Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-12307 | |
Entity Registrant Name | ZIONS BANCORPORATION, NATIONAL ASSOCIATION | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 87-0189025 | |
Entity Address, Address Line One | One South Main | |
Entity Address, City or Town | Salt Lake City, | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84133-1109 | |
City Area Code | 801 | |
Local Phone Number | 844-8208 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 147,654,732 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000109380 | |
Common stock shares (in thousands) | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | ZION | |
Security Exchange Name | NASDAQ | |
Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock | |
Trading Symbol | ZIONP | |
Security Exchange Name | NASDAQ | |
Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock | |
Trading Symbol | ZIONO | |
Security Exchange Name | NASDAQ | |
Fixed-to-Floating Rate Subordinated Notes | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.95% Fixed-to-Floating Rate Subordinated Notes due September 15, 2028 | |
Trading Symbol | ZIONL | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 709 | $ 716 |
Money market investments: | ||
Interest-bearing deposits | 1,688 | 1,488 |
Federal funds sold and securities purchased under agreements to resell | 894 | 937 |
Investment securities: | ||
Held-to-maturity, at amortized cost (fair value: $10,105 and $10,466) | 10,209 | 10,382 |
Available-for-sale, at fair value | 9,931 | 10,300 |
Trading, at fair value | 59 | 48 |
Total investment securities | 20,199 | 20,730 |
Loans held for sale | 12 | 53 |
Loans and leases, net of unearned income and fees | 58,109 | 57,779 |
Less allowance for loan and lease losses | 699 | 684 |
Loans held for investment, net of allowance | 57,410 | 57,095 |
Other noninterest-bearing investments | 922 | 950 |
Premises, equipment and software, net | 1,396 | 1,400 |
Goodwill and intangibles | 1,057 | 1,059 |
Other real estate owned | 6 | 6 |
Other assets | 2,767 | 2,769 |
Total assets | 87,060 | 87,203 |
Deposits: | ||
Noninterest-bearing demand | 25,137 | 26,244 |
Interest-bearing: | ||
Savings and money market | 38,879 | 38,721 |
Time | 10,221 | 9,996 |
Total deposits | 74,237 | 74,961 |
Federal funds and other short-term borrowings | 4,895 | 4,379 |
Long-term debt | 544 | 542 |
Reserve for unfunded lending commitments | 37 | 45 |
Other liabilities | 1,518 | 1,585 |
Total liabilities | 81,231 | 81,512 |
Shareholders’ equity: | ||
Preferred stock, without par value; authorized 4,400 shares | 440 | 440 |
Additional Paid in Capital | 1,705 | 1,731 |
Retained earnings | 6,293 | 6,212 |
Accumulated other comprehensive income (loss) | (2,609) | (2,692) |
Total shareholders’ equity | 5,829 | 5,691 |
Total liabilities and shareholders’ equity | $ 87,060 | $ 87,203 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investment securities: | ||
Held-to-maturity, Estimated fair value | $ 10,105 | $ 10,466 |
Shareholders’ equity: | ||
Preferred stock, shares authorized (in shares) | 4,400 | 4,400 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 350,000 | 350,000 |
Common stock, shares issued (in shares) | 147,653 | 148,153 |
Common stock, outstanding shares (in shares) | 147,653 | 148,153 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Interest and fees on loans | $ 865 | $ 726 |
Interest on money market investments | 47 | 57 |
Interest on securities | 142 | 137 |
Total interest income | 1,054 | 920 |
Interest expense: | ||
Interest on deposits | 376 | 82 |
Interest on short- and long-term borrowings | 92 | 159 |
Total interest expense | 468 | 241 |
Net interest income | 586 | 679 |
Provision for credit losses: | ||
Provision for loan and lease losses | 21 | 46 |
Provision for unfunded lending commitments | (8) | (1) |
Total provision for credit losses | 13 | 45 |
Net interest income after provision for credit losses | 573 | 634 |
Noninterest income: | ||
Commercial account fees | 44 | 43 |
Card fees | 23 | 24 |
Retail and business banking fees | 16 | 16 |
Loan-related fees and income | 15 | 21 |
Capital markets fees | 24 | 17 |
Wealth management fees | 15 | 15 |
Other customer-related fees | 14 | 15 |
Customer-related noninterest income | 151 | 151 |
Fair value and nonhedge derivative income | 1 | (3) |
Dividends and other income (loss) | 6 | 11 |
Securities gains (losses), net | (2) | 1 |
Total noninterest income | 156 | 160 |
Noninterest expense: | ||
Salaries and employee benefits | 331 | 339 |
Technology, telecom, and information processing | 62 | 55 |
Occupancy and equipment, net | 39 | 40 |
Professional and legal services | 16 | 13 |
Marketing and business development | 10 | 12 |
Deposit insurance and regulatory expense | 34 | 18 |
Credit-related expense | 7 | 6 |
Other | 27 | 29 |
Total noninterest expense | 526 | 512 |
Income before income taxes | 203 | 282 |
Income taxes | 50 | 78 |
Net income | 153 | 204 |
Preferred stock dividends | (10) | (6) |
Net earnings applicable to common shareholders | $ 143 | $ 198 |
Weighted average common shares outstanding during the period: | ||
Basic shares (in shares) | 147,338 | 148,015 |
Diluted shares (in shares) | 147,343 | 148,038 |
Earnings Per Share [Abstract] | ||
Basic (in dollars per share) | $ 0.96 | $ 1.33 |
Diluted (in dollars per share) | $ 0.96 | $ 1.33 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income for the period | $ 153 | $ 204 |
Other comprehensive income, net of tax: | ||
Net unrealized holding gains (losses) on investment securities | 12 | 77 |
Unrealized loss amortization associated with the securities transferred from AFS to HTM | 46 | 49 |
Net unrealized holding gains (losses) on derivative instruments | (1) | 29 |
Reclassification adjustment for decrease in interest income recognized in earnings on derivative instruments | 26 | 37 |
Other comprehensive income, net of tax | 83 | 192 |
Comprehensive income | $ 236 | $ 396 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Cumulative effect adjustment, due to adoption of ASU 2022-02, net of tax | Preferred stock | Common stock shares (in thousands) | Accumulated paid-in capital | Retained earnings | Retained earnings Cumulative effect adjustment, due to adoption of ASU 2022-02, net of tax | Accumulated other comprehensive income (loss) |
Balance at beginning of period at Dec. 31, 2022 | $ 4,893 | $ 440 | $ 1,754 | $ 5,811 | $ (3,112) | |||
Balance at beginning of period (in shares) at Dec. 31, 2022 | 148,664 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the period | 204 | 204 | ||||||
Other comprehensive income (loss), net of tax | 192 | 192 | ||||||
Bank common stock repurchased (in shares) | (953) | |||||||
Bank common stock repurchased | (50) | (50) | ||||||
Net activity under employee plans and related tax benefits (in shares) | 389 | |||||||
Net activity under employee plans and related tax benefits | 11 | 11 | ||||||
Dividends on preferred stock | (6) | (6) | ||||||
Dividends on common stock | (61) | (61) | ||||||
Change in deferred compensation | (1) | (1) | ||||||
Balance at end of period at Mar. 31, 2023 | 5,184 | $ 2 | 440 | 1,715 | 5,949 | $ 2 | (2,920) | |
Balance at end of period (in shares) at Mar. 31, 2023 | 148,100 | |||||||
Balance at beginning of period at Dec. 31, 2023 | $ 5,691 | 440 | 1,731 | 6,212 | (2,692) | |||
Balance at beginning of period (in shares) at Dec. 31, 2023 | 148,153 | 148,153 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the period | $ 153 | 153 | ||||||
Other comprehensive income (loss), net of tax | $ 83 | 83 | ||||||
Bank common stock repurchased (in shares) | (900) | (890) | ||||||
Bank common stock repurchased | $ (35) | (35) | ||||||
Net activity under employee plans and related tax benefits (in shares) | 390 | |||||||
Net activity under employee plans and related tax benefits | 9 | 9 | ||||||
Dividends on preferred stock | (10) | (10) | ||||||
Dividends on common stock | (61) | (61) | ||||||
Change in deferred compensation | (1) | (1) | ||||||
Balance at end of period at Mar. 31, 2024 | $ 5,829 | $ 440 | $ 1,705 | $ 6,293 | $ (2,609) | |||
Balance at end of period (in shares) at Mar. 31, 2024 | 147,653 | 147,653 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on common stock (in dollars per share) | $ 0.41 | $ 0.41 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 153 | $ 204 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 13 | 45 |
Depreciation and amortization | 32 | 36 |
Share-based compensation | 16 | 17 |
Deferred income tax expense | 22 | 6 |
Net decrease (increase) in trading securities | (11) | 77 |
Net decrease in loans held for sale | 41 | 7 |
Change in other liabilities | (77) | (529) |
Change in other assets | 76 | 362 |
Other, net | (4) | (4) |
Net cash provided by operating activities | 261 | 221 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net decrease (increase) in money market investments | (157) | 727 |
Proceeds from maturities and paydowns of investment securities held-to-maturity | 232 | 237 |
Purchases of investment securities held-to-maturity | 0 | (10) |
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale | 480 | 583 |
Purchases of investment securities available-for-sale | (182) | (138) |
Net change in loans and leases | (321) | (738) |
Purchases and sales of other noninterest-bearing investments | 25 | (37) |
Purchases of premises and equipment | (30) | (31) |
Other, net | 6 | (2) |
Net cash provided by investing activities | 53 | 591 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net decrease in deposits | (724) | (2,445) |
Net change in short-term borrowed funds | 516 | 1,707 |
Proceeds from the issuance of common stock | 0 | 2 |
Dividends paid on common and preferred stock | (71) | (69) |
Bank common stock repurchased | (35) | (50) |
Other, net | (7) | (7) |
Net cash used in financing activities | (321) | (862) |
Net decrease in cash and due from banks | (7) | (50) |
Cash and due from banks at beginning of period | 716 | 657 |
Cash and due from banks at end of period | 709 | 607 |
Cash paid for interest | 491 | 224 |
Net cash paid for income taxes | 0 | 0 |
Noncash activities: | ||
Loans held for investment reclassified to loans held for sale, net | $ 12 | $ 47 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Zions Bancorporation, National Association and its majority-owned subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. References to GAAP, including standards promulgated by the Financial Accounting Standards Board (“FASB”), are made according to sections of the Accounting Standards Codification (“ASC”). The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results that may be expected in future periods. In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying Notes. Actual results could differ from those estimates. For further information, refer to the consolidated financial statements and accompanying footnotes included in our 2023 Form 10-K. We evaluated events that occurred between March 31, 2024 and the date the accompanying financial statements were issued, and determined that there were no material events that would require adjustments to our consolidated financial statements or significant disclosure in the accompanying Notes. Zions Bancorporation, N.A. is a commercial bank headquartered in Salt Lake City, Utah. We provide a wide range of banking products and related services in 11 Western and Southwestern states through seven separately managed bank divisions, which we refer to as “affiliates,” or “affiliate banks,” each with its own local branding and management team. These include Zions Bank, in Utah, Idaho, and Wyoming; California Bank & Trust (“CB&T”); Amegy Bank (“Amegy”), in Texas; National Bank of Arizona (“NBAZ”); Nevada State Bank (“NSB”); Vectra Bank Colorado (“Vectra”), in Colorado and New Mexico; and The Commerce Bank of Washington (“TCBW”) which operates under that name in Washington and under the name The Commerce Bank of Oregon in Oregon. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Standard Description Effective date Effect on the financial statements or other significant matters Standards not yet adopted by the Bank as of March 31, 2024 ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures This Accounting Standards Update (“ASU”) expands operating segment disclosures and requires all segment disclosures to be reported in both annual and interim periods. The new standard requires disclosure of the following: • Significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) for reportable segments; • The title and position of the CODM as well as how the CODM uses the reported measure(s) of profit and loss to assess segment performance; and • “Other segment items” by reportable segment and a description of its composition. Annual periods beginning January 1, 2024; Interim periods beginning January 1, 2025 The overall effect of this standard is not expected to have a material impact on our financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures This ASU expands tax disclosures to provide more information to better assess how an entity’s operations, related tax risks, and tax planning affect its tax rate and prospects for future cash flows. The enhancements in this ASU require that an entity disaggregate income taxes paid and income (or loss) from continuing operations before tax expense (or benefit), and income tax expense (or benefit) from continuing operations. The new standard requires disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold. January 1, 2025 The overall effect of this standard is not expected to have a material impact on our financial statements. Standards adopted by the Bank during the first quarter of 2024 ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This ASU clarifies that contractual restrictions prohibiting the sale of an equity security are not considered part of the unit of account of the equity security, and therefore, are not considered in measuring fair value. The amendments clarify that an entity cannot recognize and measure a contractual sale restriction as a separate unit of account. The amendments in this ASU also require additional qualitative and quantitative disclosures for equity securities subject to contractual sale restrictions. January 1, 2024 We adopted the new standard on January 1, 2024. The adoption of this standard did not have a material effect on our financial statements. ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) This ASU expands the optional use of the proportional amortization method (“PAM”), previously limited to investments in low-income housing tax credit (“LIHTC”) structures, to any eligible equity investments made primarily for the purpose of receiving income tax credit and other tax benefits when certain criteria are met. PAM results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense (benefit). This ASU allows for an accounting policy election to apply PAM on a tax-credit-program-by-tax-credit-program basis. The ASU also includes additional disclosure requirements about equity investments accounted for using PAM. January 1, 2024 We adopted the new standard on January 1, 2024. The adoption of this standard did not have a material effect on our financial statements. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. For more information about our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 3 of our 2023 Form 10-K. Fair Value Hierarchy The following schedule presents assets and liabilities measured at fair value on a recurring basis: (In millions) March 31, 2024 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies, and corporations $ 481 $ 8,167 $ — $ 8,648 Municipal securities 1,259 1,259 Other debt securities 24 24 Total available-for-sale 481 9,450 — 9,931 Trading securities 59 59 Other noninterest-bearing investments: Bank-owned life insurance 555 555 Private equity investments 1 3 98 101 Other assets: Agriculture loan servicing 19 19 Deferred compensation plan assets 130 130 Derivatives 481 481 Total assets $ 614 $ 10,545 $ 117 $ 11,276 LIABILITIES Securities sold, not yet purchased $ 76 $ — $ — $ 76 Other liabilities: Derivatives 388 388 Total liabilities $ 76 $ 388 $ — $ 464 1 The Level 1 private equity investments (“PEIs”) relate to the portion of our Small Business Investment Company (“SBIC”) investments that are publicly traded. (In millions) December 31, 2023 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies, and corporations $ 492 $ 8,467 $ — $ 8,959 Municipal securities 1,318 1,318 Other debt securities 23 23 Total available-for-sale 492 9,808 — 10,300 Trading securities 48 48 Other noninterest-bearing investments: Bank-owned life insurance 553 553 Private equity investments 1 3 92 95 Other assets: Agriculture loan servicing 19 19 Loans held for sale 43 43 Deferred compensation plan assets 124 124 Derivatives 420 420 Total assets $ 619 $ 10,872 $ 111 $ 11,602 LIABILITIES Securities sold, not yet purchased $ 65 $ — $ — $ 65 Other liabilities: Derivatives 333 333 Total liabilities $ 65 $ 333 $ — $ 398 1 The Level 1 PEIs relate to the portion of our SBIC investments that are publicly traded. Level 3 Valuations Our Level 3 financial instruments include PEIs and agriculture loan servicing. For additional information regarding our Level 3 financial instruments, including the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2023 Form 10-K. Roll-forward of Level 3 Fair Value Measurements The following schedule presents a roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs: Level 3 Instruments Three Months Ended March 31, 2024 March 31, 2023 (In millions) Private equity investments Ag loan servicing Private equity investments Ag loan servicing Balance at beginning of period $ 92 $ 19 $ 81 $ 14 Other noninterest income (expense) — — — 4 Purchases 7 — 1 — Cost of investments sold (1) — — — Transfers out — — — — Balance at end of period $ 98 $ 19 $ 82 $ 18 The roll-forward of Level 3 instruments includes the following realized gains and losses recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented: (In millions) Three Months Ended March 31, 2024 March 31, 2023 Securities gains (losses), net $ 2 $ — Nonrecurring Fair Value Measurements Certain assets and liabilities may be measured at fair value on a nonrecurring basis, including impaired loans that have been measured based on the fair value of the underlying collateral, other real estate owned (“OREO”), and equity investments without readily determinable fair values. Nonrecurring fair value adjustments generally include changes in value resulting from observable price changes for equity investments without readily determinable fair values, write-downs of individual assets, or the application of lower of cost or fair value accounting. At March 31, 2024, we had $2 million of collateral-dependent loans classified in Level 2, and we recognized less than $1 million of losses from fair value changes related to these loans. For additional information regarding assets and liabilities measured at fair value on a nonrecurring basis, see Note 3 of our 2023 Form 10-K. Fair Value of Certain Financial Instruments The following schedule presents the carrying values and estimated fair values of certain financial instruments: March 31, 2024 December 31, 2023 (In millions) Carrying Fair value Level Carrying Fair value Level Financial assets: Held-to-maturity investment securities $ 10,209 $ 10,105 2 $ 10,382 $ 10,466 2 Loans and leases (including loans held for sale), net of allowance 57,422 55,502 3 57,148 54,832 3 Financial liabilities: Time deposits 10,221 10,179 2 9,996 9,964 2 Long-term debt 544 498 2 542 494 2 The preceding schedule does not include certain financial instruments that are recorded at fair value on a recurring basis, as well as certain financial assets and liabilities for which the carrying value approximates fair value. For additional information regarding the financial instruments within the scope of this disclosure, and the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2023 Form 10-K. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Offsetting [Abstract] | |
OFFSETTING ASSETS AND LIABILITIES | OFFSETTING ASSETS AND LIABILITIES The following schedules present gross and net information for selected financial instruments on the balance sheet: March 31, 2024 Gross amounts not offset on the balance sheet (In millions) Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and securities purchased under agreements to resell $ 1,315 $ (421) $ 894 $ — $ — $ 894 Derivatives (included in other assets) 481 — 481 (12) (455) 14 Total assets $ 1,796 $ (421) $ 1,375 $ (12) $ (455) $ 908 Liabilities: Federal funds and other short-term borrowings $ 5,316 $ (421) $ 4,895 $ — $ — $ 4,895 Derivatives (included in other liabilities) 388 — 388 (12) — 376 Total liabilities $ 5,704 $ (421) $ 5,283 $ (12) $ — $ 5,271 December 31, 2023 Gross amounts not offset on the balance sheet (In millions) Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and securities purchased under agreements to resell $ 1,170 $ (233) $ 937 $ — $ — $ 937 Derivatives (included in other assets) 420 — 420 (31) (357) 32 Total assets $ 1,590 $ (233) $ 1,357 $ (31) $ (357) $ 969 Liabilities: Federal funds and other short-term borrowings $ 4,612 $ (233) $ 4,379 $ — $ — $ 4,379 Derivatives (included in other liabilities) 333 — 333 (31) (1) 301 Total liabilities $ 4,945 $ (233) $ 4,712 $ (31) $ (1) $ 4,680 Security repurchase and reverse repurchase agreements are offset, when applicable, on the balance sheet according to master netting agreements. Security repurchase agreements are included in “Federal funds and other short-term borrowings” on the consolidated balance sheet. Derivative instruments may be offset under their master netting agreements; however, for accounting purposes, we present these items on a gross basis on our balance sheet. See Note 7 for further information regarding derivative instruments. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS Investment Securities Investment securities are classified as held-to-maturity (“HTM”), available-for-sale (“AFS”), or trading. HTM securities, which management has the intent and ability to hold until maturity, are carried at amortized cost. The amortized cost amounts represent the original cost of the investments, adjusted for related amortization or accretion of any purchase premiums or discounts, and for any impairment losses, including credit-related impairment. AFS securities are carried at fair value, and changes in fair value (unrealized gains and losses) are reported as net increases or decreases to accumulated other comprehensive income (“AOCI”), net of related taxes. Trading securities are carried at fair value with gains and losses recognized in current period earnings. The carrying values of our securities do not include accrued interest receivables of $58 million and $65 million at March 31, 2024 and December 31, 2023, respectively. These receivables are included in “Other assets” on the consolidated balance sheet. When a security is transferred from AFS to HTM, the difference between its amortized cost basis and fair value at the date of transfer is amortized as a yield adjustment through interest income, and the fair value at the date of transfer results in either a premium or discount to the amortized cost basis of the HTM securities. The amortization of unrealized gains or losses reported in AOCI will offset the effect of the amortization of the premium or discount in interest income that is created by the transfer. The discount associated with securities previously transferred from AFS to HTM was $2.0 billion ($1.5 billion after tax) at March 31, 2024. See Notes 3 and 5 of our 2023 Form 10-K for more information regarding our process to estimate the fair value and accounting for our investment securities, respectively. The following schedule presents the amortized cost and estimated fair values of our HTM and AFS securities: March 31, 2024 (In millions) Amortized Gross unrealized gains 1 Gross unrealized losses Estimated Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 92 $ — $ 7 $ 85 Agency guaranteed mortgage-backed securities 9,776 17 97 9,696 Municipal securities 341 — 17 324 Total held-to-maturity 10,209 17 121 10,105 Available-for-sale U.S. Treasury securities 584 — 103 481 U.S. Government agencies and corporations: Agency securities 629 — 33 596 Agency guaranteed mortgage-backed securities 8,335 — 1,282 7,053 Small Business Administration loan-backed securities 543 — 25 518 Municipal securities 1,336 — 77 1,259 Other debt securities 25 — 1 24 Total available-for-sale 11,452 — 1,521 9,931 Total HTM and AFS investment securities $ 21,661 $ 17 $ 1,642 $ 20,036 December 31, 2023 (In millions) Amortized Gross unrealized gains 1 Gross unrealized losses Estimated Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 93 $ — $ 6 $ 87 Agency guaranteed mortgage-backed securities 9,935 156 50 10,041 Municipal securities 354 — 16 338 Total held-to-maturity 10,382 156 72 10,466 Available-for-sale U.S. Treasury securities 585 — 93 492 U.S. Government agencies and corporations: Agency securities 663 — 33 630 Agency guaranteed mortgage-backed securities 8,530 — 1,239 7,291 Small Business Administration loan-backed securities 571 — 25 546 Municipal securities 1,385 — 67 1,318 Other debt securities 25 — 2 23 Total available-for-sale 11,759 — 1,459 10,300 Total HTM and AFS investment securities $ 22,141 $ 156 $ 1,531 $ 20,766 1 Gross unrealized gains for the respective AFS security categories were individually less than $1 million. Maturities The following schedule presents the amortized cost and weighted average yields of debt securities by contractual maturity of principal payments at March 31, 2024. This schedule does not reflect the duration of the portfolio, which would incorporate amortization, expected prepayments, interest rate resets, and fair value hedges; the effects of which result in measured durations shorter than contractual maturities. March 31, 2024 Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years (Dollar amounts in millions) Amortized cost Average yield Amortized cost Average yield Amortized cost Average yield Amortized cost Average yield Amortized cost Average yield Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 92 3.52 % $ — — % $ — — % $ — — % $ 92 3.52 % Agency guaranteed mortgage-backed securities 9,776 1.85 — — — — 44 1.93 9,732 1.85 Municipal securities 1 341 3.19 30 2.86 129 2.91 154 3.49 28 3.17 Total held-to-maturity securities 10,209 1.91 30 2.86 129 2.91 198 3.14 9,852 1.87 Available-for-sale U.S. Treasury securities 584 3.25 183 5.22 — — — — 401 2.35 U.S. Government agencies and corporations: Agency securities 629 2.59 142 1.55 122 2.74 202 2.84 163 3.09 Agency guaranteed mortgage-backed securities 8,335 2.02 5 1.28 150 1.70 1,412 2.12 6,768 2.01 Small Business Administration loan-backed securities 543 5.53 1 4.92 20 6.33 138 4.43 384 5.88 Municipal securities 1 1,336 2.18 147 2.72 408 2.56 713 1.85 68 2.30 Other debt securities 25 8.78 — — 10 9.52 — — 15 8.29 Total available-for-sale securities 11,452 2.32 478 3.32 710 2.61 2,465 2.23 7,799 2.26 Total HTM and AFS investment securities $ 21,661 2.12 % $ 508 3.29 % $ 839 2.66 % $ 2,663 2.30 % $ 17,651 2.04 % 1 The yields on tax-exempt securities are calculated on a tax-equivalent basis. The following schedule presents gross unrealized losses for AFS securities and the estimated fair value by length of time the securities have been in an unrealized loss position: March 31, 2024 Less than 12 months 12 months or more Total (In millions) Gross Estimated Gross Estimated Gross Estimated Available-for-sale U.S. Treasury securities $ — $ 10 $ 103 $ 298 $ 103 $ 308 U.S. Government agencies and corporations: Agency securities — — 33 579 33 579 Agency guaranteed mortgage-backed securities 73 312 1,209 6,665 1,282 6,977 Small Business Administration loan-backed securities — 3 25 460 25 463 Municipal securities 1 83 76 1,154 77 1,237 Other — — 1 14 1 14 Total available-for-sale investment securities $ 74 $ 408 $ 1,447 $ 9,170 $ 1,521 $ 9,578 December 31, 2023 Less than 12 months 12 months or more Total (In millions) Gross Estimated Gross Estimated Gross Estimated Available-for-sale U.S. Treasury securities $ — $ — $ 93 $ 308 $ 93 $ 308 U.S. Government agencies and corporations: Agency securities — 5 33 605 33 610 Agency guaranteed mortgage-backed securities 71 312 1,168 6,902 1,239 7,214 Small Business Administration loan-backed securities — 4 25 484 25 488 Municipal securities 2 229 65 1,061 67 1,290 Other — — 2 13 2 13 Total available-for-sale investment securities $ 73 $ 550 $ 1,386 $ 9,373 $ 1,459 $ 9,923 At March 31, 2024 and December 31, 2023, approximately 2,940 and 2,998 AFS investment securities were in an unrealized loss position, respectively. Impairment On a quarterly basis, we review our investment securities portfolio for the presence of impairment on an individual security basis. For additional information on our policy and impairment evaluation process for investment securities, see Note 5 of our 2023 Form 10-K. AFS Impairment We did not recognize any impairment on our AFS investment securities portfolio during the first three months of 2024. Unrealized losses primarily relate to higher interest rates subsequent to the purchase of securities and are not attributable to credit; as such, absent any future sales, we would expect to receive the full principal value at maturity. At March 31, 2024, we had not initiated any sales of AFS securities, nor did we have an intent to sell any identified securities with unrealized losses. We do not believe it is more likely than not that we would be required to sell such securities before recovery of their amortized cost basis. HTM Impairment For HTM securities, the allowance for credit losses (“ACL”) is assessed consistent with the approach described in Note 6 for loans and leases measured at amortized cost. At March 31, 2024, the ACL on HTM securities was less than $1 million, all HTM securities were risk-graded as “ Pass ” in terms of credit quality, and none were considered past due. Securities Gains and Losses Recognized in Income The following schedule presents securities gains and losses recognized in income: Three Months Ended March 31, 2024 2023 (In millions) Gross gains Gross losses Gross gains Gross losses Available-for-sale $ — $ — $ 1 $ 1 Trading 10 9 3 3 Other noninterest-bearing investments 6 9 4 3 Total gains 16 18 8 7 Net gains (losses) 1 $ (2) $ 1 1 Net gains (losses) were recognized in “Securities gains (losses), net” on the consolidated statement of income. The following schedule presents interest income by security type: Three Months Ended March 31, 2024 2023 (In millions) Taxable Nontaxable Total Taxable Nontaxable Total Investment securities: Held-to-maturity $ 56 $ 1 $ 57 $ 60 $ 1 $ 61 Available-for-sale 77 8 85 69 6 75 Trading — — — 1 — 1 Total securities $ 133 $ 9 $ 142 $ 130 $ 7 $ 137 |
Loans, Leases, and Allowance fo
Loans, Leases, and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
