Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 11, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Entity Registrant Name | Comerica INC /NEW/ | ||
Entity Central Index Key | 28412 | ||
Current Fiscal Year End Date | -19 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 178,359,394 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $8,900,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
ASSETS | ||||
Cash and due from banks | $1,026 | $1,140 | ||
Interest-bearing deposits with banks | 5,045 | 5,311 | ||
Other short-term investments | 99 | 112 | ||
Investment securities available-for-sale | 8,116 | [1] | 9,307 | [1] |
Investment securities held-to-maturity | 1,935 | [2] | 0 | |
Commercial loans | 31,520 | 28,815 | ||
Real estate construction loans | 1,955 | 1,762 | ||
Commercial mortgage loans | 8,604 | 8,787 | ||
Lease financing | 805 | 845 | ||
International loans | 1,496 | 1,327 | ||
Residential mortgage loans | 1,831 | 1,697 | ||
Consumer loans | 2,382 | 2,237 | ||
Total loans | 48,593 | 45,470 | ||
Less allowance for loan losses | -594 | -598 | ||
Net loans | 47,999 | 44,872 | ||
Premises and equipment | 532 | 594 | ||
Accrued income and other assets | 4,438 | 3,888 | ||
Total assets | 69,190 | 65,224 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Noninterest-bearing deposits | 27,224 | 23,875 | ||
Money market and interest-bearing checking deposits | 23,954 | 22,332 | ||
Savings deposits | 1,752 | 1,673 | ||
Customer certificates of deposit | 4,421 | 5,063 | ||
Foreign office time deposits | 135 | 349 | ||
Total interest-bearing deposits | 30,262 | 29,417 | ||
Total deposits | 57,486 | 53,292 | ||
Short-term borrowings | 116 | 253 | ||
Accrued expenses and other liabilities | 1,507 | 986 | ||
Medium- and long-term debt | 2,679 | 3,543 | ||
Total liabilities | 61,788 | 58,074 | ||
Common stock - $5 par value: Authorized - 325,000,000 shares; Issued - 228,164,824 shares | 1,141 | 1,141 | ||
Capital surplus | 2,188 | 2,179 | ||
Accumulated other comprehensive loss | -412 | -391 | ||
Retained earnings | 6,744 | 6,318 | ||
Less cost of common stock in treasury - 49,146,225 shares at 12/31/14 and 45,860,786 shares at 12/31/13 | -2,259 | -2,097 | ||
Total shareholders' equity | 7,402 | 7,150 | ||
Total liabilities and shareholders' equity | $69,190 | $65,224 | ||
[1] | Included auction-rate securities at amortized cost and fair value of $137 million and $136 million, respectively, as of December 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. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 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 | 49,146,225 | 45,860,786 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
INTEREST INCOME | |||
Interest and fees on loans | $1,525 | $1,556 | $1,617 |
Interest on investment securities | 211 | 214 | 234 |
Interest on short-term investments | 14 | 14 | 12 |
Total interest income | 1,750 | 1,784 | 1,863 |
INTEREST EXPENSE | |||
Interest on deposits | 45 | 55 | 70 |
Interest on medium- and long-term debt | 50 | 57 | 65 |
Total interest expense | 95 | 112 | 135 |
Net interest income | 1,655 | 1,672 | 1,728 |
Provision for credit losses | 27 | 46 | 79 |
Net interest income after provision for credit losses | 1,628 | 1,626 | 1,649 |
NONINTEREST INCOME | |||
Service charges on deposit accounts | 215 | 214 | 214 |
Fiduciary income | 180 | 171 | 158 |
Commercial lending fees | 98 | 99 | 96 |
Card fees | 80 | 74 | 65 |
Letter of credit fees | 57 | 64 | 71 |
Bank-owned life insurance | 39 | 40 | 39 |
Foreign exchange income | 40 | 36 | 38 |
Brokerage fees | 17 | 17 | 19 |
Net securities (losses) gains | 0 | -1 | 12 |
Other noninterest income | 142 | 168 | 158 |
Total noninterest income | 868 | 882 | 870 |
NONINTEREST EXPENSES | |||
Salaries and benefits expense | 980 | 1,009 | 1,018 |
Net occupancy expense | 171 | 160 | 163 |
Equipment expense | 57 | 60 | 65 |
Outside processing fee expense | 122 | 119 | 107 |
Software expense | 95 | 90 | 90 |
Litigation-related expense | 4 | 52 | 23 |
FDIC insurance expense | 33 | 33 | 38 |
Advertising expense | 23 | 21 | 27 |
Gain on debt redemption | -32 | -1 | 0 |
Merger and restructuring charges | 0 | 0 | 35 |
Other noninterest expenses | 173 | 179 | 191 |
Total noninterest expenses | 1,626 | 1,722 | 1,757 |
Income before income taxes | 870 | 786 | 762 |
Provision for income taxes | 277 | 245 | 241 |
Net Income | 593 | 541 | 521 |
Less income allocated to participating securities | 7 | 8 | 6 |
Net income attributable to common shares | 586 | 533 | 515 |
Basic earnings per common share | $3.28 | $2.92 | $2.68 |
Diluted earnings per common share | $3.16 | $2.85 | $2.67 |
Cash dividends declared on common stock | $143 | $126 | $106 |
Cash dividends declared per common share | $0.79 | $0.68 | $0.55 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $593 | $541 | $521 |
Net unrealized holding gains (losses) arising during the period | 166 | -343 | 48 |
Less: Reclassification adjustment for net securities gains included in net income | 1 | 1 | 14 |
Change in net unrealized gains (losses) before income taxes | 165 | -344 | 34 |
Actuarial (loss) gain arising during the period | -240 | 286 | -192 |
Amortization of actuarial net loss | 39 | 89 | 62 |
Amortization of prior service cost | 3 | 2 | 3 |
Amortization of transition obligation | 0 | 0 | 4 |
Change in defined benefit pension and other postretirement plans adjustment before income taxes | -198 | 377 | -123 |
Total other comprehensive (loss) income before income taxes | -33 | 33 | -89 |
(Benefit) provision for income taxes | -12 | 11 | -32 |
Total other comprehensive (loss) income, net of tax | -21 | 22 | -57 |
Comprehensive Income | $572 | $563 | $464 |
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, 2011 | $6,865 | $1,141 | $2,170 | ($356) | $5,543 | ($1,633) |
BALANCE (in shares) at Dec. 31, 2011 | 197.3 | |||||
Net income | 521 | 521 | ||||
Other comprehensive income (loss), net of tax | -57 | -57 | ||||
Cash dividends declared on common stock | -106 | -106 | ||||
Purchase of common stock | -308 | -308 | ||||
Purchase of common stock (in shares) | -10.2 | |||||
Net issuance of common stock under employee stock plans | -13 | -46 | -30 | 63 | ||
Net issuance of common stock under employee stock plans (in shares) | 1.2 | |||||
Share-based compensation | 37 | 37 | ||||
Other | 0 | 1 | -1 | |||
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 | 541 | 541 | ||||
Other comprehensive income (loss), net of tax | 22 | 22 | ||||
Cash dividends declared on common stock | -126 | -126 | ||||
Purchase of common stock | -291 | -291 | ||||
Purchase of common stock (in shares) | -7.5 | |||||
Net issuance of common stock under employee stock plans | 30 | -17 | -25 | 72 | ||
Net issuance of common stock under employee stock plans (in shares) | 1.5 | |||||
Share-based compensation | 35 | 35 | ||||
Other | 0 | 1 | -1 | |||
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 | 593 | 593 | ||||
Other comprehensive income (loss), net of tax | -21 | -21 | ||||
Cash dividends declared on common stock | -143 | -143 | ||||
Purchase of common stock | -260 | -260 | ||||
Purchase of common stock (in shares) | -5.4 | |||||
Net issuance of common stock under employee stock plans | 45 | -27 | -24 | 96 | ||
Net issuance of common stock under employee stock plans (in shares) | 2.1 | |||||
Share-based compensation | 38 | 38 | ||||
Other | 0 | 2 | -2 | |||
BALANCE at Dec. 31, 2014 | $7,402 | $1,141 | $2,188 | ($412) | $6,744 | ($2,259) |
BALANCE (in shares) at Dec. 31, 2014 | 179 |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared on common stock, per share | $0.79 | $0.68 | $0.55 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net income | $593 | $541 | $521 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 27 | 46 | 79 |
Provision (benefit) for deferred income taxes | 130 | -20 | 158 |
Depreciation and amortization | 123 | 122 | 133 |
Net periodic defined benefit cost | 40 | 88 | 81 |
Share-based compensation expense | 38 | 35 | 37 |
Net amortization of securities | 13 | 23 | 48 |
Accretion of loan purchase discount | -34 | -49 | -71 |
Net securities losses (gains) | 0 | 1 | -12 |
Net (gain) loss/writedown on foreclosed property | -4 | 4 | 0 |
Gain on debt redemption | -32 | -1 | 0 |
Excess tax benefits from share-based compensation arrangements | -7 | -3 | -1 |
Net change in trading securities | 13 | 6 | 1 |
Net change in accrued income receivable | -4 | 7 | 5 |
Net change in accrued expenses payable | -14 | 38 | 35 |
Other, net | -243 | -2 | -322 |
Net cash provided by operating activities | 639 | 836 | 692 |
INVESTING ACTIVITIES | |||
Maturities and redemptions of investment securities | 1,781 | 2,849 | 3,839 |
Purchases of investment securities | -2,372 | -2,225 | -4,032 |
Net change in loans | -3,144 | 549 | -3,498 |
Sales of Federal Home Loan Bank stock | 41 | 41 | 3 |
Proceeds from sales of foreclosed property | 20 | 55 | 82 |
Net increase in premises and equipment | -70 | -102 | -75 |
Other, net | 1 | 7 | 5 |
Net cash (used in) provided by investing activities | -3,743 | 1,174 | -3,676 |
FINANCING ACTIVITIES | |||
Net change in deposits | 4,013 | 1,229 | 4,520 |
Net change in short-term borrowings | -137 | 143 | 40 |
Maturities and redemptions of medium- and long-term debt | -1,406 | -1,080 | -193 |
Issuances of medium- and long-term debt | 596 | 0 | 0 |
Repurchases of common stock | -260 | -291 | -308 |
Cash dividends paid on common stock | -137 | -123 | -97 |
Issuances of common stock under employee stock plans | 49 | 33 | 3 |
Excess tax benefits from share-based compensation arrangements | 7 | 3 | 1 |
Other, net | -1 | -7 | -4 |
Net cash provided by (used in) financing activities | 2,724 | -93 | 3,962 |
Net (decrease) increase in cash and cash equivalents | -380 | 1,917 | 978 |
Cash and cash equivalents at beginning of period | 6,451 | 4,534 | 3,556 |
Cash and cash equivalents at end of period | 6,071 | 6,451 | 4,534 |
Interest paid | 101 | 114 | 135 |
Income taxes, tax deposits and tax-related interest paid | 218 | 115 | 46 |
Loans transferred to other real estate | 16 | 14 | 42 |
Securities transferred from available-for-sale to held-to-maturity | $1,958 | $0 | $0 |
Basis_of_Presentation_and_Acco
Basis of Presentation and Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Basis of Presentation and Accounting Policies | BASIS OF PRESENTATION AND ACCOUNTING POLICIES | |||
Organization | ||||
Comerica Incorporated (the Corporation) is a registered financial holding company headquartered in Dallas, Texas. The Corporation’s major business segments are the Business Bank, the Retail Bank and Wealth Management. The Corporation operates in three primary geographic markets: Michigan, California and Texas. For further discussion of each business segment and primary geographic market, refer to Note 22. The Corporation and its banking subsidiaries are regulated at both the state and federal levels. | ||||
The accounting and reporting policies of the Corporation conform to United States (U.S.) generally accepted accounting principles (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from these estimates. | ||||
The following summarizes the significant accounting policies of the Corporation applied in the preparation of the accompanying consolidated financial statements. | ||||
Principles of Consolidation | ||||
The consolidated financial statements include the accounts of the Corporation and the accounts of those subsidiaries that are majority owned and in which the Corporation has a controlling financial interest. The Corporation consolidates entities not determined to be variable interest entities (VIEs) when it holds a controlling financial interest in the entity's outstanding voting stock and uses the cost or equity method when it holds less than a controlling financial interest. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies acquired are included from the date of acquisition. Certain amounts in the financial statements for prior years have been reclassified to conform to current financial statement presentation. | ||||
The Corporation holds investments in certain legal entities that are considered VIEs. In general, a VIE is an entity that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. If any of these characteristics are present, the entity is subject to a variable interests consolidation model, and consolidation is based on variable interests, not on ownership of the entity’s outstanding voting stock. Variable interests are defined as contractual ownership or other money interests in an entity that change with fluctuations in the entity’s net asset value. The primary beneficiary is required to consolidate the VIE. The primary beneficiary is defined as the party that has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding book basis and unfunded commitments for future investments. | ||||
The Corporation evaluates its investments in VIEs, both at inception and when there is a change in circumstances that requires reconsideration, to determine if the Corporation is the primary beneficiary and consolidation is required. The Corporation accounts for unconsolidated VIEs using either the proportional, cost or equity method. These investments are included in "accrued income and other assets" on the consolidated balance sheets. | ||||
The proportional method is used for investments in affordable housing projects that qualify for the low-income housing tax credit (LIHTC). The equity method is used for other investments where the Corporation has the ability to exercise significant influence over the entity’s operation and financial policies, which is generally presumed to exist if the Corporation owns more than a 20 percent voting interest in the entity. Other unconsolidated equity investments that do not meet the criteria to be accounted for under the equity method are accounted for under the cost method. Amortization and other write-downs of LIHTC investments are presented on a net basis as a component of the "provision for income taxes," while income, amortization and write-downs from cost and equity method investments are recorded in “other noninterest income” on the consolidated statements of income. | ||||
Assets held in an agency or fiduciary capacity are not assets of the Corporation and are not included in the consolidated financial statements. | ||||
See Note 9 for additional information about the Corporation’s involvement with VIEs. | ||||
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. Fair value is based on the assumptions market participants would use when pricing an asset or liability. | ||||
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. | ||||
Fair value measurements and disclosures guidance establishes a three-level fair value hierarchy based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. Fair value measurements are separately disclosed by level within the fair value hierarchy. For assets and liabilities recorded at fair value, it is the Corporation’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. | ||||
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 and investment securities, 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. | ||||
Fair value measurements for assets and liabilities where limited or no observable market data exists are based primarily upon estimates, often calculated based on the economic and competitive environment, the characteristics of the asset or liability and other factors. Therefore, the results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. | ||||
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, 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 | ||||
Investment securities available-for-sale are recorded at fair value on a recurring basis. The Corporation discloses estimated fair values of investment securities held-to-maturity, which is determined in the same manner as investment securities available-for-sale. 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 is 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 $4 million at December 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 December 31, 2014, the fair value of the contract was a liability of $1 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 $11 million and $5 million, respectively, at December 31, 2014. These funds generally cannot be redeemed and the majority is 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 15 years. Recently issued federal regulations will 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. 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. | ||||
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 $7 million and $48 million at December 31, 2014 and 2013, respectively, and its investment in FRB stock totaled $85 million at both December 31, 2014 and 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. | ||||
For further information about fair value measurements refer to Note 2. | ||||
Other Short-Term Investments | ||||
Other short-term investments include trading securities and loans held-for-sale. | ||||
Trading securities are carried at fair value. Realized and unrealized gains or losses on trading securities are included in “other noninterest income” on the consolidated statements of income. | ||||
Loans held-for-sale, typically residential mortgages originated with the intent to sell, are carried at the lower of cost or fair value. Fair value is determined in the aggregate for each portfolio. Changes in fair value are included in “other noninterest income” on the consolidated statements of income. | ||||
Investment Securities | ||||
Securities not held for trading purposes are classified as available-for-sale or held-to-maturity. Only those debt securities for which management has the intent and ability to hold to maturity are classified as held-to-maturity and recorded at amortized cost. Securities available-for-sale are recorded at fair value, with unrealized gains and losses, net of income taxes, reported as a separate component of other comprehensive income (loss) (OCI). | ||||
Securities transferred from available-for-sale to held-to-maturity are reclassified at fair value on the date of transfer. The net unrealized gain (loss) at the date of transfer is included in historical cost and amortized over the remaining life of the related securities as a yield adjustment consistent with the amortization of the net unrealized gain (loss) included in accumulated other comprehensive loss on the same securities, resulting in no impact to net income. | ||||
Investment securities are reviewed quarterly for possible other-than-temporary impairment (OTTI). In determining whether OTTI exists for debt securities in an unrealized loss position, the Corporation assesses the likelihood of selling the security prior to the recovery of its amortized cost basis. If the Corporation intends to sell the debt security or it is more likely than not that the Corporation will be required to sell the debt security prior to the recovery of its amortized cost basis, the debt security is written down to fair value, and the full amount of any impairment charge is recorded as a loss in “net securities gains” in the consolidated statements of income. If the Corporation does not intend to sell the debt security and it is more likely than not that the Corporation will not be required to sell the debt security prior to recovery of its amortized cost basis, only the credit component of any impairment of a debt security is recognized as a loss in “net securities gains” on the consolidated statements of income, with the remaining impairment recorded in OCI. | ||||
The OTTI review for equity securities includes an analysis of the facts and circumstances of each individual investment and focuses on the severity of loss, the length of time the fair value has been below cost, the expectation for that security’s performance, the financial condition and near-term prospects of the issuer, and management’s intent and ability to hold the security to recovery. A decline in value of an equity security that is considered to be other-than-temporary is recorded as a loss in “net securities (losses) gains” on the consolidated statements of income. | ||||
Gains or losses on the sale of securities are computed based on the adjusted cost of the specific security sold. | ||||
For further information on investment securities, refer to Note 3. | ||||
Loans | ||||
Loans and leases originated and held for investment are recorded at the principal balance outstanding, net of unearned income, charge-offs and unamortized deferred fees and costs. Interest income is recognized on loans and leases using the interest method. | ||||
Loans and leases acquired in business combinations are initially recorded at fair value with no carryover of any existing allowance for loan losses. Acquired loans with evidence of credit quality deterioration at acquisition are reviewed to determine if it is probable that the Corporation will not be able to collect all contractual amounts due, including both principal and interest. When both conditions exist, such loans are accounted for as purchased credit-impaired (PCI) loans. The Corporation generally aggregates PCI loans into pools of loans based on common risk characteristics. | ||||
The Corporation estimates the total cash flows expected to be collected from the pools of acquired PCI loans, which include undiscounted expected principal and interest, using credit risk, interest rate and prepayment risk models that incorporate management's best estimate of current key assumptions such as default rates, loss severity and payment speeds. The excess of the undiscounted total cash flows expected to be collected over the fair value of the related PCI loans represents the accretable yield, which is recognized as interest income on a level-yield basis over the life of the related loan pools. The difference between the undiscounted contractual principal and interest and the undiscounted total cash flows expected to be collected is the nonaccretable difference, which reflects the impact of estimated credit losses and other factors. Subsequent increases in expected cash flows will result in a recovery of any previously recorded allowance for loan losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield, which is recognized prospectively over the then remaining lives of the loan pools. Subsequent decreases in expected cash flows will result in an impairment charge to the provision for loan losses, resulting in an addition to the allowance for loan losses, and a reclassification from accretable yield to nonaccretable difference. A loan disposal, which may include a loan sale, receipt of payment in full from the borrower or foreclosure, results in removal of the loan from the acquired PCI loan pool at its allocated carrying amount. Refinanced or restructured loans remain within the acquired PCI loan pools. | ||||
For acquired loans not deemed credit-impaired at acquisition, the difference between the initial fair value and the unpaid principal balance is recognized as interest income on a level-yield basis over the lives of the related loans. | ||||
The Corporation assesses all loan modifications to determine whether a restructuring constitutes a troubled debt restructuring (TDR). A restructuring is considered a TDR when a borrower is experiencing financial difficulty and the Corporation grants a concession to the borrower. TDRs on accrual status at the original contractual rate of interest are considered performing. Nonperforming TDRs include TDRs on nonaccrual status and loans which have been renegotiated to less than the original contractual rates (reduced-rate loans). All TDRs are considered impaired loans. | ||||
Loan Origination Fees and Costs | ||||
Substantially all loan origination fees and costs are deferred and amortized to net interest income of over the life of the related loan or over the commitment period as a yield adjustment. Net deferred income on originated loans, including unearned income and unamortized costs, fees, premiums and discounts, totaled $267 million and $287 million at December 31, 2014 and 2013, respectively. | ||||
Loan fees on unused commitments and net origination fees related to loans sold are recognized in noninterest income. | ||||
Allowance for Credit Losses | ||||
The allowance for credit losses includes both the allowance for loan losses and the allowance for credit losses on lending-related commitments. | ||||
The Corporation disaggregates the loan portfolio into segments for purposes of determining the allowance for credit losses. These segments are based on the level at which the Corporation develops, documents and applies a systematic methodology to determine the allowance for credit losses. The Corporation's portfolio segments are business loans and retail loans. Business loans are defined as those belonging to the commercial, real estate construction, commercial mortgage, lease financing and international loan portfolios. Retail loans consist of traditional residential mortgage, home equity and other consumer loans. | ||||
For further information on the Allowance for Credit Losses, refer to Note 4. | ||||
Allowance for Loan Losses | ||||
The allowance for loan losses represents management’s assessment of probable, estimable losses inherent in the Corporation’s loan portfolio. The allowance for loan losses includes specific allowances, based on individual evaluations of certain loans, and allowances for homogeneous pools of loans with similar risk characteristics. | ||||
The Corporation individually evaluates certain impaired loans on a quarterly basis and establishes specific allowances for such loans, if required. A loan is considered impaired when it is probable that interest or principal payments will not be made in accordance with the contractual terms of the loan agreement. Consistent with this definition, all loans for which the accrual of interest has been discontinued (nonaccrual loans) are considered impaired. The Corporation individually evaluates nonaccrual loans with book balances of $2 million or more and accruing loans whose terms have been modified in a TDR. The threshold for individual evaluation is revised on an infrequent basis, generally when economic circumstances change significantly. Specific allowances for impaired loans are estimated using one of several methods, including the estimated fair value of underlying collateral, observable market value of similar debt or discounted expected future cash flows. Collateral values supporting individually evaluated impaired loans are evaluated quarterly. Either appraisals are obtained or appraisal assumptions are updated at least annually unless conditions dictate increased frequency. The Corporation may reduce the collateral value based upon the age of the appraisal and adverse developments in market conditions. | ||||
Loans which do not meet the criteria to be evaluated individually are evaluated in homogeneous pools of loans with similar risk characteristics. Business loans are assigned to pools based on the Corporation's internal risk rating system. Internal risk ratings are assigned to each business loan at the time of approval and are subjected to subsequent periodic reviews by the Corporation’s senior management, generally at least annually or more frequently upon the occurrence of a circumstance that affects the credit risk of the loan. For business loans not individually evaluated, losses inherent to the pool are estimated by applying standard reserve factors to outstanding principal balances. Standard reserve factors are based on estimated probabilities of default for each internal risk rating, set to a default horizon based on an estimated loss emergence period, and loss given default. These factors are evaluated quarterly and updated annually, unless economic conditions necessitate a change, giving consideration to count-based borrower risk rating migration experience and trends, recent charge-off experience, current economic conditions and trends, changes in collateral values of properties securing loans, and trends with respect to past due and nonaccrual amounts. | ||||
The allowance for business loans not individually evaluated also includes qualitative adjustments to bring the allowance to the level management believes is appropriate based on factors that have not otherwise been fully accounted for, including adjustments for (i) risk factors that have not been fully addressed in internal risk ratings, (ii) imprecision in the risk rating system resulting from inaccuracy in assigning and/or entering risk ratings in the loan accounting system, (iii) market conditions and (iv) model imprecision. Risk factors that have not been fully addressed in internal risk ratings may include portfolios where recent historical losses exceed expected losses or known recent events are expected to alter risk ratings once evidence is acquired, portfolios where a certain level of concentration introduces added risk, or changes in the level and quality of experience held by lending management. An additional allowance for risk rating errors is calculated based on the results of risk rating accuracy assessments performed on samples of business loans conducted by the Corporation's asset quality review function, a function independent of the lending and credit groups responsible for assigning the initial internal risk rating at the time of approval. Qualitative adjustments for market conditions are determined based on an established framework. The determination of the appropriate adjustment is based on management's analysis of observable macroeconomic metrics, including consideration of regional metrics within the Corporation's footprint, internal credit risk movement and a qualitative assessment of the lending environment, including underwriting standards, current economic and political conditions, and other factors affecting credit quality. Management recognizes the sensitivity of various assumptions made in the quantitative modeling of expected losses and may adjust reserves depending upon the level of uncertainty that currently exists in one or more assumption. | ||||
