Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 25, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'Comerica INC /NEW/ | ' |
Entity Central Index Key | '0000028412 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 181,673,675 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Cash and due from banks | $1,186 | $1,140 | ||
Interest-bearing deposits with banks | 4,434 | 5,311 | ||
Other short-term investments | 105 | 112 | ||
Investment securities available-for-sale | 9,487 | [1] | 9,307 | [1] |
Commercial loans | 29,774 | 28,815 | ||
Real estate construction loans | 1,847 | 1,762 | ||
Commercial mortgage loans | 8,801 | 8,787 | ||
Lease financing | 849 | 845 | ||
International loans | 1,250 | 1,327 | ||
Residential mortgage loans | 1,751 | 1,697 | ||
Consumer loans | 2,217 | 2,237 | ||
Total loans | 46,489 | 45,470 | ||
Less allowance for loan losses | -594 | -598 | ||
Net loans | 45,895 | 44,872 | ||
Premises and equipment | 583 | 594 | ||
Accrued income and other assets | 3,991 | 3,888 | ||
Total assets | 65,681 | 65,224 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ||
Noninterest-bearing deposits | 23,955 | 23,875 | ||
Money market and interest-bearing checking deposits | 22,485 | 22,332 | ||
Savings deposits | 1,742 | 1,673 | ||
Customer certificates of deposit | 5,099 | 5,063 | ||
Foreign office time deposits | 469 | 349 | ||
Total interest-bearing deposits | 29,795 | 29,417 | ||
Total deposits | 53,750 | 53,292 | ||
Short-term borrowings | 160 | 253 | ||
Accrued expenses and other liabilities | 954 | 986 | ||
Medium- and long-term debt | 3,534 | 3,543 | ||
Total liabilities | 58,398 | 58,074 | ||
Common stock - $5 par value: Authorized - 325,000,000 shares; Issued - 228,164,824 shares | 1,141 | 1,141 | ||
Capital surplus | 2,182 | 2,179 | ||
Accumulated other comprehensive loss | -325 | -391 | ||
Retained earnings | 6,414 | 6,318 | ||
Less cost of common stock in treasury - 46,492,524 shares at 3/31/14 and 45,860,786 shares at 12/31/13 | -2,129 | -2,097 | ||
Total shareholders' equity | 7,283 | 7,150 | ||
Total liabilities and shareholders' equity | $65,681 | $65,224 | ||
[1] | Included auction-rate securities at amortized cost and fair value of $146 million and $142 million, respectively, as of March 31, 2014 and $169 million and $159 million, respectively, as of December 31, 2013. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $5 | $5 |
Common stock, authorized shares | 325,000,000 | 325,000,000 |
Common stock, issued shares | 228,164,824 | 228,164,824 |
Shares in treasury | 46,492,524 | 45,860,786 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
INTEREST INCOME | ' | ' |
Interest and fees on loans | $376 | $390 |
Interest on investment securities | 55 | 53 |
Interest on short-term investments | 4 | 3 |
Total interest income | 435 | 446 |
INTEREST EXPENSE | ' | ' |
Interest on deposits | 11 | 15 |
Interest on medium- and long-term debt | 14 | 15 |
Total interest expense | 25 | 30 |
Net interest income | 410 | 416 |
Provision for credit losses | 9 | 16 |
Net interest income after provision for credit losses | 401 | 400 |
NONINTEREST INCOME | ' | ' |
Service charges on deposit accounts | 54 | 55 |
Fiduciary income | 44 | 43 |
Commercial lending fees | 20 | 21 |
Card Fees | 19 | 17 |
Letter of credit fees | 14 | 16 |
Bank-owned life insurance | 9 | 9 |
Foreign exchange income | 9 | 9 |
Brokerage fees | 5 | 5 |
Net securities gains | 1 | 0 |
Other noninterest income | 33 | 38 |
Total noninterest income | 208 | 213 |
NONINTEREST EXPENSES | ' | ' |
Salaries and benefits expense | 247 | 251 |
Net occupancy expense | 40 | 39 |
Equipment expense | 14 | 15 |
Outside processing fee expense | 28 | 28 |
Software expense | 22 | 22 |
Litigation-related expense | 3 | 3 |
FDIC insurance expense | 8 | 9 |
Advertising expense | 6 | 6 |
Other noninterest expenses | 38 | 43 |
Total noninterest expenses | 406 | 416 |
Income before income taxes | 203 | 197 |
Provision for income taxes | 64 | 63 |
Net Income | 139 | 134 |
Less income allocated to participating securities | 2 | 2 |
Net income attributable to common shares | 137 | 132 |
Basic earnings per common share | $0.76 | $0.71 |
Diluted earnings per common share | $0.73 | $0.70 |
Comprehensive income | 205 | 137 |
Cash dividends declared on common stock | $35 | $32 |
Cash dividends declared per common share | $0.19 | $0.17 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Shareholders' Equity (USD $) | Total | Common Stock | Capital Surplus | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock |
In Millions | ||||||
BALANCE at Dec. 31, 2012 | $6,939 | $1,141 | $2,162 | ($413) | $5,928 | ($1,879) |
BALANCE (in shares) at Dec. 31, 2012 | ' | 188.3 | ' | ' | ' | ' |
Net income | 134 | ' | ' | ' | 134 | ' |
Other comprehensive income, net of tax | 3 | ' | ' | 3 | ' | ' |
Cash dividends declared on common stock | -32 | ' | ' | ' | -32 | ' |
Purchase of common stock | -74 | ' | ' | ' | ' | -74 |
Purchase of common stock (in shares) | ' | -2.2 | ' | ' | ' | ' |
Net issuance of common stock under employee stock plans | 5 | ' | -15 | ' | -13 | 33 |
Net issuance of common stock under employee stock plans (in shares) | ' | 0.7 | ' | ' | ' | ' |
Share-based compensation | 10 | ' | 10 | ' | ' | ' |
BALANCE at Mar. 31, 2013 | 6,985 | 1,141 | 2,157 | -410 | 6,017 | -1,920 |
BALANCE (in shares) at Mar. 31, 2013 | ' | 186.8 | ' | ' | ' | ' |
BALANCE at Dec. 31, 2013 | 7,150 | 1,141 | 2,179 | -391 | 6,318 | -2,097 |
BALANCE (in shares) at Dec. 31, 2013 | ' | 182.3 | ' | ' | ' | ' |
Net income | 139 | ' | ' | ' | 139 | ' |
Other comprehensive income, net of tax | 66 | ' | ' | 66 | ' | ' |
Cash dividends declared on common stock | -35 | ' | ' | ' | -35 | ' |
Purchase of common stock | -80 | ' | ' | ' | ' | -80 |
Purchase of common stock (in shares) | ' | -1.7 | ' | ' | ' | ' |
Net issuance of common stock under employee stock plans | 29 | ' | -11 | ' | -8 | 48 |
Net issuance of common stock under employee stock plans (in shares) | ' | 1.1 | ' | ' | ' | ' |
Share-based compensation | 14 | ' | 14 | ' | ' | ' |
BALANCE at Mar. 31, 2014 | $7,283 | $1,141 | $2,182 | ($325) | $6,414 | ($2,129) |
BALANCE (in shares) at Mar. 31, 2014 | ' | 181.7 | ' | ' | ' | ' |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Cash dividends declared on common stock, per share | $0.19 | $0.17 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income | $139 | $134 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for credit losses | 9 | 16 |
Provision (benefit) for deferred income taxes | -5 | 29 |
Depreciation and amortization | 29 | 30 |
Net periodic defined benefit cost | 9 | 21 |
Share-based compensation expense | 14 | 10 |
Net amortization of securities | 2 | 10 |
Accretion of loan purchase discount | -12 | -11 |
Net securities gains | -1 | 0 |
Net gain on foreclosed property sold | -1 | -1 |
Excess tax benefits from share-based compensation arrangements | -5 | -1 |
Net change in trading securities | 5 | 10 |
Net change in accrued income receivable | 0 | -10 |
Net change in accrued expenses payable | -61 | -72 |
Other, net | 92 | 94 |
Net cash provided by operating activities | 214 | 259 |
INVESTING ACTIVITIES | ' | ' |
Maturities and redemptions of investment securities available-for-sale | 411 | 938 |
Purchases of investment securities available-for-sale | -499 | -955 |
Net change in loans | -1,026 | 971 |
Proceeds from sales of foreclosed property | 3 | 18 |
Net increase in premises and equipment | -16 | -19 |
Other, net | -1 | 5 |
Net cash (used in) provided by investing activities | -1,128 | 958 |
FINANCING ACTIVITIES | ' | ' |
Net change in deposits | 255 | 0 |
Net change in short-term borrowings | -93 | -52 |
Repurchases of common stock | -80 | -74 |
Cash dividends paid on common stock | -31 | -29 |
Issuances of common stock under employee stock plans | 26 | 5 |
Excess tax benefits from share-based compensation arrangements | 5 | 1 |
Other, net | 1 | -5 |
Net cash provided by (used in) financing activities | 83 | -154 |
Net (decrease) increase in cash and cash equivalents | -831 | 1,063 |
Cash and cash equivalents at beginning of period | 6,451 | 4,534 |
Cash and cash equivalents at end of period | 5,620 | 5,597 |
Interest paid | 25 | 29 |
Income taxes and tax-related interest paid | 0 | 1 |
Noncash investing and financing activities: | ' | ' |
Loans transferred to other real estate | $7 | $5 |
Basis_of_Presentation_and_Acco
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Accounting Policies | ' |
BASIS OF PRESENTATION AND ACCOUNTING POLICIES | |
Organization | |
The accompanying unaudited consolidated financial statements were 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, the statements 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 were included. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. Certain items in prior periods were reclassified to conform to the current presentation. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report of Comerica Incorporated and Subsidiaries (the Corporation) on Form 10-K for the year ended December 31, 2013. | |
Recently Adopted Accounting Pronouncement | |
Effective January 1, 2014, the Corporation early adopted Accounting Standards Update (ASU) No. 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” an amendment to GAAP which enables companies that invest in affordable housing projects that qualify for the low-income housing tax credit (LIHTC) to elect to use the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial investment cost of the project is amortized in proportion to the amount of tax credits and other benefits received, with the results of the investment presented on a net basis as a component of the provision for income taxes. Previously, LIHTC investments were accounted for under the cost or equity method, and the amortization was recorded as a reduction to other noninterest income, with the tax credits and other benefits received recorded as a component of the provision for income taxes. The Corporation believes the proportional amortization method better represents the economics of LIHTC investments and provides users with a better understanding of the returns from such investments than the cost or equity method. | |
The cumulative effect of the retrospective application of the change in amortization method was a $3 million decrease to both "accrued income and other assets" and "retained earnings" on the consolidated balance sheets as of January 1, 2013. The unaudited consolidated financial statements have been retrospectively adjusted to reflect the prior period effect of the adoption of the amendment, which resulted in a $13 million increase to both "other noninterest income" and "provision for income taxes" for the three months ended March 31, 2013. The adoption of ASU 2014-01 had no effect on net income or earnings per common share for any period presented. | |
See Note 6 to these unaudited consolidated financial statements for additional information regarding LIHTC and other tax credit investments. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||
The Corporation utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, the Corporation uses present value techniques and other valuation methods to estimate the fair values of its financial instruments. These valuation methods require considerable judgment and the resulting estimates of fair value can be significantly affected by the assumptions made and methods used. | |||||||||||||||||||||||||
Fair value is an estimate of the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (i.e., not a forced transaction, such as a liquidation or distressed sale) between market participants at the measurement date. However, the calculated fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not be realizable in a current sale of the financial instrument. | |||||||||||||||||||||||||
Trading securities, investment securities available-for-sale, derivatives and deferred compensation plan liabilities are recorded at fair value on a recurring basis. Additionally, from time to time, the Corporation may be required to record other assets and liabilities at fair value on a nonrecurring basis, such as impaired loans, other real estate (primarily foreclosed property), nonmarketable equity securities and certain other assets and liabilities. These nonrecurring fair value adjustments typically involve write-downs of individual assets or application of lower of cost or fair value accounting. | |||||||||||||||||||||||||
The Corporation categorizes assets and liabilities recorded at fair value on a recurring or nonrecurring basis and the estimated fair value of financial instruments not recorded at fair value on a recurring basis into a three-level hierarchy, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. | |||||||||||||||||||||||||
Level 1 | Valuation is based upon quoted prices for identical instruments traded in active markets. | ||||||||||||||||||||||||
Level 2 | Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||||||||||
Level 3 | Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | ||||||||||||||||||||||||
The Corporation generally utilizes third-party pricing services to value Level 1 and Level 2 trading securities and investment securities available-for-sale, as well as certain derivatives designated as fair value hedges. Management reviews the methodologies and assumptions used by the third-party pricing services and evaluates the values provided, principally by comparison with other available market quotes for similar instruments and/or analysis based on internal models using available third-party market data. The Corporation may occasionally adjust certain values provided by the third-party pricing service when management believes, as the result of its review, that the adjusted price most appropriately reflects the fair value of the particular security. | |||||||||||||||||||||||||
Following are descriptions of the valuation methodologies and key inputs used to measure financial assets and liabilities recorded at fair value, as well as a description of the methods and significant assumptions used to estimate fair value disclosures for financial instruments not recorded at fair value in their entirety on a recurring basis. The descriptions include an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Transfers of assets or liabilities between levels of the fair value hierarchy are recognized at the beginning of the reporting period, when applicable. | |||||||||||||||||||||||||
Cash and due from banks, federal funds sold and interest-bearing deposits with banks | |||||||||||||||||||||||||
Due to their short-term nature, the carrying amount of these instruments approximates the estimated fair value. As such, the Corporation classifies the estimated fair value of these instruments as Level 1. | |||||||||||||||||||||||||
Trading securities and associated deferred compensation plan liabilities | |||||||||||||||||||||||||
Trading securities include securities held for trading purposes as well as assets held related to employee deferred compensation plans. Trading securities and associated deferred compensation plan liabilities are recorded at fair value on a recurring basis and included in “other short-term investments” and “accrued expenses and other liabilities,” respectively, on the consolidated balance sheets. Level 1 trading securities include assets related to employee deferred compensation plans, which are invested in mutual funds, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and other securities traded on an active exchange, such as the New York Stock Exchange. Deferred compensation plan liabilities represent the fair value of the obligation to the employee, which corresponds to the fair value of the invested assets. Level 2 trading securities include municipal bonds and residential mortgage-backed securities issued by U.S. government-sponsored entities and corporate debt securities. The methods used to value trading securities are the same as the methods used to value investment securities available-for-sale, discussed below. | |||||||||||||||||||||||||
Loans held-for-sale | |||||||||||||||||||||||||
Loans held-for-sale, included in “other short-term investments” on the consolidated balance sheets, are recorded at the lower of cost or fair value. Loans held-for-sale may be carried at fair value on a nonrecurring basis when fair value is less than cost. The fair value is based on what secondary markets are currently offering for portfolios with similar characteristics. As such, the Corporation classifies both loans held-for-sale subjected to nonrecurring fair value adjustments and the estimated fair value of loans held-for sale as Level 2. | |||||||||||||||||||||||||
Investment securities available-for-sale | |||||||||||||||||||||||||
Investment securities available-for-sale are recorded at fair value on a recurring basis. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include residential mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored entities and corporate debt securities. The fair value of Level 2 securities was determined using quoted prices of securities with similar characteristics, or pricing models based on observable market data inputs, primarily interest rates, spreads and prepayment information. | |||||||||||||||||||||||||
Securities classified as Level 3 represent securities in less liquid markets requiring significant management assumptions when determining fair value. Auction-rate securities comprise Level 3 investment securities available-for-sale. Due to the lack of a robust secondary auction-rate securities market with active fair value indicators, fair value for all periods presented was determined using an income approach based on a discounted cash flow model. The discounted cash flow model utilizes two significant inputs: discount rate and workout period. The discount rate was calculated using credit spreads of the underlying collateral or similar securities plus a liquidity risk premium. The liquidity risk premium was derived from the rate at which various types of similar auction-rate securities had been redeemed or sold. The workout period was based on an assessment of publicly available information on efforts to re-establish functioning markets for these securities and the Corporation's own redemption experience. Significant increases in any of these inputs in isolation would result in a significantly lower fair value. The Corporate Development Department, with appropriate oversight and approval provided by senior management, is responsible for determining the valuation methodology for auction-rate securities and for updating significant inputs based on changes to the factors discussed above. Valuation results, including an analysis of changes to the valuation methodology and significant inputs, are provided to senior management for review on a quarterly basis. | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||
The Corporation does not record loans at fair value on a recurring basis. However, the Corporation may establish a specific allowance for an impaired loan based on the fair value of the underlying collateral. Such loan values are reported as nonrecurring fair value measurements. Collateral values supporting individually evaluated impaired loans are evaluated quarterly. When management determines that the fair value of the collateral requires additional adjustments, either as a result of non-current appraisal value or when there is no observable market price, the Corporation classifies the impaired loan as Level 3. The Special Assets Group is responsible for performing quarterly credit quality reviews for all impaired loans as part of the quarterly allowance for loan losses process overseen by the Chief Credit Officer, during which valuation adjustments to updated collateral values are determined. | |||||||||||||||||||||||||
The Corporation discloses fair value estimates for loans. The estimated fair value is determined based on characteristics such as loan category, repricing features and remaining maturity, and includes prepayment and credit loss estimates. For variable rate business loans that reprice frequently, the estimated fair value is based on carrying values adjusted for estimated credit losses inherent in the portfolio at the balance sheet date. For other business loans and retail loans, fair values are estimated using a discounted cash flow model that employs a discount rate that reflects the Corporation's current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Corporation classifies the estimated fair value of loans held for investment as Level 3. | |||||||||||||||||||||||||
Customers’ liability on acceptances outstanding and acceptances outstanding | |||||||||||||||||||||||||
Customers' liability on acceptances outstanding is included in "accrued income and other assets" and acceptances outstanding are included in "accrued expenses and other liabilities" on the consolidated balance sheets. Due to their short-term nature, the carrying amount of these instruments approximates the estimated fair value. As such, the Corporation classifies the estimated fair value of these instruments as Level 1. | |||||||||||||||||||||||||
Derivative assets and derivative liabilities | |||||||||||||||||||||||||
Derivative instruments held or issued for risk management or customer-initiated activities are traded in over-the-counter markets where quoted market prices are not readily available. Fair value for over-the-counter derivative instruments is measured on a recurring basis using internally developed models that use primarily market observable inputs, such as yield curves and option volatilities. The Corporation manages credit risk on its derivative positions based on whether the derivatives are being settled through a clearinghouse or bilaterally with each counterparty. For derivative positions settled on a counterparty-by-counterparty basis, the Corporation calculates credit valuation adjustments, included in the fair value of these instruments, on the basis of its relationships at the counterparty portfolio/master netting agreement level. These credit valuation adjustments are determined by applying a credit spread for the counterparty or the Corporation, as appropriate, to the total expected exposure of the derivative after considering collateral and other master netting arrangements. These adjustments, which are considered Level 3 inputs, are based on estimates of current credit spreads to evaluate the likelihood of default. The Corporation assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Corporation classifies its over-the-counter derivative valuations in Level 2 of the fair value hierarchy. Examples of Level 2 derivative instruments are interest rate swaps and energy derivative and foreign exchange contracts. | |||||||||||||||||||||||||
Warrants which contain a net exercise provision or a non-contingent put right embedded in the warrant agreement are accounted for as derivatives and recorded at fair value on a recurring basis using a Black-Scholes valuation model. The Black-Scholes valuation model utilizes five inputs: risk-free rate, expected life, volatility, exercise price, and the per share market value of the underlying company. The Corporation holds a portfolio of warrants for generally nonmarketable equity securities with a fair value of $3 million at March 31, 2014, included in "accrued income and other assets" on the consolidated balance sheets. These warrants are primarily from non-public technology companies obtained as part of the loan origination process. The Corporate Development Department is responsible for the warrant valuation process, which includes reviewing all significant inputs for reasonableness, and for providing valuation results to senior management. Increases in any of these inputs in isolation, with the exception of exercise price, would result in a higher fair value. Increases in exercise price in isolation would result in a lower fair value. The Corporation classifies warrants accounted for as derivatives as Level 3. | |||||||||||||||||||||||||
The Corporation also holds a derivative contract associated with the 2008 sale of its remaining ownership of Visa Inc. (Visa) Class B shares. Under the terms of the derivative contract, the Corporation will compensate the counterparty primarily for dilutive adjustments made to the conversion factor of the Visa Class B to Class A shares based on the ultimate outcome of litigation involving Visa. Conversely, the Corporation will be compensated by the counterparty for any increase in the conversion factor from anti-dilutive adjustments. At March 31, 2014, the fair value of the contract was a liability of $2 million. The recurring fair value of the derivative contract is based on unobservable inputs consisting of management's estimate of the litigation outcome, timing of litigation settlements and payments related to the derivative. Significant increases in the estimate of litigation outcome and the timing of litigation settlements in isolation would result in a significantly higher liability fair value. Significant increases in payments related to the derivative in isolation would result in a significantly lower liability fair value. The Corporation classifies the derivative liability as Level 3. | |||||||||||||||||||||||||
Nonmarketable equity securities | |||||||||||||||||||||||||
The Corporation has a portfolio of indirect (through funds) private equity and venture capital investments with a carrying value and unfunded commitments of $12 million and $5 million, respectively, at March 31, 2014. These funds generally cannot be redeemed and the majority are not readily marketable. Distributions from these funds are received by the Corporation as a result of the liquidation of underlying investments of the funds and/or as income distributions. It is estimated that the underlying assets of the funds will be liquidated over a period of up to 16 years. Recently issued federal regulations may require the Corporation to sell certain of these funds prior to liquidation. The investments are accounted for either on the cost or equity method and are individually reviewed for impairment on a quarterly basis by comparing the carrying value to the estimated fair value. These investments may be carried at fair value on a nonrecurring basis when they are deemed to be impaired and written down to fair value. Where there is not a readily determinable fair value, the Corporation estimates fair value for indirect private equity and venture capital investments based on the net asset value, as reported by the fund, after indication that the fund adheres to applicable fair value measurement guidance. For those funds where the net asset value is not reported by the fund, the Corporation derives the fair value of the fund by estimating the fair value of each underlying investment in the fund. In addition to using qualitative information about each underlying investment, as provided by the fund, the Corporation gives consideration to information pertinent to the specific nature of the debt or equity investment, such as relevant market conditions, offering prices, operating results, financial conditions, exit strategy and other qualitative information, as available. The lack of an independent source to validate fair value estimates, including the impact of future capital calls and transfer restrictions, is an inherent limitation in the valuation process. On a quarterly basis, the Corporate Development Department is responsible, with appropriate oversight and approval provided by senior management, for performing the valuation procedures and updating significant inputs, as are primarily provided by the underlying fund's management. The Corporation classifies fair value measurements of nonmarketable equity securities as Level 3. Commitments to fund additional investments in nonmarketable equity securities recorded at fair value on a nonrecurring basis were not significant at March 31, 2014 or December 31, 2013. | |||||||||||||||||||||||||
The Corporation also holds restricted equity investments, primarily Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock. Restricted equity securities are not readily marketable and are recorded at cost (par value) in "accrued income and other assets" on the consolidated balance sheets and evaluated for impairment based on the ultimate recoverability of the par value. No significant observable market data for these instruments is available. The Corporation considers the profitability and asset quality of the issuer, dividend payment history and recent redemption experience when determining the ultimate recoverability of the par value. The Corporation’s investment in FHLB stock totaled $48 million at both March 31, 2014 and December 31, 2013, and its investment in FRB stock totaled $85 million at both March 31, 2014 and December 31, 2013. The Corporation believes its investments in FHLB and FRB stock are ultimately recoverable at par. Therefore, the carrying amount for these restricted equity investments approximates fair value. The Corporation classifies the estimated fair value of such investments as Level 1. | |||||||||||||||||||||||||
Other real estate | |||||||||||||||||||||||||
Other real estate is included in “accrued income and other assets” on the consolidated balance sheets and includes primarily foreclosed property. Foreclosed property is initially recorded at fair value, less costs to sell, at the date of foreclosure, establishing a new cost basis. Subsequently, foreclosed property is carried at the lower of cost or fair value, less costs to sell. Other real estate may be carried at fair value on a nonrecurring basis when fair value is less than cost. Fair value is based upon independent market prices, appraised value or management's estimate of the value of the property. The Special Assets Group obtains updated independent market prices and appraised values, as required by state regulation or deemed necessary based on market conditions, and determines if additional write-downs are necessary. On a quarterly basis, senior management reviews all other real estate and determines whether the carrying values are reasonable, based on the length of time elapsed since receipt of independent market price or appraised value and current market conditions. When management determines that the fair value of other real estate requires additional adjustments, either as a result of a non-current appraisal or when there is no observable market price, the Corporation classifies the other real estate as Level 3. | |||||||||||||||||||||||||
Deposit liabilities | |||||||||||||||||||||||||
The estimated fair value of checking, savings and certain money market deposit accounts is represented by the amounts payable on demand. The estimated fair value of term deposits is calculated by discounting the scheduled cash flows using the period-end rates offered on these instruments. As such, the Corporation classifies the estimated fair value of deposit liabilities as Level 2. | |||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||
The carrying amount of federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings approximates the estimated fair value. As such, the Corporation classifies the estimated fair value of short-term borrowings as Level 1. | |||||||||||||||||||||||||
Medium- and long-term debt | |||||||||||||||||||||||||
The carrying value of variable-rate FHLB advances approximates the estimated fair value. The estimated fair value of the Corporation's remaining variable- and fixed-rate medium- and long-term debt is based on quoted market values when available. If quoted market values are not available, the estimated fair value is based on the market values of debt with similar characteristics. The Corporation classifies the estimated fair value of medium- and long-term debt as Level 2. | |||||||||||||||||||||||||
Credit-related financial instruments | |||||||||||||||||||||||||
Credit-related financial instruments include unused commitments to extend credit and letters of credit. These instruments generate ongoing fees which are recognized over the term of the commitment. In situations where credit losses are probable, the Corporation records an allowance. The carrying value of these instruments included in "accrued expenses and other liabilities" on the consolidated balance sheets, which includes the carrying value of the deferred fees plus the related allowance, approximates the estimated fair value. The Corporation classifies the estimated fair value of credit-related financial instruments as Level 3. | |||||||||||||||||||||||||
ASSETS AND LIABLILITIES RECORDED AT FAIR VALUE ON A RECURRING BASIS | |||||||||||||||||||||||||
The following tables present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
Deferred compensation plan assets | $ | 97 | $ | 97 | $ | — | $ | — | |||||||||||||||||
Equity and other non-debt securities | 1 | 1 | — | — | |||||||||||||||||||||
Residential mortgage-backed securities (a) | 3 | — | 3 | — | |||||||||||||||||||||
State and municipal securities | 1 | — | 1 | — | |||||||||||||||||||||
Corporate debt securities | 1 | — | 1 | — | |||||||||||||||||||||
Total trading securities | 103 | 98 | 5 | — | |||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | 45 | 45 | — | — | |||||||||||||||||||||
Residential mortgage-backed securities (a) | 9,123 | — | 9,123 | — | |||||||||||||||||||||
State and municipal securities | 23 | — | — | 23 | (b) | ||||||||||||||||||||
Corporate debt securities | 54 | — | 53 | 1 | (b) | ||||||||||||||||||||
Equity and other non-debt securities | 242 | 124 | — | 118 | (b) | ||||||||||||||||||||
Total investment securities available-for-sale | 9,487 | 169 | 9,176 | 142 | |||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||
Interest rate contracts | 358 | — | 358 | — | |||||||||||||||||||||
Energy derivative contracts | 103 | — | 103 | — | |||||||||||||||||||||
Foreign exchange contracts | 18 | — | 18 | — | |||||||||||||||||||||
Warrants | 3 | — | — | 3 | |||||||||||||||||||||
Total derivative assets | 482 | — | 479 | 3 | |||||||||||||||||||||
Total assets at fair value | $ | 10,072 | $ | 267 | $ | 9,660 | $ | 145 | |||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||
Interest rate contracts | $ | 118 | $ | — | $ | 118 | $ | — | |||||||||||||||||
Energy derivative contracts | 101 | — | 101 | — | |||||||||||||||||||||
Foreign exchange contracts | 17 | — | 17 | — | |||||||||||||||||||||
Other | 2 | — | — | 2 | |||||||||||||||||||||
Total derivative liabilities | 238 | — | 236 | 2 | |||||||||||||||||||||
Deferred compensation plan liabilities | 97 | 97 | — | — | |||||||||||||||||||||
Total liabilities at fair value | $ | 335 | $ | 97 | $ | 236 | $ | 2 | |||||||||||||||||
(a) | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||||||||||||||||||||||||
(b) | Auction-rate securities. | ||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
Deferred compensation plan assets | $ | 96 | $ | 96 | $ | — | $ | — | |||||||||||||||||
Equity and other non-debt securities | 7 | 7 | — | — | |||||||||||||||||||||
Residential mortgage-backed securities (a) | 2 | — | 2 | — | |||||||||||||||||||||
State and municipal securities | 3 | — | 3 | — | |||||||||||||||||||||
Total trading securities | 108 | 103 | 5 | — | |||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | 45 | 45 | — | — | |||||||||||||||||||||
Residential mortgage-backed securities (a) | 8,926 | — | 8,926 | — | |||||||||||||||||||||
State and municipal securities | 22 | — | — | 22 | (b) | ||||||||||||||||||||
Corporate debt securities | 56 | — | 55 | 1 | (b) | ||||||||||||||||||||
Equity and other non-debt securities | 258 | 122 | — | 136 | (b) | ||||||||||||||||||||
Total investment securities available-for-sale | 9,307 | 167 | 8,981 | 159 | |||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||
Interest rate contracts | 380 | — | 380 | — | |||||||||||||||||||||
Energy derivative contracts | 105 | — | 105 | — | |||||||||||||||||||||
Foreign exchange contracts | 15 | — | 15 | — | |||||||||||||||||||||
Warrants | 3 | — | — | 3 | |||||||||||||||||||||
Total derivative assets | 503 | — | 500 | 3 | |||||||||||||||||||||
Total assets at fair value | $ | 9,918 | $ | 270 | $ | 9,486 | $ | 162 | |||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||
Interest rate contracts | $ | 133 | $ | — | $ | 133 | $ | — | |||||||||||||||||
Energy derivative contracts | 102 | — | 102 | — | |||||||||||||||||||||
Foreign exchange contracts | 14 | — | 14 | — | |||||||||||||||||||||
Other | 2 | — | — | 2 | |||||||||||||||||||||
Total derivative liabilities | 251 | — | 249 | 2 | |||||||||||||||||||||