LOANS, LEASES, AND ALLOWANCE FOR CREDIT LOSSES | LOANS, LEASES, AND ALLOWANCE FOR CREDIT LOSSES Loans, Leases, and Loans Held for Sale Loans and leases are summarized as follows according to major portfolio segment and specific loan class: (In millions) March 31, December 31, Loans held for sale $ 12 $ 53 Commercial: Commercial and industrial $ 16,519 $ 16,684 Leasing 388 383 Owner-occupied 9,295 9,219 Municipal 4,277 4,302 Total commercial 30,479 30,588 Commercial real estate: Construction and land development 2,686 2,669 Term 10,892 10,702 Total commercial real estate 13,578 13,371 Consumer: Home equity credit line 3,382 3,356 1-4 family residential 8,778 8,415 Construction and other consumer real estate 1,321 1,442 Bankcard and other revolving plans 439 474 Other 132 133 Total consumer 14,052 13,820 Total loans and leases $ 58,109 $ 57,779 Loans and leases are measured and presented at their amortized cost basis, which includes net unamortized purchase premiums, discounts, and deferred loan fees and costs totaling $32 million and $37 million at March 31, 2024 and December 31, 2023, respectively. Amortized cost basis does not include accrued interest receivables of $300 million and $299 million at March 31, 2024 and December 31, 2023, respectively. These receivables are presented in the consolidated balance sheet within the “ Other assets Municipal loans generally include loans to state and local governments (“municipalities”) with the debt service being repaid from general funds or pledged revenues of the municipal entity, or to private commercial entities or 501(c)(3) not-for-profit entities utilizing a pass-through municipal entity to achieve favorable tax treatment. Land acquisition and development loans included in the construction and land development loan portfolio were $237 million at March 31, 2024 and $219 million at December 31, 2023. Loans with a carrying value of $38.7 billion at March 31, 2024 and $36.3 billion at December 31, 2023 have been pledged at the Federal Reserve (“FRB”) and the Federal Home Loan Bank (“FHLB”) of Des Moines as collateral for current and potential borrowings. At the time of origination, we determine the classification of loans as either held for investment or held for sale. Loans held for sale are measured at fair value or the lower of cost or fair value and primarily consist of (1) commercial real estate (“CRE”) loans that are sold into securitization entities, and (2) conforming residential mortgages that are generally sold to U.S. government agencies. The following schedule presents loans added to, or sold from, the held for sale category during the periods presented: Three Months Ended (In millions) 2024 2023 Loans added to held for sale $ 129 $ 86 Loans sold from held for sale 170 89 Occasionally, we have continuing involvement in the sold loans in the form of servicing rights or guarantees. The principal balance of sold loans for which we retain servicing was $0.5 billion and $0.4 billion at March 31, 2024 and December 31, 2023, respectively. Income from sold loans, excluding servicing, was $1 million for the three months ended March 31, 2024, and $5 million for the three months ended March 31, 2023. Other income from loans sold includes fair value adjustments on loans that are included in “Capital markets fees” on the consolidated statement of income. Allowance for Credit Losses The allowance for credit losses (“ACL”), which consists of the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”), represents our estimate of current expected credit losses related to the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. For additional information regarding our policies and methodologies used to estimate the ACL, see Note 6 of our 2023 Form 10-K. The ACL for AFS and HTM debt securities is estimated separately from loans. For HTM securities, the ACL is estimated consistent with the approach for loans measured at amortized cost. See Note 5 of our 2023 Form 10-K for further discussion of our methodology used to estimate the ACL on AFS and HTM debt securities. Changes in the ACL are summarized as follows: Three Months Ended March 31, 2024 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at beginning of period $ 302 $ 241 $ 141 $ 684 Provision for loan losses (2) 57 (34) 21 Gross loan and lease charge-offs 10 — 4 14 Recoveries 6 1 1 8 Net loan and lease charge-offs (recoveries) 4 (1) 3 6 Balance at end of period $ 296 $ 299 $ 104 $ 699 Reserve for unfunded lending commitments Balance at beginning of period $ 19 $ 17 $ 9 $ 45 Provision for unfunded lending commitments — (7) (1) (8) Balance at end of period $ 19 $ 10 $ 8 $ 37 Total allowance for credit losses at end of period Allowance for loan losses $ 296 $ 299 $ 104 $ 699 Reserve for unfunded lending commitments 19 10 8 37 Total allowance for credit losses $ 315 $ 309 $ 112 $ 736 Three Months Ended March 31, 2023 (In millions) Commercial Commercial real estate Consumer Total Allowance for loan losses Balance at beginning of period $ 300 $ 152 $ 120 $ 572 Provision for loan losses 10 8 28 46 Gross loan and lease charge-offs 3 — 4 7 Recoveries 6 — 1 7 Net loan and lease charge-offs (recoveries) (3) — 3 — Balance at end of period $ 313 $ 160 $ 145 $ 618 Reserve for unfunded lending commitments Balance at beginning of period $ 16 $ 33 $ 12 $ 61 Provision for unfunded lending commitments 3 (5) 1 (1) Balance at end of period $ 19 $ 28 $ 13 $ 60 Total allowance for credit losses at end of period Allowance for loan losses $ 313 $ 160 $ 145 $ 618 Reserve for unfunded lending commitments 19 28 13 60 Total allowance for credit losses $ 332 $ 188 $ 158 $ 678 Nonaccrual Loans Loans are generally placed on nonaccrual status when payment in full of principal and interest is not expected, or the loan is 90 days or more past due as to principal or interest, unless the loan is both well-secured and in the process of collection. Factors we consider in determining whether a loan is placed on nonaccrual include delinquency status, collateral value, borrower or guarantor financial statement information, bankruptcy status, and other information which would indicate that the full and timely collection of interest and principal is uncertain. A nonaccrual loan may be returned to accrual status when (1) all delinquent interest and principal become current in accordance with the terms of the loan agreement, (2) the loan, if secured, is well-secured, (3) the borrower has paid according to the contractual terms for a minimum of six months, and (4) an analysis of the borrower indicates a reasonable assurance of the borrower's ability and willingness to maintain payments. The amortized cost basis of nonaccrual loans is summarized as follows: March 31, 2024 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 7 $ 103 $ 110 $ 25 Leasing — 2 2 1 Owner-occupied 13 7 20 1 Total commercial 20 112 132 27 Commercial real estate: Construction and land development — 1 1 — Term 34 8 42 1 Total commercial real estate 34 9 43 1 Consumer: Home equity credit line 4 23 27 4 1-4 family residential 8 36 44 6 Bankcard and other revolving plans — 1 1 1 Other — 1 1 — Total consumer loans 12 61 73 11 Total $ 66 $ 182 $ 248 $ 39 December 31, 2023 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 11 $ 71 $ 82 $ 30 Leasing — 2 2 1 Owner-occupied 12 8 20 1 Total commercial 23 81 104 32 Commercial real estate: Construction and land development 22 — 22 — Term 37 2 39 1 Total commercial real estate 59 2 61 1 Consumer: Home equity credit line 1 16 17 5 1-4 family residential 8 32 40 5 Total consumer loans 9 48 57 10 Total $ 91 $ 131 $ 222 $ 43 For accruing loans, interest is accrued and interest payments are recognized into interest income according to the contractual loan agreement. For nonaccruing loans, the accrual of interest is discontinued, any uncollected or accrued interest is reversed from interest income in a timely manner (generally within one month), and any payments received on these loans are not recognized into interest income, but are applied as a reduction to the principal outstanding. When the collectability of the amortized cost basis for a nonaccrual loan is no longer in doubt, then interest payments may be recognized in interest income on a cash basis. For the three months ended March 31, 2024 and 2023, there was no interest income recognized on a cash basis during the period the loans were on nonaccrual. The amount of accrued interest receivables reversed from interest income during the periods presented is summarized by loan portfolio segment as follows: Three Months Ended (In millions) 2024 2023 Commercial $ 3 $ 2 Commercial real estate 1 1 Consumer 1 — Total $ 5 $ 3 Past Due Loans Closed-end loans with payments scheduled monthly are reported as past due when the borrower is in arrears for two or more monthly payments. Similarly, open-end credits, such as bankcard and other revolving credit plans, are reported as past due when the minimum payment has not been made for two or more billing cycles. Other multi-payment obligations (i.e., quarterly, semi-annual, etc.), single payment, and demand notes, are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more. Past due loans (accruing and nonaccruing) are summarized as follows: March 31, 2024 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 16,480 $ 17 $ 22 $ 39 $ 16,519 $ 2 $ 87 Leasing 386 2 — 2 388 — — Owner-occupied 9,288 5 2 7 9,295 — 18 Municipal 4,276 1 — 1 4,277 — — Total commercial 30,430 25 24 49 30,479 2 105 Commercial real estate: Construction and land development 2,682 3 1 4 2,686 — — Term 10,818 44 30 74 10,892 — 3 Total commercial real estate 13,500 47 31 78 13,578 — 3 Consumer: Home equity credit line 3,361 11 10 21 3,382 — 14 1-4 family residential 8,740 15 23 38 8,778 — 16 Construction and other consumer real estate 1,321 — — — 1,321 — — Bankcard and other revolving plans 436 2 1 3 439 1 — Other 131 1 — 1 132 — 1 Total consumer loans 13,989 29 34 63 14,052 1 31 Total $ 57,919 $ 101 $ 89 $ 190 $ 58,109 $ 3 $ 139 December 31, 2023 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 16,631 $ 38 $ 15 $ 53 $ 16,684 $ 1 $ 65 Leasing 381 2 — 2 383 — — Owner-occupied 9,206 11 2 13 9,219 1 18 Municipal 4,301 1 — 1 4,302 — — Total commercial 30,519 52 17 69 30,588 2 83 Commercial real estate: Construction and land development 2,645 2 22 24 2,669 — — Term 10,661 14 27 41 10,702 — 3 Total commercial real estate 13,306 16 49 65 13,371 — 3 Consumer: Home equity credit line 3,334 17 5 22 3,356 — 9 1-4 family residential 8,375 17 23 40 8,415 — 13 Construction and other consumer real estate 1,442 — — — 1,442 — — Bankcard and other revolving plans 468 5 1 6 474 1 — Other 132 1 — 1 133 — — Total consumer loans 13,751 40 29 69 13,820 1 22 Total $ 57,576 $ 108 $ 95 $ 203 $ 57,779 $ 3 $ 108 1 Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is not expected. Credit Quality Indicators In addition to the nonaccrual and past due criteria, we also analyze loans using loan risk-grading systems, which vary based on the size and type of credit risk exposure. The internal risk grades assigned to loans follow our definition of Pass, Special Mention, Substandard, and Doubtful, which are consistent with published definitions of regulatory risk classifications. • Pass – A Pass asset is higher-quality and does not fit any of the other categories described below. The likelihood of loss is considered low. • Special Mention – A Special Mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in our credit position at some future date. • Substandard – A Substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have well-defined weaknesses and are characterized by the distinct possibility that we may sustain some loss if deficiencies are not corrected. • Doubtful – A Doubtful asset has all the weaknesses inherent in a Substandard asset with the added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable. The balance of loans classified as Doubtful was $5 million at March 31, 2024, compared with zero at December 31, 2023. For consumer loans and for CRE loans with commitments greater than $1 million, we generally assign internal risk grades similar to those described previously based on automated rules that depend on refreshed credit scores, payment performance, and other risk indicators. These are generally assigned either a Pass, Special Mention, or Substandard grade, and are reviewed as we identify information that might warrant a grade change. The following schedule presents the amortized cost basis of loans and leases categorized by year of origination and by credit quality classification as monitored by management. The schedule also summarizes the current period gross charge-offs by year of origination. March 31, 2024 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2024 2023 2022 2021 2020 Prior Total Commercial: Commercial and industrial Pass $ 361 $ 2,617 $ 2,200 $ 1,133 $ 568 $ 968 $ 7,978 $ 166 $ 15,991 Special Mention — 7 90 20 3 4 72 2 198 Accruing Substandard 19 30 9 13 5 40 100 4 220 Nonaccrual — 4 32 1 2 47 18 6 110 Total commercial and industrial 380 2,658 2,331 1,167 578 1,059 8,168 178 16,519 Gross charge-offs — 1 3 1 — — 4 1 10 Leasing Pass 39 94 116 42 26 57 — — 374 Special Mention — 2 8 1 1 — — — 12 Accruing Substandard — — — — — — — — — Nonaccrual — — 2 — — — — — 2 Total leasing 39 96 126 43 27 57 — — 388 Gross charge-offs — — — — — — — — — Owner-occupied Pass 248 1,126 1,852 1,979 975 2,524 209 50 8,963 Special Mention — 5 9 21 14 25 15 5 94 Accruing Substandard 6 10 31 28 20 115 8 — 218 Nonaccrual — — 1 1 7 11 — — 20 Total owner-occupied 254 1,141 1,893 2,029 1,016 2,675 232 55 9,295 Gross charge-offs — — — — — — — — — Municipal Pass 121 598 1,056 1,014 599 855 2 3 4,248 Special Mention — — — — — — — — — Accruing Substandard — 15 — 6 3 5 — — 29 Nonaccrual — — — — — — — — — Total municipal 121 613 1,056 1,020 602 860 2 3 4,277 Gross charge-offs — — — — — — — — — Total commercial 794 4,508 5,406 4,259 2,223 4,651 8,402 236 30,479 Total commercial gross charge-offs — 1 3 1 — — 4 1 10 Commercial real estate: Construction and land development Pass 95 613 933 273 35 12 501 124 2,586 Special Mention — — 8 70 — — — — 78 Accruing Substandard — 19 1 — 1 — — — 21 Nonaccrual — — — — — — 1 — 1 Total construction and land development 95 632 942 343 36 12 502 124 2,686 Gross charge-offs — — — — — — — — — Term Pass 431 1,735 2,375 1,680 1,286 2,136 286 109 10,038 Special Mention 95 74 183 103 109 4 — 10 578 Accruing Substandard 41 69 30 12 17 30 — 35 234 Nonaccrual — 4 26 — — 12 — — 42 Total term 567 1,882 2,614 1,795 1,412 2,182 286 154 10,892 Gross charge-offs — — — — — — — — — Total commercial real estate 662 2,514 3,556 2,138 1,448 2,194 788 278 13,578 Total commercial real estate gross charge-offs — — — — — — — — — March 31, 2024 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2024 2023 2022 2021 2020 Prior Total Consumer: Home equity credit line Pass — — — — — — 3,256 95 3,351 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 4 — 4 Nonaccrual — — — — — — 21 6 27 Total home equity credit line — — — — — — 3,281 101 3,382 Gross charge-offs — — — — — — — — — 1-4 family residential Pass 196 819 2,448 1,890 976 2,405 — — 8,734 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — 1 4 5 2 32 — — 44 Total 1-4 family residential 196 820 2,452 1,895 978 2,437 — — 8,778 Gross charge-offs — — — — — 1 — — 1 Construction and other consumer real estate Pass 12 272 907 110 10 10 — — 1,321 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 12 272 907 110 10 10 — — 1,321 Gross charge-offs — — — — — — — — — Bankcard and other revolving plans Pass — — — — — — 435 1 436 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — 1 — 1 Total bankcard and other revolving plans — — — — — — 438 1 439 Gross charge-offs — — — — — — 2 — 2 Other consumer Pass 22 51 33 16 5 4 — — 131 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — 1 — — — — — — 1 Total other consumer 22 52 33 16 5 4 — — 132 Gross charge-offs — — — — — 1 — — 1 Total consumer 230 1,144 3,392 2,021 993 2,451 3,719 102 14,052 Total consumer gross charge-offs — — — — — 2 2 — 4 Total loans $ 1,686 $ 8,166 $ 12,354 $ 8,418 $ 4,664 $ 9,296 $ 12,909 $ 616 $ 58,109 Total gross charge-offs $ — $ 1 $ 3 $ 1 $ — $ 2 $ 6 $ 1 $ 14 December 31, 2023 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2023 2022 2021 2020 2018 Prior Total Commercial: Commercial and industrial Pass $ 2,654 $ 2,420 $ 1,204 $ 639 $ 494 $ 598 $ 7,973 $ 151 $ 16,133 Special Mention 8 98 34 2 20 37 103 — 302 Accruing Substandard 11 18 7 2 19 8 99 3 167 Nonaccrual 5 36 1 2 11 1 21 5 82 Total commercial and industrial 2,678 2,572 1,246 645 544 644 8,196 159 16,684 Gross charge-offs 1 10 6 — — 2 24 2 45 Leasing Pass 104 125 47 29 45 18 — — 368 Special Mention 2 9 1 1 — — — — 13 Accruing Substandard — — — — — — — — — Nonaccrual — 2 — — — — — — 2 Total leasing 106 136 48 30 45 18 — — 383 Gross charge-offs — — — — — — — — — Owner-occupied Pass 1,080 1,945 2,020 1,002 721 1,907 212 52 8,939 Special Mention 2 5 17 5 17 15 — — 61 Accruing Substandard 10 31 29 21 16 90 2 — 199 Nonaccrual — 1 1 7 3 8 — — 20 Total owner-occupied 1,092 1,982 2,067 1,035 757 2,020 214 52 9,219 Gross charge-offs — — — — — — — — — Municipal Pass 601 1,080 1,069 623 382 512 — 3 4,270 Special Mention 7 — — — — 6 — — 13 Accruing Substandard 8 — 6 3 1 1 — — 19 Nonaccrual — — — — — — — — — Total municipal 616 1,080 1,075 626 383 519 — 3 4,302 Gross charge-offs — — — — — — — — — Total commercial 4,492 5,770 4,436 2,336 1,729 3,201 8,410 214 30,588 Total commercial gross charge-offs 1 10 6 — — 2 24 2 45 Commercial real estate: Construction and land development Pass 553 938 355 56 7 4 518 127 2,558 Special Mention — — 29 30 — — — — 59 Accruing Substandard 23 2 — 5 — — — — 30 Nonaccrual — — — — 21 — 1 — 22 Total construction and land development 576 940 384 91 28 4 519 127 2,669 Gross charge-offs — — — — 1 — — — 1 Term Pass 1,861 2,385 1,833 1,449 804 1,438 238 110 10,118 Special Mention 55 108 65 78 44 6 — — 356 Accruing Substandard 79 18 12 16 5 24 — 35 189 Nonaccrual — 26 — — 3 10 — — 39 Total term 1,995 2,537 1,910 1,543 856 1,478 238 145 10,702 Gross charge-offs — 2 — — — — — — 2 Total commercial real estate 2,571 3,477 2,294 1,634 884 1,482 757 272 13,371 Total commercial real estate gross charge-offs — 2 — — 1 — — — 3 December 31, 2023 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2023 2022 2021 2020 2018 Prior Total Consumer: Home equity credit line Pass — — — — — — 3,237 97 3,334 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 4 1 5 Nonaccrual — — — — — — 15 2 17 Total home equity credit line — — — — — — 3,256 100 3,356 Gross charge-offs — — — — — — 3 — 3 1-4 family residential Pass 814 2,264 1,823 988 594 1,891 — — 8,374 Special Mention — — — — — — — — — Accruing Substandard — — — — — 1 — — 1 Nonaccrual — 3 3 3 4 27 — — 40 Total 1-4 family residential 814 2,267 1,826 991 598 1,919 — — 8,415 Gross charge-offs — — — — — 2 — — 2 Construction and other consumer real estate Pass 212 1,002 200 15 7 6 — — 1,442 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 212 1,002 200 15 7 6 — — 1,442 Gross charge-offs — — — — — — — — — Bankcard and other revolving plans Pass — — — — — — 471 1 472 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — — — — Total bankcard and other revolving plans — — — — — — 473 1 474 Gross charge-offs — — — — — — 9 — 9 Other consumer Pass 66 37 18 6 4 2 — — 133 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 66 37 18 6 4 2 — — 133 Gross charge-offs — — — — — — — — — Total consumer 1,092 3,306 2,044 1,012 609 1,927 3,729 101 13,820 Total consumer gross charge-offs — — — — — 2 12 — 14 Total loans $ 8,155 $ 12,553 $ 8,774 $ 4,982 $ 3,222 $ 6,610 $ 12,896 $ 587 $ 57,779 Total gross charge-offs $ 1 $ 12 $ 6 $ — $ 1 $ 4 $ 36 $ 2 $ 62 Loan Modifications Loans may be modified in the normal course of business for competitive reasons or to strengthen our collateral position. Loan modifications may also occur when the borrower experiences financial difficulty and needs temporary or permanent relief from the original contractual terms of the loan. For loans that have been modified with a borrower experiencing financial difficulty, we use the same credit loss estimation methods that we use for the rest of the loan portfolio. These methods incorporate the post-modification loan terms, as well as defaults and charge-offs associated with historical modified loans. All nonaccruing loans more than $1 million are evaluated individually, regardless of modification. We consider many factors in determining whether to agree to a loan modification and we seek a solution that will both minimize potential loss to us and attempt to help the borrower. We evaluate borrowers’ current and forecasted future cash flows, their ability and willingness to make current contractual or proposed modified payments, the value of the underlying collateral (if applicable), the possibility of obtaining additional security or guarantees, and the potential costs related to a repossession or foreclosure and the subsequent sale of the collateral. A modified loan on nonaccrual will generally remain on nonaccrual until the borrower has proven the ability to perform under the modified structure for a minimum of six months, and there is evidence that such payments can and are likely to continue as agreed. Performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual at the time of modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on nonaccrual. On an ongoing basis, we monitor the performance of all modified loans according to their modified terms. The amortized cost of modified loans that had a payment default during the three months ended March 31, 2024 and 2023, which were still in default at period end, and were within 12 months or less of being modified was approximately $18 million, primarily commercial real estate loans, and less than $1 million, respectively. The amortized cost of loans to borrowers experiencing financial difficulty that were modified during the period, by loan class and modification type, is summarized in the following schedule: Three Months Ended March 31, 2024 Amortized cost associated with (Dollar amounts in millions) Interest Maturity Principal Payment Multiple modification types 1 Total 2 Percentage of total loans 3 Commercial: Commercial and industrial $ — $ 26 $ — $ — $ 4 $ 30 0.2 % Owner-occupied — 3 — — — 3 — Total commercial — 29 — — 4 33 0.1 Commercial real estate: Construction and land development — 1 — — — 1 — Term — 83 — — — 83 0.8 Total commercial real estate — 84 — — — 84 0.6 Consumer: Home equity credit line — — — — 1 1 — 1-4 family residential — — 2 — 2 4 — Bankcard and other revolving plans — — — — — — — Other — 1 — — — 1 0.8 Total consumer loans — 1 2 — 3 6 — Total $ — $ 114 $ 2 $ — $ 7 $ 123 0.2 % Three Months Ended March 31, 2023 Amortized cost associated with (Dollar amounts in millions) Interest Maturity Principal Payment Multiple modification types 1 Total 2 Percentage of total loans 3 Commercial: Commercial and industrial $ — $ 36 $ — $ — $ — $ 36 0.2 % Owner-occupied 4 6 — — — 10 0.1 Total commercial 4 42 — — — 46 0.2 Commercial real estate: Construction and land development — — — — — — — Term — 49 — — — 49 0.5 Total commercial real estate — 49 — — — 49 0.4 Consumer: Home equity credit line — — — — — — — 1-4 family residential — — — — 1 1 — Bankcard and other revolving plans — 1 — — — 1 0.2 Other — — — — — — — Total consumer loans — 1 — — 1 2 — Total $ 4 $ 92 $ — $ — 1 $ 97 0.2 % 1 Includes modifications that resulted from a combination of interest rate reduction, maturity or term extension, principal forgiveness, and payment deferral modifications. 2 Unfunded lending commitments related to loans modified to borrowers experiencing financial difficulty totaled $3 million and $8 million at March 31, 2024 and March 31, 2023, respectively. 3 Amounts less than 0.05% are rounded to zero. The financial impact of loan modifications to borrowers experiencing financial difficulty is summarized in the following schedules: Three Months Ended Three Months Ended Weighted-average interest rate reduction (in percentage points) Weighted-average term extension Weighted-average interest rate reduction (in percentage points) Weighted-average term extension Commercial: Commercial and industrial 0.1 % 13 — % 10 Owner-occupied — 58 4.4 5 Total commercial 0.1 17 4.4 9 Commercial real estate: Construction and land development — 14 — 6 Term — 13 — 9 Total commercial real estate — 13 — 9 Consumer: 1 Home equity credit line 6.8 38 — 0 1-4 family residential 1.3 76 1.3 110 Bankcard and other revolving plans — 0 — 65 Other — 71 — 0 Total consumer loans 4.7 64 1.3 84 Total weighted average financial impact 1.3 % 15 4.0 % 10 1 Primarily relates to a small number of loans within each consumer loan class. Loan modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and 2023 did not result in principal forgiveness for any class of loan for each respective period. The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after April 1, 2023 through March 31, 2024, presented by portfolio segment and loan class: March 31, 2024 (In millions) Current 30-89 days 90+ days Total Total Commercial: Commercial and industrial $ 62 $ — $ 6 $ 6 $ 68 Owner-occupied 10 — — — 10 Municipal 8 — — — 8 Total commercial 80 — 6 6 86 Commercial real estate: Construction and land development 23 1 1 2 25 Term 199 17 4 21 220 Total commercial real estate 222 18 5 23 245 Consumer: Home equity credit line 2 — — — 2 1-4 family residential 2 — 2 2 4 Bankcard and other revolving plans — — — — — Other 1 — — — 1 Total consumer loans 5 — 2 2 7 Total $ 307 $ 18 $ 13 $ 31 $ 338 The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after January 1, 2023, the date we adopted ASU 2022-02, through March 31, 2023, presented by portfolio segment and loan class: March 31, 2023 (In millions) Current 30-89 days 90+ days Total Total Commercial: Commercial and industrial $ 20 $ 16 $ — $ 16 $ 36 Owner-occupied 10 — — — 10 Municipal — — — — — Total commercial 30 16 — 16 46 Commercial real estate: Construction and land development — — — — — Term 49 — — — 49 Total commercial real estate 49 — — — 49 Consumer: Home equity credit line — — — — — 1-4 family residential — 1 — 1 1 Bankcard and other revolving plans 1 — — — 1 Other — — — — — Total consumer loans 1 1 — 1 2 Total $ 80 $ 17 $ — $ 17 $ 97 Collateral-Dependent Loans When a loan is individually evaluated for expected credit losses, we estimate a specific reserve for the loan based on (1) the projected present value of the loan’s future cash flows discounted at the loan’s effective interest rate, (2) the observable market price of the loan, or (3) the fair value of the loan’s underlying collateral. Select information on loans for which the borrower is experiencing financial difficulties and repayment is expected to be provided substantially through the operation or sale of the underlying collateral, including the type of collateral and the extent to which the collateral secures the loans, is summarized as follows: March 31, 2024 (Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1 Commercial: Owner-occupied $ 7 Hospital 51% Commercial real estate: Construction and land development 1 Lots / Homes 107% Term 31 Office Building 86% Consumer: Home equity credit line 3 Residential 21% Total $ 42 December 31, 2023 (Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1 Commercial: Owner-occupied $ 7 Hospital 17% Commercial real estate: Construction and land development 22 Office Building 92% Term 28 Office Building 87% Consumer: Home equity credit line — Total $ 57 1 The fair value is based on the most recent appraisal or other collateral evaluation . Foreclosed Residential Real Estate The balance of foreclosed residential real estate property was less than $1 million at March 31, 2024, compared with zero at December 31, 2023. The amortized cost basis of consumer mortgage loans collateralized by residential real estate property that were in the process of foreclosure was $11 million for both periods. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Derivative Instruments [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Objectives and Accounting Our primary objective for using derivatives is to manage interest rate risk. We use derivatives to stabilize forecasted interest income from variable-rate assets and to modify the coupon or the duration of fixed-rate financial assets or liabilities. We also assist clients with their risk management needs through the use of derivatives. Cash receipts and payments from derivatives designated in qualifying hedging relationships are classified in the same category as the cash flows from the items being hedged in the statement of cash flows, and cash flows from undesignated derivatives are classified as operating activities. For a more detailed discussion of the use of and accounting policies regarding derivative instruments, see Note 7 of our 2023 Form 10-K. Fair Value Hedges of Liabilities – During the second quarter of 2023, we terminated our remaining receive-fixed interest rate swap with a notional amount of $500 million that had been designated in a qualifying fair value hedge relationship of fixed-rate debt. The receive-fixed interest rate swap effectively converted the interest on our fixed-rate debt to floating until it was terminated. Prior to termination, changes in the fair value of derivatives designated as fair value hedges of debt were offset by changes in the fair value of the hedged debt instruments as shown in the schedules on the following pages. The unamortized hedge basis adjustments resulting from the terminated hedging relationship will be amortized over the remaining life of the fixed-rate debt. Fair Value Hedges of Assets – Fair value hedges of fixed-rate assets effectively convert the fixed interest income to a floating rate on the hedged portion of the assets. Changes in fair value of derivatives designated as fair value hedges of fixed-rate financial assets were largely offset by changes in the value of the hedged assets, as shown in the schedules on the following pages. At March 31, 2024, we had pay-fixed, receive-floating interest rate swaps with an aggregate notional amount of $3.6 billion designated as fair value hedges of fixed-rate AFS securities. We had an additional $1.0 billion of aggregate notional designated as hedges of fixed-rate commercial loans. Cash Flow Hedges – Cash flow hedges of variable-rate assets and liabilities effectively convert the variable interest receipts and payments to fixed. At March 31, 2024, we had receive-fixed interest rate swaps with an aggregate notional amount of $850 million designated as cash flow hedges of pools of floating-rate commercial loans. Additionally, at March 31, 2024, we had one pay-fixed interest rate swap with a notional amount of $500 million designated as a cash flow hedge of the variability in the interest payments on certain FHLB advances. Changes in the fair value of qualifying cash flow hedges during the quarter were recorded in AOCI as shown in the schedule below. The amounts deferred in AOCI are reclassified into earnings in the periods in which the hedged interest receipts or payments occur (i.e., when the hedged forecasted transactions affect earnings). At March 31, 2024, there was $173 million of losses deferred in AOCI related to terminated cash flow hedges that are expected to be fully amortized by October 2027. Collateral and Credit Risk Exposure to credit risk arises from the possibility of nonperformance by counterparties. No significant losses on derivative instruments have occurred as a result of counterparty nonperformance. For more information on how we incorporate counterparty credit risk in derivative valuations, see Note 3 of our 2023 Form 10-K. For additional discussion of collateral and the associated credit risk related to our derivative contracts, see Note 7 of our 2023 Form 10-K. Our derivative contracts require us to pledge collateral for derivatives that are in a net liability position at a given balance sheet date. Certain of these derivative contracts contain credit risk-related contingent features that include the requirement to maintain a minimum debt credit rating. We may be required to pledge additional collateral if a credit risk-related feature were triggered, such as a downgrade of our credit rating. In past situations, counterparties have not generally demanded that additional collateral be pledged when provided for by the contractual terms. At March 31, 2024, the fair value of our derivative liabilities was $388 million, for which we were required to pledge cash collateral of less than $1 million in the normal course of business. If our credit rating were downgraded one notch by either Standard & Poor’s (“S&P”) or Moody’s at March 31, 2024, there would likely be no additional collateral required to be pledged. Derivative Amounts The following schedule presents information regarding notional amounts and recorded gross fair values at March 31, 2024 and December 31, 2023, and the related gain (loss) of derivative instruments: March 31, 2024 December 31, 2023 Notional amount 1 Fair value Notional Fair value (In millions) Other Other Other Other Derivatives designated as hedging instruments: Cash flow hedges of floating-rate assets: Receive-fixed interest rate swaps $ 850 $ — $ — $ 1,450 $ — $ — Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps 500 — — 500 — — Fair value hedges: Debt hedges: Receive-fixed interest rate swaps — — — — — — Asset hedges: Pay-fixed interest rate swaps 4,570 89 — 4,571 78 — Total derivatives designated as hedging instruments 5,920 89 — 6,521 78 — Derivatives not designated as hedging instruments: Customer interest rate derivatives 1 14,694 389 387 14,375 337 330 Other interest rate derivatives 1,461 1 — 1,001 1 — Foreign exchange derivatives 267 2 1 216 3 3 Purchased credit derivatives — — — 35 1 — Total derivatives not designated as hedging instruments 16,422 392 388 15,627 342 333 Total derivatives $ 22,342 $ 481 $ 388 $ 22,148 $ 420 $ 333 1 Customer interest rate derivatives include both customer-facing derivatives as well as offsetting derivatives facing other dealer banks. The fair value of these derivatives include a net credit valuation adjustment of $9 million, reducing the fair value of the liability at both March 31, 2024, and December 31, 2023. The amount of derivative gains (losses) from cash flow and fair value hedges that were deferred in other comprehensive income (“OCI”) or recognized in earnings for the three and three months ended March 31, 2024 and 2023 is presented in the schedules below. Three Months Ended March 31, 2024 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges Cash flow hedges of floating-rate assets: 1 Interest rate swaps (5) (36) — Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps 4 2 — Fair value hedges: 2 Debt hedges: Receive-fixed interest rate swaps — — (2) Asset hedges: Pay-fixed interest rate swaps — — 23 Total derivatives designated as hedging instruments $ (1) $ (34) $ 21 Three Months Ended March 31, 2023 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges Cash flow hedges of floating-rate assets: 1 Interest rate swaps 38 (49) — Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps — — — Fair value hedges: 2 Debt hedges: Receive-fixed interest rate swaps — — 4 Asset hedges: Pay-fixed interest rate swaps — — 6 Total derivatives designated as hedging instruments $ 38 $ (49) $ 10 1 For the 12 months following March 31, 2024, we estimate that $102 million of losses will be reclassified from AOCI into interest income, compared with an estimate of $156 million of losses at March 31, 2023. 2 At March 31, 2024, the total cumulative unamortized basis adjustment for terminated fair value hedges of debt was $45 million. We did not have any cumulative unamortized basis adjustment for terminated fair value hedges of debt at March 31, 2023. We had $3 million and $10 million of cumulative unamortized basis adjustments from terminated fair value hedges of assets at March 31, 2024 and 2023, respectively. Interest on fair value hedges presented above include the amortization of the remaining unamortized basis adjustments. The amount of gains (losses) recognized from derivatives not designated as accounting hedges is summarized as follows: Other Noninterest Income/(Expense) (In millions) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Derivatives not designated as hedging instruments: Customer-facing interest rate derivatives $ 6 $ 1 Other interest rate derivatives 1 1 Foreign exchange derivatives 7 7 Purchased credit derivatives — — Total derivatives not designated as hedging instruments $ 14 $ 9 The following schedule presents derivatives used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the periods presented: Gain/(loss) recorded in income Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (In millions) Derivatives 2 Hedged items Total income statement impact Derivatives 2 Hedged items Total income statement impact Debt: Receive-fixed interest rate swaps 1, 2 $ — $ — $ — $ 12 $ (12) $ — Assets: Pay-fixed interest rate swaps 1, 2 98 (98) — 40 (40) — 1 Consists of hedges of benchmark interest rate risk of fixed-rate long-term debt, fixed-rate AFS securities, and fixed-rate commercial loans. Gains and losses were recorded in net interest expense or income consistent with the hedged items. 2 The income/expense for derivatives does not reflect interest income/expense from periodic accruals and payments to be consistent with the presentation of the gains/(losses) on the hedged items. The following schedule provides information regarding basis adjustments for hedged items: Par value of hedged assets/(liabilities) Carrying amount of the hedged assets/(liabilities) 1 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item (In millions) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Fixed-rate assets 2 12,039 12,389 11,761 12,209 (278) (180) 1 Carrying amounts exclude (1) issuance and purchase discounts or premiums, (2) unamortized issuance and acquisition costs, and (3) amounts related to terminated fair value hedges. 2 These amounts include the amortized cost basis of defined portfolios of AFS securities and commercial loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the defined portfolio anticipated to be outstanding for the designated hedged period. At March 31, 2024, the amortized cost basis of the defined portfolios used in these hedging relationships was $11.0 billion; the cumulative basis adjustment associated with these hedging relationships was $50.5 million; and the notional amounts of the designated hedging instruments were $3.5 billion. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | LEASES We have operating and finance leases for branches, corporate offices, and data centers. At March 31, 2024, we had 408 branches, of which 278 are owned and 130 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 to 2062, and some lease arrangements include options to extend or terminate the leases. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We present ROU assets for operating leases and finance leases on the consolidated balance sheet in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate: (Dollar amounts in millions) March 31, December 31, 2023 Operating leases ROU assets, net of amortization $ 168 $ 172 Lease liabilities 193 198 Finance leases ROU assets, net of amortization 3 3 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.6 8.7 Finance leases 16.2 16.5 Weighted average discount rate Operating leases 3.4 % 3.4 % Finance leases 3.1 % 3.1 % The following schedule presents additional information related to lease expense: Three Months Ended March 31, (In millions) 2024 2023 Lease expense: Operating lease expense $ 10 $ 11 Other expenses associated with operating leases 1 15 15 Total lease expense $ 25 $ 26 Related cash disbursements from operating leases $ 11 $ 12 1 Other expenses primarily include property taxes and building and property maintenance. The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years: (In millions) Total undiscounted lease payments 2024 1 $ 32 2025 38 2026 33 2027 22 2028 18 Thereafter 85 Total $ 228 1 Contractual maturities for the nine months remaining in 2024. We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $3 million for both the first quarter of 2024 and 2023. We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $388 million and $383 million at March 31, 2024 and December 31, 2023, respectively. We recorded income of $4 million on these leases for both the first quarter of 2024 and 2023. |