In the second quarter 2014, the Corporation enhanced the approach used to determine the standard reserve factors used in estimating the allowance for credit losses, which had the effect of capturing certain elements in the standard reserve component that had formerly been included in the qualitative assessment. The impact of the change was largely neutral to the total allowance for loan losses at June 30, 2014. However, because standard reserves are allocated to the segments at the loan level, while qualitative reserves are allocated at the portfolio level, the impact of the methodology change on the allowance of each segment reflected the characteristics of the individual loans within each segment's portfolio, causing segment reserves to increase or decrease accordingly. | ||||
In the first quarter 2013, the Corporation enhanced the approach utilized for determining standard reserve factors by changing from a dollar-based migration method for developing probability of default statistics to a count-based method. Under the dollar-based method, each dollar that moved to default received equal weight in the determination of standard reserve factors for each internal risk rating. As a result, the movement of larger loans impacted standard reserve factors more than the movement of smaller loans. By moving to a count-based approach, where each loan that moves to default receives equal weighting, unusually large or small loans will not have a disproportionate influence on the standard reserve factors. The change resulted in a $40 million increase to the allowance for loan losses at March 31, 2013. | ||||
The allowance for retail loans not individually evaluated is determined by applying estimated loss rates to various pools of loans within the portfolios with similar risk characteristics. Estimated loss rates for all pools are updated quarterly, incorporating factors such as recent charge-off experience, current economic conditions and trends, changes in collateral values of properties securing loans (using index-based estimates), and trends with respect to past due and nonaccrual amounts. | ||||
Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of credit losses expected to be realized over the remaining lives of the loans, and therefore no corresponding allowance for loan losses is recorded for these loans at acquisition. Methods utilized to estimate any subsequently required allowance for loan losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans; however, the estimate of loss is based on the unpaid principal balance less any remaining purchase discount. | ||||
The total allowance for loan losses is sufficient to absorb incurred losses inherent in the total portfolio. Unanticipated economic events, including political, economic and regulatory instability in countries where the Corporation has loans, could cause changes in the credit characteristics of the portfolio and result in an unanticipated increase in the allowance. Significant increases in current portfolio exposures, as well as the inclusion of additional industry-specific portfolio exposures in the allowance, could also increase the amount of the allowance. Any of these events, or some combination thereof, may result in the need for additional provision for credit losses in order to maintain an allowance that complies with credit risk and accounting policies. | ||||
Loans deemed uncollectible are charged off and deducted from the allowance. The provision for loan losses and recoveries on loans previously charged off are added to the allowance. | ||||
Allowance for Credit Losses on Lending-Related Commitments | ||||
The allowance for credit losses on lending-related commitments provides for probable losses inherent in lending-related commitments, including unused commitments to extend credit and letters of credit. The allowance for credit losses on lending-related commitments includes allowances based on homogeneous pools of letters of credit and unused commitments to extend credit within each internal risk rating. A probability of draw estimate is applied to the commitment amount, and the result is multiplied by standard reserve factors consistent with business loans. In general, the probability of draw for letters of credit is considered certain for all letters of credit supporting loans and for letters of credit assigned an internal risk rating generally consistent with regulatory defined substandard or doubtful. Other letters of credit and all unfunded commitments have a lower probability of draw. The allowance for credit losses on lending-related commitments is included in “accrued expenses and other liabilities” on the consolidated balance sheets, with the corresponding charge reflected in the “provision for credit losses” on the consolidated statements of income. | ||||
Nonperforming Assets | ||||
Nonperforming assets consist of nonaccrual loans, including loans held-for-sale, reduced-rate loans and foreclosed property. | ||||
A loan is considered past due when the contractually required principal or interest payment is not received by the specified due date or, for certain loans, when a scheduled monthly payment is past due and unpaid for 30 days or more. Business loans are generally placed on nonaccrual status when management determines full collection of principal or interest is unlikely or when principal or interest payments are 90 days past due, unless the loan is fully collateralized and in the process of collection. Business loans typically require individual evaluation and management judgment to determine the timing and amount of principal charge-offs. The past-due status of a business loan is one of many indicative factors considered in determining the collectibility of the credit. The primary driver of when the principal amount of a business loan should be fully or partially charged-off is based on a qualitative assessment of the recoverability of the principal amount from collateral and other cash flow sources. Residential mortgage and home equity loans are generally placed on nonaccrual status once they become 90 days past due and are charged off to current appraised values less costs to sell no later than 180 days past due. In addition, junior lien home equity loans less than 90 days past due are placed on nonaccrual status if they have underlying risk characteristics that place full collection of the loan in doubt, such as when the related senior lien position is seriously delinquent. Residential mortgage and consumer loans in bankruptcy for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt are placed on nonaccrual status and written down to estimated collateral value, without regard to the actual payment status of the loan, and are classified as TDRs. All other consumer loans are generally not placed on nonaccrual status and are charged off at no later than 120 days past due, earlier if deemed uncollectible. | ||||
At the time a loan is placed on nonaccrual status, interest previously accrued but not collected is charged against current income. Income on such loans is then recognized only to the extent that cash is received and future collection of principal is probable. Generally, a loan may be returned to accrual status when all delinquent principal and interest have been received and the Corporation expects repayment of the remaining contractual principal and interest, or when the loan or debt security is both well secured and in the process of collection. | ||||
PCI loans are recorded at fair value at acquisition date. Although the PCI loans may be contractually delinquent, the Corporation does not classify these loans as past due or nonperforming as the loans were written down to fair value at the acquisition date and the accretable yield is recognized in interest income over the remaining life of the loan. | ||||
Foreclosed property (primarily real estate) is initially recorded at fair value, less costs to sell, at the date of foreclosure and subsequently carried at the lower of cost or fair value, less estimated costs to sell. Independent appraisals are obtained to substantiate the fair value of foreclosed property at the time of foreclosure and updated at least annually or upon evidence of deterioration in the property’s value. At the time of foreclosure, any excess of the related loan balance over fair value (less estimated costs to sell) of the property acquired is charged to the allowance for loan losses. Subsequent write-downs, operating expenses and losses upon sale, if any, are charged to noninterest expenses. Foreclosed property is included in “accrued income and other assets” on the consolidated balance sheets. | ||||
Premises and Equipment | ||||
Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation, computed on the straight-line method, is charged to operations over the estimated useful lives of the assets. Estimated useful lives are generally 3 years to 33 years for premises that the Corporation owns and 3 years to 8 years for furniture and equipment. Leasehold improvements are generally amortized over the terms of their respective leases or 10 years, whichever is shorter. | ||||
Software | ||||
Capitalized software is stated at cost, less accumulated amortization. Capitalized software includes purchased software and capitalizable application development costs associated with internally-developed software. Amortization, computed on the straight-line method, is charged to operations over 5 years, the estimated useful life of the software. Capitalized software is included in “accrued income and other assets” on the consolidated balance sheets. | ||||
Goodwill and Core Deposit Intangibles | ||||
Goodwill, included in "accrued income and other assets" on the consolidated balance sheets, is initially recorded as the excess of the purchase price over the fair value of net assets acquired in a business combination and is subsequently evaluated at least annually for impairment. Goodwill impairment testing is performed at the reporting unit level, equivalent to a business segment or one level below. The Corporation has three reporting units: the Business Bank, the Retail Bank and Wealth Management. | ||||
The Corporation performs its annual evaluation of goodwill impairment in the third quarter of each year and on an interim basis if events or changes in circumstances between annual tests suggest additional testing may be warranted to determine if goodwill might be impaired. The goodwill impairment test is a two-step test. The first step of the goodwill impairment test compares the estimated fair value of identified reporting units with their carrying amount, including goodwill. If the estimated fair value of the reporting unit is less than the carrying value, the second step must be performed to determine the implied fair value of the reporting unit's goodwill and the amount of goodwill impairment, if any. The implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. If the implied fair value of goodwill exceeds the goodwill assigned to the reporting unit, there is no impairment. If the goodwill assigned to a reporting unit exceeds the implied fair value of goodwill, an impairment charge would be recorded for the excess. | ||||
In performing the annual impairment test, the carrying value of each reporting unit is the greater of economic or regulatory capital. The Corporation assigns economic capital using internal management methodologies on the basis of each reporting unit's credit, operational and interest rate risks, as well as goodwill. To determine regulatory capital, each reporting unit is assigned sufficient capital such that their respective Tier 1 ratio, based on allocated risk-weighted assets, is the same as that of the Corporation. Using this two-pronged approach, the Corporation's equity is fully allocated to its reporting units except for capital held primarily for the risk associated with the securities portfolio which is assigned to the Finance segment of the Corporation. | ||||
The estimated fair values of the reporting units are determined using a blend of two commonly used valuation techniques: the market approach and the income approach. For the market approach, valuations of reporting units consider a combination of earnings, equity and other multiples from companies with characteristics similar to the reporting unit. Since the fair values determined under the market approach are representative of noncontrolling interests, the valuations accordingly incorporate a control premium. For the income approach, estimated future cash flows and terminal value are discounted. Estimated future cash flows are derived from internal forecasts and economic expectations for each reporting unit which incorporate uncertainty factors inherent to long-term projections. The applicable discount rate is based on the imputed cost of equity capital appropriate for each reporting unit, which incorporates the risk-free rate of return, the level of non-diversified risk associated with companies with characteristics similar to the reporting unit, an entity-specific risk premium and a market equity risk premium. Determining the fair value of reporting units is a subjective process involving the use of estimates and judgments related to the selection of inputs such as future cash flows, discount rates, comparable public company multiples, applicable control premiums and economic expectations used in determining the interest rate environment. | ||||
The Corporation may choose to perform a qualitative assessment to determine whether the first step of the impairment test should be performed in future periods if certain factors indicate that impairment is unlikely. Factors which could be considered in the assessment of the likelihood of impairment include macroeconomic conditions, industry and market considerations, stock performance of the Corporation and its peers, financial performance, events affecting the Corporation as a whole or its reporting units individually and previous results of goodwill impairment tests. | ||||
Core deposit intangibles are amortized on an accelerated basis, based on the estimated period the economic benefits are expected to be received. Core deposit intangibles are reviewed for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment for a finite-lived intangible asset exists if the sum of the undiscounted cash flows expected to result from the use of the asset exceeds its carrying value. | ||||
Additional information regarding goodwill and core deposit intangibles can be found in Note 7. | ||||
Nonmarketable Equity Securities | ||||
The Corporation has certain investments that are not readily marketable. These investments include a portfolio of investments in indirect private equity and venture capital funds and restricted equity investments, which are securities the Corporation is required to hold for various reasons, primarily Federal Home Loan Bank of Dallas (FHLB) and Federal Reserve Bank (FRB) stock. These investments are accounted for on the cost or equity method and are included in “accrued income and other assets” on the consolidated balance sheets. The investments are individually reviewed for impairment on a quarterly basis. Indirect private equity and venture capital funds are evaluated by comparing the carrying value to the estimated fair value. The amount by which the carrying value exceeds the fair value that is determined to be other-than-temporary impairment is charged to current earnings and the carrying value of the investment is written down accordingly. FHLB and FRB stock are recorded at cost (par value) and evaluated for impairment based on the ultimate recoverability of the par value. If the Corporation does not expect to recover the full par value, the amount by which the par value exceeds the ultimately recoverable value would be charged to current earnings and the carrying value of the investment would be written down accordingly. | ||||
Derivative Instruments and Hedging Activities | ||||
Derivative instruments are carried at fair value in either “accrued income and other assets” or “accrued expenses and other liabilities” on the consolidated balance sheets. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument is determined by whether it has been designated and qualifies as part of a hedging relationship and, further, by the type of hedging relationship. The Corporation presents derivative instruments at fair value in the consolidated balance sheets on a net basis when a right of offset exists, based on transactions with a single counterparty and any cash collateral paid to and/or received from that counterparty for derivative contracts that are subject to legally enforceable master netting arrangements. For derivative instruments designated and qualifying as fair value hedges (i.e., hedging the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings during the period of the change in fair values. For derivative instruments that are designated and qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item (i.e., the ineffective portion), if any, is recognized in current earnings during the period of change. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in current earnings during the period of change. | ||||
For derivatives designated as hedging instruments at inception, the Corporation uses either the short-cut method or applies statistical regression analysis to assess effectiveness. The short-cut method is used for $700 million notional of fair value hedges of medium and long-term debt issued prior to 2006. This method allows for the assumption of zero hedge ineffectiveness and eliminates the requirement to further assess hedge effectiveness on these transactions. For hedge relationships to which the Corporation does not apply the short-cut method, statistical regression analysis is used at inception and for each reporting period thereafter to assess whether the derivative used has been and is expected to be highly effective in offsetting changes in the fair value or cash flows of the hedged item. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. Net hedge ineffectiveness is recorded in “other noninterest income” on the consolidated statements of income. | ||||
Further information on the Corporation’s derivative instruments and hedging activities is included in Note 8. | ||||
Short-Term Borrowings | ||||
Securities sold under agreements to repurchase are treated as collateralized borrowings and are recorded at amounts equal to the cash received. The contractual terms of the agreements to repurchase may require the Corporation to provide additional collateral if the fair value of the securities underlying the borrowings declines during the term of the agreement. | ||||
Financial Guarantees | ||||
Certain guarantee contracts or indemnification agreements that contingently require the Corporation, as guarantor, to make payments to the guaranteed party are initially measured at fair value and included in “accrued expenses and other liabilities” on the consolidated balance sheets. The subsequent accounting for the liability depends on the nature of the underlying guarantee. The release from risk is accounted for under a particular guarantee when the guarantee expires or is settled, or by a systematic and rational amortization method. | ||||
Further information on the Corporation’s obligations under guarantees is included in Note 8. | ||||
Share-Based Compensation | ||||
The Corporation recognizes share-based compensation expense using the straight-line method over the requisite service period for all stock awards, including those with graded vesting. The requisite service period is the period an employee is required to provide service in order to vest in the award, which cannot extend beyond the date at which the employee is no longer required to perform any service to receive the share-based compensation (the retirement-eligible date). Certain awards are contingent upon performance and/or market conditions, which affect the number of shares ultimately issued. The Corporation periodically evaluates the probable outcome of the performance conditions and makes cumulative adjustments to compensation expense as appropriate. Market conditions are included in the determination of the fair value of the award on the date of grant. Subsequent to the grant date, market conditions have no impact on the amount of compensation expense the Corporation will recognize over the life of the award. | ||||
Further information on the Corporation’s share-based compensation plans is included in Note 16. | ||||
Revenue Recognition | ||||
The following summarizes the Corporation’s revenue recognition policies as they relate to certain noninterest income line items in the consolidated statements of income. | ||||
Service charges on deposit accounts include fees for banking services provided, overdrafts and non-sufficient funds. Revenue is generally recognized in accordance with published deposit account agreements for retail accounts or contractual agreements for commercial accounts. | ||||
Fiduciary income includes fees and commissions from asset management, custody, recordkeeping, investment advisory and other services provided to personal and institutional trust customers. Revenue is recognized on an accrual basis at the time the services are performed and are based on either the market value of the assets managed or the services provided. | ||||
Commercial lending fees primarily include fees assessed on the unused portion of commercial lines of credit ("unused commitment fees") and syndication agent fees. Unused commitment fees are recognized when earned. Syndication agent fees are generally recognized when the transaction is complete. | ||||
Card fees includes primarily bankcard interchange revenue which is recorded as revenue when earned. | ||||
Defined Benefit Pension and Other Postretirement Costs | ||||
Defined benefit pension costs are included in “salaries and benefits expense" on the consolidated statements of income and are funded consistent with the requirements of federal laws and regulations. Inherent in the determination of defined benefit pension costs are assumptions concerning future events that will affect the amount and timing of required benefit payments under the plans. These assumptions include demographic assumptions such as retirement age and mortality, a compensation rate increase, a discount rate used to determine the current benefit obligation and a long-term expected rate of return on plan assets. Net periodic defined benefit pension expense includes service cost, interest cost based on the assumed discount rate, an expected return on plan assets based on an actuarially derived market-related value of assets, amortization of prior service cost and amortization of net actuarial gains or losses. The market-related value of plan assets is determined by amortizing the current year’s investment gains and losses (the actual investment return net of the expected investment return) over 5 years. The amortization adjustment cannot exceed 10 percent of the fair value of assets. Prior service costs include the impact of plan amendments on the liabilities and are amortized over the future service periods of active employees expected to receive benefits under the plan. Actuarial gains and losses result from experience different from that assumed and from changes in assumptions (excluding asset gains and losses not yet reflected in market-related value). Amortization of actuarial gains and losses is included as a component of net periodic defined benefit pension cost for a year if the actuarial net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the market-related value of plan assets. If amortization is required, the excess is amortized over the average remaining service period of participating employees expected to receive benefits under the plan. | ||||
Postretirement benefits are recognized in “salaries and benefits expense" on the consolidated statements of income during the average remaining service period of participating employees expected to receive benefits under the plan or the average remaining future lifetime of retired participants currently receiving benefits under the plan. | ||||
See Note 17 for further information regarding the Corporation’s defined benefit pension and other postretirement plans. | ||||
Income Taxes | ||||
The provision for income taxes is the sum of income taxes due for the current year and deferred taxes. Deferred taxes arise from temporary differences between the income tax basis and financial accounting basis of assets and liabilities. Deferred tax assets are evaluated for realization based on available evidence of loss carry-back capacity, future reversals of existing taxable temporary differences, and assumptions made regarding future events. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. | ||||
The Corporation classifies interest and penalties on income tax liabilities in the “provision for income taxes” on the consolidated statements of income. | ||||
Earnings Per Share | ||||
Basic net income per common share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security shareholders based on their respective rights to receive dividends. Nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities (e.g., nonvested restricted stock and service-based restricted stock units). Undistributed net losses are not allocated to nonvested restricted shareholders, as these shareholders do not have a contractual obligation to fund the losses incurred by the Corporation. Net income attributable to common shares is then divided by the weighted-average number of common shares outstanding during the period. | ||||
Diluted net income per common share is calculated using the more dilutive of either the treasury method or the two-class method. The dilutive calculation considers common stock issuable under the assumed exercise of stock options and performance-based restricted stock units granted under the Corporation’s stock plans and warrants using the treasury stock method, if dilutive. Net income attributable to common shares is then divided by the total of weighted-average number of common shares and common stock equivalents outstanding during the period. | ||||
Statements of Cash Flows | ||||
Cash and cash equivalents are defined as those amounts included in “cash and due from banks”, “federal funds sold” and “interest-bearing deposits with banks” on the consolidated balance sheets. | ||||
Comprehensive Income (Loss) | ||||
The Corporation presents on an annual basis the components of net income and other comprehensive income in two separate, but consecutive statements and presents on an interim basis the components of net income and a total for comprehensive income in one continuous consolidated statement of comprehensive income. | ||||
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 more appropriately 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 consolidated financial statements have been retrospectively adjusted to reflect the prior period effect of the adoption of the amendment, which resulted in increases of $56 million and $52 million to both "other noninterest income" and "provision for income taxes" for the years ended December 31, 2013 and 2012, respectively. The adoption of ASU 2014-01 had no effect on net income or earnings per common share for any period presented. | ||||
See Note 9 for additional information regarding LIHTC and other tax credit investments. | ||||
Pending Accounting Pronouncements | ||||
In January 2014, the FASB issued ASU No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” (ASU 2014-04), which clarifies when an in-substance foreclosure or repossession of residential real estate property occurs, requiring a creditor to reclassify the loan to other real estate. According to ASU 2014-04, a consumer mortgage loan should be reclassified to other real estate either upon the creditor obtaining legal title to the real estate collateral or when the borrower voluntarily conveys all interest in the real estate property to the creditor through a deed in lieu of foreclosure or similar legal agreement. ASU 2014-04 also clarifies that a creditor should not delay reclassification when a borrower has a legal right of redemption. The Corporation's current practice is to delay reclassification of foreclosed residential real estate to other real estate until the redemption period, if any, has expired. The Corporation expects to prospectively adopt ASU 2014-04 in the first quarter 2015 and does not expect the adoption to have a material effect on the Corporation's financial condition and results of operations. | ||||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” (ASU 2014-09), which is intended to improve and converge the financial reporting requirements for revenue contracts with customers. Previous GAAP comprised broad revenue recognition concepts along with numerous industry-specific requirements. The new guidance establishes a five-step model which entities must follow to recognize revenue and removes inconsistencies and weaknesses in existing guidance. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016, and must be retrospectively applied. Entities will have the option of presenting prior periods as impacted by the new guidance or presenting the cumulative effect of initial application along with supplementary disclosures. Early adoption is prohibited. The Corporation is currently evaluating the impact of adopting ASU 2014-09. | ||||
In June 2014, the FASB issued ASU No. 2014-12, “Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” (ASU 2014-12). The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Corporation's current accounting treatment of performance conditions for employees who are or become retirement eligible prior to the achievement of the performance target are consistent with ASU 2014-12 and, as such, does not expect the new guidance to have a material effect on the Corporation’s financial condition and results of operations. The Corporation expects to prospectively adopt ASU 2014-12 in the first quarter 2015. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 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. | |||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
Refer to Note 1 for further information about the fair value hierarchy, 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. | |||||||||||||||||||||||||||||