Deferred compensation plan liabilities | 96 | 96 | — | — | |||||||||||||||||||||
Total liabilities at fair value | $ | 347 | $ | 96 | $ | 249 | $ | 2 | |||||||||||||||||
(a) | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||||||||||||||||||||||||
(b) | Auction-rate securities. | ||||||||||||||||||||||||
There were no transfers of assets or liabilities recorded at fair value on a recurring basis into or out of Level 1, Level 2 and Level 3 fair value measurements during the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
Net Realized/Unrealized Gains (Losses) (Pretax) | |||||||||||||||||||||||||
Balance | Recorded in Earnings | Recorded in | Balance | ||||||||||||||||||||||
at | Other | at | |||||||||||||||||||||||
Beginning | Comprehensive | End of | |||||||||||||||||||||||
(in millions) | of Period | Realized | Unrealized | Income | Sales | Period | |||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
State and municipal securities (a) | $ | 22 | $ | — | $ | — | $ | 1 | (b) | $ | — | $ | 23 | ||||||||||||
Corporate debt securities (a) | 1 | — | — | — | — | 1 | |||||||||||||||||||
Equity and other non-debt securities (a) | 136 | 1 | (c) | — | 5 | (b) | (24 | ) | 118 | ||||||||||||||||
Total investment securities | 159 | 1 | (c) | — | 6 | (b) | (24 | ) | 142 | ||||||||||||||||
available-for-sale | |||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||
Warrants | 3 | — | 1 | (d) | — | (1 | ) | 3 | |||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||
Other | 2 | — | — | — | — | 2 | |||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
State and municipal securities (a) | $ | 23 | $ | — | $ | — | $ | — | $ | — | $ | 23 | |||||||||||||
Corporate debt securities (a) | 1 | — | — | — | — | 1 | |||||||||||||||||||
Equity and other non-debt securities (a) | 156 | — | — | 1 | (b) | (4 | ) | 153 | |||||||||||||||||
Total investment securities | 180 | — | — | 1 | (b) | (4 | ) | 177 | |||||||||||||||||
available-for-sale | |||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||
Warrants | 3 | 1 | (d) | — | — | (1 | ) | 3 | |||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||
Other | 1 | — | — | — | — | 1 | |||||||||||||||||||
(a) | Auction-rate securities. | ||||||||||||||||||||||||
(b) | Recorded in "net unrealized gains (losses) on investment securities available-for-sale" in other comprehensive income. | ||||||||||||||||||||||||
(c) | Realized and unrealized gains and losses due to changes in fair value recorded in "net securities gains" on the consolidated statements of comprehensive income. | ||||||||||||||||||||||||
(d) | Realized and unrealized gains and losses due to changes in fair value recorded in "other noninterest income" on the consolidated statements of comprehensive income. | ||||||||||||||||||||||||
ASSETS AND LIABILITIES RECORDED AT FAIR VALUE ON A NONRECURRING BASIS | |||||||||||||||||||||||||
The Corporation may be required, from time to time, to record certain assets and liabilities at fair value on a nonrecurring basis. These include assets that are recorded at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. All assets recorded at fair value on a nonrecurring basis were classified as Level 3 at March 31, 2014 and December 31, 2013 and are presented in the following table. No liabilities were recorded at fair value on a nonrecurring basis at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
(in millions) | Level 3 | ||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Commercial | $ | 20 | |||||||||||||||||||||||
Real estate construction | 17 | ||||||||||||||||||||||||
Commercial mortgage | 74 | ||||||||||||||||||||||||
Total loans | 111 | ||||||||||||||||||||||||
Nonmarketable equity securities | 2 | ||||||||||||||||||||||||
Other real estate | 3 | ||||||||||||||||||||||||
Total assets at fair value | $ | 116 | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Commercial | $ | 43 | |||||||||||||||||||||||
Real estate construction | 20 | ||||||||||||||||||||||||
Commercial mortgage | 61 | ||||||||||||||||||||||||
International | 4 | ||||||||||||||||||||||||
Total loans | 128 | ||||||||||||||||||||||||
Nonmarketable equity securities | 2 | ||||||||||||||||||||||||
Other real estate | 5 | ||||||||||||||||||||||||
Total assets at fair value | $ | 135 | |||||||||||||||||||||||
Level 3 assets recorded at fair value on a nonrecurring basis at March 31, 2014 and December 31, 2013 included loans for which a specific allowance was established based on the fair value of collateral and other real estate for which fair value of the properties was less than the cost basis. For both asset classes, the unobservable inputs were the additional adjustments applied by management to the appraised values to reflect such factors as non-current appraisals and revisions to estimated time to sell. These adjustments are determined based on qualitative judgments made by management on a case-by-case basis and are not quantifiable inputs, although they are used in the determination of fair value. | |||||||||||||||||||||||||
The following table presents quantitative information related to the significant unobservable inputs utilized in the Corporation's Level 3 recurring fair value measurement as of March 31, 2014 and December 31, 2013. The Corporation's Level 3 recurring fair value measurements include auction-rate securities where fair value is determined using an income approach based on a discounted cash flow model. The inputs in the table below reflect management's expectation of continued illiquidity in the secondary auction-rate securities market due to a lack of market activity for the issuers remaining in the portfolio, a lack of market incentives for issuer redemptions, and the expectation for the low interest rate environment continuing into 2015. The March 31, 2014 workout periods reflect management's view that short-term interest rates could begin to rise in 2015. | |||||||||||||||||||||||||
Discounted Cash Flow Model | |||||||||||||||||||||||||
Unobservable Input | |||||||||||||||||||||||||
Fair Value | Discount Rate | Workout Period (in years) | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
State and municipal securities (a) | $ | 23 | 4% - 9% | 4-Jan | |||||||||||||||||||||
Equity and other non-debt securities (a) | 118 | 5% - 7% | 3-Jan | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
State and municipal securities (a) | $ | 22 | 5% - 10% | 4-Mar | |||||||||||||||||||||
Equity and other non-debt securities (a) | 136 | 5% - 8% | 3-Feb | ||||||||||||||||||||||
(a) | Auction-rate securities. | ||||||||||||||||||||||||
ESTIMATED FAIR VALUES OF FINANCIAL INSTRUMENTS NOT RECORDED AT FAIR VALUE ON A RECURRING BASIS | |||||||||||||||||||||||||
The Corporation typically holds the majority of its financial instruments until maturity and thus does not expect to realize many of the estimated fair value amounts disclosed. The disclosures also do not include estimated fair value amounts for items that are not defined as financial instruments, but which have significant value. These include such items as core deposit intangibles, the future earnings potential of significant customer relationships and the value of trust operations and other fee generating businesses. The Corporation believes the imprecision of an estimate could be significant. | |||||||||||||||||||||||||
The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on the Corporation’s consolidated balance sheets are as follows: | |||||||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||||||
(in millions) | Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and due from banks | $ | 1,186 | $ | 1,186 | $ | 1,186 | $ | — | $ | — | |||||||||||||||
Interest-bearing deposits with banks | 4,434 | 4,434 | 4,434 | — | — | ||||||||||||||||||||
Loans held-for-sale | 2 | 2 | — | 2 | — | ||||||||||||||||||||
Total loans, net of allowance for loan losses (a) | 45,895 | 45,932 | — | — | 45,932 | ||||||||||||||||||||
Customers’ liability on acceptances outstanding | 12 | 12 | 12 | — | — | ||||||||||||||||||||
Nonmarketable equity securities (b) | 12 | 19 | — | — | 19 | ||||||||||||||||||||
Restricted equity investments | 133 | 133 | 133 | — | — | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Demand deposits (noninterest-bearing) | 23,955 | 23,955 | — | 23,955 | — | ||||||||||||||||||||
Interest-bearing deposits | 24,696 | 24,696 | — | 24,696 | — | ||||||||||||||||||||
Customer certificates of deposit | 5,099 | 5,090 | — | 5,090 | — | ||||||||||||||||||||
Total deposits | 53,750 | 53,741 | — | 53,741 | — | ||||||||||||||||||||
Short-term borrowings | 160 | 160 | 160 | — | — | ||||||||||||||||||||
Acceptances outstanding | 12 | 12 | 12 | — | — | ||||||||||||||||||||
Medium- and long-term debt | 3,534 | 3,527 | — | 3,527 | — | ||||||||||||||||||||
Credit-related financial instruments | (91 | ) | (91 | ) | — | — | (91 | ) | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and due from banks | $ | 1,140 | $ | 1,140 | $ | 1,140 | $ | — | $ | — | |||||||||||||||
Interest-bearing deposits with banks | 5,311 | 5,311 | 5,311 | — | — | ||||||||||||||||||||
Loans held-for-sale | 4 | 4 | — | 4 | — | ||||||||||||||||||||
Total loans, net of allowance for loan losses (a) | 44,872 | 44,801 | — | — | 44,801 | ||||||||||||||||||||
Customers’ liability on acceptances outstanding | 11 | 11 | 11 | — | — | ||||||||||||||||||||
Nonmarketable equity securities (b) | 12 | 19 | — | — | 19 | ||||||||||||||||||||
Restricted equity investments | 133 | 133 | 133 | — | — | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Demand deposits (noninterest-bearing) | 23,875 | 23,875 | — | 23,875 | — | ||||||||||||||||||||
Interest-bearing deposits | 24,354 | 24,354 | — | 24,354 | — | ||||||||||||||||||||
Customer certificates of deposit | 5,063 | 5,055 | — | 5,055 | — | ||||||||||||||||||||
Total deposits | 53,292 | 53,284 | — | 53,284 | — | ||||||||||||||||||||
Short-term borrowings | 253 | 253 | 253 | — | — | ||||||||||||||||||||
Acceptances outstanding | 11 | 11 | 11 | — | — | ||||||||||||||||||||
Medium- and long-term debt | 3,543 | 3,540 | — | 3,540 | — | ||||||||||||||||||||
Credit-related financial instruments | (88 | ) | (88 | ) | — | — | (88 | ) | |||||||||||||||||
(a) | Included $111 million and $128 million of impaired loans recorded at fair value on a nonrecurring basis at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||
(b) | Included $2 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at both March 31, 2014 and December 31, 2013. |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||||
INVESTMENT SECURITIES | |||||||||||||||||||||||||||
A summary of the Corporation’s investment securities available-for-sale follows: | |||||||||||||||||||||||||||
(in millions) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | $ | 45 | $ | — | $ | — | $ | 45 | |||||||||||||||||||
Residential mortgage-backed securities (a) | 9,133 | 107 | 117 | 9,123 | |||||||||||||||||||||||
State and municipal securities | 24 | — | 1 | 23 | |||||||||||||||||||||||
Corporate debt securities | 54 | — | — | 54 | |||||||||||||||||||||||
Equity and other non-debt securities | 245 | 1 | 4 | 242 | |||||||||||||||||||||||
Total investment securities available-for-sale (b) | $ | 9,501 | $ | 108 | $ | 122 | $ | 9,487 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | $ | 45 | $ | — | $ | — | $ | 45 | |||||||||||||||||||
Residential mortgage-backed securities (a) | 9,023 | 91 | 188 | 8,926 | |||||||||||||||||||||||
State and municipal securities | 24 | — | 2 | 22 | |||||||||||||||||||||||
Corporate debt securities | 56 | — | — | 56 | |||||||||||||||||||||||
Equity and other non-debt securities | 266 | 1 | 9 | 258 | |||||||||||||||||||||||
Total investment securities available-for-sale (b) | $ | 9,414 | $ | 92 | $ | 199 | $ | 9,307 | |||||||||||||||||||
(a) | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||||||||||||||||||||||||||
(b) | Included auction-rate securities at amortized cost and fair value of $146 million and $142 million, respectively, as of March 31, 2014 and $169 million and $159 million, respectively, as of December 31, 2013. | ||||||||||||||||||||||||||
A summary of the Corporation’s investment securities available-for-sale in an unrealized loss position as of March 31, 2014 and December 31, 2013 follows: | |||||||||||||||||||||||||||
Temporarily Impaired | |||||||||||||||||||||||||||
Less than 12 Months | 12 Months or more | Total | |||||||||||||||||||||||||
(in millions) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||
Residential mortgage-backed securities (a) | $ | 4,797 | $ | 111 | $ | 138 | $ | 6 | $ | 4,935 | $ | 117 | |||||||||||||||
State and municipal securities (b) | — | — | 23 | 1 | 23 | 1 | |||||||||||||||||||||
Corporate debt securities (b) | — | — | 1 | — | (c) | 1 | — | (c) | |||||||||||||||||||
Equity and other non-debt securities (b) | — | — | 130 | 4 | 130 | 4 | |||||||||||||||||||||
Total impaired securities | $ | 4,797 | $ | 111 | $ | 292 | $ | 11 | $ | 5,089 | $ | 122 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
Residential mortgage-backed securities (a) | $ | 5,825 | $ | 187 | $ | 11 | $ | 1 | $ | 5,836 | $ | 188 | |||||||||||||||
State and municipal securities (b) | — | — | 22 | 2 | 22 | 2 | |||||||||||||||||||||
Corporate debt securities (b) | — | — | 1 | — | (c) | 1 | — | (c) | |||||||||||||||||||
Equity and other non-debt securities (b) | — | — | 148 | 9 | 148 | 9 | |||||||||||||||||||||
Total impaired securities | $ | 5,825 | $ | 187 | $ | 182 | $ | 12 | $ | 6,007 | $ | 199 | |||||||||||||||
(a) | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||||||||||||||||||||||||||
(b) | Auction-rate securities. | ||||||||||||||||||||||||||
(c) | Unrealized losses less than $0.5 million. | ||||||||||||||||||||||||||
At March 31, 2014, the Corporation had 169 securities in an unrealized loss position with no credit impairment, including 103 residential mortgage-backed securities, 48 equity and other non-debt auction-rate preferred securities, 17 state and municipal auction-rate securities, one corporate auction-rate debt security and one mutual fund. As of March 31, 2014, approximately 89 percent of the aggregate par value of auction-rate securities have been redeemed or sold since acquisition, of which approximately 95 percent were redeemed at or above cost. The unrealized losses for these securities resulted from changes in market interest rates and liquidity. The Corporation ultimately expects full collection of the carrying amount of these securities, does not intend to sell the securities in an unrealized loss position, and it is not more-likely-than-not that the Corporation will be required to sell the securities in an unrealized loss position prior to recovery of amortized cost. The Corporation does not consider these securities to be other-than-temporarily impaired at March 31, 2014. | |||||||||||||||||||||||||||
Sales, calls and write-downs of investment securities available-for-sale resulted in gains of $1 million and no losses for the three months ended March 31, 2014. No securities gains or losses were recognized for the three months ended March 31, 2013. Securities gains and losses are recorded in “net securities gains” on the consolidated statements of comprehensive income, computed based on the adjusted cost of the specific security. | |||||||||||||||||||||||||||
The following table summarizes the amortized cost and fair values of debt securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
March 31, 2014 | Amortized Cost | Fair Value | |||||||||||||||||||||||||
Contractual maturity | |||||||||||||||||||||||||||
Within one year | $ | 155 | $ | 155 | |||||||||||||||||||||||
After one year through five years | 268 | 269 | |||||||||||||||||||||||||
After five years through ten years | 277 | 287 | |||||||||||||||||||||||||
After ten years | 8,556 | 8,534 | |||||||||||||||||||||||||
Subtotal | 9,256 | 9,245 | |||||||||||||||||||||||||
Equity and other non-debt securities | 245 | 242 | |||||||||||||||||||||||||
Total investment securities available-for-sale | $ | 9,501 | $ | 9,487 | |||||||||||||||||||||||
Included in the contractual maturity distribution in the table above were auction-rate securities with a total amortized cost and fair value of $25 million and $24 million, respectively. Auction-rate securities are long-term, floating rate instruments for which interest rates are reset at periodic auctions. At each successful auction, the Corporation has the option to sell the security at par value. Additionally, the issuers of auction-rate securities generally have the right to redeem or refinance the debt. As a result, the expected life of auction-rate securities may differ significantly from the contractual life. Also included in the table above were residential mortgage-backed securities with total amortized cost and fair value of $9.1 billion. The actual cash flows of mortgage-backed securities may differ from contractual maturity as the borrowers of the underlying loans may exercise prepayment options. | |||||||||||||||||||||||||||
At March 31, 2014, investment securities with a carrying value of $3.3 billion were pledged where permitted or required by law to secure $2.3 billion of liabilities, primarily public and other deposits of state and local government agencies and derivative instruments. |
Credit_Quality_And_Allowance_F
Credit Quality And Allowance For Credit Losses | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Credit Quality And Allowance For Credit Losses [Abstract] | ' | |||||||||||||||||||||||||||
Credit Quality And Allowance For Credit Losses | ' | |||||||||||||||||||||||||||
CREDIT QUALITY AND ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||||||||||||
The following table presents an aging analysis of the recorded balance of loans. | ||||||||||||||||||||||||||||
Loans Past Due and Still Accruing | ||||||||||||||||||||||||||||
(in millions) | 30-59 | 60-89 | 90 Days | Total | Nonaccrual | Current | Total | |||||||||||||||||||||
Days | Days | or More | Loans | Loans (c) | Loans | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 30 | $ | 20 | $ | 3 | $ | 53 | $ | 54 | $ | 29,667 | $ | 29,774 | ||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | — | — | — | 18 | 1,489 | 1,507 | |||||||||||||||||||||
Other business lines (b) | — | — | — | — | 1 | 339 | 340 | |||||||||||||||||||||
Total real estate construction | — | — | — | — | 19 | 1,828 | 1,847 | |||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 25 | — | 1 | 26 | 58 | 1,736 | 1,820 | |||||||||||||||||||||
Other business lines (b) | 40 | 3 | 4 | 47 | 104 | 6,830 | 6,981 | |||||||||||||||||||||
Total commercial mortgage | 65 | 3 | 5 | 73 | 162 | 8,566 | 8,801 | |||||||||||||||||||||
Lease financing | — | — | — | — | — | 849 | 849 | |||||||||||||||||||||
International | 6 | 3 | — | 9 | — | 1,241 | 1,250 | |||||||||||||||||||||
Total business loans | 101 | 26 | 8 | 135 | 235 | 42,151 | 42,521 | |||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 15 | 1 | — | 16 | 48 | 1,687 | 1,751 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 6 | 3 | 1 | 10 | 32 | 1,491 | 1,533 | |||||||||||||||||||||
Other consumer | 2 | — | 1 | 3 | 2 | 679 | 684 | |||||||||||||||||||||
Total consumer | 8 | 3 | 2 | 13 | 34 | 2,170 | 2,217 | |||||||||||||||||||||
Total retail loans | 23 | 4 | 2 | 29 | 82 | 3,857 | 3,968 | |||||||||||||||||||||
Total loans | $ | 124 | $ | 30 | $ | 10 | $ | 164 | $ | 317 | $ | 46,008 | $ | 46,489 | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 36 | $ | 17 | $ | 4 | $ | 57 | $ | 81 | $ | 28,677 | $ | 28,815 | ||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | — | — | — | 20 | 1,427 | 1,447 | |||||||||||||||||||||
Other business lines (b) | — | — | — | — | 1 | 314 | 315 | |||||||||||||||||||||
Total real estate construction | — | — | — | — | 21 | 1,741 | 1,762 | |||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 9 | 1 | — | 10 | 51 | 1,617 | 1,678 | |||||||||||||||||||||
Other business lines (b) | 27 | 6 | 4 | 37 | 105 | 6,967 | 7,109 | |||||||||||||||||||||
Total commercial mortgage | 36 | 7 | 4 | 47 | 156 | 8,584 | 8,787 | |||||||||||||||||||||
Lease financing | — | — | — | — | — | 845 | 845 | |||||||||||||||||||||
International | — | — | 3 | 3 | 4 | 1,320 | 1,327 | |||||||||||||||||||||
Total business loans | 72 | 24 | 11 | 107 | 262 | 41,167 | 41,536 | |||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 15 | 3 | — | 18 | 53 | 1,626 | 1,697 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 6 | 2 | — | 8 | 33 | 1,476 | 1,517 | |||||||||||||||||||||
Other consumer | 4 | 1 | 5 | 10 | 2 | 708 | 720 | |||||||||||||||||||||
Total consumer | 10 | 3 | 5 | 18 | 35 | 2,184 | 2,237 | |||||||||||||||||||||
Total retail loans | 25 | 6 | 5 | 36 | 88 | 3,810 | 3,934 | |||||||||||||||||||||
Total loans | $ | 97 | $ | 30 | $ | 16 | $ | 143 | $ | 350 | $ | 44,977 | $ | 45,470 | ||||||||||||||
(a) | Primarily loans to real estate developers. | |||||||||||||||||||||||||||
(b) | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||
(c) | Included purchased credit-impaired (PCI) loans with a total carrying value of $5 million at both March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||
The following table presents loans by credit quality indicator, based on internal risk ratings assigned to each business loan at the time of approval and subjected to subsequent reviews, generally at least annually, and to pools of retail loans with similar risk characteristics. | ||||||||||||||||||||||||||||
Internally Assigned Rating | ||||||||||||||||||||||||||||
(in millions) | Pass (a) | Special | Substandard (c) | Nonaccrual (d) | Total | |||||||||||||||||||||||
Mention (b) | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 28,427 | $ | 601 | $ | 692 | $ | 54 | $ | 29,774 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (e) | 1,463 | 13 | 13 | 18 | 1,507 | |||||||||||||||||||||||
Other business lines (f) | 339 | — | — | 1 | 340 | |||||||||||||||||||||||
Total real estate construction | 1,802 | 13 | 13 | 19 | 1,847 | |||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (e) | 1,647 | 68 | 47 | 58 | 1,820 | |||||||||||||||||||||||
Other business lines (f) | 6,530 | 137 | 210 | 104 | 6,981 | |||||||||||||||||||||||
Total commercial mortgage | 8,177 | 205 | 257 | 162 | 8,801 | |||||||||||||||||||||||
Lease financing | 845 | 3 | 1 | — | 849 | |||||||||||||||||||||||
International | 1,233 | 9 | 8 | — | 1,250 | |||||||||||||||||||||||
Total business loans | 40,484 | 831 | 971 | 235 | 42,521 | |||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 1,696 | 1 | 6 | 48 | 1,751 | |||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 1,492 | 2 | 7 | 32 | 1,533 | |||||||||||||||||||||||
Other consumer | 678 | 2 | 2 | 2 | 684 | |||||||||||||||||||||||
Total consumer | 2,170 | 4 | 9 | 34 | 2,217 | |||||||||||||||||||||||
Total retail loans | 3,866 | 5 | 15 | 82 | 3,968 | |||||||||||||||||||||||
Total loans | $ | 44,350 | $ | 836 | $ | 986 | $ | 317 | $ | 46,489 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 27,470 | $ | 590 | $ | 674 | $ | 81 | $ | 28,815 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (e) | 1,399 | 13 | 15 | 20 | 1,447 | |||||||||||||||||||||||
Other business lines (f) | 314 | — | — | 1 | 315 | |||||||||||||||||||||||
Total real estate construction | 1,713 | 13 | 15 | 21 | 1,762 | |||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (e) | 1,474 | 92 | 61 | 51 | 1,678 | |||||||||||||||||||||||
Other business lines (f) | 6,596 | 145 | 263 | 105 | 7,109 | |||||||||||||||||||||||
Total commercial mortgage | 8,070 | 237 | 324 | 156 | 8,787 | |||||||||||||||||||||||
Lease financing | 841 | 3 | 1 | — | 845 | |||||||||||||||||||||||
International | 1,298 | 7 | 18 | 4 | 1,327 | |||||||||||||||||||||||
Total business loans | 39,392 | 850 | 1,032 | 262 | 41,536 | |||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 1,635 | 3 | 6 | 53 | 1,697 | |||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 1,475 | 4 | 5 | 33 | 1,517 | |||||||||||||||||||||||
Other consumer | 708 | 3 | 7 | 2 | 720 | |||||||||||||||||||||||
Total consumer | 2,183 | 7 | 12 | 35 | 2,237 | |||||||||||||||||||||||
Total retail loans | 3,818 | 10 | 18 | 88 | 3,934 | |||||||||||||||||||||||
Total loans | $ | 43,210 | $ | 860 | $ | 1,050 | $ | 350 | $ | 45,470 | ||||||||||||||||||
(a) | Includes all loans not included in the categories of special mention, substandard or nonaccrual. | |||||||||||||||||||||||||||
(b) | Special mention loans are accruing loans that have potential credit weaknesses that deserve management’s close attention, such as loans to borrowers who may be experiencing financial difficulties that may result in deterioration of repayment prospects from the borrower at some future date. | |||||||||||||||||||||||||||
(c) | Substandard loans are accruing loans that have a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans also are distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. PCI loans are included in the substandard category. This category is generally consistent with the "substandard" category as defined by regulatory authorities. | |||||||||||||||||||||||||||
(d) | Nonaccrual loans are loans for which the accrual of interest has been discontinued. For further information regarding nonaccrual loans, refer to the Nonperforming Assets subheading in Note 1 - Basis of Presentation and Accounting Policies - on page F-58 in the Corporation's 2013 Annual Report. A significant majority of nonaccrual loans are generally consistent with the "substandard" category and the remainder are generally consistent with the "doubtful" category as defined by regulatory authorities. | |||||||||||||||||||||||||||
(e) | Primarily loans to real estate developers. | |||||||||||||||||||||||||||
(f) | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||
The following table summarizes nonperforming assets. | ||||||||||||||||||||||||||||
(in millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Nonaccrual loans | $ | 317 | $ | 350 | ||||||||||||||||||||||||
Reduced-rate loans (a) | 21 | 24 | ||||||||||||||||||||||||||
Total nonperforming loans | 338 | 374 | ||||||||||||||||||||||||||
Foreclosed property | 14 | 9 | ||||||||||||||||||||||||||
Total nonperforming assets | $ | 352 | $ | 383 | ||||||||||||||||||||||||
(a) | Reduced-rate business loans totaled $4 million at both March 31, 2014 and December 31, 2013, and reduced-rate retail loans totaled $17 million and $20 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||
Allowance for Credit Losses | ||||||||||||||||||||||||||||
The following table details the changes in the allowance for loan losses and related loan amounts. | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in millions) | Business Loans | Retail Loans | Total | Business Loans | Retail Loans | Total | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 531 | $ | 67 | $ | 598 | $ | 552 | $ | 77 | $ | 629 | ||||||||||||||||
Loan charge-offs | (27 | ) | (3 | ) | (30 | ) | (34 | ) | (4 | ) | (38 | ) | ||||||||||||||||
Recoveries on loans previously charged-off | 16 | 2 | 18 | 12 | 2 | 14 | ||||||||||||||||||||||
Net loan charge-offs | (11 | ) | (1 | ) | (12 | ) | (22 | ) | (2 | ) | (24 | ) | ||||||||||||||||
Provision for loan losses | 10 | (2 | ) | 8 | 14 | (2 | ) | 12 | ||||||||||||||||||||
Balance at end of period | $ | 530 | $ | 64 | $ | 594 | $ | 544 | $ | 73 | $ | 617 | ||||||||||||||||
As a percentage of total loans | 1.25 | % | 1.62 | % | 1.28 | % | 1.32 | % | 1.97 | % | 1.37 | % | ||||||||||||||||
March 31 | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 39 | $ | — | $ | 39 | $ | 60 | $ | — | $ | 60 | ||||||||||||||||
Collectively evaluated for impairment | 491 | 64 | 555 | 484 | 73 | 557 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 530 | $ | 64 | $ | 594 | $ | 544 | $ | 73 | $ | 617 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 204 | $ | 49 | $ | 253 | $ | 355 | $ | 42 | $ | 397 | ||||||||||||||||
Collectively evaluated for impairment | 42,315 | 3,916 | 46,231 | 40,964 | 3,677 | 44,641 | ||||||||||||||||||||||
PCI loans (a) | 2 | 3 | 5 | 24 | 5 | 29 | ||||||||||||||||||||||
Total loans evaluated for impairment | $ | 42,521 | $ | 3,968 | $ | 46,489 | $ | 41,343 | $ | 3,724 | $ | 45,067 | ||||||||||||||||
(a) No allowance for loan losses was required for PCI loans at March 31, 2014 and 2013. | ||||||||||||||||||||||||||||
Changes in the allowance for credit losses on lending-related commitments, included in "accrued expenses and other liabilities" on the consolidated balance sheets, are summarized in the following table. | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 36 | $ | 32 | ||||||||||||||||||||||||
Provision for credit losses on lending-related commitments | 1 | 4 | ||||||||||||||||||||||||||
Balance at end of period | $ | 37 | $ | 36 | ||||||||||||||||||||||||
Individually Evaluated Impaired Loans | ||||||||||||||||||||||||||||
The following table presents additional information regarding individually evaluated impaired loans. | ||||||||||||||||||||||||||||
Recorded Investment In: | ||||||||||||||||||||||||||||
(in millions) | Impaired | Impaired | Total | Unpaid | Related | |||||||||||||||||||||||
Loans with | Loans with | Impaired | Principal | Allowance | ||||||||||||||||||||||||
No Related | Related | Loans | Balance | for Loan | ||||||||||||||||||||||||
Allowance | Allowance | Losses | ||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 13 | $ | 38 | $ | 51 | $ | 95 | $ | 8 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | 18 | 18 | 21 | 3 | |||||||||||||||||||||||
Other business lines (b) | — | — | — | 1 | — | |||||||||||||||||||||||
Total real estate construction | — | 18 | 18 | 22 | 3 | |||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | 65 | 65 | 108 | 13 | |||||||||||||||||||||||
Other business lines (b) | 1 | 68 | 69 | 95 | 15 | |||||||||||||||||||||||
Total commercial mortgage | 1 | 133 | 134 | 203 | 28 | |||||||||||||||||||||||
International | 1 | — | 1 | 1 | — | |||||||||||||||||||||||
Total business loans | 15 | 189 | 204 | 321 | 39 | |||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 32 | — | 32 | 38 | — | |||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 13 | — | 13 | 19 | — | |||||||||||||||||||||||
Other consumer | 4 | — | 4 | 6 | — | |||||||||||||||||||||||
Total consumer | 17 | — | 17 | 25 | — | |||||||||||||||||||||||
Total retail loans (c) | 49 | — | 49 | 63 | — | |||||||||||||||||||||||
Total individually evaluated impaired loans | $ | 64 | $ | 189 | $ | 253 | $ | 384 | $ | 39 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 10 | $ | 64 | $ | 74 | $ | 121 | $ | 26 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | 20 | 20 | 24 | 3 | |||||||||||||||||||||||
Other business lines (b) | — | 1 | 1 | 1 | — | |||||||||||||||||||||||
Total real estate construction | — | 21 | 21 | 25 | 3 | |||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | 60 | 60 | 104 | 12 | |||||||||||||||||||||||
Other business lines (b) | 1 | 63 | 64 | 90 | 15 | |||||||||||||||||||||||
Total commercial mortgage | 1 | 123 | 124 | 194 | 27 | |||||||||||||||||||||||
International | — | 4 | 4 | 4 | 1 | |||||||||||||||||||||||
Total business loans | 11 | 212 | 223 | 344 | 57 | |||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 35 | — | 35 | 42 | — | |||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 12 | — | 12 | 17 | — | |||||||||||||||||||||||
Other consumer | 4 | — | 4 | 12 | — | |||||||||||||||||||||||
Total consumer | 16 | — | 16 | 29 | — | |||||||||||||||||||||||
Total retail loans (c) | 51 | — | 51 | 71 | — | |||||||||||||||||||||||
Total individually evaluated impaired loans | $ | 62 | $ | 212 | $ | 274 | $ | 415 | $ | 57 | ||||||||||||||||||
(a) | Primarily loans to real estate developers. | |||||||||||||||||||||||||||
(b) | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||
(c) | Individually evaluated retail loans had no related allowance for loan losses, primarily due to policy changes which resulted in direct write-downs of restructured retail loans. | |||||||||||||||||||||||||||
The following table presents information regarding average individually evaluated impaired loans and the related interest recognized. Interest income recognized for the period primarily related to reduced-rate loans. | ||||||||||||||||||||||||||||
Individually Evaluated Impaired Loans | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in millions) | Average Balance for the Period | Interest Income Recognized for the Period | Average Balance for the Period | Interest Income Recognized for the Period | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 62 | $ | — | $ | 114 | $ | 1 | ||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 19 | — | 27 | — | ||||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 62 | — | 96 | — | ||||||||||||||||||||||||
Other business lines (b) | 67 | 1 | 124 | — | ||||||||||||||||||||||||
Total commercial mortgage | 129 | 1 | 220 | — | ||||||||||||||||||||||||
Lease financing | — | — | 1 | — | ||||||||||||||||||||||||
International | 3 | — | — | — | ||||||||||||||||||||||||
Total business loans | 213 | 1 | 362 | 1 | ||||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 34 | — | 37 | — | ||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity | 12 | — | 6 | — | ||||||||||||||||||||||||
Other consumer | 4 | — | 4 | — | ||||||||||||||||||||||||
Total consumer | 16 | — | 10 | — | ||||||||||||||||||||||||
Total retail loans | 50 | — | 47 | — | ||||||||||||||||||||||||
Total individually evaluated impaired loans | $ | 263 | $ | 1 | $ | 409 | $ | 1 | ||||||||||||||||||||
(a) | Primarily loans to real estate developers. | |||||||||||||||||||||||||||
(b) | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||||
The following tables detail the recorded balance at March 31, 2014 and 2013 of loans considered to be TDRs that were restructured during the three months ended March 31, 2014 and 2013, by type of modification. In cases of loans with more than one type of modification, the loans were categorized based on the most significant modification. | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Type of Modification | Type of Modification | |||||||||||||||||||||||||||
(in millions) | Principal Deferrals (a) | Interest Rate Reductions | Total Modifications | Principal Deferrals (a) | AB Note Restructures (b) | Total Modifications | ||||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 1 | $ | — | $ | 1 | $ | 7 | $ | — | $ | 7 | ||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (c) | — | — | — | 16 | — | 16 | ||||||||||||||||||||||
Other business lines (d) | 8 | — | 8 | 6 | 11 | 17 | ||||||||||||||||||||||
Total commercial mortgage | 8 | — | 8 | 22 | 11 | 33 | ||||||||||||||||||||||
International | 1 | — | 1 | — | — | — | ||||||||||||||||||||||
Total business loans | 10 | — | 10 | 29 | 11 | 40 | ||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | — | — | — | 1 | (e) | — | 1 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 1 | (e) | 1 | 2 | 1 | (e) | — | 1 | ||||||||||||||||||||
Other consumer | — | — | — | 1 | (e) | — | 1 | |||||||||||||||||||||
Total consumer | 1 | 1 | 2 | 2 | — | 2 | ||||||||||||||||||||||
Total retail loans | 1 | 1 | 2 | 3 | — | 3 | ||||||||||||||||||||||
Total loans | $ | 11 | $ | 1 | $ | 12 | $ | 32 | $ | 11 | $ | 43 | ||||||||||||||||
(a) | Primarily represents loan balances where terms were extended 90 days or more at or above contractual interest rates. | |||||||||||||||||||||||||||
(b) | Loan restructurings whereby the original loan is restructured into two notes: an "A" note, which generally reflects the portion of the modified loan which is expected to be collected; and a "B" note, which is either fully charged off or exchanged for an equity interest. | |||||||||||||||||||||||||||
(c) | Primarily loans to real estate developers. | |||||||||||||||||||||||||||
(d) | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||
(e) | Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. | |||||||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, commitments to lend additional funds to borrowers whose terms have been modified in TDRs totaled $4 million. | ||||||||||||||||||||||||||||
The majority of the modifications considered to be TDRs that occurred during the three months ended March 31, 2014 and 2013 were principal deferrals. The Corporation charges interest on principal balances outstanding during deferral periods. Additionally, none of the modifications involved forgiveness of principal. As a result, the current and future financial effects of the recorded balance of loans considered to be TDRs that were restructured during the three months ended March 31, 2014 and 2013 were insignificant. | ||||||||||||||||||||||||||||