LEASES | LEASES We have operating and finance leases for branches, corporate offices, and data centers. At March 31, 2024, we had 408 branches, of which 278 are owned and 130 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 to 2062, and some lease arrangements include options to extend or terminate the leases. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We present ROU assets for operating leases and finance leases on the consolidated balance sheet in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate: (Dollar amounts in millions) March 31, December 31, 2023 Operating leases ROU assets, net of amortization $ 168 $ 172 Lease liabilities 193 198 Finance leases ROU assets, net of amortization 3 3 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.6 8.7 Finance leases 16.2 16.5 Weighted average discount rate Operating leases 3.4 % 3.4 % Finance leases 3.1 % 3.1 % The following schedule presents additional information related to lease expense: Three Months Ended March 31, (In millions) 2024 2023 Lease expense: Operating lease expense $ 10 $ 11 Other expenses associated with operating leases 1 15 15 Total lease expense $ 25 $ 26 Related cash disbursements from operating leases $ 11 $ 12 1 Other expenses primarily include property taxes and building and property maintenance. The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years: (In millions) Total undiscounted lease payments 2024 1 $ 32 2025 38 2026 33 2027 22 2028 18 Thereafter 85 Total $ 228 1 Contractual maturities for the nine months remaining in 2024. We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $3 million for both the first quarter of 2024 and 2023. We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $388 million and $383 million at March 31, 2024 and December 31, 2023, respectively. We recorded income of $4 million on these leases for both the first quarter of 2024 and 2023. |
LEASES | . LEASES We have operating and finance leases for branches, corporate offices, and data centers. At March 31, 2024, we had 408 branches, of which 278 are owned and 130 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 to 2062, and some lease arrangements include options to extend or terminate the leases. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We present ROU assets for operating leases and finance leases on the consolidated balance sheet in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate: (Dollar amounts in millions) March 31, December 31, 2023 Operating leases ROU assets, net of amortization $ 168 $ 172 Lease liabilities 193 198 Finance leases ROU assets, net of amortization 3 3 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.6 8.7 Finance leases 16.2 16.5 Weighted average discount rate Operating leases 3.4 % 3.4 % Finance leases 3.1 % 3.1 % The following schedule presents additional information related to lease expense: Three Months Ended March 31, (In millions) 2024 2023 Lease expense: Operating lease expense $ 10 $ 11 Other expenses associated with operating leases 1 15 15 Total lease expense $ 25 $ 26 Related cash disbursements from operating leases $ 11 $ 12 1 Other expenses primarily include property taxes and building and property maintenance. The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years: (In millions) Total undiscounted lease payments 2024 1 $ 32 2025 38 2026 33 2027 22 2028 18 Thereafter 85 Total $ 228 1 Contractual maturities for the nine months remaining in 2024. We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $3 million for both the first quarter of 2024 and 2023. We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $388 million and $383 million at March 31, 2024 and December 31, 2023, respectively. We recorded income of $4 million on these leases for both the first quarter of 2024 and 2023. |
LEASES | . LEASES We have operating and finance leases for branches, corporate offices, and data centers. At March 31, 2024, we had 408 branches, of which 278 are owned and 130 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 to 2062, and some lease arrangements include options to extend or terminate the leases. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We present ROU assets for operating leases and finance leases on the consolidated balance sheet in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate: (Dollar amounts in millions) March 31, December 31, 2023 Operating leases ROU assets, net of amortization $ 168 $ 172 Lease liabilities 193 198 Finance leases ROU assets, net of amortization 3 3 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.6 8.7 Finance leases 16.2 16.5 Weighted average discount rate Operating leases 3.4 % 3.4 % Finance leases 3.1 % 3.1 % The following schedule presents additional information related to lease expense: Three Months Ended March 31, (In millions) 2024 2023 Lease expense: Operating lease expense $ 10 $ 11 Other expenses associated with operating leases 1 15 15 Total lease expense $ 25 $ 26 Related cash disbursements from operating leases $ 11 $ 12 1 Other expenses primarily include property taxes and building and property maintenance. The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years: (In millions) Total undiscounted lease payments 2024 1 $ 32 2025 38 2026 33 2027 22 2028 18 Thereafter 85 Total $ 228 1 Contractual maturities for the nine months remaining in 2024. We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $3 million for both the first quarter of 2024 and 2023. We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $388 million and $383 million at March 31, 2024 and December 31, 2023, respectively. We recorded income of $4 million on these leases for both the first quarter of 2024 and 2023. |
LEASES | . LEASES We have operating and finance leases for branches, corporate offices, and data centers. At March 31, 2024, we had 408 branches, of which 278 are owned and 130 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 to 2062, and some lease arrangements include options to extend or terminate the leases. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We present ROU assets for operating leases and finance leases on the consolidated balance sheet in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate: (Dollar amounts in millions) March 31, December 31, 2023 Operating leases ROU assets, net of amortization $ 168 $ 172 Lease liabilities 193 198 Finance leases ROU assets, net of amortization 3 3 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.6 8.7 Finance leases 16.2 16.5 Weighted average discount rate Operating leases 3.4 % 3.4 % Finance leases 3.1 % 3.1 % The following schedule presents additional information related to lease expense: Three Months Ended March 31, (In millions) 2024 2023 Lease expense: Operating lease expense $ 10 $ 11 Other expenses associated with operating leases 1 15 15 Total lease expense $ 25 $ 26 Related cash disbursements from operating leases $ 11 $ 12 1 Other expenses primarily include property taxes and building and property maintenance. The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years: (In millions) Total undiscounted lease payments 2024 1 $ 32 2025 38 2026 33 2027 22 2028 18 Thereafter 85 Total $ 228 1 Contractual maturities for the nine months remaining in 2024. We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $3 million for both the first quarter of 2024 and 2023. We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $388 million and $383 million at March 31, 2024 and December 31, 2023, respectively. We recorded income of $4 million on these leases for both the first quarter of 2024 and 2023. |
Long-Term Debt and Shareholders
Long-Term Debt and Shareholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Debt And Equity [Abstract] | |
LONG-TERM DEBT AND SHAREHOLDERS' EQUITY | LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY Long-Term Debt The long-term debt carrying values presented on the consolidated balance sheet represent the par value of the debt, adjusted for any unamortized premium or discount, unamortized debt issuance costs, and basis adjustments for interest rate swaps designated as fair value hedges. The following schedule presents the components of our long-term debt: LONG-TERM DEBT (In millions) March 31, December 31, 2023 Subordinated notes 1 $ 540 $ 538 Finance lease obligations 4 4 Total $ 544 $ 542 1 The change in the subordinated notes balance is primarily due to a fair value hedge accounting adjustment. See also Note 7. Shareholders' Equity Our common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. At March 31, 2024, there were 147.7 million shares of $0.001 par value common stock outstanding. Common stock and additional paid-in capital decreased $26 million, or 2%, to $1.7 billion at March 31, 2024, from December 31, 2023, primarily due to common stock repurchases. During the first quarter of 2024, we repurchased 0.9 million common shares outstanding for $35 million at an average price of $39.32 per share. The AOCI balance was a loss of $2.6 billion at March 31, 2024, and primarily reflects the decline in the fair value of fixed-rate investment securities as a result of higher interest rates, and includes $2.0 billion ($1.5 billion after tax) of unrealized losses on the securities previously transferred from AFS to HTM. The following schedule presents the changes in AOCI by major component: (In millions) Net unrealized gains/(losses) on investment securities Net unrealized gains/(losses) on derivatives and other Pension and post-retirement Total Three Months Ended March 31, 2024 Balance at December 31, 2023 $ (2,526) $ (165) $ (1) $ (2,692) Other comprehensive income (loss) before reclassifications, net of tax 12 (1) — 11 Amounts reclassified from AOCI, net of tax 46 26 — 72 Other comprehensive income 58 25 — 83 Balance at March 31, 2024 $ (2,468) $ (140) $ (1) $ (2,609) Income tax expense included in OCI $ 19 $ 8 $ — $ 27 Three Months Ended March 31, 2023 Balance at December 31, 2022 $ (2,800) $ (311) $ (1) $ (3,112) Other comprehensive income before reclassifications, net of tax 77 29 — 106 Amounts reclassified from AOCI, net of tax 49 37 — 86 Other comprehensive income 126 66 — 192 Balance at March 31, 2023 $ (2,674) $ (245) $ (1) $ (2,920) Income tax expense included in OCI $ 41 $ 22 $ — $ 63 Amounts reclassified from AOCI (In millions) Three Months Ended AOCI components 2024 2023 Affected line item on statement of income Net unrealized gains (losses) on investment securities $ (61) $ (65) Securities gains (losses), net Less: Income tax expense (benefit) (15) (16) Total $ (46) $ (49) Net unrealized gains (losses) on derivative instruments $ (34) $ (49) Interest and fees on loans; Interest on short- and long-term borrowings Less: Income tax expense (benefit) (8) (12) Total $ (26) $ (37) |
Commitments, Guarantees, and Co
Commitments, Guarantees, and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Commitments, Guarantees, and Contingent Liabilities [Abstract] | |
COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES | COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES Commitments and Guarantees The following schedule presents the contractual amounts related to off-balance sheet financial instruments used to meet the financing needs of our customers: (In millions) March 31, December 31, Unfunded lending commitments 1 $ 28,677 $ 28,940 Standby letters of credit: Financial 576 548 Performance 218 206 Commercial letters of credit 19 22 Mortgage-backed security purchase agreements 2 67 66 Total unfunded commitments $ 29,557 $ 29,782 1 Net of participations. 2 Represents agreements with Farmer Mac to purchase securities backed by certain agricultural mortgage loans. For more information about these commitments and guarantees including their terms and collateral requirements, see Note 16 of our 2023 Form 10-K. Legal Matters We are involved in various legal proceedings or governmental inquiries, which may include litigation in court and arbitral proceedings, as well as investigations, examinations, and other actions brought or considered by governmental and self-regulatory agencies. Litigation may relate to lending, deposit and other customer relationships, vendor and contractual issues, employee matters, intellectual property matters, personal injuries and torts, regulatory and legal compliance, and other matters. While most matters relate to individual claims, we are also subject to putative class action claims and similar broader claims. Proceedings, investigations, examinations, and other actions brought or considered by governmental and self-regulatory agencies may relate to our banking, investment advisory, trust, securities, and other products and services; our customers’ involvement in money laundering, fraud, securities violations and other illicit activities or our policies and practices relating to such customer activities; and our compliance with the broad range of banking, securities and other laws and regulations applicable to us. At any given time, we may be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters. At March 31, 2024, we were subject to the following material litigation: • Two civil cases, Lifescan Inc. and Johnson & Johnson Health Care Services v. Jeffrey Smith, et. al. , brought against us in the United States District Court for the District of New Jersey in December 2017, and Roche Diagnostics and Roche Diabetes Care Inc. v. Jeffrey C. Smith, et. al. , brought against us in the United States District Court for the District of New Jersey in March 2019. In these cases, certain manufacturers and distributors of medical products seek to hold us liable for allegedly fraudulent practices of a borrower of the Bank who filed for bankruptcy protection in 2017. The cases are in the late stages of discovery. No trial has been set. • Sipple v. Zions Bancorporation, N.A., brought against us in the District Court of Clark County, Nevada in February 2021 with respect to foreign transaction fees. This case is in the discovery phase and trial has been scheduled for October 2024. The parties are currently engaged in settlement discussions. At least quarterly, we review outstanding and new legal matters, utilizing then-available information. In accordance with applicable accounting guidance, if we determine that a loss from a matter is probable and the amount of the loss can be reasonably estimated, we establish an accrual for the loss. In the absence of such a determination, no accrual is made. Once established, accruals are adjusted to reflect developments relating to the matters. In our review, we also assess whether we can determine the range of reasonably possible losses for significant matters in which we are unable to determine that the likelihood of a loss is remote. Because of the difficulty of predicting the outcome of legal matters, discussed subsequently, we are able to meaningfully estimate such a range only for a limited number of matters. Based on information available at March 31, 2024, we estimated that the aggregate range of reasonably possible losses for those matters to be from zero to approximately $10 million in excess of amounts accrued. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those matters for which a meaningful estimate is not possible are not included within this estimated range and, therefore, this estimated range does not represent our maximum loss exposure. Based on our current knowledge, we believe that our estimated liability for litigation and other legal actions and claims, reflected in our accruals and determined in accordance with applicable accounting guidance, is adequate and that liabilities in excess of the amounts currently accrued, if any, arising from litigation and other legal actions and claims for which an estimate as previously described is possible, will not have a material impact on our financial condition, results of operations, or cash flows. However, in light of the significant uncertainties involved in these matters, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to our financial condition, results of operations, or cash flows for any given reporting period. Any estimate or determination relating to the future resolution of litigation, arbitration, governmental or self-regulatory examinations, investigations or actions or similar matters is inherently uncertain and involves significant judgment. This is particularly true in the early stages of a legal matter, when legal issues and facts have not been well articulated, reviewed, analyzed, and vetted through discovery, preparation for trial or hearings, substantive and productive mediation or settlement discussions, or other actions. It is also particularly true with respect to class action and similar claims involving multiple defendants, matters with complex procedural requirements or substantive issues or novel legal theories, and examinations, investigations and other actions conducted or brought by governmental and self-regulatory agencies, in which the normal adjudicative process is not applicable. Accordingly, we usually are unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the course of a legal matter, sometimes not until a number of years have elapsed. Accordingly, our judgments and estimates relating to claims will change from time to time in light of developments and actual outcomes will differ from our estimates. These differences may be material. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION We derive our revenue primarily from interest income on loans and securities. Only noninterest income is considered to be revenue from contracts with customers in scope of ASC 606. For more information about our revenue recognition from contracts, see Note 17 of our 2023 Form 10-K. Disaggregation of Revenue The following schedule presents net revenue by operating business segment for the three months ended March 31, 2024 and 2023: Zions Bank CB&T Amegy (In millions) 2024 2023 2024 2023 2024 2023 Commercial account fees $ 13 $ 14 $ 7 $ 7 $ 15 $ 14 Card fees 12 13 5 5 8 8 Retail and business banking fees 5 5 3 3 3 3 Capital markets fees — — — — — — Wealth management fees 6 6 1 1 4 4 Other customer-related fees 2 2 2 1 2 2 Total noninterest income from contracts with customers (ASC 606) 38 40 18 17 32 31 Other noninterest income (non-ASC 606 customer-related) 4 7 6 5 7 8 Total customer-related noninterest income 42 47 24 22 39 39 Other noncustomer-related noninterest income 1 3 2 2 3 2 Total noninterest income 43 50 26 24 42 41 Net interest income 166 185 140 160 113 124 Total net revenue $ 209 $ 235 $ 166 $ 184 $ 155 $ 165 NBAZ NSB Vectra (In millions) 2024 2023 2024 2023 2024 2023 Commercial account fees $ 3 $ 2 $ 3 $ 3 $ 2 $ 2 Card fees 4 4 4 4 2 2 Retail and business banking fees 2 2 3 3 1 1 Capital markets fees — — — — — — Wealth management fees 1 1 1 1 — — Other customer-related fees — — — — 1 1 Total noninterest income from contracts with customers (ASC 606) 10 9 11 11 6 6 Other noninterest income (non-ASC 606 customer-related) — 1 1 — — 1 Total customer-related noninterest income 10 10 12 11 6 7 Other noncustomer-related noninterest income — — — — — — Total noninterest income 10 10 12 11 6 7 Net interest income 60 64 47 51 37 41 Total net revenue $ 70 $ 74 $ 59 $ 62 $ 43 $ 48 TCBW Other Consolidated Bank (In millions) 2024 2023 2024 2023 2024 2023 Commercial account fees $ 1 $ 1 $ — $ — $ 44 $ 43 Card fees 1 1 (1) (1) 35 36 Retail and business banking fees — — (1) (1) 16 16 Capital markets fees — — 1 1 1 1 Wealth management fees — — 1 — 14 13 Other customer-related fees — — 7 9 14 15 Total noninterest income from contracts with customers (ASC 606) 2 2 7 8 124 124 Other noninterest income (non-ASC 606 customer-related) — — 9 5 27 27 Total customer-related noninterest income 2 2 16 13 151 151 Other noncustomer-related noninterest income — — (1) 2 5 9 Total noninterest income 2 2 15 15 156 160 Net interest income 15 16 8 38 586 679 Total net revenue $ 17 $ 18 $ 23 $ 53 $ 742 $ 839 Revenue from contracts with customers did not generate significant contract assets and liabilities. Contract receivables are included in “Other assets” on the consolidated balance sheet. Payment terms vary by services offered, and the timing between completion of performance obligations and payment is generally not significant. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective income tax rate was 24.6% for the first quarter of 2024, compared with 27.7% for the first quarter of 2023. The higher effective tax rate in the first quarter of 2023 was the result of a change in a discrete item that affected the reserve for uncertain tax positions. The tax rates during both periods were reduced by nontaxable municipal interest income and nontaxable income from certain bank-owned life insurance (“BOLI”), and were increased by the nondeductibility of Federal Deposit Insurance Corporation (“FDIC”) premiums, certain executive compensation plans, and other fringe benefits. The FDIC insurance premiums are nondeductible, whereas the FDIC special assessments are tax deductible. At both March 31, 2024 and December 31, 2023, we had a net deferred tax asset (“DTA”) totaling $1.0 billion. The net DTA or DTL is included in either “Other assets” or “Other liabilities,” respectively, on the consolidated balance sheet. We evaluate DTAs on a regular basis to determine whether a valuation allowance is required. In conducting this evaluation, we consider all available evidence, both positive and negative, based on the more-likely-than-not criteria that such assets will be realized. This evaluation includes, but is not limited to, the following: • Future reversals of existing deferred tax liabilities (“DTLs”) — These DTLs have a reversal pattern generally consistent with DTAs and are used to realize the DTAs. • Tax planning strategies — We have considered prudent and feasible tax planning strategies that we would implement to preserve the value of the DTAs, if necessary. • Future projected taxable income — We expect future taxable income will offset the reversal of remaining net DTAs. Based on this evaluation, we concluded that a valuation allowance was not required at both March 31, 2024 and December 31, 2023. |
Net Earnings Per Common Share
Net Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
NET EARNINGS PER COMMON SHARE | NET EARNINGS PER COMMON SHARE Basic and diluted net earnings per common share based on the weighted average outstanding shares are summarized as follows: Three Months Ended (In millions, except shares and per share amounts) 2024 2023 Basic: Net income $ 153 $ 204 Less common and preferred dividends 71 67 Undistributed earnings 82 137 Less undistributed earnings applicable to nonvested shares 1 1 Undistributed earnings applicable to common shares 81 136 Distributed earnings applicable to common shares 60 61 Total earnings applicable to common shares $ 141 $ 197 Weighted average common shares outstanding (in thousands) 147,338 148,015 Net earnings per common share $ 0.96 $ 1.33 Diluted: Total earnings applicable to common shares $ 141 $ 197 Weighted average common shares outstanding (in thousands) 147,338 148,015 Dilutive effect of stock options (in thousands) 5 23 Weighted average diluted common shares outstanding (in thousands) 147,343 148,038 Net earnings per common share $ 0.96 $ 1.33 The following schedule presents the weighted average stock awards that were anti-dilutive and not included in the calculation of diluted earnings per share: Three Months Ended (In thousands) 2024 2023 Restricted stock and restricted stock units 1,543 1,334 Stock options 1,379 1,230 |
Operating Segment Information
Operating Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENT INFORMATION | OPERATING SEGMENT INFORMATION We manage our operations with a primary focus on geographic area. We conduct our operations primarily through seven separately managed affiliate banks, each with its own local branding and management team, including Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington. These affiliate banks comprise our primary business segments. Performance assessment and resource allocation are based upon this geographic structure. Our affiliate banks are supported by an enterprise operating segment (referred to as the “Other” segment) that provides governance and risk management, allocates capital, establishes strategic objectives, and includes centralized technology, back-office functions, and certain lines of business not operated through our affiliate banks. We allocate the cost of centrally provided services to the business segments based upon estimated or actual usage of those services. We also allocate capital based on the risk-weighted assets held at each business segment. We use an internal funds transfer pricing (“FTP”) allocation process to report results of operations for business segments. This process is subject to change and refinement over time. Total average loans and deposits presented for the business segments include insignificant intercompany amounts between business segments and may also include deposits with the “Other” segment. At March 31, 2024, Zions Bank operated 95 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. CB&T operated 75 branches in California. Amegy operated 75 branches in Texas. NBAZ operated 56 branches in Arizona. NSB operated 43 branches in Nevada. Vectra operated 34 branches in Colorado and one branch in New Mexico. TCBW operated two branches in Washington and one branch in Oregon. Transactions between business segments are primarily conducted at fair value, resulting in profits that are eliminated for reporting consolidated results of operations. The following schedule presents average loans, average deposits, and income before income taxes because we use these metrics when evaluating performance and making decisions pertaining to the business segments. The condensed statement of income identifies the components of income and expense which affect the operating amounts presented in the “Other” segment. The following schedule presents selected operating segment information for the three months ended March 31, 2024 and 2023: Zions Bank CB&T Amegy (In millions) 2024 2023 2024 2023 2024 2023 SELECTED INCOME STATEMENT DATA Net interest income $ 166 $ 185 $ 140 $ 160 $ 113 $ 124 Provision for credit losses (11) 24 22 — 4 11 Net interest income after provision for credit losses 177 161 118 160 109 113 Noninterest income 43 50 26 24 42 41 Noninterest expense 144 135 101 92 113 98 Income (loss) before income taxes $ 76 $ 76 $ 43 $ 92 $ 38 $ 56 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 14,726 $ 13,978 $ 14,165 $ 14,016 $ 13,115 $ 12,844 Total average deposits 20,735 20,953 14,406 14,644 14,871 13,287 NBAZ NSB Vectra (In millions) 2024 2023 2024 2023 2024 2023 SELECTED INCOME STATEMENT DATA Net interest income $ 60 $ 64 $ 47 $ 51 $ 37 $ 41 Provision for credit losses 5 (1) (5) 4 (6) 3 Net interest income after provision for credit losses 55 65 52 47 43 38 Noninterest income 10 10 12 11 6 7 Noninterest expense 48 47 43 41 34 33 Income (loss) before income taxes $ 17 $ 28 $ 21 $ 17 $ 15 $ 12 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 5,651 $ 5,150 $ 3,506 $ 3,327 $ 4,039 $ 3,983 Total average deposits 6,859 7,179 7,200 6,972 3,450 3,707 TCBW Other Consolidated Bank (In millions) 2024 2023 2024 2023 2024 2023 SELECTED INCOME STATEMENT DATA Net interest income $ 15 $ 16 $ 8 $ 38 $ 586 $ 679 Provision for credit losses 4 2 — 2 13 45 Net interest income after provision for credit losses 11 14 8 36 573 634 Noninterest income 2 2 15 15 156 160 Noninterest expense 8 6 35 60 526 512 Income (loss) before income taxes $ 5 $ 10 $ (12) $ (9) $ 203 $ 282 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 1,728 $ 1,711 $ 977 $ 1,144 $ 57,907 $ 56,153 Total average deposits 1,123 1,383 4,714 2,031 73,358 70,156 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 153 | $ 204 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements and Developments | Standards adopted by the Bank during the first quarter of 2024 ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This ASU clarifies that contractual restrictions prohibiting the sale of an equity security are not considered part of the unit of account of the equity security, and therefore, are not considered in measuring fair value. The amendments clarify that an entity cannot recognize and measure a contractual sale restriction as a separate unit of account. The amendments in this ASU also require additional qualitative and quantitative disclosures for equity securities subject to contractual sale restrictions. January 1, 2024 We adopted the new standard on January 1, 2024. The adoption of this standard did not have a material effect on our financial statements. ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) This ASU expands the optional use of the proportional amortization method (“PAM”), previously limited to investments in low-income housing tax credit (“LIHTC”) structures, to any eligible equity investments made primarily for the purpose of receiving income tax credit and other tax benefits when certain criteria are met. PAM results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense (benefit). This ASU allows for an accounting policy election to apply PAM on a tax-credit-program-by-tax-credit-program basis. The ASU also includes additional disclosure requirements about equity investments accounted for using PAM. January 1, 2024 We adopted the new standard on January 1, 2024. The adoption of this standard did not have a material effect on our financial statements. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses (“ACL”), which consists of the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”), represents our estimate of current expected credit losses related to the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. For additional information regarding our policies and methodologies used to estimate the ACL, see Note 6 of our 2023 Form 10-K. The ACL for AFS and HTM debt securities is estimated separately from loans. For HTM securities, the ACL is estimated consistent with the approach for loans measured at amortized cost. See Note 5 of our 2023 Form 10-K for further discussion of our methodology used to estimate the ACL on AFS and HTM debt securities. |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | Standard Description Effective date Effect on the financial statements or other significant matters Standards not yet adopted by the Bank as of March 31, 2024 ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures This Accounting Standards Update (“ASU”) expands operating segment disclosures and requires all segment disclosures to be reported in both annual and interim periods. The new standard requires disclosure of the following: • Significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) for reportable segments; • The title and position of the CODM as well as how the CODM uses the reported measure(s) of profit and loss to assess segment performance; and • “Other segment items” by reportable segment and a description of its composition. Annual periods beginning January 1, 2024; Interim periods beginning January 1, 2025 The overall effect of this standard is not expected to have a material impact on our financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures This ASU expands tax disclosures to provide more information to better assess how an entity’s operations, related tax risks, and tax planning affect its tax rate and prospects for future cash flows. The enhancements in this ASU require that an entity disaggregate income taxes paid and income (or loss) from continuing operations before tax expense (or benefit), and income tax expense (or benefit) from continuing operations. The new standard requires disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold. January 1, 2025 The overall effect of this standard is not expected to have a material impact on our financial statements. Standards adopted by the Bank during the first quarter of 2024 ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This ASU clarifies that contractual restrictions prohibiting the sale of an equity security are not considered part of the unit of account of the equity security, and therefore, are not considered in measuring fair value. The amendments clarify that an entity cannot recognize and measure a contractual sale restriction as a separate unit of account. The amendments in this ASU also require additional qualitative and quantitative disclosures for equity securities subject to contractual sale restrictions. January 1, 2024 We adopted the new standard on January 1, 2024. The adoption of this standard did not have a material effect on our financial statements. ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) This ASU expands the optional use of the proportional amortization method (“PAM”), previously limited to investments in low-income housing tax credit (“LIHTC”) structures, to any eligible equity investments made primarily for the purpose of receiving income tax credit and other tax benefits when certain criteria are met. PAM results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense (benefit). This ASU allows for an accounting policy election to apply PAM on a tax-credit-program-by-tax-credit-program basis. The ASU also includes additional disclosure requirements about equity investments accounted for using PAM. January 1, 2024 We adopted the new standard on January 1, 2024. The adoption of this standard did not have a material effect on our financial statements. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis | The following schedule presents assets and liabilities measured at fair value on a recurring basis: (In millions) March 31, 2024 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies, and corporations $ 481 $ 8,167 $ — $ 8,648 Municipal securities 1,259 1,259 Other debt securities 24 24 Total available-for-sale 481 9,450 — 9,931 Trading securities 59 59 Other noninterest-bearing investments: Bank-owned life insurance 555 555 Private equity investments 1 3 98 101 Other assets: Agriculture loan servicing 19 19 Deferred compensation plan assets 130 130 Derivatives 481 481 Total assets $ 614 $ 10,545 $ 117 $ 11,276 LIABILITIES Securities sold, not yet purchased $ 76 $ — $ — $ 76 Other liabilities: Derivatives 388 388 Total liabilities $ 76 $ 388 $ — $ 464 1 The Level 1 private equity investments (“PEIs”) relate to the portion of our Small Business Investment Company (“SBIC”) investments that are publicly traded. (In millions) December 31, 2023 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies, and corporations $ 492 $ 8,467 $ — $ 8,959 Municipal securities 1,318 1,318 Other debt securities 23 23 Total available-for-sale 492 9,808 — 10,300 Trading securities 48 48 Other noninterest-bearing investments: Bank-owned life insurance 553 553 Private equity investments 1 3 92 95 Other assets: Agriculture loan servicing 19 19 Loans held for sale 43 43 Deferred compensation plan assets 124 124 Derivatives 420 420 Total assets $ 619 $ 10,872 $ 111 $ 11,602 LIABILITIES Securities sold, not yet purchased $ 65 $ — $ — $ 65 Other liabilities: Derivatives 333 333 Total liabilities $ 65 $ 333 $ — $ 398 1 The Level 1 PEIs relate to the portion of our SBIC investments that are publicly traded. |