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 December 31, 2014 and 2013. | |||||||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||||||
Deferred compensation plan assets | $ | 94 | $ | 94 | $ | — | $ | — | |||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | 526 | 526 | — | — | |||||||||||||||||||||||||
Residential mortgage-backed securities (a) | 7,274 | — | 7,274 | — | |||||||||||||||||||||||||
State and municipal securities | 23 | — | — | 23 | (b) | ||||||||||||||||||||||||
Corporate debt securities | 51 | — | 50 | 1 | (b) | ||||||||||||||||||||||||
Equity and other non-debt securities | 242 | 130 | — | 112 | (b) | ||||||||||||||||||||||||
Total investment securities available-for-sale | 8,116 | 656 | 7,324 | 136 | |||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Interest rate contracts | 328 | — | 328 | — | |||||||||||||||||||||||||
Energy derivative contracts | 527 | — | 527 | — | |||||||||||||||||||||||||
Foreign exchange contracts | 39 | — | 39 | — | |||||||||||||||||||||||||
Warrants | 4 | — | — | 4 | |||||||||||||||||||||||||
Total derivative assets | 898 | — | 894 | 4 | |||||||||||||||||||||||||
Total assets at fair value | $ | 9,108 | $ | 750 | $ | 8,218 | $ | 140 | |||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Interest rate contracts | $ | 102 | $ | — | $ | 102 | $ | — | |||||||||||||||||||||
Energy derivative contracts | 525 | — | 525 | — | |||||||||||||||||||||||||
Foreign exchange contracts | 34 | — | 34 | — | |||||||||||||||||||||||||
Other | 1 | — | — | 1 | |||||||||||||||||||||||||
Total derivative liabilities | 662 | — | 661 | 1 | |||||||||||||||||||||||||
Deferred compensation plan liabilities | 94 | 94 | — | — | |||||||||||||||||||||||||
Total liabilities at fair value | $ | 756 | $ | 94 | $ | 661 | $ | 1 | |||||||||||||||||||||
(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 years ended December 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 years ended December 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 (Loss) | Sales | Settlements | Period | ||||||||||||||||||||||
Year Ended December 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 | 2 | (c) | — | 7 | (b) | (33 | ) | — | 112 | |||||||||||||||||||
Total investment securities | 159 | 2 | (c) | — | 8 | (b) | (33 | ) | — | 136 | |||||||||||||||||||
available-for-sale | |||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Warrants | 3 | 7 | (d) | 1 | (d) | — | (7 | ) | — | 4 | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Other | 2 | (1 | ) | (c) | — | — | — | (2 | ) | 1 | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||||||
State and municipal securities (a) | $ | 23 | $ | — | $ | — | $ | 2 | (b) | $ | (3 | ) | $ | — | $ | 22 | |||||||||||||
Corporate debt securities (a) | 1 | — | — | — | — | — | 1 | ||||||||||||||||||||||
Equity and other non-debt securities (a) | 156 | 1 | (c) | — | (1 | ) | (b) | (20 | ) | — | 136 | ||||||||||||||||||
Total investment securities | 180 | 1 | (c) | — | 1 | (b) | (23 | ) | — | 159 | |||||||||||||||||||
available-for-sale | |||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Warrants | 3 | 9 | (d) | 1 | (d) | — | (4 | ) | (6 | ) | 3 | ||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Other | 1 | — | (2 | ) | (c) | — | — | (1 | ) | 2 | |||||||||||||||||||
(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 (losses)" on the consolidated statements of income. | ||||||||||||||||||||||||||||
(d) | Realized and unrealized gains and losses due to changes in fair value recorded in "other noninterest income" on the consolidated statements of 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, and were recognized at fair value since it was less than cost at the end of the period. All assets recorded at fair value on a nonrecurring basis were classified as Level 3 at December 31, 2014 and 2013 and are presented in the following table. No liabilities were recorded at fair value on a nonrecurring basis at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||
(in millions) | Level 3 | ||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Commercial | $ | 38 | |||||||||||||||||||||||||||
Commercial mortgage | 26 | ||||||||||||||||||||||||||||
Total loans | 64 | ||||||||||||||||||||||||||||
Nonmarketable equity securities (a) | 2 | ||||||||||||||||||||||||||||
Other real estate | 2 | ||||||||||||||||||||||||||||
Total assets at fair value | $ | 68 | |||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Commercial | $ | 43 | |||||||||||||||||||||||||||
Real estate construction | 20 | ||||||||||||||||||||||||||||
Commercial mortgage | 61 | ||||||||||||||||||||||||||||
International | 4 | ||||||||||||||||||||||||||||
Total loans | 128 | ||||||||||||||||||||||||||||
Nonmarketable equity securities (a) | 2 | ||||||||||||||||||||||||||||
Other real estate | 5 | ||||||||||||||||||||||||||||
Total assets at fair value | $ | 135 | |||||||||||||||||||||||||||
(a) | Commitments to fund additional investments in nonmarketable equity securities recorded at fair value on a nonrecurring basis were insignificant at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||
Level 3 assets recorded at fair value on a nonrecurring basis at December 31, 2014 and 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 December 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 a continuing low interest rate environment. | |||||||||||||||||||||||||||||
Discounted Cash Flow Model | |||||||||||||||||||||||||||||
Unobservable Input | |||||||||||||||||||||||||||||
Fair Value | Discount Rate | Workout Period (in years) | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
State and municipal securities (a) | $ | 23 | 3% - 9% | 3-Jan | |||||||||||||||||||||||||
Equity and other non-debt securities (a) | 112 | 4% - 8% | 2-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 | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 1,026 | $ | 1,026 | $ | 1,026 | $ | — | $ | — | |||||||||||||||||||
Interest-bearing deposits with banks | 5,045 | 5,045 | 5,045 | — | — | ||||||||||||||||||||||||
Investment securities held-to-maturity | 1,935 | 1,933 | — | 1,933 | — | ||||||||||||||||||||||||
Loans held-for-sale | 5 | 5 | — | 5 | — | ||||||||||||||||||||||||
Total loans, net of allowance for loan losses (a) | 47,999 | 47,932 | — | — | 47,932 | ||||||||||||||||||||||||
Customers’ liability on acceptances outstanding | 10 | 10 | 10 | — | — | ||||||||||||||||||||||||
Nonmarketable equity securities (b) | 11 | 18 | — | — | 18 | ||||||||||||||||||||||||
Restricted equity investments | 92 | 92 | 92 | — | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Demand deposits (noninterest-bearing) | 27,224 | 27,224 | — | 27,224 | — | ||||||||||||||||||||||||
Interest-bearing deposits | 25,841 | 25,841 | — | 25,841 | — | ||||||||||||||||||||||||
Customer certificates of deposit | 4,421 | 4,411 | — | 4,411 | — | ||||||||||||||||||||||||
Total deposits | 57,486 | 57,476 | — | 57,476 | — | ||||||||||||||||||||||||
Short-term borrowings | 116 | 116 | 116 | — | — | ||||||||||||||||||||||||
Acceptances outstanding | 10 | 10 | 10 | — | — | ||||||||||||||||||||||||
Medium- and long-term debt | 2,679 | 2,681 | — | 2,681 | — | ||||||||||||||||||||||||
Credit-related financial instruments | (85 | ) | (85 | ) | — | — | (85 | ) | |||||||||||||||||||||
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 $64 million and $128 million of impaired loans recorded at fair value on a nonrecurring basis at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
(b) | Included $2 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at both December 31, 2014 and 2013. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||
Investment Securities | INVESTMENT SECURITIES | ||||||||||||||||||||||||||
A summary of the Corporation’s investment securities follows: | |||||||||||||||||||||||||||
(in millions) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | $ | 526 | $ | — | $ | — | $ | 526 | |||||||||||||||||||
Residential mortgage-backed securities (a) | 7,192 | 122 | 40 | 7,274 | |||||||||||||||||||||||
State and municipal securities | 24 | — | 1 | 23 | |||||||||||||||||||||||
Corporate debt securities | 51 | — | — | 51 | |||||||||||||||||||||||
Equity and other non-debt securities | 242 | 1 | 1 | 242 | |||||||||||||||||||||||
Total investment securities available-for-sale (b) | $ | 8,035 | $ | 123 | $ | 42 | $ | 8,116 | |||||||||||||||||||
Investment securities held-to-maturity (c): | |||||||||||||||||||||||||||
Residential mortgage-backed securities (a) | $ | 1,935 | $ | — | $ | 2 | $ | 1,933 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||||
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 $137 million and $136 million, respectively, as of December 31, 2014 and $169 million and $159 million, respectively, as of December 31, 2013. | ||||||||||||||||||||||||||
(c) | Investment securities transferred from available-for-sale are reclassified at fair value at the time of transfer. The amortized cost of investment securities held-to-maturity included gross unrealized gains of $9 million and gross unrealized losses of $32 million at December 31, 2014 related to securities transferred, which are included in accumulated other comprehensive loss. | ||||||||||||||||||||||||||
During the fourth quarter 2014, the Corporation transferred residential mortgage-backed securities with a fair value of approximately $2.0 billion from available-for-sale to held-to-maturity. Accumulated other comprehensive loss included pretax net unrealized losses of $23 million at the date of transfer. | |||||||||||||||||||||||||||
A summary of the Corporation’s investment securities in an unrealized loss position as of December 31, 2014 and 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 | ||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | $ | 298 | $ | — | (a) | $ | — | $ | — | $ | 298 | $ | — | (a) | |||||||||||||
Residential mortgage-backed securities (b) | 626 | 3 | 3,112 | 71 | 3,738 | 74 | |||||||||||||||||||||
State and municipal securities (c) | — | — | 22 | 1 | 22 | 1 | |||||||||||||||||||||
Corporate debt securities (c) | — | — | 1 | — | (a) | 1 | — | (a) | |||||||||||||||||||
Equity and other non-debt securities (c) | — | — | 112 | 1 | 112 | 1 | |||||||||||||||||||||
Total impaired securities | $ | 924 | $ | 3 | $ | 3,247 | $ | 73 | $ | 4,171 | $ | 76 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
Residential mortgage-backed securities (b) | $ | 5,825 | $ | 187 | $ | 11 | $ | 1 | $ | 5,836 | $ | 188 | |||||||||||||||
State and municipal securities (c) | — | — | 22 | 2 | 22 | 2 | |||||||||||||||||||||
Corporate debt securities (c) | — | — | 1 | — | (a) | 1 | — | (a) | |||||||||||||||||||
Equity and other non-debt securities (c) | — | — | 148 | 9 | 148 | 9 | |||||||||||||||||||||
Total impaired securities | $ | 5,825 | $ | 187 | $ | 182 | $ | 12 | $ | 6,007 | $ | 199 | |||||||||||||||
(a) | Unrealized losses less than $0.5 million. | ||||||||||||||||||||||||||
(b) | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||||||||||||||||||||||||||
(c) | Primarily auction-rate securities. | ||||||||||||||||||||||||||
At December 31, 2014, the Corporation had 142 securities in an unrealized loss position with no credit impairment, including 80 residential mortgage-backed securities, 43 equity and other non-debt auction-rate preferred securities, 17 state and municipal auction-rate securities, one corporate auction-rate debt security and one U.S. Treasury security. As of December 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 December 31, 2014. | |||||||||||||||||||||||||||
Sales, calls and write-downs of investment securities available-for-sale resulted in the following gains and losses recorded in “net securities gains (losses)” on the consolidated statements of income, computed based on the adjusted cost of the specific security. | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Securities gains | $ | 2 | $ | 1 | $ | 14 | |||||||||||||||||||||
Securities losses (a) | (2 | ) | (2 | ) | (2 | ) | |||||||||||||||||||||
Net securities (losses) gains | $ | — | $ | (1 | ) | $ | 12 | ||||||||||||||||||||
(a) | Primarily charges related to a derivative contract tied to the conversion rate of Visa Class B shares. | ||||||||||||||||||||||||||
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) | Available-for-sale | Held-to-maturity | |||||||||||||||||||||||||
December 31, 2014 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||
Contractual maturity | |||||||||||||||||||||||||||
Within one year | $ | 134 | $ | 134 | $ | — | $ | — | |||||||||||||||||||
After one year through five years | 786 | 787 | — | — | |||||||||||||||||||||||
After five years through ten years | 711 | 748 | — | — | |||||||||||||||||||||||
After ten years | 6,162 | 6,205 | 1,935 | 1,933 | |||||||||||||||||||||||
Subtotal | 7,793 | 7,874 | 1,935 | 1,933 | |||||||||||||||||||||||
Equity and other non-debt securities | 242 | 242 | — | — | |||||||||||||||||||||||
Total investment securities | $ | 8,035 | $ | 8,116 | $ | 1,935 | $ | 1,933 | |||||||||||||||||||
Included in the contractual maturity distribution in the table above were residential mortgage-backed securities available-for-sale with a total amortized cost and fair value of $7.2 billion and $7.3 billion, respectively, and residential mortgage-backed securities held-to-maturity with a total amortized cost and fair value of $1.9 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 December 31, 2014, investment securities with a carrying value of $2.9 billion were pledged where permitted or required by law to secure $1.9 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 | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 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 | Loans | ||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Business loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 58 | $ | 13 | $ | 1 | $ | 72 | $ | 109 | $ | 31,339 | $ | 31,520 | |||||||||||||||||||
Real estate construction: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 3 | — | — | 3 | 1 | 1,602 | 1,606 | ||||||||||||||||||||||||||
Other business lines (b) | 12 | — | — | 12 | 1 | 336 | 349 | ||||||||||||||||||||||||||
Total real estate construction | 15 | — | — | 15 | 2 | 1,938 | 1,955 | ||||||||||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 8 | 1 | 1 | 10 | 22 | 1,758 | 1,790 | ||||||||||||||||||||||||||
Other business lines (b) | 16 | 12 | 2 | 30 | 73 | 6,711 | 6,814 | ||||||||||||||||||||||||||
Total commercial mortgage | 24 | 13 | 3 | 40 | 95 | 8,469 | 8,604 | ||||||||||||||||||||||||||
Lease financing | — | — | — | — | — | 805 | 805 | ||||||||||||||||||||||||||
International | 9 | — | — | 9 | — | 1,487 | 1,496 | ||||||||||||||||||||||||||
Total business loans | 106 | 26 | 4 | 136 | 206 | 44,038 | 44,380 | ||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||
Residential mortgage | 9 | 2 | — | 11 | 36 | 1,784 | (c) | 1,831 | |||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 5 | 3 | — | 8 | 30 | 1,620 | 1,658 | ||||||||||||||||||||||||||
Other consumer | 12 | — | 1 | 13 | 1 | 710 | 724 | ||||||||||||||||||||||||||
Total consumer | 17 | 3 | 1 | 21 | 31 | 2,330 | 2,382 | ||||||||||||||||||||||||||
Total retail loans | 26 | 5 | 1 | 32 | 67 | 4,114 | 4,213 | ||||||||||||||||||||||||||
Total loans | $ | 132 | $ | 31 | $ | 5 | $ | 168 | $ | 273 | $ | 48,152 | (c) | $ | 48,593 | ||||||||||||||||||
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 | (c) | 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 | (c) | $ | 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 $2 million and $5 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Business loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 30,310 | $ | 560 | $ | 541 | $ | 109 | $ | 31,520 | |||||||||||||||||||||||
Real estate construction: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (e) | 1,594 | 11 | — | 1 | 1,606 | ||||||||||||||||||||||||||||
Other business lines (f) | 336 | 7 | 5 | 1 | 349 | ||||||||||||||||||||||||||||
Total real estate construction | 1,930 | 18 | 5 | 2 | 1,955 | ||||||||||||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (e) | 1,652 | 69 | 47 | 22 | 1,790 | ||||||||||||||||||||||||||||
Other business lines (f) | 6,434 | 138 | 169 | 73 | 6,814 | ||||||||||||||||||||||||||||
Total commercial mortgage | 8,086 | 207 | 216 | 95 | 8,604 | ||||||||||||||||||||||||||||
Lease financing | 778 | 26 | 1 | — | 805 | ||||||||||||||||||||||||||||
International | 1,468 | 15 | 13 | — | 1,496 | ||||||||||||||||||||||||||||
Total business loans | 42,572 | 826 | 776 | 206 | 44,380 | ||||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||
Residential mortgage | 1,790 | 2 | 3 | 36 | 1,831 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 1,620 | — | 8 | 30 | 1,658 | ||||||||||||||||||||||||||||
Other consumer | 718 | 3 | 2 | 1 | 724 | ||||||||||||||||||||||||||||
Total consumer | 2,338 | 3 | 10 | 31 | 2,382 | ||||||||||||||||||||||||||||
Total retail loans | 4,128 | 5 | 13 | 67 | 4,213 | ||||||||||||||||||||||||||||
Total loans | $ | 46,700 | $ | 831 | $ | 789 | $ | 273 | $ | 48,593 | |||||||||||||||||||||||
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. This category is generally consistent with the "special mention" category as defined by regulatory authorities. | ||||||||||||||||||||||||||||||||
(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. 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) | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 273 | $ | 350 | |||||||||||||||||||||||||||||
Reduced-rate loans (a) | 17 | 24 | |||||||||||||||||||||||||||||||
Total nonperforming loans | 290 | 374 | |||||||||||||||||||||||||||||||
Foreclosed property | 10 | 9 | |||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 300 | $ | 383 | |||||||||||||||||||||||||||||
(a) | There were no reduced-rate business loans at December 31, 2014 and $4 million at December 31, 2013. Reduced-rate retail loans totaled $17 million and $20 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||||||||||
The following table details the changes in the allowance for loan losses and related loan amounts. | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in millions) | Business Loans | Retail Loans | Total | Business Loans | Retail Loans | Total | Business Loans | Retail Loans | Total | ||||||||||||||||||||||||
Years Ended December 31 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 531 | $ | 67 | $ | 598 | $ | 552 | $ | 77 | $ | 629 | $ | 648 | $ | 78 | $ | 726 | |||||||||||||||
Loan charge-offs | (87 | ) | (15 | ) | (102 | ) | (130 | ) | (23 | ) | (153 | ) | (212 | ) | (33 | ) | (245 | ) | |||||||||||||||
Recoveries on loans previously charged-off | 68 | 9 | 77 | 70 | 10 | 80 | 65 | 10 | 75 | ||||||||||||||||||||||||
Net loan charge-offs | (19 | ) | (6 | ) | (25 | ) | (60 | ) | (13 | ) | (73 | ) | (147 | ) | (23 | ) | (170 | ) | |||||||||||||||
Provision for loan losses | 23 | (1 | ) | 22 | 39 | 3 | 42 | 51 | 22 | 73 | |||||||||||||||||||||||
Foreign currency translation adjustment | (1 | ) | — | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Balance at end of period | $ | 534 | $ | 60 | $ | 594 | $ | 531 | $ | 67 | $ | 598 | $ | 552 | $ | 77 | $ | 629 | |||||||||||||||
As a percentage of total loans | 1.2 | % | 1.43 | % | 1.22 | % | 1.28 | % | 1.7 | % | 1.32 | % | 1.3 | % | 2.1 | % | 1.37 | % | |||||||||||||||
December 31 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 39 | $ | — | $ | 39 | $ | 57 | $ | — | $ | 57 | $ | 76 | $ | — | $ | 76 | |||||||||||||||
Collectively evaluated for impairment | 495 | 60 | 555 | 474 | 67 | 541 | 476 | 77 | 553 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 534 | $ | 60 | $ | 594 | $ | 531 | $ | 67 | $ | 598 | $ | 552 | $ | 77 | $ | 629 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 177 | $ | 42 | $ | 219 | $ | 223 | $ | 51 | $ | 274 | $ | 368 | $ | 51 | $ | 419 | |||||||||||||||
Collectively evaluated for impairment | 44,203 | 4,169 | 48,372 | 41,311 | 3,880 | 45,191 | 41,979 | 3,623 | 45,602 | ||||||||||||||||||||||||
PCI loans (a) | — | 2 | 2 | 2 | 3 | 5 | 30 | 6 | 36 | ||||||||||||||||||||||||
Total loans evaluated for impairment | $ | 44,380 | $ | 4,213 | $ | 48,593 | $ | 41,536 | $ | 3,934 | $ | 45,470 | $ | 42,377 | $ | 3,680 | $ | 46,057 | |||||||||||||||
(a) No allowance for loan losses was required for PCI loans at December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 36 | $ | 32 | $ | 26 | |||||||||||||||||||||||||||
Provision for credit losses on lending-related commitments | 5 | 4 | 6 | ||||||||||||||||||||||||||||||
Balance at end of period | $ | 41 | $ | 36 | $ | 32 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Business loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 7 | $ | 103 | $ | 110 | $ | 148 | $ | 29 | |||||||||||||||||||||||
Real estate construction: | |||||||||||||||||||||||||||||||||
Other business lines (b) | — | 1 | 1 | 1 | — | ||||||||||||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | 19 | 19 | 41 | 8 | ||||||||||||||||||||||||||||
Other business lines (b) | 4 | 43 | 47 | 63 | 2 | ||||||||||||||||||||||||||||
Total commercial mortgage | 4 | 62 | 66 | 104 | 10 | ||||||||||||||||||||||||||||
Total business loans | 11 | 166 | 177 | 253 | 39 | ||||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||
Residential mortgage | 25 | — | 25 | 28 | — | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 12 | — | 12 | 16 | — | ||||||||||||||||||||||||||||
Other consumer | 5 | — | 5 | 7 | — | ||||||||||||||||||||||||||||
Total consumer | 17 | — | 17 | 23 | — | ||||||||||||||||||||||||||||
Total retail loans (c) | 42 | — | 42 | 51 | — | ||||||||||||||||||||||||||||
Total individually evaluated impaired loans | $ | 53 | $ | 166 | $ | 219 | $ | 304 | $ | 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 which results 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 | 2012 | |||||||||||||||||||||||||||||||
(in millions) | Average Balance for the Period | Interest Income Recognized for the Period | Average Balance for the Period | Interest Income Recognized for the Period | Average Balance for the Period | Interest Income Recognized for the Period | |||||||||||||||||||||||||||
Years Ended December 31 | |||||||||||||||||||||||||||||||||
Business loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 77 | $ | 2 | $ | 99 | $ | 2 | $ | 195 | $ | 4 | |||||||||||||||||||||
Real estate construction: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 14 | — | 25 | — | 58 | — | |||||||||||||||||||||||||||
Other business lines (b) | — | — | — | — | 4 | — | |||||||||||||||||||||||||||
Total real estate construction | 14 | — | 25 | — | 62 | — | |||||||||||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 48 | — | 81 | — | 139 | — | |||||||||||||||||||||||||||
Other business lines (b) | 64 | 2 | 105 | 3 | 177 | 4 | |||||||||||||||||||||||||||
Total commercial mortgage | 112 | 2 | 186 | 3 | 316 | 4 | |||||||||||||||||||||||||||
Lease financing | — | — | — | — | 3 | — | |||||||||||||||||||||||||||
International | 2 | — | 1 | — | 2 | — | |||||||||||||||||||||||||||
Total business loans | 205 | 4 | 311 | 5 | 578 | 8 | |||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||
Residential mortgage | 30 | — | 35 | — | 41 | — | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 12 | — | 8 | — | 5 | — | |||||||||||||||||||||||||||
Other consumer | 4 | — | 4 | — | 4 | — | |||||||||||||||||||||||||||
Total consumer | 16 | — | 12 | — | 9 | — | |||||||||||||||||||||||||||
Total retail loans | 46 | — | 47 | — | 50 | — | |||||||||||||||||||||||||||
Total individually evaluated impaired loans | $ | 251 | $ | 4 | $ | 358 | $ | 5 | $ | 628 | $ | 8 | |||||||||||||||||||||
(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 December 31, 2014 and 2013 of loans considered to be TDRs that were restructured during the years ended December 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) | Interest Rate Reductions | AB Note Restructures (b) | Total Modifications | ||||||||||||||||||||||||||
Years Ended December 31 | |||||||||||||||||||||||||||||||||
Business loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 22 | $ | — | $ | 22 | $ | 21 | $ | — | $ | 8 | $ | 29 | |||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (c) | — | — | — | 32 | — | — | 32 | ||||||||||||||||||||||||||
Other business lines (d) | 6 | — | 6 | 8 | — | 11 | 19 | ||||||||||||||||||||||||||
Total commercial mortgage | 6 | — | 6 | 40 | — | 11 | 51 | ||||||||||||||||||||||||||
Total business loans | 28 | — | 28 | 61 | — | 19 | 80 | ||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||
Residential mortgage | 1 | (e) | — | 1 | 3 | (e) | 2 | — | 5 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 1 | (e) | 3 | 4 | 7 | (e) | 2 | — | 9 | ||||||||||||||||||||||||
Other consumer | 1 | (e) | — | 1 | 2 | (e) | — | — | 2 | ||||||||||||||||||||||||
Total consumer | 2 | 3 | 5 | 9 | 2 | — | 11 | ||||||||||||||||||||||||||
Total retail loans | 3 | 3 | 6 | 12 | 4 | — | 16 | ||||||||||||||||||||||||||
Total loans | $ | 31 | $ | 3 | $ | 34 | $ | 73 | $ | 4 | $ | 19 | $ | 96 | |||||||||||||||||||
(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 December 31, 2014 and 2013, commitments to lend additional funds to borrowers whose terms have been modified in TDRs totaled $3 million and $4 million, respectively. | |||||||||||||||||||||||||||||||||
The majority of the modifications considered to be TDRs that occurred during the years ended December 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 years ended December 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 December 31, 2014 and 2013 of loans modified by principal deferral during the years ended December 31, 2014 and 2013, and those principal deferrals which experienced a subsequent default during the same periods. 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 December 31 | Subsequent Default in the Year Ended December 31 | Balance at December 31 | Subsequent Default in the Year Ended December 31 | |||||||||||||||||||||||||||||
Principal deferrals: | |||||||||||||||||||||||||||||||||
Business loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 22 | $ | 1 | $ | 21 | $ | 11 | |||||||||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | — | 32 | 19 | |||||||||||||||||||||||||||||
Other business lines (b) | 6 | 2 | 8 | 5 | |||||||||||||||||||||||||||||
Total commercial mortgage | 6 | 2 | 40 | 24 | |||||||||||||||||||||||||||||
Total business loans | 28 | 3 | 61 | 35 | |||||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||
Residential mortgage | 1 | (c) | — | 3 | (c) | — | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 1 | (c) | — | 7 | (c) | — | |||||||||||||||||||||||||||
Other consumer | 1 | (c) | — | 2 | (c) | — | |||||||||||||||||||||||||||
Total consumer | 2 | — | 9 | — | |||||||||||||||||||||||||||||
Total retail loans | 3 | — | 12 | — | |||||||||||||||||||||||||||||
Total principal deferrals | $ | 31 | $ | 3 | $ | 73 | $ | 35 | |||||||||||||||||||||||||
(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 years ended December 31, 2014 and 2013, loans with a carrying value of $3 million and $4 million at December 31, 2014 and 2013, respectively, were modified by interest rate reduction and loans with a carrying value of $19 million at December 31, 2013, 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 years ended December 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 December 31, 2014 and 2013. The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at December 31, 2014 and 2013 were as follows. | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
31-Dec | 2014 | 2013 | |||||||||||||||||||||||||||||||
Acquired PCI loans: | |||||||||||||||||||||||||||||||||
Carrying amount | $ | 2 | $ | 5 | |||||||||||||||||||||||||||||
Outstanding balance (principal and unpaid interest) | 8 | 46 | |||||||||||||||||||||||||||||||
Changes in the accretable yield for acquired PCI loans for the years ended December 31, 2014 and 2013 were as follows. | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Years Ended December 31 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 15 | $ | 16 | |||||||||||||||||||||||||||||
Reclassifications from nonaccretable | 12 | 28 | |||||||||||||||||||||||||||||||
Accretion | (26 | ) | (29 | ) | |||||||||||||||||||||||||||||
Balance at end of period | $ | 1 | $ | 15 | |||||||||||||||||||||||||||||
Significant_Group_Concentratio
Significant Group Concentrations of Credit Risk | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Significant Group Concentrations of Credit Risk [Abstract] | ||||||||
Concentration Risk Disclosure [Text Block] | SIGNIFICANT GROUP CONCENTRATIONS OF CREDIT RISK | |||||||
Concentrations of credit risk may exist when a number of borrowers are engaged in similar activities, or activities in the same geographic region, and have similar economic characteristics that would cause them to be similarly impacted by changes in economic or other conditions. Concentrations of both on-balance sheet and off-balance sheet credit risk are controlled and monitored as part of credit policies. The Corporation is a regional financial services holding company with a geographic concentration of its on-balance-sheet and off-balance-sheet activities in Michigan, California and Texas. | ||||||||
As outlined below, the Corporation has a concentration of credit risk with the automotive industry. Loans to automotive dealers and to borrowers involved with automotive production are reported as automotive, as management believes these loans have similar economic characteristics that might cause them to react similarly to changes in economic conditions. This aggregation involves the exercise of judgment. Included in automotive production are: (a) original equipment manufacturers and Tier 1 and Tier 2 suppliers that produce components used in vehicles and whose primary revenue source is automotive-related (“primary” defined as greater than 50%) and (b) other manufacturers that produce components used in vehicles and whose primary revenue source is automotive-related. Loans less than $1 million and loans recorded in the Small Business loan portfolio were excluded from the definition. Outstanding loans, included in "commercial loans" on the consolidated balance sheets, and total exposure from loans, unused commitments and standby letters of credit to companies related to the automotive industry were as follows: | ||||||||