On an ongoing basis, the Corporation monitors the performance of modified loans to their restructured terms. In the event of a subsequent default, the allowance for loan losses continues to be reassessed on the basis of an individual evaluation of the loan. | ||||||||||||||||||||||||||||
The following table presents information regarding the recorded balance at March 31, 2014 and 2013 of loans modified by principal deferral during the twelve months ended March 31, 2014 and 2013, and those principal deferrals which experienced a subsequent default during the three months ended March 31, 2014 and 2013. For principal deferrals, incremental deterioration in the credit quality of the loan, represented by a downgrade in the risk rating of the loan, for example, due to missed interest payments or a reduction of collateral value, is considered a subsequent default. | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in millions) | Balance at March 31 | Subsequent Default in the Three Months Ended March 31 | Balance at March 31 | Subsequent Default in the Three Months Ended March 31 | ||||||||||||||||||||||||
Principal deferrals: | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 13 | $ | 2 | $ | 12 | $ | 1 | ||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | — | 1 | — | ||||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 17 | — | 36 | 16 | ||||||||||||||||||||||||
Other business lines (b) | 12 | — | 17 | 4 | ||||||||||||||||||||||||
Total commercial mortgage | 29 | — | 53 | 20 | ||||||||||||||||||||||||
International | 1 | — | — | — | ||||||||||||||||||||||||
Total business loans | 43 | 2 | 66 | 21 | ||||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 3 | (c) | — | 5 | (c) | — | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 6 | (c) | — | 4 | (c) | — | ||||||||||||||||||||||
Other consumer | 2 | (c) | — | 2 | (c) | — | ||||||||||||||||||||||
Total consumer | 8 | — | 6 | — | ||||||||||||||||||||||||
Total retail loans | 11 | — | 11 | — | ||||||||||||||||||||||||
Total principal deferrals | $ | 54 | $ | 2 | $ | 77 | $ | 21 | ||||||||||||||||||||
(a) | Primarily loans to real estate developers. | |||||||||||||||||||||||||||
(b) | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||
(c) | Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. | |||||||||||||||||||||||||||
During the twelve months ended March 31, 2014 and 2013, loans with a carrying value of $6 million and $4 million, respectively, were modified by interest rate reduction and loans with a carrying value of $8 million and $30 million, respectively, were restructured into two notes (AB note restructures). For reduced-rate loans and AB note restructures, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due. There were no subsequent payment defaults of reduced-rate loans or AB note restructures during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||||||
Purchased Credit-Impaired Loans | ||||||||||||||||||||||||||||
Acquired loans are initially recorded at fair value with no carryover of any allowance for loan losses. Loans acquired with evidence of credit quality deterioration at acquisition for which it was probable that the Corporation would not be able to collect all contractual amounts due were accounted for as PCI loans. The Corporation aggregated the acquired PCI loans into pools of loans based on common risk characteristics. | ||||||||||||||||||||||||||||
No allowance for loan losses was required on the acquired PCI loan pools at both March 31, 2014 and December 31, 2013. The nonaccretable yield on PCI loans was $9 million at March 31, 2014. The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at March 31, 2014 and December 31, 2013 were as follows. | ||||||||||||||||||||||||||||
(in millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Acquired PCI loans: | ||||||||||||||||||||||||||||
Carrying amount | $ | 5 | $ | 5 | ||||||||||||||||||||||||
Outstanding balance (principal and unpaid interest) | 35 | 46 | ||||||||||||||||||||||||||
Changes in the accretable yield for acquired PCI loans for the three months ended March 31, 2014 and 2013 were as follows. | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 15 | $ | 16 | ||||||||||||||||||||||||
Reclassifications from nonaccretable | 5 | — | ||||||||||||||||||||||||||
Accretion | (9 | ) | (4 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 11 | $ | 12 | ||||||||||||||||||||||||
Derivative_And_CreditRelated_F
Derivative And Credit-Related Financial Instruments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Derivative And Credit-Related Financial Instruments [Abstract] | ' | |||||||||||||||||||||||
Derivative And Credit-Related Financial Instruments | ' | |||||||||||||||||||||||
DERIVATIVE AND CREDIT-RELATED FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||
In the normal course of business, the Corporation enters into various transactions involving derivative and credit-related financial instruments to manage exposure to fluctuations in interest rate, foreign currency and other market risks and to meet the financing needs of customers (customer-initiated derivatives). These financial instruments involve, to varying degrees, elements of market and credit risk. Market and credit risk are included in the determination of fair value. | ||||||||||||||||||||||||
Market risk is the potential loss that may result from movements in interest rates, foreign currency exchange rates or energy commodity prices that cause an unfavorable change in the value of a financial instrument. The Corporation manages this risk by establishing monetary exposure limits and monitoring compliance with those limits. Market risk inherent in interest rate and energy contracts entered into on behalf of customers is mitigated by taking offsetting positions, except in those circumstances when the amount, tenor and/or contract rate level results in negligible economic risk, whereby the cost of purchasing an offsetting contract is not economically justifiable. The Corporation mitigates most of the inherent market risk in foreign exchange contracts entered into on behalf of customers by taking offsetting positions and manages the remainder through individual foreign currency position limits and aggregate value-at-risk limits. These limits are established annually and reviewed quarterly. Market risk inherent in derivative instruments held or issued for risk management purposes is typically offset by changes in the fair value of the assets or liabilities being hedged. | ||||||||||||||||||||||||
Credit risk is the possible loss that may occur in the event of nonperformance by the counterparty to a financial instrument. The Corporation attempts to minimize credit risk arising from customer-initiated derivatives by evaluating the creditworthiness of each customer, adhering to the same credit approval process used for traditional lending activities and obtaining collateral as deemed necessary. Derivatives with dealer counterparties are either cleared through a clearinghouse or settled directly with a single counterparty. For derivatives settled directly with dealer counterparties, the Corporation utilizes counterparty risk limits and monitoring procedures as well as master netting arrangements and bilateral collateral agreements to facilitate the management of credit risk. Master netting arrangements effectively reduce credit risk by permitting settlement of positive and negative positions and offset cash collateral held with the same counterparty on a net basis. Bilateral collateral agreements require daily exchange of cash or highly rated securities issued by the U.S. Treasury or other U.S. government entities to collateralize amounts due to either party beyond certain risk limits. At March 31, 2014, counterparties with bilateral collateral agreements had pledged $117 million of marketable investment securities and deposited $3 million of cash with the Corporation to secure the fair value of contracts in an unrealized gain position, and the Corporation had pledged $8 million of investment securities and posted $19 million of cash as collateral for contracts in an unrealized loss position. For those counterparties not covered under bilateral collateral agreements, collateral is obtained, if deemed necessary, based on the results of management’s credit evaluation of the counterparty. Collateral varies, but may include cash, investment securities, accounts receivable, equipment or real estate. Included in the fair value of derivative instruments are credit valuation adjustments reflecting counterparty credit risk. These adjustments are determined by applying a credit spread for the counterparty or the Corporation, as appropriate, to the total expected exposure of the derivative. | ||||||||||||||||||||||||
The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on March 31, 2014 was $7 million, for which the Corporation had pledged collateral of $3 million in the normal course of business. The credit-risk-related contingent features require the Corporation’s debt to maintain an investment grade credit rating from each of the major credit rating agencies. If the Corporation’s debt were to fall below investment grade, the counterparties to the derivative instruments could require additional overnight collateral on derivative instruments in net liability positions. If the credit-risk-related contingent features underlying these agreements had been triggered on March 31, 2014, the Corporation would have been required to assign an additional $4 million of collateral to its counterparties. | ||||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||
Derivative instruments utilized by the Corporation are negotiated over-the-counter and primarily include swaps, caps and floors, forward contracts and options, each of which may relate to interest rates, energy commodity prices or foreign currency exchange rates. Swaps are agreements in which two parties periodically exchange cash payments based on specified indices applied to a specified notional amount until a stated maturity. Caps and floors are agreements which entitle the buyer to receive cash payments based on the difference between a specified reference rate or price and an agreed strike rate or price, applied to a specified notional amount until a stated maturity. Forward contracts are over-the-counter agreements to buy or sell an asset at a specified future date and price. Options are similar to forward contracts except the purchaser has the right, but not the obligation, to buy or sell the asset during a specified period or at a specified future date. | ||||||||||||||||||||||||
Over-the-counter contracts are tailored to meet the needs of the counterparties involved and, therefore, contain a greater degree of credit risk and liquidity risk than exchange-traded contracts, which have standardized terms and readily available price information. The Corporation reduces exposure to market and liquidity risks from over-the-counter derivative instruments entered into for risk management purposes, and transactions entered into to mitigate the market risk associated with customer-initiated transactions, by conducting hedging transactions with investment grade domestic and foreign financial institutions and subjecting counterparties to credit approvals, limits and collateral monitoring procedures similar to those used in making other extensions of credit. In addition, certain derivative contracts executed bilaterally with a dealer counterparty in the over-the-counter market are cleared through a clearinghouse, whereby the clearinghouse becomes the counterparty to the transaction. | ||||||||||||||||||||||||
The following table presents the composition of the Corporation’s derivative instruments held or issued for risk management purposes or in connection with customer-initiated and other activities at March 31, 2014 and December 31, 2013. The table excludes commitments, warrants accounted for as derivatives and a derivative related to the Corporation’s 2008 sale of its remaining ownership of Visa shares. | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
(in millions) | Notional/ | Gross Derivative Assets | Gross Derivative Liabilities | Notional/ | Gross Derivative Assets | Gross Derivative Liabilities | ||||||||||||||||||
Contract | Contract | |||||||||||||||||||||||
Amount (a) | Amount (a) | |||||||||||||||||||||||
Risk management purposes | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Swaps - fair value - receive fixed/pay floating | $ | 1,450 | $ | 191 | $ | — | $ | 1,450 | $ | 198 | $ | — | ||||||||||||
Derivatives used as economic hedges | ||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Spot, forwards and swaps | 446 | 1 | 1 | 253 | 1 | — | ||||||||||||||||||
Total risk management purposes | 1,896 | 192 | 1 | 1,703 | 199 | — | ||||||||||||||||||
Customer-initiated and other activities | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Caps and floors written | 268 | — | 1 | 277 | — | 1 | ||||||||||||||||||
Caps and floors purchased | 268 | 1 | — | 277 | 1 | — | ||||||||||||||||||
Swaps | 11,282 | 166 | 117 | 11,143 | 181 | 132 | ||||||||||||||||||
Total interest rate contracts | 11,818 | 167 | 118 | 11,697 | 182 | 133 | ||||||||||||||||||
Energy contracts: | ||||||||||||||||||||||||
Caps and floors written | 1,180 | 1 | 43 | 1,325 | 1 | 48 | ||||||||||||||||||
Caps and floors purchased | 1,180 | 43 | 1 | 1,325 | 48 | 1 | ||||||||||||||||||
Swaps | 2,589 | 59 | 57 | 2,724 | 56 | 53 | ||||||||||||||||||
Total energy contracts | 4,949 | 103 | 101 | 5,374 | 105 | 102 | ||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Spot, forwards, options and swaps | 2,030 | 17 | 16 | 1,764 | 14 | 14 | ||||||||||||||||||
Total customer-initiated and other activities | 18,797 | 287 | 235 | 18,835 | 301 | 249 | ||||||||||||||||||
Total gross derivatives | $ | 20,693 | 479 | 236 | $ | 20,538 | 500 | 249 | ||||||||||||||||
Amounts offset in the consolidated balance sheets: | ||||||||||||||||||||||||
Netting adjustment - Offsetting derivative assets/liabilities | (166 | ) | (166 | ) | (187 | ) | (187 | ) | ||||||||||||||||
Netting adjustment - Cash collateral received/posted | (1 | ) | (17 | ) | (2 | ) | (10 | ) | ||||||||||||||||
Net derivatives included in the consolidated balance sheets (b) | 312 | 53 | 311 | 52 | ||||||||||||||||||||
Amounts not offset in the consolidated balance sheets: | ||||||||||||||||||||||||
Marketable securities pledged under bilateral collateral agreements | (114 | ) | (8 | ) | (138 | ) | (10 | ) | ||||||||||||||||
Net derivatives after deducting amounts not offset in the consolidated balance sheets | $ | 198 | $ | 45 | $ | 173 | $ | 42 | ||||||||||||||||
(a) | Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets. | |||||||||||||||||||||||
(b) | Net derivative assets are included in “accrued income and other assets” and net derivative liabilities are included in “accrued expenses and other liabilities” on the consolidated balance sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk totaled $2 million at both March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||
Risk Management | ||||||||||||||||||||||||
As an end-user, the Corporation employs a variety of financial instruments for risk management purposes, including cash instruments, such as investment securities, as well as derivative instruments. Activity related to these instruments is centered predominantly in the interest rate markets and mainly involves interest rate swaps. Various other types of instruments also may be used to manage exposures to market risks, including interest rate caps and floors, total return swaps, foreign exchange forward contracts and foreign exchange swap agreements. | ||||||||||||||||||||||||
As part of a fair value hedging strategy, the Corporation entered into interest rate swap agreements for interest rate risk management purposes. These interest rate swap agreements effectively modify the Corporation’s exposure to interest rate risk by converting fixed-rate debt to a floating rate. These agreements involve the receipt of fixed-rate interest amounts in exchange for floating-rate interest payments over the life of the agreement, without an exchange of the underlying principal amount. Risk management fair value interest rate swaps generated net interest income of $18 million for both the three-month periods ended March 31, 2014 and 2013. The Corporation recognized an insignificant amount of net gains (losses) in "other noninterest income" in the consolidated statements of comprehensive income for the ineffective portion of risk management derivative instruments designated as fair value hedges of fixed-rate debt for both the three-month periods ended March 31, 2014 and 2013. | ||||||||||||||||||||||||
Foreign exchange rate risk arises from changes in the value of certain assets and liabilities denominated in foreign currencies. The Corporation employs spot and forward contracts in addition to swap contracts to manage exposure to these and other risks. The Corporation recognized an insignificant amount of net gains on risk management derivative instruments used as economic hedges in "other noninterest income" in the consolidated statements of comprehensive income for both the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||
The following table summarizes the expected weighted average remaining maturity of the notional amount of risk management interest rate swaps and the weighted average interest rates associated with amounts expected to be received or paid on interest rate swap agreements as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
(dollar amounts in millions) | Notional | Remaining | Receive Rate | Pay Rate (a) | ||||||||||||||||||||
Amount | Maturity | |||||||||||||||||||||||
(in years) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Swaps - fair value - receive fixed/pay floating rate | ||||||||||||||||||||||||
Medium- and long-term debt designation | $ | 1,450 | 3.2 | 5.45 | % | 0.35 | % | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Swaps - fair value - receive fixed/pay floating rate | ||||||||||||||||||||||||
Medium- and long-term debt designation | 1,450 | 3.4 | 5.45 | 0.38 | ||||||||||||||||||||
(a) | Variable rates paid on receive fixed swaps are based on six-month LIBOR rates in effect at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||
Management believes these hedging strategies achieve the desired relationship between the rate maturities of assets and funding sources which, in turn, reduce the overall exposure of net interest income to interest rate risk, although there can be no assurance that such strategies will be successful. | ||||||||||||||||||||||||
Customer-Initiated and Other | ||||||||||||||||||||||||
The Corporation enters into derivative transactions at the request of customers and generally takes offsetting positions with dealer counterparties to mitigate the inherent market risk. Income primarily results from the spread between the customer derivative and the offsetting dealer position. | ||||||||||||||||||||||||
For customer-initiated foreign exchange contracts where offsetting positions have not been taken, the Corporation manages the remaining inherent market risk through individual foreign currency position limits and aggregate value-at-risk limits. These limits are established annually and reviewed quarterly. For those customer-initiated derivative contracts which were not offset or where the Corporation holds a speculative position within the limits described above, the Corporation recognized an insignificant amount of net gains in “other noninterest income” in the consolidated statements of comprehensive income for both the three-month periods ended March 31, 2014 and 2013. | ||||||||||||||||||||||||
Fair values of customer-initiated and other derivative instruments represent the net unrealized gains or losses on such contracts and are recorded in the consolidated balance sheets. Changes in fair value are recognized in the consolidated statements of comprehensive income. The net gains recognized in income on customer-initiated derivative instruments, net of the impact of offsetting positions, were as follows. | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
(in millions) | Location of Gain | 2014 | 2013 | |||||||||||||||||||||
Interest rate contracts | Other noninterest income | $ | 4 | $ | 3 | |||||||||||||||||||
Energy contracts | Other noninterest income | — | 1 | |||||||||||||||||||||
Foreign exchange contracts | Foreign exchange income | 9 | 9 | |||||||||||||||||||||
Total | $ | 13 | $ | 13 | ||||||||||||||||||||
Credit-Related Financial Instruments | ||||||||||||||||||||||||
The Corporation issues off-balance sheet financial instruments in connection with commercial and consumer lending activities. The Corporation’s credit risk associated with these instruments is represented by the contractual amounts indicated in the following table. | ||||||||||||||||||||||||
(in millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Unused commitments to extend credit: | ||||||||||||||||||||||||
Commercial and other | $ | 26,925 | $ | 27,728 | ||||||||||||||||||||
Bankcard, revolving check credit and home equity loan commitments | 1,923 | 1,889 | ||||||||||||||||||||||
Total unused commitments to extend credit | $ | 28,848 | $ | 29,617 | ||||||||||||||||||||
Standby letters of credit | $ | 4,171 | $ | 4,297 | ||||||||||||||||||||
Commercial letters of credit | 96 | 103 | ||||||||||||||||||||||
Other credit-related financial instruments | 2 | 2 | ||||||||||||||||||||||
The Corporation maintains an allowance to cover probable credit losses inherent in lending-related commitments, including unused commitments to extend credit, letters of credit and financial guarantees. At March 31, 2014 and December 31, 2013, the allowance for credit losses on lending-related commitments, included in “accrued expenses and other liabilities” on the consolidated balance sheets, was $37 million and $36 million, respectively. | ||||||||||||||||||||||||
Unused Commitments to Extend Credit | ||||||||||||||||||||||||
Commitments to extend credit are legally binding agreements to lend to a customer, provided there is no violation of any condition established in the contract. These commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many commitments expire without being drawn upon, the total contractual amount of commitments does not necessarily represent future cash requirements of the Corporation. Commercial and other unused commitments are primarily variable rate commitments. The allowance for credit losses on lending-related commitments included $25 million and $28 million at March 31, 2014 and December 31, 2013, respectively, for probable credit losses inherent in the Corporation’s unused commitments to extend credit. | ||||||||||||||||||||||||
Standby and Commercial Letters of Credit | ||||||||||||||||||||||||
Standby letters of credit represent conditional obligations of the Corporation which guarantee the performance of a customer to a third party. Standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. Commercial letters of credit are issued to finance foreign or domestic trade transactions. These contracts expire in decreasing amounts through the year 2020. The Corporation may enter into participation arrangements with third parties that effectively reduce the maximum amount of future payments which may be required under standby and commercial letters of credit. These risk participations covered $250 million and $259 million, respectively, of the $4.3 billion and $4.4 billion standby and commercial letters of credit outstanding at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||
The carrying value of the Corporation’s standby and commercial letters of credit, included in “accrued expenses and other liabilities” on the consolidated balance sheets, totaled $65 million at March 31, 2014, including $53 million in deferred fees and $12 million in the allowance for credit losses on lending-related commitments. At December 31, 2013, the comparable amounts were $59 million, $51 million and $8 million, respectively. | ||||||||||||||||||||||||
The following table presents a summary of criticized standby and commercial letters of credit at March 31, 2014 and December 31, 2013. The Corporation's criticized list is generally consistent with the Special mention, Substandard and Doubtful categories defined by regulatory authorities. The Corporation manages credit risk through underwriting, periodically reviewing and approving its credit exposures using Board committee approved credit policies and guidelines. | ||||||||||||||||||||||||
(dollar amounts in millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Total criticized standby and commercial letters of credit | $ | 92 | $ | 69 | ||||||||||||||||||||
As a percentage of total outstanding standby and commercial letters of credit | 2.2 | % | 1.6 | % | ||||||||||||||||||||
Other Credit-Related Financial Instruments | ||||||||||||||||||||||||
The Corporation enters into credit risk participation agreements, under which the Corporation assumes credit exposure associated with a borrower’s performance related to certain interest rate derivative contracts. The Corporation is not a party to the interest rate derivative contracts and only enters into these credit risk participation agreements in instances in which the Corporation is also a party to the related loan participation agreement for such borrowers. The Corporation manages its credit risk on the credit risk participation agreements by monitoring the creditworthiness of the borrowers, which is based on the normal credit review process had it entered into the derivative instruments directly with the borrower. The notional amount of such credit risk participation agreement reflects the pro-rata share of the derivative instrument, consistent with its share of the related participated loan. As of March 31, 2014 and December 31, 2013, the total notional amount of the credit risk participation agreements was approximately $583 million and $614 million, respectively, and the fair value, included in customer-initiated interest rate contracts recorded in "accrued expenses and other liabilities" on the consolidated balance sheets, was insignificant for each period. The maximum estimated exposure to these agreements, as measured by projecting a maximum value of the guaranteed derivative instruments, assuming 100 percent default by all obligors on the maximum values, was approximately $6 million and $7 million at March 31, 2014 and December 31, 2013, respectively. In the event of default, the lead bank has the ability to liquidate the assets of the borrower, in which case the lead bank would be required to return a percentage of the recouped assets to the participating banks. As of March 31, 2014, the weighted average remaining maturity of outstanding credit risk participation agreements was 2.5 years. | ||||||||||||||||||||||||
In 2008, the Corporation sold its remaining ownership of Visa Class B shares and entered into a derivative contract. Under the terms of the derivative contract, the Corporation will compensate the counterparty primarily for dilutive adjustments made to the conversion factor of the Visa Class B shares to Class A shares based on the ultimate outcome of litigation involving Visa. Conversely, the Corporation will be compensated by the counterparty for any increase in the conversion factor from anti-dilutive adjustments. The notional amount of the derivative contract was equivalent to approximately 780,000 Visa Class B shares. The fair value of the derivative liability, included in "accrued expenses and other liabilities" on the consolidated balance sheets, was $2 million at both March 31, 2014 and December 31, 2013. |
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | ' | |||||||
Variable Interest Entities (VIEs) | ' | |||||||
VARIABLE INTEREST ENTITIES (VIEs) | ||||||||
The Corporation evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Corporation is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. | ||||||||
The Corporation holds ownership interests in funds in the form of limited partnerships or limited liability companies (LLCs) investing in affordable housing projects that qualify for the LIHTC. The Corporation also directly invests in limited partnerships and LLCs which invest in community development projects which generate similar tax credits to investors. As an investor, the Corporation obtains income tax credits and deductions from the operating losses of these tax credit entities. These tax credit entities meet the definition of a VIE; however, the Corporation is not the primary beneficiary of the entities, as the general partner or the managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. While the partnership/LLC agreements allow the limited partners/investor members, through a majority vote, to remove the general partner/managing member, this right is not deemed to be substantive as the general partner/managing member can only be removed for cause. | ||||||||
The Corporation accounts for its interests in LIHTC entities using the proportional amortization method. Exposure to loss as a result of the Corporation’s involvement with LIHTC entities at March 31, 2014 was limited to approximately $381 million. Ownership interests in other community development projects which generate similar tax credits to investors (other tax credit entities) are accounted for under either the cost or equity method. Exposure to loss as a result of the Corporation's involvement in other tax credit entities at March 31, 2014 was limited to approximately $13 million. | ||||||||
Investment balances, including all legally binding commitments to fund future investments, are included in “accrued income and other assets” on the consolidated balance sheets. A liability is recognized in “accrued expenses and other liabilities” on the consolidated balance sheets for all legally binding unfunded commitments to fund tax credit entities ($136 million at March 31, 2014). Amortization and other write-downs of LIHTC investments are presented on a net basis as a component of the "provision for income taxes" on the consolidated statements of comprehensive income, while amortization and write-downs of other tax credit investments are recorded in “other noninterest income." The income tax credits and deductions are recorded as a reduction of income tax expense and a reduction of federal income taxes payable. | ||||||||
The Corporation provided no financial or other support that was not contractually required to any of the above VIEs during the three months ended March 31, 2014 and 2013. | ||||||||
The following table summarizes the impact of these tax credit entities on line items on the Corporation’s consolidated statements of comprehensive income. | ||||||||
Three Months Ended March 31, | ||||||||
(in millions) | 2014 | 2013 | ||||||
Other noninterest income: | ||||||||
Amortization of other tax credit investments | $ | (2 | ) | $ | (1 | ) | ||
Provision for income taxes: | ||||||||
Amortization of LIHTC investments | 14 | 13 | ||||||
Low income housing tax credits | (14 | ) | (14 | ) | ||||
Other tax benefits related to tax credit entities | (6 | ) | (5 | ) | ||||
Total provision for income taxes | $ | (6 | ) | $ | (6 | ) | ||
For further information on the Corporation’s consolidation policy, see Note 1 to these unaudited consolidated financial statements and Note 1 to the consolidated financial statements in the Corporation's 2013 Annual Report. |
Medium_And_LongTerm_Debt
Medium- And Long-Term Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Medium- And Long-Term Debt | ' | |||||||
MEDIUM- AND LONG-TERM DEBT | ||||||||
Medium- and long-term debt is summarized as follows: | ||||||||
(in millions) | March 31, 2014 | December 31, 2013 | ||||||
Parent company | ||||||||
Subordinated notes: | ||||||||
4.80% subordinated notes due 2015 (a) | $ | 315 | $ | 318 | ||||
Medium-term notes: | ||||||||
3.00% notes due 2015 | 299 | 299 | ||||||
Total parent company | 614 | 617 | ||||||
Subsidiaries | ||||||||
Subordinated notes: | ||||||||
5.70% subordinated notes due 2014 (a) | 252 | 255 | ||||||
5.75% subordinated notes due 2016 (a) | 678 | 681 | ||||||
5.20% subordinated notes due 2017 (a) | 561 | 566 | ||||||
8.375% subordinated notes due 2024 (callable at par in 2014) | 183 | 183 | ||||||
7.875% subordinated notes due 2026 (a) | 218 | 213 | ||||||
Total subordinated notes | 1,892 | 1,898 | ||||||
Federal Home Loan Bank advance: | ||||||||
Floating-rate based on LIBOR indices due 2014 | 1,000 | 1,000 | ||||||
Other notes: | ||||||||
6.0% - 6.4% fixed-rate notes due 2020 | 28 | 28 | ||||||
Total subsidiaries | 2,920 | 2,926 | ||||||
Total medium- and long-term debt | $ | 3,534 | $ | 3,543 | ||||
(a) | The carrying value of medium- and long-term debt has been adjusted to reflect the gain attributable to the risk hedged with interest rate swaps. | |||||||
Subordinated notes with remaining maturities greater than one year qualify as Tier 2 capital. | ||||||||
Comerica Bank (the Bank) is a member of the FHLB, which provides short- and long-term funding collateralized by mortgage-related assets to its members. FHLB advances bear interest at variable rates based on LIBOR and were secured by a blanket lien on $14 billion of real estate-related loans at March 31, 2014. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||
Accumulated Other Comprehensive Loss | ' | |||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||
The following table presents a reconciliation of the changes in the components of accumulated other comprehensive loss and details the components of other comprehensive income (loss) for the three months ended March 31, 2014 and 2013, including the amount of income tax expense (benefit) allocated to each component of other comprehensive income (loss). | ||||||||
Three Months Ended March 31, | ||||||||
(in millions) | 2014 | 2013 | ||||||
Accumulated net unrealized (losses) gains on investment securities available-for-sale: | ||||||||
Balance at beginning of period, net of tax | $ | (68 | ) | $ | 150 | |||
Net unrealized holding gains (losses) arising during the period | 94 | (18 | ) | |||||
Less: Provision (benefit) for income taxes | 33 | (7 | ) | |||||
Net unrealized holding gains (losses) arising during the period, net of tax | 61 | (11 | ) | |||||
Less: | ||||||||
Net realized gains included in net securities gains | 1 | — | ||||||
Less: Provision for income taxes | — | — | ||||||
Reclassification adjustment for net securities gains included in net income, net of tax | 1 | — | ||||||
Change in net unrealized (losses) gains on investment securities available-for-sale, net of tax | 60 | (11 | ) | |||||
Balance at end of period, net of tax | $ | (8 | ) | $ | 139 | |||
Accumulated defined benefit pension and other postretirement plans adjustment: | ||||||||
Balance at beginning of period, net of tax | $ | (323 | ) | $ | (563 | ) | ||
Net defined benefit pension and other postretirement plans adjustment arising during the period, net of tax | — | — | ||||||
Less: | ||||||||
Amortization of actuarial net loss | (10 | ) | (21 | ) | ||||
Amortization of prior service cost | — | (1 | ) | |||||
Amounts recognized in employee benefits expense | (10 | ) | (22 | ) | ||||
Less: Benefit for income taxes | (4 | ) | (8 | ) | ||||
Adjustment for amounts recognized as components of net periodic benefit cost during the period, net of tax | (6 | ) | (14 | ) | ||||
Change in defined benefit pension and other postretirement plans adjustment, net of tax | 6 | 14 | ||||||
Balance at end of period, net of tax | $ | (317 | ) | $ | (549 | ) | ||
Total accumulated other comprehensive loss at end of period, net of tax | $ | (325 | ) | $ | (410 | ) |
Net_Income_Per_Common_Share
Net Income Per Common Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Net Income Per Common Share | ' | |||||||
NET INCOME PER COMMON SHARE | ||||||||
Basic and diluted net income per common share are presented in the following table. | ||||||||
Three Months Ended March 31, | ||||||||
(in millions, except per share data) | 2014 | 2013 | ||||||
Basic and diluted | ||||||||
Net income | $ | 139 | $ | 134 | ||||
Less: | ||||||||
Income allocated to participating securities | 2 | 2 | ||||||
Net income attributable to common shares | $ | 137 | $ | 132 | ||||
Basic average common shares | 180 | 185 | ||||||
Basic net income per common share | $ | 0.76 | $ | 0.71 | ||||
Basic average common shares | 180 | 185 | ||||||
Dilutive common stock equivalents: | ||||||||
Net effect of the assumed exercise of stock options | 2 | — | ||||||
Net effect of the assumed exercise of warrants | 5 | 2 | ||||||