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis Using Level 3 Inputs | The following schedule presents a roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs: Level 3 Instruments Three Months Ended March 31, 2024 March 31, 2023 (In millions) Private equity investments Ag loan servicing Private equity investments Ag loan servicing Balance at beginning of period $ 92 $ 19 $ 81 $ 14 Other noninterest income (expense) — — — 4 Purchases 7 — 1 — Cost of investments sold (1) — — — Transfers out — — — — Balance at end of period $ 98 $ 19 $ 82 $ 18 |
Schedule of Rollforward of Level 3 Fair Value Measurements Including Realized Gains and Losses in the Income Statement | The roll-forward of Level 3 instruments includes the following realized gains and losses recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented: (In millions) Three Months Ended March 31, 2024 March 31, 2023 Securities gains (losses), net $ 2 $ — |
Schedule of Carrying Values and Estimated Fair Values | The following schedule presents the carrying values and estimated fair values of certain financial instruments: March 31, 2024 December 31, 2023 (In millions) Carrying Fair value Level Carrying Fair value Level Financial assets: Held-to-maturity investment securities $ 10,209 $ 10,105 2 $ 10,382 $ 10,466 2 Loans and leases (including loans held for sale), net of allowance 57,422 55,502 3 57,148 54,832 3 Financial liabilities: Time deposits 10,221 10,179 2 9,996 9,964 2 Long-term debt 544 498 2 542 494 2 |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Offsetting [Abstract] | |
Schedule of Offsetting Assets and Liabilities | The following schedules present gross and net information for selected financial instruments on the balance sheet: March 31, 2024 Gross amounts not offset on the balance sheet (In millions) Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and securities purchased under agreements to resell $ 1,315 $ (421) $ 894 $ — $ — $ 894 Derivatives (included in other assets) 481 — 481 (12) (455) 14 Total assets $ 1,796 $ (421) $ 1,375 $ (12) $ (455) $ 908 Liabilities: Federal funds and other short-term borrowings $ 5,316 $ (421) $ 4,895 $ — $ — $ 4,895 Derivatives (included in other liabilities) 388 — 388 (12) — 376 Total liabilities $ 5,704 $ (421) $ 5,283 $ (12) $ — $ 5,271 December 31, 2023 Gross amounts not offset on the balance sheet (In millions) Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and securities purchased under agreements to resell $ 1,170 $ (233) $ 937 $ — $ — $ 937 Derivatives (included in other assets) 420 — 420 (31) (357) 32 Total assets $ 1,590 $ (233) $ 1,357 $ (31) $ (357) $ 969 Liabilities: Federal funds and other short-term borrowings $ 4,612 $ (233) $ 4,379 $ — $ — $ 4,379 Derivatives (included in other liabilities) 333 — 333 (31) (1) 301 Total liabilities $ 4,945 $ (233) $ 4,712 $ (31) $ (1) $ 4,680 |
Schedule of Offsetting Assets and Liabilities | The following schedules present gross and net information for selected financial instruments on the balance sheet: March 31, 2024 Gross amounts not offset on the balance sheet (In millions) Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and securities purchased under agreements to resell $ 1,315 $ (421) $ 894 $ — $ — $ 894 Derivatives (included in other assets) 481 — 481 (12) (455) 14 Total assets $ 1,796 $ (421) $ 1,375 $ (12) $ (455) $ 908 Liabilities: Federal funds and other short-term borrowings $ 5,316 $ (421) $ 4,895 $ — $ — $ 4,895 Derivatives (included in other liabilities) 388 — 388 (12) — 376 Total liabilities $ 5,704 $ (421) $ 5,283 $ (12) $ — $ 5,271 December 31, 2023 Gross amounts not offset on the balance sheet (In millions) Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and securities purchased under agreements to resell $ 1,170 $ (233) $ 937 $ — $ — $ 937 Derivatives (included in other assets) 420 — 420 (31) (357) 32 Total assets $ 1,590 $ (233) $ 1,357 $ (31) $ (357) $ 969 Liabilities: Federal funds and other short-term borrowings $ 4,612 $ (233) $ 4,379 $ — $ — $ 4,379 Derivatives (included in other liabilities) 333 — 333 (31) (1) 301 Total liabilities $ 4,945 $ (233) $ 4,712 $ (31) $ (1) $ 4,680 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Summary of Investment Securities | The following schedule presents the amortized cost and estimated fair values of our HTM and AFS securities: March 31, 2024 (In millions) Amortized Gross unrealized gains 1 Gross unrealized losses Estimated Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 92 $ — $ 7 $ 85 Agency guaranteed mortgage-backed securities 9,776 17 97 9,696 Municipal securities 341 — 17 324 Total held-to-maturity 10,209 17 121 10,105 Available-for-sale U.S. Treasury securities 584 — 103 481 U.S. Government agencies and corporations: Agency securities 629 — 33 596 Agency guaranteed mortgage-backed securities 8,335 — 1,282 7,053 Small Business Administration loan-backed securities 543 — 25 518 Municipal securities 1,336 — 77 1,259 Other debt securities 25 — 1 24 Total available-for-sale 11,452 — 1,521 9,931 Total HTM and AFS investment securities $ 21,661 $ 17 $ 1,642 $ 20,036 December 31, 2023 (In millions) Amortized Gross unrealized gains 1 Gross unrealized losses Estimated Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 93 $ — $ 6 $ 87 Agency guaranteed mortgage-backed securities 9,935 156 50 10,041 Municipal securities 354 — 16 338 Total held-to-maturity 10,382 156 72 10,466 Available-for-sale U.S. Treasury securities 585 — 93 492 U.S. Government agencies and corporations: Agency securities 663 — 33 630 Agency guaranteed mortgage-backed securities 8,530 — 1,239 7,291 Small Business Administration loan-backed securities 571 — 25 546 Municipal securities 1,385 — 67 1,318 Other debt securities 25 — 2 23 Total available-for-sale 11,759 — 1,459 10,300 Total HTM and AFS investment securities $ 22,141 $ 156 $ 1,531 $ 20,766 1 Gross unrealized gains for the respective AFS security categories were individually less than $1 million. |
Contractual Maturities Debt Securities | The following schedule presents the amortized cost and weighted average yields of debt securities by contractual maturity of principal payments at March 31, 2024. This schedule does not reflect the duration of the portfolio, which would incorporate amortization, expected prepayments, interest rate resets, and fair value hedges; the effects of which result in measured durations shorter than contractual maturities. March 31, 2024 Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years (Dollar amounts in millions) Amortized cost Average yield Amortized cost Average yield Amortized cost Average yield Amortized cost Average yield Amortized cost Average yield Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 92 3.52 % $ — — % $ — — % $ — — % $ 92 3.52 % Agency guaranteed mortgage-backed securities 9,776 1.85 — — — — 44 1.93 9,732 1.85 Municipal securities 1 341 3.19 30 2.86 129 2.91 154 3.49 28 3.17 Total held-to-maturity securities 10,209 1.91 30 2.86 129 2.91 198 3.14 9,852 1.87 Available-for-sale U.S. Treasury securities 584 3.25 183 5.22 — — — — 401 2.35 U.S. Government agencies and corporations: Agency securities 629 2.59 142 1.55 122 2.74 202 2.84 163 3.09 Agency guaranteed mortgage-backed securities 8,335 2.02 5 1.28 150 1.70 1,412 2.12 6,768 2.01 Small Business Administration loan-backed securities 543 5.53 1 4.92 20 6.33 138 4.43 384 5.88 Municipal securities 1 1,336 2.18 147 2.72 408 2.56 713 1.85 68 2.30 Other debt securities 25 8.78 — — 10 9.52 — — 15 8.29 Total available-for-sale securities 11,452 2.32 478 3.32 710 2.61 2,465 2.23 7,799 2.26 Total HTM and AFS investment securities $ 21,661 2.12 % $ 508 3.29 % $ 839 2.66 % $ 2,663 2.30 % $ 17,651 2.04 % 1 The yields on tax-exempt securities are calculated on a tax-equivalent basis. |
Summary of Amount of Gross Unrealized Losses for Debt Securities and Estimated Fair Value | The following schedule presents gross unrealized losses for AFS securities and the estimated fair value by length of time the securities have been in an unrealized loss position: March 31, 2024 Less than 12 months 12 months or more Total (In millions) Gross Estimated Gross Estimated Gross Estimated Available-for-sale U.S. Treasury securities $ — $ 10 $ 103 $ 298 $ 103 $ 308 U.S. Government agencies and corporations: Agency securities — — 33 579 33 579 Agency guaranteed mortgage-backed securities 73 312 1,209 6,665 1,282 6,977 Small Business Administration loan-backed securities — 3 25 460 25 463 Municipal securities 1 83 76 1,154 77 1,237 Other — — 1 14 1 14 Total available-for-sale investment securities $ 74 $ 408 $ 1,447 $ 9,170 $ 1,521 $ 9,578 December 31, 2023 Less than 12 months 12 months or more Total (In millions) Gross Estimated Gross Estimated Gross Estimated Available-for-sale U.S. Treasury securities $ — $ — $ 93 $ 308 $ 93 $ 308 U.S. Government agencies and corporations: Agency securities — 5 33 605 33 610 Agency guaranteed mortgage-backed securities 71 312 1,168 6,902 1,239 7,214 Small Business Administration loan-backed securities — 4 25 484 25 488 Municipal securities 2 229 65 1,061 67 1,290 Other — — 2 13 2 13 Total available-for-sale investment securities $ 73 $ 550 $ 1,386 $ 9,373 $ 1,459 $ 9,923 |
Gains and Losses, Including OTTI, Recognized in Statement of Income | The following schedule presents securities gains and losses recognized in income: Three Months Ended March 31, 2024 2023 (In millions) Gross gains Gross losses Gross gains Gross losses Available-for-sale $ — $ — $ 1 $ 1 Trading 10 9 3 3 Other noninterest-bearing investments 6 9 4 3 Total gains 16 18 8 7 Net gains (losses) 1 $ (2) $ 1 1 Net gains (losses) were recognized in “Securities gains (losses), net” on the consolidated statement of income. |
Interest Income by Security Type | The following schedule presents interest income by security type: Three Months Ended March 31, 2024 2023 (In millions) Taxable Nontaxable Total Taxable Nontaxable Total Investment securities: Held-to-maturity $ 56 $ 1 $ 57 $ 60 $ 1 $ 61 Available-for-sale 77 8 85 69 6 75 Trading — — — 1 — 1 Total securities $ 133 $ 9 $ 142 $ 130 $ 7 $ 137 |
Loans, Leases, and Allowance _2
Loans, Leases, and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Summary of Major Portfolio Segment and Specific Loan Class | Loans and leases are summarized as follows according to major portfolio segment and specific loan class: (In millions) March 31, December 31, Loans held for sale $ 12 $ 53 Commercial: Commercial and industrial $ 16,519 $ 16,684 Leasing 388 383 Owner-occupied 9,295 9,219 Municipal 4,277 4,302 Total commercial 30,479 30,588 Commercial real estate: Construction and land development 2,686 2,669 Term 10,892 10,702 Total commercial real estate 13,578 13,371 Consumer: Home equity credit line 3,382 3,356 1-4 family residential 8,778 8,415 Construction and other consumer real estate 1,321 1,442 Bankcard and other revolving plans 439 474 Other 132 133 Total consumer 14,052 13,820 Total loans and leases $ 58,109 $ 57,779 |
Loans Held For Sale | The following schedule presents loans added to, or sold from, the held for sale category during the periods presented: Three Months Ended (In millions) 2024 2023 Loans added to held for sale $ 129 $ 86 Loans sold from held for sale 170 89 |
Summary of Changes in the Allowance for Credit Losses | Changes in the ACL are summarized as follows: Three Months Ended March 31, 2024 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at beginning of period $ 302 $ 241 $ 141 $ 684 Provision for loan losses (2) 57 (34) 21 Gross loan and lease charge-offs 10 — 4 14 Recoveries 6 1 1 8 Net loan and lease charge-offs (recoveries) 4 (1) 3 6 Balance at end of period $ 296 $ 299 $ 104 $ 699 Reserve for unfunded lending commitments Balance at beginning of period $ 19 $ 17 $ 9 $ 45 Provision for unfunded lending commitments — (7) (1) (8) Balance at end of period $ 19 $ 10 $ 8 $ 37 Total allowance for credit losses at end of period Allowance for loan losses $ 296 $ 299 $ 104 $ 699 Reserve for unfunded lending commitments 19 10 8 37 Total allowance for credit losses $ 315 $ 309 $ 112 $ 736 Three Months Ended March 31, 2023 (In millions) Commercial Commercial real estate Consumer Total Allowance for loan losses Balance at beginning of period $ 300 $ 152 $ 120 $ 572 Provision for loan losses 10 8 28 46 Gross loan and lease charge-offs 3 — 4 7 Recoveries 6 — 1 7 Net loan and lease charge-offs (recoveries) (3) — 3 — Balance at end of period $ 313 $ 160 $ 145 $ 618 Reserve for unfunded lending commitments Balance at beginning of period $ 16 $ 33 $ 12 $ 61 Provision for unfunded lending commitments 3 (5) 1 (1) Balance at end of period $ 19 $ 28 $ 13 $ 60 Total allowance for credit losses at end of period Allowance for loan losses $ 313 $ 160 $ 145 $ 618 Reserve for unfunded lending commitments 19 28 13 60 Total allowance for credit losses $ 332 $ 188 $ 158 $ 678 |
Summary of Nonaccrual Loans | The amortized cost basis of nonaccrual loans is summarized as follows: March 31, 2024 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 7 $ 103 $ 110 $ 25 Leasing — 2 2 1 Owner-occupied 13 7 20 1 Total commercial 20 112 132 27 Commercial real estate: Construction and land development — 1 1 — Term 34 8 42 1 Total commercial real estate 34 9 43 1 Consumer: Home equity credit line 4 23 27 4 1-4 family residential 8 36 44 6 Bankcard and other revolving plans — 1 1 1 Other — 1 1 — Total consumer loans 12 61 73 11 Total $ 66 $ 182 $ 248 $ 39 December 31, 2023 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 11 $ 71 $ 82 $ 30 Leasing — 2 2 1 Owner-occupied 12 8 20 1 Total commercial 23 81 104 32 Commercial real estate: Construction and land development 22 — 22 — Term 37 2 39 1 Total commercial real estate 59 2 61 1 Consumer: Home equity credit line 1 16 17 5 1-4 family residential 8 32 40 5 Total consumer loans 9 48 57 10 Total $ 91 $ 131 $ 222 $ 43 The amount of accrued interest receivables reversed from interest income during the periods presented is summarized by loan portfolio segment as follows: Three Months Ended (In millions) 2024 2023 Commercial $ 3 $ 2 Commercial real estate 1 1 Consumer 1 — Total $ 5 $ 3 |
Summary of Past Due Loans (Accruing and Nonaccruing) | Past due loans (accruing and nonaccruing) are summarized as follows: March 31, 2024 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 16,480 $ 17 $ 22 $ 39 $ 16,519 $ 2 $ 87 Leasing 386 2 — 2 388 — — Owner-occupied 9,288 5 2 7 9,295 — 18 Municipal 4,276 1 — 1 4,277 — — Total commercial 30,430 25 24 49 30,479 2 105 Commercial real estate: Construction and land development 2,682 3 1 4 2,686 — — Term 10,818 44 30 74 10,892 — 3 Total commercial real estate 13,500 47 31 78 13,578 — 3 Consumer: Home equity credit line 3,361 11 10 21 3,382 — 14 1-4 family residential 8,740 15 23 38 8,778 — 16 Construction and other consumer real estate 1,321 — — — 1,321 — — Bankcard and other revolving plans 436 2 1 3 439 1 — Other 131 1 — 1 132 — 1 Total consumer loans 13,989 29 34 63 14,052 1 31 Total $ 57,919 $ 101 $ 89 $ 190 $ 58,109 $ 3 $ 139 December 31, 2023 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 16,631 $ 38 $ 15 $ 53 $ 16,684 $ 1 $ 65 Leasing 381 2 — 2 383 — — Owner-occupied 9,206 11 2 13 9,219 1 18 Municipal 4,301 1 — 1 4,302 — — Total commercial 30,519 52 17 69 30,588 2 83 Commercial real estate: Construction and land development 2,645 2 22 24 2,669 — — Term 10,661 14 27 41 10,702 — 3 Total commercial real estate 13,306 16 49 65 13,371 — 3 Consumer: Home equity credit line 3,334 17 5 22 3,356 — 9 1-4 family residential 8,375 17 23 40 8,415 — 13 Construction and other consumer real estate 1,442 — — — 1,442 — — Bankcard and other revolving plans 468 5 1 6 474 1 — Other 132 1 — 1 133 — — Total consumer loans 13,751 40 29 69 13,820 1 22 Total $ 57,576 $ 108 $ 95 $ 203 $ 57,779 $ 3 $ 108 1 Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is not expected. |
Summary of Outstanding Loan Balances (Accruing and Nonaccruing) Categorized by Credit Quality Indicators | The following schedule presents the amortized cost basis of loans and leases categorized by year of origination and by credit quality classification as monitored by management. The schedule also summarizes the current period gross charge-offs by year of origination. March 31, 2024 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2024 2023 2022 2021 2020 Prior Total Commercial: Commercial and industrial Pass $ 361 $ 2,617 $ 2,200 $ 1,133 $ 568 $ 968 $ 7,978 $ 166 $ 15,991 Special Mention — 7 90 20 3 4 72 2 198 Accruing Substandard 19 30 9 13 5 40 100 4 220 Nonaccrual — 4 32 1 2 47 18 6 110 Total commercial and industrial 380 2,658 2,331 1,167 578 1,059 8,168 178 16,519 Gross charge-offs — 1 3 1 — — 4 1 10 Leasing Pass 39 94 116 42 26 57 — — 374 Special Mention — 2 8 1 1 — — — 12 Accruing Substandard — — — — — — — — — Nonaccrual — — 2 — — — — — 2 Total leasing 39 96 126 43 27 57 — — 388 Gross charge-offs — — — — — — — — — Owner-occupied Pass 248 1,126 1,852 1,979 975 2,524 209 50 8,963 Special Mention — 5 9 21 14 25 15 5 94 Accruing Substandard 6 10 31 28 20 115 8 — 218 Nonaccrual — — 1 1 7 11 — — 20 Total owner-occupied 254 1,141 1,893 2,029 1,016 2,675 232 55 9,295 Gross charge-offs — — — — — — — — — Municipal Pass 121 598 1,056 1,014 599 855 2 3 4,248 Special Mention — — — — — — — — — Accruing Substandard — 15 — 6 3 5 — — 29 Nonaccrual — — — — — — — — — Total municipal 121 613 1,056 1,020 602 860 2 3 4,277 Gross charge-offs — — — — — — — — — Total commercial 794 4,508 5,406 4,259 2,223 4,651 8,402 236 30,479 Total commercial gross charge-offs — 1 3 1 — — 4 1 10 Commercial real estate: Construction and land development Pass 95 613 933 273 35 12 501 124 2,586 Special Mention — — 8 70 — — — — 78 Accruing Substandard — 19 1 — 1 — — — 21 Nonaccrual — — — — — — 1 — 1 Total construction and land development 95 632 942 343 36 12 502 124 2,686 Gross charge-offs — — — — — — — — — Term Pass 431 1,735 2,375 1,680 1,286 2,136 286 109 10,038 Special Mention 95 74 183 103 109 4 — 10 578 Accruing Substandard 41 69 30 12 17 30 — 35 234 Nonaccrual — 4 26 — — 12 — — 42 Total term 567 1,882 2,614 1,795 1,412 2,182 286 154 10,892 Gross charge-offs — — — — — — — — — Total commercial real estate 662 2,514 3,556 2,138 1,448 2,194 788 278 13,578 Total commercial real estate gross charge-offs — — — — — — — — — March 31, 2024 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2024 2023 2022 2021 2020 Prior Total Consumer: Home equity credit line Pass — — — — — — 3,256 95 3,351 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 4 — 4 Nonaccrual — — — — — — 21 6 27 Total home equity credit line — — — — — — 3,281 101 3,382 Gross charge-offs — — — — — — — — — 1-4 family residential Pass 196 819 2,448 1,890 976 2,405 — — 8,734 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — 1 4 5 2 32 — — 44 Total 1-4 family residential 196 820 2,452 1,895 978 2,437 — — 8,778 Gross charge-offs — — — — — 1 — — 1 Construction and other consumer real estate Pass 12 272 907 110 10 10 — — 1,321 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 12 272 907 110 10 10 — — 1,321 Gross charge-offs — — — — — — — — — Bankcard and other revolving plans Pass — — — — — — 435 1 436 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — 1 — 1 Total bankcard and other revolving plans — — — — — — 438 1 439 Gross charge-offs — — — — — — 2 — 2 Other consumer Pass 22 51 33 16 5 4 — — 131 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — 1 — — — — — — 1 Total other consumer 22 52 33 16 5 4 — — 132 Gross charge-offs — — — — — 1 — — 1 Total consumer 230 1,144 3,392 2,021 993 2,451 3,719 102 14,052 Total consumer gross charge-offs — — — — — 2 2 — 4 Total loans $ 1,686 $ 8,166 $ 12,354 $ 8,418 $ 4,664 $ 9,296 $ 12,909 $ 616 $ 58,109 Total gross charge-offs $ — $ 1 $ 3 $ 1 $ — $ 2 $ 6 $ 1 $ 14 December 31, 2023 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2023 2022 2021 2020 2018 Prior Total Commercial: Commercial and industrial Pass $ 2,654 $ 2,420 $ 1,204 $ 639 $ 494 $ 598 $ 7,973 $ 151 $ 16,133 Special Mention 8 98 34 2 20 37 103 — 302 Accruing Substandard 11 18 7 2 19 8 99 3 167 Nonaccrual 5 36 1 2 11 1 21 5 82 Total commercial and industrial 2,678 2,572 1,246 645 544 644 8,196 159 16,684 Gross charge-offs 1 10 6 — — 2 24 2 45 Leasing Pass 104 125 47 29 45 18 — — 368 Special Mention 2 9 1 1 — — — — 13 Accruing Substandard — — — — — — — — — Nonaccrual — 2 — — — — — — 2 Total leasing 106 136 48 30 45 18 — — 383 Gross charge-offs — — — — — — — — — Owner-occupied Pass 1,080 1,945 2,020 1,002 721 1,907 212 52 8,939 Special Mention 2 5 17 5 17 15 — — 61 Accruing Substandard 10 31 29 21 16 90 2 — 199 Nonaccrual — 1 1 7 3 8 — — 20 Total owner-occupied 1,092 1,982 2,067 1,035 757 2,020 214 52 9,219 Gross charge-offs — — — — — — — — — Municipal Pass 601 1,080 1,069 623 382 512 — 3 4,270 Special Mention 7 — — — — 6 — — 13 Accruing Substandard 8 — 6 3 1 1 — — 19 Nonaccrual — — — — — — — — — Total municipal 616 1,080 1,075 626 383 519 — 3 4,302 Gross charge-offs — — — — — — — — — Total commercial 4,492 5,770 4,436 2,336 1,729 3,201 8,410 214 30,588 Total commercial gross charge-offs 1 10 6 — — 2 24 2 45 Commercial real estate: Construction and land development Pass 553 938 355 56 7 4 518 127 2,558 Special Mention — — 29 30 — — — — 59 Accruing Substandard 23 2 — 5 — — — — 30 Nonaccrual — — — — 21 — 1 — 22 Total construction and land development 576 940 384 91 28 4 519 127 2,669 Gross charge-offs — — — — 1 — — — 1 Term Pass 1,861 2,385 1,833 1,449 804 1,438 238 110 10,118 Special Mention 55 108 65 78 44 6 — — 356 Accruing Substandard 79 18 12 16 5 24 — 35 189 Nonaccrual — 26 — — 3 10 — — 39 Total term 1,995 2,537 1,910 1,543 856 1,478 238 145 10,702 Gross charge-offs — 2 — — — — — — 2 Total commercial real estate 2,571 3,477 2,294 1,634 884 1,482 757 272 13,371 Total commercial real estate gross charge-offs — 2 — — 1 — — — 3 December 31, 2023 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2023 2022 2021 2020 2018 Prior Total Consumer: Home equity credit line Pass — — — — — — 3,237 97 3,334 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 4 1 5 Nonaccrual — — — — — — 15 2 17 Total home equity credit line — — — — — — 3,256 100 3,356 Gross charge-offs — — — — — — 3 — 3 1-4 family residential Pass 814 2,264 1,823 988 594 1,891 — — 8,374 Special Mention — — — — — — — — — Accruing Substandard — — — — — 1 — — 1 Nonaccrual — 3 3 3 4 27 — — 40 Total 1-4 family residential 814 2,267 1,826 991 598 1,919 — — 8,415 Gross charge-offs — — — — — 2 — — 2 Construction and other consumer real estate Pass 212 1,002 200 15 7 6 — — 1,442 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 212 1,002 200 15 7 6 — — 1,442 Gross charge-offs — — — — — — — — — Bankcard and other revolving plans Pass — — — — — — 471 1 472 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — — — — Total bankcard and other revolving plans — — — — — — 473 1 474 Gross charge-offs — — — — — — 9 — 9 Other consumer Pass 66 37 18 6 4 2 — — 133 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 66 37 18 6 4 2 — — 133 Gross charge-offs — — — — — — — — — Total consumer 1,092 3,306 2,044 1,012 609 1,927 3,729 101 13,820 Total consumer gross charge-offs — — — — — 2 12 — 14 Total loans $ 8,155 $ 12,553 $ 8,774 $ 4,982 $ 3,222 $ 6,610 $ 12,896 $ 587 $ 57,779 Total gross charge-offs $ 1 $ 12 $ 6 $ — $ 1 $ 4 $ 36 $ 2 $ 62 |
Summary of TDRs (Accruing and Nonaccruing) Categorized by Loan Class and Modification Type | The amortized cost of loans to borrowers experiencing financial difficulty that were modified during the period, by loan class and modification type, is summarized in the following schedule: Three Months Ended March 31, 2024 Amortized cost associated with (Dollar amounts in millions) Interest Maturity Principal Payment Multiple modification types 1 Total 2 Percentage of total loans 3 Commercial: Commercial and industrial $ — $ 26 $ — $ — $ 4 $ 30 0.2 % Owner-occupied — 3 — — — 3 — Total commercial — 29 — — 4 33 0.1 Commercial real estate: Construction and land development — 1 — — — 1 — Term — 83 — — — 83 0.8 Total commercial real estate — 84 — — — 84 0.6 Consumer: Home equity credit line — — — — 1 1 — 1-4 family residential — — 2 — 2 4 — Bankcard and other revolving plans — — — — — — — Other — 1 — — — 1 0.8 Total consumer loans — 1 2 — 3 6 — Total $ — $ 114 $ 2 $ — $ 7 $ 123 0.2 % Three Months Ended March 31, 2023 Amortized cost associated with (Dollar amounts in millions) Interest Maturity Principal Payment Multiple modification types 1 Total 2 Percentage of total loans 3 Commercial: Commercial and industrial $ — $ 36 $ — $ — $ — $ 36 0.2 % Owner-occupied 4 6 — — — 10 0.1 Total commercial 4 42 — — — 46 0.2 Commercial real estate: Construction and land development — — — — — — — Term — 49 — — — 49 0.5 Total commercial real estate — 49 — — — 49 0.4 Consumer: Home equity credit line — — — — — — — 1-4 family residential — — — — 1 1 — Bankcard and other revolving plans — 1 — — — 1 0.2 Other — — — — — — — Total consumer loans — 1 — — 1 2 — Total $ 4 $ 92 $ — $ — 1 $ 97 0.2 % 1 Includes modifications that resulted from a combination of interest rate reduction, maturity or term extension, principal forgiveness, and payment deferral modifications. 2 Unfunded lending commitments related to loans modified to borrowers experiencing financial difficulty totaled $3 million and $8 million at March 31, 2024 and March 31, 2023, respectively. 3 Amounts less than 0.05% are rounded to zero. The financial impact of loan modifications to borrowers experiencing financial difficulty is summarized in the following schedules: Three Months Ended Three Months Ended Weighted-average interest rate reduction (in percentage points) Weighted-average term extension Weighted-average interest rate reduction (in percentage points) Weighted-average term extension Commercial: Commercial and industrial 0.1 % 13 — % 10 Owner-occupied — 58 4.4 5 Total commercial 0.1 17 4.4 9 Commercial real estate: Construction and land development — 14 — 6 Term — 13 — 9 Total commercial real estate — 13 — 9 Consumer: 1 Home equity credit line 6.8 38 — 0 1-4 family residential 1.3 76 1.3 110 Bankcard and other revolving plans — 0 — 65 Other — 71 — 0 Total consumer loans 4.7 64 1.3 84 Total weighted average financial impact 1.3 % 15 4.0 % 10 1 Primarily relates to a small number of loans within each consumer loan class. The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after April 1, 2023 through March 31, 2024, presented by portfolio segment and loan class: March 31, 2024 (In millions) Current 30-89 days 90+ days Total Total Commercial: Commercial and industrial $ 62 $ — $ 6 $ 6 $ 68 Owner-occupied 10 — — — 10 Municipal 8 — — — 8 Total commercial 80 — 6 6 86 Commercial real estate: Construction and land development 23 1 1 2 25 Term 199 17 4 21 220 Total commercial real estate 222 18 5 23 245 Consumer: Home equity credit line 2 — — — 2 1-4 family residential 2 — 2 2 4 Bankcard and other revolving plans — — — — — Other 1 — — — 1 Total consumer loans 5 — 2 2 7 Total $ 307 $ 18 $ 13 $ 31 $ 338 The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after January 1, 2023, the date we adopted ASU 2022-02, through March 31, 2023, presented by portfolio segment and loan class: March 31, 2023 (In millions) Current 30-89 days 90+ days Total Total Commercial: Commercial and industrial $ 20 $ 16 $ — $ 16 $ 36 Owner-occupied 10 — — — 10 Municipal — — — — — Total commercial 30 16 — 16 46 Commercial real estate: Construction and land development — — — — — Term 49 — — — 49 Total commercial real estate 49 — — — 49 Consumer: Home equity credit line — — — — — 1-4 family residential — 1 — 1 1 Bankcard and other revolving plans 1 — — — 1 Other — — — — — Total consumer loans 1 1 — 1 2 Total $ 80 $ 17 $ — $ 17 $ 97 |
Summary of Collateral-Dependent Loans | Select information on loans for which the borrower is experiencing financial difficulties and repayment is expected to be provided substantially through the operation or sale of the underlying collateral, including the type of collateral and the extent to which the collateral secures the loans, is summarized as follows: March 31, 2024 (Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1 Commercial: Owner-occupied $ 7 Hospital 51% Commercial real estate: Construction and land development 1 Lots / Homes 107% Term 31 Office Building 86% Consumer: Home equity credit line 3 Residential 21% Total $ 42 December 31, 2023 (Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1 Commercial: Owner-occupied $ 7 Hospital 17% Commercial real estate: Construction and land development 22 Office Building 92% Term 28 Office Building 87% Consumer: Home equity credit line — Total $ 57 1 The fair value is based on the most recent appraisal or other collateral evaluation . |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Derivative Amounts | The following schedule presents information regarding notional amounts and recorded gross fair values at March 31, 2024 and December 31, 2023, and the related gain (loss) of derivative instruments: March 31, 2024 December 31, 2023 Notional amount 1 Fair value Notional Fair value (In millions) Other Other Other Other Derivatives designated as hedging instruments: Cash flow hedges of floating-rate assets: Receive-fixed interest rate swaps $ 850 $ — $ — $ 1,450 $ — $ — Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps 500 — — 500 — — Fair value hedges: Debt hedges: Receive-fixed interest rate swaps — — — — — — Asset hedges: Pay-fixed interest rate swaps 4,570 89 — 4,571 78 — Total derivatives designated as hedging instruments 5,920 89 — 6,521 78 — Derivatives not designated as hedging instruments: Customer interest rate derivatives 1 14,694 389 387 14,375 337 330 Other interest rate derivatives 1,461 1 — 1,001 1 — Foreign exchange derivatives 267 2 1 216 3 3 Purchased credit derivatives — — — 35 1 — Total derivatives not designated as hedging instruments 16,422 392 388 15,627 342 333 Total derivatives $ 22,342 $ 481 $ 388 $ 22,148 $ 420 $ 333 1 Customer interest rate derivatives include both customer-facing derivatives as well as offsetting derivatives facing other dealer banks. The fair value of these derivatives include a net credit valuation adjustment of $9 million, reducing the fair value of the liability at both March 31, 2024, and December 31, 2023. |
Schedule of Derivative Gains (Losses) Deferred in OCI or Recognized in Earnings | The amount of derivative gains (losses) from cash flow and fair value hedges that were deferred in other comprehensive income (“OCI”) or recognized in earnings for the three and three months ended March 31, 2024 and 2023 is presented in the schedules below. Three Months Ended March 31, 2024 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges Cash flow hedges of floating-rate assets: 1 Interest rate swaps (5) (36) — Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps 4 2 — Fair value hedges: 2 Debt hedges: Receive-fixed interest rate swaps — — (2) Asset hedges: Pay-fixed interest rate swaps — — 23 Total derivatives designated as hedging instruments $ (1) $ (34) $ 21 Three Months Ended March 31, 2023 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges Cash flow hedges of floating-rate assets: 1 Interest rate swaps 38 (49) — Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps — — — Fair value hedges: 2 Debt hedges: Receive-fixed interest rate swaps — — 4 Asset hedges: Pay-fixed interest rate swaps — — 6 Total derivatives designated as hedging instruments $ 38 $ (49) $ 10 1 For the 12 months following March 31, 2024, we estimate that $102 million of losses will be reclassified from AOCI into interest income, compared with an estimate of $156 million of losses at March 31, 2023. 2 At March 31, 2024, the total cumulative unamortized basis adjustment for terminated fair value hedges of debt was $45 million. We did not have any cumulative unamortized basis adjustment for terminated fair value hedges of debt at March 31, 2023. We had $3 million and $10 million of cumulative unamortized basis adjustments from terminated fair value hedges of assets at March 31, 2024 and 2023, respectively. Interest on fair value hedges presented above include the amortization of the remaining unamortized basis adjustments. |