(in millions) | ||||||||
December 31 | 2014 | 2013 | ||||||
Automotive loans: | ||||||||
Production | $ | 1,236 | $ | 1,229 | ||||
Dealer | 6,431 | 5,854 | ||||||
Total automotive loans | $ | 7,667 | $ | 7,083 | ||||
Total automotive exposure: | ||||||||
Production | $ | 2,408 | $ | 2,316 | ||||
Dealer | 7,763 | 6,857 | ||||||
Total automotive exposure | $ | 10,171 | $ | 9,173 | ||||
Further, the Corporation’s portfolio of commercial real estate loans, which includes real estate construction and commercial mortgage loans, was as follows. | ||||||||
(in millions) | ||||||||
December 31 | 2014 | 2013 | ||||||
Real estate construction loans: | ||||||||
Commercial Real Estate business line (a) | $ | 1,606 | $ | 1,447 | ||||
Other business lines (b) | 349 | 315 | ||||||
Total real estate construction loans | 1,955 | 1,762 | ||||||
Commercial mortgage loans: | ||||||||
Commercial Real Estate business line (a) | 1,790 | 1,678 | ||||||
Other business lines (b) | 6,814 | 7,109 | ||||||
Total commercial mortgage loans | 8,604 | 8,787 | ||||||
Total commercial real estate loans | $ | 10,559 | $ | 10,549 | ||||
Total unused commitments on commercial real estate loans | $ | 2,335 | $ | 1,780 | ||||
(a) | Primarily loans to real estate developers. | |||||||
(b) | Primarily loans secured by owner-occupied real estate. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Premises and Equipment | PREMISES AND EQUIPMENT | |||||||
A summary of premises and equipment by major category follows: | ||||||||
(in millions) | ||||||||
December 31 | 2014 | 2013 | ||||||
Land | $ | 88 | $ | 90 | ||||
Buildings and improvements | 808 | 830 | ||||||
Furniture and equipment | 508 | 515 | ||||||
Total cost | 1,404 | 1,435 | ||||||
Less: Accumulated depreciation and amortization | (872 | ) | (841 | ) | ||||
Net book value | $ | 532 | $ | 594 | ||||
The Corporation conducts a portion of its business from leased facilities and leases certain equipment. Rental expense for leased properties and equipment amounted to $89 million, $78 million and $81 million in 2014, 2013 and 2012, respectively. Rental expense in 2014 included approximately $10 million of lease termination charges. As of December 31, 2014, future minimum rental payments under operating leases were as follows: | ||||||||
(in millions) | ||||||||
Years Ending December 31 | ||||||||
2015 | $ | 73 | ||||||
2016 | 67 | |||||||
2017 | 58 | |||||||
2018 | 51 | |||||||
2019 | 42 | |||||||
Thereafter | 182 | |||||||
Total | $ | 473 | ||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||
Goodwill and Core Deposit Intangibles | GOODWILL AND CORE DEPOSIT INTANGIBLES | |||||||||
The following table summarizes the carrying value of goodwill for the years ended December 31, 2014, 2013 and 2012. | ||||||||||
(in millions) | ||||||||||
31-Dec | 2014 | 2013 | 2012 | |||||||
Business Bank | $ | 380 | $ | 380 | $ | 380 | ||||
Retail Bank | 194 | 194 | 194 | |||||||
Wealth Management | 61 | 61 | 61 | |||||||
Total | $ | 635 | $ | 635 | $ | 635 | ||||
The Corporation performs its annual evaluation of goodwill impairment in the third quarter of each year and on an interim basis if events or changes in circumstances between annual tests indicate goodwill might be impaired. In 2014 and 2013, the annual test of goodwill impairment was performed as of the beginning of the third quarter. At the conclusion of the first step of the annual and interim goodwill impairment tests performed in 2014 and 2013 the estimated fair values of all reporting units exceeded their carrying amounts, including goodwill, indicating that goodwill was not impaired. There have been no events since the annual test performed in the third quarter 2014 that would indicate that it was more likely than not that goodwill had become impaired. | ||||||||||
A summary of core deposit intangible carrying value and related accumulated amortization follows: | ||||||||||
(in millions) | ||||||||||
December 31 | 2014 | 2013 | ||||||||
Gross carrying amount | $ | 34 | $ | 34 | ||||||
Accumulated amortization | (21 | ) | (18 | ) | ||||||
Net carrying amount | $ | 13 | $ | 16 | ||||||
The Corporation recorded amortization expense related to the core deposit intangible of $3 million and $4 million for the years ended December 31, 2014 and 2013, respectively. At December 31, 2014, estimated future amortization expense was as follows: | ||||||||||
(in millions) | ||||||||||
Years Ending December 31 | ||||||||||
2015 | $ | 3 | ||||||||
2016 | 2 | |||||||||
2017 | 2 | |||||||||
2018 | 2 | |||||||||
2019 | 1 | |||||||||
Thereafter | 3 | |||||||||
Total | $ | 13 | ||||||||
Derivative_And_CreditRelated_F
Derivative And Credit-Related Financial Instruments | 12 Months Ended | |||||||||||||||||||||||
Dec. 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 December 31, 2014, counterparties with bilateral collateral agreements had pledged $245 million of marketable investment securities and deposited $264 million of cash with the Corporation to secure the fair value of contracts in an unrealized gain position, and the Corporation had pledged $2 million of investment securities 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 December 31, 2014 was $6 million, for which the Corporation had pledged collateral of $2 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 December 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 December 31, 2014 and 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. | ||||||||||||||||||||||||
December 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 | $ | 1,800 | $ | 175 | $ | — | $ | 1,450 | $ | 198 | $ | — | ||||||||||||
Derivatives used as economic hedges | ||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Spot, forwards and swaps | 508 | 4 | — | 253 | 1 | — | ||||||||||||||||||
Total risk management purposes | 2,308 | 179 | — | 1,703 | 199 | — | ||||||||||||||||||
Customer-initiated and other activities | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Caps and floors written | 274 | — | — | 277 | — | 1 | ||||||||||||||||||
Caps and floors purchased | 274 | — | — | 277 | 1 | — | ||||||||||||||||||
Swaps | 11,780 | 153 | 102 | 11,143 | 181 | 132 | ||||||||||||||||||
Total interest rate contracts | 12,328 | 153 | 102 | 11,697 | 182 | 133 | ||||||||||||||||||
Energy contracts: | ||||||||||||||||||||||||
Caps and floors written | 1,218 | — | 173 | 1,325 | 1 | 48 | ||||||||||||||||||
Caps and floors purchased | 1,218 | 173 | — | 1,325 | 48 | 1 | ||||||||||||||||||
Swaps | 2,496 | 354 | 352 | 2,724 | 56 | 53 | ||||||||||||||||||
Total energy contracts | 4,932 | 527 | 525 | 5,374 | 105 | 102 | ||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Spot, forwards, options and swaps | 1,994 | 35 | 34 | 1,764 | 14 | 14 | ||||||||||||||||||
Total customer-initiated and other activities | 19,254 | 715 | 661 | 18,835 | 301 | 249 | ||||||||||||||||||
Total gross derivatives | $ | 21,562 | 894 | 661 | $ | 20,538 | 500 | 249 | ||||||||||||||||
Amounts offset in the consolidated balance sheets: | ||||||||||||||||||||||||
Netting adjustment - Offsetting derivative assets/liabilities | (133 | ) | (133 | ) | (187 | ) | (187 | ) | ||||||||||||||||
Netting adjustment - Cash collateral received/posted | (262 | ) | — | (2 | ) | (10 | ) | |||||||||||||||||
Net derivatives included in the consolidated balance sheets (b) | 499 | 528 | 311 | 52 | ||||||||||||||||||||
Amounts not offset in the consolidated balance sheets: | ||||||||||||||||||||||||
Marketable securities pledged under bilateral collateral agreements | (239 | ) | (2 | ) | (138 | ) | (10 | ) | ||||||||||||||||
Net derivatives after deducting amounts not offset in the consolidated balance sheets | $ | 260 | $ | 526 | $ | 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 of $2 million at both December 31, 2014 and 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. | ||||||||||||||||||||||||
The Corporation entered into interest rate swap agreements related to medium- and long-term debt 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 $72 million for each of the years ended December 31, 2014 and 2013. The Corporation recognized an insignificant amount of gain for the year ended December 31, 2014 and an insignificant amount of loss for the year ended December 31, 2013 in "other noninterest income" in the consolidated statements of income for the ineffective portion of risk management derivative instruments designated as fair value hedges of fixed-rate debt. | ||||||||||||||||||||||||
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 for the year ended December 31, 2014 and an insignificant amount of net losses for the year ended December 31, 2013 on risk management derivative instruments used as economic hedges in "other noninterest income" in the consolidated statements of income. | ||||||||||||||||||||||||
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 December 31, 2014 and 2013. | ||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
(dollar amounts in millions) | Notional | Remaining | Receive Rate | Pay Rate (a) | ||||||||||||||||||||
Amount | Maturity | |||||||||||||||||||||||
(in years) | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Swaps - fair value - receive fixed/pay floating rate | ||||||||||||||||||||||||
Medium- and long-term debt designation | $ | 1,800 | 4.6 | 4.54 | % | 0.49 | % | |||||||||||||||||
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 December 31, 2014 and 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 $1 million of net gains in “other noninterest income” in the consolidated statements of income for each of the years ended December 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 income. The net gains recognized in income on customer-initiated derivative instruments, net of the impact of offsetting positions, were as follows. | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Years Ended December 31 | Location of Gain | 2014 | 2013 | |||||||||||||||||||||
Interest rate contracts | Other noninterest income | $ | 20 | $ | 22 | |||||||||||||||||||
Energy contracts | Other noninterest income | 2 | 3 | |||||||||||||||||||||
Foreign exchange contracts | Foreign exchange income | 38 | 35 | |||||||||||||||||||||
Total | $ | 60 | $ | 60 | ||||||||||||||||||||
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) | ||||||||||||||||||||||||
31-Dec | 2014 | 2013 | ||||||||||||||||||||||
Unused commitments to extend credit: | ||||||||||||||||||||||||
Commercial and other | $ | 27,905 | $ | 27,728 | ||||||||||||||||||||
Bankcard, revolving check credit and home equity loan commitments | 2,151 | 1,889 | ||||||||||||||||||||||
Total unused commitments to extend credit | $ | 30,056 | $ | 29,617 | ||||||||||||||||||||
Standby letters of credit | $ | 3,880 | $ | 4,297 | ||||||||||||||||||||
Commercial letters of credit | 75 | 103 | ||||||||||||||||||||||
Other credit-related financial instruments | 1 | 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 December 31, 2014 and 2013, the allowance for credit losses on lending-related commitments, included in “accrued expenses and other liabilities” on the consolidated balance sheets, was $41 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 $30 million and $28 million at December 31, 2014 and 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 2022. 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 $316 million and $259 million, respectively, of the $4.0 billion and $4.4 billion standby and commercial letters of credit outstanding at December 31, 2014 and 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 $55 million at December 31, 2014, including $44 million in deferred fees and $11 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 December 31, 2014 and December 31, 2013. The Corporation's criticized list is 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) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Total criticized standby and commercial letters of credit | $ | 79 | $ | 69 | ||||||||||||||||||||
As a percentage of total outstanding standby and commercial letters of credit | 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 December 31, 2014 and 2013, the total notional amount of the credit risk participation agreements was approximately $598 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 $7 million at both December 31, 2014 and 2013. 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 December 31, 2014, the weighted average remaining maturity of outstanding credit risk participation agreements was 2.9 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 $1 million and $2 million at December 31, 2014 and 2013, respectively. |
Deposits
Deposits | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Deposits | DEPOSITS | |||||||
At December 31, 2014, the scheduled maturities of certificates of deposit and other deposits with a stated maturity were as follows: | ||||||||
(in millions) | ||||||||
Years Ending December 31 | ||||||||
2015 | $ | 3,447 | ||||||
2016 | 717 | |||||||
2017 | 182 | |||||||
2018 | 76 | |||||||
2019 | 80 | |||||||
Thereafter | 54 | |||||||
Total | $ | 4,556 | ||||||
A maturity distribution of domestic certificates of deposit of $100,000 and over follows: | ||||||||
(in millions) | ||||||||
31-Dec | 2014 | 2013 | ||||||
Three months or less | $ | 822 | $ | 1,088 | ||||
Over three months to six months | 456 | 544 | ||||||
Over six months to twelve months | 733 | 1,065 | ||||||
Over twelve months | 795 | 570 | ||||||
Total | $ | 2,806 | $ | 3,267 | ||||
The aggregate amount of domestic certificates of deposit that meet or exceed the current FDIC insurance limit of $250,000 was $2.0 billion and $2.4 billion at December 31, 2014 and 2013, respectively. All foreign office time deposits of $135 million and $349 million at December 31, 2014 and 2013, respectively, were in denominations of $250,000 or more. |
Net_Income_Per_Common_Share
Net Income Per Common Share | 12 Months Ended | |||||||||||
Dec. 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. | ||||||||||||
(in millions, except per share data) | ||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||
Basic and diluted | ||||||||||||
Net income | $ | 593 | $ | 541 | $ | 521 | ||||||
Less income allocated to participating securities | 7 | 8 | 6 | |||||||||
Net income attributable to common shares | $ | 586 | $ | 533 | $ | 515 | ||||||
Basic average common shares | 179 | 183 | 191 | |||||||||
Basic net income per common share | $ | 3.28 | $ | 2.92 | $ | 2.68 | ||||||
Basic average common shares | 179 | 183 | 191 | |||||||||
Dilutive common stock equivalents: | ||||||||||||
Net effect of the assumed exercise of stock options | 2 | 1 | 1 | |||||||||
Net effect of the assumed exercise of warrants | 4 | 3 | — | |||||||||
Diluted average common shares | 185 | 187 | 192 | |||||||||
Diluted net income per common share | $ | 3.16 | $ | 2.85 | $ | 2.67 | ||||||
The following average shares related to outstanding options and warrants 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 and warrants were greater than the average market price of common shares for the period. | ||||||||||||
(shares in millions) | ||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||
Average outstanding options | 7.2 | 10.8 | 16 | |||||||||
Range of exercise prices | $47.24 - 61.94 | $34.78 - $61.94 | $29.81 - $64.50 | |||||||||
Average outstanding warrants | — | — | 0.3 | |||||||||
Exercise price | — | — | $30.36 |
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 12 Months Ended | |||||||||||
Dec. 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 December 31, 2014 was limited to approximately $389 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 December 31, 2014 was limited to approximately $8 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 ($130 million at December 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 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 years ended December 31, 2014, 2013 and 2012. | ||||||||||||
The following table summarizes the impact of these tax credit entities on line items on the Corporation’s consolidated statements of income. | ||||||||||||
(in millions) | ||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||
Other noninterest income: | ||||||||||||
Amortization of other tax credit investments | $ | (5 | ) | $ | (1 | ) | $ | (6 | ) | |||
Provision for income taxes: | ||||||||||||
Amortization of LIHTC Investments | 60 | 56 | 52 | |||||||||
Low income housing tax credits | (59 | ) | (56 | ) | (53 | ) | ||||||
Other tax benefits related to tax credit entities | (28 | ) | (21 | ) | (24 | ) | ||||||
Total provision for income taxes | $ | (27 | ) | $ | (21 | ) | $ | (25 | ) | |||
For further information on the Corporation’s consolidation policy, see Note 1. |
Shortterm_Borrowings
Short-term Borrowings | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Short-term Debt [Abstract] | ||||||||
Short-term Borrowings | SHORT-TERM BORROWINGS | |||||||
Federal funds purchased and securities sold under agreements to repurchase generally mature within one to four days from the transaction date. Other short-term borrowings, which may consist of commercial paper, borrowed securities, term federal funds purchased, short-term notes, and treasury tax and loan deposits generally mature within one to 120 days from the transaction date. | ||||||||
At December 31, 2014, Comerica Bank (the Bank), a subsidiary of the Corporation, had pledged loans totaling $25 billion which provided for up to $19 billion of available collateralized borrowing with the FRB. | ||||||||
The following table provides a summary of short-term borrowings. | ||||||||
(dollar amounts in millions) | Federal Funds Purchased | Other | ||||||
and Securities Sold Under | Short-term | |||||||
Agreements to Repurchase | Borrowings | |||||||
December 31, 2014 | ||||||||
Amount outstanding at year-end | $ | 116 | $ | — | ||||
Weighted average interest rate at year-end | 0.04 | % | — | % | ||||
Maximum month-end balance during the year | $ | 238 | $ | — | ||||
Average balance outstanding during the year | 200 | — | ||||||
Weighted average interest rate during the year | 0.04 | % | — | % | ||||
December 31, 2013 | ||||||||
Amount outstanding at year-end | $ | 253 | $ | — | ||||
Weighted average interest rate at year-end | 0.05 | % | — | % | ||||
Maximum month-end balance during the year | $ | 277 | $ | — | ||||
Average balance outstanding during the year | 211 | — | ||||||
Weighted average interest rate during the year | 0.07 | % | — | % | ||||
December 31, 2012 | ||||||||
Amount outstanding at year-end | $ | 87 | $ | 23 | ||||
Weighted average interest rate at year-end | 0.11 | % | — | % | ||||
Maximum month-end balance during the year | $ | 87 | $ | 23 | ||||
Average balance outstanding during the year | 76 | — | ||||||
Weighted average interest rate during the year | 0.12 | % | — | % | ||||
Medium_And_LongTerm_Debt
Medium- And Long-Term Debt | 12 Months Ended | |||||||
Dec. 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) | ||||||||
31-Dec | 2014 | 2013 | ||||||
Parent company | ||||||||
Subordinated notes: | ||||||||
4.80% subordinated notes due 2015 (a) | $ | 304 | $ | 318 | ||||
3.80% subordinated notes due 2026 (a) | 259 | — | ||||||
Medium-term notes: | ||||||||
3.00% notes due 2015 | 300 | 299 | ||||||
2.125% notes due 2019 (a) | 349 | — | ||||||
Total parent company | 1,212 | 617 | ||||||
Subsidiaries | ||||||||
Subordinated notes: | ||||||||
5.70% subordinated notes due 2014 (a) | — | 255 | ||||||
8.375% subordinated notes called 2014 | — | 183 | ||||||
5.75% subordinated notes due 2016 (a) | 670 | 681 | ||||||
5.20% subordinated notes due 2017 (a) | 548 | 566 | ||||||
7.875% subordinated notes due 2026 (a) | 227 | 213 | ||||||
Total subordinated notes | 1,445 | 1,898 | ||||||
Federal Home Loan Bank advances: | ||||||||
Floating-rate based on LIBOR indices due 2014 | — | 1,000 | ||||||
Other notes: | ||||||||
6.0% - 6.4% fixed-rate notes due 2013 to 2020 | 22 | 28 | ||||||
Total subsidiaries | 1,467 | 2,926 | ||||||
Total medium- and long-term debt | $ | 2,679 | $ | 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. | ||||||||
The Bank is a member of the FHLB, which provides short- and long-term funding to its members through advances collateralized by real-estate related assets. Actual borrowing capacity is contingent upon the amount of collateral available to be pledged to the FHLB. At December 31, 2014, $14 billion of real estate-related loans were pledged to the FHLB as blanket collateral for potential future borrowings of approximately $6 billion. | ||||||||
In the second quarter 2014, the Corporation issued $350 million of 2.125% senior notes due 2019, which were swapped to a floating rate based on six-month LIBOR. Proceeds were used for general corporate purposes. | ||||||||
In the third quarter 2014, the Corporation issued $250 million of 3.80% subordinated notes due 2026, which were swapped to a floating rate based on six-month LIBOR. Proceeds were used for general corporate purposes. Also in the third quarter 2014, the Corporation exercised its option to redeem, at par, $150 million of 8.375% subordinated notes, originally due in 2024. A gain of $32 million was recognized on the early redemption, primarily from the recognition of the unamortized value of a related, previously terminated interest rate swap. | ||||||||
At December 31, 2014, the principal maturities of medium- and long-term debt were as follows: | ||||||||
(in millions) | ||||||||
Years Ending December 31 | ||||||||
2015 | $ | 606 | ||||||
2016 | 650 | |||||||
2017 | 500 | |||||||
2018 | 2 | |||||||
2019 | 357 | |||||||
Thereafter | 407 | |||||||
Total | $ | 2,522 | ||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | SHAREHOLDERS’ EQUITY |
The Federal Reserve completed its 2014 Comprehensive Capital Analysis and Review (CCAR) of the Corporation's 2014-2015 capital plan in March 2014 and did not object to the capital distributions contemplated in the plan. The capital plan provides for up to $236 million of equity repurchases for the four-quarter period ending March 31, 2015. At December 31, 2014, up to $59 million remained available for share repurchases under the capital plan. | |
Repurchases of common stock under the share repurchase program authorized by the Board of Directors of the Corporation in 2010 totaled 5.2 million shares at an average price paid of $47.91 per share, 7.4 million shares at an average price paid of $38.63 per share and 10.1 million shares at an average price paid of $30.21 per share in 2014, 2013 and 2012, respectively. There is no expiration date for the Corporation's share repurchase program. | |
At December 31, 2014, the Corporation had 13.2 million warrants outstanding to purchase 11.2 million common shares at a weighted-average exercise price of $29.45. Outstanding warrants were exercisable at the date of grant and expire in 2018. Approximately 361 thousand shares of common stock were issued upon exercise of warrants in 2014. There were no warrant exercises in 2013 and 2012. | |
At December 31, 2014, the Corporation had 11.2 million shares of common stock reserved for warrant exercises, 14.7 million shares of common stock reserved for stock option exercises and restricted stock unit vesting and 2.1 million shares of restricted stock outstanding to employees and directors under share-based compensation plans. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||
Accumulated Other Comprehensive Income (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 years ended December 31, 2014, 2013 and 2012, including the amount of income tax expense (benefit) allocated to each component of other comprehensive income (loss). | ||||||||||||
(in millions) | ||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||
Accumulated net unrealized gains (losses) on investment securities available-for-sale: | ||||||||||||
Balance at beginning of period, net of tax | $ | (68 | ) | $ | 150 | $ | 129 | |||||
Net unrealized holding gains (losses) arising during the period | 166 | (343 | ) | 48 | ||||||||
Less: Provision (benefit) for income taxes | 60 | (126 | ) | 18 | ||||||||
Net unrealized holding gains (losses) arising during the period, net of tax | 106 | (217 | ) | 30 | ||||||||
Less: | ||||||||||||
Net realized gains included in net securities gains | 1 | 1 | 14 | |||||||||
Less: Provision for income taxes | — | — | 5 | |||||||||
Reclassification adjustment for net securities gains included in net income, net of tax | 1 | 1 | 9 | |||||||||
Change in net unrealized gains (losses) on investment securities available-for-sale, net of tax | 105 | (218 | ) | 21 | ||||||||
Balance at end of period, net of tax | $ | 37 | $ | (68 | ) | $ | 150 | |||||
Accumulated defined benefit pension and other postretirement plans adjustment: | ||||||||||||
Balance at beginning of period, net of tax | $ | (323 | ) | $ | (563 | ) | $ | (485 | ) | |||
Actuarial (loss) gain arising during the period | (240 | ) | 286 | (192 | ) | |||||||
Less: (Benefit) provision for income taxes | (87 | ) | 103 | (70 | ) | |||||||
Net defined benefit pension and other postretirement adjustment arising during the period, net of tax | (153 | ) | 183 | (122 | ) | |||||||
Amounts recognized in salaries and benefits expense: | ||||||||||||
Amortization of actuarial net loss | 39 | 89 | 62 | |||||||||
Amortization of prior service cost | 3 | 2 | 3 | |||||||||
Amortization of transition obligation | — | — | 4 | |||||||||
Total amounts recognized in salaries and benefits expense | 42 | 91 | 69 | |||||||||
Less: Benefit for income taxes | 15 | 34 | 25 | |||||||||
Adjustment for amounts recognized as components of net periodic benefit cost during the period, net of tax | 27 | 57 | 44 | |||||||||
Change in defined benefit pension and other postretirement plans adjustment, net of tax | (126 | ) | 240 | (78 | ) | |||||||
Balance at end of period, net of tax | $ | (449 | ) | $ | (323 | ) | $ | (563 | ) | |||
Total accumulated other comprehensive loss at end of period, net of tax | $ | (412 | ) | $ | (391 | ) | $ | (413 | ) |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
Share-based Compensation | SHARE-BASED COMPENSATION | |||||||||||||
Share-based compensation expense is charged to “salaries and benefits” expense on the consolidated statements of income. The components of share-based compensation expense for all share-based compensation plans and related tax benefits are as follows. | ||||||||||||||
(in millions) | ||||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||||
Total share-based compensation expense | $ | 38 | $ | 35 | $ | 37 | ||||||||
Related tax benefits recognized in net income | $ | 14 | $ | 13 | $ | 13 | ||||||||
The following table summarizes unrecognized compensation expense for all share-based plans: | ||||||||||||||
(dollar amounts in millions) | December 31, 2014 | |||||||||||||
Total unrecognized share-based compensation expense | $ | 53 | ||||||||||||
Weighted-average expected recognition period (in years) | 2.7 | |||||||||||||
The Corporation has share-based compensation plans under which it awards shares of restricted stock and restricted stock units to key executive officers, directors and key personnel, and stock options to executive officers and key personnel of the Corporation and its subsidiaries. Restricted stock vests over periods ranging from three years to five years, restricted stock units vest over periods ranging from one year to four years, and stock options vest over periods ranging from one year to four years. The maturity of each option is determined at the date of grant; however, no options may be exercised later than ten years from the date of grant. The options may have restrictions regarding exercisability. The plans originally provided for a grant of up to 17.9 million common shares, plus shares under certain plans that are forfeited, expire or are canceled. At December 31, 2014, 9.0 million shares were available for grant. | ||||||||||||||
The Corporation used a binomial model to value stock options granted in the periods presented. Option valuation models require several inputs, including the expected stock price volatility, and changes in input assumptions can materially affect the fair value estimates. The model used may not necessarily provide a reliable single measure of the fair value of employee and director stock options. The risk-free interest rate assumption used in the binomial option-pricing model as outlined in the table below was based on the federal ten-year treasury interest rate. The expected dividend yield was based on the historical and projected dividend yield patterns of the Corporation’s common shares. Expected volatility assumptions considered both the historical volatility of the Corporation’s common stock over a ten-year period and implied volatility based on actively traded options on the Corporation’s common stock with pricing terms and trade dates similar to the stock options granted. | ||||||||||||||
The estimated weighted-average grant-date fair value per option and the underlying binomial option-pricing model assumptions are summarized in the following table: | ||||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||||
Weighted-average grant-date fair value per option | $ | 13.21 | $ | 9.07 | $ | 8.63 | ||||||||
Weighted-average assumptions: | ||||||||||||||
Risk-free interest rates | 2.95 | % | 1.94 | % | 2.16 | % | ||||||||
Expected dividend yield | 3 | 3 | 3 | |||||||||||
Expected volatility factors of the market price of | 31 | 34 | 39 | |||||||||||
Comerica common stock | ||||||||||||||
Expected option life (in years) | 5.8 | 6.4 | 6.1 | |||||||||||
A summary of the Corporation’s stock option activity and related information for the year ended December 31, 2014 follows: | ||||||||||||||
Weighted-Average | ||||||||||||||
Number of | Exercise Price | Remaining | Aggregate | |||||||||||
Options | per Share | Contractual | Intrinsic Value | |||||||||||
(in thousands) | Term (in years) | (in millions) | ||||||||||||
Outstanding-January 1, 2014 | 16,795 | $ | 43.52 | |||||||||||
Granted | 883 | 49.51 | ||||||||||||
Forfeited or expired | (2,066 | ) | 52.22 | |||||||||||
Exercised | (1,609 | ) | 34.47 | |||||||||||
Outstanding-December 31, 2014 | 14,003 | 44.28 | 4.1 | $ | 97 | |||||||||