Diluted average common shares | 187 | 187 | ||||||
Diluted net income per common share | $ | 0.73 | $ | 0.7 | ||||
The following average shares related to outstanding options to purchase shares of common stock were not included in the computation of diluted net income per common share because the prices of the options were greater than the average market price of common shares for the period. | ||||||||
Three Months Ended March 31, | ||||||||
(shares in millions) | 2014 | 2013 | ||||||
Average outstanding options | 8.7 | 15.1 | ||||||
Range of exercise prices | $48.17 - $61.94 | $34.78 - $61.94 |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||
Employee Benefit Plans | ' | |||||||
EMPLOYEE BENEFIT PLANS | ||||||||
Net periodic benefit costs are charged to "employee benefits expense" on the consolidated statements of comprehensive income. The components of net periodic benefit cost for the Corporation's qualified pension plan, non-qualified pension plan and postretirement benefit plan are as follows. | ||||||||
Qualified Defined Benefit Pension Plan | Three Months Ended March 31, | |||||||
(in millions) | 2014 | 2013 | ||||||
Service cost | $ | 7 | $ | 9 | ||||
Interest cost | 22 | 19 | ||||||
Expected return on plan assets | (33 | ) | (33 | ) | ||||
Amortization of prior service cost | 1 | 1 | ||||||
Amortization of net loss | 8 | 19 | ||||||
Net periodic defined benefit cost | $ | 5 | $ | 15 | ||||
Non-Qualified Defined Benefit Pension Plan | Three Months Ended March 31, | |||||||
(in millions) | 2014 | 2013 | ||||||
Service cost | $ | 1 | $ | 1 | ||||
Interest cost | 2 | 3 | ||||||
Amortization of prior service cost (credit) | (1 | ) | — | |||||
Amortization of net loss | 2 | 2 | ||||||
Net periodic defined benefit cost | $ | 4 | $ | 6 | ||||
Postretirement Benefit Plan | Three Months Ended March 31, | |||||||
(in millions) | 2014 | 2013 | ||||||
Interest cost | $ | 1 | $ | 1 | ||||
Expected return on plan assets | (1 | ) | (1 | ) | ||||
Net periodic postretirement benefit cost | $ | — | $ | — | ||||
For further information on the Corporation's employee benefit plans, refer to Note 17 to the consolidated financial statements in the Corporation's 2013 Annual Report. |
Income_Taxes_And_TaxRelated_It
Income Taxes And Tax-Related Items | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes and Tax-Related Items | ' |
INCOME TAXES AND TAX-RELATED ITEMS | |
Net unrecognized tax benefits were $11 million at both March 31, 2014 and December 31, 2013. The Corporation anticipates that it is reasonably possible that final settlement of federal and state tax issues will result in a decrease in net unrecognized tax benefits of $7 million within the next twelve months. Included in "accrued expense and other liabilities" on the consolidated balance sheets was a $2 million liability for tax-related interest and penalties at both March 31, 2014 and December 31, 2013. | |
Net deferred tax assets were $224 million at March 31, 2014, compared to $256 million at December 31, 2013. The decrease of $32 million in net deferred tax assets resulted primarily from a decrease in unrealized losses on investment securities available-for-sale recognized in other comprehensive income. Deferred tax assets were evaluated for realization and it was determined that no valuation allowance was needed at both March 31, 2014 and December 31, 2013. This conclusion was based on available evidence of loss carryback capacity, projected future reversals of existing taxable temporary differences and assumptions made regarding future events. | |
In the ordinary course of business, the Corporation enters into certain transactions that have tax consequences. From time to time, the Internal Revenue Service (IRS) may review and/or challenge specific interpretive tax positions taken by the Corporation with respect to those transactions. The Corporation believes that its tax returns were filed based upon applicable statutes, regulations and case law in effect at the time of the transactions. The IRS, an administrative authority or a court, if presented with the transactions, could disagree with the Corporation’s interpretation of the tax law. | |
Based on current knowledge and probability assessment of various potential outcomes, the Corporation believes that current tax reserves are adequate, and the amount of any potential incremental liability arising is not expected to have a material adverse effect on the Corporation’s consolidated financial condition or results of operations. Probabilities and outcomes are reviewed as events unfold, and adjustments to the reserves are made when necessary. |
Contingent_Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingent Liabilities | ' |
CONTINGENT LIABILITIES | |
Legal Proceedings | |
Comerica Bank, a wholly owned subsidiary of the Corporation, was named a third-party defendant in Butte Local Development v. Masters Group v. Comerica Bank (“the case”), a lender liability case filed on November 16, 2011. The jury trial commenced January 6, 2014, in the Montana Second District Judicial Court for Silver Bow County in Butte, Montana ("the court"). The claims underlying the case against the Bank grew out of an initial, two-year $9 million revolving line of credit loan extended by the Bank to Masters in July 2006. The loan was subsequently increased to $10.5 million and expired by its terms in July 2008 and was later paid in full through collection actions initiated by the Bank in December 2008, following a default by Masters. Masters alleged that the Bank wrongfully collected the loan, causing Masters to cease operations, and claimed that as a result, they failed to repay a $200,000 loan that they owed to Butte Local Development (“BLD”). Masters did not dispute that it was required to repay the $10.5 million loan, but contended the Bank should have continued to give it more time. | |
Starting in July 2013, the Bank attempted to settle the case by offering to pay the debt owed by Masters to BLD. The Bank anticipated that such a settlement would improve the Bank's chances of defending the case in Federal court, the court in which Masters would have been required to sue the Bank, absent BLD’s claim. Those discussions and consideration of the settlement offer continued for several months. Accordingly, on September 30, 2013, the Corporation believed that a nominal loss was probable and recorded legal reserves for the settlement offer made to BLD. | |
On January 17, 2014, a jury awarded Masters $52 million for its claims against the Bank. The jury also awarded BLD $275,000 for its claims against Masters. Following the jury’s decision on the case, the Corporation increased its reserve for litigation-related expense, effective as of December 31, 2013, to $52 million. | |
On January 23, 2014, Masters filed motions for additional claims against the Corporation related to the case seeking court costs, pre-judgment interest, punitive damages above the statutory maximum permitted by the State of Montana and attorneys' fees. In March 2014, the court declined to increase the punitive damage award against the Bank above the amount awarded by the jury and declined the request by Masters for a percentage of the jury award in attorney's fees and instead allowed fees based on hourly rates. The Corporation stipulated to $2 million of attorney's fees and costs but reserved the right to appeal Masters' entitlement to such fees and costs. The Corporation accordingly increased its reserve related to the case to $54 million. | |
Masters filed a notice of their intent to appeal certain aspects of the court's ruling. The Corporation believes that it has meritorious defenses for this litigation and has appealed the jury's decision and certain rulings on the case, including the award for attorneys' fees, to the Montana Supreme Court, the sole appellate court for the state of Montana. | |
The Corporation and certain of its subsidiaries are subject to various other pending or threatened legal proceedings arising out of the normal course of business or operations. The Corporation believes it has meritorious defenses to the claims asserted against it in its other currently outstanding legal proceedings and, with respect to such legal proceedings, intends to continue to defend itself vigorously, litigating or settling cases according to management’s judgment as to what is in the best interests of the Corporation and its shareholders. Settlement may result from the Corporation's determination that it may be more prudent financially to settle, rather than litigate, and should not be regarded as an admission of liability. On at least a quarterly basis, the Corporation assesses its potential liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. On a case-by-case basis, reserves are established for those legal claims for which it is probable that a loss will be incurred either as a result of a settlement or judgment, and the amount of such loss can be reasonably estimated. The actual costs of resolving these claims may be substantially higher or lower than the amounts reserved. Based on current knowledge, and after consultation with legal counsel, management believes that current reserves are adequate, and the amount of any incremental liability arising from these matters is not expected to have a material adverse effect on the Corporation’s consolidated financial condition, consolidated results of operations or consolidated cash flows. Legal fees of $5 million and $8 million were included in "other noninterest expenses" on the consolidated statements of income for the three months ended March 31, 2014 and 2013, respectively. | |
For matters where a loss is not probable, the Corporation has not established legal reserves. The Corporation believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for all legal proceedings in which it is involved is from zero to approximately $85 million at March 31, 2014. This estimated aggregate range of reasonably possible losses is based upon currently available information for those proceedings in which the Corporation is involved, taking into account the Corporation’s best estimate of such losses for those cases for which such estimate can be made. For certain cases, the Corporation does not believe that an estimate can currently be made. The Corporation’s estimate involves significant judgment, given the varying stages of the proceedings (including the fact that many are currently in preliminary stages), the existence in certain proceedings of multiple defendants (including the Corporation) whose share of liability has yet to be determined, the numerous yet-unresolved issues in many of the proceedings (including issues regarding class certification and the scope of many of the claims) and the attendant uncertainty of the various potential outcomes of such proceedings. Accordingly, the Corporation’s estimate will change from time to time, and actual losses may be more or less than the current estimate. | |
In the event of unexpected future developments, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the Corporation's consolidated financial condition, consolidated results of operations or consolidated cash flows. | |
For information regarding income tax contingencies, refer to Note 11. |
Business_Segment_Information
Business Segment Information | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Business Segment Information | ' | |||||||||||||||||||||||
BUSINESS SEGMENT INFORMATION | ||||||||||||||||||||||||
The Corporation has strategically aligned its operations into three major business segments: the Business Bank, the Retail Bank and Wealth Management. These business segments are differentiated based on the type of customer and the related products and services provided. In addition to the three major business segments, the Finance Division is also reported as a segment. Business segment results are produced by the Corporation’s internal management accounting system. This system measures financial results based on the internal business unit structure of the Corporation. The performance of the business segments is not comparable with the Corporation's consolidated results and is not necessarily comparable with similar information for any other financial institution. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. The management accounting system assigns balance sheet and income statement items to each business segment using certain methodologies, which are regularly reviewed and refined. These methodologies may be modified as the management accounting system is enhanced and changes occur in the organizational structure and/or product lines. For comparability purposes, amounts in all periods are based on business segments and methodologies in effect at March 31, 2014. | ||||||||||||||||||||||||
The following discussion provides information about the activities of each business segment. A discussion of the financial results and the factors impacting performance can be found in the section entitled "Business Segments" in the financial review. | ||||||||||||||||||||||||
The Business Bank meets the needs of middle market businesses, multinational corporations and governmental entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services and loan syndication services. | ||||||||||||||||||||||||
The Retail Bank includes small business banking and personal financial services, consisting of consumer lending, consumer deposit gathering and mortgage loan origination. In addition to a full range of financial services provided to small business customers, this business segment offers a variety of consumer products, including deposit accounts, installment loans, credit cards, student loans, home equity lines of credit and residential mortgage loans. | ||||||||||||||||||||||||
Wealth Management offers products and services consisting of fiduciary services, private banking, retirement services, investment management and advisory services, investment banking and brokerage services. This business segment also offers the sale of annuity products, as well as life, disability and long-term care insurance products. | ||||||||||||||||||||||||
The Finance segment includes the Corporation’s securities portfolio and asset and liability management activities. This segment is responsible for managing the Corporation’s funding, liquidity and capital needs, performing interest sensitivity analysis and executing various strategies to manage the Corporation’s exposure to liquidity, interest rate risk and foreign exchange risk. | ||||||||||||||||||||||||
The Other category includes discontinued operations, the income and expense impact of equity and cash, tax benefits not assigned to specific business segments, charges of an unusual or infrequent nature that are not reflective of the normal operations of the business segments and miscellaneous other expenses of a corporate nature. | ||||||||||||||||||||||||
For further information on the methodologies which form the basis for these results refer to Note 22 to the consolidated financial statements in the Corporation's 2013 Annual Report. | ||||||||||||||||||||||||
Business segment financial results are as follows: | ||||||||||||||||||||||||
(dollar amounts in millions) | Business | Retail | Wealth Management | Finance | Other | Total | ||||||||||||||||||
Three Months Ended March 31, 2014 | Bank | Bank | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 371 | $ | 146 | $ | 46 | $ | (158 | ) | $ | 6 | $ | 411 | |||||||||||
Provision for credit losses | 16 | 2 | (8 | ) | — | (1 | ) | 9 | ||||||||||||||||
Noninterest income | 87 | 41 | 64 | 14 | 2 | 208 | ||||||||||||||||||
Noninterest expenses | 146 | 171 | 78 | 3 | 8 | 406 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 98 | 5 | 14 | (55 | ) | 3 | 65 | |||||||||||||||||
Net income (loss) | $ | 198 | $ | 9 | $ | 26 | $ | (92 | ) | $ | (2 | ) | $ | 139 | ||||||||||
Net credit-related charge-offs (recoveries) | $ | 11 | $ | 4 | $ | (3 | ) | $ | — | $ | — | $ | 12 | |||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 35,896 | $ | 6,052 | $ | 4,939 | $ | 11,129 | $ | 6,692 | $ | 64,708 | ||||||||||||
Loans | 34,927 | 5,381 | 4,767 | — | — | 45,075 | ||||||||||||||||||
Deposits | 27,023 | 21,361 | 3,816 | 353 | 217 | 52,770 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 2.2 | % | 0.16 | % | 2.15 | % | N/M | N/M | 0.86 | % | ||||||||||||||
Efficiency ratio (b) | 31.96 | 91.44 | 71.31 | N/M | N/M | 65.79 | ||||||||||||||||||
(dollar amounts in millions) | Business | Retail | Wealth Management | Finance | Other | Total | ||||||||||||||||||
Three Months Ended March 31, 2013 | Bank | Bank | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 375 | $ | 155 | $ | 46 | $ | (167 | ) | $ | 7 | $ | 416 | |||||||||||
Provision for credit losses | 20 | 6 | (6 | ) | — | (4 | ) | 16 | ||||||||||||||||
Noninterest income | 90 | 41 | 65 | 14 | 3 | 213 | ||||||||||||||||||
Noninterest expenses | 146 | 175 | 79 | 3 | 13 | 416 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 101 | 5 | 13 | (58 | ) | 2 | 63 | |||||||||||||||||
Net income (loss) | $ | 198 | $ | 10 | $ | 25 | $ | (98 | ) | $ | (1 | ) | $ | 134 | ||||||||||
Net credit-related charge-offs | $ | 16 | $ | 8 | $ | — | $ | — | $ | — | $ | 24 | ||||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 35,780 | $ | 5,973 | $ | 4,738 | $ | 11,747 | $ | 5,213 | $ | 63,451 | ||||||||||||
Loans | 34,753 | 5,276 | 4,588 | — | — | 44,617 | ||||||||||||||||||
Deposits | 25,514 | 21,049 | 3,682 | 275 | 172 | 50,692 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 2.21 | % | 0.18 | % | 2.12 | % | N/M | N/M | 0.84 | % | ||||||||||||||
Efficiency ratio (b) | 31.38 | 89.37 | 71.09 | N/M | N/M | 66.15 | ||||||||||||||||||
(a) | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | |||||||||||||||||||||||
(b) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. | ||||||||||||||||||||||||
FTE – Fully Taxable Equivalent | ||||||||||||||||||||||||
N/M – not meaningful | ||||||||||||||||||||||||
The Corporation operates in three primary markets - Texas, California, and Michigan, as well as in Arizona and Florida, with select businesses operating in several other states, and in Canada and Mexico. The Corporation produces market segment results for the Corporation’s three primary geographic markets as well as Other Markets. Other Markets includes Florida, Arizona, the International Finance division and businesses with a national perspective. The Finance & Other category includes the Finance segment and the Other category as previously described. Market segment results are provided as supplemental information to the business segment results and may not meet all operating segment criteria as set forth in GAAP. For comparability purposes, amounts in all periods are based on market segments and methodologies in effect at March 31, 2014. | ||||||||||||||||||||||||
A discussion of the financial results and the factors impacting performance can be found in the section entitled "Market Segments" in the financial review. | ||||||||||||||||||||||||
Market segment financial results are as follows: | ||||||||||||||||||||||||
(dollar amounts in millions) | Michigan | California | Texas | Other | Finance | Total | ||||||||||||||||||
Three Months Ended March 31, 2014 | Markets | & Other | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 183 | $ | 172 | $ | 136 | $ | 72 | $ | (152 | ) | $ | 411 | |||||||||||
Provision for credit losses | 3 | 11 | 6 | (10 | ) | (1 | ) | 9 | ||||||||||||||||
Noninterest income | 87 | 34 | 31 | 40 | 16 | 208 | ||||||||||||||||||
Noninterest expenses | 161 | 96 | 90 | 48 | 11 | 406 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 38 | 36 | 25 | 18 | (52 | ) | 65 | |||||||||||||||||
Net income (loss) | $ | 68 | $ | 63 | $ | 46 | $ | 56 | $ | (94 | ) | $ | 139 | |||||||||||
Net credit-related charge-offs (recoveries) | $ | — | $ | 10 | $ | 6 | $ | (4 | ) | $ | — | $ | 12 | |||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 13,819 | $ | 15,133 | $ | 11,070 | $ | 6,865 | $ | 17,821 | $ | 64,708 | ||||||||||||
Loans | 13,473 | 14,824 | 10,364 | 6,414 | — | 45,075 | ||||||||||||||||||
Deposits | 20,642 | 14,782 | 10,875 | 5,901 | 570 | 52,770 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 1.26 | % | 1.59 | % | 1.5 | % | 3.28 | % | N/M | 0.86 | % | |||||||||||||
Efficiency ratio (b) | 59.71 | 46.72 | 53.83 | 43.39 | N/M | 65.79 | ||||||||||||||||||
(dollar amounts in millions) | Michigan | California | Texas | Other | Finance | Total | ||||||||||||||||||
Three Months Ended March 31, 2013 | Markets | & Other | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 190 | $ | 171 | $ | 134 | $ | 81 | $ | (160 | ) | $ | 416 | |||||||||||
Provision for credit losses | (7 | ) | 21 | 8 | (2 | ) | (4 | ) | 16 | |||||||||||||||
Noninterest income | 92 | 35 | 31 | 38 | 17 | 213 | ||||||||||||||||||
Noninterest expenses | 168 | 97 | 91 | 44 | 16 | 416 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 43 | 32 | 23 | 21 | (56 | ) | 63 | |||||||||||||||||
Net income (loss) | $ | 78 | $ | 56 | $ | 43 | $ | 56 | $ | (99 | ) | $ | 134 | |||||||||||
Net credit-related charge-offs | $ | 5 | $ | 10 | $ | 6 | $ | 3 | $ | — | $ | 24 | ||||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 14,042 | $ | 13,795 | $ | 10,795 | $ | 7,859 | $ | 16,960 | $ | 63,451 | ||||||||||||
Loans | 13,650 | 13,542 | 10,071 | 7,354 | — | 44,617 | ||||||||||||||||||
Deposits | 20,254 | 14,356 | 9,959 | 5,676 | 447 | 50,692 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 1.47 | % | 1.45 | % | 1.54 | % | 2.86 | % | N/M | 0.84 | % | |||||||||||||
Efficiency ratio (b) | 59.53 | 47.04 | 54.99 | 37.41 | N/M | 66.15 | ||||||||||||||||||
(a) | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | |||||||||||||||||||||||
(b) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. | ||||||||||||||||||||||||
FTE – Fully Taxable Equivalent | ||||||||||||||||||||||||
N/M – not meaningful |
Basis_of_Presentation_and_Acco1
Basis of Presentation and Accounting Policies Basis of Presentation and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Adopted Accounting Pronouncement | |
Effective January 1, 2014, the Corporation early adopted Accounting Standards Update (ASU) No. 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” an amendment to GAAP which enables companies that invest in affordable housing projects that qualify for the low-income housing tax credit (LIHTC) to elect to use the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial investment cost of the project is amortized in proportion to the amount of tax credits and other benefits received, with the results of the investment presented on a net basis as a component of the provision for income taxes. Previously, LIHTC investments were accounted for under the cost or equity method, and the amortization was recorded as a reduction to other noninterest income, with the tax credits and other benefits received recorded as a component of the provision for income taxes. The Corporation believes the proportional amortization method better represents the economics of LIHTC investments and provides users with a better understanding of the returns from such investments than the cost or equity method. | |
The cumulative effect of the retrospective application of the change in amortization method was a $3 million decrease to both "accrued income and other assets" and "retained earnings" on the consolidated balance sheets as of January 1, 2013. The unaudited consolidated financial statements have been retrospectively adjusted to reflect the prior period effect of the adoption of the amendment, which resulted in a $13 million increase to both "other noninterest income" and "provision for income taxes" for the three months ended March 31, 2013. The adoption of ASU 2014-01 had no effect on net income or earnings per common share for any period presented. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Assets And Liabilities Recorded At Fair Value On A Recurring Basis | ' | ||||||||||||||||||||||||
The following tables present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
Deferred compensation plan assets | $ | 97 | $ | 97 | $ | — | $ | — | |||||||||||||||||
Equity and other non-debt securities | 1 | 1 | — | — | |||||||||||||||||||||
Residential mortgage-backed securities (a) | 3 | — | 3 | — | |||||||||||||||||||||
State and municipal securities | 1 | — | 1 | — | |||||||||||||||||||||
Corporate debt securities | 1 | — | 1 | — | |||||||||||||||||||||
Total trading securities | 103 | 98 | 5 | — | |||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | 45 | 45 | — | — | |||||||||||||||||||||
Residential mortgage-backed securities (a) | 9,123 | — | 9,123 | — | |||||||||||||||||||||
State and municipal securities | 23 | — | — | 23 | (b) | ||||||||||||||||||||
Corporate debt securities | 54 | — | 53 | 1 | (b) | ||||||||||||||||||||
Equity and other non-debt securities | 242 | 124 | — | 118 | (b) | ||||||||||||||||||||
Total investment securities available-for-sale | 9,487 | 169 | 9,176 | 142 | |||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||
Interest rate contracts | 358 | — | 358 | — | |||||||||||||||||||||
Energy derivative contracts | 103 | — | 103 | — | |||||||||||||||||||||
Foreign exchange contracts | 18 | — | 18 | — | |||||||||||||||||||||
Warrants | 3 | — | — | 3 | |||||||||||||||||||||
Total derivative assets | 482 | — | 479 | 3 | |||||||||||||||||||||
Total assets at fair value | $ | 10,072 | $ | 267 | $ | 9,660 | $ | 145 | |||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||
Interest rate contracts | $ | 118 | $ | — | $ | 118 | $ | — | |||||||||||||||||
Energy derivative contracts | 101 | — | 101 | — | |||||||||||||||||||||
Foreign exchange contracts | 17 | — | 17 | — | |||||||||||||||||||||
Other | 2 | — | — | 2 | |||||||||||||||||||||
Total derivative liabilities | 238 | — | 236 | 2 | |||||||||||||||||||||
Deferred compensation plan liabilities | 97 | 97 | — | — | |||||||||||||||||||||
Total liabilities at fair value | $ | 335 | $ | 97 | $ | 236 | $ | 2 | |||||||||||||||||
(a) | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||||||||||||||||||||||||
(b) | Auction-rate securities. | ||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
Deferred compensation plan assets | $ | 96 | $ | 96 | $ | — | $ | — | |||||||||||||||||
Equity and other non-debt securities | 7 | 7 | — | — | |||||||||||||||||||||
Residential mortgage-backed securities (a) | 2 | — | 2 | — | |||||||||||||||||||||
State and municipal securities | 3 | — | 3 | — | |||||||||||||||||||||
Total trading securities | 108 | 103 | 5 | — | |||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | 45 | 45 | — | — | |||||||||||||||||||||
Residential mortgage-backed securities (a) | 8,926 | — | 8,926 | — | |||||||||||||||||||||
State and municipal securities | 22 | — | — | 22 | (b) | ||||||||||||||||||||
Corporate debt securities | 56 | — | 55 | 1 | (b) | ||||||||||||||||||||
Equity and other non-debt securities | 258 | 122 | — | 136 | (b) | ||||||||||||||||||||
Total investment securities available-for-sale | 9,307 | 167 | 8,981 | 159 | |||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||
Interest rate contracts | 380 | — | 380 | — | |||||||||||||||||||||
Energy derivative contracts | 105 | — | 105 | — | |||||||||||||||||||||
Foreign exchange contracts | 15 | — | 15 | — | |||||||||||||||||||||
Warrants | 3 | — | — | 3 | |||||||||||||||||||||
Total derivative assets | 503 | — | 500 | 3 | |||||||||||||||||||||
Total assets at fair value | $ | 9,918 | $ | 270 | $ | 9,486 | $ | 162 | |||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||
Interest rate contracts | $ | 133 | $ | — | $ | 133 | $ | — | |||||||||||||||||
Energy derivative contracts | 102 | — | 102 | — | |||||||||||||||||||||
Foreign exchange contracts | 14 | — | 14 | — | |||||||||||||||||||||
Other | 2 | — | — | 2 | |||||||||||||||||||||
Total derivative liabilities | 251 | — | 249 | 2 | |||||||||||||||||||||
Deferred compensation plan liabilities | 96 | 96 | — | — | |||||||||||||||||||||
Total liabilities at fair value | $ | 347 | $ | 96 | $ | 249 | $ | 2 | |||||||||||||||||
(a) | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||||||||||||||||||||||||
(b) | Auction-rate securities. | ||||||||||||||||||||||||
Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | ||||||||||||||||||||||||
The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
Net Realized/Unrealized Gains (Losses) (Pretax) | |||||||||||||||||||||||||
Balance | Recorded in Earnings | Recorded in | Balance | ||||||||||||||||||||||
at | Other | at | |||||||||||||||||||||||
Beginning | Comprehensive | End of | |||||||||||||||||||||||
(in millions) | of Period | Realized | Unrealized | Income | Sales | Period | |||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
State and municipal securities (a) | $ | 22 | $ | — | $ | — | $ | 1 | (b) | $ | — | $ | 23 | ||||||||||||
Corporate debt securities (a) | 1 | — | — | — | — | 1 | |||||||||||||||||||
Equity and other non-debt securities (a) | 136 | 1 | (c) | — | 5 | (b) | (24 | ) | 118 | ||||||||||||||||
Total investment securities | 159 | 1 | (c) | — | 6 | (b) | (24 | ) | 142 | ||||||||||||||||
available-for-sale | |||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||
Warrants | 3 | — | 1 | (d) | — | (1 | ) | 3 | |||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||
Other | 2 | — | — | — | — | 2 | |||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
State and municipal securities (a) | $ | 23 | $ | — | $ | — | $ | — | $ | — | $ | 23 | |||||||||||||
Corporate debt securities (a) | 1 | — | — | — | — | 1 | |||||||||||||||||||
Equity and other non-debt securities (a) | 156 | — | — | 1 | (b) | (4 | ) | 153 | |||||||||||||||||
Total investment securities | 180 | — | — | 1 | (b) | (4 | ) | 177 | |||||||||||||||||
available-for-sale | |||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||
Warrants | 3 | 1 | (d) | — | — | (1 | ) | 3 | |||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||
Other | 1 | — | — | — | — | 1 | |||||||||||||||||||
(a) | Auction-rate securities. | ||||||||||||||||||||||||
(b) | Recorded in "net unrealized gains (losses) on investment securities available-for-sale" in other comprehensive income. | ||||||||||||||||||||||||
(c) | Realized and unrealized gains and losses due to changes in fair value recorded in "net securities gains" on the consolidated statements of comprehensive income. | ||||||||||||||||||||||||
(d) | Realized and unrealized gains and losses due to changes in fair value recorded in "other noninterest income" on the consolidated statements of comprehensive income. | ||||||||||||||||||||||||
Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis | ' | ||||||||||||||||||||||||
All assets recorded at fair value on a nonrecurring basis were classified as Level 3 at March 31, 2014 and December 31, 2013 and are presented in the following table. No liabilities were recorded at fair value on a nonrecurring basis at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
(in millions) | Level 3 | ||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Commercial | $ | 20 | |||||||||||||||||||||||
Real estate construction | 17 | ||||||||||||||||||||||||
Commercial mortgage | 74 | ||||||||||||||||||||||||
Total loans | 111 | ||||||||||||||||||||||||
Nonmarketable equity securities | 2 | ||||||||||||||||||||||||
Other real estate | 3 | ||||||||||||||||||||||||
Total assets at fair value | $ | 116 | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Commercial | $ | 43 | |||||||||||||||||||||||
Real estate construction | 20 | ||||||||||||||||||||||||
Commercial mortgage | 61 | ||||||||||||||||||||||||
International | 4 | ||||||||||||||||||||||||
Total loans | 128 | ||||||||||||||||||||||||
Nonmarketable equity securities | 2 | ||||||||||||||||||||||||
Other real estate | 5 | ||||||||||||||||||||||||
Total assets at fair value | $ | 135 | |||||||||||||||||||||||
Quantitative Information About Level 3 Measurements | ' | ||||||||||||||||||||||||
The following table presents quantitative information related to the significant unobservable inputs utilized in the Corporation's Level 3 recurring fair value measurement as of March 31, 2014 and December 31, 2013. The Corporation's Level 3 recurring fair value measurements include auction-rate securities where fair value is determined using an income approach based on a discounted cash flow model. The inputs in the table below reflect management's expectation of continued illiquidity in the secondary auction-rate securities market due to a lack of market activity for the issuers remaining in the portfolio, a lack of market incentives for issuer redemptions, and the expectation for the low interest rate environment continuing into 2015. The March 31, 2014 workout periods reflect management's view that short-term interest rates could begin to rise in 2015. | |||||||||||||||||||||||||
Discounted Cash Flow Model | |||||||||||||||||||||||||
Unobservable Input | |||||||||||||||||||||||||
Fair Value | Discount Rate | Workout Period (in years) | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
State and municipal securities (a) | $ | 23 | 4% - 9% | 4-Jan | |||||||||||||||||||||
Equity and other non-debt securities (a) | 118 | 5% - 7% | 3-Jan | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
State and municipal securities (a) | $ | 22 | 5% - 10% | 4-Mar | |||||||||||||||||||||
Equity and other non-debt securities (a) | 136 | 5% - 8% | 3-Feb | ||||||||||||||||||||||
(a) | Auction-rate securities. | ||||||||||||||||||||||||
Estimated Fair Values Of Financial Instruments Not Recorded At Fair Value In Their Entirety On A Recurring Basis | ' | ||||||||||||||||||||||||
The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on the Corporation’s consolidated balance sheets are as follows: | |||||||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||||||
(in millions) | Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and due from banks | $ | 1,186 | $ | 1,186 | $ | 1,186 | $ | — | $ | — | |||||||||||||||
Interest-bearing deposits with banks | 4,434 | 4,434 | 4,434 | — | — | ||||||||||||||||||||
Loans held-for-sale | 2 | 2 | — | 2 | — | ||||||||||||||||||||
Total loans, net of allowance for loan losses (a) | 45,895 | 45,932 | — | — | 45,932 | ||||||||||||||||||||
Customers’ liability on acceptances outstanding | 12 | 12 | 12 | — | — | ||||||||||||||||||||
Nonmarketable equity securities (b) | 12 | 19 | — | — | 19 | ||||||||||||||||||||
Restricted equity investments | 133 | 133 | 133 | — | — | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Demand deposits (noninterest-bearing) | 23,955 | 23,955 | — | 23,955 | — | ||||||||||||||||||||
Interest-bearing deposits | 24,696 | 24,696 | — | 24,696 | — | ||||||||||||||||||||
Customer certificates of deposit | 5,099 | 5,090 | — | 5,090 | — | ||||||||||||||||||||
Total deposits | 53,750 | 53,741 | — | 53,741 | — | ||||||||||||||||||||
Short-term borrowings | 160 | 160 | 160 | — | — | ||||||||||||||||||||
Acceptances outstanding | 12 | 12 | 12 | — | — | ||||||||||||||||||||
Medium- and long-term debt | 3,534 | 3,527 | — | 3,527 | — | ||||||||||||||||||||
Credit-related financial instruments | (91 | ) | (91 | ) | — | — | (91 | ) | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and due from banks | $ | 1,140 | $ | 1,140 | $ | 1,140 | $ | — | $ | — | |||||||||||||||
Interest-bearing deposits with banks | 5,311 | 5,311 | 5,311 | — | — | ||||||||||||||||||||
Loans held-for-sale | 4 | 4 | — | 4 | — | ||||||||||||||||||||
Total loans, net of allowance for loan losses (a) | 44,872 | 44,801 | — | — | 44,801 | ||||||||||||||||||||
Customers’ liability on acceptances outstanding | 11 | 11 | 11 | — | — | ||||||||||||||||||||
Nonmarketable equity securities (b) | 12 | 19 | — | — | 19 | ||||||||||||||||||||
Restricted equity investments | 133 | 133 | 133 | — | — | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Demand deposits (noninterest-bearing) | 23,875 | 23,875 | — | 23,875 | — | ||||||||||||||||||||
Interest-bearing deposits | 24,354 | 24,354 | — | 24,354 | — | ||||||||||||||||||||
Customer certificates of deposit | 5,063 | 5,055 | — | 5,055 | — | ||||||||||||||||||||
Total deposits | 53,292 | 53,284 | — | 53,284 | — | ||||||||||||||||||||
Short-term borrowings | 253 | 253 | 253 | — | — | ||||||||||||||||||||
Acceptances outstanding | 11 | 11 | 11 | — | — | ||||||||||||||||||||
Medium- and long-term debt | 3,543 | 3,540 | — | 3,540 | — | ||||||||||||||||||||
Credit-related financial instruments | (88 | ) | (88 | ) | — | — | (88 | ) | |||||||||||||||||
(a) | Included $111 million and $128 million of impaired loans recorded at fair value on a nonrecurring basis at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||