Schedule of Gains (Losses) Recognized From Derivatives Not Designated as Accounting Hedges | The amount of gains (losses) recognized from derivatives not designated as accounting hedges is summarized as follows: Other Noninterest Income/(Expense) (In millions) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Derivatives not designated as hedging instruments: Customer-facing interest rate derivatives $ 6 $ 1 Other interest rate derivatives 1 1 Foreign exchange derivatives 7 7 Purchased credit derivatives — — Total derivatives not designated as hedging instruments $ 14 $ 9 |
Schedule of Fair Value Hedges | The following schedule presents derivatives used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the periods presented: Gain/(loss) recorded in income Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (In millions) Derivatives 2 Hedged items Total income statement impact Derivatives 2 Hedged items Total income statement impact Debt: Receive-fixed interest rate swaps 1, 2 $ — $ — $ — $ 12 $ (12) $ — Assets: Pay-fixed interest rate swaps 1, 2 98 (98) — 40 (40) — 1 Consists of hedges of benchmark interest rate risk of fixed-rate long-term debt, fixed-rate AFS securities, and fixed-rate commercial loans. Gains and losses were recorded in net interest expense or income consistent with the hedged items. 2 The income/expense for derivatives does not reflect interest income/expense from periodic accruals and payments to be consistent with the presentation of the gains/(losses) on the hedged items. |
Schedule of Basis Adjustments for Hedged Items | The following schedule provides information regarding basis adjustments for hedged items: Par value of hedged assets/(liabilities) Carrying amount of the hedged assets/(liabilities) 1 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item (In millions) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Fixed-rate assets 2 12,039 12,389 11,761 12,209 (278) (180) 1 Carrying amounts exclude (1) issuance and purchase discounts or premiums, (2) unamortized issuance and acquisition costs, and (3) amounts related to terminated fair value hedges. 2 These amounts include the amortized cost basis of defined portfolios of AFS securities and commercial loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the defined portfolio anticipated to be outstanding for the designated hedged period. At March 31, 2024, the amortized cost basis of the defined portfolios used in these hedging relationships was $11.0 billion; the cumulative basis adjustment associated with these hedging relationships was $50.5 million; and the notional amounts of the designated hedging instruments were $3.5 billion. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease Related Assets and Liabilities | The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate: (Dollar amounts in millions) March 31, December 31, 2023 Operating leases ROU assets, net of amortization $ 168 $ 172 Lease liabilities 193 198 Finance leases ROU assets, net of amortization 3 3 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.6 8.7 Finance leases 16.2 16.5 Weighted average discount rate Operating leases 3.4 % 3.4 % Finance leases 3.1 % 3.1 % |
Lease Expense | dditional information related to lease expense: Three Months Ended March 31, (In millions) 2024 2023 Lease expense: Operating lease expense $ 10 $ 11 Other expenses associated with operating leases 1 15 15 Total lease expense $ 25 $ 26 Related cash disbursements from operating leases $ 11 $ 12 1 Other expenses primarily include property taxes and building and property maintenance. |
Lease Maturity Analysis | The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years: (In millions) Total undiscounted lease payments 2024 1 $ 32 2025 38 2026 33 2027 22 2028 18 Thereafter 85 Total $ 228 1 Contractual maturities for the nine months remaining in 2024. |
Long-Term Debt and Shareholde_2
Long-Term Debt and Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt And Equity [Abstract] | |
Schedule of Long-term Debt | The following schedule presents the components of our long-term debt: LONG-TERM DEBT (In millions) March 31, December 31, 2023 Subordinated notes 1 $ 540 $ 538 Finance lease obligations 4 4 Total $ 544 $ 542 1 The change in the subordinated notes balance is primarily due to a fair value hedge accounting adjustment. See also Note 7. |
Schedule of Changes in Accumulated Other Comprehensive Income | The following schedule presents the changes in AOCI by major component: (In millions) Net unrealized gains/(losses) on investment securities Net unrealized gains/(losses) on derivatives and other Pension and post-retirement Total Three Months Ended March 31, 2024 Balance at December 31, 2023 $ (2,526) $ (165) $ (1) $ (2,692) Other comprehensive income (loss) before reclassifications, net of tax 12 (1) — 11 Amounts reclassified from AOCI, net of tax 46 26 — 72 Other comprehensive income 58 25 — 83 Balance at March 31, 2024 $ (2,468) $ (140) $ (1) $ (2,609) Income tax expense included in OCI $ 19 $ 8 $ — $ 27 Three Months Ended March 31, 2023 Balance at December 31, 2022 $ (2,800) $ (311) $ (1) $ (3,112) Other comprehensive income before reclassifications, net of tax 77 29 — 106 Amounts reclassified from AOCI, net of tax 49 37 — 86 Other comprehensive income 126 66 — 192 Balance at March 31, 2023 $ (2,674) $ (245) $ (1) $ (2,920) Income tax expense included in OCI $ 41 $ 22 $ — $ 63 |
Reclassification out of Accumulated Other Comprehensive Income | Amounts reclassified from AOCI (In millions) Three Months Ended AOCI components 2024 2023 Affected line item on statement of income Net unrealized gains (losses) on investment securities $ (61) $ (65) Securities gains (losses), net Less: Income tax expense (benefit) (15) (16) Total $ (46) $ (49) Net unrealized gains (losses) on derivative instruments $ (34) $ (49) Interest and fees on loans; Interest on short- and long-term borrowings Less: Income tax expense (benefit) (8) (12) Total $ (26) $ (37) |
Commitments, Guarantees, and _2
Commitments, Guarantees, and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments, Guarantees, and Contingent Liabilities [Abstract] | |
Schedule of Off Balance Sheet Financial Instruments | The following schedule presents the contractual amounts related to off-balance sheet financial instruments used to meet the financing needs of our customers: (In millions) March 31, December 31, Unfunded lending commitments 1 $ 28,677 $ 28,940 Standby letters of credit: Financial 576 548 Performance 218 206 Commercial letters of credit 19 22 Mortgage-backed security purchase agreements 2 67 66 Total unfunded commitments $ 29,557 $ 29,782 1 Net of participations. 2 Represents agreements with Farmer Mac to purchase securities backed by certain agricultural mortgage loans. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue | The following schedule presents net revenue by operating business segment for the three months ended March 31, 2024 and 2023: Zions Bank CB&T Amegy (In millions) 2024 2023 2024 2023 2024 2023 Commercial account fees $ 13 $ 14 $ 7 $ 7 $ 15 $ 14 Card fees 12 13 5 5 8 8 Retail and business banking fees 5 5 3 3 3 3 Capital markets fees — — — — — — Wealth management fees 6 6 1 1 4 4 Other customer-related fees 2 2 2 1 2 2 Total noninterest income from contracts with customers (ASC 606) 38 40 18 17 32 31 Other noninterest income (non-ASC 606 customer-related) 4 7 6 5 7 8 Total customer-related noninterest income 42 47 24 22 39 39 Other noncustomer-related noninterest income 1 3 2 2 3 2 Total noninterest income 43 50 26 24 42 41 Net interest income 166 185 140 160 113 124 Total net revenue $ 209 $ 235 $ 166 $ 184 $ 155 $ 165 NBAZ NSB Vectra (In millions) 2024 2023 2024 2023 2024 2023 Commercial account fees $ 3 $ 2 $ 3 $ 3 $ 2 $ 2 Card fees 4 4 4 4 2 2 Retail and business banking fees 2 2 3 3 1 1 Capital markets fees — — — — — — Wealth management fees 1 1 1 1 — — Other customer-related fees — — — — 1 1 Total noninterest income from contracts with customers (ASC 606) 10 9 11 11 6 6 Other noninterest income (non-ASC 606 customer-related) — 1 1 — — 1 Total customer-related noninterest income 10 10 12 11 6 7 Other noncustomer-related noninterest income — — — — — — Total noninterest income 10 10 12 11 6 7 Net interest income 60 64 47 51 37 41 Total net revenue $ 70 $ 74 $ 59 $ 62 $ 43 $ 48 TCBW Other Consolidated Bank (In millions) 2024 2023 2024 2023 2024 2023 Commercial account fees $ 1 $ 1 $ — $ — $ 44 $ 43 Card fees 1 1 (1) (1) 35 36 Retail and business banking fees — — (1) (1) 16 16 Capital markets fees — — 1 1 1 1 Wealth management fees — — 1 — 14 13 Other customer-related fees — — 7 9 14 15 Total noninterest income from contracts with customers (ASC 606) 2 2 7 8 124 124 Other noninterest income (non-ASC 606 customer-related) — — 9 5 27 27 Total customer-related noninterest income 2 2 16 13 151 151 Other noncustomer-related noninterest income — — (1) 2 5 9 Total noninterest income 2 2 15 15 156 160 Net interest income 15 16 8 38 586 679 Total net revenue $ 17 $ 18 $ 23 $ 53 $ 742 $ 839 |
Net Earnings Per Common Share (
Net Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method | Basic and diluted net earnings per common share based on the weighted average outstanding shares are summarized as follows: Three Months Ended (In millions, except shares and per share amounts) 2024 2023 Basic: Net income $ 153 $ 204 Less common and preferred dividends 71 67 Undistributed earnings 82 137 Less undistributed earnings applicable to nonvested shares 1 1 Undistributed earnings applicable to common shares 81 136 Distributed earnings applicable to common shares 60 61 Total earnings applicable to common shares $ 141 $ 197 Weighted average common shares outstanding (in thousands) 147,338 148,015 Net earnings per common share $ 0.96 $ 1.33 Diluted: Total earnings applicable to common shares $ 141 $ 197 Weighted average common shares outstanding (in thousands) 147,338 148,015 Dilutive effect of stock options (in thousands) 5 23 Weighted average diluted common shares outstanding (in thousands) 147,343 148,038 Net earnings per common share $ 0.96 $ 1.33 |
Schedule of Weighted Average Number of Shares | The following schedule presents the weighted average stock awards that were anti-dilutive and not included in the calculation of diluted earnings per share: Three Months Ended (In thousands) 2024 2023 Restricted stock and restricted stock units 1,543 1,334 Stock options 1,379 1,230 |
Operating Segment Information (
Operating Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following schedule presents selected operating segment information for the three months ended March 31, 2024 and 2023: Zions Bank CB&T Amegy (In millions) 2024 2023 2024 2023 2024 2023 SELECTED INCOME STATEMENT DATA Net interest income $ 166 $ 185 $ 140 $ 160 $ 113 $ 124 Provision for credit losses (11) 24 22 — 4 11 Net interest income after provision for credit losses 177 161 118 160 109 113 Noninterest income 43 50 26 24 42 41 Noninterest expense 144 135 101 92 113 98 Income (loss) before income taxes $ 76 $ 76 $ 43 $ 92 $ 38 $ 56 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 14,726 $ 13,978 $ 14,165 $ 14,016 $ 13,115 $ 12,844 Total average deposits 20,735 20,953 14,406 14,644 14,871 13,287 NBAZ NSB Vectra (In millions) 2024 2023 2024 2023 2024 2023 SELECTED INCOME STATEMENT DATA Net interest income $ 60 $ 64 $ 47 $ 51 $ 37 $ 41 Provision for credit losses 5 (1) (5) 4 (6) 3 Net interest income after provision for credit losses 55 65 52 47 43 38 Noninterest income 10 10 12 11 6 7 Noninterest expense 48 47 43 41 34 33 Income (loss) before income taxes $ 17 $ 28 $ 21 $ 17 $ 15 $ 12 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 5,651 $ 5,150 $ 3,506 $ 3,327 $ 4,039 $ 3,983 Total average deposits 6,859 7,179 7,200 6,972 3,450 3,707 TCBW Other Consolidated Bank (In millions) 2024 2023 2024 2023 2024 2023 SELECTED INCOME STATEMENT DATA Net interest income $ 15 $ 16 $ 8 $ 38 $ 586 $ 679 Provision for credit losses 4 2 — 2 13 45 Net interest income after provision for credit losses 11 14 8 36 573 634 Noninterest income 2 2 15 15 156 160 Noninterest expense 8 6 35 60 526 512 Income (loss) before income taxes $ 5 $ 10 $ (12) $ (9) $ 203 $ 282 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 1,728 $ 1,711 $ 977 $ 1,144 $ 57,907 $ 56,153 Total average deposits 1,123 1,383 4,714 2,031 73,358 70,156 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2024 segment state | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states in which entity operates | state | 11 |
Number of bank operating segments | segment | 7 |
Fair Value (Schedule of Assets
Fair Value (Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Investment securities, available-for-sale | $ 9,931 | $ 10,300 |
Trading securities | 59 | 48 |
Total assets | 11,276 | 11,602 |
LIABILITIES | ||
Securities sold, not yet purchased | 76 | 65 |
Total liabilities | 464 | 398 |
U.S. Treasury, agencies, and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 8,648 | 8,959 |
Municipal securities | ||
ASSETS | ||
Investment securities, available-for-sale | 1,259 | 1,318 |
Other debt securities | ||
ASSETS | ||
Investment securities, available-for-sale | 24 | 23 |
Bank-owned life insurance | ||
ASSETS | ||
Other noninterest-bearing investments | 555 | 553 |
Private equity investments | ||
ASSETS | ||
Other noninterest-bearing investments | 101 | 95 |
Agriculture loan servicing | ||
ASSETS | ||
Other assets | 19 | 19 |
Loans held for sale | ||
ASSETS | ||
Other assets | 43 | |
Derivatives | ||
ASSETS | ||
Other assets | 481 | 420 |
LIABILITIES | ||
Other liabilities | 388 | 333 |
Level 1 | ||
ASSETS | ||
Investment securities, available-for-sale | 481 | 492 |
Trading securities | ||
Total assets | 614 | 619 |
LIABILITIES | ||
Securities sold, not yet purchased | 76 | 65 |
Total liabilities | 76 | 65 |
Level 1 | U.S. Treasury, agencies, and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 481 | 492 |
Level 1 | Municipal securities | ||
ASSETS | ||
Investment securities, available-for-sale | ||
Level 1 | Other debt securities | ||
ASSETS | ||
Investment securities, available-for-sale | ||
Level 1 | Bank-owned life insurance | ||
ASSETS | ||
Other noninterest-bearing investments | ||
Level 1 | Private equity investments | ||
ASSETS | ||
Other noninterest-bearing investments | 3 | 3 |
Level 1 | Agriculture loan servicing | ||
ASSETS | ||
Other assets | ||
Level 1 | Loans held for sale | ||
ASSETS | ||
Other assets | ||
Level 1 | Derivatives | ||
ASSETS | ||
Other assets | ||
LIABILITIES | ||
Other liabilities | ||
Level 2 | ||
ASSETS | ||
Investment securities, available-for-sale | 9,450 | 9,808 |
Trading securities | 59 | 48 |
Total assets | 10,545 | 10,872 |
LIABILITIES | ||
Securities sold, not yet purchased | 0 | 0 |
Total liabilities | 388 | 333 |
Level 2 | U.S. Treasury, agencies, and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 8,167 | 8,467 |
Level 2 | Municipal securities | ||
ASSETS | ||
Investment securities, available-for-sale | 1,259 | 1,318 |
Level 2 | Other debt securities | ||
ASSETS | ||
Investment securities, available-for-sale | 24 | 23 |
Level 2 | Bank-owned life insurance | ||
ASSETS | ||
Other noninterest-bearing investments | 555 | 553 |
Level 2 | Private equity investments | ||
ASSETS | ||
Other noninterest-bearing investments | ||
Level 2 | Agriculture loan servicing | ||
ASSETS | ||
Other assets | ||
Level 2 | Loans held for sale | ||
ASSETS | ||
Other assets | 43 | |
Level 2 | Derivatives | ||
ASSETS | ||
Other assets | 481 | 420 |
LIABILITIES | ||
Other liabilities | 388 | 333 |
Level 3 | ||
ASSETS | ||
Investment securities, available-for-sale | 0 | 0 |
Trading securities | ||
Total assets | 117 | 111 |
LIABILITIES | ||
Securities sold, not yet purchased | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | U.S. Treasury, agencies, and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 0 | 0 |
Level 3 | Municipal securities | ||
ASSETS | ||
Investment securities, available-for-sale | ||
Level 3 | Other debt securities | ||
ASSETS | ||
Investment securities, available-for-sale | ||
Level 3 | Bank-owned life insurance | ||
ASSETS | ||
Other noninterest-bearing investments | ||
Level 3 | Private equity investments | ||
ASSETS | ||
Other noninterest-bearing investments | 98 | 92 |
Level 3 | Agriculture loan servicing | ||
ASSETS | ||
Other assets | 19 | 19 |
Level 3 | Loans held for sale | ||
ASSETS | ||
Other assets | ||
Level 3 | Derivatives | ||
ASSETS | ||
Other assets | ||
LIABILITIES | ||
Other liabilities | ||
Deferred compensation plan assets | Deferred compensation plan assets | ||
ASSETS | ||
Other assets | 130 | 124 |
Deferred compensation plan assets | Level 1 | Deferred compensation plan assets | ||
ASSETS | ||
Other assets | 130 | 124 |
Deferred compensation plan assets | Level 2 | Deferred compensation plan assets | ||
ASSETS | ||
Other assets | ||
Deferred compensation plan assets | Level 3 | Deferred compensation plan assets | ||
ASSETS | ||
Other assets |
Fair Value (Schedule of Asset_2
Fair Value (Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis Using Level 3 Inputs) (Details) - Level 3 - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Private equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of assets, Beginning balance | $ 92 | $ 81 |
Transfers out | 0 | 0 |
Other noninterest income (expense) | 0 | 0 |
Purchases | 7 | 1 |
Cost of investments sold | (1) | 0 |
Fair value of assets, Ending balance | 98 | 82 |
Ag loan servicing | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of assets, Beginning balance | 19 | 14 |
Transfers out | 0 | 0 |
Other noninterest income (expense) | 0 | 4 |
Purchases | 0 | 0 |
Cost of investments sold | 0 | 0 |
Fair value of assets, Ending balance | $ 19 | $ 18 |
Fair Value - (Schedule of Rollf
Fair Value - (Schedule of Rollforward of Level 3 Fair Value Measurements Including Realized Gains and Losses in the Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Level 3 | ||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||
Securities gains (losses), net | $ 2 | $ 0 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | $ 11,276,000,000 | $ 11,602,000,000 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 10,545,000,000 | $ 10,872,000,000 |
Level 2 | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gains (losses) from fair value changes | 0 | |
Level 2 | Fair Value, Nonrecurring | Collateral Dependent Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 2,000,000 | |
Gains (losses) from fair value changes | $ 1,000,000 |
Fair Value (Schedule of Carryin
Fair Value (Schedule of Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Held-to-maturity investment securities | $ 10,105 | $ 10,466 |
Time deposits | 10,221 | 9,996 |
Long-term debt | 544 | 542 |
Level 2 | Carrying value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Held-to-maturity investment securities | 10,209 | 10,382 |
Time deposits | 10,221 | 9,996 |
Long-term debt | 544 | 542 |
Level 2 | Fair value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Held-to-maturity investment securities | 10,105 | 10,466 |
Time deposits | 10,179 | 9,964 |
Long-term debt | 498 | 494 |
Level 3 | Carrying value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases (including loans held for sale), net of allowance | 57,422 | 57,148 |
Level 3 | Fair value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases (including loans held for sale), net of allowance | $ 55,502 | $ 54,832 |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Gross amounts recognized | ||
Federal funds sold and securities purchased under agreements to resell | $ 1,315 | $ 1,170 |
Derivatives (included in other assets) | 481 | 420 |
Total assets | 1,796 | 1,590 |
Federal funds and other short-term borrowings | 5,316 | 4,612 |
Derivatives (included in other liabilities) | 388 | 333 |
Total liabilities | 5,704 | 4,945 |
Gross amounts offset on the balance sheet | ||
Federal funds sold and securities purchased under agreements to resell | (421) | (233) |
Derivatives (included in other assets) | 0 | 0 |
Total assets | (421) | (233) |
Federal funds and other short-term borrowings | (421) | (233) |
Derivatives (included in other liabilities) | 0 | 0 |
Total liabilities | (421) | (233) |
Net amounts presented on the balance sheet | ||
Federal funds sold and securities purchased under agreements to resell | 894 | 937 |
Derivatives (included in other assets) | 481 | 420 |
Total assets | 1,375 | 1,357 |
Federal funds and other short-term borrowings | 4,895 | 4,379 |
Derivatives (included in other liabilities) | 388 | 333 |
Total liabilities | 5,283 | 4,712 |
Gross amounts not offset in the balance sheet, Financial Instruments | ||
Federal funds sold and securities purchased under agreements to resell | 0 | 0 |
Derivatives (included in other assets) | (12) | (31) |
Total assets | (12) | (31) |
Federal funds and other short-term borrowings | 0 | 0 |
Derivatives (included in other liabilities) | (12) | (31) |
Total liabilities | (12) | (31) |
Gross amounts not offset in the balance sheet, Cash collateral received/ pledged | ||
Federal funds sold and securities purchased under agreements to resell | 0 | 0 |
Derivatives (included in other assets) | (455) | (357) |
Total assets | (455) | (357) |
Federal funds and other short-term borrowings | 0 | 0 |
Derivatives (included in other liabilities) | 0 | (1) |
Total liabilities | 0 | (1) |
Net amount | ||
Federal funds sold and securities purchased under agreements to resell | 894 | 937 |
Derivatives (included in other assets) | 14 | 32 |
Total assets | 908 | 969 |
Federal funds and other short-term borrowings | 4,895 | 4,379 |
Derivatives (included in other liabilities) | 376 | 301 |
Total liabilities | $ 5,271 | $ 4,680 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | Mar. 31, 2024 USD ($) security | Dec. 31, 2023 USD ($) security |
Investments [Abstract] | ||
Accrued interest receivable | $ 58 | $ 65 |
Number of AFS investment securities in an unrealized loss position | security | 2,940 | 2,998 |
Allowance for credit loss on HTM securities (less than) | $ 1 |
Investments (Summary of Investm
Investments (Summary of Investment Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized cost | ||
Held-to-maturity | $ 10,209 | $ 10,382 |
Available-for-sale | 11,452 | 11,759 |
Total HTM and AFS investment securities | 21,661 | 22,141 |
Gross unrealized gains 1 | ||
Held-to-maturity | 17 | 156 |
Available-for-sale | 0 | 0 |
Total HTM and AFS investment securities | 17 | 156 |
Gross unrealized losses | ||
Held-to-maturity | 121 | 72 |
Available-for-sale | 1,521 | 1,459 |
Estimated fair value | ||
Held-to-maturity, Estimated fair value | 10,105 | 10,466 |
Available-for-sale | 9,931 | 10,300 |
Total HTM and AFS investment securities | 20,036 | 20,766 |
Total HTM and AFS investment securities | 1,642 | 1,531 |
U.S. Treasury securities | ||
Amortized cost | ||
Available-for-sale | 584 | 585 |
Gross unrealized gains 1 | ||
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Available-for-sale | 103 | 93 |
Estimated fair value | ||
Available-for-sale | 481 | 492 |
Agency securities | ||
Amortized cost | ||
Held-to-maturity | 92 | 93 |
Available-for-sale | 629 | 663 |
Gross unrealized gains 1 | ||
Held-to-maturity | 0 | 0 |
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Held-to-maturity | 7 | 6 |
Available-for-sale | 33 | 33 |
Estimated fair value | ||
Held-to-maturity, Estimated fair value | 85 | 87 |
Available-for-sale | 596 | 630 |
Agency guaranteed mortgage-backed securities | ||
Amortized cost | ||
Held-to-maturity | 9,776 | 9,935 |
Available-for-sale | 8,335 | 8,530 |
Gross unrealized gains 1 | ||
Held-to-maturity | 17 | 156 |
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Held-to-maturity | 97 | 50 |
Available-for-sale | 1,282 | 1,239 |
Estimated fair value | ||
Held-to-maturity, Estimated fair value | 9,696 | 10,041 |
Available-for-sale | 7,053 | 7,291 |
Small Business Administration loan-backed securities | ||
Amortized cost | ||
Available-for-sale | 543 | 571 |
Gross unrealized gains 1 | ||
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Available-for-sale | 25 | 25 |
Estimated fair value | ||
Available-for-sale | 518 | 546 |
Municipal securities | ||
Amortized cost | ||
Held-to-maturity | 341 | 354 |
Available-for-sale | 1,336 | 1,385 |
Gross unrealized gains 1 | ||
Held-to-maturity | 0 | 0 |
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Held-to-maturity | 17 | 16 |
Available-for-sale | 77 | 67 |
Estimated fair value | ||
Held-to-maturity, Estimated fair value | 324 | 338 |
Available-for-sale | 1,259 | 1,318 |
Other debt securities | ||
Amortized cost | ||
Available-for-sale | 25 | 25 |
Gross unrealized gains 1 | ||
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Available-for-sale | 1 | 2 |
Estimated fair value | ||
Available-for-sale | $ 24 | 23 |
Available-for-sale, Unrealized Gains, Other | ||
Gross unrealized gains 1 | ||
Available-for-sale | $ 1 |
Investments (Contractual Maturi
Investments (Contractual Maturities Debt Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized cost | ||
Total debt securities | $ 10,209 | |
Due in one year or less | 30 | |
Due after one year through five years | 129 | |
Due after five years through ten years | 198 | |
Due after ten years | $ 9,852 | |
Average yield | ||
Total debt securities | 1.91% | |
Due in one year or less | 2.86% | |
Due after one year through five years | 2.91% | |
Due after five years through ten years | 3.14% | |
Due after ten years | 1.87% | |
Amortized cost | ||
Available-for-sale | $ 11,452 | $ 11,759 |
Due in one year or less | 478 | |
Due after one year through five years | 710 | |
Due after five years through ten years | 2,465 | |
Due after ten years | $ 7,799 | |
Average yield | ||
Total debt securities | 2.32% | |
Due in one year or less | 3.32% | |
Due after one year through five years | 2.61% | |
Due after five years through ten years | 2.23% | |
Due after ten years | 2.26% | |
Amortized cost | ||
Total HTM and AFS investment securities | $ 21,661 | 22,141 |
Due in one year or less | 508 | |
Due after one year through five years | 839 | |
Due after five years through ten years | 2,663 | |
Due after ten years | $ 17,651 | |
Average yield | ||
Total debt securities | 2.12% | |
Due in one year or less | 3.29% | |
Due after one year through five years | 2.66% | |
Due after five years through ten years | 2.30% | |
Due after ten years | 2.04% | |
Agency securities | ||
Amortized cost | ||
Total debt securities | $ 92 | |
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | $ 92 | |
Average yield | ||
Total debt securities | 3.52% | |
Due in one year or less | 0% | |
Due after one year through five years | 0% | |
Due after five years through ten years | 0% | |
Due after ten years | 3.52% | |
Amortized cost | ||
Available-for-sale | $ 629 | 663 |
Due in one year or less | 142 | |
Due after one year through five years | 122 | |
Due after five years through ten years | 202 | |
Due after ten years | $ 163 | |
Average yield | ||
Total debt securities | 2.59% | |
Due in one year or less | 1.55% | |
Due after one year through five years | 2.74% | |
Due after five years through ten years | 2.84% | |
Due after ten years | 3.09% | |
Agency guaranteed mortgage-backed securities | ||
Amortized cost | ||
Total debt securities | $ 9,776 | |
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 44 | |
Due after ten years | $ 9,732 | |
Average yield | ||
Total debt securities | 1.85% | |
Due in one year or less | 0% | |
Due after one year through five years | 0% | |
Due after five years through ten years | 1.93% | |
Due after ten years | 1.85% | |
Amortized cost | ||
Available-for-sale | $ 8,335 | 8,530 |
Due in one year or less | 5 | |
Due after one year through five years | 150 | |
Due after five years through ten years | 1,412 | |
Due after ten years | $ 6,768 | |
Average yield | ||
Total debt securities | 2.02% | |
Due in one year or less | 1.28% | |
Due after one year through five years | 1.70% | |
Due after five years through ten years | 2.12% | |
Due after ten years | 2.01% | |
Municipal securities | ||
Amortized cost | ||
Total debt securities | $ 341 | |
Due in one year or less | 30 | |
Due after one year through five years | 129 | |
Due after five years through ten years | 154 | |
Due after ten years | $ 28 | |
Average yield | ||
Total debt securities | 3.19% | |
Due in one year or less | 2.86% | |
Due after one year through five years | 2.91% | |
Due after five years through ten years | 3.49% | |
Due after ten years | 3.17% | |
Amortized cost | ||
Available-for-sale | $ 1,336 | 1,385 |
Due in one year or less | 147 | |
Due after one year through five years | 408 | |
Due after five years through ten years | 713 | |
Due after ten years | $ 68 | |
Average yield | ||
Total debt securities | 2.18% | |
Due in one year or less | 2.72% | |
Due after one year through five years | 2.56% | |
Due after five years through ten years | 1.85% | |
Due after ten years | 2.30% | |
Small Business Administration loan-backed securities | ||
Amortized cost | ||
Available-for-sale | $ 543 | 571 |
Due in one year or less | 1 | |
Due after one year through five years | 20 | |
Due after five years through ten years | 138 | |
Due after ten years | $ 384 | |
Average yield | ||
Total debt securities | 5.53% | |
Due in one year or less | 4.92% | |
Due after one year through five years | 6.33% | |
Due after five years through ten years | 4.43% | |
Due after ten years | 5.88% | |
U.S. Treasury securities | ||
Amortized cost | ||
Available-for-sale | $ 584 | 585 |
Due in one year or less | 183 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | $ 401 | |
Average yield | ||
Total debt securities | 3.25% | |
Due in one year or less | 5.22% | |
Due after one year through five years | 0% | |
Due after five years through ten years | 0% | |
Due after ten years | 2.35% | |
Other debt securities | ||
Amortized cost | ||
Available-for-sale | $ 25 | $ 25 |
Due in one year or less | 0 | |
Due after one year through five years | 10 | |
Due after five years through ten years | 0 | |
Due after ten years | $ 15 | |
Average yield | ||
Total debt securities | 8.78% | |
Due in one year or less | 0% | |
Due after one year through five years | 9.52% | |
Due after five years through ten years | 0% | |
Due after ten years | 8.29% |
Investments (Summary of Amount
Investments (Summary of Amount of Gross Unrealized Losses for Debt Securities and Estimated Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Gross unrealized losses | ||
Total investment securities, less than 12 months | $ 74 | $ 73 |
Total investment securities, 12 months or more | 1,447 | 1,386 |
Total investment securities, total | 1,521 | 1,459 |
Estimated fair value | ||
Total investment securities, less than 12 months | 408 | 550 |
Total investment securities, 12 months or more | 9,170 | 9,373 |
Total investment securities, total | 9,578 | 9,923 |
Municipal securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 1 | 2 |
Available-for-sale, 12 Months or more | 76 | 65 |
Available-for-sale, total | 77 | 67 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 83 | 229 |
Available-for-sale, 12 months or more | 1,154 | 1,061 |
Available-for-sale, total | 1,237 | 1,290 |
U.S. Treasury securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 0 | 0 |
Available-for-sale, 12 Months or more | 103 | 93 |
Available-for-sale, total | 103 | 93 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 10 | 0 |
Available-for-sale, 12 months or more | 298 | 308 |
Available-for-sale, total | 308 | 308 |
Agency securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 0 | 0 |
Available-for-sale, 12 Months or more | 33 | 33 |
Available-for-sale, total | 33 | 33 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 0 | 5 |
Available-for-sale, 12 months or more | 579 | 605 |
Available-for-sale, total | 579 | 610 |
Agency guaranteed mortgage-backed securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 73 | 71 |
Available-for-sale, 12 Months or more | 1,209 | 1,168 |
Available-for-sale, total | 1,282 | 1,239 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 312 | 312 |
Available-for-sale, 12 months or more | 6,665 | 6,902 |
Available-for-sale, total | 6,977 | 7,214 |
Small Business Administration loan-backed securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 0 | 0 |
Available-for-sale, 12 Months or more | 25 | 25 |
Available-for-sale, total | 25 | 25 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 3 | 4 |
Available-for-sale, 12 months or more | 460 | 484 |
Available-for-sale, total | 463 | 488 |
Other | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 0 | 0 |
Available-for-sale, 12 Months or more | 1 | 2 |
Available-for-sale, total | 1 | 2 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 0 | 0 |
Available-for-sale, 12 months or more | 14 | 13 |
Available-for-sale, total | $ 14 | $ 13 |
Investments (Securities Gains a
Investments (Securities Gains and Losses Recognized in Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments [Abstract] | ||
Available-for-sale, gross gains | $ 0 | $ 1 |
Available-for-sale, gross losses | 0 | 1 |
Trading, gross gains | 10 | 3 |
Trading, gross losses | 9 | 3 |
Other noninterest-bearing investments, Nonmarketable equity securities, Gross gains | 6 | 4 |
Other noninterest-bearing investments, Nonmarketable equity securities, Gross losses | 9 | 3 |
Gross gains | 16 | 8 |
Gross losses | 18 | 7 |
Securities gains (losses), net | $ (2) | $ 1 |
Investments (Rollforward of Tot
Investments (Rollforward of Total Amount of Credit-Related OTTI) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Held-to-maturity | $ 57 | $ 61 |
Available-for-sale | 85 | 75 |
Trading | 0 | 1 |
Total securities | 142 | 137 |
Taxable | ||