Outstanding, net of expected forfeitures-December 31, 2014 | 13,708 | 44.43 | 4 | 94 | ||||||||||
Exercisable-December 31, 2014 | 10,835 | 46.28 | 3 | 65 | ||||||||||
The aggregate intrinsic value of outstanding options shown in the table above represents the total pretax intrinsic value at December 31, 2014, based on the Corporation’s closing stock price of $46.84 at December 31, 2014. | ||||||||||||||
The total intrinsic value of stock options exercised was $23 million, $14 million and $2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
A summary of the Corporation’s restricted stock activity and related information for the year ended December 31, 2014 follows: | ||||||||||||||
Number of | Weighted-Average | |||||||||||||
Shares | Grant-Date Fair | |||||||||||||
(in thousands) | Value per Share | |||||||||||||
Outstanding-January 1, 2014 | 2,479 | $ | 31.78 | |||||||||||
Granted | 325 | 49.51 | ||||||||||||
Forfeited | (44 | ) | 34.83 | |||||||||||
Vested | (620 | ) | 28.41 | |||||||||||
Outstanding-December 31, 2014 | 2,140 | $ | 35.38 | |||||||||||
The total fair value of restricted stock awards that fully vested during the years ended December 31, 2014, 2013 and 2012 was $18 million, $10 million and $16 million, respectively. | ||||||||||||||
A summary of the Corporation's restricted stock unit activity and related information for the year ended December 31, 2014 follows: | ||||||||||||||
Service-Based Units | Performance-Based Units | |||||||||||||
Number of | Weighted-Average | Number of | Weighted-Average | |||||||||||
Units | Grant-Date Fair | Units | Grant-Date Fair | |||||||||||
(in thousands) | Value per Share | (in thousands) | Value per Share | |||||||||||
Outstanding-January 1, 2014 | 331 | $ | 34.01 | 124 | $ | 33.79 | ||||||||
Granted | 15 | 49.3 | 240 | 49.51 | ||||||||||
Converted | 41 | 33.79 | (41 | ) | 33.79 | |||||||||
Vested | — | — | (4 | ) | 49.51 | |||||||||
Outstanding-December 31, 2014 | 387 | 34.58 | 319 | 45.44 | ||||||||||
The Corporation expects to satisfy the exercise of stock options, the vesting of restricted stock units and future grants of restricted stock by issuing shares of common stock out of treasury. At December 31, 2014, the Corporation held 49.1 million shares in treasury. | ||||||||||||||
For further information on the Corporation’s share-based compensation plans, refer to Note 1. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||
Defined Benefit Pension and Postretirement Benefit Plans | |||||||||||||||||||||||||
The Corporation has a qualified and a non-qualified defined benefit pension plan, which together provide benefits for substantially all full-time employees hired before January 1, 2007 who continue to meet the eligibility requirements of the plans. Salaries and benefits expense included defined benefit pension expense of $39 million, $86 million and $75 million in the years ended December 31, 2014, 2013 and 2012, respectively, for the plans. Benefits under the defined benefit plans are based primarily on years of service, age and compensation during the five highest paid consecutive calendar years occurring during the last ten years before retirement. | |||||||||||||||||||||||||
The Corporation’s postretirement benefit plan continues to provide postretirement health care and life insurance benefits for retirees as of December 31, 1992. The plan also provides certain postretirement health care and life insurance benefits for a limited number of retirees who retired prior to January 1, 2000. For all other employees hired prior to January 1, 2000, a nominal benefit is provided. Employees hired on or after January 1, 2000 and prior to January 1, 2007 are eligible to participate in the plan on a full contributory basis until Medicare-eligible. Employees hired on or after January 1, 2007 are not eligible to participate in the plan. The Corporation funds the pre-1992 retiree plan benefits with bank-owned life insurance. Employee benefits expense included postretirement benefit expense of $1 million, $2 million and $6 million in the years ended December 31, 2014, 2013 and 2012, respectively, for the plan. | |||||||||||||||||||||||||
The following table sets forth reconciliations of plan assets and the projected benefit obligation, the weighted-average assumptions used to determine year-end benefit obligations, and the amounts recognized in accumulated other comprehensive income (loss) for the Corporation’s defined benefit pension plans and postretirement benefit plan at December 31, 2014 and 2013. The Corporation used a measurement date of December 31, 2014 for these plans. | |||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
Qualified | Non-Qualified | Postretirement Benefit Plan | |||||||||||||||||||||||
(dollar amounts in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Change in fair value of plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 2,035 | $ | 1,955 | $ | — | $ | — | $ | 67 | $ | 72 | |||||||||||||
Actual return on plan assets | 278 | 136 | — | — | 3 | (2 | ) | ||||||||||||||||||
Employer contributions | 350 | — | — | — | 2 | 3 | |||||||||||||||||||
Benefits paid | (122 | ) | (a) | (56 | ) | — | — | (5 | ) | (6 | ) | ||||||||||||||
Fair value of plan assets at December 31 | $ | 2,541 | $ | 2,035 | $ | — | $ | — | $ | 67 | $ | 67 | |||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation at January 1 | $ | 1,731 | $ | 1,897 | $ | 195 | $ | 245 | $ | 69 | $ | 79 | |||||||||||||
Service cost | 29 | 37 | 3 | 4 | — | — | |||||||||||||||||||
Interest cost | 88 | 80 | 10 | 9 | 3 | 3 | |||||||||||||||||||
Actuarial (gain) loss | 344 | (260 | ) | 37 | (21 | ) | 6 | (7 | ) | ||||||||||||||||
Benefits paid | (122 | ) | (a) | (56 | ) | (10 | ) | (9 | ) | (5 | ) | (6 | ) | ||||||||||||
Transfer between plans | — | 33 | — | (33 | ) | — | — | ||||||||||||||||||
Projected benefit obligation at December 31 | $ | 2,070 | $ | 1,731 | $ | 235 | $ | 195 | $ | 73 | $ | 69 | |||||||||||||
Accumulated benefit obligation | $ | 1,905 | $ | 1,598 | $ | 203 | $ | 163 | $ | 73 | $ | 69 | |||||||||||||
Funded status at December 31 (b) (c) | $ | 471 | $ | 304 | $ | (235 | ) | $ | (195 | ) | $ | (6 | ) | $ | (2 | ) | |||||||||
Weighted-average assumptions used: | |||||||||||||||||||||||||
Discount rate | 4.28 | % | 5.17 | % | 4.28 | % | 5.17 | % | 3.99 | % | 4.59 | % | |||||||||||||
Rate of compensation increase | 3.75 | 4 | 3.75 | 4 | n/a | n/a | |||||||||||||||||||
Healthcare cost trend rate: | |||||||||||||||||||||||||
Cost trend rate assumed for next year | n/a | n/a | n/a | n/a | 7 | 7.5 | |||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | n/a | n/a | n/a | n/a | 5 | 5 | |||||||||||||||||||
Year when rate reaches the ultimate trend rate | n/a | n/a | n/a | n/a | 2026 | 2033 | |||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (loss) before income taxes: | |||||||||||||||||||||||||
Net actuarial loss | $ | (568 | ) | $ | (403 | ) | $ | (104 | ) | $ | (73 | ) | $ | (27 | ) | $ | (23 | ) | |||||||
Prior service (cost) credit | (25 | ) | (31 | ) | 25 | 28 | (3 | ) | (3 | ) | |||||||||||||||
Balance at December 31 | $ | (593 | ) | $ | (434 | ) | $ | (79 | ) | $ | (45 | ) | $ | (30 | ) | $ | (26 | ) | |||||||
(a) | Includes $63 million in benefit payments made to certain terminated vested eligible participants who elected to receive lump-sum settlements during the fourth quarter of 2014. | ||||||||||||||||||||||||
(b) | Based on projected benefit obligation for defined benefit pension plans and accumulated benefit obligation for postretirement benefit plan. | ||||||||||||||||||||||||
(c) | The Corporation recognizes the overfunded and underfunded status of the plans in “accrued income and other assets” and “accrued expenses and other liabilities,” respectively, on the consolidated balance sheets. | ||||||||||||||||||||||||
n/a - not applicable | |||||||||||||||||||||||||
The accumulated benefit obligation exceeded the fair value of plan assets for the non-qualified defined benefit pension plan and the postretirement benefit plan at December 31, 2014 and 2013. The following table details the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the year ended December 31, 2014. | |||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
(in millions) | Qualified | Non-Qualified | Postretirement Benefit Plan | Total | |||||||||||||||||||||
Actuarial loss arising during the period | $ | (196 | ) | $ | (38 | ) | $ | (6 | ) | $ | (240 | ) | |||||||||||||
Amortization of net actuarial loss | 31 | 7 | 1 | 39 | |||||||||||||||||||||
Amortization of prior service cost (credit) | 6 | (4 | ) | 1 | 3 | ||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (159 | ) | $ | (35 | ) | $ | (4 | ) | $ | (198 | ) | |||||||||||||
Components of net periodic defined benefit cost and postretirement benefit cost, the actual return on plan assets and the weighted-average assumptions used were as follows. | |||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
(dollar amounts in millions) | Qualified | Non-Qualified | |||||||||||||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 29 | $ | 37 | $ | 33 | $ | 3 | $ | 4 | $ | 4 | |||||||||||||
Interest cost | 88 | 80 | 79 | 10 | 9 | 10 | |||||||||||||||||||
Expected return on plan assets | (131 | ) | (132 | ) | (114 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost (credit) | 6 | 7 | 4 | (4 | ) | (6 | ) | (2 | ) | ||||||||||||||||
Amortization of net loss | 31 | 76 | 54 | 7 | 11 | 7 | |||||||||||||||||||
Net periodic defined benefit cost | $ | 23 | $ | 68 | $ | 56 | $ | 16 | $ | 18 | $ | 19 | |||||||||||||
Actual return on plan assets | $ | 278 | $ | 136 | $ | 199 | n/a | n/a | n/a | ||||||||||||||||
Actual rate of return on plan assets | 13.88 | % | 7.05 | % | 13.33 | % | n/a | n/a | n/a | ||||||||||||||||
Weighted-average assumptions used: | |||||||||||||||||||||||||
Discount rate | 5.17 | % | 4.2 | % | 4.99 | % | 5.17 | % | 4.2 | % | 4.99 | % | |||||||||||||
Expected long-term return on plan assets | 6.75 | 7.25 | 7.5 | n/a | n/a | n/a | |||||||||||||||||||
Rate of compensation increase | 4 | 4 | 4 | 4 | 4 | 4 | |||||||||||||||||||
n/a - not applicable | |||||||||||||||||||||||||
(dollar amounts in millions) | Postretirement Benefit Plan | ||||||||||||||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Interest cost | $ | 3 | $ | 3 | $ | 3 | |||||||||||||||||||
Expected return on plan assets | (4 | ) | (4 | ) | (3 | ) | |||||||||||||||||||
Amortization of transition obligation | — | — | 4 | ||||||||||||||||||||||
Amortization of prior service cost | 1 | 1 | 1 | ||||||||||||||||||||||
Amortization of net loss | 1 | 2 | 1 | ||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | 1 | $ | 2 | $ | 6 | |||||||||||||||||||
Actual return on plan assets | $ | 3 | $ | (2 | ) | $ | 4 | ||||||||||||||||||
Actual rate of return on plan assets | 4.62 | % | (2.29 | )% | 6.39 | % | |||||||||||||||||||
Weighted-average assumptions used: | |||||||||||||||||||||||||
Discount rate | 4.59 | % | 3.81 | % | 4.55 | % | |||||||||||||||||||
Expected long-term return on plan assets | 5 | 5 | 5 | ||||||||||||||||||||||
Healthcare cost trend rate: | |||||||||||||||||||||||||
Cost trend rate assumed | 7.5 | 8 | 8 | ||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | 5 | 5 | ||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2033 | 2033 | 2032 | ||||||||||||||||||||||
The expected long-term rate of return of plan assets is the average rate of return expected to be realized on funds invested or expected to be invested over the life of the plan, which has an estimated average life of approximately 15 years as of December 31, 2014. The expected long-term rate of return on plan assets is set after considering both long-term returns in the general market and long-term returns experienced by the assets in the plan. The returns on the various asset categories are blended to derive one long-term rate of return. The Corporation reviews its pension plan assumptions on an annual basis with its actuarial consultants to determine if assumptions are reasonable and adjusts the assumptions to reflect changes in future expectations. | |||||||||||||||||||||||||
The estimated portion of balances remaining in accumulated other comprehensive income (loss) that are expected to be recognized as a component of net periodic benefit cost in the year ended December 31, 2015 are as follows. | |||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
(in millions) | Qualified | Non-Qualified | Postretirement | Total | |||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||
Net loss | $ | 57 | $ | 10 | $ | 1 | $ | 68 | |||||||||||||||||
Prior service cost (credit) | 4 | (4 | ) | 1 | 1 | ||||||||||||||||||||
Assumed healthcare cost trend rates have a significant effect on the amounts reported for the postretirement benefit plan. A one-percentage-point change in 2014 assumed healthcare and prescription drug cost trend rates would have the following effects. | |||||||||||||||||||||||||
One-Percentage-Point | |||||||||||||||||||||||||
(in millions) | Increase | Decrease | |||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 4 | $ | (4 | ) | ||||||||||||||||||||
Effect on total service and interest cost | — | — | |||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
The Corporation’s overall investment goals for the qualified defined benefit pension plan are to maintain a portfolio of assets of appropriate liquidity and diversification; to generate investment returns (net of operating costs) that are reasonably anticipated to maintain the plan’s fully funded status or to reduce a funding deficit, after taking into account various factors, including reasonably anticipated future contributions and expense and the interest rate sensitivity of the plan’s assets relative to that of the plan’s liabilities; and to generate investment returns (net of operating costs) that meet or exceed a customized benchmark as defined in the plan investment policy. Derivative instruments are permissible for hedging and transactional efficiency, but only to the extent that the derivative use enhances the efficient execution of the plan’s investment policy. The plan does not directly invest in securities issued by the Corporation and its subsidiaries. The Corporation’s target allocations for plan investments are 36 percent to 56 percent equity securities and 44 percent to 64 percent fixed income, including cash. Equity securities include collective investment and mutual funds and common stock. Fixed income securities include U.S. Treasury and other U.S. government agency securities, mortgage-backed securities, corporate bonds and notes, municipal bonds, collateralized mortgage obligations and money market funds. | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
The Corporation’s qualified defined benefit pension plan utilizes fair value measurements to record fair value adjustments and to determine fair value disclosures. The Corporation’s qualified benefit pension plan categorizes investments recorded at fair value into a three-level hierarchy, based on the markets in which the investment are traded and the reliability of the assumptions used to determine fair value. Refer to Note 1 for a description of the three-level hierarchy. | |||||||||||||||||||||||||
Following is a description of the valuation methodologies and key inputs used to measure the fair value of the Corporation’s qualified defined benefit pension plan investments, including an indication of the level of the fair value hierarchy in which the investments are classified. | |||||||||||||||||||||||||
Collective investment funds | |||||||||||||||||||||||||
Fair value measurement is based upon the net asset value (NAV) provided by the administrator of the fund. Collective investment fund NAVs are based primarily on observable inputs, generally the quoted prices for underlying assets owned by the fund, and are included in Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||||
Fair value measurement is based upon the NAV provided by the administrator of the fund. Mutual fund NAVs are quoted in an active market exchange, such as the New York Stock Exchange, and are included in Level 1 of the fair value hierarchy. | |||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||
Fair value measurement is based upon the closing price quoted in an active market exchange, such as the New York Stock Exchange. Level 1 common stock includes domestic and foreign stock and real estate investment trusts. | |||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | |||||||||||||||||||||||||
Fair value measurement is based upon quoted prices in an active market exchange, such as the New York Stock Exchange. Level 1 securities include U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets. | |||||||||||||||||||||||||
Corporate and municipal bonds and notes | |||||||||||||||||||||||||
Fair value measurement is based upon quoted prices of securities with similar characteristics or pricing models based on observable market data inputs, primarily interest rates, spreads and prepayment information. Level 2 securities include corporate bonds, municipal bonds, foreign bonds and foreign notes. | |||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||
Fair value measurement is based upon independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security's credit rating, prepayment assumptions and other factors, such as credit loss and liquidity assumptions, and are included in Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
Private placements | |||||||||||||||||||||||||
Fair value is measured using the NAV provided by fund management as quoted prices in active markets are not available. Management considers additional discounts to the provided NAV for market and credit risk. Private placements are included in Level 3 of the fair value hierarchy. | |||||||||||||||||||||||||
Securities purchased under agreements to resell | |||||||||||||||||||||||||
Fair value measurement is based upon independent pricing models or other model-based valuation techniques such as the present value of future cash flows, and is included in Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
Fair Values | |||||||||||||||||||||||||
The fair values of the Corporation’s qualified defined benefit pension plan investments measured at fair value on a recurring basis at December 31, 2014 and 2013, by asset category and level within the fair value hierarchy, are detailed in the table below. | |||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Cash equivalent securities: | |||||||||||||||||||||||||
Mutual funds | $ | 390 | $ | 390 | $ | — | $ | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Collective investment funds | 466 | — | 466 | — | |||||||||||||||||||||
Mutual funds | 76 | 76 | — | — | |||||||||||||||||||||
Common stock | 499 | 499 | — | — | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | 359 | 359 | — | — | |||||||||||||||||||||
Corporate and municipal bonds and notes | 659 | — | 659 | — | |||||||||||||||||||||
Collateralized mortgage obligations | 9 | — | 9 | — | |||||||||||||||||||||
Private placements | 73 | — | 73 | ||||||||||||||||||||||
Total investments at fair value | $ | 2,531 | $ | 1,324 | $ | 1,134 | $ | 73 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Cash equivalent securities: | |||||||||||||||||||||||||
Mutual funds | $ | 23 | $ | 23 | $ | — | $ | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Collective investment funds | 463 | — | 463 | — | |||||||||||||||||||||
Mutual funds | 73 | 73 | — | — | |||||||||||||||||||||
Common stock | 483 | 483 | — | — | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | 329 | 329 | — | — | |||||||||||||||||||||
Corporate and municipal bonds and notes | 496 | — | 496 | — | |||||||||||||||||||||
Collateralized mortgage obligations | 4 | — | 4 | — | |||||||||||||||||||||
U.S. government agency mortgage-backed securities | 2 | — | 2 | — | |||||||||||||||||||||
Mutual funds | 113 | 113 | — | — | |||||||||||||||||||||
Private placements | 36 | — | 36 | ||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||
Securities purchased under agreements to resell | 6 | — | 6 | — | |||||||||||||||||||||
Total investments at fair value | $ | 2,028 | $ | 1,021 | $ | 971 | $ | 36 | |||||||||||||||||
The table below provides a summary of changes in the Corporation’s qualified defined benefit pension plan’s Level 3 investments measured at fair value on a recurring basis for the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||||
Net Gains (Losses) | |||||||||||||||||||||||||
(in millions) | Balance at | Realized | Unrealized | Purchases | Sales | Balance at | |||||||||||||||||||
Beginning | End of Period | ||||||||||||||||||||||||
of Period | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Private placements | $ | 36 | $ | 1 | $ | 4 | $ | 60 | $ | (28 | ) | $ | 73 | ||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Private placements | $ | 30 | $ | — | $ | (4 | ) | $ | 46 | $ | (36 | ) | $ | 36 | |||||||||||
There were no assets in the non-qualified defined benefit pension plan at December 31, 2014 and 2013. The postretirement benefit plan is fully invested in bank-owned life insurance policies. The fair value of bank-owned life insurance policies is based on the cash surrender values of the policies as reported by the insurance companies and is classified in Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||
The Corporation currently expects to make no employer contributions to the qualified and non-qualified defined benefit pension plans and postretirement benefit plan for the year ended December 31, 2015. | |||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||
(in millions) | Qualified | Non-Qualified | Postretirement | ||||||||||||||||||||||
Years Ended December 31 | Defined Benefit | Defined Benefit | Benefit Plan (a) | ||||||||||||||||||||||
Pension Plan | Pension Plan | ||||||||||||||||||||||||
2015 | $ | 67 | $ | 11 | $ | 6 | |||||||||||||||||||
2016 | 72 | 11 | 6 | ||||||||||||||||||||||
2017 | 78 | 12 | 6 | ||||||||||||||||||||||
2018 | 84 | 12 | 6 | ||||||||||||||||||||||
2019 | 89 | 13 | 6 | ||||||||||||||||||||||
2020 - 2024 | 529 | 70 | 25 | ||||||||||||||||||||||
(a) | Estimated benefit payments in the postretirement benefit plan are net of estimated Medicare subsidies. | ||||||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||||||
Substantially all of the Corporation’s employees are eligible to participate in the Corporation’s principal defined contribution plan (a 401(k) plan). Under this plan, the Corporation makes core matching cash contributions of 100 percent of the first 4 percent of qualified earnings contributed by employees (up to the current IRS compensation limit), invested based on employee investment elections. Employee benefits expense included expense for the plan of $22 million, $21 million and $20 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The Corporation also provides a profit sharing plan for the benefit of substantially all employees who work at least 1,000 hours in a plan year and are not accruing a benefit in the defined benefit pension plan. Under the profit sharing plan, the Corporation makes an annual discretionary allocation to the individual account of each eligible employee ranging from 3 percent to 8 percent of annual compensation, determined based on combined age and years of service. The allocations are invested based on employee investment elections. The employee fully vests in the defined contribution pension plan after three years of service, at age 65 if still employed, or in the event of death while an employee. Before an employee is eligible to participate, the plan requires the equivalent of one year of service. The Corporation recognized $10 million, $7 million and $7 million in employee benefits expense for this plan for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Deferred Compensation Plans | |||||||||||||||||||||||||
The Corporation offers optional deferred compensation plans under which certain employees may make an irrevocable election to defer incentive compensation and/or a portion of base salary until retirement or separation from the Corporation. The employee may direct deferred compensation into one or more deemed investment options. Although not required to do so, the Corporation invests actual funds into the deemed investments as directed by employees, resulting in a deferred compensation asset, recorded in “other short-term investments” on the consolidated balance sheets that offsets the liability to employees under the plan, recorded in “accrued expenses and other liabilities.” The earnings from the deferred compensation asset are recorded in “interest on short-term investments” and “other noninterest income” and the related change in the liability to employees under the plan is recorded in “salaries” expense on the consolidated statements of income. |
Income_Taxes_And_TaxRelated_It
Income Taxes And Tax-Related Items | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes and Tax-Related Items | INCOME TAXES AND TAX-RELATED ITEMS | ||||||||||||||||||||
The provision for income taxes is calculated as the sum of income taxes due for the current year and deferred taxes. Income taxes due for the current year is computed by applying federal and state tax statutes to current year taxable income. Deferred taxes arise from temporary differences between the income tax basis and financial accounting basis of assets and liabilities. Tax-related interest and penalties and foreign taxes are then added to the tax provision. | |||||||||||||||||||||
The current and deferred components of the provision for income taxes were as follows: | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
31-Dec | 2014 | 2013 | 2012 | ||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | 127 | $ | 242 | $ | 59 | |||||||||||||||
Foreign | 6 | 6 | 6 | ||||||||||||||||||
State and local | 14 | 17 | 18 | ||||||||||||||||||
Total current | 147 | 265 | 83 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | 123 | (20 | ) | 152 | |||||||||||||||||
State and local | 7 | — | 6 | ||||||||||||||||||
Total deferred | 130 | (20 | ) | 158 | |||||||||||||||||
Total | $ | 277 | $ | 245 | $ | 241 | |||||||||||||||
Income before income taxes of $870 million for the year ended December 31, 2014 included $32 million of foreign-source income. | |||||||||||||||||||||
There was no income tax provision on securities transactions for the years ended December 31, 2014 and December 31, 2013 and an income tax provision of $4 million on securities transactions for the year ended December 31, 2012. | |||||||||||||||||||||
The provision for income taxes does not reflect the tax effects of unrealized gains and losses on investment securities available-for-sale or the change in defined benefit pension and other postretirement plans adjustment included in accumulated other comprehensive loss. Refer to Note 14 for additional information on accumulated other comprehensive loss. | |||||||||||||||||||||
The income tax effects of transactions under the Corporation's share-based compensation plans reduced both shareholders’ equity and deferred tax assets by $11 million, $5 million and $16 million in 2014, 2013, and 2012 respectively. | |||||||||||||||||||||
A reconciliation of expected income tax expense at the federal statutory rate to the Corporation’s provision for income taxes and effective tax rate follows: | |||||||||||||||||||||
(dollar amounts in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Years Ended December 31 | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||
Tax based on federal statutory rate | $ | 305 | 35 | % | $ | 275 | 35 | % | $ | 267 | 35 | % | |||||||||
State income taxes | 13 | 1.5 | 11 | 1.4 | 14 | 1.9 | |||||||||||||||
Affordable housing and historic credits | (24 | ) | (2.8 | ) | (21 | ) | (2.6 | ) | (22 | ) | (2.9 | ) | |||||||||
Bank-owned life insurance | (15 | ) | (1.7 | ) | (15 | ) | (1.9 | ) | (15 | ) | (2.0 | ) | |||||||||
Other changes in unrecognized tax benefits | 2 | 0.2 | (2 | ) | (0.2 | ) | 1 | 0.2 | |||||||||||||
Tax-related interest and penalties | (3 | ) | (0.3 | ) | (1 | ) | (0.1 | ) | — | — | |||||||||||
Other | (1 | ) | (0.1 | ) | (2 | ) | (0.4 | ) | (4 | ) | (0.6 | ) | |||||||||
Provision for income taxes | $ | 277 | 31.8 | % | $ | 245 | 31.2 | % | $ | 241 | 31.6 | % | |||||||||
Included in “accrued expenses and other liabilities” on the consolidated balance sheets was a $2 million liability for tax-related interest and penalties at both December 31, 2014 and December 31, 2013. | |||||||||||||||||||||
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. | |||||||||||||||||||||
A reconciliation of the beginning and ending amount of net unrecognized tax benefits follows: | |||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Balance at January 1 | $ | 11 | $ | 42 | $ | 20 | |||||||||||||||
Increases as a result of tax positions taken during a prior period | 3 | — | 33 | ||||||||||||||||||
Decrease related to settlements with tax authorities | — | (31 | ) | (11 | ) | ||||||||||||||||
Balance at December 31 | $ | 14 | $ | 11 | $ | 42 | |||||||||||||||
The Corporation anticipates that it is reasonably possible that settlements with tax authorities will result in a $9 million decrease in net unrecognized tax benefits within the next twelve months. | |||||||||||||||||||||
After consideration of the effect of the federal tax benefit available on unrecognized state tax benefits, the total amount of unrecognized tax benefits that, if recognized, would affect the Corporation’s effective tax rate was approximately $2 million at both December 31, 2014 and December 31, 2013. | |||||||||||||||||||||
The following tax years for significant jurisdictions remain subject to examination as of December 31, 2014: | |||||||||||||||||||||
Jurisdiction | Tax Years | ||||||||||||||||||||
Federal | 2010-2013 | ||||||||||||||||||||
California | 2002-2013 | ||||||||||||||||||||
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. | |||||||||||||||||||||
The principal components of deferred tax assets and liabilities were as follows: | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
31-Dec | 2014 | 2013 | |||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Allowance for loan losses | $ | 208 | $ | 209 | |||||||||||||||||