(b) | Included $2 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at both March 31, 2014 and December 31, 2013. |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||
Summary Of Investment Securities Available-For-Sale | ' | ||||||||||||||||||||||||||
A summary of the Corporation’s investment securities available-for-sale follows: | |||||||||||||||||||||||||||
(in millions) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | $ | 45 | $ | — | $ | — | $ | 45 | |||||||||||||||||||
Residential mortgage-backed securities (a) | 9,133 | 107 | 117 | 9,123 | |||||||||||||||||||||||
State and municipal securities | 24 | — | 1 | 23 | |||||||||||||||||||||||
Corporate debt securities | 54 | — | — | 54 | |||||||||||||||||||||||
Equity and other non-debt securities | 245 | 1 | 4 | 242 | |||||||||||||||||||||||
Total investment securities available-for-sale (b) | $ | 9,501 | $ | 108 | $ | 122 | $ | 9,487 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | $ | 45 | $ | — | $ | — | $ | 45 | |||||||||||||||||||
Residential mortgage-backed securities (a) | 9,023 | 91 | 188 | 8,926 | |||||||||||||||||||||||
State and municipal securities | 24 | — | 2 | 22 | |||||||||||||||||||||||
Corporate debt securities | 56 | — | — | 56 | |||||||||||||||||||||||
Equity and other non-debt securities | 266 | 1 | 9 | 258 | |||||||||||||||||||||||
Total investment securities available-for-sale (b) | $ | 9,414 | $ | 92 | $ | 199 | $ | 9,307 | |||||||||||||||||||
(a) | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||||||||||||||||||||||||||
(b) | Included auction-rate securities at amortized cost and fair value of $146 million and $142 million, respectively, as of March 31, 2014 and $169 million and $159 million, respectively, as of December 31, 2013. | ||||||||||||||||||||||||||
Summary Of Investment Securities Available-For-Sale In Unrealized Loss Positions | ' | ||||||||||||||||||||||||||
A summary of the Corporation’s investment securities available-for-sale in an unrealized loss position as of March 31, 2014 and December 31, 2013 follows: | |||||||||||||||||||||||||||
Temporarily Impaired | |||||||||||||||||||||||||||
Less than 12 Months | 12 Months or more | Total | |||||||||||||||||||||||||
(in millions) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||
Residential mortgage-backed securities (a) | $ | 4,797 | $ | 111 | $ | 138 | $ | 6 | $ | 4,935 | $ | 117 | |||||||||||||||
State and municipal securities (b) | — | — | 23 | 1 | 23 | 1 | |||||||||||||||||||||
Corporate debt securities (b) | — | — | 1 | — | (c) | 1 | — | (c) | |||||||||||||||||||
Equity and other non-debt securities (b) | — | — | 130 | 4 | 130 | 4 | |||||||||||||||||||||
Total impaired securities | $ | 4,797 | $ | 111 | $ | 292 | $ | 11 | $ | 5,089 | $ | 122 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
Residential mortgage-backed securities (a) | $ | 5,825 | $ | 187 | $ | 11 | $ | 1 | $ | 5,836 | $ | 188 | |||||||||||||||
State and municipal securities (b) | — | — | 22 | 2 | 22 | 2 | |||||||||||||||||||||
Corporate debt securities (b) | — | — | 1 | — | (c) | 1 | — | (c) | |||||||||||||||||||
Equity and other non-debt securities (b) | — | — | 148 | 9 | 148 | 9 | |||||||||||||||||||||
Total impaired securities | $ | 5,825 | $ | 187 | $ | 182 | $ | 12 | $ | 6,007 | $ | 199 | |||||||||||||||
(a) | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||||||||||||||||||||||||||
(b) | Auction-rate securities. | ||||||||||||||||||||||||||
(c) | Unrealized losses less than $0.5 million. | ||||||||||||||||||||||||||
Contractual Maturity Distribution Of Debt Securities | ' | ||||||||||||||||||||||||||
The following table summarizes the amortized cost and fair values of debt securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
March 31, 2014 | Amortized Cost | Fair Value | |||||||||||||||||||||||||
Contractual maturity | |||||||||||||||||||||||||||
Within one year | $ | 155 | $ | 155 | |||||||||||||||||||||||
After one year through five years | 268 | 269 | |||||||||||||||||||||||||
After five years through ten years | 277 | 287 | |||||||||||||||||||||||||
After ten years | 8,556 | 8,534 | |||||||||||||||||||||||||
Subtotal | 9,256 | 9,245 | |||||||||||||||||||||||||
Equity and other non-debt securities | 245 | 242 | |||||||||||||||||||||||||
Total investment securities available-for-sale | $ | 9,501 | $ | 9,487 | |||||||||||||||||||||||
Credit_Quality_And_Allowance_F1
Credit Quality And Allowance For Credit Losses (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Credit Quality And Allowance For Credit Losses [Abstract] | ' | |||||||||||||||||||||||||||
Aging Analysis Of Loans | ' | |||||||||||||||||||||||||||
The following table presents an aging analysis of the recorded balance of loans. | ||||||||||||||||||||||||||||
Loans Past Due and Still Accruing | ||||||||||||||||||||||||||||
(in millions) | 30-59 | 60-89 | 90 Days | Total | Nonaccrual | Current | Total | |||||||||||||||||||||
Days | Days | or More | Loans | Loans (c) | Loans | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 30 | $ | 20 | $ | 3 | $ | 53 | $ | 54 | $ | 29,667 | $ | 29,774 | ||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | — | — | — | 18 | 1,489 | 1,507 | |||||||||||||||||||||
Other business lines (b) | — | — | — | — | 1 | 339 | 340 | |||||||||||||||||||||
Total real estate construction | — | — | — | — | 19 | 1,828 | 1,847 | |||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 25 | — | 1 | 26 | 58 | 1,736 | 1,820 | |||||||||||||||||||||
Other business lines (b) | 40 | 3 | 4 | 47 | 104 | 6,830 | 6,981 | |||||||||||||||||||||
Total commercial mortgage | 65 | 3 | 5 | 73 | 162 | 8,566 | 8,801 | |||||||||||||||||||||
Lease financing | — | — | — | — | — | 849 | 849 | |||||||||||||||||||||
International | 6 | 3 | — | 9 | — | 1,241 | 1,250 | |||||||||||||||||||||
Total business loans | 101 | 26 | 8 | 135 | 235 | 42,151 | 42,521 | |||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 15 | 1 | — | 16 | 48 | 1,687 | 1,751 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 6 | 3 | 1 | 10 | 32 | 1,491 | 1,533 | |||||||||||||||||||||
Other consumer | 2 | — | 1 | 3 | 2 | 679 | 684 | |||||||||||||||||||||
Total consumer | 8 | 3 | 2 | 13 | 34 | 2,170 | 2,217 | |||||||||||||||||||||
Total retail loans | 23 | 4 | 2 | 29 | 82 | 3,857 | 3,968 | |||||||||||||||||||||
Total loans | $ | 124 | $ | 30 | $ | 10 | $ | 164 | $ | 317 | $ | 46,008 | $ | 46,489 | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 36 | $ | 17 | $ | 4 | $ | 57 | $ | 81 | $ | 28,677 | $ | 28,815 | ||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | — | — | — | 20 | 1,427 | 1,447 | |||||||||||||||||||||
Other business lines (b) | — | — | — | — | 1 | 314 | 315 | |||||||||||||||||||||
Total real estate construction | — | — | — | — | 21 | 1,741 | 1,762 | |||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 9 | 1 | — | 10 | 51 | 1,617 | 1,678 | |||||||||||||||||||||
Other business lines (b) | 27 | 6 | 4 | 37 | 105 | 6,967 | 7,109 | |||||||||||||||||||||
Total commercial mortgage | 36 | 7 | 4 | 47 | 156 | 8,584 | 8,787 | |||||||||||||||||||||
Lease financing | — | — | — | — | — | 845 | 845 | |||||||||||||||||||||
International | — | — | 3 | 3 | 4 | 1,320 | 1,327 | |||||||||||||||||||||
Total business loans | 72 | 24 | 11 | 107 | 262 | 41,167 | 41,536 | |||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 15 | 3 | — | 18 | 53 | 1,626 | 1,697 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 6 | 2 | — | 8 | 33 | 1,476 | 1,517 | |||||||||||||||||||||
Other consumer | 4 | 1 | 5 | 10 | 2 | 708 | 720 | |||||||||||||||||||||
Total consumer | 10 | 3 | 5 | 18 | 35 | 2,184 | 2,237 | |||||||||||||||||||||
Total retail loans | 25 | 6 | 5 | 36 | 88 | 3,810 | 3,934 | |||||||||||||||||||||
Total loans | $ | 97 | $ | 30 | $ | 16 | $ | 143 | $ | 350 | $ | 44,977 | $ | 45,470 | ||||||||||||||
(a) | Primarily loans to real estate developers. | |||||||||||||||||||||||||||
(b) | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||
(c) | Included purchased credit-impaired (PCI) loans with a total carrying value of $5 million at both March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||
Loans By Credit Quality Indicator | ' | |||||||||||||||||||||||||||
The following table presents loans by credit quality indicator, based on internal risk ratings assigned to each business loan at the time of approval and subjected to subsequent reviews, generally at least annually, and to pools of retail loans with similar risk characteristics. | ||||||||||||||||||||||||||||
Internally Assigned Rating | ||||||||||||||||||||||||||||
(in millions) | Pass (a) | Special | Substandard (c) | Nonaccrual (d) | Total | |||||||||||||||||||||||
Mention (b) | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 28,427 | $ | 601 | $ | 692 | $ | 54 | $ | 29,774 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (e) | 1,463 | 13 | 13 | 18 | 1,507 | |||||||||||||||||||||||
Other business lines (f) | 339 | — | — | 1 | 340 | |||||||||||||||||||||||
Total real estate construction | 1,802 | 13 | 13 | 19 | 1,847 | |||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (e) | 1,647 | 68 | 47 | 58 | 1,820 | |||||||||||||||||||||||
Other business lines (f) | 6,530 | 137 | 210 | 104 | 6,981 | |||||||||||||||||||||||
Total commercial mortgage | 8,177 | 205 | 257 | 162 | 8,801 | |||||||||||||||||||||||
Lease financing | 845 | 3 | 1 | — | 849 | |||||||||||||||||||||||
International | 1,233 | 9 | 8 | — | 1,250 | |||||||||||||||||||||||
Total business loans | 40,484 | 831 | 971 | 235 | 42,521 | |||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 1,696 | 1 | 6 | 48 | 1,751 | |||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 1,492 | 2 | 7 | 32 | 1,533 | |||||||||||||||||||||||
Other consumer | 678 | 2 | 2 | 2 | 684 | |||||||||||||||||||||||
Total consumer | 2,170 | 4 | 9 | 34 | 2,217 | |||||||||||||||||||||||
Total retail loans | 3,866 | 5 | 15 | 82 | 3,968 | |||||||||||||||||||||||
Total loans | $ | 44,350 | $ | 836 | $ | 986 | $ | 317 | $ | 46,489 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 27,470 | $ | 590 | $ | 674 | $ | 81 | $ | 28,815 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (e) | 1,399 | 13 | 15 | 20 | 1,447 | |||||||||||||||||||||||
Other business lines (f) | 314 | — | — | 1 | 315 | |||||||||||||||||||||||
Total real estate construction | 1,713 | 13 | 15 | 21 | 1,762 | |||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (e) | 1,474 | 92 | 61 | 51 | 1,678 | |||||||||||||||||||||||
Other business lines (f) | 6,596 | 145 | 263 | 105 | 7,109 | |||||||||||||||||||||||
Total commercial mortgage | 8,070 | 237 | 324 | 156 | 8,787 | |||||||||||||||||||||||
Lease financing | 841 | 3 | 1 | — | 845 | |||||||||||||||||||||||
International | 1,298 | 7 | 18 | 4 | 1,327 | |||||||||||||||||||||||
Total business loans | 39,392 | 850 | 1,032 | 262 | 41,536 | |||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 1,635 | 3 | 6 | 53 | 1,697 | |||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 1,475 | 4 | 5 | 33 | 1,517 | |||||||||||||||||||||||
Other consumer | 708 | 3 | 7 | 2 | 720 | |||||||||||||||||||||||
Total consumer | 2,183 | 7 | 12 | 35 | 2,237 | |||||||||||||||||||||||
Total retail loans | 3,818 | 10 | 18 | 88 | 3,934 | |||||||||||||||||||||||
Total loans | $ | 43,210 | $ | 860 | $ | 1,050 | $ | 350 | $ | 45,470 | ||||||||||||||||||
(a) | Includes all loans not included in the categories of special mention, substandard or nonaccrual. | |||||||||||||||||||||||||||
(b) | Special mention loans are accruing loans that have potential credit weaknesses that deserve management’s close attention, such as loans to borrowers who may be experiencing financial difficulties that may result in deterioration of repayment prospects from the borrower at some future date. | |||||||||||||||||||||||||||
(c) | Substandard loans are accruing loans that have a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans also are distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. PCI loans are included in the substandard category. This category is generally consistent with the "substandard" category as defined by regulatory authorities. | |||||||||||||||||||||||||||
(d) | Nonaccrual loans are loans for which the accrual of interest has been discontinued. For further information regarding nonaccrual loans, refer to the Nonperforming Assets subheading in Note 1 - Basis of Presentation and Accounting Policies - on page F-58 in the Corporation's 2013 Annual Report. A significant majority of nonaccrual loans are generally consistent with the "substandard" category and the remainder are generally consistent with the "doubtful" category as defined by regulatory authorities. | |||||||||||||||||||||||||||
(e) | Primarily loans to real estate developers. | |||||||||||||||||||||||||||
(f) | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||
Schedule Of Nonaccrual, Reduced-Rate Loans And Foreclosed Property | ' | |||||||||||||||||||||||||||
The following table summarizes nonperforming assets. | ||||||||||||||||||||||||||||
(in millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Nonaccrual loans | $ | 317 | $ | 350 | ||||||||||||||||||||||||
Reduced-rate loans (a) | 21 | 24 | ||||||||||||||||||||||||||
Total nonperforming loans | 338 | 374 | ||||||||||||||||||||||||||
Foreclosed property | 14 | 9 | ||||||||||||||||||||||||||
Total nonperforming assets | $ | 352 | $ | 383 | ||||||||||||||||||||||||
(a) | Reduced-rate business loans totaled $4 million at both March 31, 2014 and December 31, 2013, and reduced-rate retail loans totaled $17 million and $20 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||
Changes In The Allowance For Loan Losses And Related Loan Amounts | ' | |||||||||||||||||||||||||||
The following table details the changes in the allowance for loan losses and related loan amounts. | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in millions) | Business Loans | Retail Loans | Total | Business Loans | Retail Loans | Total | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 531 | $ | 67 | $ | 598 | $ | 552 | $ | 77 | $ | 629 | ||||||||||||||||
Loan charge-offs | (27 | ) | (3 | ) | (30 | ) | (34 | ) | (4 | ) | (38 | ) | ||||||||||||||||
Recoveries on loans previously charged-off | 16 | 2 | 18 | 12 | 2 | 14 | ||||||||||||||||||||||
Net loan charge-offs | (11 | ) | (1 | ) | (12 | ) | (22 | ) | (2 | ) | (24 | ) | ||||||||||||||||
Provision for loan losses | 10 | (2 | ) | 8 | 14 | (2 | ) | 12 | ||||||||||||||||||||
Balance at end of period | $ | 530 | $ | 64 | $ | 594 | $ | 544 | $ | 73 | $ | 617 | ||||||||||||||||
As a percentage of total loans | 1.25 | % | 1.62 | % | 1.28 | % | 1.32 | % | 1.97 | % | 1.37 | % | ||||||||||||||||
March 31 | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 39 | $ | — | $ | 39 | $ | 60 | $ | — | $ | 60 | ||||||||||||||||
Collectively evaluated for impairment | 491 | 64 | 555 | 484 | 73 | 557 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 530 | $ | 64 | $ | 594 | $ | 544 | $ | 73 | $ | 617 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 204 | $ | 49 | $ | 253 | $ | 355 | $ | 42 | $ | 397 | ||||||||||||||||
Collectively evaluated for impairment | 42,315 | 3,916 | 46,231 | 40,964 | 3,677 | 44,641 | ||||||||||||||||||||||
PCI loans (a) | 2 | 3 | 5 | 24 | 5 | 29 | ||||||||||||||||||||||
Total loans evaluated for impairment | $ | 42,521 | $ | 3,968 | $ | 46,489 | $ | 41,343 | $ | 3,724 | $ | 45,067 | ||||||||||||||||
(a) No allowance for loan losses was required for PCI loans at March 31, 2014 and 2013. | ||||||||||||||||||||||||||||
Changes In the Allowance For Credit Losses On Lending-Related Commitments | ' | |||||||||||||||||||||||||||
Changes in the allowance for credit losses on lending-related commitments, included in "accrued expenses and other liabilities" on the consolidated balance sheets, are summarized in the following table. | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 36 | $ | 32 | ||||||||||||||||||||||||
Provision for credit losses on lending-related commitments | 1 | 4 | ||||||||||||||||||||||||||
Balance at end of period | $ | 37 | $ | 36 | ||||||||||||||||||||||||
Individually Evaluated Impaired Loans | ' | |||||||||||||||||||||||||||
The following table presents additional information regarding individually evaluated impaired loans. | ||||||||||||||||||||||||||||
Recorded Investment In: | ||||||||||||||||||||||||||||
(in millions) | Impaired | Impaired | Total | Unpaid | Related | |||||||||||||||||||||||
Loans with | Loans with | Impaired | Principal | Allowance | ||||||||||||||||||||||||
No Related | Related | Loans | Balance | for Loan | ||||||||||||||||||||||||
Allowance | Allowance | Losses | ||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 13 | $ | 38 | $ | 51 | $ | 95 | $ | 8 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | 18 | 18 | 21 | 3 | |||||||||||||||||||||||
Other business lines (b) | — | — | — | 1 | — | |||||||||||||||||||||||
Total real estate construction | — | 18 | 18 | 22 | 3 | |||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | 65 | 65 | 108 | 13 | |||||||||||||||||||||||
Other business lines (b) | 1 | 68 | 69 | 95 | 15 | |||||||||||||||||||||||
Total commercial mortgage | 1 | 133 | 134 | 203 | 28 | |||||||||||||||||||||||
International | 1 | — | 1 | 1 | — | |||||||||||||||||||||||
Total business loans | 15 | 189 | 204 | 321 | 39 | |||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 32 | — | 32 | 38 | — | |||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 13 | — | 13 | 19 | — | |||||||||||||||||||||||
Other consumer | 4 | — | 4 | 6 | — | |||||||||||||||||||||||
Total consumer | 17 | — | 17 | 25 | — | |||||||||||||||||||||||
Total retail loans (c) | 49 | — | 49 | 63 | — | |||||||||||||||||||||||
Total individually evaluated impaired loans | $ | 64 | $ | 189 | $ | 253 | $ | 384 | $ | 39 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 10 | $ | 64 | $ | 74 | $ | 121 | $ | 26 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | 20 | 20 | 24 | 3 | |||||||||||||||||||||||
Other business lines (b) | — | 1 | 1 | 1 | — | |||||||||||||||||||||||
Total real estate construction | — | 21 | 21 | 25 | 3 | |||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | 60 | 60 | 104 | 12 | |||||||||||||||||||||||
Other business lines (b) | 1 | 63 | 64 | 90 | 15 | |||||||||||||||||||||||
Total commercial mortgage | 1 | 123 | 124 | 194 | 27 | |||||||||||||||||||||||
International | — | 4 | 4 | 4 | 1 | |||||||||||||||||||||||
Total business loans | 11 | 212 | 223 | 344 | 57 | |||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 35 | — | 35 | 42 | — | |||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 12 | — | 12 | 17 | — | |||||||||||||||||||||||
Other consumer | 4 | — | 4 | 12 | — | |||||||||||||||||||||||
Total consumer | 16 | — | 16 | 29 | — | |||||||||||||||||||||||
Total retail loans (c) | 51 | — | 51 | 71 | — | |||||||||||||||||||||||
Total individually evaluated impaired loans | $ | 62 | $ | 212 | $ | 274 | $ | 415 | $ | 57 | ||||||||||||||||||
(a) | Primarily loans to real estate developers. | |||||||||||||||||||||||||||
(b) | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||
(c) | Individually evaluated retail loans had no related allowance for loan losses, primarily due to policy changes which resulted in direct write-downs of restructured retail loans. | |||||||||||||||||||||||||||
Average Individually Evaluated Impaired Loans And Related Interest Recognized | ' | |||||||||||||||||||||||||||
The following table presents information regarding average individually evaluated impaired loans and the related interest recognized. Interest income recognized for the period primarily related to reduced-rate loans. | ||||||||||||||||||||||||||||
Individually Evaluated Impaired Loans | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in millions) | Average Balance for the Period | Interest Income Recognized for the Period | Average Balance for the Period | Interest Income Recognized for the Period | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 62 | $ | — | $ | 114 | $ | 1 | ||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 19 | — | 27 | — | ||||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 62 | — | 96 | — | ||||||||||||||||||||||||
Other business lines (b) | 67 | 1 | 124 | — | ||||||||||||||||||||||||
Total commercial mortgage | 129 | 1 | 220 | — | ||||||||||||||||||||||||
Lease financing | — | — | 1 | — | ||||||||||||||||||||||||
International | 3 | — | — | — | ||||||||||||||||||||||||
Total business loans | 213 | 1 | 362 | 1 | ||||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 34 | — | 37 | — | ||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity | 12 | — | 6 | — | ||||||||||||||||||||||||
Other consumer | 4 | — | 4 | — | ||||||||||||||||||||||||
Total consumer | 16 | — | 10 | — | ||||||||||||||||||||||||
Total retail loans | 50 | — | 47 | — | ||||||||||||||||||||||||
Total individually evaluated impaired loans | $ | 263 | $ | 1 | $ | 409 | $ | 1 | ||||||||||||||||||||
(a) | Primarily loans to real estate developers. | |||||||||||||||||||||||||||
(b) | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||
Troubled Debt Restructurings By Type Of Modification | ' | |||||||||||||||||||||||||||
The following tables detail the recorded balance at March 31, 2014 and 2013 of loans considered to be TDRs that were restructured during the three months ended March 31, 2014 and 2013, by type of modification. In cases of loans with more than one type of modification, the loans were categorized based on the most significant modification. | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Type of Modification | Type of Modification | |||||||||||||||||||||||||||
(in millions) | Principal Deferrals (a) | Interest Rate Reductions | Total Modifications | Principal Deferrals (a) | AB Note Restructures (b) | Total Modifications | ||||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 1 | $ | — | $ | 1 | $ | 7 | $ | — | $ | 7 | ||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (c) | — | — | — | 16 | — | 16 | ||||||||||||||||||||||
Other business lines (d) | 8 | — | 8 | 6 | 11 | 17 | ||||||||||||||||||||||
Total commercial mortgage | 8 | — | 8 | 22 | 11 | 33 | ||||||||||||||||||||||
International | 1 | — | 1 | — | — | — | ||||||||||||||||||||||
Total business loans | 10 | — | 10 | 29 | 11 | 40 | ||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | — | — | — | 1 | (e) | — | 1 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 1 | (e) | 1 | 2 | 1 | (e) | — | 1 | ||||||||||||||||||||
Other consumer | — | — | — | 1 | (e) | — | 1 | |||||||||||||||||||||
Total consumer | 1 | 1 | 2 | 2 | — | 2 | ||||||||||||||||||||||
Total retail loans | 1 | 1 | 2 | 3 | — | 3 | ||||||||||||||||||||||
Total loans | $ | 11 | $ | 1 | $ | 12 | $ | 32 | $ | 11 | $ | 43 | ||||||||||||||||
(a) | Primarily represents loan balances where terms were extended 90 days or more at or above contractual interest rates. | |||||||||||||||||||||||||||
(b) | Loan restructurings whereby the original loan is restructured into two notes: an "A" note, which generally reflects the portion of the modified loan which is expected to be collected; and a "B" note, which is either fully charged off or exchanged for an equity interest. | |||||||||||||||||||||||||||
(c) | Primarily loans to real estate developers. | |||||||||||||||||||||||||||
(d) | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||
(e) | Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. | |||||||||||||||||||||||||||
Troubled Debt Restructuring Subsequent Default | ' | |||||||||||||||||||||||||||
The following table presents information regarding the recorded balance at March 31, 2014 and 2013 of loans modified by principal deferral during the twelve months ended March 31, 2014 and 2013, and those principal deferrals which experienced a subsequent default during the three months ended March 31, 2014 and 2013. For principal deferrals, incremental deterioration in the credit quality of the loan, represented by a downgrade in the risk rating of the loan, for example, due to missed interest payments or a reduction of collateral value, is considered a subsequent default. | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in millions) | Balance at March 31 | Subsequent Default in the Three Months Ended March 31 | Balance at March 31 | Subsequent Default in the Three Months Ended March 31 | ||||||||||||||||||||||||
Principal deferrals: | ||||||||||||||||||||||||||||
Business loans: | ||||||||||||||||||||||||||||
Commercial | $ | 13 | $ | 2 | $ | 12 | $ | 1 | ||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | — | 1 | — | ||||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 17 | — | 36 | 16 | ||||||||||||||||||||||||
Other business lines (b) | 12 | — | 17 | 4 | ||||||||||||||||||||||||
Total commercial mortgage | 29 | — | 53 | 20 | ||||||||||||||||||||||||
International | 1 | — | — | — | ||||||||||||||||||||||||
Total business loans | 43 | 2 | 66 | 21 | ||||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||
Residential mortgage | 3 | (c) | — | 5 | (c) | — | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 6 | (c) | — | 4 | (c) | — | ||||||||||||||||||||||
Other consumer | 2 | (c) | — | 2 | (c) | — | ||||||||||||||||||||||
Total consumer | 8 | — | 6 | — | ||||||||||||||||||||||||
Total retail loans | 11 | — | 11 | — | ||||||||||||||||||||||||
Total principal deferrals | $ | 54 | $ | 2 | $ | 77 | $ | 21 | ||||||||||||||||||||
(a) | Primarily loans to real estate developers. | |||||||||||||||||||||||||||
(b) | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||
(c) | Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. | |||||||||||||||||||||||||||
During the twelve months ended March 31, 2014 and 2013, loans with a carrying value of $6 million and $4 million, respectively, were modified by interest rate reduction and loans with a carrying value of $8 million and $30 million, respectively, were restructured into two notes (AB note restructures). For reduced-rate loans and AB note restructures, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due. There were no subsequent payment defaults of reduced-rate loans or AB note restructures during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||||||
Acquired Purchased Credit-Impaired Loans | ' | |||||||||||||||||||||||||||
The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at March 31, 2014 and December 31, 2013 were as follows. | ||||||||||||||||||||||||||||
(in millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Acquired PCI loans: | ||||||||||||||||||||||||||||
Carrying amount | $ | 5 | $ | 5 | ||||||||||||||||||||||||
Outstanding balance (principal and unpaid interest) | 35 | 46 | ||||||||||||||||||||||||||
Accretable Yield For Acquired Purchased Credit-Impaired Loans | ' | |||||||||||||||||||||||||||
Changes in the accretable yield for acquired PCI loans for the three months ended March 31, 2014 and 2013 were as follows. | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 15 | $ | 16 | ||||||||||||||||||||||||
Reclassifications from nonaccretable | 5 | — | ||||||||||||||||||||||||||
Accretion | (9 | ) | (4 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 11 | $ | 12 | ||||||||||||||||||||||||
Derivative_And_CreditRelated_F1
Derivative And Credit-Related Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Derivative And Credit-Related Financial Instruments [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Derivative Instruments | ' | |||||||||||||||||||||||
The following table presents the composition of the Corporation’s derivative instruments held or issued for risk management purposes or in connection with customer-initiated and other activities at March 31, 2014 and December 31, 2013. The table excludes commitments, warrants accounted for as derivatives and a derivative related to the Corporation’s 2008 sale of its remaining ownership of Visa shares. | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
(in millions) | Notional/ | Gross Derivative Assets | Gross Derivative Liabilities | Notional/ | Gross Derivative Assets | Gross Derivative Liabilities | ||||||||||||||||||
Contract | Contract | |||||||||||||||||||||||
Amount (a) | Amount (a) | |||||||||||||||||||||||
Risk management purposes | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Swaps - fair value - receive fixed/pay floating | $ | 1,450 | $ | 191 | $ | — | $ | 1,450 | $ | 198 | $ | — | ||||||||||||
Derivatives used as economic hedges | ||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Spot, forwards and swaps | 446 | 1 | 1 | 253 | 1 | — | ||||||||||||||||||
Total risk management purposes | 1,896 | 192 | 1 | 1,703 | 199 | — | ||||||||||||||||||
Customer-initiated and other activities | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Caps and floors written | 268 | — | 1 | 277 | — | 1 | ||||||||||||||||||
Caps and floors purchased | 268 | 1 | — | 277 | 1 | — | ||||||||||||||||||
Swaps | 11,282 | 166 | 117 | 11,143 | 181 | 132 | ||||||||||||||||||
Total interest rate contracts | 11,818 | 167 | 118 | 11,697 | 182 | 133 | ||||||||||||||||||
Energy contracts: | ||||||||||||||||||||||||
Caps and floors written | 1,180 | 1 | 43 | 1,325 | 1 | 48 | ||||||||||||||||||
Caps and floors purchased | 1,180 | 43 | 1 | 1,325 | 48 | 1 | ||||||||||||||||||
Swaps | 2,589 | 59 | 57 | 2,724 | 56 | 53 | ||||||||||||||||||
Total energy contracts | 4,949 | 103 | 101 | 5,374 | 105 | 102 | ||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Spot, forwards, options and swaps | 2,030 | 17 | 16 | 1,764 | 14 | 14 | ||||||||||||||||||
Total customer-initiated and other activities | 18,797 | 287 | 235 | 18,835 | 301 | 249 | ||||||||||||||||||
Total gross derivatives | $ | 20,693 | 479 | 236 | $ | 20,538 | 500 | 249 | ||||||||||||||||
Amounts offset in the consolidated balance sheets: | ||||||||||||||||||||||||
Netting adjustment - Offsetting derivative assets/liabilities | (166 | ) | (166 | ) | (187 | ) | (187 | ) | ||||||||||||||||
Netting adjustment - Cash collateral received/posted | (1 | ) | (17 | ) | (2 | ) | (10 | ) | ||||||||||||||||
Net derivatives included in the consolidated balance sheets (b) | 312 | 53 | 311 | 52 | ||||||||||||||||||||
Amounts not offset in the consolidated balance sheets: | ||||||||||||||||||||||||
Marketable securities pledged under bilateral collateral agreements | (114 | ) | (8 | ) | (138 | ) | (10 | ) | ||||||||||||||||
Net derivatives after deducting amounts not offset in the consolidated balance sheets | $ | 198 | $ | 45 | $ | 173 | $ | 42 | ||||||||||||||||
(a) | Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets. | |||||||||||||||||||||||
(b) | Net derivative assets are included in “accrued income and other assets” and net derivative liabilities are included in “accrued expenses and other liabilities” on the consolidated balance sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk totaled $2 million at both March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||
Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps | ' | |||||||||||||||||||||||
The following table summarizes the expected weighted average remaining maturity of the notional amount of risk management interest rate swaps and the weighted average interest rates associated with amounts expected to be received or paid on interest rate swap agreements as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
(dollar amounts in millions) | Notional | Remaining | Receive Rate | Pay Rate (a) | ||||||||||||||||||||
Amount | Maturity | |||||||||||||||||||||||
(in years) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Swaps - fair value - receive fixed/pay floating rate | ||||||||||||||||||||||||
Medium- and long-term debt designation | $ | 1,450 | 3.2 | 5.45 | % | 0.35 | % | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Swaps - fair value - receive fixed/pay floating rate | ||||||||||||||||||||||||
Medium- and long-term debt designation | 1,450 | 3.4 | 5.45 | 0.38 | ||||||||||||||||||||
(a) | Variable rates paid on receive fixed swaps are based on six-month LIBOR rates in effect at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||
Schedule Of Net Gains Recognized In Income On Customer-Initiated Derivatives | ' | |||||||||||||||||||||||
The net gains recognized in income on customer-initiated derivative instruments, net of the impact of offsetting positions, were as follows. | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
(in millions) | Location of Gain | 2014 | 2013 | |||||||||||||||||||||
Interest rate contracts | Other noninterest income | $ | 4 | $ | 3 | |||||||||||||||||||
Energy contracts | Other noninterest income | — | 1 | |||||||||||||||||||||
Foreign exchange contracts | Foreign exchange income | 9 | 9 | |||||||||||||||||||||
Total | $ | 13 | $ | 13 | ||||||||||||||||||||
Schedule Of Financial Instruments With Off-Balance Sheet Credit Risk | ' | |||||||||||||||||||||||
The Corporation’s credit risk associated with these instruments is represented by the contractual amounts indicated in the following table. | ||||||||||||||||||||||||
(in millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Unused commitments to extend credit: | ||||||||||||||||||||||||
Commercial and other | $ | 26,925 | $ | 27,728 | ||||||||||||||||||||
Bankcard, revolving check credit and home equity loan commitments | 1,923 | 1,889 | ||||||||||||||||||||||
Total unused commitments to extend credit | $ | 28,848 | $ | 29,617 | ||||||||||||||||||||
Standby letters of credit | $ | 4,171 | $ | 4,297 | ||||||||||||||||||||
Commercial letters of credit | 96 | 103 | ||||||||||||||||||||||
Other credit-related financial instruments | 2 | 2 | ||||||||||||||||||||||
Summary Of Criticized Letters Of Credit | ' | |||||||||||||||||||||||
The following table presents a summary of criticized standby and commercial letters of credit at March 31, 2014 and December 31, 2013. The Corporation's criticized list is generally consistent with the Special mention, Substandard and Doubtful categories defined by regulatory authorities. The Corporation manages credit risk through underwriting, periodically reviewing and approving its credit exposures using Board committee approved credit policies and guidelines. | ||||||||||||||||||||||||
(dollar amounts in millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Total criticized standby and commercial letters of credit | $ | 92 | $ | 69 | ||||||||||||||||||||
As a percentage of total outstanding standby and commercial letters of credit | 2.2 | % | 1.6 | % | ||||||||||||||||||||
Variable_Interest_Entities_VIE1
Variable Interest Entities (VIEs) (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | ' | |||||||
Impact Of VIEs On The Consolidated Statements Of Comprehensive Income | ' | |||||||
The following table summarizes the impact of these tax credit entities on line items on the Corporation’s consolidated statements of comprehensive income. | ||||||||
Three Months Ended March 31, | ||||||||
(in millions) | 2014 | 2013 | ||||||
Other noninterest income: | ||||||||
Amortization of other tax credit investments | $ | (2 | ) | $ | (1 | ) | ||
Provision for income taxes: | ||||||||
Amortization of LIHTC investments | 14 | 13 | ||||||
Low income housing tax credits | (14 | ) | (14 | ) | ||||
Other tax benefits related to tax credit entities | (6 | ) | (5 | ) | ||||
Total provision for income taxes | $ | (6 | ) | $ | (6 | ) |
Medium_And_LongTerm_Debt_Table
Medium- And Long-Term Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Medium- And Long-Term Debt | ' | |||||||
Medium- and long-term debt is summarized as follows: | ||||||||
(in millions) | March 31, 2014 | December 31, 2013 | ||||||
Parent company | ||||||||
Subordinated notes: | ||||||||
4.80% subordinated notes due 2015 (a) | $ | 315 | $ | 318 | ||||
Medium-term notes: | ||||||||
3.00% notes due 2015 | 299 | 299 | ||||||
Total parent company | 614 | 617 | ||||||
Subsidiaries | ||||||||
Subordinated notes: | ||||||||
5.70% subordinated notes due 2014 (a) | 252 | 255 | ||||||
5.75% subordinated notes due 2016 (a) | 678 | 681 | ||||||
5.20% subordinated notes due 2017 (a) | 561 | 566 | ||||||
8.375% subordinated notes due 2024 (callable at par in 2014) | 183 | 183 | ||||||
7.875% subordinated notes due 2026 (a) | 218 | 213 | ||||||
Total subordinated notes | 1,892 | 1,898 | ||||||
Federal Home Loan Bank advance: | ||||||||
Floating-rate based on LIBOR indices due 2014 | 1,000 | 1,000 | ||||||
Other notes: | ||||||||
6.0% - 6.4% fixed-rate notes due 2020 | 28 | 28 | ||||||
Total subsidiaries | 2,920 | 2,926 | ||||||
Total medium- and long-term debt | $ | 3,534 | $ | 3,543 | ||||
(a) | The carrying value of medium- and long-term debt has been adjusted to reflect the gain attributable to the risk hedged with interest rate swaps. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||