Net Investment Income [Line Items] | ||
Held-to-maturity | 56 | 60 |
Available-for-sale | 77 | 69 |
Trading | 0 | 1 |
Total securities | 133 | 130 |
Nontaxable | ||
Net Investment Income [Line Items] | ||
Held-to-maturity | 1 | 1 |
Available-for-sale | 8 | 6 |
Trading | 0 | 0 |
Total securities | $ 9 | $ 7 |
Loans, Leases, and Allowance _3
Loans, Leases, and Allowance for Credit Losses (Summary of Major Portfolio Segment and Specific Loan Class) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans held for sale | $ 12 | $ 53 |
Total loans and leases | 58,109 | 57,779 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 30,479 | 30,588 |
Commercial | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 16,519 | 16,684 |
Commercial | Leasing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 388 | 383 |
Commercial | Owner-occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 9,295 | 9,219 |
Commercial | Municipal | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 4,277 | 4,302 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 13,578 | 13,371 |
Commercial real estate | Construction and land development | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 2,686 | 2,669 |
Commercial real estate | Term | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 10,892 | 10,702 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 14,052 | 13,820 |
Consumer | Home equity credit line | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 3,382 | 3,356 |
Consumer | 1-4 family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 8,778 | 8,415 |
Consumer | Construction and other consumer real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 1,321 | 1,442 |
Consumer | Bankcard and other revolving plans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 439 | 474 |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | $ 132 | $ 133 |
Loans, Leases, and Allowance _4
Loans, Leases, and Allowance for Credit Losses (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net unamortized purchase premiums, discounts, and deferred loan fees and cost | $ 32,000,000 | $ 37,000,000 | |
Accrued interest receivable | $ 300,000,000 | $ 299,000,000 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Total loans | $ 58,109,000,000 | $ 57,779,000,000 | |
Loans held for sale | 12,000,000 | 53,000,000 | |
Principal balance of loans sold, serviced loans | 500,000,000 | 400,000,000 | |
Total income from loans sold | 1,000,000 | $ 5,000,000 | |
Interest income | 0 | 0 | |
Financing receivable, commitments threshold for evaluating collectively or individually | 1,000,000 | ||
Amortized cost basis | 123,000,000 | 97,000,000 | |
Unfunded lending commitments on troubled debt restructuring | 3,000,000 | 8,000,000 | |
Real estate acquired through foreclosure | 1,000,000 | 0 | |
Mortgage loans in process of foreclosure | 11,000,000 | ||
Doubtful | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 5,000,000 | 0 | |
Nonaccrual | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Modified, still in default | 1,000,000 | ||
Principal forgiveness | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Amortized cost basis | 2,000,000 | 0 | |
Payment deferral | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Modified, still in default | 18,000,000 | 1,000,000 | |
Amortized cost basis | 0 | 0 | |
Asset Pledged as Collateral without Right | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans held for sale | 38,700,000,000 | 36,300,000,000 | |
Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 30,479,000,000 | 30,588,000,000 | |
Amortized cost basis | 33,000,000 | 46,000,000 | |
Commercial | Principal forgiveness | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial | Payment deferral | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 13,578,000,000 | 13,371,000,000 | |
Amortized cost basis | 84,000,000 | 49,000,000 | |
Commercial real estate | Principal forgiveness | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial real estate | Payment deferral | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 14,052,000,000 | 13,820,000,000 | |
Amortized cost basis | 6,000,000 | 2,000,000 | |
Consumer | Principal forgiveness | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Amortized cost basis | 2,000,000 | 0 | |
Consumer | Payment deferral | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Land Acquisition and Development | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 237,000,000 | 219,000,000 | |
Commercial and industrial | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 16,519,000,000 | 16,684,000,000 | |
Amortized cost basis | 30,000,000 | 36,000,000 | |
Commercial and industrial | Commercial | Nonaccrual | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 110,000,000 | $ 82,000,000 | |
Commercial and industrial | Commercial | Principal forgiveness | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial and industrial | Commercial | Payment deferral | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Amortized cost basis | $ 0 | $ 0 |
Loans, Leases, and Allowance _5
Loans, Leases, and Allowance for Credit Losses (Loans Held For Sale) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Receivables [Abstract] | ||
Loans added to held for sale | $ 129 | $ 86 |
Loans sold from held for sale | $ 170 | $ 89 |
Loans, Leases, and Allowance _6
Loans, Leases, and Allowance for Credit Losses (Summary of Changes in the Allowance for Credit Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance for loan losses | |||
Balance at beginning of period | $ 684 | $ 572 | $ 572 |
Provision for loan and lease losses | 21 | 46 | |
Total | 14 | 7 | 62 |
Recoveries | 8 | 7 | |
Net loan and lease charge-offs (recoveries) | 6 | 0 | |
Balance at end of period | 699 | 618 | 684 |
Reserve for unfunded lending commitments | |||
Balance at beginning of period | 45 | 61 | 61 |
Provision for unfunded lending commitments | (8) | (1) | |
Balance at end of period | 37 | 60 | 45 |
Total allowance for credit losses | 736 | 678 | |
Commercial | |||
Allowance for loan losses | |||
Balance at beginning of period | 302 | 300 | 300 |
Provision for loan and lease losses | (2) | 10 | |
Total | 10 | 3 | 45 |
Recoveries | 6 | 6 | |
Net loan and lease charge-offs (recoveries) | 4 | (3) | |
Balance at end of period | 296 | 313 | 302 |
Reserve for unfunded lending commitments | |||
Balance at beginning of period | 19 | 16 | 16 |
Provision for unfunded lending commitments | 0 | 3 | |
Balance at end of period | 19 | 19 | 19 |
Total allowance for credit losses | 315 | 332 | |
Commercial real estate | |||
Allowance for loan losses | |||
Balance at beginning of period | 241 | 152 | 152 |
Provision for loan and lease losses | 57 | 8 | |
Total | 0 | 0 | 3 |
Recoveries | 1 | 0 | |
Net loan and lease charge-offs (recoveries) | (1) | 0 | |
Balance at end of period | 299 | 160 | 241 |
Reserve for unfunded lending commitments | |||
Balance at beginning of period | 17 | 33 | 33 |
Provision for unfunded lending commitments | (7) | (5) | |
Balance at end of period | 10 | 28 | 17 |
Total allowance for credit losses | 309 | 188 | |
Consumer | |||
Allowance for loan losses | |||
Balance at beginning of period | 141 | 120 | 120 |
Provision for loan and lease losses | (34) | 28 | |
Total | 4 | 4 | 14 |
Recoveries | 1 | 1 | |
Net loan and lease charge-offs (recoveries) | 3 | 3 | |
Balance at end of period | 104 | 145 | 141 |
Reserve for unfunded lending commitments | |||
Balance at beginning of period | 9 | 12 | 12 |
Provision for unfunded lending commitments | (1) | 1 | |
Balance at end of period | 8 | 13 | $ 9 |
Total allowance for credit losses | $ 112 | $ 158 |
Loans, Leases, and Allowance _7
Loans, Leases, and Allowance for Credit Losses (Summary of Nonaccrual Loans) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | $ 66 | $ 91 |
Amortized cost basis with allowance | 182 | 131 |
Nonaccrual loans that are current | 248 | 222 |
Related allowance | 39 | 43 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 20 | 23 |
Amortized cost basis with allowance | 112 | 81 |
Nonaccrual loans that are current | 132 | 104 |
Related allowance | 27 | 32 |
Commercial | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 7 | 11 |
Amortized cost basis with allowance | 103 | 71 |
Nonaccrual loans that are current | 110 | 82 |
Related allowance | 25 | 30 |
Commercial | Owner-occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 13 | 12 |
Amortized cost basis with allowance | 7 | 8 |
Nonaccrual loans that are current | 20 | 20 |
Related allowance | 1 | 1 |
Commercial | Leasing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 0 | 0 |
Amortized cost basis with allowance | 2 | 2 |
Nonaccrual loans that are current | 2 | |
Related allowance | 1 | 1 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 34 | 59 |
Amortized cost basis with allowance | 9 | 2 |
Nonaccrual loans that are current | 43 | 61 |
Related allowance | 1 | 1 |
Commercial real estate | Construction and land development | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 0 | 22 |
Amortized cost basis with allowance | 1 | 0 |
Nonaccrual loans that are current | 1 | 22 |
Related allowance | 0 | 0 |
Commercial real estate | Term | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 34 | 37 |
Amortized cost basis with allowance | 8 | 2 |
Nonaccrual loans that are current | 42 | 39 |
Related allowance | 1 | 1 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 12 | 9 |
Amortized cost basis with allowance | 61 | 48 |
Nonaccrual loans that are current | 73 | 57 |
Related allowance | 11 | 10 |
Consumer | Home equity credit line | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 4 | 1 |
Amortized cost basis with allowance | 23 | 16 |
Nonaccrual loans that are current | 27 | 17 |
Related allowance | 4 | 5 |
Consumer | 1-4 family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 8 | 8 |
Amortized cost basis with allowance | 36 | 32 |
Nonaccrual loans that are current | 44 | 40 |
Related allowance | 6 | $ 5 |
Consumer | Bankcard and other revolving plans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 0 | |
Amortized cost basis with allowance | 1 | |
Nonaccrual loans that are current | 1 | |
Related allowance | 1 | |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 0 | |
Amortized cost basis with allowance | 1 | |
Nonaccrual loans that are current | 1 | |
Related allowance | $ 0 |
Loans, Leases, and Allowance _8
Loans, Leases, and Allowance for Credit Losses (Summary of Accrued Interest Receivables Reversed) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Past Due [Line Items] | ||
Accrued interest receivable written off | $ 5 | $ 3 |
Amortized cost basis | 123 | 97 |
Interest rate reduction | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 0 | 4 |
Maturity or term extension | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 114 | 92 |
Multiple modification types | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 7 | 1 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Accrued interest receivable written off | 3 | 2 |
Amortized cost basis | 33 | 46 |
Commercial | Interest rate reduction | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 0 | 4 |
Commercial | Maturity or term extension | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 29 | 42 |
Commercial | Multiple modification types | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 4 | 0 |
Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 30 | 36 |
Commercial | Commercial and industrial | Interest rate reduction | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial | Commercial and industrial | Maturity or term extension | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 26 | 36 |
Commercial | Commercial and industrial | Multiple modification types | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 4 | 0 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Accrued interest receivable written off | 1 | 1 |
Amortized cost basis | 84 | 49 |
Commercial real estate | Interest rate reduction | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial real estate | Maturity or term extension | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 84 | 49 |
Commercial real estate | Multiple modification types | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Accrued interest receivable written off | 1 | 0 |
Amortized cost basis | 6 | 2 |
Consumer | Interest rate reduction | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Maturity or term extension | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | 1 | 1 |
Consumer | Multiple modification types | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost basis | $ 3 | $ 1 |
Loans, Leases, and Allowance _9
Loans, Leases, and Allowance for Credit Losses (Summary of Past Due Loans (Accruing and Nonaccruing)) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | $ 58,109 | $ 57,779 | |
90+ days past due | 3 | 3 | |
Nonaccrual loans that are current | 248 | 222 | |
Loans and leases, net of unearned income and fees | 58,109 | 57,779 | |
Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 30,479 | 30,588 | |
90+ days past due | 2 | 2 | |
Nonaccrual loans that are current | 132 | 104 | |
Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 13,578 | 13,371 | |
90+ days past due | 0 | 0 | |
Nonaccrual loans that are current | 43 | 61 | |
Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 14,052 | 13,820 | |
90+ days past due | 1 | 1 | |
Nonaccrual loans that are current | 73 | 57 | |
Commercial and industrial | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 16,519 | 16,684 | |
90+ days past due | 2 | 1 | |
Nonaccrual loans that are current | 110 | 82 | |
Leasing | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 388 | 383 | |
90+ days past due | 0 | 0 | |
Nonaccrual loans that are current | 2 | ||
Owner-occupied | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 9,295 | 9,219 | |
90+ days past due | 0 | 1 | |
Nonaccrual loans that are current | 20 | 20 | |
Municipal | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 4,277 | 4,302 | |
90+ days past due | 0 | 0 | |
Loans and leases, net of unearned income and fees | 8 | $ 0 | |
Construction and land development | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 2,686 | 2,669 | |
90+ days past due | 0 | 0 | |
Nonaccrual loans that are current | 1 | 22 | |
Loans and leases, net of unearned income and fees | 25 | 0 | |
Term | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 10,892 | 10,702 | |
90+ days past due | 0 | 0 | |
Nonaccrual loans that are current | 42 | 39 | |
Home equity credit line | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 3,382 | 3,356 | |
90+ days past due | 0 | 0 | |
Nonaccrual loans that are current | 27 | 17 | |
Loans and leases, net of unearned income and fees | 2 | 0 | |
1-4 family residential | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 8,778 | 8,415 | |
90+ days past due | 0 | 0 | |
Nonaccrual loans that are current | 44 | 40 | |
Construction and other consumer real estate | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 1,321 | 1,442 | |
90+ days past due | 0 | 0 | |
Bankcard and other revolving plans | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 439 | 474 | |
90+ days past due | 1 | 1 | |
Nonaccrual loans that are current | 1 | ||
Other | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 132 | 133 | |
90+ days past due | 0 | 0 | |
Nonaccrual loans that are current | 1 | ||
Loans and leases, net of unearned income and fees | 1 | 0 | |
Current | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 57,919 | 57,576 | |
Current | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 30,430 | 30,519 | |
Current | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 13,500 | 13,306 | |
Current | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 13,989 | 13,751 | |
Current | Commercial and industrial | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 16,480 | 16,631 | |
Current | Leasing | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 386 | 381 | |
Current | Owner-occupied | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 9,288 | 9,206 | |
Current | Municipal | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 4,276 | 4,301 | |
Loans and leases, net of unearned income and fees | 8 | 0 | |
Current | Construction and land development | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 2,682 | 2,645 | |
Loans and leases, net of unearned income and fees | 23 | 0 | |
Current | Term | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 10,818 | 10,661 | |
Current | Home equity credit line | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 3,361 | 3,334 | |
Loans and leases, net of unearned income and fees | 2 | 0 | |
Current | 1-4 family residential | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 8,740 | 8,375 | |
Current | Construction and other consumer real estate | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 1,321 | 1,442 | |
Current | Bankcard and other revolving plans | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 436 | 468 | |
Current | Other | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 131 | 132 | |
Loans and leases, net of unearned income and fees | 1 | 0 | |
Total past due | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 190 | 203 | |
Total past due | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 49 | 69 | |
Total past due | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 78 | 65 | |
Total past due | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 63 | 69 | |
Total past due | Commercial and industrial | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 39 | 53 | |
Total past due | Leasing | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 2 | 2 | |
Total past due | Owner-occupied | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 7 | 13 | |
Total past due | Municipal | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 1 | 1 | |
Loans and leases, net of unearned income and fees | 0 | 0 | |
Total past due | Construction and land development | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 4 | 24 | |
Loans and leases, net of unearned income and fees | 2 | 0 | |
Total past due | Term | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 74 | 41 | |
Total past due | Home equity credit line | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 21 | 22 | |
Loans and leases, net of unearned income and fees | 0 | 0 | |
Total past due | 1-4 family residential | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 38 | 40 | |
Total past due | Construction and other consumer real estate | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 0 | 0 | |
Total past due | Bankcard and other revolving plans | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 3 | 6 | |
Total past due | Other | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 1 | 1 | |
Loans and leases, net of unearned income and fees | 0 | 0 | |
30-89 days past due | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 101 | 108 | |
30-89 days past due | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 25 | 52 | |
30-89 days past due | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 47 | 16 | |
30-89 days past due | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 29 | 40 | |
30-89 days past due | Commercial and industrial | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 17 | 38 | |
30-89 days past due | Leasing | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 2 | 2 | |
30-89 days past due | Owner-occupied | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 5 | 11 | |
30-89 days past due | Municipal | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 1 | 1 | |
Loans and leases, net of unearned income and fees | 0 | 0 | |
30-89 days past due | Construction and land development | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 3 | 2 | |
Loans and leases, net of unearned income and fees | 1 | 0 | |
30-89 days past due | Term | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 44 | 14 | |
30-89 days past due | Home equity credit line | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 11 | 17 | |
Loans and leases, net of unearned income and fees | 0 | 0 | |
30-89 days past due | 1-4 family residential | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 15 | 17 | |
30-89 days past due | Construction and other consumer real estate | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 0 | 0 | |
30-89 days past due | Bankcard and other revolving plans | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 2 | 5 | |
30-89 days past due | Other | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 1 | 1 | |
Loans and leases, net of unearned income and fees | 0 | 0 | |
90+ days past due | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 89 | 95 | |
90+ days past due | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 24 | 17 | |
90+ days past due | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 31 | 49 | |
90+ days past due | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 34 | 29 | |
90+ days past due | Commercial and industrial | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 22 | 15 | |
90+ days past due | Leasing | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 0 | 0 | |
90+ days past due | Owner-occupied | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 2 | 2 | |
90+ days past due | Municipal | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 0 | 0 | |
Loans and leases, net of unearned income and fees | 0 | 0 | |
90+ days past due | Construction and land development | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 1 | 22 | |
Loans and leases, net of unearned income and fees | 1 | 0 | |
90+ days past due | Term | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 30 | 27 | |
90+ days past due | Home equity credit line | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 10 | 5 | |
Loans and leases, net of unearned income and fees | 0 | 0 | |
90+ days past due | 1-4 family residential | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 23 | 23 | |
90+ days past due | Construction and other consumer real estate | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 0 | 0 | |
90+ days past due | Bankcard and other revolving plans | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 1 | 1 | |
90+ days past due | Other | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total loans | 0 | 0 | |
Loans and leases, net of unearned income and fees | 0 | $ 0 | |
Nonaccrual loans that are current | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 139 | 108 | |
Nonaccrual loans that are current | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 105 | 83 | |
Nonaccrual loans that are current | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 3 | 3 | |
Nonaccrual loans that are current | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 31 | 22 | |
Nonaccrual loans that are current | Commercial and industrial | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 87 | 65 | |
Nonaccrual loans that are current | Leasing | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 0 | 0 | |
Nonaccrual loans that are current | Owner-occupied | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 18 | 18 | |
Nonaccrual loans that are current | Municipal | Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 0 | 0 | |
Nonaccrual loans that are current | Construction and land development | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 0 | 0 | |
Nonaccrual loans that are current | Term | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 3 | 3 | |
Nonaccrual loans that are current | Home equity credit line | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 14 | 9 | |
Nonaccrual loans that are current | 1-4 family residential | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 16 | 13 | |
Nonaccrual loans that are current | Construction and other consumer real estate | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 0 | 0 | |
Nonaccrual loans that are current | Bankcard and other revolving plans | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | 0 | 0 | |
Nonaccrual loans that are current | Other | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Nonaccrual loans that are current | $ 1 | $ 0 |
Loans, Leases, and Allowance_10
Loans, Leases, and Allowance for Credit Losses (Summary of Outstanding Loan Balances (Accruing and Nonaccruing) Categorized by Credit Quality Indicators - Current Year) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Total loans | |||
2024 | $ 1,686 | $ 8,155 | |
2023 | 8,166 | 12,553 | |
2022 | 12,354 | 8,774 | |
2021 | 8,418 | 4,982 | |
2020 | 4,664 | 3,222 | |
Prior | 9,296 | 6,610 | |
Revolving loans amortized cost basis | 12,909 | 12,896 | |
Revolving loans converted to term loans amortized cost basis | 616 | 587 | |
Total loans | 58,109 | 57,779 | |
Gross charge-offs | |||
2024 | 0 | 1 | |
2023 | 1 | 12 | |
2022 | 3 | 6 | |
2021 | 1 | 0 | |
2020 | 0 | 1 | |
Prior | 2 | 4 | |
Revolving loans amortized cost basis | 6 | 36 | |
Revolving loans converted to term loans amortized cost basis | 1 | 2 | |
Total | 14 | $ 7 | 62 |
Commercial | |||
Total loans | |||
2024 | 794 | 4,492 | |
2023 | 4,508 | 5,770 | |
2022 | 5,406 | 4,436 | |
2021 | 4,259 | 2,336 | |
2020 | 2,223 | 1,729 | |
Prior | 4,651 | 3,201 | |
Revolving loans amortized cost basis | 8,402 | 8,410 | |
Revolving loans converted to term loans amortized cost basis | 236 | 214 | |
Total loans | 30,479 | 30,588 | |
Gross charge-offs | |||
2024 | 0 | 1 | |
2023 | 1 | 10 | |
2022 | 3 | 6 | |
2021 | 1 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 2 | |
Revolving loans amortized cost basis | 4 | 24 | |
Revolving loans converted to term loans amortized cost basis | 1 | 2 | |
Total | 10 | 3 | 45 |
Commercial real estate | |||
Total loans | |||
2024 | 662 | 2,571 | |
2023 | 2,514 | 3,477 | |
2022 | 3,556 | 2,294 | |
2021 | 2,138 | 1,634 | |
2020 | 1,448 | 884 | |
Prior | 2,194 | 1,482 | |
Revolving loans amortized cost basis | 788 | 757 | |
Revolving loans converted to term loans amortized cost basis | 278 | 272 | |
Total loans | 13,578 | 13,371 | |
Gross charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 2 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 1 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 0 | 3 |
Consumer | |||
Total loans | |||
2024 | 230 | 1,092 | |
2023 | 1,144 | 3,306 | |
2022 | 3,392 | 2,044 | |
2021 | 2,021 | 1,012 | |
2020 | 993 | 609 | |
Prior | 2,451 | 1,927 | |
Revolving loans amortized cost basis | 3,719 | 3,729 | |
Revolving loans converted to term loans amortized cost basis | 102 | 101 | |
Total loans | 14,052 | 13,820 | |
Gross charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 2 | 2 | |
Revolving loans amortized cost basis | 2 | 12 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 4 | 4 | 14 |
Commercial and industrial | Commercial | |||
Total loans | |||
2024 | 380 | 2,678 | |
2023 | 2,658 | 2,572 | |
2022 | 2,331 | 1,246 | |
2021 | 1,167 | 645 | |
2020 | 578 | 544 | |
Prior | 1,059 | 644 | |
Revolving loans amortized cost basis | 8,168 | 8,196 | |
Revolving loans converted to term loans amortized cost basis | 178 | 159 | |
Total loans | 16,519 | 16,684 | |
Gross charge-offs | |||
2024 | 0 | 1 | |
2023 | 1 | 10 | |
2022 | 3 | 6 | |
2021 | 1 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 2 | |
Revolving loans amortized cost basis | 4 | 24 | |
Revolving loans converted to term loans amortized cost basis | 1 | 2 | |
Total | 10 | 45 | |
Leasing | Commercial | |||
Total loans | |||
2024 | 39 | 106 | |
2023 | 96 | 136 | |
2022 | 126 | 48 | |
2021 | 43 | 30 | |
2020 | 27 | 45 | |
Prior | 57 | 18 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 388 | 383 | |
Gross charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | $ 0 | |
Owner-occupied | Commercial | |||
Total loans | |||
2024 | 254 | 1,092 | |
2023 | 1,141 | 1,982 | |
2022 | 1,893 | 2,067 | |
2021 | 2,029 | 1,035 | |
2020 | 1,016 | 757 | |
Prior | 2,675 | 2,020 | |
Revolving loans amortized cost basis | 232 | 214 | |
Revolving loans converted to term loans amortized cost basis | 55 | 52 | |
Total loans | 9,295 | 9,219 | |
Gross charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 0 | |
Municipal | Commercial | |||
Total loans | |||
2024 | 121 | 616 | |
2023 | 613 | 1,080 | |
2022 | 1,056 | 1,075 | |
2021 | 1,020 | 626 | |
2020 | 602 | 383 | |
Prior | 860 | 519 | |
Revolving loans amortized cost basis | 2 | 0 | |
Revolving loans converted to term loans amortized cost basis | 3 | 3 | |
Total loans | 4,277 | 4,302 | |
Gross charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 0 | |
Construction and land development | Commercial real estate | |||
Total loans | |||
2024 | 95 | 576 | |
2023 | 632 | 940 | |
2022 | 942 | 384 | |
2021 | 343 | 91 | |
2020 | 36 | 28 | |
Prior | 12 | 4 | |
Revolving loans amortized cost basis | 502 | 519 | |
Revolving loans converted to term loans amortized cost basis | 124 | 127 | |
Total loans | 2,686 | 2,669 | |
Gross charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 1 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 1 | |
Term | Commercial real estate | |||
Total loans | |||
2024 | 567 | 1,995 | |
2023 | 1,882 | 2,537 | |
2022 | 2,614 | 1,910 | |
2021 | 1,795 | 1,543 | |
2020 | 1,412 | 856 | |
Prior | 2,182 | 1,478 | |
Revolving loans amortized cost basis | 286 | 238 | |
Revolving loans converted to term loans amortized cost basis | 154 | 145 | |
Total loans | 10,892 | 10,702 | |
Gross charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 2 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 2 | |
Home equity credit line | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 3,281 | 3,256 | |
Revolving loans converted to term loans amortized cost basis | 101 | 100 | |
Total loans | 3,382 | 3,356 | |
Gross charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 3 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 3 | |
1-4 family residential | Consumer | |||
Total loans | |||
2024 | 196 | 814 | |
2023 | 820 | 2,267 | |
2022 | 2,452 | 1,826 | |
2021 | 1,895 | 991 | |
2020 | 978 | 598 | |
Prior | 2,437 | 1,919 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 8,778 | 8,415 | |
Gross charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 1 | 2 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 1 | 2 | |
Construction and other consumer real estate | Consumer | |||
Total loans | |||
2024 | 12 | 212 | |
2023 | 272 | 1,002 | |
2022 | 907 | 200 | |
2021 | 110 | 15 | |
2020 | 10 | 7 | |
Prior | 10 | 6 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 1,321 | 1,442 | |
Gross charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 0 | |
Bankcard and other revolving plans | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 438 | 473 | |
Revolving loans converted to term loans amortized cost basis | 1 | 1 | |
Total loans | 439 | 474 | |
Gross charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 2 | 9 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 2 | 9 | |
Other | Consumer | |||
Total loans | |||
2024 | 22 | 66 | |
2023 | 52 | 37 | |
2022 | 33 | 18 | |
2021 | 16 | 6 | |
2020 | 5 | 4 | |
Prior | 4 | 2 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 132 | 133 | |
Gross charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 1 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 1 | 0 | |
Pass | Commercial and industrial | Commercial | |||
Total loans | |||
2024 | 361 | 2,654 | |
2023 | 2,617 | 2,420 | |
2022 | 2,200 | 1,204 | |
2021 | 1,133 | 639 | |
2020 | 568 | 494 | |
Prior | 968 | 598 | |
Revolving loans amortized cost basis | 7,978 | 7,973 | |
Revolving loans converted to term loans amortized cost basis | 166 | 151 | |
Total loans | 15,991 | 16,133 | |
Pass | Leasing | Commercial | |||
Total loans | |||
2024 | 39 | 104 | |
2023 | 94 | 125 | |
2022 | 116 | 47 | |
2021 | 42 | 29 | |
2020 | 26 | 45 | |
Prior | 57 | 18 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 374 | 368 | |
Pass | Owner-occupied | Commercial | |||
Total loans | |||
2024 | 248 | 1,080 | |
2023 | 1,126 | 1,945 | |
2022 | 1,852 | 2,020 | |
2021 | 1,979 | 1,002 | |
2020 | 975 | 721 | |
Prior | 2,524 | 1,907 | |
Revolving loans amortized cost basis | 209 | 212 | |
Revolving loans converted to term loans amortized cost basis | 50 | 52 | |
Total loans | 8,963 | 8,939 | |
Pass | Municipal | Commercial | |||
Total loans | |||
2024 | 121 | 601 | |
2023 | 598 | 1,080 | |
2022 | 1,056 | 1,069 | |
2021 | 1,014 | 623 | |
2020 | 599 | 382 | |
Prior | 855 | 512 | |
Revolving loans amortized cost basis | 2 | 0 | |
Revolving loans converted to term loans amortized cost basis | 3 | 3 | |
Total loans | 4,248 | 4,270 | |
Pass | Construction and land development | Commercial real estate | |||
Total loans | |||
2024 | 95 | 553 | |
2023 | 613 | 938 | |
2022 | 933 | 355 | |
2021 | 273 | 56 | |
2020 | 35 | 7 | |
Prior | 12 | 4 | |
Revolving loans amortized cost basis | 501 | 518 | |
Revolving loans converted to term loans amortized cost basis | 124 | 127 | |
Total loans | 2,586 | 2,558 | |
Pass | Term | Commercial real estate | |||
Total loans | |||
2024 | 431 | 1,861 | |
2023 | 1,735 | 2,385 | |
2022 | 2,375 | 1,833 | |
2021 | 1,680 | 1,449 | |
2020 | 1,286 | 804 | |
Prior | 2,136 | 1,438 | |
Revolving loans amortized cost basis | 286 | 238 | |
Revolving loans converted to term loans amortized cost basis | 109 | 110 | |
Total loans | 10,038 | 10,118 | |
Pass | Home equity credit line | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 3,256 | 3,237 | |
Revolving loans converted to term loans amortized cost basis | 95 | 97 | |
Total loans | 3,351 | 3,334 | |
Pass | 1-4 family residential | Consumer | |||
Total loans | |||
2024 | 196 | 814 | |
2023 | 819 | 2,264 | |
2022 | 2,448 | 1,823 | |
2021 | 1,890 | 988 | |
2020 | 976 | 594 | |
Prior | 2,405 | 1,891 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 8,734 | 8,374 | |
Pass | Construction and other consumer real estate | Consumer | |||
Total loans | |||
2024 | 12 | 212 | |
2023 | 272 | 1,002 | |
2022 | 907 | 200 | |
2021 | 110 | 15 | |
2020 | 10 | 7 | |
Prior | 10 | 6 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 1,321 | 1,442 | |
Pass | Bankcard and other revolving plans | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 435 | 471 | |
Revolving loans converted to term loans amortized cost basis | 1 | 1 | |
Total loans | 436 | 472 | |
Pass | Other | Consumer | |||
Total loans | |||
2024 | 22 | 66 | |
2023 | 51 | 37 | |
2022 | 33 | 18 | |
2021 | 16 | 6 | |
2020 | 5 | 4 | |
Prior | 4 | 2 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 131 | 133 | |
Special Mention | Commercial and industrial | Commercial | |||