Deferred compensation | 123 | 131 | |||||||||||||||||||
Defined benefit plans | — | 2 | |||||||||||||||||||
Loan purchase accounting adjustments | 5 | 17 | |||||||||||||||||||
Deferred loan origination fees and costs | 28 | 28 | |||||||||||||||||||
Net unrealized losses on investment securities available-for-sale | — | 39 | |||||||||||||||||||
Other temporary differences, net | 44 | 75 | |||||||||||||||||||
Total deferred tax assets | 408 | 501 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Lease financing transactions | (206 | ) | (226 | ) | |||||||||||||||||
Defined benefit plans | (38 | ) | — | ||||||||||||||||||
Net unrealized gains on investment securities available-for-sale | (21 | ) | — | ||||||||||||||||||
Allowance for depreciation | (13 | ) | (18 | ) | |||||||||||||||||
Total deferred tax liabilities | (278 | ) | (244 | ) | |||||||||||||||||
Net deferred tax asset | $ | 130 | $ | 257 | |||||||||||||||||
At December 31, 2014 and December 31, 2013, the Corporation determined that no valuation allowance was necessary on federal or state deferred tax assets. This determination was based on sufficient taxable income in the carry-back period and projected future reversals of existing taxable temporary differences to absorb the deferred tax assets. The remaining deferred tax assets will be absorbed by future reversals of existing taxable temporary differences. For further information on the Corporation’s valuation policy for deferred tax assets, refer to Note 1. |
Transactions_with_Related_Part
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | TRANSACTIONS WITH RELATED PARTIES |
The Corporation’s banking subsidiaries had, and expect to have in the future, transactions with the Corporation’s directors and executive officers, companies with which these individuals are associated, and certain related individuals. Such transactions were made in the ordinary course of business and included extensions of credit, leases and professional services. With respect to extensions of credit, all were made on substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other customers and did not, in management’s opinion, involve more than normal risk of collectibility or present other unfavorable features. The aggregate amount of loans attributable to persons who were related parties at December 31, 2014, totaled $105 million at the beginning of 2014 and $79 million at the end of 2014. During 2014, new loans to related parties aggregated $544 million and repayments totaled $570 million. |
Regulatory_Capital_and_Reserve
Regulatory Capital and Reserve Requirements | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Regulatory Capital Requirements [Abstract] | ||||||||
Regulatory Capital and Reserve Requirements | REGULATORY CAPITAL AND RESERVE REQUIREMENTS | |||||||
Reserves required to be maintained and/or deposited with the FRB are classified in interest-bearing deposits with banks. These reserve balances vary, depending on the level of customer deposits in the Corporation’s banking subsidiaries. The average required reserve balances were $430 million and $397 million for the years ended December 31, 2014 and 2013, respectively. | ||||||||
Banking regulations limit the transfer of assets in the form of dividends, loans or advances from the bank subsidiaries to the parent company. Under the most restrictive of these regulations, the aggregate amount of dividends which can be paid to the parent company, with prior approval from bank regulatory agencies, approximated $375 million at January 1, 2015, plus 2015 net profits. Substantially all the assets of the Corporation’s banking subsidiaries are restricted from transfer to the parent company of the Corporation in the form of loans or advances. | ||||||||
The Corporation’s subsidiary banks declared dividends of $380 million, $480 million and $497 million in 2014, 2013 and 2012, respectively. | ||||||||
The Corporation and its U.S. banking subsidiaries are subject to various regulatory capital requirements administered by federal and state banking agencies. Quantitative measures established by regulation to ensure capital adequacy require the maintenance of minimum amounts and ratios of Tier 1 and total capital (as defined in the regulations) to average and risk-weighted assets. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s financial statements. At December 31, 2014 and 2013, the Corporation and its U.S. banking subsidiaries exceeded the ratios required for an institution to be considered “well capitalized” (total risk-based capital, Tier 1 risk-based capital and leverage ratios greater than 10 percent, 6 percent and 5 percent, respectively). There have been no conditions or events since December 31, 2014 that management believes have changed the capital adequacy classification of the Corporation or its U.S. banking subsidiaries. | ||||||||
The following is a summary of the capital position of the Corporation and Comerica Bank, its principal banking subsidiary. | ||||||||
(dollar amounts in millions) | Comerica | Comerica | ||||||
Incorporated | Bank | |||||||
(Consolidated) | ||||||||
December 31, 2014 | ||||||||
Tier 1 capital (minimum-$2.7 billion (Consolidated)) | 7,169 | 7,051 | ||||||
Total capital (minimum-$5.5 billion (Consolidated)) | 8,543 | 8,175 | ||||||
Risk-weighted assets | 68,273 | 68,037 | ||||||
Average assets (fourth quarter) | 69,284 | 69,092 | ||||||
Tier 1 capital to risk-weighted assets (minimum-4.0%) | 10.5 | % | 10.36 | % | ||||
Total capital to risk-weighted assets (minimum-8.0%) | 12.51 | 12.02 | ||||||
Tier 1 capital to average assets (minimum-3.0%) | 10.35 | 10.2 | ||||||
December 31, 2013 | ||||||||
Tier 1 capital (minimum-$2.6 billion (Consolidated)) | $ | 6,895 | $ | 6,803 | ||||
Total capital (minimum-$5.2 billion (Consolidated)) | 8,491 | 8,340 | ||||||
Risk-weighted assets | 64,825 | 64,629 | ||||||
Average assets (fourth quarter) | 64,017 | 63,836 | ||||||
Tier 1 capital to risk-weighted assets (minimum-4.0%) | 10.64 | % | 10.53 | % | ||||
Total capital to risk-weighted assets (minimum-8.0%) | 13.1 | 12.9 | ||||||
Tier 1 capital to average assets (minimum-3.0%) | 10.77 | 10.66 | ||||||
Contingent_Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | CONTINGENT LIABILITIES |
Legal Proceedings | |
As previously reported in the Corporation's Form 10-K for the year ended December 31, 2013 and updated in Forms 10-Q for the quarterly periods ended March 31, 2014, June 30, 2014 and September 30, 2014, Comerica Bank, a wholly owned subsidiary of the Corporation, was sued in November 2011 as a third-party defendant in Butte Local Development v. Masters Group v. Comerica Bank (“the case”), for lender liability. The case was tried in January 2014, in the Montana Second District Judicial Court for Silver Bow County in Butte, Montana ("the court"). On January 17, 2014, a jury awarded Masters $52 million against the Bank. 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. The Corporation increased its reserve related to the case to $54 million in March 2014, to include additional attorney's fees and costs awarded by the court. | |
The Corporation believes that it has meritorious defenses and appellate issues for this litigation and has appealed to the Montana Supreme Court, the sole appellate court for the state of Montana. The Montana Supreme Court heard oral arguments in September 2014 and will be rendering a written decision on the appeal. | |
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 $24 million for each of the years ended December 31, 2014 and 2013, and $31 million for the year ended December 31, 2012, were included in "other noninterest expenses" on the consolidated statements of income. | |
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 $36 million at December 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 18. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 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. From time to time, the Corporation may make reclassifications among the segments to more appropriately reflect management's current view of the segments, and 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 unit structure and methodologies in effect at December 31, 2014. | ||||||||||||||||||||||||
Net interest income for each business segment is the total of interest income generated by earning assets less interest expense on interest-bearing liabilities plus the net impact from associated internal funds transfer pricing (FTP) funding credits and charges. The FTP methodology provides the business segments credits for deposits and other funds provided and charges the business segments for loans and other assets utilizing funds. This credit or charge is based on matching stated or implied maturities for these assets and liabilities. The FTP credit provided for deposits reflects the long-term value of deposits generated based on their implied maturity. The FTP charge for funding assets reflects a matched cost of funds based on the pricing and term characteristics of the assets. For acquired loans and deposits, matched maturity funding is determined based on origination date. Accordingly, the FTP process reflects the transfer of interest rate risk exposures to the Treasury group within the Finance segment, where such exposures are centrally managed. The allowance for loan losses is allocated to the business segments based on the methodology used to estimate the consolidated allowance for loan losses described in Note 1. The related provision for loan losses is assigned based on the amount necessary to maintain an allowance for loan losses appropriate for each business segment. Noninterest income and expenses directly attributable to a line of business are assigned to that business segment. Direct expenses incurred by areas whose services support the overall Corporation are allocated to the business segments as follows: product processing expenditures are allocated based on standard unit costs applied to actual volume measurements; administrative expenses are allocated based on estimated time expended; and corporate overhead is assigned 50 percent based on the ratio of the business segment’s noninterest expenses to total noninterest expenses incurred by all business segments and 50 percent based on the ratio of the business segment’s attributed equity to total attributed equity of all business segments. Equity is attributed based on credit, operational and interest rate risks. Most of the equity attributed relates to credit risk, which is determined based on the credit score and expected remaining life of each loan, letter of credit and unused commitment recorded in the business segments. Operational risk is allocated based on loans and letters of credit, deposit balances, non-earning assets, trust assets under management, certain noninterest income items, and the nature and extent of expenses incurred by business units. Virtually all interest rate risk is assigned to Finance, as are the Corporation’s hedging activities. | ||||||||||||||||||||||||
In 2014, the Corporation enhanced the approach used to determine the standard reserve factors used in estimating the allowance for credit losses, which had the effect of capturing certain elements in the standard reserve component that had formerly been included in the qualitative assessment. The impact of the change was largely neutral to the total allowance for loan losses at June 30, 2014. However, because standard reserves are allocated to the segments at the loan level, while qualitative reserves are allocated at the portfolio level, the impact of the methodology change on the allowance of each segment reflected the characteristics of the individual loans within each segment's portfolio, causing segment reserves to increase or decrease accordingly. As a result, the current year provision for credit losses within each segment is not comparable to prior period amounts. | ||||||||||||||||||||||||
In 2013, the Corporation changed the method of assigning the allowance for loan losses to each business segment. In 2012, national probability of default and loss given default statistics were incorporated into the Corporation's allowance methodology. Each business segment was assigned an allowance for loan losses based on market-specific standard reserve factors applied to the loans in each segment, and the difference between the total allowance required on a national basis and the market-specific allowances was allocated based on the relative loan balances in each segment. Effective 2013, each segment was assigned an allowance for loan losses by applying national standard reserve factors to the loan balances in each segment by risk rating distribution. This change was retroactively applied to 2012. Also in 2013, the Corporation changed the method of allocating FDIC insurance expense to the segments as well as certain noninterest income and expense associated with commercial charge cards. The changes did not have a material impact on segment operating results. | ||||||||||||||||||||||||
The following discussion provides information about the activities of each business segment. A discussion of the financial results and the factors impacting 2014 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 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. | ||||||||||||||||||||||||
Business segment financial results are as follows: | ||||||||||||||||||||||||
(dollar amounts in millions) | Business | Retail | Wealth Management | Finance | Other | Total | ||||||||||||||||||
Year Ended December 31, 2014 | Bank | Bank | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 1,512 | $ | 596 | $ | 186 | $ | (662 | ) | $ | 27 | $ | 1,659 | |||||||||||
Provision for credit losses | 53 | (5 | ) | (20 | ) | — | (1 | ) | 27 | |||||||||||||||
Noninterest income | 376 | 167 | 259 | 60 | 6 | 868 | ||||||||||||||||||
Noninterest expenses | 590 | 702 | 322 | (21 | ) | 33 | 1,626 | |||||||||||||||||
Provision (benefit) for income taxes (FTE) | 429 | 23 | 52 | (224 | ) | 1 | 281 | |||||||||||||||||
Net income (loss) | $ | 816 | $ | 43 | $ | 91 | $ | (357 | ) | $ | — | $ | 593 | |||||||||||
Net credit-related charge-offs (recoveries) | $ | 15 | $ | 11 | $ | (1 | ) | $ | — | $ | — | $ | 25 | |||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 37,332 | $ | 6,092 | $ | 4,997 | $ | 11,361 | $ | 6,556 | $ | 66,338 | ||||||||||||
Loans | 36,353 | 5,424 | 4,811 | — | — | 46,588 | ||||||||||||||||||
Deposits | 28,554 | 21,710 | 4,034 | 233 | 253 | 54,784 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 2.18 | % | 0.2 | % | 1.83 | % | N/M | N/M | 0.89 | % | ||||||||||||||
Efficiency ratio (b) | 31.24 | 91.75 | 72.54 | N/M | N/M | 64.31 | ||||||||||||||||||
(dollar amounts in millions) | Business | Retail | Wealth Management | Finance | Other | Total | ||||||||||||||||||
Year Ended December 31, 2013 | Bank | Bank | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 1,503 | $ | 610 | $ | 184 | $ | (653 | ) | $ | 31 | $ | 1,675 | |||||||||||
Provision for credit losses | 54 | 13 | (18 | ) | — | (3 | ) | 46 | ||||||||||||||||
Noninterest income | 382 | 175 | 252 | 61 | 12 | 882 | ||||||||||||||||||
Noninterest expenses | 643 | 708 | 319 | 10 | 42 | 1,722 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 403 | 22 | 48 | (226 | ) | 1 | 248 | |||||||||||||||||
Net income (loss) | $ | 785 | $ | 42 | $ | 87 | $ | (376 | ) | $ | 3 | $ | 541 | |||||||||||
Net credit-related charge-offs | $ | 43 | $ | 22 | $ | 8 | $ | — | $ | — | $ | 73 | ||||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 35,529 | $ | 5,974 | $ | 4,807 | $ | 11,422 | $ | 6,201 | $ | 63,933 | ||||||||||||
Loans | 34,473 | 5,289 | 4,650 | — | — | 44,412 | ||||||||||||||||||
Deposits | 26,169 | 21,247 | 3,775 | 312 | 208 | 51,711 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 2.21 | % | 0.19 | % | 1.82 | % | N/M | N/M | 0.85 | % | ||||||||||||||
Efficiency ratio (b) | 34.13 | 89.95 | 73.14 | N/M | N/M | 67.32 | ||||||||||||||||||
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(dollar amounts in millions) | Business | Retail | Wealth Management | Finance | Other | Total | ||||||||||||||||||
Year Ended December 31, 2012 | Bank | Bank | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 1,517 | $ | 647 | $ | 187 | $ | (658 | ) | $ | 38 | $ | 1,731 | |||||||||||
Provision for credit losses | 34 | 24 | 19 | — | 2 | 79 | ||||||||||||||||||
Noninterest income | 371 | 173 | 258 | 60 | 8 | 870 | ||||||||||||||||||
Noninterest expenses | 602 | 723 | 320 | 12 | 100 | 1,757 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 426 | 23 | 39 | (228 | ) | (16 | ) | 244 | ||||||||||||||||
Net income (loss) | $ | 826 | $ | 50 | $ | 67 | $ | (382 | ) | $ | (40 | ) | $ | 521 | ||||||||||
Net credit-related charge-offs | $ | 107 | $ | 40 | $ | 23 | $ | — | $ | — | $ | 170 | ||||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 34,444 | $ | 6,008 | $ | 4,623 | $ | 11,881 | $ | 5,613 | $ | 62,569 | ||||||||||||
Loans | 33,470 | 5,308 | 4,528 | — | — | 43,306 | ||||||||||||||||||
Deposits | 24,837 | 20,623 | 3,680 | 206 | 187 | 49,533 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 2.4 | % | 0.23 | % | 1.45 | % | N/M | N/M | 0.83 | % | ||||||||||||||
Efficiency ratio (b) | 31.89 | 87.93 | 74.21 | N/M | N/M | 67.85 | ||||||||||||||||||
(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 December 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 | ||||||||||||||||||
Year Ended December 31, 2014 | Markets | & Other | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 718 | $ | 722 | $ | 542 | $ | 312 | $ | (635 | ) | $ | 1,659 | |||||||||||
Provision for credit losses | (32 | ) | 28 | 50 | (18 | ) | (1 | ) | 27 | |||||||||||||||
Noninterest income | 360 | 147 | 129 | 166 | 66 | 868 | ||||||||||||||||||
Noninterest expenses | 644 | 401 | 369 | 200 | 12 | 1,626 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 169 | 168 | 92 | 75 | (223 | ) | 281 | |||||||||||||||||
Net income (loss) | $ | 297 | $ | 272 | $ | 160 | $ | 221 | $ | (357 | ) | $ | 593 | |||||||||||
Net credit-related charge-offs (recoveries) | $ | 8 | $ | 22 | $ | 9 | $ | (14 | ) | $ | — | $ | 25 | |||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 13,749 | $ | 15,667 | $ | 11,645 | $ | 7,360 | $ | 17,917 | $ | 66,338 | ||||||||||||
Loans | 13,336 | 15,390 | 10,954 | 6,908 | — | 46,588 | ||||||||||||||||||
Deposits | 21,023 | 16,142 | 10,764 | 6,369 | 486 | 54,784 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 1.35 | % | 1.58 | % | 1.33 | % | 3 | % | N/M | 0.89 | % | |||||||||||||
Efficiency ratio (b) | 59.73 | 46.09 | 54.84 | 42.01 | N/M | 64.31 | ||||||||||||||||||
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(dollar amounts in millions) | Michigan | California | Texas | Other | Finance | Total | ||||||||||||||||||
Year Ended December 31, 2013 | Markets | & Other | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 751 | $ | 692 | $ | 541 | $ | 313 | $ | (622 | ) | $ | 1,675 | |||||||||||
Provision for credit losses | (12 | ) | 18 | 35 | 8 | (3 | ) | 46 | ||||||||||||||||
Noninterest income | 357 | 150 | 132 | 170 | 73 | 882 | ||||||||||||||||||
Noninterest expenses | 714 | 396 | 363 | 197 | 52 | 1,722 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 145 | 160 | 98 | 70 | (225 | ) | 248 | |||||||||||||||||
Net income (loss) | $ | 261 | $ | 268 | $ | 177 | $ | 208 | $ | (373 | ) | $ | 541 | |||||||||||
Net credit-related charge-offs | $ | 6 | $ | 27 | $ | 20 | $ | 20 | $ | — | $ | 73 | ||||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 13,879 | $ | 14,233 | $ | 10,694 | $ | 7,504 | $ | 17,623 | $ | 63,933 | ||||||||||||
Loans | 13,461 | 13,978 | 9,989 | 6,984 | — | 44,412 | ||||||||||||||||||
Deposits | 20,346 | 14,705 | 10,247 | 5,893 | 520 | 51,711 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 1.22 | % | 1.72 | % | 1.54 | % | 2.77 | % | N/M | 0.85 | % | |||||||||||||
Efficiency ratio (b) | 64.38 | 47.07 | 53.86 | 40.72 | N/M | 67.32 | ||||||||||||||||||
(dollar amounts in millions) | Michigan | California | Texas | Other | Finance | Total | ||||||||||||||||||
Year Ended December 31, 2012 | Markets | & Other | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 777 | $ | 692 | $ | 564 | $ | 318 | $ | (620 | ) | $ | 1,731 | |||||||||||
Provision for credit losses | (30 | ) | 24 | 49 | 34 | 2 | 79 | |||||||||||||||||
Noninterest income | 385 | 136 | 124 | 157 | 68 | 870 | ||||||||||||||||||
Noninterest expenses | 707 | 395 | 360 | 183 | 112 | 1,757 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 170 | 156 | 98 | 64 | (244 | ) | 244 | |||||||||||||||||
Net income (loss) | $ | 315 | $ | 253 | $ | 181 | $ | 194 | $ | (422 | ) | $ | 521 | |||||||||||
Net credit-related charge-offs | $ | 41 | $ | 47 | $ | 22 | $ | 60 | $ | — | $ | 170 | ||||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 13,921 | $ | 12,988 | $ | 10,307 | $ | 7,859 | $ | 17,494 | $ | 62,569 | ||||||||||||
Loans | 13,618 | 12,747 | 9,552 | 7,389 | — | 43,306 | ||||||||||||||||||
Deposits | 19,573 | 14,568 | 10,040 | 4,959 | 393 | 49,533 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 1.53 | % | 1.63 | % | 1.6 | % | 2.47 | % | N/M | 0.83 | % | |||||||||||||
Efficiency ratio (b) | 60.75 | 47.67 | 52.28 | 39.76 | N/M | 67.85 | ||||||||||||||||||
(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 |
Parent_Company_FInancial_State
Parent Company FInancial Statements | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Parent Company Financial Statments | PARENT COMPANY FINANCIAL STATEMENTS | |||||||||||
BALANCE SHEETS - COMERICA INCORPORATED | ||||||||||||
(in millions, except share data) | ||||||||||||
31-Dec | 2014 | 2013 | ||||||||||
Assets | ||||||||||||
Cash and due from subsidiary bank | $ | — | $ | 31 | ||||||||
Short-term investments with subsidiary bank | 1,133 | 482 | ||||||||||
Other short-term investments | 94 | 96 | ||||||||||
Investment in subsidiaries, principally banks | 7,411 | 7,171 | ||||||||||
Premises and equipment | 2 | 4 | ||||||||||
Other assets | 142 | 139 | ||||||||||
Total assets | $ | 8,782 | $ | 7,923 | ||||||||
Liabilities and Shareholders’ Equity | ||||||||||||
Medium- and long-term debt | $ | 1,212 | $ | 617 | ||||||||
Other liabilities | 168 | 156 | ||||||||||
Total liabilities | 1,380 | 773 | ||||||||||
Common stock - $5 par value: | ||||||||||||
Authorized - 325,000,000 shares | ||||||||||||
Issued - 228,164,824 shares | 1,141 | 1,141 | ||||||||||
Capital surplus | 2,188 | 2,179 | ||||||||||
Accumulated other comprehensive loss | (412 | ) | (391 | ) | ||||||||
Retained earnings | 6,744 | 6,318 | ||||||||||
Less cost of common stock in treasury - 49,146,225 shares at 12/31/14 and 45,860,786 shares at 12/31/13 | (2,259 | ) | (2,097 | ) | ||||||||
Total shareholders’ equity | 7,402 | 7,150 | ||||||||||
Total liabilities and shareholders’ equity | $ | 8,782 | $ | 7,923 | ||||||||
STATEMENTS OF INCOME - COMERICA INCORPORATED | ||||||||||||
(in millions) | ||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||
Income | ||||||||||||
Income from subsidiaries: | ||||||||||||
Dividends from subsidiaries | $ | 384 | $ | 490 | $ | 505 | ||||||
Other interest income | 1 | 1 | 1 | |||||||||
Intercompany management fees | 118 | 110 | 108 | |||||||||
Other noninterest income | 7 | 14 | 7 | |||||||||
Total income | 510 | 615 | 621 | |||||||||
Expenses | ||||||||||||
Interest on medium- and long-term debt | 14 | 11 | 11 | |||||||||
Salaries and benefits expense | 114 | 118 | 114 | |||||||||
Net occupancy expense | 5 | 4 | 7 | |||||||||
Equipment expense | 1 | 1 | 1 | |||||||||
Merger and restructuring charges | — | — | 35 | |||||||||
Other noninterest expenses | 70 | 78 | 54 | |||||||||
Total expenses | 204 | 212 | 222 | |||||||||
Income before benefit for income taxes and equity in undistributed earnings of subsidiaries | 306 | 403 | 399 | |||||||||
Benefit for income taxes | (27 | ) | (30 | ) | (37 | ) | ||||||
Income before equity in undistributed earnings of subsidiaries | 333 | 433 | 436 | |||||||||
Equity in undistributed earnings of subsidiaries, principally banks | 260 | 108 | 85 | |||||||||
Net income | 593 | 541 | 521 | |||||||||
Less income allocated to participating securities | 7 | 8 | 6 | |||||||||
Net income attributable to common shares | $ | 586 | $ | 533 | $ | 515 | ||||||
STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED | ||||||||||||
(in millions) | ||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||
Operating Activities | ||||||||||||
Net income | $ | 593 | $ | 541 | $ | 521 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Undistributed earnings of subsidiaries, principally banks | (260 | ) | (108 | ) | (85 | ) | ||||||
Depreciation and amortization | 1 | 1 | 1 | |||||||||
Net periodic defined benefit cost | 4 | 8 | 7 | |||||||||
Share-based compensation expense | 16 | 14 | 15 | |||||||||
Provision for deferred income taxes | — | 3 | 2 | |||||||||
Excess tax benefits from share-based compensation arrangements | (7 | ) | (3 | ) | (1 | ) | ||||||
Other, net | 16 | 2 | (8 | ) | ||||||||
Net cash provided by operating activities | 363 | 458 | 452 | |||||||||
Investing Activities | ||||||||||||
Capital transactions with subsidiaries | — | — | (5 | ) | ||||||||
Net change in premises and equipment | 2 | — | (1 | ) | ||||||||
Net cash provided by (used in) investing activities | 2 | — | (6 | ) | ||||||||
Financing Activities | ||||||||||||
Medium- and long-term debt: | ||||||||||||
Maturities and redemptions | — | — | (30 | ) | ||||||||
Issuances | 596 | — | — | |||||||||
Common Stock: | ||||||||||||
Repurchases | (260 | ) | (291 | ) | (308 | ) | ||||||
Cash dividends paid | (137 | ) | (123 | ) | (97 | ) | ||||||
Issuances of common stock under employee stock plans | 49 | 33 | 3 | |||||||||
Excess tax benefits from share-based compensation arrangements | 7 | 3 | 1 | |||||||||
Net cash provided by (used in) financing activities | 255 | (378 | ) | (431 | ) | |||||||
Net increase in cash and cash equivalents | 620 | 80 | 15 | |||||||||
Cash and cash equivalents at beginning of period | 513 | 433 | 418 | |||||||||
Cash and cash equivalents at end of period | $ | 1,133 | $ | 513 | $ | 433 | ||||||
Interest paid | $ | 12 | $ | 11 | $ | 12 | ||||||
Income taxes recovered | $ | (33 | ) | $ | (27 | ) | $ | (46 | ) |
Summary_of_Quarterly_Financial
Summary of Quarterly Financial Statements (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Summary of Quarterly Financial Statements (Unaudited) | SUMMARY OF QUARTERLY FINANCIAL STATEMENTS (UNAUDITED) | |||||||||||||||
The following quarterly information is unaudited. However, in the opinion of management, the information reflects all adjustments, which are necessary for the fair presentation of the results of operations, for the periods presented. | ||||||||||||||||
2014 | ||||||||||||||||
(in millions, except per share data) | Fourth | Third | Second | First | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Interest income | $ | 438 | $ | 436 | $ | 441 | $ | 435 | ||||||||
Interest expense | 23 | 22 | 25 | 25 | ||||||||||||
Net interest income | 415 | 414 | 416 | 410 | ||||||||||||
Provision for credit losses | 2 | 5 | 11 | 9 | ||||||||||||
Net securities (losses) gains | — | (1 | ) | — | 1 | |||||||||||
Noninterest income excluding net securities (losses) gains | 225 | 216 | 220 | 207 | ||||||||||||
Noninterest expenses | 419 | 397 | 404 | 406 | ||||||||||||
Provision for income taxes | 70 | 73 | 70 | 64 | ||||||||||||
Net income | 149 | 154 | 151 | 139 | ||||||||||||
Less income allocated to participating securities | 1 | 2 | 2 | 2 | ||||||||||||
Net income attributable to common shares | $ | 148 | $ | 152 | $ | 149 | $ | 137 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.83 | $ | 0.85 | $ | 0.83 | $ | 0.76 | ||||||||
Diluted | 0.8 | 0.82 | 0.8 | 0.73 | ||||||||||||
Comprehensive income | 54 | 141 | 172 | 205 | ||||||||||||
2013 | ||||||||||||||||
(in millions, except per share data) | Fourth | Third | Second | First | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Interest income | $ | 456 | $ | 439 | $ | 443 | $ | 446 | ||||||||
Interest expense | 26 | 27 | 29 | 30 | ||||||||||||
Net interest income | 430 | 412 | 414 | 416 | ||||||||||||
Provision for credit losses | 9 | 8 | 13 | 16 | ||||||||||||
Net securities gains (losses) | — | 1 | (2 | ) | — | |||||||||||
Noninterest income excluding net securities gains (losses) | 219 | 227 | 224 | 213 | ||||||||||||
Noninterest expenses | 473 | 417 | 416 | 416 | ||||||||||||
Provision for income taxes | 50 | 68 | 64 | 63 | ||||||||||||
Net income | 117 | 147 | 143 | 134 | ||||||||||||
Less income allocated to participating securities | 2 | 2 | 2 | 2 | ||||||||||||
Net income attributable to common shares | $ | 115 | $ | 145 | $ | 141 | $ | 132 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.64 | $ | 0.8 | $ | 0.77 | $ | 0.71 | ||||||||
Diluted | 0.62 | 0.78 | 0.76 | 0.7 | ||||||||||||
Comprehensive income | 267 | 144 | 15 | 137 | ||||||||||||
Basis_of_Presentation_and_Acco1
Basis of Presentation and Accounting Policies Basis of Presentation and Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Principles of Consolidation [Policy Text Block] | Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Corporation and the accounts of those subsidiaries that are majority owned and in which the Corporation has a controlling financial interest. The Corporation consolidates entities not determined to be variable interest entities (VIEs) when it holds a controlling financial interest in the entity's outstanding voting stock and uses the cost or equity method when it holds less than a controlling financial interest. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies acquired are included from the date of acquisition. Certain amounts in the financial statements for prior years have been reclassified to conform to current financial statement presentation. | ||||
The Corporation holds investments in certain legal entities that are considered VIEs. In general, a VIE is an entity that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. If any of these characteristics are present, the entity is subject to a variable interests consolidation model, and consolidation is based on variable interests, not on ownership of the entity’s outstanding voting stock. Variable interests are defined as contractual ownership or other money interests in an entity that change with fluctuations in the entity’s net asset value. The primary beneficiary is required to consolidate the VIE. The primary beneficiary is defined as the party that has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding book basis and unfunded commitments for future investments. | ||||