Schedule Of Accumulated Other Comprehensive Loss | ' | |||||||
The following table presents a reconciliation of the changes in the components of accumulated other comprehensive loss and details the components of other comprehensive income (loss) for the three months ended March 31, 2014 and 2013, including the amount of income tax expense (benefit) allocated to each component of other comprehensive income (loss). | ||||||||
Three Months Ended March 31, | ||||||||
(in millions) | 2014 | 2013 | ||||||
Accumulated net unrealized (losses) gains on investment securities available-for-sale: | ||||||||
Balance at beginning of period, net of tax | $ | (68 | ) | $ | 150 | |||
Net unrealized holding gains (losses) arising during the period | 94 | (18 | ) | |||||
Less: Provision (benefit) for income taxes | 33 | (7 | ) | |||||
Net unrealized holding gains (losses) arising during the period, net of tax | 61 | (11 | ) | |||||
Less: | ||||||||
Net realized gains included in net securities gains | 1 | — | ||||||
Less: Provision for income taxes | — | — | ||||||
Reclassification adjustment for net securities gains included in net income, net of tax | 1 | — | ||||||
Change in net unrealized (losses) gains on investment securities available-for-sale, net of tax | 60 | (11 | ) | |||||
Balance at end of period, net of tax | $ | (8 | ) | $ | 139 | |||
Accumulated defined benefit pension and other postretirement plans adjustment: | ||||||||
Balance at beginning of period, net of tax | $ | (323 | ) | $ | (563 | ) | ||
Net defined benefit pension and other postretirement plans adjustment arising during the period, net of tax | — | — | ||||||
Less: | ||||||||
Amortization of actuarial net loss | (10 | ) | (21 | ) | ||||
Amortization of prior service cost | — | (1 | ) | |||||
Amounts recognized in employee benefits expense | (10 | ) | (22 | ) | ||||
Less: Benefit for income taxes | (4 | ) | (8 | ) | ||||
Adjustment for amounts recognized as components of net periodic benefit cost during the period, net of tax | (6 | ) | (14 | ) | ||||
Change in defined benefit pension and other postretirement plans adjustment, net of tax | 6 | 14 | ||||||
Balance at end of period, net of tax | $ | (317 | ) | $ | (549 | ) | ||
Total accumulated other comprehensive loss at end of period, net of tax | $ | (325 | ) | $ | (410 | ) |
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Basic And Diluted Net Income Per Common Share | ' | |||||||
Basic and diluted net income per common share are presented in the following table. | ||||||||
Three Months Ended March 31, | ||||||||
(in millions, except per share data) | 2014 | 2013 | ||||||
Basic and diluted | ||||||||
Net income | $ | 139 | $ | 134 | ||||
Less: | ||||||||
Income allocated to participating securities | 2 | 2 | ||||||
Net income attributable to common shares | $ | 137 | $ | 132 | ||||
Basic average common shares | 180 | 185 | ||||||
Basic net income per common share | $ | 0.76 | $ | 0.71 | ||||
Basic average common shares | 180 | 185 | ||||||
Dilutive common stock equivalents: | ||||||||
Net effect of the assumed exercise of stock options | 2 | — | ||||||
Net effect of the assumed exercise of warrants | 5 | 2 | ||||||
Diluted average common shares | 187 | 187 | ||||||
Diluted net income per common share | $ | 0.73 | $ | 0.7 | ||||
Schedule of Average Shares Excluded From Diluted Net Income Per Common Share Computation | ' | |||||||
The following average shares related to outstanding options to purchase shares of common stock were not included in the computation of diluted net income per common share because the prices of the options were greater than the average market price of common shares for the period. | ||||||||
Three Months Ended March 31, | ||||||||
(shares in millions) | 2014 | 2013 | ||||||
Average outstanding options | 8.7 | 15.1 | ||||||
Range of exercise prices | $48.17 - $61.94 | $34.78 - $61.94 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||
Components of Net Periodic Benefit Cost | ' | |||||||
The components of net periodic benefit cost for the Corporation's qualified pension plan, non-qualified pension plan and postretirement benefit plan are as follows. | ||||||||
Qualified Defined Benefit Pension Plan | Three Months Ended March 31, | |||||||
(in millions) | 2014 | 2013 | ||||||
Service cost | $ | 7 | $ | 9 | ||||
Interest cost | 22 | 19 | ||||||
Expected return on plan assets | (33 | ) | (33 | ) | ||||
Amortization of prior service cost | 1 | 1 | ||||||
Amortization of net loss | 8 | 19 | ||||||
Net periodic defined benefit cost | $ | 5 | $ | 15 | ||||
Non-Qualified Defined Benefit Pension Plan | Three Months Ended March 31, | |||||||
(in millions) | 2014 | 2013 | ||||||
Service cost | $ | 1 | $ | 1 | ||||
Interest cost | 2 | 3 | ||||||
Amortization of prior service cost (credit) | (1 | ) | — | |||||
Amortization of net loss | 2 | 2 | ||||||
Net periodic defined benefit cost | $ | 4 | $ | 6 | ||||
Postretirement Benefit Plan | Three Months Ended March 31, | |||||||
(in millions) | 2014 | 2013 | ||||||
Interest cost | $ | 1 | $ | 1 | ||||
Expected return on plan assets | (1 | ) | (1 | ) | ||||
Net periodic postretirement benefit cost | $ | — | $ | — | ||||
Business_Segment_Information_T
Business Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Business Segment Financial Results | ' | |||||||||||||||||||||||
Business segment financial results are as follows: | ||||||||||||||||||||||||
(dollar amounts in millions) | Business | Retail | Wealth Management | Finance | Other | Total | ||||||||||||||||||
Three Months Ended March 31, 2014 | Bank | Bank | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 371 | $ | 146 | $ | 46 | $ | (158 | ) | $ | 6 | $ | 411 | |||||||||||
Provision for credit losses | 16 | 2 | (8 | ) | — | (1 | ) | 9 | ||||||||||||||||
Noninterest income | 87 | 41 | 64 | 14 | 2 | 208 | ||||||||||||||||||
Noninterest expenses | 146 | 171 | 78 | 3 | 8 | 406 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 98 | 5 | 14 | (55 | ) | 3 | 65 | |||||||||||||||||
Net income (loss) | $ | 198 | $ | 9 | $ | 26 | $ | (92 | ) | $ | (2 | ) | $ | 139 | ||||||||||
Net credit-related charge-offs (recoveries) | $ | 11 | $ | 4 | $ | (3 | ) | $ | — | $ | — | $ | 12 | |||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 35,896 | $ | 6,052 | $ | 4,939 | $ | 11,129 | $ | 6,692 | $ | 64,708 | ||||||||||||
Loans | 34,927 | 5,381 | 4,767 | — | — | 45,075 | ||||||||||||||||||
Deposits | 27,023 | 21,361 | 3,816 | 353 | 217 | 52,770 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 2.2 | % | 0.16 | % | 2.15 | % | N/M | N/M | 0.86 | % | ||||||||||||||
Efficiency ratio (b) | 31.96 | 91.44 | 71.31 | N/M | N/M | 65.79 | ||||||||||||||||||
(dollar amounts in millions) | Business | Retail | Wealth Management | Finance | Other | Total | ||||||||||||||||||
Three Months Ended March 31, 2013 | Bank | Bank | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 375 | $ | 155 | $ | 46 | $ | (167 | ) | $ | 7 | $ | 416 | |||||||||||
Provision for credit losses | 20 | 6 | (6 | ) | — | (4 | ) | 16 | ||||||||||||||||
Noninterest income | 90 | 41 | 65 | 14 | 3 | 213 | ||||||||||||||||||
Noninterest expenses | 146 | 175 | 79 | 3 | 13 | 416 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 101 | 5 | 13 | (58 | ) | 2 | 63 | |||||||||||||||||
Net income (loss) | $ | 198 | $ | 10 | $ | 25 | $ | (98 | ) | $ | (1 | ) | $ | 134 | ||||||||||
Net credit-related charge-offs | $ | 16 | $ | 8 | $ | — | $ | — | $ | — | $ | 24 | ||||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 35,780 | $ | 5,973 | $ | 4,738 | $ | 11,747 | $ | 5,213 | $ | 63,451 | ||||||||||||
Loans | 34,753 | 5,276 | 4,588 | — | — | 44,617 | ||||||||||||||||||
Deposits | 25,514 | 21,049 | 3,682 | 275 | 172 | 50,692 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 2.21 | % | 0.18 | % | 2.12 | % | N/M | N/M | 0.84 | % | ||||||||||||||
Efficiency ratio (b) | 31.38 | 89.37 | 71.09 | N/M | N/M | 66.15 | ||||||||||||||||||
(a) | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | |||||||||||||||||||||||
(b) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. | ||||||||||||||||||||||||
FTE – Fully Taxable Equivalent | ||||||||||||||||||||||||
N/M – not meaningful | ||||||||||||||||||||||||
Market Segment Financial Results | ' | |||||||||||||||||||||||
Market segment financial results are as follows: | ||||||||||||||||||||||||
(dollar amounts in millions) | Michigan | California | Texas | Other | Finance | Total | ||||||||||||||||||
Three Months Ended March 31, 2014 | Markets | & Other | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 183 | $ | 172 | $ | 136 | $ | 72 | $ | (152 | ) | $ | 411 | |||||||||||
Provision for credit losses | 3 | 11 | 6 | (10 | ) | (1 | ) | 9 | ||||||||||||||||
Noninterest income | 87 | 34 | 31 | 40 | 16 | 208 | ||||||||||||||||||
Noninterest expenses | 161 | 96 | 90 | 48 | 11 | 406 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 38 | 36 | 25 | 18 | (52 | ) | 65 | |||||||||||||||||
Net income (loss) | $ | 68 | $ | 63 | $ | 46 | $ | 56 | $ | (94 | ) | $ | 139 | |||||||||||
Net credit-related charge-offs (recoveries) | $ | — | $ | 10 | $ | 6 | $ | (4 | ) | $ | — | $ | 12 | |||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 13,819 | $ | 15,133 | $ | 11,070 | $ | 6,865 | $ | 17,821 | $ | 64,708 | ||||||||||||
Loans | 13,473 | 14,824 | 10,364 | 6,414 | — | 45,075 | ||||||||||||||||||
Deposits | 20,642 | 14,782 | 10,875 | 5,901 | 570 | 52,770 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 1.26 | % | 1.59 | % | 1.5 | % | 3.28 | % | N/M | 0.86 | % | |||||||||||||
Efficiency ratio (b) | 59.71 | 46.72 | 53.83 | 43.39 | N/M | 65.79 | ||||||||||||||||||
(dollar amounts in millions) | Michigan | California | Texas | Other | Finance | Total | ||||||||||||||||||
Three Months Ended March 31, 2013 | Markets | & Other | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 190 | $ | 171 | $ | 134 | $ | 81 | $ | (160 | ) | $ | 416 | |||||||||||
Provision for credit losses | (7 | ) | 21 | 8 | (2 | ) | (4 | ) | 16 | |||||||||||||||
Noninterest income | 92 | 35 | 31 | 38 | 17 | 213 | ||||||||||||||||||
Noninterest expenses | 168 | 97 | 91 | 44 | 16 | 416 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 43 | 32 | 23 | 21 | (56 | ) | 63 | |||||||||||||||||
Net income (loss) | $ | 78 | $ | 56 | $ | 43 | $ | 56 | $ | (99 | ) | $ | 134 | |||||||||||
Net credit-related charge-offs | $ | 5 | $ | 10 | $ | 6 | $ | 3 | $ | — | $ | 24 | ||||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 14,042 | $ | 13,795 | $ | 10,795 | $ | 7,859 | $ | 16,960 | $ | 63,451 | ||||||||||||
Loans | 13,650 | 13,542 | 10,071 | 7,354 | — | 44,617 | ||||||||||||||||||
Deposits | 20,254 | 14,356 | 9,959 | 5,676 | 447 | 50,692 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 1.47 | % | 1.45 | % | 1.54 | % | 2.86 | % | N/M | 0.84 | % | |||||||||||||
Efficiency ratio (b) | 59.53 | 47.04 | 54.99 | 37.41 | N/M | 66.15 | ||||||||||||||||||
(a) | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | |||||||||||||||||||||||
(b) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. | ||||||||||||||||||||||||
FTE – Fully Taxable Equivalent | ||||||||||||||||||||||||
N/M – not meaningful |
Basis_of_Presentation_and_Acco2
Basis of Presentation and Accounting Policies Basis of Presentation and Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 02, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 02, 2013 |
Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Retained Earnings | Retained Earnings | Retained Earnings | Retained Earnings | Retained Earnings | |||||
Restatement Adjustment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease to accrued income and other assets | ($3,991) | ' | ($3,888) | ' | ' | ' | $3 | ' | ' | ' | ' | ' |
Decrease to retained earnings | -7,283 | -6,985 | -7,150 | -6,939 | ' | ' | ' | -6,414 | -6,017 | -6,318 | -5,928 | 3 |
Increase to other noninterest income | 33 | 38 | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' |
Increase to provision for income taxes | 64 | 63 | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' |
Impact on net income | $139 | $134 | ' | ' | $0 | $0 | ' | $139 | $134 | ' | ' | ' |
Impact on basic net income per common share | $0.76 | $0.71 | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' |
Impact on diluted net income per common share | $0.73 | $0.70 | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Derivative assets | $479 | ' | $500 | ||
Fair value of derivative liability | 236 | ' | 249 | ||
Commitments to fund additional investments in nonmarketable equity securities | 5 | ' | ' | ||
Underlying assets of funds, estimated liquidation period, years, maximum | '16 years | ' | ' | ||
Federal Home Loan Bank stock | 48 | ' | 48 | ||
Federal Reserve Bank stock | 85 | ' | 85 | ||
Recurring [Member] | ' | ' | ' | ||
Derivative assets | 482 | ' | 503 | ||
Transfers into or out of Level 1 or Level 2 or Level 3 | 0 | 0 | ' | ||
Total liabilities at fair value | 335 | ' | 347 | ||
Nonrecurring [Member] | ' | ' | ' | ||
Commitments to fund additional investments in nonmarketable equity securities | 0 | ' | 0 | ||
Total liabilities at fair value | 0 | ' | 0 | ||
Carrying Amount [Member] | ' | ' | ' | ||
Carrying value of nonmarketable equity securities | 12 | [1] | ' | 12 | [1] |
Warrants | Recurring [Member] | ' | ' | ' | ||
Derivative assets | 3 | ' | 3 | ||
Visa derivative contract | ' | ' | ' | ||
Fair value of derivative liability | $2 | ' | $2 | ||
[1] | Included $2 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at both March 31, 2014 and December 31, 2013. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Recorded At Fair Value On A Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | $9,487 | [1] | $9,307 | [1] |
Derivative assets | 479 | 500 | ||
Derivative liabilities | 53 | [2] | 52 | [2] |
U.S. Treasury and Other U.S. Government Agency Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 45 | 45 | ||
Residential Mortgage-Backed Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 9,123 | [3] | 8,926 | [3] |
State And Municipal Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 23 | 22 | ||
Corporate Debt Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 54 | 56 | ||
Equity and Other Non-Debt Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 242 | 258 | ||
Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 103 | 108 | ||
Investment securities available-for-sale | 9,487 | 9,307 | ||
Derivative assets | 482 | 503 | ||
Total assets at fair value | 10,072 | 9,918 | ||
Derivative liabilities | 238 | 251 | ||
Deferred compensation plan liabilities | 97 | 96 | ||
Total liabilities at fair value | 335 | 347 | ||
Recurring [Member] | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 98 | 103 | ||
Investment securities available-for-sale | 169 | 167 | ||
Derivative assets | 0 | 0 | ||
Total assets at fair value | 267 | 270 | ||
Derivative liabilities | 0 | 0 | ||
Deferred compensation plan liabilities | 97 | 96 | ||
Total liabilities at fair value | 97 | 96 | ||
Recurring [Member] | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 5 | 5 | ||
Investment securities available-for-sale | 9,176 | 8,981 | ||
Derivative assets | 479 | 500 | ||
Total assets at fair value | 9,660 | 9,486 | ||
Derivative liabilities | 236 | 249 | ||
Deferred compensation plan liabilities | 0 | 0 | ||
Total liabilities at fair value | 236 | 249 | ||
Recurring [Member] | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 0 | 0 | ||
Investment securities available-for-sale | 142 | 159 | ||
Derivative assets | 3 | 3 | ||
Total assets at fair value | 145 | 162 | ||
Derivative liabilities | 2 | 2 | ||
Deferred compensation plan liabilities | 0 | 0 | ||
Total liabilities at fair value | 2 | 2 | ||
Recurring [Member] | Interest Rate Contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 358 | 380 | ||
Derivative liabilities | 118 | 133 | ||
Recurring [Member] | Interest Rate Contracts | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring [Member] | Interest Rate Contracts | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 358 | 380 | ||
Derivative liabilities | 118 | 133 | ||
Recurring [Member] | Interest Rate Contracts | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring [Member] | Energy Derivative Contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 103 | 105 | ||
Derivative liabilities | 101 | 102 | ||
Recurring [Member] | Energy Derivative Contracts | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring [Member] | Energy Derivative Contracts | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 103 | 105 | ||
Derivative liabilities | 101 | 102 | ||
Recurring [Member] | Energy Derivative Contracts | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring [Member] | Foreign Exchange Contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 18 | 15 | ||
Derivative liabilities | 17 | 14 | ||
Recurring [Member] | Foreign Exchange Contracts | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring [Member] | Foreign Exchange Contracts | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 18 | 15 | ||
Derivative liabilities | 17 | 14 | ||
Recurring [Member] | Foreign Exchange Contracts | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring [Member] | Warrants | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 3 | 3 | ||
Recurring [Member] | Warrants | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Recurring [Member] | Warrants | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Recurring [Member] | Warrants | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 3 | 3 | ||
Recurring [Member] | Other Derivative Liabilities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative liabilities | 2 | 2 | ||
Recurring [Member] | Other Derivative Liabilities | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative liabilities | 0 | 0 | ||
Recurring [Member] | Other Derivative Liabilities | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative liabilities | 0 | 0 | ||
Recurring [Member] | Other Derivative Liabilities | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative liabilities | 2 | 2 | ||
Recurring [Member] | Deferred Compensation Plan Assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 97 | 96 | ||
Recurring [Member] | Deferred Compensation Plan Assets | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 97 | 96 | ||
Recurring [Member] | Deferred Compensation Plan Assets | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 0 | 0 | ||
Recurring [Member] | Deferred Compensation Plan Assets | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 0 | 0 | ||
Recurring [Member] | U.S. Treasury and Other U.S. Government Agency Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 45 | 45 | ||
Recurring [Member] | U.S. Treasury and Other U.S. Government Agency Securities | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 45 | 45 | ||
Recurring [Member] | U.S. Treasury and Other U.S. Government Agency Securities | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 0 | 0 | ||
Recurring [Member] | U.S. Treasury and Other U.S. Government Agency Securities | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 0 | 0 | ||
Recurring [Member] | Residential Mortgage-Backed Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 3 | [3] | 2 | [3] |
Investment securities available-for-sale | 9,123 | [3] | 8,926 | [3] |
Recurring [Member] | Residential Mortgage-Backed Securities | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 0 | [3] | 0 | [3] |
Investment securities available-for-sale | 0 | [3] | 0 | [3] |
Recurring [Member] | Residential Mortgage-Backed Securities | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 3 | [3] | 2 | [3] |
Investment securities available-for-sale | 9,123 | [3] | 8,926 | [3] |
Recurring [Member] | Residential Mortgage-Backed Securities | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 0 | [3] | 0 | [3] |
Investment securities available-for-sale | 0 | [3] | 0 | [3] |
Recurring [Member] | State And Municipal Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 1 | 3 | ||
Investment securities available-for-sale | 23 | 22 | ||
Recurring [Member] | State And Municipal Securities | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 0 | 0 | ||
Investment securities available-for-sale | 0 | 0 | ||
Recurring [Member] | State And Municipal Securities | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 1 | 3 | ||
Investment securities available-for-sale | 0 | 0 | ||
Recurring [Member] | State And Municipal Securities | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 0 | 0 | ||
Investment securities available-for-sale | 23 | [4] | 22 | [4] |
Recurring [Member] | Corporate Debt Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 1 | ' | ||
Investment securities available-for-sale | 54 | 56 | ||
Recurring [Member] | Corporate Debt Securities | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 0 | ' | ||
Investment securities available-for-sale | 0 | 0 | ||
Recurring [Member] | Corporate Debt Securities | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 1 | ' | ||
Investment securities available-for-sale | 53 | 55 | ||
Recurring [Member] | Corporate Debt Securities | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 0 | ' | ||
Investment securities available-for-sale | 1 | [4] | 1 | [4] |
Recurring [Member] | Equity and Other Non-Debt Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 1 | 7 | ||
Investment securities available-for-sale | 242 | 258 | ||
Recurring [Member] | Equity and Other Non-Debt Securities | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 1 | 7 | ||
Investment securities available-for-sale | 124 | 122 | ||
Recurring [Member] | Equity and Other Non-Debt Securities | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 0 | 0 | ||
Investment securities available-for-sale | 0 | 0 | ||
Recurring [Member] | Equity and Other Non-Debt Securities | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities | 0 | 0 | ||
Investment securities available-for-sale | $118 | [4] | $136 | [4] |
[1] | Included auction-rate securities at amortized cost and fair value of $146 million and $142 million, respectively, as of March 31, 2014 and $169 million and $159 million, respectively, as of December 31, 2013. | |||
[2] | Net derivative assets are included in “accrued income and other assets†and net derivative liabilities are included in “accrued expenses and other liabilities†on the consolidated balance sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk totaled $2 million at both March 31, 2014 and December 31, 2013. | |||
[3] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||
[4] | Auction-rate securities. |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Warrants | ' | ' | ||
Balance at beginning of period | $3 | $3 | ||
Realized gains (losses) recorded in earnings | 0 | 1 | [1] | |
Unrealized gains (losses) recorded in earnings | 1 | [1] | 0 | |
Gains (losses) recorded in other comprehensive income | 0 | 0 | ||
Sales | -1 | -1 | ||
Balance at end of period | 3 | 3 | ||
Other Derivative Liabilities | ' | ' | ||
Balance at beginnning of period | 2 | 1 | ||
Realized gains (losses) recorded in earnings | 0 | 0 | ||
Unrealized gains (losses) recorded in earnings | 0 | 0 | ||
Gains (losses) recorded in other comprehensive income | 0 | 0 | ||
Sales | 0 | 0 | ||
Balance at end of period | 2 | 1 | ||
Investment Securities Available-For-Sale [Member] | ' | ' | ||
Balance at beginning of period | 159 | 180 | ||
Realized gains (losses) recorded in earnings | 1 | [2] | 0 | |
Unrealized gains (losses) recorded in earnings | 0 | 0 | ||
Gains (losses) recorded in other comprehensive income | 6 | [3] | 1 | [3] |
Sales | -24 | -4 | ||
Balance at end of period | 142 | 177 | ||
State And Municipal Securities | Investment Securities Available-For-Sale [Member] | ' | ' | ||
Balance at beginning of period | 22 | [4] | 23 | [4] |
Realized gains (losses) recorded in earnings | 0 | [4] | 0 | [4] |
Unrealized gains (losses) recorded in earnings | 0 | [4] | 0 | [4] |
Gains (losses) recorded in other comprehensive income | 1 | [3],[4] | 0 | [4] |
Sales | 0 | [4] | 0 | [4] |
Balance at end of period | 23 | [4] | 23 | [4] |
Corporate Debt Securities | Investment Securities Available-For-Sale [Member] | ' | ' | ||
Balance at beginning of period | 1 | [4] | 1 | [4] |
Realized gains (losses) recorded in earnings | 0 | [4] | 0 | [4] |
Unrealized gains (losses) recorded in earnings | 0 | [4] | 0 | [4] |
Gains (losses) recorded in other comprehensive income | 0 | [4] | 0 | [4] |
Sales | 0 | [4] | 0 | [4] |
Balance at end of period | 1 | [4] | 1 | [4] |
Equity and Other Non-Debt Securities | Investment Securities Available-For-Sale [Member] | ' | ' | ||
Balance at beginning of period | 136 | [4] | 156 | [4] |
Realized gains (losses) recorded in earnings | 1 | [2],[4] | 0 | [4] |
Unrealized gains (losses) recorded in earnings | 0 | [4] | 0 | [4] |
Gains (losses) recorded in other comprehensive income | 5 | [3],[4] | 1 | [3],[4] |
Sales | -24 | [4] | -4 | [4] |
Balance at end of period | $118 | [4] | $153 | [4] |
[1] | Realized and unrealized gains and losses due to changes in fair value recorded in "other noninterest income" on the consolidated statements of comprehensive income. | |||
[2] | Realized and unrealized gains and losses due to changes in fair value recorded in "net securities gains" on the consolidated statements of comprehensive income. | |||
[3] | Recorded in "net unrealized gains (losses) on investment securities available-for-sale" in other comprehensive income. | |||
[4] | Auction-rate securities. |
Fair_Value_Measurements_Assets1
Fair Value Measurements (Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis) (Details) (Nonrecurring [Member], Level 3, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | $111 | $128 |
Nonmarketable equity securities | 2 | 2 |
Other real estate | 3 | 5 |
Total assets at fair value | 116 | 135 |
Commercial | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 20 | 43 |
Real estate construction | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 17 | 20 |
Commercial mortgage | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 74 | 61 |
International | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | ' | $4 |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information About Level 3 Measurements) (Details) (Recurring [Member], USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Total assets at fair value | 10,072 | 9,918 | ||
Level 3 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Total assets at fair value | 145 | 162 | ||
State And Municipal Securities | Level 3 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Total assets at fair value | 23 | [1] | 22 | [1] |
State And Municipal Securities | Minimum | Level 3 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Unobservable Input, Discount rate | 4.00% | [1] | 5.00% | [1] |
Unobservable Input, Workout period | '1 year | [1] | '3 years | [1] |
State And Municipal Securities | Maximum | Level 3 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Unobservable Input, Discount rate | 9.00% | [1] | 10.00% | [1] |
Unobservable Input, Workout period | '4 years | [1] | '4 years | [1] |
Equity and Other Non-Debt Securities | Level 3 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Total assets at fair value | 118 | [1] | 136 | [1] |
Equity and Other Non-Debt Securities | Minimum | Level 3 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Unobservable Input, Discount rate | 5.00% | [1] | 5.00% | [1] |
Unobservable Input, Workout period | '1 year | [1] | '2 years | [1] |
Equity and Other Non-Debt Securities | Maximum | Level 3 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Unobservable Input, Discount rate | 7.00% | [1] | 8.00% | [1] |
Unobservable Input, Workout period | '3 years | [1] | '3 years | [1] |
[1] | Auction-rate securities. |
Fair_Value_Measurements_Estima
Fair Value Measurements (Estimated Fair Values Of Financial Instruments Not Recorded At Fair Value In Their Entirety On A Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Cash and due from banks | $1,186 | $1,140 | ||
Interest-bearing deposits with banks | 4,434 | 5,311 | ||
Total loans, net of allowance for loan losses | 45,895 | 44,872 | ||
Demand deposits (noninterest-bearing) | 23,955 | 23,875 | ||
Customer certificates of deposit | 5,099 | 5,063 | ||
Total deposits | 53,750 | 53,292 | ||
Short-term borrowings | 160 | 253 | ||
Medium- and long-term debt | 3,534 | 3,543 | ||
Fair value assets measured on nonrecurring basis impaired loans | 111 | 128 | ||
Fair value assets measured on nonrecurring basis nonmarketable equity securities | 2 | 2 | ||
Carrying Amount [Member] | ' | ' | ||
Cash and due from banks | 1,186 | 1,140 | ||
Interest-bearing deposits with banks | 4,434 | 5,311 | ||
Loans held-for-sale | 2 | 4 | ||
Total loans, net of allowance for loan losses | 45,895 | [1] | 44,872 | [1] |
Customers' liability on acceptances outstanding | 12 | 11 | ||
Nonmarketable equity securities | 12 | [2] | 12 | [2] |
Restricted equity investments | 133 | 133 | ||
Demand deposits (noninterest-bearing) | 23,955 | 23,875 | ||
Interest-bearing deposits | 24,696 | 24,354 | ||
Customer certificates of deposit | 5,099 | 5,063 | ||
Total deposits | 53,750 | 53,292 | ||
Short-term borrowings | 160 | 253 | ||
Acceptances outstanding | 12 | 11 | ||
Medium- and long-term debt | 3,534 | 3,543 | ||
Credit-related financial instruments | -91 | -88 | ||
Estimated Fair Value [Member] | ' | ' | ||
Cash and due from banks | 1,186 | 1,140 | ||
Interest-bearing deposits with banks | 4,434 | 5,311 | ||
Loans held-for-sale | 2 | 4 | ||
Total loans, net of allowance for loan losses | 45,932 | [1] | 44,801 | [1] |
Customers' liability on acceptances outstanding | 12 | 11 | ||
Nonmarketable equity securities | 19 | [2] | 19 | [2] |
Restricted equity investments | 133 | 133 | ||
Demand deposits (noninterest-bearing) | 23,955 | 23,875 | ||
Interest-bearing deposits | 24,696 | 24,354 | ||
Customer certificates of deposit | 5,090 | 5,055 | ||
Total deposits | 53,741 | 53,284 | ||
Short-term borrowings | 160 | 253 | ||
Acceptances outstanding | 12 | 11 | ||
Medium- and long-term debt | 3,527 | 3,540 | ||
Credit-related financial instruments | -91 | -88 | ||
Level 1 | ' | ' | ||
Cash and due from banks | 1,186 | 1,140 | ||
Interest-bearing deposits with banks | 4,434 | 5,311 | ||
Loans held-for-sale | 0 | 0 | ||
Total loans, net of allowance for loan losses | 0 | [1] | 0 | [1] |
Customers' liability on acceptances outstanding | 12 | 11 | ||
Nonmarketable equity securities | 0 | [2] | 0 | [2] |
Restricted equity investments | 133 | 133 | ||
Demand deposits (noninterest-bearing) | 0 | 0 | ||
Interest-bearing deposits | 0 | 0 | ||
Customer certificates of deposit | 0 | 0 | ||
Total deposits | 0 | 0 | ||
Short-term borrowings | 160 | 253 | ||
Acceptances outstanding | 12 | 11 | ||
Medium- and long-term debt | 0 | 0 | ||
Credit-related financial instruments | 0 | 0 | ||
Level 2 | ' | ' | ||
Cash and due from banks | 0 | 0 | ||
Interest-bearing deposits with banks | 0 | 0 | ||
Loans held-for-sale | 2 | 4 | ||
Total loans, net of allowance for loan losses | 0 | [1] | 0 | [1] |
Customers' liability on acceptances outstanding | 0 | 0 | ||
Nonmarketable equity securities | 0 | [2] | 0 | [2] |
Restricted equity investments | 0 | 0 | ||
Demand deposits (noninterest-bearing) | 23,955 | 23,875 | ||
Interest-bearing deposits | 24,696 | 24,354 | ||
Customer certificates of deposit | 5,090 | 5,055 | ||
Total deposits | 53,741 | 53,284 | ||
Short-term borrowings | 0 | 0 | ||
Acceptances outstanding | 0 | 0 | ||
Medium- and long-term debt | 3,527 | 3,540 | ||
Credit-related financial instruments | 0 | 0 | ||
Level 3 | ' | ' | ||
Cash and due from banks | 0 | 0 | ||
Interest-bearing deposits with banks | 0 | 0 | ||
Loans held-for-sale | 0 | 0 | ||
Total loans, net of allowance for loan losses | 45,932 | [1] | 44,801 | [1] |
Customers' liability on acceptances outstanding | 0 | 0 | ||
Nonmarketable equity securities | 19 | [2] | 19 | [2] |
Restricted equity investments | 0 | 0 | ||
Demand deposits (noninterest-bearing) | 0 | 0 | ||
Interest-bearing deposits | 0 | 0 | ||
Customer certificates of deposit | 0 | 0 | ||
Total deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Acceptances outstanding | 0 | 0 | ||
Medium- and long-term debt | 0 | 0 | ||
Credit-related financial instruments | ($91) | ($88) | ||
[1] | Included $111 million and $128 million of impaired loans recorded at fair value on a nonrecurring basis at March 31, 2014 and December 31, 2013, respectively. | |||
[2] | Included $2 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at both March 31, 2014 and December 31, 2013. |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Security | ||||
Securities with no credit impairment in unrealized loss position | 169 | ' | ||
Gross realized gains on sales and calls of investment securities available-for-sale | $1,000,000 | $0 | ||
Gross realized losses on sales and calls of investment securities available-for-sale | 0 | [1] | 0 | [1] |
Amortized cost securities | 9,256,000,000 | ' | ||
Fair value securities | 9,245,000,000 | ' | ||
Carrying value of securities pledged | 3,300,000,000 | ' | ||
Liabilities secured by pledged collateral | 2,300,000,000 | ' | ||
Residential Mortgage-Backed Securities | ' | ' | ||
Securities with no credit impairment in unrealized loss position | 103 | ' | ||
Amortized cost securities | 9,100,000,000 | ' | ||
Fair value securities | 9,100,000,000 | ' | ||
Auction Rate Preferred Securities [Member] | ' | ' | ||
Securities with no credit impairment in unrealized loss position | 48 | ' | ||
State And Municipal Securities | ' | ' | ||
Securities with no credit impairment in unrealized loss position | 17 | ' | ||
Corporate Debt Securities | ' | ' | ||
Securities with no credit impairment in unrealized loss position | 1 | ' | ||
Equity and Other Non-Debt Securities | ' | ' | ||
Securities with no credit impairment in unrealized loss position | 1 | ' | ||
Auction-Rate Securities [Member] | ' | ' | ||
ARS portfolio redeemed or sold since acquisition | 89.00% | ' | ||
ARS portfolio redeemed or sold since acquisition at or above cost | 95.00% | ' | ||
Amortized cost securities | 25,000,000 | ' | ||
Fair value securities | $24,000,000 | ' | ||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjYwNWEyYjIxMjIzYTQ5N2U4ODcxYjMyMmFiMjk0YzZlfFRleHRTZWxlY3Rpb246N0Y0OEM3MEQzREEyRTM5NTE5QjE4OTI4RkU1MDNERTIM} |
Investment_Securities_Summary_
Investment Securities (Summary Of Investment Securities Available-For-Sale) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Amortized Cost | $9,501 | [1] | $9,414 | [1] |
Gross Unrealized Gains | 108 | [1] | 92 | [1] |
Gross Unrealized Losses | 122 | [1] | 199 | [1] |
Investment securities available-for-sale | 9,487 | [1] | 9,307 | [1] |
U.S. Treasury and Other U.S. Government Agency Securities | ' | ' | ||
Amortized Cost | 45 | 45 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 0 | 0 | ||
Investment securities available-for-sale | 45 | 45 | ||
Residential Mortgage-Backed Securities | ' | ' | ||
Amortized Cost | 9,133 | [2] | 9,023 | [2] |
Gross Unrealized Gains | 107 | [2] | 91 | [2] |
Gross Unrealized Losses | 117 | [2] | 188 | [2] |
Investment securities available-for-sale | 9,123 | [2] | 8,926 | [2] |
State And Municipal Securities | ' | ' | ||
Amortized Cost | 24 | 24 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 1 | 2 | ||
Investment securities available-for-sale | 23 | 22 | ||
Corporate Debt Securities | ' | ' | ||
Amortized Cost | 54 | 56 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 0 | 0 | ||
Investment securities available-for-sale | 54 | 56 | ||
Equity and Other Non-Debt Securities | ' | ' | ||
Amortized Cost | 245 | 266 | ||
Gross Unrealized Gains | 1 | 1 | ||
Gross Unrealized Losses | 4 | 9 | ||
Investment securities available-for-sale | 242 | 258 | ||
Auction-Rate Securities [Member] | ' | ' | ||
Amortized Cost | 146 | 169 | ||
Investment securities available-for-sale | $142 | $159 | ||
[1] | Included auction-rate securities at amortized cost and fair value of $146 million and $142 million, respectively, as of March 31, 2014 and $169 million and $159 million, respectively, as of December 31, 2013. | |||
[2] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
Investment_Securities_Summary_1
Investment Securities (Summary Of Investment Securities Available-For-Sale In Unrealized Loss Positions) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Temporarily Impaired Less than 12 months, Fair Value | $4,797 | $5,825 | ||
Temporarily Impaired Less than 12 months, Unrealized Losses | 111 | 187 | ||
Temporarily Impaired 12 months or more, Fair Value | 292 | 182 | ||