Total loans | |||
2024 | 0 | 8 | |
2023 | 7 | 98 | |
2022 | 90 | 34 | |
2021 | 20 | 2 | |
2020 | 3 | 20 | |
Prior | 4 | 37 | |
Revolving loans amortized cost basis | 72 | 103 | |
Revolving loans converted to term loans amortized cost basis | 2 | 0 | |
Total loans | 198 | 302 | |
Special Mention | Leasing | Commercial | |||
Total loans | |||
2024 | 0 | 2 | |
2023 | 2 | 9 | |
2022 | 8 | 1 | |
2021 | 1 | 1 | |
2020 | 1 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 12 | 13 | |
Special Mention | Owner-occupied | Commercial | |||
Total loans | |||
2024 | 0 | 2 | |
2023 | 5 | 5 | |
2022 | 9 | 17 | |
2021 | 21 | 5 | |
2020 | 14 | 17 | |
Prior | 25 | 15 | |
Revolving loans amortized cost basis | 15 | 0 | |
Revolving loans converted to term loans amortized cost basis | 5 | 0 | |
Total loans | 94 | 61 | |
Special Mention | Municipal | Commercial | |||
Total loans | |||
2024 | 0 | 7 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 6 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 13 | |
Special Mention | Construction and land development | Commercial real estate | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 8 | 29 | |
2021 | 70 | 30 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 78 | 59 | |
Special Mention | Term | Commercial real estate | |||
Total loans | |||
2024 | 95 | 55 | |
2023 | 74 | 108 | |
2022 | 183 | 65 | |
2021 | 103 | 78 | |
2020 | 109 | 44 | |
Prior | 4 | 6 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 10 | 0 | |
Total loans | 578 | 356 | |
Special Mention | Home equity credit line | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Special Mention | 1-4 family residential | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Special Mention | Construction and other consumer real estate | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Special Mention | Bankcard and other revolving plans | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Special Mention | Other | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Accruing Substandard | Commercial and industrial | Commercial | |||
Total loans | |||
2024 | 19 | 11 | |
2023 | 30 | 18 | |
2022 | 9 | 7 | |
2021 | 13 | 2 | |
2020 | 5 | 19 | |
Prior | 40 | 8 | |
Revolving loans amortized cost basis | 100 | 99 | |
Revolving loans converted to term loans amortized cost basis | 4 | 3 | |
Total loans | 220 | 167 | |
Accruing Substandard | Leasing | Commercial | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Accruing Substandard | Owner-occupied | Commercial | |||
Total loans | |||
2024 | 6 | 10 | |
2023 | 10 | 31 | |
2022 | 31 | 29 | |
2021 | 28 | 21 | |
2020 | 20 | 16 | |
Prior | 115 | 90 | |
Revolving loans amortized cost basis | 8 | 2 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 218 | 199 | |
Accruing Substandard | Municipal | Commercial | |||
Total loans | |||
2024 | 0 | 8 | |
2023 | 15 | 0 | |
2022 | 0 | 6 | |
2021 | 6 | 3 | |
2020 | 3 | 1 | |
Prior | 5 | 1 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 29 | 19 | |
Accruing Substandard | Construction and land development | Commercial real estate | |||
Total loans | |||
2024 | 0 | 23 | |
2023 | 19 | 2 | |
2022 | 1 | 0 | |
2021 | 0 | 5 | |
2020 | 1 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 21 | 30 | |
Accruing Substandard | Term | Commercial real estate | |||
Total loans | |||
2024 | 41 | 79 | |
2023 | 69 | 18 | |
2022 | 30 | 12 | |
2021 | 12 | 16 | |
2020 | 17 | 5 | |
Prior | 30 | 24 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 35 | 35 | |
Total loans | 234 | 189 | |
Accruing Substandard | Home equity credit line | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 4 | 4 | |
Revolving loans converted to term loans amortized cost basis | 0 | 1 | |
Total loans | 4 | 5 | |
Accruing Substandard | 1-4 family residential | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 1 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 1 | |
Accruing Substandard | Construction and other consumer real estate | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Accruing Substandard | Bankcard and other revolving plans | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 2 | 2 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 2 | 2 | |
Accruing Substandard | Other | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Nonaccrual | Commercial and industrial | Commercial | |||
Total loans | |||
2024 | 0 | 5 | |
2023 | 4 | 36 | |
2022 | 32 | 1 | |
2021 | 1 | 2 | |
2020 | 2 | 11 | |
Prior | 47 | 1 | |
Revolving loans amortized cost basis | 18 | 21 | |
Revolving loans converted to term loans amortized cost basis | 6 | 5 | |
Total loans | 110 | 82 | |
Nonaccrual | Leasing | Commercial | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 2 | |
2022 | 2 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 2 | 2 | |
Nonaccrual | Owner-occupied | Commercial | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 1 | |
2022 | 1 | 1 | |
2021 | 1 | 7 | |
2020 | 7 | 3 | |
Prior | 11 | 8 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 20 | 20 | |
Nonaccrual | Municipal | Commercial | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Nonaccrual | Construction and land development | Commercial real estate | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 21 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 1 | 1 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 1 | 22 | |
Nonaccrual | Term | Commercial real estate | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 4 | 26 | |
2022 | 26 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 3 | |
Prior | 12 | 10 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 42 | 39 | |
Nonaccrual | Home equity credit line | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 21 | 15 | |
Revolving loans converted to term loans amortized cost basis | 6 | 2 | |
Total loans | 27 | 17 | |
Nonaccrual | 1-4 family residential | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 1 | 3 | |
2022 | 4 | 3 | |
2021 | 5 | 3 | |
2020 | 2 | 4 | |
Prior | 32 | 27 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 44 | 40 | |
Nonaccrual | Construction and other consumer real estate | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Nonaccrual | Bankcard and other revolving plans | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 1 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 1 | 0 | |
Nonaccrual | Other | Consumer | |||
Total loans | |||
2024 | 0 | 0 | |
2023 | 1 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | $ 1 | $ 0 |
Loans, Leases, and Allowance_11
Loans, Leases, and Allowance for Credit Losses (Summary of Outstanding Loan Balances (Accruing and Nonaccruing) Categorized by Credit Quality Indicators - Prior Year) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Total loans | |||
2023 | $ 1,686 | $ 8,155 | |
2022 | 8,166 | 12,553 | |
2021 | 12,354 | 8,774 | |
2020 | 8,418 | 4,982 | |
2018 | 4,664 | 3,222 | |
Prior | 9,296 | 6,610 | |
Revolving loans amortized cost basis | 12,909 | 12,896 | |
Revolving loans converted to term loans amortized cost basis | 616 | 587 | |
Total loans | 58,109 | 57,779 | |
Gross charge-offs | |||
2023 | 0 | 1 | |
2022 | 1 | 12 | |
2021 | 3 | 6 | |
2020 | 1 | 0 | |
2018 | 0 | 1 | |
Prior | 2 | 4 | |
Revolving loans amortized cost basis | 6 | 36 | |
Revolving loans converted to term loans amortized cost basis | 1 | 2 | |
Total | 14 | $ 7 | 62 |
Commercial | |||
Total loans | |||
2023 | 794 | 4,492 | |
2022 | 4,508 | 5,770 | |
2021 | 5,406 | 4,436 | |
2020 | 4,259 | 2,336 | |
2018 | 2,223 | 1,729 | |
Prior | 4,651 | 3,201 | |
Revolving loans amortized cost basis | 8,402 | 8,410 | |
Revolving loans converted to term loans amortized cost basis | 236 | 214 | |
Total loans | 30,479 | 30,588 | |
Gross charge-offs | |||
2023 | 0 | 1 | |
2022 | 1 | 10 | |
2021 | 3 | 6 | |
2020 | 1 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 2 | |
Revolving loans amortized cost basis | 4 | 24 | |
Revolving loans converted to term loans amortized cost basis | 1 | 2 | |
Total | 10 | 3 | 45 |
Commercial real estate | |||
Total loans | |||
2023 | 662 | 2,571 | |
2022 | 2,514 | 3,477 | |
2021 | 3,556 | 2,294 | |
2020 | 2,138 | 1,634 | |
2018 | 1,448 | 884 | |
Prior | 2,194 | 1,482 | |
Revolving loans amortized cost basis | 788 | 757 | |
Revolving loans converted to term loans amortized cost basis | 278 | 272 | |
Total loans | 13,578 | 13,371 | |
Gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 2 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 1 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 0 | 3 |
Consumer | |||
Total loans | |||
2023 | 230 | 1,092 | |
2022 | 1,144 | 3,306 | |
2021 | 3,392 | 2,044 | |
2020 | 2,021 | 1,012 | |
2018 | 993 | 609 | |
Prior | 2,451 | 1,927 | |
Revolving loans amortized cost basis | 3,719 | 3,729 | |
Revolving loans converted to term loans amortized cost basis | 102 | 101 | |
Total loans | 14,052 | 13,820 | |
Gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 2 | 2 | |
Revolving loans amortized cost basis | 2 | 12 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 4 | 4 | 14 |
Commercial and industrial | Commercial | |||
Total loans | |||
2023 | 380 | 2,678 | |
2022 | 2,658 | 2,572 | |
2021 | 2,331 | 1,246 | |
2020 | 1,167 | 645 | |
2018 | 578 | 544 | |
Prior | 1,059 | 644 | |
Revolving loans amortized cost basis | 8,168 | 8,196 | |
Revolving loans converted to term loans amortized cost basis | 178 | 159 | |
Total loans | 16,519 | 16,684 | |
Gross charge-offs | |||
2023 | 0 | 1 | |
2022 | 1 | 10 | |
2021 | 3 | 6 | |
2020 | 1 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 2 | |
Revolving loans amortized cost basis | 4 | 24 | |
Revolving loans converted to term loans amortized cost basis | 1 | 2 | |
Total | 10 | 45 | |
Leasing | Commercial | |||
Total loans | |||
2023 | 39 | 106 | |
2022 | 96 | 136 | |
2021 | 126 | 48 | |
2020 | 43 | 30 | |
2018 | 27 | 45 | |
Prior | 57 | 18 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 388 | 383 | |
Gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | $ 0 | |
Owner-occupied | Commercial | |||
Total loans | |||
2023 | 254 | 1,092 | |
2022 | 1,141 | 1,982 | |
2021 | 1,893 | 2,067 | |
2020 | 2,029 | 1,035 | |
2018 | 1,016 | 757 | |
Prior | 2,675 | 2,020 | |
Revolving loans amortized cost basis | 232 | 214 | |
Revolving loans converted to term loans amortized cost basis | 55 | 52 | |
Total loans | 9,295 | 9,219 | |
Gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 0 | |
Municipal | Commercial | |||
Total loans | |||
2023 | 121 | 616 | |
2022 | 613 | 1,080 | |
2021 | 1,056 | 1,075 | |
2020 | 1,020 | 626 | |
2018 | 602 | 383 | |
Prior | 860 | 519 | |
Revolving loans amortized cost basis | 2 | 0 | |
Revolving loans converted to term loans amortized cost basis | 3 | 3 | |
Total loans | 4,277 | 4,302 | |
Gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 0 | |
Construction and land development | Commercial real estate | |||
Total loans | |||
2023 | 95 | 576 | |
2022 | 632 | 940 | |
2021 | 942 | 384 | |
2020 | 343 | 91 | |
2018 | 36 | 28 | |
Prior | 12 | 4 | |
Revolving loans amortized cost basis | 502 | 519 | |
Revolving loans converted to term loans amortized cost basis | 124 | 127 | |
Total loans | 2,686 | 2,669 | |
Gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 1 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 1 | |
Term | Commercial real estate | |||
Total loans | |||
2023 | 567 | 1,995 | |
2022 | 1,882 | 2,537 | |
2021 | 2,614 | 1,910 | |
2020 | 1,795 | 1,543 | |
2018 | 1,412 | 856 | |
Prior | 2,182 | 1,478 | |
Revolving loans amortized cost basis | 286 | 238 | |
Revolving loans converted to term loans amortized cost basis | 154 | 145 | |
Total loans | 10,892 | 10,702 | |
Gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 2 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 2 | |
Home equity credit line | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 3,281 | 3,256 | |
Revolving loans converted to term loans amortized cost basis | 101 | 100 | |
Total loans | 3,382 | 3,356 | |
Gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 3 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 3 | |
1-4 family residential | Consumer | |||
Total loans | |||
2023 | 196 | 814 | |
2022 | 820 | 2,267 | |
2021 | 2,452 | 1,826 | |
2020 | 1,895 | 991 | |
2018 | 978 | 598 | |
Prior | 2,437 | 1,919 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 8,778 | 8,415 | |
Gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 1 | 2 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 1 | 2 | |
Construction and other consumer real estate | Consumer | |||
Total loans | |||
2023 | 12 | 212 | |
2022 | 272 | 1,002 | |
2021 | 907 | 200 | |
2020 | 110 | 15 | |
2018 | 10 | 7 | |
Prior | 10 | 6 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 1,321 | 1,442 | |
Gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 0 | 0 | |
Bankcard and other revolving plans | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 438 | 473 | |
Revolving loans converted to term loans amortized cost basis | 1 | 1 | |
Total loans | 439 | 474 | |
Gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 2 | 9 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 2 | 9 | |
Other | Consumer | |||
Total loans | |||
2023 | 22 | 66 | |
2022 | 52 | 37 | |
2021 | 33 | 18 | |
2020 | 16 | 6 | |
2018 | 5 | 4 | |
Prior | 4 | 2 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 132 | 133 | |
Gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 1 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total | 1 | 0 | |
Pass | Commercial and industrial | Commercial | |||
Total loans | |||
2023 | 361 | 2,654 | |
2022 | 2,617 | 2,420 | |
2021 | 2,200 | 1,204 | |
2020 | 1,133 | 639 | |
2018 | 568 | 494 | |
Prior | 968 | 598 | |
Revolving loans amortized cost basis | 7,978 | 7,973 | |
Revolving loans converted to term loans amortized cost basis | 166 | 151 | |
Total loans | 15,991 | 16,133 | |
Pass | Leasing | Commercial | |||
Total loans | |||
2023 | 39 | 104 | |
2022 | 94 | 125 | |
2021 | 116 | 47 | |
2020 | 42 | 29 | |
2018 | 26 | 45 | |
Prior | 57 | 18 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 374 | 368 | |
Pass | Owner-occupied | Commercial | |||
Total loans | |||
2023 | 248 | 1,080 | |
2022 | 1,126 | 1,945 | |
2021 | 1,852 | 2,020 | |
2020 | 1,979 | 1,002 | |
2018 | 975 | 721 | |
Prior | 2,524 | 1,907 | |
Revolving loans amortized cost basis | 209 | 212 | |
Revolving loans converted to term loans amortized cost basis | 50 | 52 | |
Total loans | 8,963 | 8,939 | |
Pass | Municipal | Commercial | |||
Total loans | |||
2023 | 121 | 601 | |
2022 | 598 | 1,080 | |
2021 | 1,056 | 1,069 | |
2020 | 1,014 | 623 | |
2018 | 599 | 382 | |
Prior | 855 | 512 | |
Revolving loans amortized cost basis | 2 | 0 | |
Revolving loans converted to term loans amortized cost basis | 3 | 3 | |
Total loans | 4,248 | 4,270 | |
Pass | Construction and land development | Commercial real estate | |||
Total loans | |||
2023 | 95 | 553 | |
2022 | 613 | 938 | |
2021 | 933 | 355 | |
2020 | 273 | 56 | |
2018 | 35 | 7 | |
Prior | 12 | 4 | |
Revolving loans amortized cost basis | 501 | 518 | |
Revolving loans converted to term loans amortized cost basis | 124 | 127 | |
Total loans | 2,586 | 2,558 | |
Pass | Term | Commercial real estate | |||
Total loans | |||
2023 | 431 | 1,861 | |
2022 | 1,735 | 2,385 | |
2021 | 2,375 | 1,833 | |
2020 | 1,680 | 1,449 | |
2018 | 1,286 | 804 | |
Prior | 2,136 | 1,438 | |
Revolving loans amortized cost basis | 286 | 238 | |
Revolving loans converted to term loans amortized cost basis | 109 | 110 | |
Total loans | 10,038 | 10,118 | |
Pass | Home equity credit line | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 3,256 | 3,237 | |
Revolving loans converted to term loans amortized cost basis | 95 | 97 | |
Total loans | 3,351 | 3,334 | |
Pass | 1-4 family residential | Consumer | |||
Total loans | |||
2023 | 196 | 814 | |
2022 | 819 | 2,264 | |
2021 | 2,448 | 1,823 | |
2020 | 1,890 | 988 | |
2018 | 976 | 594 | |
Prior | 2,405 | 1,891 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 8,734 | 8,374 | |
Pass | Construction and other consumer real estate | Consumer | |||
Total loans | |||
2023 | 12 | 212 | |
2022 | 272 | 1,002 | |
2021 | 907 | 200 | |
2020 | 110 | 15 | |
2018 | 10 | 7 | |
Prior | 10 | 6 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 1,321 | 1,442 | |
Pass | Bankcard and other revolving plans | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 435 | 471 | |
Revolving loans converted to term loans amortized cost basis | 1 | 1 | |
Total loans | 436 | 472 | |
Pass | Other | Consumer | |||
Total loans | |||
2023 | 22 | 66 | |
2022 | 51 | 37 | |
2021 | 33 | 18 | |
2020 | 16 | 6 | |
2018 | 5 | 4 | |
Prior | 4 | 2 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 131 | 133 | |
Special Mention | Commercial and industrial | Commercial | |||
Total loans | |||
2023 | 0 | 8 | |
2022 | 7 | 98 | |
2021 | 90 | 34 | |
2020 | 20 | 2 | |
2018 | 3 | 20 | |
Prior | 4 | 37 | |
Revolving loans amortized cost basis | 72 | 103 | |
Revolving loans converted to term loans amortized cost basis | 2 | 0 | |
Total loans | 198 | 302 | |
Special Mention | Leasing | Commercial | |||
Total loans | |||
2023 | 0 | 2 | |
2022 | 2 | 9 | |
2021 | 8 | 1 | |
2020 | 1 | 1 | |
2018 | 1 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 12 | 13 | |
Special Mention | Owner-occupied | Commercial | |||
Total loans | |||
2023 | 0 | 2 | |
2022 | 5 | 5 | |
2021 | 9 | 17 | |
2020 | 21 | 5 | |
2018 | 14 | 17 | |
Prior | 25 | 15 | |
Revolving loans amortized cost basis | 15 | 0 | |
Revolving loans converted to term loans amortized cost basis | 5 | 0 | |
Total loans | 94 | 61 | |
Special Mention | Municipal | Commercial | |||
Total loans | |||
2023 | 0 | 7 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 6 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 13 | |
Special Mention | Construction and land development | Commercial real estate | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 8 | 29 | |
2020 | 70 | 30 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 78 | 59 | |
Special Mention | Term | Commercial real estate | |||
Total loans | |||
2023 | 95 | 55 | |
2022 | 74 | 108 | |
2021 | 183 | 65 | |
2020 | 103 | 78 | |
2018 | 109 | 44 | |
Prior | 4 | 6 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 10 | 0 | |
Total loans | 578 | 356 | |
Special Mention | Home equity credit line | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Special Mention | 1-4 family residential | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Special Mention | Construction and other consumer real estate | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Special Mention | Bankcard and other revolving plans | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Special Mention | Other | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Accruing Substandard | Commercial and industrial | Commercial | |||
Total loans | |||
2023 | 19 | 11 | |
2022 | 30 | 18 | |
2021 | 9 | 7 | |
2020 | 13 | 2 | |
2018 | 5 | 19 | |
Prior | 40 | 8 | |
Revolving loans amortized cost basis | 100 | 99 | |
Revolving loans converted to term loans amortized cost basis | 4 | 3 | |
Total loans | 220 | 167 | |
Accruing Substandard | Leasing | Commercial | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Accruing Substandard | Owner-occupied | Commercial | |||
Total loans | |||
2023 | 6 | 10 | |
2022 | 10 | 31 | |
2021 | 31 | 29 | |
2020 | 28 | 21 | |
2018 | 20 | 16 | |
Prior | 115 | 90 | |
Revolving loans amortized cost basis | 8 | 2 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 218 | 199 | |
Accruing Substandard | Municipal | Commercial | |||
Total loans | |||
2023 | 0 | 8 | |
2022 | 15 | 0 | |
2021 | 0 | 6 | |
2020 | 6 | 3 | |
2018 | 3 | 1 | |
Prior | 5 | 1 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 29 | 19 | |
Accruing Substandard | Construction and land development | Commercial real estate | |||
Total loans | |||
2023 | 0 | 23 | |
2022 | 19 | 2 | |
2021 | 1 | 0 | |
2020 | 0 | 5 | |
2018 | 1 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 21 | 30 | |
Accruing Substandard | Term | Commercial real estate | |||
Total loans | |||
2023 | 41 | 79 | |
2022 | 69 | 18 | |
2021 | 30 | 12 | |
2020 | 12 | 16 | |
2018 | 17 | 5 | |
Prior | 30 | 24 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 35 | 35 | |
Total loans | 234 | 189 | |
Accruing Substandard | Home equity credit line | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 4 | 4 | |
Revolving loans converted to term loans amortized cost basis | 0 | 1 | |
Total loans | 4 | 5 | |
Accruing Substandard | 1-4 family residential | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 1 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 1 | |
Accruing Substandard | Construction and other consumer real estate | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Accruing Substandard | Bankcard and other revolving plans | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 2 | 2 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 2 | 2 | |
Accruing Substandard | Other | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Nonaccrual | Commercial and industrial | Commercial | |||
Total loans | |||
2023 | 0 | 5 | |
2022 | 4 | 36 | |
2021 | 32 | 1 | |
2020 | 1 | 2 | |
2018 | 2 | 11 | |
Prior | 47 | 1 | |
Revolving loans amortized cost basis | 18 | 21 | |
Revolving loans converted to term loans amortized cost basis | 6 | 5 | |
Total loans | 110 | 82 | |
Nonaccrual | Leasing | Commercial | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 2 | |
2021 | 2 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 2 | 2 | |
Nonaccrual | Owner-occupied | Commercial | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 1 | |
2021 | 1 | 1 | |
2020 | 1 | 7 | |
2018 | 7 | 3 | |
Prior | 11 | 8 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 20 | 20 | |
Nonaccrual | Municipal | Commercial | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Nonaccrual | Construction and land development | Commercial real estate | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 21 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 1 | 1 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 1 | 22 | |
Nonaccrual | Term | Commercial real estate | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 4 | 26 | |
2021 | 26 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 3 | |
Prior | 12 | 10 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 42 | 39 | |
Nonaccrual | Home equity credit line | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 21 | 15 | |
Revolving loans converted to term loans amortized cost basis | 6 | 2 | |
Total loans | 27 | 17 | |
Nonaccrual | 1-4 family residential | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 1 | 3 | |
2021 | 4 | 3 | |
2020 | 5 | 3 | |
2018 | 2 | 4 | |
Prior | 32 | 27 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 44 | 40 | |
Nonaccrual | Construction and other consumer real estate | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 0 | 0 | |
Nonaccrual | Bankcard and other revolving plans | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 1 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | 1 | 0 | |
Nonaccrual | Other | Consumer | |||
Total loans | |||
2023 | 0 | 0 | |
2022 | 1 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | 0 | |
Total loans | $ 1 | $ 0 |
Loans, Leases, and Allowance_12
Loans, Leases, and Allowance for Credit Losses (Summary of Selected Information on TDRs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 123 | $ 97 |
Percentage of total loans | 0.20% | 0.20% |
Unfunded lending commitments on troubled debt restructuring | $ 3 | $ 8 |
Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 4 |
Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 114 | 92 |
Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 2 | 0 |
Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 7 | 1 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 33 | $ 46 |
Percentage of total loans | 0.10% | 0.20% |
Commercial | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 4 |
Commercial | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 29 | 42 |
Commercial | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 4 | 0 |
Commercial | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 30 | $ 36 |
Percentage of total loans | 0.20% | 0.20% |
Commercial | Commercial and industrial | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 0 |
Commercial | Commercial and industrial | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 26 | 36 |
Commercial | Commercial and industrial | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial | Commercial and industrial | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial | Commercial and industrial | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 4 | 0 |
Commercial | Owner-occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 3 | $ 10 |
Percentage of total loans | 0% | 0.10% |
Commercial | Owner-occupied | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 4 |
Commercial | Owner-occupied | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 3 | 6 |
Commercial | Owner-occupied | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial | Owner-occupied | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial | Owner-occupied | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 84 | $ 49 |
Percentage of total loans | 0.60% | 0.40% |
Commercial real estate | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 0 |
Commercial real estate | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 84 | 49 |
Commercial real estate | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial real estate | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial real estate | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial real estate | Term | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 83 | $ 49 |
Percentage of total loans | 0.80% | 0.50% |
Commercial real estate | Term | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 0 |
Commercial real estate | Term | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 83 | 49 |
Commercial real estate | Term | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial real estate | Term | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial real estate | Term | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial real estate | Construction and land development | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 1 | $ 0 |
Percentage of total loans | 0% | 0% |
Commercial real estate | Construction and land development | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 0 |
Commercial real estate | Construction and land development | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 1 | 0 |
Commercial real estate | Construction and land development | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial real estate | Construction and land development | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial real estate | Construction and land development | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 6 | $ 2 |
Percentage of total loans | 0% | 0% |
Consumer | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 0 |
Consumer | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 1 | 1 |
Consumer | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 2 | 0 |
Consumer | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 3 | 1 |
Consumer | 1-4 family residential | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 4 | $ 1 |
Percentage of total loans | 0% | 0% |
Consumer | 1-4 family residential | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 0 |
Consumer | 1-4 family residential | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | 1-4 family residential | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 2 | 0 |
Consumer | 1-4 family residential | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | 1-4 family residential | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 2 | 1 |
Consumer | Bankcard and other revolving plans | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 1 |
Percentage of total loans | 0% | 0.20% |
Consumer | Bankcard and other revolving plans | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 0 |
Consumer | Bankcard and other revolving plans | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 1 |
Consumer | Bankcard and other revolving plans | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Bankcard and other revolving plans | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Bankcard and other revolving plans | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Home equity credit line | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 1 | $ 0 |
Percentage of total loans | 0% | 0% |
Consumer | Home equity credit line | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 0 |
Consumer | Home equity credit line | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Home equity credit line | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Home equity credit line | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Home equity credit line | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 1 | 0 |
Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 1 | $ 0 |
Percentage of total loans | 0.80% | 0% |
Consumer | Other | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 0 |
Consumer | Other | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 1 | 0 |
Consumer | Other | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Other | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Other | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized cost basis | $ 0 | $ 0 |
Loans, Leases, and Allowance_13
Loans, Leases, and Allowance for Credit Losses (Summary of Financial Impact of Loan Modifications) (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 1.30% | 4% |
Weighted-average term extension (in months) | 15 months | 10 months |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0.10% | 4.40% |
Weighted-average term extension (in months) | 17 months | 9 months |
Commercial | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0.10% | 0% |
Weighted-average term extension (in months) | 13 months | 10 months |
Commercial | Owner-occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0% | 4.40% |
Weighted-average term extension (in months) | 58 months | 5 months |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0% | 0% |
Weighted-average term extension (in months) | 13 months | 9 months |
Commercial real estate | Construction and land development | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0% | 0% |
Weighted-average term extension (in months) | 14 months | 6 months |
Commercial real estate | Term | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0% | 0% |
Weighted-average term extension (in months) | 13 months | 9 months |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 4.70% | 1.30% |
Weighted-average term extension (in months) | 64 months | 84 months |
Consumer | Home equity credit line | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 6.80% | 0% |
Weighted-average term extension (in months) | 38 months | 0 months |
Consumer | 1-4 family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 1.30% | 1.30% |
Weighted-average term extension (in months) | 76 months | 110 months |
Consumer | Bankcard and other revolving plans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0% | 0% |
Weighted-average term extension (in months) | 0 months | 65 months |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0% | 0% |
Weighted-average term extension (in months) | 71 months | 0 months |
Loans, Leases, and Allowance_14
Loans, Leases, and Allowance for Credit Losses (Summary Aging Analysis, Modified) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | $ 338 | $ 97 |
Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 307 | 80 |
30-89 days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 18 | 17 |
90+ days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 13 | 0 |
Total past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 31 | 17 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 86 | 46 |
Commercial | Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 80 | 30 |
Commercial | 30-89 days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 16 |
Commercial | 90+ days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 6 | 0 |
Commercial | Total past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 6 | 16 |
Commercial | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 68 | 36 |
Commercial | Commercial and industrial | Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 62 | 20 |
Commercial | Commercial and industrial | 30-89 days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 16 |
Commercial | Commercial and industrial | 90+ days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 6 | 0 |
Commercial | Commercial and industrial | Total past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 6 | 16 |
Commercial | Owner-occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 10 | 10 |
Commercial | Owner-occupied | Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 10 | 10 |
Commercial | Owner-occupied | 30-89 days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Commercial | Owner-occupied | 90+ days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Commercial | Owner-occupied | Total past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 245 | 49 |
Commercial real estate | Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 222 | 49 |
Commercial real estate | 30-89 days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 18 | 0 |
Commercial real estate | 90+ days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 5 | 0 |
Commercial real estate | Total past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 23 | 0 |
Commercial real estate | Term | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 220 | 49 |
Commercial real estate | Term | Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 199 | 49 |
Commercial real estate | Term | 30-89 days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 17 | 0 |
Commercial real estate | Term | 90+ days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 4 | 0 |
Commercial real estate | Term | Total past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 21 | 0 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 7 | 2 |
Consumer | Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 5 | 1 |
Consumer | 30-89 days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 1 |
Consumer | 90+ days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2 | 0 |
Consumer | Total past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2 | 1 |