The Corporation evaluates its investments in VIEs, both at inception and when there is a change in circumstances that requires reconsideration, to determine if the Corporation is the primary beneficiary and consolidation is required. The Corporation accounts for unconsolidated VIEs using either the proportional, cost or equity method. These investments are included in "accrued income and other assets" on the consolidated balance sheets. | ||||
The proportional method is used for investments in affordable housing projects that qualify for the low-income housing tax credit (LIHTC). The equity method is used for other investments where the Corporation has the ability to exercise significant influence over the entity’s operation and financial policies, which is generally presumed to exist if the Corporation owns more than a 20 percent voting interest in the entity. Other unconsolidated equity investments that do not meet the criteria to be accounted for under the equity method are accounted for under the cost method. Amortization and other write-downs of LIHTC investments are presented on a net basis as a component of the "provision for income taxes," while income, amortization and write-downs from cost and equity method investments are recorded in “other noninterest income” on the consolidated statements of income. | ||||
Assets held in an agency or fiduciary capacity are not assets of the Corporation and are not included in the consolidated financial statements. | ||||
Fair Value Measurements [Policy Text Block] | 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. Fair value is based on the assumptions market participants would use when pricing an asset or liability. | ||||
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. | ||||
Fair value measurements and disclosures guidance establishes a three-level fair value hierarchy based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. Fair value measurements are separately disclosed by level within the fair value hierarchy. For assets and liabilities recorded at fair value, it is the Corporation’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. | ||||
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 and investment securities, 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. | ||||
Fair value measurements for assets and liabilities where limited or no observable market data exists are based primarily upon estimates, often calculated based on the economic and competitive environment, the characteristics of the asset or liability and other factors. Therefore, the results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. | ||||
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, 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 | ||||
Investment securities available-for-sale are recorded at fair value on a recurring basis. The Corporation discloses estimated fair values of investment securities held-to-maturity, which is determined in the same manner as investment securities available-for-sale. 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 is 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 $4 million at December 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 December 31, 2014, the fair value of the contract was a liability of $1 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 $11 million and $5 million, respectively, at December 31, 2014. These funds generally cannot be redeemed and the majority is 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 15 years. Recently issued federal regulations will 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. 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. | ||||
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 $7 million and $48 million at December 31, 2014 and 2013, respectively, and its investment in FRB stock totaled $85 million at both December 31, 2014 and 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. | ||||
Other Short-Term Investments [Policy Text Block] | Other Short-Term Investments | |||
Other short-term investments include trading securities and loans held-for-sale. | ||||
Trading securities are carried at fair value. Realized and unrealized gains or losses on trading securities are included in “other noninterest income” on the consolidated statements of income. | ||||
Loans held-for-sale, typically residential mortgages originated with the intent to sell, are carried at the lower of cost or fair value. Fair value is determined in the aggregate for each portfolio. Changes in fair value are included in “other noninterest income” on the consolidated statements of income. | ||||
Investment Securities [Policy Text Block] | Investment Securities | |||
Securities not held for trading purposes are classified as available-for-sale or held-to-maturity. Only those debt securities for which management has the intent and ability to hold to maturity are classified as held-to-maturity and recorded at amortized cost. Securities available-for-sale are recorded at fair value, with unrealized gains and losses, net of income taxes, reported as a separate component of other comprehensive income (loss) (OCI). | ||||
Securities transferred from available-for-sale to held-to-maturity are reclassified at fair value on the date of transfer. The net unrealized gain (loss) at the date of transfer is included in historical cost and amortized over the remaining life of the related securities as a yield adjustment consistent with the amortization of the net unrealized gain (loss) included in accumulated other comprehensive loss on the same securities, resulting in no impact to net income. | ||||
Investment securities are reviewed quarterly for possible other-than-temporary impairment (OTTI). In determining whether OTTI exists for debt securities in an unrealized loss position, the Corporation assesses the likelihood of selling the security prior to the recovery of its amortized cost basis. If the Corporation intends to sell the debt security or it is more likely than not that the Corporation will be required to sell the debt security prior to the recovery of its amortized cost basis, the debt security is written down to fair value, and the full amount of any impairment charge is recorded as a loss in “net securities gains” in the consolidated statements of income. If the Corporation does not intend to sell the debt security and it is more likely than not that the Corporation will not be required to sell the debt security prior to recovery of its amortized cost basis, only the credit component of any impairment of a debt security is recognized as a loss in “net securities gains” on the consolidated statements of income, with the remaining impairment recorded in OCI. | ||||
The OTTI review for equity securities includes an analysis of the facts and circumstances of each individual investment and focuses on the severity of loss, the length of time the fair value has been below cost, the expectation for that security’s performance, the financial condition and near-term prospects of the issuer, and management’s intent and ability to hold the security to recovery. A decline in value of an equity security that is considered to be other-than-temporary is recorded as a loss in “net securities (losses) gains” on the consolidated statements of income. | ||||
Gains or losses on the sale of securities are computed based on the adjusted cost of the specific security sold. | ||||
For further information on investment securities, refer to Note 3. | ||||
Loans [Policy Text Block] | Loans | |||
Loans and leases originated and held for investment are recorded at the principal balance outstanding, net of unearned income, charge-offs and unamortized deferred fees and costs. Interest income is recognized on loans and leases using the interest method. | ||||
Acquired Loans, Impaired [Policy Text Block] | Loans and leases acquired in business combinations are initially recorded at fair value with no carryover of any existing allowance for loan losses. Acquired loans with evidence of credit quality deterioration at acquisition are reviewed to determine if it is probable that the Corporation will not be able to collect all contractual amounts due, including both principal and interest. When both conditions exist, such loans are accounted for as purchased credit-impaired (PCI) loans. The Corporation generally aggregates PCI loans into pools of loans based on common risk characteristics. | |||
The Corporation estimates the total cash flows expected to be collected from the pools of acquired PCI loans, which include undiscounted expected principal and interest, using credit risk, interest rate and prepayment risk models that incorporate management's best estimate of current key assumptions such as default rates, loss severity and payment speeds. The excess of the undiscounted total cash flows expected to be collected over the fair value of the related PCI loans represents the accretable yield, which is recognized as interest income on a level-yield basis over the life of the related loan pools. The difference between the undiscounted contractual principal and interest and the undiscounted total cash flows expected to be collected is the nonaccretable difference, which reflects the impact of estimated credit losses and other factors. Subsequent increases in expected cash flows will result in a recovery of any previously recorded allowance for loan losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield, which is recognized prospectively over the then remaining lives of the loan pools. Subsequent decreases in expected cash flows will result in an impairment charge to the provision for loan losses, resulting in an addition to the allowance for loan losses, and a reclassification from accretable yield to nonaccretable difference. A loan disposal, which may include a loan sale, receipt of payment in full from the borrower or foreclosure, results in removal of the loan from the acquired PCI loan pool at its allocated carrying amount. Refinanced or restructured loans remain within the acquired PCI loan pools. | ||||
Acquired Loans, Not Impaired [Policy Text Block] | For acquired loans not deemed credit-impaired at acquisition, the difference between the initial fair value and the unpaid principal balance is recognized as interest income on a level-yield basis over the lives of the related loans. | |||
Loans, Troubled Debt Restructuring [Policy Text Block] | The Corporation assesses all loan modifications to determine whether a restructuring constitutes a troubled debt restructuring (TDR). A restructuring is considered a TDR when a borrower is experiencing financial difficulty and the Corporation grants a concession to the borrower. TDRs on accrual status at the original contractual rate of interest are considered performing. Nonperforming TDRs include TDRs on nonaccrual status and loans which have been renegotiated to less than the original contractual rates (reduced-rate loans). All TDRs are considered impaired loans. | |||
Loans, Origination Fees and Costs [Policy Text Block] | Loan Origination Fees and Costs | |||
Substantially all loan origination fees and costs are deferred and amortized to net interest income of over the life of the related loan or over the commitment period as a yield adjustment. Net deferred income on originated loans, including unearned income and unamortized costs, fees, premiums and discounts, totaled $267 million and $287 million at December 31, 2014 and 2013, respectively. | ||||
Loan fees on unused commitments and net origination fees related to loans sold are recognized in noninterest income. | ||||
Allowance For Credit Losses [Policy Text Block] | Allowance for Credit Losses | |||
The allowance for credit losses includes both the allowance for loan losses and the allowance for credit losses on lending-related commitments. | ||||
The Corporation disaggregates the loan portfolio into segments for purposes of determining the allowance for credit losses. These segments are based on the level at which the Corporation develops, documents and applies a systematic methodology to determine the allowance for credit losses. The Corporation's portfolio segments are business loans and retail loans. Business loans are defined as those belonging to the commercial, real estate construction, commercial mortgage, lease financing and international loan portfolios. Retail loans consist of traditional residential mortgage, home equity and other consumer loans. | ||||
For further information on the Allowance for Credit Losses, refer to Note 4. | ||||
Allowance for Loan Losses | ||||
The allowance for loan losses represents management’s assessment of probable, estimable losses inherent in the Corporation’s loan portfolio. The allowance for loan losses includes specific allowances, based on individual evaluations of certain loans, and allowances for homogeneous pools of loans with similar risk characteristics. | ||||
The Corporation individually evaluates certain impaired loans on a quarterly basis and establishes specific allowances for such loans, if required. A loan is considered impaired when it is probable that interest or principal payments will not be made in accordance with the contractual terms of the loan agreement. Consistent with this definition, all loans for which the accrual of interest has been discontinued (nonaccrual loans) are considered impaired. The Corporation individually evaluates nonaccrual loans with book balances of $2 million or more and accruing loans whose terms have been modified in a TDR. The threshold for individual evaluation is revised on an infrequent basis, generally when economic circumstances change significantly. Specific allowances for impaired loans are estimated using one of several methods, including the estimated fair value of underlying collateral, observable market value of similar debt or discounted expected future cash flows. Collateral values supporting individually evaluated impaired loans are evaluated quarterly. Either appraisals are obtained or appraisal assumptions are updated at least annually unless conditions dictate increased frequency. The Corporation may reduce the collateral value based upon the age of the appraisal and adverse developments in market conditions. | ||||
Loans which do not meet the criteria to be evaluated individually are evaluated in homogeneous pools of loans with similar risk characteristics. Business loans are assigned to pools based on the Corporation's internal risk rating system. Internal risk ratings are assigned to each business loan at the time of approval and are subjected to subsequent periodic reviews by the Corporation’s senior management, generally at least annually or more frequently upon the occurrence of a circumstance that affects the credit risk of the loan. For business loans not individually evaluated, losses inherent to the pool are estimated by applying standard reserve factors to outstanding principal balances. Standard reserve factors are based on estimated probabilities of default for each internal risk rating, set to a default horizon based on an estimated loss emergence period, and loss given default. These factors are evaluated quarterly and updated annually, unless economic conditions necessitate a change, giving consideration to count-based borrower risk rating migration experience and trends, recent charge-off experience, current economic conditions and trends, changes in collateral values of properties securing loans, and trends with respect to past due and nonaccrual amounts. | ||||
The allowance for business loans not individually evaluated also includes qualitative adjustments to bring the allowance to the level management believes is appropriate based on factors that have not otherwise been fully accounted for, including adjustments for (i) risk factors that have not been fully addressed in internal risk ratings, (ii) imprecision in the risk rating system resulting from inaccuracy in assigning and/or entering risk ratings in the loan accounting system, (iii) market conditions and (iv) model imprecision. Risk factors that have not been fully addressed in internal risk ratings may include portfolios where recent historical losses exceed expected losses or known recent events are expected to alter risk ratings once evidence is acquired, portfolios where a certain level of concentration introduces added risk, or changes in the level and quality of experience held by lending management. An additional allowance for risk rating errors is calculated based on the results of risk rating accuracy assessments performed on samples of business loans conducted by the Corporation's asset quality review function, a function independent of the lending and credit groups responsible for assigning the initial internal risk rating at the time of approval. Qualitative adjustments for market conditions are determined based on an established framework. The determination of the appropriate adjustment is based on management's analysis of observable macroeconomic metrics, including consideration of regional metrics within the Corporation's footprint, internal credit risk movement and a qualitative assessment of the lending environment, including underwriting standards, current economic and political conditions, and other factors affecting credit quality. Management recognizes the sensitivity of various assumptions made in the quantitative modeling of expected losses and may adjust reserves depending upon the level of uncertainty that currently exists in one or more assumption. | ||||
In the second quarter 2014, the Corporation enhanced the approach used to determine the standard reserve factors used in estimating the allowance for credit losses, which had the effect of capturing certain elements in the standard reserve component that had formerly been included in the qualitative assessment. The impact of the change was largely neutral to the total allowance for loan losses at June 30, 2014. However, because standard reserves are allocated to the segments at the loan level, while qualitative reserves are allocated at the portfolio level, the impact of the methodology change on the allowance of each segment reflected the characteristics of the individual loans within each segment's portfolio, causing segment reserves to increase or decrease accordingly. | ||||
In the first quarter 2013, the Corporation enhanced the approach utilized for determining standard reserve factors by changing from a dollar-based migration method for developing probability of default statistics to a count-based method. Under the dollar-based method, each dollar that moved to default received equal weight in the determination of standard reserve factors for each internal risk rating. As a result, the movement of larger loans impacted standard reserve factors more than the movement of smaller loans. By moving to a count-based approach, where each loan that moves to default receives equal weighting, unusually large or small loans will not have a disproportionate influence on the standard reserve factors. The change resulted in a $40 million increase to the allowance for loan losses at March 31, 2013. | ||||
The allowance for retail loans not individually evaluated is determined by applying estimated loss rates to various pools of loans within the portfolios with similar risk characteristics. Estimated loss rates for all pools are updated quarterly, incorporating factors such as recent charge-off experience, current economic conditions and trends, changes in collateral values of properties securing loans (using index-based estimates), and trends with respect to past due and nonaccrual amounts. | ||||
Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of credit losses expected to be realized over the remaining lives of the loans, and therefore no corresponding allowance for loan losses is recorded for these loans at acquisition. Methods utilized to estimate any subsequently required allowance for loan losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans; however, the estimate of loss is based on the unpaid principal balance less any remaining purchase discount. | ||||
The total allowance for loan losses is sufficient to absorb incurred losses inherent in the total portfolio. Unanticipated economic events, including political, economic and regulatory instability in countries where the Corporation has loans, could cause changes in the credit characteristics of the portfolio and result in an unanticipated increase in the allowance. Significant increases in current portfolio exposures, as well as the inclusion of additional industry-specific portfolio exposures in the allowance, could also increase the amount of the allowance. Any of these events, or some combination thereof, may result in the need for additional provision for credit losses in order to maintain an allowance that complies with credit risk and accounting policies. | ||||
Loans deemed uncollectible are charged off and deducted from the allowance. The provision for loan losses and recoveries on loans previously charged off are added to the allowance. | ||||
Allowance for Credit Losses on Lending-Related Commitments | ||||
The allowance for credit losses on lending-related commitments provides for probable losses inherent in lending-related commitments, including unused commitments to extend credit and letters of credit. The allowance for credit losses on lending-related commitments includes allowances based on homogeneous pools of letters of credit and unused commitments to extend credit within each internal risk rating. A probability of draw estimate is applied to the commitment amount, and the result is multiplied by standard reserve factors consistent with business loans. In general, the probability of draw for letters of credit is considered certain for all letters of credit supporting loans and for letters of credit assigned an internal risk rating generally consistent with regulatory defined substandard or doubtful. Other letters of credit and all unfunded commitments have a lower probability of draw. The allowance for credit losses on lending-related commitments is included in “accrued expenses and other liabilities” on the consolidated balance sheets, with the corresponding charge reflected in the “provision for credit losses” on the consolidated statements of income. | ||||
Nonperforming Loans [Policy Text Block] | Nonperforming Assets | |||
Nonperforming assets consist of nonaccrual loans, including loans held-for-sale, reduced-rate loans and foreclosed property. | ||||
A loan is considered past due when the contractually required principal or interest payment is not received by the specified due date or, for certain loans, when a scheduled monthly payment is past due and unpaid for 30 days or more. Business loans are generally placed on nonaccrual status when management determines full collection of principal or interest is unlikely or when principal or interest payments are 90 days past due, unless the loan is fully collateralized and in the process of collection. Business loans typically require individual evaluation and management judgment to determine the timing and amount of principal charge-offs. The past-due status of a business loan is one of many indicative factors considered in determining the collectibility of the credit. The primary driver of when the principal amount of a business loan should be fully or partially charged-off is based on a qualitative assessment of the recoverability of the principal amount from collateral and other cash flow sources. Residential mortgage and home equity loans are generally placed on nonaccrual status once they become 90 days past due and are charged off to current appraised values less costs to sell no later than 180 days past due. In addition, junior lien home equity loans less than 90 days past due are placed on nonaccrual status if they have underlying risk characteristics that place full collection of the loan in doubt, such as when the related senior lien position is seriously delinquent. Residential mortgage and consumer loans in bankruptcy for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt are placed on nonaccrual status and written down to estimated collateral value, without regard to the actual payment status of the loan, and are classified as TDRs. All other consumer loans are generally not placed on nonaccrual status and are charged off at no later than 120 days past due, earlier if deemed uncollectible. | ||||
At the time a loan is placed on nonaccrual status, interest previously accrued but not collected is charged against current income. Income on such loans is then recognized only to the extent that cash is received and future collection of principal is probable. Generally, a loan may be returned to accrual status when all delinquent principal and interest have been received and the Corporation expects repayment of the remaining contractual principal and interest, or when the loan or debt security is both well secured and in the process of collection. | ||||
PCI loans are recorded at fair value at acquisition date. Although the PCI loans may be contractually delinquent, the Corporation does not classify these loans as past due or nonperforming as the loans were written down to fair value at the acquisition date and the accretable yield is recognized in interest income over the remaining life of the loan. | ||||
Foreclosed Assets [Policy Text Block] | Foreclosed property (primarily real estate) is initially recorded at fair value, less costs to sell, at the date of foreclosure and subsequently carried at the lower of cost or fair value, less estimated costs to sell. Independent appraisals are obtained to substantiate the fair value of foreclosed property at the time of foreclosure and updated at least annually or upon evidence of deterioration in the property’s value. At the time of foreclosure, any excess of the related loan balance over fair value (less estimated costs to sell) of the property acquired is charged to the allowance for loan losses. Subsequent write-downs, operating expenses and losses upon sale, if any, are charged to noninterest expenses. Foreclosed property is included in “accrued income and other assets” on the consolidated balance sheets. | |||
Premises and Equipment [Policy Text Block] | Premises and Equipment | |||
Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation, computed on the straight-line method, is charged to operations over the estimated useful lives of the assets. Estimated useful lives are generally 3 years to 33 years for premises that the Corporation owns and 3 years to 8 years for furniture and equipment. Leasehold improvements are generally amortized over the terms of their respective leases or 10 years, whichever is shorter. | ||||
Software [Policy Text Block] | Software | |||
Capitalized software is stated at cost, less accumulated amortization. Capitalized software includes purchased software and capitalizable application development costs associated with internally-developed software. Amortization, computed on the straight-line method, is charged to operations over 5 years, the estimated useful life of the software. Capitalized software is included in “accrued income and other assets” on the consolidated balance sheets. | ||||
Goodwill [Policy Text Block] | Goodwill and Core Deposit Intangibles | |||
Goodwill, included in "accrued income and other assets" on the consolidated balance sheets, is initially recorded as the excess of the purchase price over the fair value of net assets acquired in a business combination and is subsequently evaluated at least annually for impairment. Goodwill impairment testing is performed at the reporting unit level, equivalent to a business segment or one level below. The Corporation has three reporting units: the Business Bank, the Retail Bank and Wealth Management. | ||||
The Corporation performs its annual evaluation of goodwill impairment in the third quarter of each year and on an interim basis if events or changes in circumstances between annual tests suggest additional testing may be warranted to determine if goodwill might be impaired. The goodwill impairment test is a two-step test. The first step of the goodwill impairment test compares the estimated fair value of identified reporting units with their carrying amount, including goodwill. If the estimated fair value of the reporting unit is less than the carrying value, the second step must be performed to determine the implied fair value of the reporting unit's goodwill and the amount of goodwill impairment, if any. The implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. If the implied fair value of goodwill exceeds the goodwill assigned to the reporting unit, there is no impairment. If the goodwill assigned to a reporting unit exceeds the implied fair value of goodwill, an impairment charge would be recorded for the excess. | ||||
In performing the annual impairment test, the carrying value of each reporting unit is the greater of economic or regulatory capital. The Corporation assigns economic capital using internal management methodologies on the basis of each reporting unit's credit, operational and interest rate risks, as well as goodwill. To determine regulatory capital, each reporting unit is assigned sufficient capital such that their respective Tier 1 ratio, based on allocated risk-weighted assets, is the same as that of the Corporation. Using this two-pronged approach, the Corporation's equity is fully allocated to its reporting units except for capital held primarily for the risk associated with the securities portfolio which is assigned to the Finance segment of the Corporation. | ||||
