | 166 | 187 | ' |
Total revenue | 449 | 426 | 875 | 856 | ' |
Noninterest expense | 340 | 366 | 675 | 730 | ' |
(Reversal of) provision for loan losses | -2 | -7 | -8 | -15 | ' |
Income (loss) before income taxes and including noncontrolling interests | 111 | 67 | 208 | 141 | ' |
Income tax expense (benefit) | 44 | 27 | 82 | 56 | ' |
Net income (loss) including noncontrolling interests | 67 | 40 | 126 | 85 | ' |
Net Income Attributable to MUFG Americas Holdings Corporation (MUAH) | 67 | 40 | 126 | 85 | ' |
Total assets, end of period | 36,417 | 33,008 | 36,417 | 33,008 | ' |
Commercial Banking | Operating segments | ' | ' | ' | ' | ' |
Business segments | ' | ' | ' | ' | ' |
Net interest income (expense) | 277 | 217 | 504 | 423 | ' |
Noninterest income (expense) | 58 | 49 | 106 | 92 | ' |
Total revenue | 335 | 266 | 610 | 515 | ' |
Noninterest expense | 104 | 102 | 209 | 199 | ' |
(Reversal of) provision for loan losses | -10 | 3 | 6 | 30 | ' |
Income (loss) before income taxes and including noncontrolling interests | 241 | 161 | 395 | 286 | ' |
Income tax expense (benefit) | 65 | 40 | 99 | 69 | ' |
Net income (loss) including noncontrolling interests | 176 | 121 | 296 | 217 | ' |
Net Income Attributable to MUFG Americas Holdings Corporation (MUAH) | 176 | 121 | 296 | 217 | ' |
Total assets, end of period | 35,423 | 31,153 | 35,423 | 31,153 | ' |
Corporate Banking | Operating segments | ' | ' | ' | ' | ' |
Business segments | ' | ' | ' | ' | ' |
Net interest income (expense) | 43 | 31 | 74 | 60 | ' |
Noninterest income (expense) | 22 | 18 | 40 | 35 | ' |
Total revenue | 65 | 49 | 114 | 95 | ' |
Noninterest expense | 16 | 12 | 31 | 26 | ' |
(Reversal of) provision for loan losses | 9 | -4 | -7 | 2 | ' |
Income (loss) before income taxes and including noncontrolling interests | 40 | 41 | 90 | 67 | ' |
Income tax expense (benefit) | 16 | 15 | 35 | 26 | ' |
Net income (loss) including noncontrolling interests | 24 | 26 | 55 | 41 | ' |
Net Income Attributable to MUFG Americas Holdings Corporation (MUAH) | 24 | 26 | 55 | 41 | ' |
Total assets, end of period | 4,916 | 4,364 | 4,916 | 4,364 | ' |
Transaction Banking | Operating segments | ' | ' | ' | ' | ' |
Business segments | ' | ' | ' | ' | ' |
Net interest income (expense) | 94 | 95 | 194 | 206 | ' |
Noninterest income (expense) | 39 | 41 | 79 | 79 | ' |
Total revenue | 133 | 136 | 273 | 285 | ' |
Noninterest expense | 88 | 91 | 177 | 184 | ' |
(Reversal of) provision for loan losses | 2 | -4 | 3 | -3 | ' |
Income (loss) before income taxes and including noncontrolling interests | 43 | 49 | 93 | 104 | ' |
Income tax expense (benefit) | 17 | 20 | 36 | 41 | ' |
Net income (loss) including noncontrolling interests | 26 | 29 | 57 | 63 | ' |
Net Income Attributable to MUFG Americas Holdings Corporation (MUAH) | 26 | 29 | 57 | 63 | ' |
Total assets, end of period | 1,938 | 1,507 | 1,938 | 1,507 | ' |
Investment Banking & Markets | Operating segments | ' | ' | ' | ' | ' |
Business segments | ' | ' | ' | ' | ' |
Net interest income (expense) | 43 | 43 | 89 | 89 | ' |
Noninterest income (expense) | 57 | 54 | 107 | 101 | ' |
Total revenue | 100 | 97 | 196 | 190 | ' |
Noninterest expense | 28 | 25 | 55 | 50 | ' |
(Reversal of) provision for loan losses | 15 | 7 | 30 | 4 | ' |
Income (loss) before income taxes and including noncontrolling interests | 57 | 65 | 111 | 136 | ' |
Income tax expense (benefit) | 12 | 17 | 23 | 36 | ' |
Net income (loss) including noncontrolling interests | 45 | 48 | 88 | 100 | ' |
Net Income Attributable to MUFG Americas Holdings Corporation (MUAH) | 45 | 48 | 88 | 100 | ' |
Total assets, end of period | 6,199 | 5,585 | 6,199 | 5,585 | ' |
Other | Operating segments | ' | ' | ' | ' | ' |
Business segments | ' | ' | ' | ' | ' |
Net interest income (expense) | 36 | 30 | 48 | 31 | ' |
Noninterest income (expense) | -6 | -4 | -13 | 50 | ' |
Total revenue | 30 | 26 | 35 | 81 | ' |
Noninterest expense | 111 | 138 | 235 | 291 | ' |
(Reversal of) provision for loan losses | 3 | 3 | -12 | -24 | ' |
Income (loss) before income taxes and including noncontrolling interests | -84 | -115 | -188 | -186 | ' |
Income tax expense (benefit) | -53 | -48 | -92 | -72 | ' |
Net income (loss) including noncontrolling interests | -31 | -67 | -96 | -114 | ' |
Deduct: net loss from noncontrolling interests | 4 | 3 | 9 | 7 | ' |
Net Income Attributable to MUFG Americas Holdings Corporation (MUAH) | -27 | -64 | -87 | -107 | ' |
Total assets, end of period | $27,485 | $28,525 | $27,485 | $28,525 | ' |