Consumer | 1-4 family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 4 | 1 |
Consumer | 1-4 family residential | Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2 | 0 |
Consumer | 1-4 family residential | 30-89 days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 1 |
Consumer | 1-4 family residential | 90+ days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2 | 0 |
Consumer | 1-4 family residential | Total past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2 | 1 |
Consumer | Bankcard and other revolving plans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 1 |
Consumer | Bankcard and other revolving plans | Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 1 |
Consumer | Bankcard and other revolving plans | 30-89 days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Consumer | Bankcard and other revolving plans | 90+ days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Consumer | Bankcard and other revolving plans | Total past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | $ 0 | $ 0 |
Loans, Leases, and Allowance_15
Loans, Leases, and Allowance for Credit Losses (Collateral-Dependent Loans) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 42 | $ 57 |
Owner-occupied | Commercial | Hospital | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 7 | $ 7 |
Weighted average LTV | 51% | 17% |
Construction and land development | Commercial real estate | Lots / Homes | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 1 | $ 22 |
Weighted average LTV | 107% | 92% |
Term | Commercial real estate | Office Building | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 31 | $ 28 |
Weighted average LTV | 86% | 87% |
Home equity credit line | Consumer | Single Family Residential [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 0 | |
Weighted average LTV | ||
Home equity credit line | Consumer | Residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 3 | |
Weighted average LTV | 21% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, notional amount | $ 22,342 | $ 22,148 |
Deferred losses | 173 | |
Derivatives (included in other liabilities) | 388 | 333 |
Cash collateral pledged for derivative liabilities | 1 | |
Additional collateral that would be required to be pledge if credit rating was downgraded by one notch | 0 | |
Derivatives designated as hedging instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, notional amount | 5,920 | 6,521 |
Parent | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives (included in other liabilities) | 388 | |
Other liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives (included in other liabilities) | 388 | 333 |
Other liabilities | Derivatives designated as hedging instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives (included in other liabilities) | 0 | 0 |
Fair Value Hedging | Interest rate swaps | Derivatives designated as hedging instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, notional amount | 0 | 0 |
Fair Value Hedging | Asset hedges: Pay-fixed interest rate swaps | Derivatives designated as hedging instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, notional amount | 4,570 | 4,571 |
Fair Value Hedging | Other liabilities | Interest rate swaps | Derivatives designated as hedging instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives (included in other liabilities) | 0 | 0 |
Fair Value Hedging | Other liabilities | Asset hedges: Pay-fixed interest rate swaps | Derivatives designated as hedging instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives (included in other liabilities) | 0 | 0 |
Cash Flow Hedging | Interest rate swaps | Derivatives designated as hedging instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, notional amount | 850 | 1,450 |
Cash Flow Hedging | Asset hedges: Pay-fixed interest rate swaps | Derivatives designated as hedging instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, notional amount | 1,000 | |
Cash Flow Hedging | Pay-Fixed, receive-floating swap | Derivatives designated as hedging instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, notional amount | 3,600 | |
Cash Flow Hedging | Other liabilities | Interest rate swaps | Derivatives designated as hedging instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives (included in other liabilities) | $ 0 | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Notional and Recorded Fair Values) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Derivative [Line Items] | |||
Notional amount | $ 22,342 | $ 22,148 | |
Other assets | 481 | 420 | |
Other liabilities | 388 | 333 | |
Net credit valuation adjustment reducing fair value | 9 | 9 | |
Other assets | |||
Derivative [Line Items] | |||
Other assets | 481 | 420 | |
Other liabilities | |||
Derivative [Line Items] | |||
Other liabilities | 388 | 333 | |
Derivatives designated as hedging instruments: | |||
Derivative [Line Items] | |||
Notional amount | 5,920 | 6,521 | |
Derivatives designated as hedging instruments: | Other assets | |||
Derivative [Line Items] | |||
Other assets | 89 | 78 | |
Derivatives designated as hedging instruments: | Other liabilities | |||
Derivative [Line Items] | |||
Other liabilities | 0 | 0 | |
Derivatives designated as hedging instruments: | Interest rate swaps | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Notional amount | 850 | 1,450 | |
Derivatives designated as hedging instruments: | Interest rate swaps | Fair Value Hedging | |||
Derivative [Line Items] | |||
Notional amount | 0 | 0 | |
Derivatives designated as hedging instruments: | Interest rate swaps | Other assets | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Other assets | 0 | 0 | |
Derivatives designated as hedging instruments: | Interest rate swaps | Other assets | Fair Value Hedging | |||
Derivative [Line Items] | |||
Other assets | 0 | 0 | |
Derivatives designated as hedging instruments: | Interest rate swaps | Other liabilities | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Other liabilities | 0 | 0 | |
Derivatives designated as hedging instruments: | Interest rate swaps | Other liabilities | Fair Value Hedging | |||
Derivative [Line Items] | |||
Other liabilities | 0 | 0 | |
Derivatives designated as hedging instruments: | Pay-fixed interest rate swaps | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Notional amount | 500 | 500 | $ 500 |
Derivatives designated as hedging instruments: | Pay-fixed interest rate swaps | Other assets | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Other assets | 0 | 0 | |
Derivatives designated as hedging instruments: | Pay-fixed interest rate swaps | Other liabilities | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Other liabilities | 0 | 0 | |
Derivatives designated as hedging instruments: | Asset hedges: Pay-fixed interest rate swaps | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Notional amount | 1,000 | ||
Derivatives designated as hedging instruments: | Asset hedges: Pay-fixed interest rate swaps | Fair Value Hedging | |||
Derivative [Line Items] | |||
Notional amount | 4,570 | 4,571 | |
Derivatives designated as hedging instruments: | Asset hedges: Pay-fixed interest rate swaps | Other assets | Fair Value Hedging | |||
Derivative [Line Items] | |||
Other assets | 89 | 78 | |
Derivatives designated as hedging instruments: | Asset hedges: Pay-fixed interest rate swaps | Other liabilities | Fair Value Hedging | |||
Derivative [Line Items] | |||
Other liabilities | 0 | 0 | |
Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Notional amount | 16,422 | 15,627 | |
Derivatives not designated as hedging instruments | Other assets | |||
Derivative [Line Items] | |||
Other assets | 392 | 342 | |
Derivatives not designated as hedging instruments | Other liabilities | |||
Derivative [Line Items] | |||
Other liabilities | 388 | 333 | |
Derivatives not designated as hedging instruments | Customer-facing interest rate derivatives | |||
Derivative [Line Items] | |||
Notional amount | 14,694 | 14,375 | |
Derivatives not designated as hedging instruments | Customer-facing interest rate derivatives | Other assets | |||
Derivative [Line Items] | |||
Other assets | 389 | 337 | |
Derivatives not designated as hedging instruments | Customer-facing interest rate derivatives | Other liabilities | |||
Derivative [Line Items] | |||
Other liabilities | 387 | 330 | |
Derivatives not designated as hedging instruments | Other interest rate derivatives | |||
Derivative [Line Items] | |||
Notional amount | 1,461 | 1,001 | |
Derivatives not designated as hedging instruments | Other interest rate derivatives | Other assets | |||
Derivative [Line Items] | |||
Other assets | 1 | 1 | |
Derivatives not designated as hedging instruments | Other interest rate derivatives | Other liabilities | |||
Derivative [Line Items] | |||
Other liabilities | 0 | 0 | |
Derivatives not designated as hedging instruments | Foreign exchange derivatives | |||
Derivative [Line Items] | |||
Notional amount | 267 | 216 | |
Derivatives not designated as hedging instruments | Foreign exchange derivatives | Other assets | |||
Derivative [Line Items] | |||
Other assets | 2 | 3 | |
Derivatives not designated as hedging instruments | Foreign exchange derivatives | Other liabilities | |||
Derivative [Line Items] | |||
Other liabilities | 1 | 3 | |
Derivatives not designated as hedging instruments | Purchased credit derivatives | |||
Derivative [Line Items] | |||
Notional amount | 0 | 35 | |
Derivatives not designated as hedging instruments | Purchased credit derivatives | Other assets | |||
Derivative [Line Items] | |||
Other assets | 0 | 1 | |
Derivatives not designated as hedging instruments | Purchased credit derivatives | Other liabilities | |||
Derivative [Line Items] | |||
Other liabilities | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Derivative Gain (Loss) Recognized/Reclassified) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) reclassified from AOCI into income | $ (26,000,000) | $ (37,000,000) |
Loss to be reclassified within the next 12 months into interest income | 102,000,000 | 156,000,000 |
Derivatives designated as hedging instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective portion of derivative gain/(loss) deferred in AOCI | (1,000,000) | 38,000,000 |
Amount of gain/(loss) reclassified from AOCI into income | (34,000,000) | (49,000,000) |
Interest on fair value hedges | 21,000,000 | 10,000,000 |
Derivatives designated as hedging instruments: | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Terminated or redesignated, unamortized basis adjustments, debt | 45,000,000 | 0 |
Terminated or redesignated, unamortized basis adjustments, assets | 3,000,000 | 10,000,000 |
Derivatives designated as hedging instruments: | Cash Flow Hedging | Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective portion of derivative gain/(loss) deferred in AOCI | (5,000,000) | 38,000,000 |
Amount of gain/(loss) reclassified from AOCI into income | (36,000,000) | (49,000,000) |
Interest on fair value hedges | 0 | 0 |
Derivatives designated as hedging instruments: | Fair Value Hedging | Pay-fixed interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective portion of derivative gain/(loss) deferred in AOCI | 4,000,000 | 0 |
Amount of gain/(loss) reclassified from AOCI into income | 2,000,000 | 0 |
Interest on fair value hedges | 0 | 0 |
Derivatives designated as hedging instruments: | Fair Value Hedging | Debt hedges: Receive-fixed interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective portion of derivative gain/(loss) deferred in AOCI | 0 | 0 |
Amount of gain/(loss) reclassified from AOCI into income | 0 | 0 |
Interest on fair value hedges | (2,000,000) | 4,000,000 |
Derivatives designated as hedging instruments: | Fair Value Hedging | Asset hedges: Pay-fixed interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective portion of derivative gain/(loss) deferred in AOCI | 0 | 0 |
Amount of gain/(loss) reclassified from AOCI into income | 0 | 0 |
Interest on fair value hedges | $ 23,000,000 | $ 6,000,000 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Derivatives Not Designated as Hedges) (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Noninterest Income/(Expense) | $ 14 | $ 9 |
Customer-facing interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Noninterest Income/(Expense) | 6 | 1 |
Other interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Noninterest Income/(Expense) | 1 | 1 |
Foreign exchange derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Noninterest Income/(Expense) | 7 | 7 |
Purchased credit derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Noninterest Income/(Expense) | $ 0 | $ 0 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities (Gain (Loss) Recorded in Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total income statement impact | $ 1 | $ (3) |
Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives | 0 | 12 |
Hedged items | 0 | (12) |
Total income statement impact | 0 | 0 |
Asset hedges: Pay-fixed interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives | 98 | 40 |
Hedged items | (98) | (40) |
Total income statement impact | $ 0 | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities (Basis Adjustments for Hedged Items) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total debt securities | $ 11,452 | $ 11,759 |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets | 50.5 | |
Amount of hedging | 3,500 | |
Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Par value of hedged assets | 12,039 | 12,389 |
Carrying amount of hedged assets | 11,761 | 12,209 |
Total debt securities | 11,000 | |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets | $ (278) | $ (180) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) branch | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Leases [Abstract] | |||
Number of branches | branch | 408 | ||
Number of branches owned | branch | 278 | ||
Number of branches leased | branch | 130 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Premises, equipment and software, net | Premises, equipment and software, net | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt | |
Operating lease income | $ | $ 3 | $ 3 | |
Sales-type or direct financing leases | $ | 388 | $ 383 | |
Sales-type or direct financing leases income | $ | $ 4 | $ 4 |
Leases (Assets and Liabilities)
Leases (Assets and Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
ROU assets, net of amortization | $ 168 | $ 172 |
Lease liabilities | 193 | 198 |
ROU assets, net of amortization | 3 | 3 |
Finance lease obligations | $ 4 | $ 4 |
Weighted average remaining lease term, operating leases | 8 years 7 months 6 days | 8 years 8 months 12 days |
Weighted average remaining lease term, finance leases | 16 years 2 months 12 days | 16 years 6 months |
Weighted average discount rate, operating leases | 3.40% | 3.40% |
Weighted average discount rate, finance leases | 3.10% | 3.10% |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease expense | $ 10 | $ 11 |
Other expenses associated with operating leases | 15 | 15 |
Total lease expense | 25 | 26 |
Related cash disbursements from operating leases | $ 11 | $ 12 |
Leases (Maturities Analysis) (D
Leases (Maturities Analysis) (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Leases [Abstract] | |
2023 | $ 32 |
2024 | 38 |
2025 | 33 |
2026 | 22 |
2027 | 18 |
Thereafter | 85 |
Total | $ 228 |
Long-Term Debt and Shareholde_3
Long-Term Debt and Shareholders' Equity (Long-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt And Equity [Abstract] | ||
Subordinated notes | $ 540 | $ 538 |
Finance lease obligations | 4 | 4 |
Total | $ 544 | $ 542 |
Long-Term Debt and Shareholde_4
Long-Term Debt and Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Debt And Equity [Abstract] | |||
Shares outstanding (in shares) | 147.7 | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock and additional paid-in capital change | $ (26) | ||
Common stock and additional paid-in capital percentage change | 2% | ||
Common stock and additional paid-in capital | $ 1,700 | ||
Common stock repurchased (in shares) | 0.9 | ||
Common stock repurchased | $ 35 | $ 50 | |
Common stock repurchased (in dollars per share) | $ 39.32 | ||
Transfer in accumulated unrecognized loss | $ 2,000 | ||
Unrealized loss, after tax | $ 1,500 |
Long-Term Debt and Shareholde_5
Long-Term Debt and Shareholders' Equity (Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 5,691 | $ 4,893 |
Other comprehensive income (loss) before reclassifications, net of tax | 11 | 106 |
Amounts reclassified from AOCI, net of tax | 72 | 86 |
Other comprehensive income, net of tax | 83 | 192 |
Balance at end of period | 5,829 | 5,184 |
Income tax expense included in OCI | 27 | 63 |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (2,692) | (3,112) |
Balance at end of period | (2,609) | (2,920) |
Net unrealized gains/(losses) on investment securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (2,526) | (2,800) |
Other comprehensive income (loss) before reclassifications, net of tax | 12 | 77 |
Amounts reclassified from AOCI, net of tax | 46 | 49 |
Other comprehensive income, net of tax | 58 | 126 |
Balance at end of period | (2,468) | (2,674) |
Income tax expense included in OCI | 19 | 41 |
Net unrealized gains/(losses) on derivatives and other | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (165) | (311) |
Other comprehensive income (loss) before reclassifications, net of tax | (1) | 29 |
Amounts reclassified from AOCI, net of tax | 26 | 37 |
Other comprehensive income, net of tax | 25 | 66 |
Balance at end of period | (140) | (245) |
Income tax expense included in OCI | 8 | 22 |
Pension and post-retirement | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (1) | (1) |
Other comprehensive income (loss) before reclassifications, net of tax | 0 | 0 |
Amounts reclassified from AOCI, net of tax | 0 | 0 |
Other comprehensive income, net of tax | 0 | 0 |
Balance at end of period | (1) | (1) |
Income tax expense included in OCI | $ 0 | $ 0 |
Long-Term Debt and Shareholde_6
Long-Term Debt and Shareholders' Equity (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest and fees on loans | $ 865 | $ 726 |
Less: Income tax expense (benefit) | 50 | 78 |
Net income | 153 | 204 |
Net unrealized gains/(losses) on investment securities | Amounts reclassified from AOCI | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest and fees on loans | (61) | (65) |
Less: Income tax expense (benefit) | (15) | (16) |
Net income | (46) | (49) |
Net unrealized gains/(losses) on derivatives and other | Amounts reclassified from AOCI | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest and fees on loans | (34) | (49) |
Less: Income tax expense (benefit) | (8) | (12) |
Net income | $ (26) | $ (37) |
Commitments, Guarantees, and _3
Commitments, Guarantees, and Contingent Liabilities (Schedule of Off Balance Sheet Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Unfunded lending commitments | $ 28,677 | $ 28,940 |
Commercial letters of credit | 19 | 22 |
Mortgage-backed security purchase agreement | 67 | 66 |
Total unfunded lending commitments | 29,557 | 29,782 |
Financial | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Standby letters of credit | 576 | 548 |
Performance | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Standby letters of credit | $ 218 | $ 206 |
Commitments, Guarantees, and _4
Commitments, Guarantees, and Contingent Liabilities (Narrative) (Details) $ in Millions | Mar. 31, 2024 USD ($) case |
Guarantor Obligations [Line Items] | |
Number of civil cases | case | 2 |
Minimum | |
Guarantor Obligations [Line Items] | |
Estimate of possible losses | $ 0 |
Maximum | |
Guarantor Obligations [Line Items] | |
Estimate of possible losses | $ 10 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | $ 124 | $ 124 |
Other noninterest income (non-ASC 606 customer-related) | 27 | 27 |
Total customer-related noninterest income | 151 | 151 |
Other noncustomer-related noninterest income | 5 | 9 |
Total noninterest income | 156 | 160 |
Net interest income | 586 | 679 |
Total net revenue | 742 | 839 |
Commercial account fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 44 | 43 |
Card fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 35 | 36 |
Retail and business banking fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 16 | 16 |
Capital markets fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 |
Wealth management fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 14 | 13 |
Other customer-related fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 14 | 15 |
Other | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 7 | 8 |
Other noninterest income (non-ASC 606 customer-related) | 9 | 5 |
Total customer-related noninterest income | 16 | 13 |
Other noncustomer-related noninterest income | (1) | 2 |
Total noninterest income | 15 | 15 |
Net interest income | 8 | 38 |
Total net revenue | 23 | 53 |
Other | Commercial account fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
Other | Card fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | (1) | (1) |
Other | Retail and business banking fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | (1) | (1) |
Other | Capital markets fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 |
Other | Wealth management fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 1 | 0 |
Other | Other customer-related fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 7 | 9 |
Zions Bank | Operating Segments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 38 | 40 |
Other noninterest income (non-ASC 606 customer-related) | 4 | 7 |
Total customer-related noninterest income | 42 | 47 |
Other noncustomer-related noninterest income | 1 | 3 |
Total noninterest income | 43 | 50 |
Net interest income | 166 | 185 |
Total net revenue | 209 | 235 |
Zions Bank | Operating Segments | Commercial account fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 13 | 14 |
Zions Bank | Operating Segments | Card fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 12 | 13 |
Zions Bank | Operating Segments | Retail and business banking fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 5 | 5 |
Zions Bank | Operating Segments | Capital markets fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
Zions Bank | Operating Segments | Wealth management fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 6 | 6 |
Zions Bank | Operating Segments | Other customer-related fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 |
CB&T | Operating Segments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 18 | 17 |
Other noninterest income (non-ASC 606 customer-related) | 6 | 5 |
Total customer-related noninterest income | 24 | 22 |
Other noncustomer-related noninterest income | 2 | 2 |
Total noninterest income | 26 | 24 |
Net interest income | 140 | 160 |
Total net revenue | 166 | 184 |
CB&T | Operating Segments | Commercial account fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 7 | 7 |
CB&T | Operating Segments | Card fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 5 | 5 |
CB&T | Operating Segments | Retail and business banking fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 3 | 3 |
CB&T | Operating Segments | Capital markets fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
CB&T | Operating Segments | Wealth management fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 |
CB&T | Operating Segments | Other customer-related fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 2 | 1 |
Amegy | Operating Segments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 32 | 31 |
Other noninterest income (non-ASC 606 customer-related) | 7 | 8 |
Total customer-related noninterest income | 39 | 39 |
Other noncustomer-related noninterest income | 3 | 2 |
Total noninterest income | 42 | 41 |
Net interest income | 113 | 124 |
Total net revenue | 155 | 165 |
Amegy | Operating Segments | Commercial account fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 15 | 14 |
Amegy | Operating Segments | Card fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 8 | 8 |
Amegy | Operating Segments | Retail and business banking fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 3 | 3 |
Amegy | Operating Segments | Capital markets fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
Amegy | Operating Segments | Wealth management fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 4 | 4 |
Amegy | Operating Segments | Other customer-related fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 |
NBAZ | Operating Segments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 10 | 9 |
Other noninterest income (non-ASC 606 customer-related) | 0 | 1 |
Total customer-related noninterest income | 10 | 10 |
Other noncustomer-related noninterest income | 0 | 0 |
Total noninterest income | 10 | 10 |
Net interest income | 60 | 64 |
Total net revenue | 70 | 74 |
NBAZ | Operating Segments | Commercial account fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 3 | 2 |
NBAZ | Operating Segments | Card fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 4 | 4 |
NBAZ | Operating Segments | Retail and business banking fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 |
NBAZ | Operating Segments | Capital markets fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
NBAZ | Operating Segments | Wealth management fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 |
NBAZ | Operating Segments | Other customer-related fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
NSB | Operating Segments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 11 | 11 |
Other noninterest income (non-ASC 606 customer-related) | 1 | 0 |
Total customer-related noninterest income | 12 | 11 |
Other noncustomer-related noninterest income | 0 | 0 |
Total noninterest income | 12 | 11 |
Net interest income | 47 | 51 |
Total net revenue | 59 | 62 |
NSB | Operating Segments | Commercial account fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 3 | 3 |
NSB | Operating Segments | Card fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 4 | 4 |
NSB | Operating Segments | Retail and business banking fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 3 | 3 |
NSB | Operating Segments | Capital markets fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
NSB | Operating Segments | Wealth management fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 |
NSB | Operating Segments | Other customer-related fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
Vectra | Operating Segments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 6 | 6 |
Other noninterest income (non-ASC 606 customer-related) | 0 | 1 |
Total customer-related noninterest income | 6 | 7 |
Other noncustomer-related noninterest income | 0 | 0 |
Total noninterest income | 6 | 7 |
Net interest income | 37 | 41 |
Total net revenue | 43 | 48 |
Vectra | Operating Segments | Commercial account fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 |
Vectra | Operating Segments | Card fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 |
Vectra | Operating Segments | Retail and business banking fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 |
Vectra | Operating Segments | Capital markets fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
Vectra | Operating Segments | Wealth management fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
Vectra | Operating Segments | Other customer-related fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 |
TCBW | Operating Segments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 |
Other noninterest income (non-ASC 606 customer-related) | 0 | 0 |
Total customer-related noninterest income | 2 | 2 |
Other noncustomer-related noninterest income | 0 | 0 |
Total noninterest income | 2 | 2 |
Net interest income | 15 | 16 |
Total net revenue | 17 | 18 |
TCBW | Operating Segments | Commercial account fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 |
TCBW | Operating Segments | Card fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 |
TCBW | Operating Segments | Retail and business banking fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
TCBW | Operating Segments | Capital markets fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
TCBW | Operating Segments | Wealth management fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 |
TCBW | Operating Segments | Other customer-related fees | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total noninterest income from contracts with customers (ASC 606) | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Billions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 24.60% | 27.70% | |
Deferred tax assets | $ 1 | $ 1 |
Net Earnings Per Common Share -
Net Earnings Per Common Share - Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic: | ||
Net income | $ 153 | $ 204 |
Less common and preferred dividends | 71 | 67 |
Undistributed earnings | 82 | 137 |
Less undistributed earnings applicable to nonvested shares | 1 | 1 |
Undistributed earnings applicable to common shares | 81 | 136 |
Distributed earnings applicable to common shares | 60 | 61 |
Total earnings applicable to common shares | $ 141 | $ 197 |
Weighted average common shares outstanding (in shares) | 147,338 | 148,015 |
Net earnings per common share (in dollars per share) | $ 0.96 | $ 1.33 |
Diluted: | ||
Dilutive effect of stock options (in shares) | 5 | 23 |
Weighted average diluted common shares outstanding (in shares) | 147,343 | 148,038 |
Net earnings per common share (in dollars per share) | $ 0.96 | $ 1.33 |
Net Earnings Per Common Share_2
Net Earnings Per Common Share - Stock Awards that were Anti-Dilutive (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restricted stock and restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,543 | 1,334 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,379 | 1,230 |
Operating Segment Information_2
Operating Segment Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) branch segment | Mar. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of bank operating segments | segment | 7 | |
Number of branches | branch | 408 | |
Net interest income | $ 586 | $ 679 |
Provision for credit losses | 13 | 45 |
Net interest income after provision for credit losses | 573 | 634 |
Total noninterest income | 156 | 160 |
Total noninterest expense | 526 | 512 |
Income before income taxes | 203 | 282 |
Total average loans | 57,907 | 56,153 |
Total average deposits | 73,358 | 70,156 |
Other | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 8 | 38 |
Provision for credit losses | 0 | 2 |
Net interest income after provision for credit losses | 8 | 36 |
Total noninterest income | 15 | 15 |
Total noninterest expense | 35 | 60 |
Income before income taxes | (12) | (9) |
Total average loans | 977 | 1,144 |
Total average deposits | 4,714 | 2,031 |
Zions Bank | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 166 | 185 |
Provision for credit losses | (11) | 24 |
Net interest income after provision for credit losses | 177 | 161 |
Total noninterest income | 43 | 50 |
Total noninterest expense | 144 | 135 |
Income before income taxes | 76 | 76 |
Total average loans | 14,726 | 13,978 |
Total average deposits | 20,735 | 20,953 |
CB&T | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 140 | 160 |
Provision for credit losses | 22 | 0 |
Net interest income after provision for credit losses | 118 | 160 |
Total noninterest income | 26 | 24 |
Total noninterest expense | 101 | 92 |
Income before income taxes | 43 | 92 |
Total average loans | 14,165 | 14,016 |
Total average deposits | 14,406 | 14,644 |
Amegy | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 113 | 124 |
Provision for credit losses | 4 | 11 |
Net interest income after provision for credit losses | 109 | 113 |
Total noninterest income | 42 | 41 |
Total noninterest expense | 113 | 98 |
Income before income taxes | 38 | 56 |
Total average loans | 13,115 | 12,844 |
Total average deposits | 14,871 | 13,287 |
NBAZ | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 60 | 64 |
Provision for credit losses | 5 | (1) |
Net interest income after provision for credit losses | 55 | 65 |
Total noninterest income | 10 | 10 |
Total noninterest expense | 48 | 47 |
Income before income taxes | 17 | 28 |
Total average loans | 5,651 | 5,150 |
Total average deposits | 6,859 | 7,179 |
NSB | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 47 | 51 |
Provision for credit losses | (5) | 4 |
Net interest income after provision for credit losses | 52 | 47 |
Total noninterest income | 12 | 11 |
Total noninterest expense | 43 | 41 |
Income before income taxes | 21 | 17 |
Total average loans | 3,506 | 3,327 |
Total average deposits | 7,200 | 6,972 |
Vectra | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 37 | 41 |
Provision for credit losses | (6) | 3 |
Net interest income after provision for credit losses | 43 | 38 |
Total noninterest income | 6 | 7 |
Total noninterest expense | 34 | 33 |
Income before income taxes | 15 | 12 |
Total average loans | 4,039 | 3,983 |
Total average deposits | 3,450 | 3,707 |
TCBW | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 15 | 16 |
Provision for credit losses | 4 | 2 |
Net interest income after provision for credit losses | 11 | 14 |
Total noninterest income | 2 | 2 |
Total noninterest expense | 8 | 6 |
Income before income taxes | 5 | 10 |
Total average loans | 1,728 | 1,711 |
Total average deposits | $ 1,123 | $ 1,383 |
Utah | Zions Bank | ||
Segment Reporting Information [Line Items] | ||
Number of branches | branch | 95 | |
Idaho | Zions Bank | ||
Segment Reporting Information [Line Items] | ||
Number of branches | branch | 25 | |
Wyoming | Zions Bank | ||
Segment Reporting Information [Line Items] | ||
Number of branches | branch | 1 | |
Texas | Amegy | ||
Segment Reporting Information [Line Items] | ||
Number of branches | branch | 75 | |
California | CB&T | ||
Segment Reporting Information [Line Items] | ||
Number of branches | branch | 75 | |
Arizona | NBAZ | ||
Segment Reporting Information [Line Items] | ||
Number of branches | branch | 56 | |
Nevada | NSB | ||
Segment Reporting Information [Line Items] | ||
Number of branches | branch | 43 | |
Colorado | Vectra | ||
Segment Reporting Information [Line Items] | ||
Number of branches | branch | 34 | |
New Mexico | Vectra | ||
Segment Reporting Information [Line Items] | ||
Number of branches | branch | 1 | |
Washington | TCBW | ||
Segment Reporting Information [Line Items] | ||
Number of branches | branch | 2 | |
Oregon | TCBW | ||
Segment Reporting Information [Line Items] | ||
Number of branches | branch | 1 |