Temporarily Impaired 12 months or more, Unrealized Losses | 11 | 12 | ||
Temporarily Impaired Total, Fair Value | 5,089 | 6,007 | ||
Temporarily Impaired Total, Unrealized Losses | 122 | 199 | ||
Residential Mortgage-Backed Securities | ' | ' | ||
Temporarily Impaired Less than 12 months, Fair Value | 4,797 | [1] | 5,825 | [1] |
Temporarily Impaired Less than 12 months, Unrealized Losses | 111 | [1] | 187 | [1] |
Temporarily Impaired 12 months or more, Fair Value | 138 | [1] | 11 | [1] |
Temporarily Impaired 12 months or more, Unrealized Losses | 6 | [1] | 1 | [1] |
Temporarily Impaired Total, Fair Value | 4,935 | [1] | 5,836 | [1] |
Temporarily Impaired Total, Unrealized Losses | 117 | [1] | 188 | [1] |
State And Municipal Securities | ' | ' | ||
Temporarily Impaired Less than 12 months, Fair Value | 0 | [2] | 0 | [2] |
Temporarily Impaired Less than 12 months, Unrealized Losses | 0 | [2] | 0 | [2] |
Temporarily Impaired 12 months or more, Fair Value | 23 | [2] | 22 | [2] |
Temporarily Impaired 12 months or more, Unrealized Losses | 1 | [2] | 2 | [2] |
Temporarily Impaired Total, Fair Value | 23 | [2] | 22 | [2] |
Temporarily Impaired Total, Unrealized Losses | 1 | [2] | 2 | [2] |
Corporate Debt Securities | ' | ' | ||
Temporarily Impaired Less than 12 months, Fair Value | 0 | [2] | 0 | [2] |
Temporarily Impaired Less than 12 months, Unrealized Losses | 0 | [2] | 0 | [2] |
Temporarily Impaired 12 months or more, Fair Value | 1 | [2] | 1 | [2] |
Temporarily Impaired 12 months or more, Unrealized Losses | 0 | [2],[3] | 0 | [2],[3] |
Temporarily Impaired Total, Fair Value | 1 | [2] | 1 | [2] |
Temporarily Impaired Total, Unrealized Losses | 0 | [2],[3] | 0 | [2],[3] |
Equity and Other Non-Debt Securities | ' | ' | ||
Temporarily Impaired Less than 12 months, Fair Value | 0 | [2] | 0 | [2] |
Temporarily Impaired Less than 12 months, Unrealized Losses | 0 | [2] | 0 | [2] |
Temporarily Impaired 12 months or more, Fair Value | 130 | [2] | 148 | [2] |
Temporarily Impaired 12 months or more, Unrealized Losses | 4 | [2] | 9 | [2] |
Temporarily Impaired Total, Fair Value | 130 | [2] | 148 | [2] |
Temporarily Impaired Total, Unrealized Losses | $4 | [2] | $9 | [2] |
[1] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||
[2] | Auction-rate securities. | |||
[3] | Unrealized losses less than $0.5 million. |
Investment_Securities_Contract
Investment Securities (Contractual Maturity Distribution Of Debt Securities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Within one year, Amortized Cost | $155 | ' | ||
After one year through five years, Amortized Cost | 268 | ' | ||
After five years through ten years, Amortized Cost | 277 | ' | ||
After ten years, Amortized Cost | 8,556 | ' | ||
Subtotal, Amortized Cost | 9,256 | ' | ||
Within one year, Fair Value | 155 | ' | ||
After one year through five years, Fair Value | 269 | ' | ||
After five years through ten years, Fair Value | 287 | ' | ||
After ten years, Fair Value | 8,534 | ' | ||
Subtotal, Fair Value | 9,245 | ' | ||
Total investment securities available-for-sale, Amortized Cost | 9,501 | [1] | 9,414 | [1] |
Total investment securities available-for-sale, Fair Value | 9,487 | [1] | 9,307 | [1] |
Equity and Other Non-Debt Securities | ' | ' | ||
Total investment securities available-for-sale, Amortized Cost | 245 | 266 | ||
Total investment securities available-for-sale, Fair Value | $242 | $258 | ||
[1] | Included auction-rate securities at amortized cost and fair value of $146 million and $142 million, respectively, as of March 31, 2014 and $169 million and $159 million, respectively, as of December 31, 2013. |
Credit_Quality_And_Allowance_F2
Credit Quality And Allowance For Credit Losses (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Credit Quality And Allowance For Credit Losses [Abstract] | ' | ' |
Commitments to lend additional funds to TDR borrowers | $4 | $4 |
Allowance for PCI loans | 0 | 0 |
Nonaccretable yield on PCI loans | $9 | ' |
Credit_Quality_And_Allowance_F3
Credit Quality And Allowance For Credit Losses (Aging Analysis Of Loans) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | $124 | $97 | ||
60-89 days past due and still accruing | 30 | 30 | ||
90 days or more past due and still accruing | 10 | 16 | ||
Total loans past due and still accruing | 164 | 143 | ||
Nonaccrual loans | 317 | 350 | ||
Current loans | 46,008 | [1] | 44,977 | [1] |
Total loans | 46,489 | 45,470 | ||
Carrying amount PCI loans | 5 | 5 | ||
Business loans | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 101 | 72 | ||
60-89 days past due and still accruing | 26 | 24 | ||
90 days or more past due and still accruing | 8 | 11 | ||
Total loans past due and still accruing | 135 | 107 | ||
Nonaccrual loans | 235 | 262 | ||
Current loans | 42,151 | [1] | 41,167 | [1] |
Total loans | 42,521 | 41,536 | ||
Business loans | Commercial | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 30 | 36 | ||
60-89 days past due and still accruing | 20 | 17 | ||
90 days or more past due and still accruing | 3 | 4 | ||
Total loans past due and still accruing | 53 | 57 | ||
Nonaccrual loans | 54 | 81 | ||
Current loans | 29,667 | [1] | 28,677 | [1] |
Total loans | 29,774 | 28,815 | ||
Business loans | Real estate construction | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 0 | 0 | ||
60-89 days past due and still accruing | 0 | 0 | ||
90 days or more past due and still accruing | 0 | 0 | ||
Total loans past due and still accruing | 0 | 0 | ||
Nonaccrual loans | 19 | 21 | ||
Current loans | 1,828 | [1] | 1,741 | [1] |
Total loans | 1,847 | 1,762 | ||
Business loans | Real estate construction | Commercial Real Estate business line | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 0 | [2] | 0 | [2] |
60-89 days past due and still accruing | 0 | [2] | 0 | [2] |
90 days or more past due and still accruing | 0 | [2] | 0 | [2] |
Total loans past due and still accruing | 0 | [2] | 0 | [2] |
Nonaccrual loans | 18 | [2] | 20 | [2] |
Current loans | 1,489 | [1],[2] | 1,427 | [1],[2] |
Total loans | 1,507 | [2] | 1,447 | [2] |
Business loans | Real estate construction | Other business lines | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 0 | [3] | 0 | [3] |
60-89 days past due and still accruing | 0 | [3] | 0 | [3] |
90 days or more past due and still accruing | 0 | [3] | 0 | [3] |
Total loans past due and still accruing | 0 | [3] | 0 | [3] |
Nonaccrual loans | 1 | [3] | 1 | [3] |
Current loans | 339 | [1],[3] | 314 | [1],[3] |
Total loans | 340 | [3] | 315 | [3] |
Business loans | Commercial mortgage | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 65 | 36 | ||
60-89 days past due and still accruing | 3 | 7 | ||
90 days or more past due and still accruing | 5 | 4 | ||
Total loans past due and still accruing | 73 | 47 | ||
Nonaccrual loans | 162 | 156 | ||
Current loans | 8,566 | [1] | 8,584 | [1] |
Total loans | 8,801 | 8,787 | ||
Business loans | Commercial mortgage | Commercial Real Estate business line | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 25 | [2] | 9 | [2] |
60-89 days past due and still accruing | 0 | [2] | 1 | [2] |
90 days or more past due and still accruing | 1 | [2] | 0 | [2] |
Total loans past due and still accruing | 26 | [2] | 10 | [2] |
Nonaccrual loans | 58 | [2] | 51 | [2] |
Current loans | 1,736 | [1],[2] | 1,617 | [1],[2] |
Total loans | 1,820 | [2] | 1,678 | [2] |
Business loans | Commercial mortgage | Other business lines | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 40 | [3] | 27 | [3] |
60-89 days past due and still accruing | 3 | [3] | 6 | [3] |
90 days or more past due and still accruing | 4 | [3] | 4 | [3] |
Total loans past due and still accruing | 47 | [3] | 37 | [3] |
Nonaccrual loans | 104 | [3] | 105 | [3] |
Current loans | 6,830 | [1],[3] | 6,967 | [1],[3] |
Total loans | 6,981 | [3] | 7,109 | [3] |
Business loans | Lease financing | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 0 | 0 | ||
60-89 days past due and still accruing | 0 | 0 | ||
90 days or more past due and still accruing | 0 | 0 | ||
Total loans past due and still accruing | 0 | 0 | ||
Nonaccrual loans | 0 | 0 | ||
Current loans | 849 | [1] | 845 | [1] |
Total loans | 849 | 845 | ||
Business loans | International | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 6 | 0 | ||
60-89 days past due and still accruing | 3 | 0 | ||
90 days or more past due and still accruing | 0 | 3 | ||
Total loans past due and still accruing | 9 | 3 | ||
Nonaccrual loans | 0 | 4 | ||
Current loans | 1,241 | [1] | 1,320 | [1] |
Total loans | 1,250 | 1,327 | ||
Retail loans | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 23 | 25 | ||
60-89 days past due and still accruing | 4 | 6 | ||
90 days or more past due and still accruing | 2 | 5 | ||
Total loans past due and still accruing | 29 | 36 | ||
Nonaccrual loans | 82 | 88 | ||
Current loans | 3,857 | [1] | 3,810 | [1] |
Total loans | 3,968 | 3,934 | ||
Retail loans | Residential mortgage | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 15 | 15 | ||
60-89 days past due and still accruing | 1 | 3 | ||
90 days or more past due and still accruing | 0 | 0 | ||
Total loans past due and still accruing | 16 | 18 | ||
Nonaccrual loans | 48 | 53 | ||
Current loans | 1,687 | [1] | 1,626 | [1] |
Total loans | 1,751 | 1,697 | ||
Retail loans | Consumer | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 8 | 10 | ||
60-89 days past due and still accruing | 3 | 3 | ||
90 days or more past due and still accruing | 2 | 5 | ||
Total loans past due and still accruing | 13 | 18 | ||
Nonaccrual loans | 34 | 35 | ||
Current loans | 2,170 | [1] | 2,184 | [1] |
Total loans | 2,217 | 2,237 | ||
Retail loans | Consumer | Home equity | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 6 | 6 | ||
60-89 days past due and still accruing | 3 | 2 | ||
90 days or more past due and still accruing | 1 | 0 | ||
Total loans past due and still accruing | 10 | 8 | ||
Nonaccrual loans | 32 | 33 | ||
Current loans | 1,491 | [1] | 1,476 | [1] |
Total loans | 1,533 | 1,517 | ||
Retail loans | Consumer | Other consumer | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 days past due and still accruing | 2 | 4 | ||
60-89 days past due and still accruing | 0 | 1 | ||
90 days or more past due and still accruing | 1 | 5 | ||
Total loans past due and still accruing | 3 | 10 | ||
Nonaccrual loans | 2 | 2 | ||
Current loans | 679 | [1] | 708 | [1] |
Total loans | $684 | $720 | ||
[1] | Included purchased credit-impaired (PCI) loans with a total carrying value of $5 million at both March 31, 2014 and December 31, 2013. | |||
[2] | Primarily loans to real estate developers. | |||
[3] | Primarily loans secured by owner-occupied real estate. |
Credit_Quality_And_Allowance_F4
Credit Quality And Allowance For Credit Losses (Loans By Credit Quality Indicator) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | $46,489 | $45,470 | ||
Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 44,350 | [1] | 43,210 | [1] |
Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 836 | [2] | 860 | [2] |
Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 986 | [3] | 1,050 | [3] |
Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 317 | [4] | 350 | [4] |
Business loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 42,521 | 41,536 | ||
Business loans | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 40,484 | [1] | 39,392 | [1] |
Business loans | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 831 | [2] | 850 | [2] |
Business loans | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 971 | [3] | 1,032 | [3] |
Business loans | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 235 | [4] | 262 | [4] |
Business loans | Commercial | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 29,774 | 28,815 | ||
Business loans | Commercial | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 28,427 | [1] | 27,470 | [1] |
Business loans | Commercial | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 601 | [2] | 590 | [2] |
Business loans | Commercial | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 692 | [3] | 674 | [3] |
Business loans | Commercial | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 54 | [4] | 81 | [4] |
Business loans | Real estate construction | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1,847 | 1,762 | ||
Business loans | Real estate construction | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1,802 | [1] | 1,713 | [1] |
Business loans | Real estate construction | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 13 | [2] | 13 | [2] |
Business loans | Real estate construction | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 13 | [3] | 15 | [3] |
Business loans | Real estate construction | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 19 | [4] | 21 | [4] |
Business loans | Real estate construction | Commercial Real Estate business line | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1,507 | [5] | 1,447 | [5] |
Business loans | Real estate construction | Commercial Real Estate business line | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1,463 | [1],[5] | 1,399 | [1],[5] |
Business loans | Real estate construction | Commercial Real Estate business line | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 13 | [2],[5] | 13 | [2],[5] |
Business loans | Real estate construction | Commercial Real Estate business line | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 13 | [3],[5] | 15 | [3],[5] |
Business loans | Real estate construction | Commercial Real Estate business line | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 18 | [4],[5] | 20 | [4],[5] |
Business loans | Real estate construction | Other business lines | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 340 | [6] | 315 | [6] |
Business loans | Real estate construction | Other business lines | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 339 | [1],[6] | 314 | [1],[6] |
Business loans | Real estate construction | Other business lines | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 0 | [2],[6] | 0 | [2],[6] |
Business loans | Real estate construction | Other business lines | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 0 | [3],[6] | 0 | [3],[6] |
Business loans | Real estate construction | Other business lines | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1 | [4],[6] | 1 | [4],[6] |
Business loans | Commercial mortgage | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 8,801 | 8,787 | ||
Business loans | Commercial mortgage | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 8,177 | [1] | 8,070 | [1] |
Business loans | Commercial mortgage | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 205 | [2] | 237 | [2] |
Business loans | Commercial mortgage | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 257 | [3] | 324 | [3] |
Business loans | Commercial mortgage | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 162 | [4] | 156 | [4] |
Business loans | Commercial mortgage | Commercial Real Estate business line | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1,820 | [5] | 1,678 | [5] |
Business loans | Commercial mortgage | Commercial Real Estate business line | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1,647 | [1],[5] | 1,474 | [1],[5] |
Business loans | Commercial mortgage | Commercial Real Estate business line | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 68 | [2],[5] | 92 | [2],[5] |
Business loans | Commercial mortgage | Commercial Real Estate business line | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 47 | [3],[5] | 61 | [3],[5] |
Business loans | Commercial mortgage | Commercial Real Estate business line | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 58 | [4],[5] | 51 | [4],[5] |
Business loans | Commercial mortgage | Other business lines | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 6,981 | [6] | 7,109 | [6] |
Business loans | Commercial mortgage | Other business lines | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 6,530 | [1],[6] | 6,596 | [1],[6] |
Business loans | Commercial mortgage | Other business lines | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 137 | [2],[6] | 145 | [2],[6] |
Business loans | Commercial mortgage | Other business lines | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 210 | [3],[6] | 263 | [3],[6] |
Business loans | Commercial mortgage | Other business lines | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 104 | [4],[6] | 105 | [4],[6] |
Business loans | Lease financing | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 849 | 845 | ||
Business loans | Lease financing | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 845 | [1] | 841 | [1] |
Business loans | Lease financing | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 3 | [2] | 3 | [2] |
Business loans | Lease financing | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1 | [3] | 1 | [3] |
Business loans | Lease financing | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 0 | [4] | 0 | [4] |
Business loans | International | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1,250 | 1,327 | ||
Business loans | International | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1,233 | [1] | 1,298 | [1] |
Business loans | International | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 9 | [2] | 7 | [2] |
Business loans | International | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 8 | [3] | 18 | [3] |
Business loans | International | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 0 | [4] | 4 | [4] |
Retail loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 3,968 | 3,934 | ||
Retail loans | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 3,866 | [1] | 3,818 | [1] |
Retail loans | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 5 | [2] | 10 | [2] |
Retail loans | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 15 | [3] | 18 | [3] |
Retail loans | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 82 | [4] | 88 | [4] |
Retail loans | Residential mortgage | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1,751 | 1,697 | ||
Retail loans | Residential mortgage | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1,696 | [1] | 1,635 | [1] |
Retail loans | Residential mortgage | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1 | [2] | 3 | [2] |
Retail loans | Residential mortgage | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 6 | [3] | 6 | [3] |
Retail loans | Residential mortgage | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 48 | [4] | 53 | [4] |
Retail loans | Consumer | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 2,217 | 2,237 | ||
Retail loans | Consumer | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 2,170 | [1] | 2,183 | [1] |
Retail loans | Consumer | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 4 | [2] | 7 | [2] |
Retail loans | Consumer | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 9 | [3] | 12 | [3] |
Retail loans | Consumer | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 34 | [4] | 35 | [4] |
Retail loans | Consumer | Home equity | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1,533 | 1,517 | ||
Retail loans | Consumer | Home equity | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 1,492 | [1] | 1,475 | [1] |
Retail loans | Consumer | Home equity | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 2 | [2] | 4 | [2] |
Retail loans | Consumer | Home equity | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 7 | [3] | 5 | [3] |
Retail loans | Consumer | Home equity | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 32 | [4] | 33 | [4] |
Retail loans | Consumer | Other consumer | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 684 | 720 | ||
Retail loans | Consumer | Other consumer | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 678 | [1] | 708 | [1] |
Retail loans | Consumer | Other consumer | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 2 | [2] | 3 | [2] |
Retail loans | Consumer | Other consumer | Substandard | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | 2 | [3] | 7 | [3] |
Retail loans | Consumer | Other consumer | Nonaccrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans | $2 | [4] | $2 | [4] |
[1] | Includes all loans not included in the categories of special mention, substandard or nonaccrual. | |||
[2] | Special mention loans are accruing loans that have potential credit weaknesses that deserve management’s close attention, such as loans to borrowers who may be experiencing financial difficulties that may result in deterioration of repayment prospects from the borrower at some future date. | |||
[3] | Substandard loans are accruing loans that have a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans also are distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. PCI loans are included in the substandard category. This category is generally consistent with the "substandard" category as defined by regulatory authorities. | |||
[4] | Nonaccrual loans are loans for which the accrual of interest has been discontinued. For further information regarding nonaccrual loans, refer to the Nonperforming Assets subheading in Note 1 - Basis of Presentation and Accounting Policies - on page F-58 in the Corporation's 2013 Annual Report. A significant majority of nonaccrual loans are generally consistent with the "substandard" category and the remainder are generally consistent with the "doubtful" category as defined by regulatory authorities. | |||
[5] | Primarily loans to real estate developers. | |||
[6] | Primarily loans secured by owner-occupied real estate. |
Credit_Quality_And_Allowance_F5
Credit Quality And Allowance For Credit Losses (Schedule Of Nonaccrual, Reduced-Rate Loans And Foreclosed Property) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Nonaccrual loans | $317 | $350 | ||
Reduced-rate loans | 21 | [1] | 24 | [1] |
Total nonperforming loans | 338 | 374 | ||
Foreclosed property | 14 | 9 | ||
Total nonperforming assets | 352 | 383 | ||
Retail loans | ' | ' | ||
Nonaccrual loans | 82 | 88 | ||
Reduced-rate loans | 17 | 20 | ||
Business loans | ' | ' | ||
Nonaccrual loans | 235 | 262 | ||
Reduced-rate loans | $4 | $4 | ||
[1] | Reduced-rate business loans totaled $4 million at both March 31, 2014 and December 31, 2013, and reduced-rate retail loans totaled $17 million and $20 million at March 31, 2014 and December 31, 2013, respectively. |
Credit_Quality_And_Allowance_F6
Credit Quality And Allowance For Credit Losses (Changes In The Allowance For Loan Losses And Related Loan Amounts) (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ||
Provision for loan losses | $9 | $16 | ' | ||
PCI loans | 5 | ' | 5 | ||
Total loans | 46,489 | ' | 45,470 | ||
Allowance for PCI loans | 0 | ' | 0 | ||
Business loans | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ||
Total loans | 42,521 | ' | 41,536 | ||
Retail loans | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ||
Total loans | 3,968 | ' | 3,934 | ||
Financing Receivable [Member] | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ||
Balance at beginning of period | 598 | 629 | ' | ||
Loan charge-offs | -30 | -38 | ' | ||
Recoveries on loans previously charged-off | 18 | 14 | ' | ||
Net loan charge-offs | -12 | -24 | ' | ||
Provision for loan losses | 8 | 12 | ' | ||
Balance at end of period | 594 | 617 | ' | ||
As a percentage of total loans | 1.28% | 1.37% | ' | ||
Allowance for loan losses individually evaluated for impairment | 39 | 60 | ' | ||
Allowance for loan losses collectively evaluated for impairment | 555 | 557 | ' | ||
Total allowance for loan losses | 594 | 617 | ' | ||
Loans individually evaluated for impairment | 253 | 397 | ' | ||
Loans collectively evaluated for impairment | 46,231 | 44,641 | ' | ||
PCI loans | 5 | [1] | 29 | [1] | ' |
Total loans | 46,489 | 45,067 | ' | ||
Financing Receivable [Member] | Business loans | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ||
Balance at beginning of period | 531 | 552 | ' | ||
Loan charge-offs | -27 | -34 | ' | ||
Recoveries on loans previously charged-off | 16 | 12 | ' | ||
Net loan charge-offs | -11 | -22 | ' | ||
Provision for loan losses | 10 | 14 | ' | ||
Balance at end of period | 530 | 544 | ' | ||
As a percentage of total loans | 1.25% | 1.32% | ' | ||
Allowance for loan losses individually evaluated for impairment | 39 | 60 | ' | ||
Allowance for loan losses collectively evaluated for impairment | 491 | 484 | ' | ||
Total allowance for loan losses | 530 | 544 | ' | ||
Loans individually evaluated for impairment | 204 | 355 | ' | ||
Loans collectively evaluated for impairment | 42,315 | 40,964 | ' | ||
PCI loans | 2 | [1] | 24 | [1] | ' |
Total loans | 42,521 | 41,343 | ' | ||
Financing Receivable [Member] | Retail loans | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ||
Balance at beginning of period | 67 | 77 | ' | ||
Loan charge-offs | -3 | -4 | ' | ||
Recoveries on loans previously charged-off | 2 | 2 | ' | ||
Net loan charge-offs | -1 | -2 | ' | ||
Provision for loan losses | -2 | -2 | ' | ||
Balance at end of period | 64 | 73 | ' | ||
As a percentage of total loans | 1.62% | 1.97% | ' | ||
Allowance for loan losses individually evaluated for impairment | 0 | 0 | ' | ||
Allowance for loan losses collectively evaluated for impairment | 64 | 73 | ' | ||
Total allowance for loan losses | 64 | 73 | ' | ||
Loans individually evaluated for impairment | 49 | 42 | ' | ||
Loans collectively evaluated for impairment | 3,916 | 3,677 | ' | ||
PCI loans | 3 | [1] | 5 | [1] | ' |
Total loans | $3,968 | $3,724 | ' | ||
[1] | No allowance for loan losses was required for PCI loans at March 31, 2014 and 2013. |
Credit_Quality_And_Allowance_F7
Credit Quality And Allowance For Credit Losses (Changes In The Allowance For Credit Losses On Lending-Related Commitments) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Provision for credit losses | $9 | $16 |
Lending-related commitments | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance at beginning of period | 36 | 32 |
Provision for credit losses | 1 | 4 |
Balance at end of period | $37 | $36 |
Credit_Quality_And_Allowance_F8
Credit Quality And Allowance For Credit Losses (Individually Evaluated Impaired Loans) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | $64 | $62 | ||
Recorded investment in impaired loans with related allowance | 189 | 212 | ||
Recorded investment total impaired loans | 253 | 274 | ||
Unpaid principal balance | 384 | 415 | ||
Related allowance for loan losses | 39 | 57 | ||
Business loans | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 15 | 11 | ||
Recorded investment in impaired loans with related allowance | 189 | 212 | ||
Recorded investment total impaired loans | 204 | 223 | ||
Unpaid principal balance | 321 | 344 | ||
Related allowance for loan losses | 39 | 57 | ||
Business loans | Commercial | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 13 | 10 | ||
Recorded investment in impaired loans with related allowance | 38 | 64 | ||
Recorded investment total impaired loans | 51 | 74 | ||
Unpaid principal balance | 95 | 121 | ||
Related allowance for loan losses | 8 | 26 | ||
Business loans | Real estate construction | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 0 | 0 | ||
Recorded investment in impaired loans with related allowance | 18 | 21 | ||
Recorded investment total impaired loans | 18 | 21 | ||
Unpaid principal balance | 22 | 25 | ||
Related allowance for loan losses | 3 | 3 | ||
Business loans | Real estate construction | Commercial Real Estate business line | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 0 | [1] | 0 | [1] |
Recorded investment in impaired loans with related allowance | 18 | [1] | 20 | [1] |
Recorded investment total impaired loans | 18 | [1] | 20 | [1] |
Unpaid principal balance | 21 | [1] | 24 | [1] |
Related allowance for loan losses | 3 | [1] | 3 | [1] |
Business loans | Real estate construction | Other business lines | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 0 | [2] | 0 | [2] |
Recorded investment in impaired loans with related allowance | 0 | [2] | 1 | [2] |
Recorded investment total impaired loans | 0 | [2] | 1 | [2] |
Unpaid principal balance | 1 | [2] | 1 | [2] |
Related allowance for loan losses | 0 | [2] | 0 | [2] |
Business loans | Commercial mortgage | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 1 | 1 | ||
Recorded investment in impaired loans with related allowance | 133 | 123 | ||
Recorded investment total impaired loans | 134 | 124 | ||
Unpaid principal balance | 203 | 194 | ||
Related allowance for loan losses | 28 | 27 | ||
Business loans | Commercial mortgage | Commercial Real Estate business line | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 0 | [1] | 0 | [1] |
Recorded investment in impaired loans with related allowance | 65 | [1] | 60 | [1] |
Recorded investment total impaired loans | 65 | [1] | 60 | [1] |
Unpaid principal balance | 108 | [1] | 104 | [1] |
Related allowance for loan losses | 13 | [1] | 12 | [1] |
Business loans | Commercial mortgage | Other business lines | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 1 | [2] | 1 | [2] |
Recorded investment in impaired loans with related allowance | 68 | [2] | 63 | [2] |
Recorded investment total impaired loans | 69 | [2] | 64 | [2] |
Unpaid principal balance | 95 | [2] | 90 | [2] |
Related allowance for loan losses | 15 | [2] | 15 | [2] |
Business loans | International | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 1 | 0 | ||
Recorded investment in impaired loans with related allowance | 0 | 4 | ||
Recorded investment total impaired loans | 1 | 4 | ||
Unpaid principal balance | 1 | 4 | ||
Related allowance for loan losses | 0 | 1 | ||
Retail loans | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 49 | [3] | 51 | [3] |
Recorded investment in impaired loans with related allowance | 0 | [3] | 0 | [3] |
Recorded investment total impaired loans | 49 | [3] | 51 | [3] |
Unpaid principal balance | 63 | [3] | 71 | [3] |
Related allowance for loan losses | 0 | [3] | 0 | [3] |
Retail loans | Residential mortgage | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 32 | 35 | ||
Recorded investment in impaired loans with related allowance | 0 | 0 | ||
Recorded investment total impaired loans | 32 | 35 | ||
Unpaid principal balance | 38 | 42 | ||
Related allowance for loan losses | 0 | 0 | ||
Retail loans | Consumer | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 17 | 16 | ||
Recorded investment in impaired loans with related allowance | 0 | 0 | ||
Recorded investment total impaired loans | 17 | 16 | ||
Unpaid principal balance | 25 | 29 | ||
Related allowance for loan losses | 0 | 0 | ||
Retail loans | Consumer | Home equity | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 13 | 12 | ||
Recorded investment in impaired loans with related allowance | 0 | 0 | ||
Recorded investment total impaired loans | 13 | 12 | ||
Unpaid principal balance | 19 | 17 | ||
Related allowance for loan losses | 0 | 0 | ||
Retail loans | Consumer | Other consumer | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment in impaired loans with no related allowance | 4 | 4 | ||
Recorded investment in impaired loans with related allowance | 0 | 0 | ||
Recorded investment total impaired loans | 4 | 4 | ||
Unpaid principal balance | 6 | 12 | ||
Related allowance for loan losses | $0 | $0 | ||
[1] | Primarily loans to real estate developers. | |||
[2] | Primarily loans secured by owner-occupied real estate. | |||
[3] | Individually evaluated retail loans had no related allowance for loan losses, primarily due to policy changes which resulted in direct write-downs of restructured retail loans. |
Credit_Quality_And_Allowance_F9
Credit Quality And Allowance For Credit Losses (Average Individually Evaluated Impaired Loans And Related Interest Recognized) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | $263 | $409 | ||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 1 | 1 | ||
Business loans | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 213 | 362 | ||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 1 | 1 | ||
Business loans | Commercial | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 62 | 114 | ||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 1 | ||
Business loans | Real estate construction | Commercial Real Estate business line | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 19 | [1] | 27 | [1] |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | [1] | 0 | [1] |
Business loans | Commercial mortgage | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 129 | 220 | ||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 1 | 0 | ||
Business loans | Commercial mortgage | Commercial Real Estate business line | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 62 | [1] | 96 | [1] |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | [1] | 0 | [1] |
Business loans | Commercial mortgage | Other business lines | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 67 | [2] | 124 | [2] |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 1 | [2] | 0 | [2] |
Business loans | Lease financing | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 0 | 1 | ||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | ||
Business loans | International | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 3 | 0 | ||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | ||
Retail loans | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 50 | 47 | ||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | ||
Retail loans | Residential mortgage | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 34 | 37 | ||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | ||
Retail loans | Consumer | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 16 | 10 | ||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | ||
Retail loans | Consumer | Home equity | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 12 | 6 | ||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | ||
Retail loans | Consumer | Other consumer | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Individually Evaluated Impaired Loans Average Balance for the Period | 4 | 4 | ||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | $0 | $0 | ||
[1] | Primarily loans to real estate developers. | |||
[2] | Primarily loans secured by owner-occupied real estate. |
Recovered_Sheet1
Credit Quality And Allowance For Credit Losses (Troubled Debt Restructurings By Type Of Modification) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | $12 | $43 | ||
Principal Deferrals | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 11 | [1] | 32 | [1] |
Extension Term, Minimum Period | '90 days | '90 days | ||
Interest Rate Reductions | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 1 | ' | ||
AB Note Restructures | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | ' | 11 | [2] | |
Business loans | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 10 | 40 | ||
Business loans | Principal Deferrals | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 10 | [1] | 29 | [1] |
Business loans | Interest Rate Reductions | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | ' | ||
Business loans | AB Note Restructures | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | ' | 11 | [2] | |
Business loans | Commercial | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 1 | 7 | ||
Business loans | Commercial | Principal Deferrals | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 1 | [1] | 7 | [1] |
Business loans | Commercial | Interest Rate Reductions | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | ' | ||
Business loans | Commercial | AB Note Restructures | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | ' | 0 | [2] | |
Business loans | Commercial mortgage | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 8 | 33 | ||
Business loans | Commercial mortgage | Principal Deferrals | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 8 | [1] | 22 | [1] |
Business loans | Commercial mortgage | Interest Rate Reductions | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | ' | ||
Business loans | Commercial mortgage | AB Note Restructures | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | ' | 11 | [2] | |
Business loans | Commercial mortgage | Commercial Real Estate business line | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | [3] | 16 | [3] |
Business loans | Commercial mortgage | Commercial Real Estate business line | Principal Deferrals | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | [1],[3] | 16 | [1],[3] |
Business loans | Commercial mortgage | Commercial Real Estate business line | Interest Rate Reductions | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | [3] | ' | |
Business loans | Commercial mortgage | Commercial Real Estate business line | AB Note Restructures | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | ' | 0 | [2],[3] | |
Business loans | Commercial mortgage | Other business lines | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 8 | [4] | 17 | [4] |
Business loans | Commercial mortgage | Other business lines | Principal Deferrals | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 8 | [1],[4] | 6 | [1],[4] |
Business loans | Commercial mortgage | Other business lines | Interest Rate Reductions | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | [4] | ' | |
Business loans | Commercial mortgage | Other business lines | AB Note Restructures | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | ' | 11 | [2],[4] | |
Business loans | International | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 1 | 0 | ||
Business loans | International | Principal Deferrals | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 1 | [1] | 0 | [1] |
Business loans | International | Interest Rate Reductions | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | ' | ||
Business loans | International | AB Note Restructures | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | ' | 0 | [2] | |
Retail loans | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 2 | 3 | ||
Retail loans | Principal Deferrals | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 1 | [1] | 3 | [1] |
Retail loans | Interest Rate Reductions | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 1 | ' | ||
Retail loans | AB Note Restructures | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | ' | 0 | [2] | |
Retail loans | Residential mortgage | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | 1 | ||
Retail loans | Residential mortgage | Principal Deferrals | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | [1] | 1 | [1],[5] |
Retail loans | Residential mortgage | Interest Rate Reductions | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | ' | ||
Retail loans | Residential mortgage | AB Note Restructures | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | ' | 0 | [2] | |
Retail loans | Consumer | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 2 | 2 | ||
Retail loans | Consumer | Home equity | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 2 | 1 | ||
Retail loans | Consumer | Other consumer | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | 1 | ||
Retail loans | Consumer | Principal Deferrals | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 1 | [1] | 2 | [1] |
Retail loans | Consumer | Principal Deferrals | Home equity | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 1 | [1],[5] | 1 | [1],[5] |
Retail loans | Consumer | Principal Deferrals | Other consumer | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | [1] | 1 | [1],[5] |
Retail loans | Consumer | Interest Rate Reductions | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 1 | ' | ||
Retail loans | Consumer | Interest Rate Reductions | Home equity | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 1 | ' | ||
Retail loans | Consumer | Interest Rate Reductions | Other consumer | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | 0 | ' | ||
Retail loans | Consumer | AB Note Restructures | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | ' | 0 | [2] | |
Retail loans | Consumer | AB Note Restructures | Home equity | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | ' | 0 | [2] | |
Retail loans | Consumer | AB Note Restructures | Other consumer | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Recorded balance of troubled debt restructuring modified during the period | ' | $0 | [2] | |
[1] | Primarily represents loan balances where terms were extended 90 days or more at or above contractual interest rates. | |||
[2] | Loan restructurings whereby the original loan is restructured into two notes: an "A" note, which generally reflects the portion of the modified loan which is expected to be collected; and a "B" note, which is either fully charged off or exchanged for an equity interest. | |||
[3] | Primarily loans to real estate developers. | |||
[4] | Primarily loans secured by owner-occupied real estate. | |||
[5] | Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. |
Recovered_Sheet2
Credit Quality And Allowance For Credit Losses Credit Quality And Allowance For Credit Losses (Troubled Debt Restructuring Subsequent Default) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||||||||||
In Millions, unless otherwise specified | Principal Deferrals | Principal Deferrals | Interest Rate Reductions | Interest Rate Reductions | AB Note Restructures | AB Note Restructures | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Retail loans | Retail loans | Retail loans | Retail loans | Retail loans | Retail loans | Retail loans | Retail loans | Retail loans | Retail loans | ||||||||||||||
Principal Deferrals | Principal Deferrals | Commercial | Commercial | Real estate construction | Real estate construction | Commercial mortgage | Commercial mortgage | Commercial mortgage | Commercial mortgage | Commercial mortgage | Commercial mortgage | International | International | Principal Deferrals | Principal Deferrals | Residential mortgage | Residential mortgage | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | |||||||||||||||||||||
Principal Deferrals | Principal Deferrals | Commercial Real Estate business line | Commercial Real Estate business line | Principal Deferrals | Principal Deferrals | Commercial Real Estate business line | Commercial Real Estate business line | Other business lines | Other business lines | Principal Deferrals | Principal Deferrals | Principal Deferrals | Principal Deferrals | Principal Deferrals | Principal Deferrals | Home equity | Home equity | Other consumer | Other consumer | |||||||||||||||||||||||||
Principal Deferrals | Principal Deferrals | Principal Deferrals | Principal Deferrals | Principal Deferrals | Principal Deferrals | Principal Deferrals | Principal Deferrals | Principal Deferrals | Principal Deferrals | |||||||||||||||||||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Carrying amount PCI loans | $5 | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Balance | ' | ' | 54 | 77 | 6 | 4 | 8 | 30 | 43 | 66 | 13 | 12 | 0 | [1] | 1 | [1] | 29 | 53 | 17 | [1] | 36 | [1] | 12 | [2] | 17 | [2] | 1 | 0 | 11 | 11 | 3 | [3] | 5 | [3] | 8 | 6 | 6 | [3] | 4 | [3] | 2 | [3] | 2 | [3] |
Default Loans On Modified Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Subsequent Default During Period | ' | ' | $2 | $21 | $0 | $0 | $0 | $0 | $2 | $21 | $2 | $1 | $0 | [1] | $0 | [1] | $0 | $20 | $0 | [1] | $16 | [1] | $0 | [2] | $4 | [2] | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||
[1] | Primarily loans to real estate developers. | |||||||||||||||||||||||||||||||||||||||||||
[2] | Primarily loans secured by owner-occupied real estate. | |||||||||||||||||||||||||||||||||||||||||||
[3] | Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. |
Recovered_Sheet3
Credit Quality And Allowance For Credit Losses (Acquired Purchased Credit-Impaired Loans) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Credit Quality And Allowance For Credit Losses [Abstract] | ' | ' |
Carrying amount PCI loans | $5 | $5 |
Outstanding balance | $35 | $46 |
Recovered_Sheet4
Credit Quality And Allowance For Credit Losses (Accretable Yield For Acquired Purchased Credit-Impaired Loans) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Credit Quality And Allowance For Credit Losses [Abstract] | ' | ' |
Balance at beginning of period | $15 | $16 |
Reclassifications from nonaccretable | 5 | 0 |
Accretion | -9 | -4 |
Balance at end of period | $11 | $12 |
Derivative_And_CreditRelated_F2
Derivative And Credit-Related Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Fair value of securities pledged as collateral for derivative assets | $117,000,000 | ' | ' |
Cash deposited as collateral for derivative assets | 3,000,000 | ' | ' |
Available-for-sale securities pledged as collateral for derivative liabilities | 8,000,000 | ' | ' |
Cash posted as collateral for derivative liabilities | 19,000,000 | ' | ' |
Aggregate fair value of all derivative instruments with credit-risk contingent features that were in a liability position | 7,000,000 | ' | ' |
Collateral pledged for aggregate fair value of all derivative instruments with credit-risk contingent features that were in a liability position | 3,000,000 | ' | ' |
Additional required overnight collateral on derivatives with credit-risk contingent features at period end should the credit-risk contingent features be triggered | 4,000,000 | ' | ' |
Net interest income generated by risk management fair value interest rate swaps | 18,000,000 | 18,000,000 | ' |
Allowance for credit losses on lending-related commitments | 37,000,000 | ' | 36,000,000 |
Allowance for credit losses on lending-related commitments, amount related to unused commitments to extend credit | 25,000,000 | ' | 28,000,000 |
Risk participation agreements covering standby and commercial letters of credit | 250,000,000 | ' | 259,000,000 |
Standby and commercial letters of credit | 4,300,000,000 | ' | 4,400,000,000 |
Carrying value of standby and commercial letters of credit included in accrued expenses and other liabilities | 65,000,000 | ' | 59,000,000 |
Deferred fees on standby and commercial letters of credit included in accrued expenses and other liabilities | 53,000,000 | ' | 51,000,000 |
Allowance for credit losses on lending-related commitments, amount related to standby and commercial letters of credit | 12,000,000 | ' | 8,000,000 |
Notional Amount of Derivative Credit Risk Participation Agreements | 583,000,000 | ' | 614,000,000 |
Maximum estimated exposure to credit risk participation agreements assuming 100% default | 6,000,000 | ' | 7,000,000 |
Weighted average remaining maturity of credit risk participation agreements, in years | '2 years 6 months 0 days | ' | ' |
Fair value of derivative liability | 236,000,000 | ' | 249,000,000 |
Visa derivative contract | ' | ' | ' |
Notional amount of the derivative contract equivalent to Visa Class B shares | 780,000 | ' | ' |
Fair value of derivative liability | $2,000,000 | ' | $2,000,000 |
Derivative_And_CreditRelated_F3
Derivative And Credit-Related Financial Instruments (Schedule Of Derivative Instruments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | $20,693 | [1] | $20,538 | [1] |
Fair Value of Gross Derivative Assets | 479 | 500 | ||
Fair Value of Gross Derivative Liabilities | 236 | 249 | ||
Derivative Asset, Netting Adjustment - Offsetting Liabilities | -166 | -187 | ||
Derivative Liability, Netting Adjustment - Offsetting Assets | -166 | -187 | ||
Derivative Asset, Netting Adjustment - Cash Collateral Received | -1 | -2 | ||
Derivative Liability, Netting Adjustment, Cash Collateral Posted | -17 | -10 | ||
Net Derivative Assets Included in the Consolidated Balance Sheets | 312 | [2] | 311 | [2] |
Net Derivative Liabilities Included in the Consolidated Balance Sheets | 53 | [2] | 52 | [2] |
Derivative Asset, Securities Pledged As Collateral | -114 | -138 | ||
Derivative Liability, Securities Pledged As Collateral | -8 | -10 | ||
Net Derivative Assets After Deducting Amounts Not Offset in the Consolidated Balance Sheets | 198 | 173 | ||
Net Derivative Liabilities After Deducting Amounts Not Offset in the Consolidated Balance Sheets | 45 | 42 | ||
Derivative Credit Risk Valuation Adjustment, Derivative Assets | 2 | 2 | ||
Risk Management Purposes [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 1,896 | [1] | 1,703 | [1] |
Fair Value of Gross Derivative Assets | 192 | 199 | ||
Fair Value of Gross Derivative Liabilities | 1 | 0 | ||
Risk Management Purposes [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 1,450 | [1] | 1,450 | [1] |
Fair Value of Gross Derivative Assets | 191 | 198 | ||
Fair Value of Gross Derivative Liabilities | 0 | 0 | ||
Risk Management Purposes [Member] | Derivatives Used As Economic Hedges [Member] | Foreign Exchange Spot Forward And Swaps [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 446 | [1] | 253 | [1] |
Fair Value of Gross Derivative Assets | 1 | 1 | ||
Fair Value of Gross Derivative Liabilities | 1 | 0 | ||
Customer-Initiated And Other Activities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 18,797 | [1] | 18,835 | [1] |
Fair Value of Gross Derivative Assets | 287 | 301 | ||
Fair Value of Gross Derivative Liabilities | 235 | 249 | ||
Customer-Initiated And Other Activities [Member] | Interest Rate Contracts | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 11,818 | [1] | 11,697 | [1] |
Fair Value of Gross Derivative Assets | 167 | 182 | ||
Fair Value of Gross Derivative Liabilities | 118 | 133 | ||
Customer-Initiated And Other Activities [Member] | Interest Rate Caps And Floors Written [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 268 | [1] | 277 | [1] |
Fair Value of Gross Derivative Assets | 0 | 0 | ||
Fair Value of Gross Derivative Liabilities | 1 | 1 | ||
Customer-Initiated And Other Activities [Member] | Interest Rate Caps and Floors Purchased [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 268 | [1] | 277 | [1] |
Fair Value of Gross Derivative Assets | 1 | 1 | ||
Fair Value of Gross Derivative Liabilities | 0 | 0 | ||
Customer-Initiated And Other Activities [Member] | Interest Rate Swap [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 11,282 | [1] | 11,143 | [1] |
Fair Value of Gross Derivative Assets | 166 | 181 | ||
Fair Value of Gross Derivative Liabilities | 117 | 132 | ||
Customer-Initiated And Other Activities [Member] | Energy Contracts | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 4,949 | [1] | 5,374 | [1] |
Fair Value of Gross Derivative Assets | 103 | 105 | ||
Fair Value of Gross Derivative Liabilities | 101 | 102 | ||
Customer-Initiated And Other Activities [Member] | Energy Caps and Floors Written [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 1,180 | [1] | 1,325 | [1] |
Fair Value of Gross Derivative Assets | 1 | 1 | ||
Fair Value of Gross Derivative Liabilities | 43 | 48 | ||
Customer-Initiated And Other Activities [Member] | Energy Caps and Floors Purchased [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 1,180 | [1] | 1,325 | [1] |
Fair Value of Gross Derivative Assets | 43 | 48 | ||
Fair Value of Gross Derivative Liabilities | 1 | 1 | ||
Customer-Initiated And Other Activities [Member] | Energy Swaps [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 2,589 | [1] | 2,724 | [1] |
Fair Value of Gross Derivative Assets | 59 | 56 | ||
Fair Value of Gross Derivative Liabilities | 57 | 53 | ||
Customer-Initiated And Other Activities [Member] | Foreign Exchange Spot, Forwards, Options and Swaps [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional/Contract Amount | 2,030 | [1] | 1,764 | [1] |
Fair Value of Gross Derivative Assets | 17 | 14 | ||
Fair Value of Gross Derivative Liabilities | $16 | $14 | ||
[1] | Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets. | |||
[2] | Net derivative assets are included in “accrued income and other assets†and net derivative liabilities are included in “accrued expenses and other liabilities†on the consolidated balance sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk totaled $2 million at both March 31, 2014 and December 31, 2013. |
Derivative_And_CreditRelated_F4
Derivative And Credit-Related Financial Instruments (Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Notional Amount | $20,693 | [1] | $20,538 | [1] |
Risk Management Purposes [Member] | ' | ' | ||
Notional Amount | 1,896 | [1] | 1,703 | [1] |
Long-term Debt [Member] | Swaps - Fair Value Hedge - Receive Fixed/Pay Floating [Member] | Risk Management Purposes [Member] | Interest Rate Swap [Member] | ' | ' | ||
Notional Amount | $1,450 | $1,450 | ||
Weighted Average Remaining Maturity | '3 years 2 months 1 day | '3 years 5 months 0 days | ||
Weighted Average Receive Rate | 5.45% | 5.45% | ||
Weighted Average Pay Rate | 0.35% | [2] | 0.38% | [2] |
[1] | Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets. | |||
[2] | Variable rates paid on receive fixed swaps are based on six-month LIBOR rates in effect at March 31, 2014 and December 31, 2013. |
Derivative_And_CreditRelated_F5
Derivative And Credit-Related Financial Instruments (Schedule Of Net Gains Recognized In Income On Customer-Initiated Derivatives) (Details) (Not Designated as Hedging Instrument [Member], Customer-Initiated And Other Activities [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net derivative gain recognized in income | $13 | $13 |
Interest Rate Contracts | Other Noninterest Income [Member] | ' | ' |
Net derivative gain recognized in income | 4 | 3 |
Energy Contracts | Other Noninterest Income [Member] | ' | ' |
Net derivative gain recognized in income | 0 | 1 |
Foreign Exchange Contracts | Foreign Exchange Income [Member] | ' | ' |
Net derivative gain recognized in income | $9 | $9 |
Derivative_And_CreditRelated_F6
Derivative And Credit-Related Financial Instruments (Schedule Of Financial Instruments With Off-Balance Sheet Credit Risk) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Unused Commitments to Extend Credit [Member] | ' | ' |
Loss contingency, range of possible loss, maximum | $28,848 | $29,617 |
Commercial And Other [Member] | Unused Commitments to Extend Credit [Member] | ' | ' |
Loss contingency, range of possible loss, maximum | 26,925 | 27,728 |
Bankcard, Revolving Check Credit And Home Equity Loan Commitments [Member] | Unused Commitments to Extend Credit [Member] | ' | ' |
Loss contingency, range of possible loss, maximum | 1,923 | 1,889 |
Standby Letters Of Credit [Member] | ' | ' |
Loss contingency, range of possible loss, maximum | 4,171 | 4,297 |
Commercial Letters Of Credit [Member] | ' | ' |
Loss contingency, range of possible loss, maximum | 96 | 103 |
Other Credit-Related Financial Instruments [Member] | ' | ' |
Loss contingency, estimate of possible loss | $2 | $2 |
Derivative_And_CreditRelated_F7
Derivative And Credit-Related Financial Instruments (Summary Of Internally Classified Watch List Letters Of Credit) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative And Credit-Related Financial Instruments [Abstract] | ' | ' |
Total criticized standby and commercial letters of credit | $92 | $69 |
As a percentage of total outstanding standby and commercial letters of credit | 2.20% | 1.60% |
Variable_Interest_Entities_VIE2
Variable Interest Entities (VIEs) (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Variable Interest Entity [Line Items] | ' | ' |
Unfunded commitments to fund tax credit entities | $136 | ' |
Corporation provided financial or other support not contractually required to VIEs | 0 | 0 |
Low Income Housing Tax Credit Entities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Exposure to loss as a result of involvement with VIEs | 381 | ' |
Other Tax Credit Entities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Exposure to loss as a result of involvement with VIEs | $13 | ' |
Variable_Interest_Entities_VIE3
Variable Interest Entities (VIEs) (Impact Of VIEs On The Consolidated Statements Of Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Variable Interest Entity [Line Items] | ' | ' |
Other noninterest income | $33 | $38 |
Benefit for income taxes | 64 | 63 |
Variable Interest Entity | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Other noninterest income | -2 | -1 |
Benefit for income taxes | -6 | -6 |
Proportional Amortization Method Classified In Income Taxes [Member] | Variable Interest Entity | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Benefit for income taxes | 14 | 13 |
Low Income Housing Tax Credits [Member] | Variable Interest Entity | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Benefit for income taxes | -14 | -14 |
Other Tax Benefits Related To Tax Credit Entities [Member] | Variable Interest Entity | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Benefit for income taxes | ($6) | ($5) |
Medium_And_LongTerm_Debt_Narra
Medium- And Long-Term Debt (Narrative) (Details) (USD $) | Mar. 31, 2014 |
In Billions, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Blanket lien on real-estate related loans securing FHLB advances | $14 |
Medium_And_LongTerm_Debt_Sched
Medium- And Long-Term Debt (Schedule Of Medium- And Long-Term Debt) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Debt Instruments [Line Items] | ' | ' | ||
Total medium- and long-term debt | $3,534 | $3,543 | ||
Parent Company | ' | ' | ||
Debt Instruments [Line Items] | ' | ' | ||
Total medium- and long-term debt | 614 | 617 | ||
Subsidiaries | ' | ' | ||
Debt Instruments [Line Items] | ' | ' | ||
Subordinated notes | 1,892 | 1,898 | ||
Total medium- and long-term debt | 2,920 | 2,926 | ||
4.80% subordinated notes due 2015 | Parent Company | ' | ' | ||
Debt Instruments [Line Items] | ' | ' | ||
Subordinated notes | 315 | [1] | 318 | [1] |
Fixed Interest Rate | 4.80% | 4.80% | ||
Maturity Date | 1-May-15 | 1-May-15 | ||
3.00% notes due 2015 | Parent Company | ' | ' | ||
Debt Instruments [Line Items] | ' | ' | ||
Medium-term notes | 299 | 299 | ||
Fixed Interest Rate | 3.00% | 3.00% | ||
Maturity Date | 16-Sep-15 | 16-Sep-15 | ||
5.70% subordinated notes due 2014 | Subsidiaries | ' | ' | ||
Debt Instruments [Line Items] | ' | ' | ||
Subordinated notes | 252 | [1] | 255 | [1] |
Fixed Interest Rate | 5.70% | 5.70% | ||
Maturity Date | 1-Jun-14 | 1-Jun-14 | ||
5.75% subordinated notes due 2016 | Subsidiaries | ' | ' | ||
Debt Instruments [Line Items] | ' | ' | ||
Subordinated notes | 678 | [1] | 681 | [1] |
Fixed Interest Rate | 5.75% | 5.75% | ||
Maturity Date | 21-Nov-16 | 21-Nov-16 | ||
5.20% subordinated notes due 2017 | Subsidiaries | ' | ' | ||
Debt Instruments [Line Items] | ' | ' | ||
Subordinated notes | 561 | [1] | 566 | [1] |
Fixed Interest Rate | 5.20% | 5.20% | ||
Maturity Date | 22-Aug-17 | 22-Aug-17 | ||
8.375% subordinated notes due 2024 (callable at par in 2014) | Subsidiaries | ' | ' | ||
Debt Instruments [Line Items] | ' | ' | ||
Subordinated notes | 183 | 183 | ||
Fixed Interest Rate | 8.38% | 8.38% | ||
Maturity Date | 15-Jul-24 | 15-Jul-24 | ||
Earliest call date | 15-Jul-14 | 15-Jul-14 | ||
7.875% subordinated notes due 2026 | Subsidiaries | ' | ' | ||
Debt Instruments [Line Items] | ' | ' | ||
Subordinated notes | 218 | [1] | 213 | [1] |
Fixed Interest Rate | 7.88% | 7.88% | ||
Maturity Date | 15-Sep-26 | 15-Sep-26 | ||
Federal Home Loan Bank advances floating-rate based on LIBOR indices due 2014 | Subsidiaries | ' | ' | ||
Debt Instruments [Line Items] | ' | ' | ||
Federal Home Loan Bank advances | 1,000 | 1,000 | ||
Maturity Date | 7-May-14 | 7-May-14 | ||
6.0% - 6.4% fixed-rate notes due 2020 | Subsidiaries | ' | ' | ||
Debt Instruments [Line Items] | ' | ' | ||
Other Notes | $28 | $28 | ||
Fixed Interest Rate - minimum | 6.00% | 6.00% | ||
Fixed Interest Rate - maximum | 6.40% | 6.40% | ||
Maturity Date | 30-Jun-20 | 30-Jun-20 | ||
[1] | The carrying value of medium- and long-term debt has been adjusted to reflect the gain attributable to the risk hedged with interest rate swaps. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Investment securities, Balance at beginning of period, net of tax | ($68) | $150 | ' |
Investment securities, Net unrealized holding gains (losses) arising during the period | 94 | -18 | ' |
Investment securities, Provision (benefit) for income taxes | 33 | -7 | ' |
Investment securities, Net unrealized holding gains (losses) arising during period, net of tax | 61 | -11 | ' |
Investment securities, Net realized gains included in net securities gains | 1 | 0 | ' |
Investment securities, Provision for income taxes | 0 | 0 | ' |
Investment securities, Reclassification adjustment for net securities gains included in net income, net of tax | 1 | 0 | ' |
Investment securities, Change in net unrealized (losses) gains on investment securities available-for-sale, net of tax | 60 | -11 | ' |
Investment securities, Balance at end of period, net of tax | -8 | 139 | ' |
Benefit plans, Balance at beginning of period, net of tax | -323 | -563 | ' |
Benefit plans, Net defined benefit pension and other postretirement plans adjustment arising during the period, net of tax | 0 | 0 | ' |
Less: Amortization of actuarial net loss | -10 | -21 | ' |
Less: Amortization of prior service cost | 0 | -1 | ' |
Benefit plans, Amounts recognized in employee benefits expense | -10 | -22 | ' |
Benefit plans, Benefit for income taxes | -4 | -8 | ' |
Benefit plans, Adjustment for amounts recognized as components of net periodic benefit cost during the period, net of tax | -6 | -14 | ' |
Benefit plans, Change in defined benefit pension and other postretirement plans adjustment, net of tax | 6 | 14 | ' |
Benefit plans, Balance at end of period, net of tax | -317 | -549 | ' |
Total accumulated other comprehensive loss at end of period, net of tax | ($325) | ($410) | ($391) |
Net_Income_Per_Common_Share_Ba
Net Income Per Common Share (Basic And Diluted Net Income Per Common Share) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income | $139 | $134 |
Less income allocated to participating securities | 2 | 2 |
Net income attributable to common shares | $137 | $132 |
Basic average common shares | 180 | 185 |
Basic earnings per common share | $0.76 | $0.71 |
Basic average common shares | 180 | 185 |
Net effect of the assumed exercise of stock options | 2 | 0 |
Net effect of the assumed exercise of warrants | 5 | 2 |
Diluted average common shares | 187 | 187 |
Diluted earnings per common share | $0.73 | $0.70 |
Net_Income_Per_Common_Share_Sc
Net Income Per Common Share (Schedule of Average Shares Excluded From Diluted Net Income Per Common Share Computation) (Details) (Stock Options) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Average outstanding securities | 8.7 | 15.1 |
Minimum | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Exercise price | 48.17 | 34.78 |
Maximum | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Exercise price | 61.94 | 61.94 |
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans (Net Periodic Defined Benefit Cost) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net periodic defined benefit cost | $9 | $21 |
Defined Benefit Pension Plans | Qualified Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 7 | 9 |
Interest cost | 22 | 19 |
Expected return on plan assets | -33 | -33 |
Amortization of prior service cost (credit) | 1 | 1 |
Amortization of net loss | 8 | 19 |
Net periodic defined benefit cost | 5 | 15 |
Defined Benefit Pension Plans | Non-Qualified Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 1 | 1 |
Interest cost | 2 | 3 |
Amortization of prior service cost (credit) | -1 | 0 |
Amortization of net loss | 2 | 2 |
Net periodic defined benefit cost | 4 | 6 |
Postretirement Benefit Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | 1 | 1 |
Expected return on plan assets | -1 | -1 |
Net periodic defined benefit cost | $0 | $0 |
Income_Taxes_And_TaxRelated_It1
Income Taxes And Tax-Related Items Income Taxes And Tax-Related Items (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits | $11 | $11 |
Reasonably possible change in unrecognized tax benefits in next 12 months | 7 | ' |
Tax-related interest and penalties payable | 2 | 2 |
Net deferred tax assets | 224 | 256 |
Decrease in net deferred tax assets | 32 | ' |
Valuation allowance for deferred tax assets | $0 | $0 |
Contingent_Liabilities_Narrati
Contingent Liabilities (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 29 Months Ended | 0 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jan. 17, 2014 | Jan. 06, 2014 | Nov. 16, 2011 | Dec. 31, 2008 | Jul. 31, 2006 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2008 | Jan. 17, 2014 | |
Pending Litigation | Butte Local Development v. Masters Group v. Comerica Bank | Butte Local Development v. Masters Group v. Comerica Bank | Butte Local Development v. Masters Group v. Comerica Bank | Butte Local Development v. Masters Group v. Comerica Bank | Butte Local Development v. Masters Group v. Comerica Bank | Butte Local Development v. Masters Group v. Comerica Bank | Butte Local Development v. Masters Group v. Comerica Bank | Butte Local Development v. Masters Group v. Comerica Bank | Butte Local Development v. Masters Group v. Comerica Bank | |||
Comerica Bank | ||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date the lender liability case was filed | ' | ' | ' | ' | ' | 'November 16, 2011 | ' | ' | ' | ' | ' | ' |
Date the lender liability case trial began | ' | ' | ' | ' | 6-Jan-14 | ' | ' | ' | ' | ' | ' | ' |
Initial line of credit extended to Masters | ' | ' | ' | ' | ' | ' | ' | $9,000,000 | ' | ' | ' | ' |
Loan amount to Masters after subsequent increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,500,000 | ' |
Amount owed by Masters to Butte Local Development | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' |
Amount of damages awarded by the jury | ' | ' | ' | 275,000 | ' | ' | ' | ' | ' | ' | ' | 52,000,000 |
Increase in reserve for litigation-related expense | 3,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | 2,000,000 | 52,000,000 | ' | ' |
Litigation-related reserve related to the case | ' | ' | ' | ' | ' | ' | ' | ' | 54,000,000 | ' | ' | ' |
Minimum amount of reasonably possible losses | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated maximum amount of reasonably possible losses | ' | ' | 85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal Fees | $5,000,000 | $8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Segment_Information_N
Business Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
markets | |
segments | |
Segment Reporting [Abstract] | ' |
Number of Major Business Segments | 3 |
Number of Primary Market Segments | 3 |
Business_Segment_Information_B
Business Segment Information (Business Segment Financial Results) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net interest income (expense) (FTE) | $411 | $416 | ||
Provision for credit losses | 9 | 16 | ||
Noninterest income | 208 | 213 | ||
Noninterest expenses | 406 | 416 | ||
Provision (benefit) for income taxes (FTE) | 65 | 63 | ||
Net income (loss) | 139 | 134 | ||
Net credit-related charge-offs (recoveries) | 12 | 24 | ||
Assets, average | 64,708 | 63,451 | ||
Loans, average | 45,075 | 44,617 | ||
Deposits, average | 52,770 | 50,692 | ||
Return on average assets | 0.86% | [1] | 0.84% | [1] |
Efficiency ratio | 65.79% | [2] | 66.15% | [2] |
Business Bank | ' | ' | ||
Net interest income (expense) (FTE) | 371 | 375 | ||
Provision for credit losses | 16 | 20 | ||
Noninterest income | 87 | 90 | ||
Noninterest expenses | 146 | 146 | ||
Provision (benefit) for income taxes (FTE) | 98 | 101 | ||
Net income (loss) | 198 | 198 | ||
Net credit-related charge-offs (recoveries) | 11 | 16 | ||
Assets, average | 35,896 | 35,780 | ||
Loans, average | 34,927 | 34,753 | ||
Deposits, average | 27,023 | 25,514 | ||
Return on average assets | 2.20% | [1] | 2.21% | [1] |
Efficiency ratio | 31.96% | [2] | 31.38% | [2] |
Retail Bank | ' | ' | ||
Net interest income (expense) (FTE) | 146 | 155 | ||
Provision for credit losses | 2 | 6 | ||
Noninterest income | 41 | 41 | ||
Noninterest expenses | 171 | 175 | ||
Provision (benefit) for income taxes (FTE) | 5 | 5 | ||
Net income (loss) | 9 | 10 | ||
Net credit-related charge-offs (recoveries) | 4 | 8 | ||
Assets, average | 6,052 | 5,973 | ||
Loans, average | 5,381 | 5,276 | ||
Deposits, average | 21,361 | 21,049 | ||
Return on average assets | 0.16% | [1] | 0.18% | [1] |
Efficiency ratio | 91.44% | [2] | 89.37% | [2] |
Wealth Management | ' | ' | ||
Net interest income (expense) (FTE) | 46 | 46 | ||
Provision for credit losses | -8 | -6 | ||
Noninterest income | 64 | 65 | ||
Noninterest expenses | 78 | 79 | ||
Provision (benefit) for income taxes (FTE) | 14 | 13 | ||
Net income (loss) | 26 | 25 | ||
Net credit-related charge-offs (recoveries) | -3 | 0 | ||
Assets, average | 4,939 | 4,738 | ||
Loans, average | 4,767 | 4,588 | ||
Deposits, average | 3,816 | 3,682 | ||
Return on average assets | 2.15% | [1] | 2.12% | [1] |
Efficiency ratio | 71.31% | [2] | 71.09% | [2] |
Finance | ' | ' | ||
Net interest income (expense) (FTE) | -158 | -167 | ||
Provision for credit losses | 0 | 0 | ||
Noninterest income | 14 | 14 | ||
Noninterest expenses | 3 | 3 | ||
Provision (benefit) for income taxes (FTE) | -55 | -58 | ||
Net income (loss) | -92 | -98 | ||
Net credit-related charge-offs (recoveries) | 0 | 0 | ||
Assets, average | 11,129 | 11,747 | ||
Loans, average | 0 | 0 | ||
Deposits, average | 353 | 275 | ||
Other | ' | ' | ||
Net interest income (expense) (FTE) | 6 | 7 | ||
Provision for credit losses | -1 | -4 | ||
Noninterest income | 2 | 3 | ||
Noninterest expenses | 8 | 13 | ||
Provision (benefit) for income taxes (FTE) | 3 | 2 | ||
Net income (loss) | -2 | -1 | ||
Net credit-related charge-offs (recoveries) | 0 | 0 | ||
Assets, average | 6,692 | 5,213 | ||
Loans, average | 0 | 0 | ||
Deposits, average | $217 | $172 | ||
[1] | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | |||
[2] | Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. |
Business_Segment_Information_M
Business Segment Information (Market Segment Financial Results) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net interest income (expense) (FTE) | $411 | $416 | ||
Provision for credit losses | 9 | 16 | ||
Noninterest income | 208 | 213 | ||
Noninterest expenses | 406 | 416 | ||
Provision (benefit) for income taxes (FTE) | 65 | 63 | ||
Net income (loss) | 139 | 134 | ||
Net credit-related charge-offs (recoveries) | 12 | 24 | ||
Assets, average | 64,708 | 63,451 | ||
Loans, average | 45,075 | 44,617 | ||
Deposits, average | 52,770 | 50,692 | ||
Return on average assets | 0.86% | [1] | 0.84% | [1] |
Efficiency ratio | 65.79% | [2] | 66.15% | [2] |
Michigan | ' | ' | ||
Net interest income (expense) (FTE) | 183 | 190 | ||
Provision for credit losses | 3 | -7 | ||
Noninterest income | 87 | 92 | ||
Noninterest expenses | 161 | 168 | ||
Provision (benefit) for income taxes (FTE) | 38 | 43 | ||
Net income (loss) | 68 | 78 | ||
Net credit-related charge-offs (recoveries) | 0 | 5 | ||
Assets, average | 13,819 | 14,042 | ||
Loans, average | 13,473 | 13,650 | ||
Deposits, average | 20,642 | 20,254 | ||
Return on average assets | 1.26% | [1] | 1.47% | [1] |
Efficiency ratio | 59.71% | [2] | 59.53% | [2] |
California | ' | ' | ||
Net interest income (expense) (FTE) | 172 | 171 | ||
Provision for credit losses | 11 | 21 | ||
Noninterest income | 34 | 35 | ||
Noninterest expenses | 96 | 97 | ||
Provision (benefit) for income taxes (FTE) | 36 | 32 | ||
Net income (loss) | 63 | 56 | ||
Net credit-related charge-offs (recoveries) | 10 | 10 | ||
Assets, average | 15,133 | 13,795 | ||
Loans, average | 14,824 | 13,542 | ||
Deposits, average | 14,782 | 14,356 | ||
Return on average assets | 1.59% | [1] | 1.45% | [1] |
Efficiency ratio | 46.72% | [2] | 47.04% | [2] |
Texas | ' | ' | ||
Net interest income (expense) (FTE) | 136 | 134 | ||
Provision for credit losses | 6 | 8 | ||
Noninterest income | 31 | 31 | ||
Noninterest expenses | 90 | 91 | ||
Provision (benefit) for income taxes (FTE) | 25 | 23 | ||
Net income (loss) | 46 | 43 | ||
Net credit-related charge-offs (recoveries) | 6 | 6 | ||
Assets, average | 11,070 | 10,795 | ||
Loans, average | 10,364 | 10,071 | ||
Deposits, average | 10,875 | 9,959 | ||
Return on average assets | 1.50% | [1] | 1.54% | [1] |
Efficiency ratio | 53.83% | [2] | 54.99% | [2] |
Other Markets | ' | ' | ||
Net interest income (expense) (FTE) | 72 | 81 | ||
Provision for credit losses | -10 | -2 | ||
Noninterest income | 40 | 38 | ||
Noninterest expenses | 48 | 44 | ||
Provision (benefit) for income taxes (FTE) | 18 | 21 | ||
Net income (loss) | 56 | 56 | ||
Net credit-related charge-offs (recoveries) | -4 | 3 | ||
Assets, average | 6,865 | 7,859 | ||
Loans, average | 6,414 | 7,354 | ||
Deposits, average | 5,901 | 5,676 | ||
Return on average assets | 3.28% | [1] | 2.86% | [1] |
Efficiency ratio | 43.39% | [2] | 37.41% | [2] |
Finance & Other | ' | ' | ||
Net interest income (expense) (FTE) | -152 | -160 | ||
Provision for credit losses | -1 | -4 | ||
Noninterest income | 16 | 17 | ||
Noninterest expenses | 11 | 16 | ||
Provision (benefit) for income taxes (FTE) | -52 | -56 | ||
Net income (loss) | -94 | -99 | ||
Net credit-related charge-offs (recoveries) | 0 | 0 | ||
Assets, average | 17,821 | 16,960 | ||
Loans, average | 0 | 0 | ||
Deposits, average | $570 | $447 | ||
[1] | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | |||
[2] | Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. |