The estimated fair values of the reporting units are determined using a blend of two commonly used valuation techniques: the market approach and the income approach. For the market approach, valuations of reporting units consider a combination of earnings, equity and other multiples from companies with characteristics similar to the reporting unit. Since the fair values determined under the market approach are representative of noncontrolling interests, the valuations accordingly incorporate a control premium. For the income approach, estimated future cash flows and terminal value are discounted. Estimated future cash flows are derived from internal forecasts and economic expectations for each reporting unit which incorporate uncertainty factors inherent to long-term projections. The applicable discount rate is based on the imputed cost of equity capital appropriate for each reporting unit, which incorporates the risk-free rate of return, the level of non-diversified risk associated with companies with characteristics similar to the reporting unit, an entity-specific risk premium and a market equity risk premium. Determining the fair value of reporting units is a subjective process involving the use of estimates and judgments related to the selection of inputs such as future cash flows, discount rates, comparable public company multiples, applicable control premiums and economic expectations used in determining the interest rate environment. | ||||
The Corporation may choose to perform a qualitative assessment to determine whether the first step of the impairment test should be performed in future periods if certain factors indicate that impairment is unlikely. Factors which could be considered in the assessment of the likelihood of impairment include macroeconomic conditions, industry and market considerations, stock performance of the Corporation and its peers, financial performance, events affecting the Corporation as a whole or its reporting units individually and previous results of goodwill impairment tests. | ||||
Core Deposit Intangibles [Policy Text Block] | Core deposit intangibles are amortized on an accelerated basis, based on the estimated period the economic benefits are expected to be received. Core deposit intangibles are reviewed for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment for a finite-lived intangible asset exists if the sum of the undiscounted cash flows expected to result from the use of the asset exceeds its carrying value. | |||
Nonmarketable Equity Securities [Policy Text Block] | Nonmarketable Equity Securities | |||
The Corporation has certain investments that are not readily marketable. These investments include a portfolio of investments in indirect private equity and venture capital funds and restricted equity investments, which are securities the Corporation is required to hold for various reasons, primarily Federal Home Loan Bank of Dallas (FHLB) and Federal Reserve Bank (FRB) stock. These investments are accounted for on the cost or equity method and are included in “accrued income and other assets” on the consolidated balance sheets. The investments are individually reviewed for impairment on a quarterly basis. Indirect private equity and venture capital funds are evaluated by comparing the carrying value to the estimated fair value. The amount by which the carrying value exceeds the fair value that is determined to be other-than-temporary impairment is charged to current earnings and the carrying value of the investment is written down accordingly. FHLB and FRB stock are recorded at cost (par value) and evaluated for impairment based on the ultimate recoverability of the par value. If the Corporation does not expect to recover the full par value, the amount by which the par value exceeds the ultimately recoverable value would be charged to current earnings and the carrying value of the investment would be written down accordingly. | ||||
Derivative Instruments and Hedging Activities [Policy Text Block] | Derivative Instruments and Hedging Activities | |||
Derivative instruments are carried at fair value in either “accrued income and other assets” or “accrued expenses and other liabilities” on the consolidated balance sheets. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument is determined by whether it has been designated and qualifies as part of a hedging relationship and, further, by the type of hedging relationship. The Corporation presents derivative instruments at fair value in the consolidated balance sheets on a net basis when a right of offset exists, based on transactions with a single counterparty and any cash collateral paid to and/or received from that counterparty for derivative contracts that are subject to legally enforceable master netting arrangements. For derivative instruments designated and qualifying as fair value hedges (i.e., hedging the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings during the period of the change in fair values. For derivative instruments that are designated and qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item (i.e., the ineffective portion), if any, is recognized in current earnings during the period of change. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in current earnings during the period of change. | ||||
For derivatives designated as hedging instruments at inception, the Corporation uses either the short-cut method or applies statistical regression analysis to assess effectiveness. The short-cut method is used for $700 million notional of fair value hedges of medium and long-term debt issued prior to 2006. This method allows for the assumption of zero hedge ineffectiveness and eliminates the requirement to further assess hedge effectiveness on these transactions. For hedge relationships to which the Corporation does not apply the short-cut method, statistical regression analysis is used at inception and for each reporting period thereafter to assess whether the derivative used has been and is expected to be highly effective in offsetting changes in the fair value or cash flows of the hedged item. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. Net hedge ineffectiveness is recorded in “other noninterest income” on the consolidated statements of income. | ||||
Derivative Instruments Fair Value Amounts Offset [Policy Text Block] | The Corporation presents derivative instruments at fair value in the consolidated balance sheets on a net basis when a right of offset exists, based on transactions with a single counterparty and any cash collateral paid to and/or received from that counterparty for derivative contracts that are subject to legally enforceable master netting arrangements. | |||
Short-Term Borrowings [Policy Text Block] | Short-Term Borrowings | |||
Securities sold under agreements to repurchase are treated as collateralized borrowings and are recorded at amounts equal to the cash received. The contractual terms of the agreements to repurchase may require the Corporation to provide additional collateral if the fair value of the securities underlying the borrowings declines during the term of the agreement. | ||||
Financial Guarantees [Policy Text Block] | Financial Guarantees | |||
Certain guarantee contracts or indemnification agreements that contingently require the Corporation, as guarantor, to make payments to the guaranteed party are initially measured at fair value and included in “accrued expenses and other liabilities” on the consolidated balance sheets. The subsequent accounting for the liability depends on the nature of the underlying guarantee. The release from risk is accounted for under a particular guarantee when the guarantee expires or is settled, or by a systematic and rational amortization method. | ||||
Share-Based Compensation [Policy Text Block] | Share-Based Compensation | |||
The Corporation recognizes share-based compensation expense using the straight-line method over the requisite service period for all stock awards, including those with graded vesting. The requisite service period is the period an employee is required to provide service in order to vest in the award, which cannot extend beyond the date at which the employee is no longer required to perform any service to receive the share-based compensation (the retirement-eligible date). Certain awards are contingent upon performance and/or market conditions, which affect the number of shares ultimately issued. The Corporation periodically evaluates the probable outcome of the performance conditions and makes cumulative adjustments to compensation expense as appropriate. Market conditions are included in the determination of the fair value of the award on the date of grant. Subsequent to the grant date, market conditions have no impact on the amount of compensation expense the Corporation will recognize over the life of the award. | ||||
Revenue Recognition, Noninterest Income, Policy [Policy Text Block] | Revenue Recognition | |||
The following summarizes the Corporation’s revenue recognition policies as they relate to certain noninterest income line items in the consolidated statements of income. | ||||
Service charges on deposit accounts include fees for banking services provided, overdrafts and non-sufficient funds. Revenue is generally recognized in accordance with published deposit account agreements for retail accounts or contractual agreements for commercial accounts. | ||||
Fiduciary income includes fees and commissions from asset management, custody, recordkeeping, investment advisory and other services provided to personal and institutional trust customers. Revenue is recognized on an accrual basis at the time the services are performed and are based on either the market value of the assets managed or the services provided. | ||||
Commercial lending fees primarily include fees assessed on the unused portion of commercial lines of credit ("unused commitment fees") and syndication agent fees. Unused commitment fees are recognized when earned. Syndication agent fees are generally recognized when the transaction is complete. | ||||
Card fees includes primarily bankcard interchange revenue which is recorded as revenue when earned. | ||||
Defined Benefit Pension and Other Postretirement Costs [Policy Text Block] | Defined Benefit Pension and Other Postretirement Costs | |||
Defined benefit pension costs are included in “salaries and benefits expense" on the consolidated statements of income and are funded consistent with the requirements of federal laws and regulations. Inherent in the determination of defined benefit pension costs are assumptions concerning future events that will affect the amount and timing of required benefit payments under the plans. These assumptions include demographic assumptions such as retirement age and mortality, a compensation rate increase, a discount rate used to determine the current benefit obligation and a long-term expected rate of return on plan assets. Net periodic defined benefit pension expense includes service cost, interest cost based on the assumed discount rate, an expected return on plan assets based on an actuarially derived market-related value of assets, amortization of prior service cost and amortization of net actuarial gains or losses. The market-related value of plan assets is determined by amortizing the current year’s investment gains and losses (the actual investment return net of the expected investment return) over 5 years. The amortization adjustment cannot exceed 10 percent of the fair value of assets. Prior service costs include the impact of plan amendments on the liabilities and are amortized over the future service periods of active employees expected to receive benefits under the plan. Actuarial gains and losses result from experience different from that assumed and from changes in assumptions (excluding asset gains and losses not yet reflected in market-related value). Amortization of actuarial gains and losses is included as a component of net periodic defined benefit pension cost for a year if the actuarial net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the market-related value of plan assets. If amortization is required, the excess is amortized over the average remaining service period of participating employees expected to receive benefits under the plan. | ||||
Postretirement benefits are recognized in “salaries and benefits expense" on the consolidated statements of income during the average remaining service period of participating employees expected to receive benefits under the plan or the average remaining future lifetime of retired participants currently receiving benefits under the plan. | ||||
Income Taxes [Policy Text Block] | Income Taxes | |||
The provision for income taxes is the sum of income taxes due for the current year and deferred taxes. Deferred taxes arise from temporary differences between the income tax basis and financial accounting basis of assets and liabilities. Deferred tax assets are evaluated for realization based on available evidence of loss carry-back capacity, future reversals of existing taxable temporary differences, and assumptions made regarding future events. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. | ||||
The Corporation classifies interest and penalties on income tax liabilities in the “provision for income taxes” on the consolidated statements of income. | ||||
Earnings Per Share [Policy Text Block] | Earnings Per Share | |||
Basic net income per common share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security shareholders based on their respective rights to receive dividends. Nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities (e.g., nonvested restricted stock and service-based restricted stock units). Undistributed net losses are not allocated to nonvested restricted shareholders, as these shareholders do not have a contractual obligation to fund the losses incurred by the Corporation. Net income attributable to common shares is then divided by the weighted-average number of common shares outstanding during the period. | ||||
Diluted net income per common share is calculated using the more dilutive of either the treasury method or the two-class method. The dilutive calculation considers common stock issuable under the assumed exercise of stock options and performance-based restricted stock units granted under the Corporation’s stock plans and warrants using the treasury stock method, if dilutive. Net income attributable to common shares is then divided by the total of weighted-average number of common shares and common stock equivalents outstanding during the period. | ||||
Statements Of Cash Flows [Policy Text Block] | Cash and cash equivalents are defined as those amounts included in “cash and due from banks”, “federal funds sold” and “interest-bearing deposits with banks” on the consolidated balance sheets. | |||
Comprehensive Income (Loss) [Policy Text Block] | Comprehensive Income (Loss) | |||
The Corporation presents on an annual basis the components of net income and other comprehensive income in two separate, but consecutive statements and presents on an interim basis the components of net income and a total for comprehensive income in one continuous consolidated statement of comprehensive income. | ||||
Recently Adopted and Pending Accounting Pronouncements [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 more appropriately 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 consolidated financial statements have been retrospectively adjusted to reflect the prior period effect of the adoption of the amendment, which resulted in increases of $56 million and $52 million to both "other noninterest income" and "provision for income taxes" for the years ended December 31, 2013 and 2012, respectively. The adoption of ASU 2014-01 had no effect on net income or earnings per common share for any period presented. | ||||
See Note 9 for additional information regarding LIHTC and other tax credit investments. | ||||
Pending Accounting Pronouncements | ||||
In January 2014, the FASB issued ASU No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” (ASU 2014-04), which clarifies when an in-substance foreclosure or repossession of residential real estate property occurs, requiring a creditor to reclassify the loan to other real estate. According to ASU 2014-04, a consumer mortgage loan should be reclassified to other real estate either upon the creditor obtaining legal title to the real estate collateral or when the borrower voluntarily conveys all interest in the real estate property to the creditor through a deed in lieu of foreclosure or similar legal agreement. ASU 2014-04 also clarifies that a creditor should not delay reclassification when a borrower has a legal right of redemption. The Corporation's current practice is to delay reclassification of foreclosed residential real estate to other real estate until the redemption period, if any, has expired. The Corporation expects to prospectively adopt ASU 2014-04 in the first quarter 2015 and does not expect the adoption to have a material effect on the Corporation's financial condition and results of operations. | ||||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” (ASU 2014-09), which is intended to improve and converge the financial reporting requirements for revenue contracts with customers. Previous GAAP comprised broad revenue recognition concepts along with numerous industry-specific requirements. The new guidance establishes a five-step model which entities must follow to recognize revenue and removes inconsistencies and weaknesses in existing guidance. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016, and must be retrospectively applied. Entities will have the option of presenting prior periods as impacted by the new guidance or presenting the cumulative effect of initial application along with supplementary disclosures. Early adoption is prohibited. The Corporation is currently evaluating the impact of adopting ASU 2014-09. | ||||
In June 2014, the FASB issued ASU No. 2014-12, “Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” (ASU 2014-12). The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Corporation's current accounting treatment of performance conditions for employees who are or become retirement eligible prior to the achievement of the performance target are consistent with ASU 2014-12 and, as such, does not expect the new guidance to have a material effect on the Corporation’s financial condition and results of operations. The Corporation expects to prospectively adopt ASU 2014-12 in the first quarter 2015. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 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 December 31, 2014 and 2013. | ||||||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||||||
Deferred compensation plan assets | $ | 94 | $ | 94 | $ | — | $ | — | |||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | 526 | 526 | — | — | |||||||||||||||||||||||||
Residential mortgage-backed securities (a) | 7,274 | — | 7,274 | — | |||||||||||||||||||||||||
State and municipal securities | 23 | — | — | 23 | (b) | ||||||||||||||||||||||||
Corporate debt securities | 51 | — | 50 | 1 | (b) | ||||||||||||||||||||||||
Equity and other non-debt securities | 242 | 130 | — | 112 | (b) | ||||||||||||||||||||||||
Total investment securities available-for-sale | 8,116 | 656 | 7,324 | 136 | |||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Interest rate contracts | 328 | — | 328 | — | |||||||||||||||||||||||||
Energy derivative contracts | 527 | — | 527 | — | |||||||||||||||||||||||||
Foreign exchange contracts | 39 | — | 39 | — | |||||||||||||||||||||||||
Warrants | 4 | — | — | 4 | |||||||||||||||||||||||||
Total derivative assets | 898 | — | 894 | 4 | |||||||||||||||||||||||||
Total assets at fair value | $ | 9,108 | $ | 750 | $ | 8,218 | $ | 140 | |||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Interest rate contracts | $ | 102 | $ | — | $ | 102 | $ | — | |||||||||||||||||||||
Energy derivative contracts | 525 | — | 525 | — | |||||||||||||||||||||||||
Foreign exchange contracts | 34 | — | 34 | — | |||||||||||||||||||||||||
Other | 1 | — | — | 1 | |||||||||||||||||||||||||
Total derivative liabilities | 662 | — | 661 | 1 | |||||||||||||||||||||||||
Deferred compensation plan liabilities | 94 | 94 | — | — | |||||||||||||||||||||||||
Total liabilities at fair value | $ | 756 | $ | 94 | $ | 661 | $ | 1 | |||||||||||||||||||||
(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 years ended December 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 (Loss) | Sales | Settlements | Period | ||||||||||||||||||||||
Year Ended December 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 | 2 | (c) | — | 7 | (b) | (33 | ) | — | 112 | |||||||||||||||||||
Total investment securities | 159 | 2 | (c) | — | 8 | (b) | (33 | ) | — | 136 | |||||||||||||||||||
available-for-sale | |||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Warrants | 3 | 7 | (d) | 1 | (d) | — | (7 | ) | — | 4 | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Other | 2 | (1 | ) | (c) | — | — | — | (2 | ) | 1 | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||||||
State and municipal securities (a) | $ | 23 | $ | — | $ | — | $ | 2 | (b) | $ | (3 | ) | $ | — | $ | 22 | |||||||||||||
Corporate debt securities (a) | 1 | — | — | — | — | — | 1 | ||||||||||||||||||||||
Equity and other non-debt securities (a) | 156 | 1 | (c) | — | (1 | ) | (b) | (20 | ) | — | 136 | ||||||||||||||||||
Total investment securities | 180 | 1 | (c) | — | 1 | (b) | (23 | ) | — | 159 | |||||||||||||||||||
available-for-sale | |||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Warrants | 3 | 9 | (d) | 1 | (d) | — | (4 | ) | (6 | ) | 3 | ||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Other | 1 | — | (2 | ) | (c) | — | — | (1 | ) | 2 | |||||||||||||||||||
(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 (losses)" on the consolidated statements of income. | ||||||||||||||||||||||||||||
(d) | Realized and unrealized gains and losses due to changes in fair value recorded in "other noninterest income" on the consolidated statements of 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 December 31, 2014 and 2013 and are presented in the following table. No liabilities were recorded at fair value on a nonrecurring basis at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||
(in millions) | Level 3 | ||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Commercial | $ | 38 | |||||||||||||||||||||||||||
Commercial mortgage | 26 | ||||||||||||||||||||||||||||
Total loans | 64 | ||||||||||||||||||||||||||||
Nonmarketable equity securities (a) | 2 | ||||||||||||||||||||||||||||
Other real estate | 2 | ||||||||||||||||||||||||||||
Total assets at fair value | $ | 68 | |||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Commercial | $ | 43 | |||||||||||||||||||||||||||
Real estate construction | 20 | ||||||||||||||||||||||||||||
Commercial mortgage | 61 | ||||||||||||||||||||||||||||
International | 4 | ||||||||||||||||||||||||||||
Total loans | 128 | ||||||||||||||||||||||||||||
Nonmarketable equity securities (a) | 2 | ||||||||||||||||||||||||||||
Other real estate | 5 | ||||||||||||||||||||||||||||
Total assets at fair value | $ | 135 | |||||||||||||||||||||||||||
(a) | Commitments to fund additional investments in nonmarketable equity securities recorded at fair value on a nonrecurring basis were insignificant at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||
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 December 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 a continuing low interest rate environment. | ||||||||||||||||||||||||||||
Discounted Cash Flow Model | |||||||||||||||||||||||||||||
Unobservable Input | |||||||||||||||||||||||||||||
Fair Value | Discount Rate | Workout Period (in years) | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
State and municipal securities (a) | $ | 23 | 3% - 9% | 3-Jan | |||||||||||||||||||||||||
Equity and other non-debt securities (a) | 112 | 4% - 8% | 2-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 | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 1,026 | $ | 1,026 | $ | 1,026 | $ | — | $ | — | |||||||||||||||||||
Interest-bearing deposits with banks | 5,045 | 5,045 | 5,045 | — | — | ||||||||||||||||||||||||
Investment securities held-to-maturity | 1,935 | 1,933 | — | 1,933 | — | ||||||||||||||||||||||||
Loans held-for-sale | 5 | 5 | — | 5 | — | ||||||||||||||||||||||||
Total loans, net of allowance for loan losses (a) | 47,999 | 47,932 | — | — | 47,932 | ||||||||||||||||||||||||
Customers’ liability on acceptances outstanding | 10 | 10 | 10 | — | — | ||||||||||||||||||||||||
Nonmarketable equity securities (b) | 11 | 18 | — | — | 18 | ||||||||||||||||||||||||
Restricted equity investments | 92 | 92 | 92 | — | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Demand deposits (noninterest-bearing) | 27,224 | 27,224 | — | 27,224 | — | ||||||||||||||||||||||||
Interest-bearing deposits | 25,841 | 25,841 | — | 25,841 | — | ||||||||||||||||||||||||
Customer certificates of deposit | 4,421 | 4,411 | — | 4,411 | — | ||||||||||||||||||||||||
Total deposits | 57,486 | 57,476 | — | 57,476 | — | ||||||||||||||||||||||||
Short-term borrowings | 116 | 116 | 116 | — | — | ||||||||||||||||||||||||
Acceptances outstanding | 10 | 10 | 10 | — | — | ||||||||||||||||||||||||
Medium- and long-term debt | 2,679 | 2,681 | — | 2,681 | — | ||||||||||||||||||||||||
Credit-related financial instruments | (85 | ) | (85 | ) | — | — | (85 | ) | |||||||||||||||||||||
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 $64 million and $128 million of impaired loans recorded at fair value on a nonrecurring basis at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
(b) | Included $2 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at both December 31, 2014 and 2013. |
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||
Summary Of Investment Securities | A summary of the Corporation’s investment securities follows: | ||||||||||||||||||||||||||
(in millions) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | $ | 526 | $ | — | $ | — | $ | 526 | |||||||||||||||||||
Residential mortgage-backed securities (a) | 7,192 | 122 | 40 | 7,274 | |||||||||||||||||||||||
State and municipal securities | 24 | — | 1 | 23 | |||||||||||||||||||||||
Corporate debt securities | 51 | — | — | 51 | |||||||||||||||||||||||
Equity and other non-debt securities | 242 | 1 | 1 | 242 | |||||||||||||||||||||||
Total investment securities available-for-sale (b) | $ | 8,035 | $ | 123 | $ | 42 | $ | 8,116 | |||||||||||||||||||
Investment securities held-to-maturity (c): | |||||||||||||||||||||||||||
Residential mortgage-backed securities (a) | $ | 1,935 | $ | — | $ | 2 | $ | 1,933 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||||
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 $137 million and $136 million, respectively, as of December 31, 2014 and $169 million and $159 million, respectively, as of December 31, 2013. | ||||||||||||||||||||||||||
(c) | Investment securities transferred from available-for-sale are reclassified at fair value at the time of transfer. The amortized cost of investment securities held-to-maturity included gross unrealized gains of $9 million and gross unrealized losses of $32 million at December 31, 2014 related to securities transferred, which are included in accumulated other comprehensive loss. | ||||||||||||||||||||||||||
Summary Of Investment Securities In Unrealized Loss Positions | A summary of the Corporation’s investment securities in an unrealized loss position as of December 31, 2014 and 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 | ||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | $ | 298 | $ | — | (a) | $ | — | $ | — | $ | 298 | $ | — | (a) | |||||||||||||
Residential mortgage-backed securities (b) | 626 | 3 | 3,112 | 71 | 3,738 | 74 | |||||||||||||||||||||
State and municipal securities (c) | — | — | 22 | 1 | 22 | 1 | |||||||||||||||||||||
Corporate debt securities (c) | — | — | 1 | — | (a) | 1 | — | (a) | |||||||||||||||||||
Equity and other non-debt securities (c) | — | — | 112 | 1 | 112 | 1 | |||||||||||||||||||||
Total impaired securities | $ | 924 | $ | 3 | $ | 3,247 | $ | 73 | $ | 4,171 | $ | 76 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
Residential mortgage-backed securities (b) | $ | 5,825 | $ | 187 | $ | 11 | $ | 1 | $ | 5,836 | $ | 188 | |||||||||||||||
State and municipal securities (c) | — | — | 22 | 2 | 22 | 2 | |||||||||||||||||||||
Corporate debt securities (c) | — | — | 1 | — | (a) | 1 | — | (a) | |||||||||||||||||||
Equity and other non-debt securities (c) | — | — | 148 | 9 | 148 | 9 | |||||||||||||||||||||
Total impaired securities | $ | 5,825 | $ | 187 | $ | 182 | $ | 12 | $ | 6,007 | $ | 199 | |||||||||||||||
(a) | Unrealized losses less than $0.5 million. | ||||||||||||||||||||||||||
(b) | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||||||||||||||||||||||||||
(c) | Primarily auction-rate securities. | ||||||||||||||||||||||||||
Summary of Net Securities Gains (Losses) | Sales, calls and write-downs of investment securities available-for-sale resulted in the following gains and losses recorded in “net securities gains (losses)” on the consolidated statements of income, computed based on the adjusted cost of the specific security. | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Securities gains | $ | 2 | $ | 1 | $ | 14 | |||||||||||||||||||||
Securities losses (a) | (2 | ) | (2 | ) | (2 | ) | |||||||||||||||||||||
Net securities (losses) gains | $ | — | $ | (1 | ) | $ | 12 | ||||||||||||||||||||
(a) | Primarily charges related to a derivative contract tied to the conversion rate of Visa Class B shares. | ||||||||||||||||||||||||||
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) | Available-for-sale | Held-to-maturity | |||||||||||||||||||||||||
December 31, 2014 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||
Contractual maturity | |||||||||||||||||||||||||||
Within one year | $ | 134 | $ | 134 | $ | — | $ | — | |||||||||||||||||||
After one year through five years | 786 | 787 | — | — | |||||||||||||||||||||||
After five years through ten years | 711 | 748 | — | — | |||||||||||||||||||||||
After ten years | 6,162 | 6,205 | 1,935 | 1,933 | |||||||||||||||||||||||
Subtotal | 7,793 | 7,874 | 1,935 | 1,933 | |||||||||||||||||||||||
Equity and other non-debt securities | 242 | 242 | — | — | |||||||||||||||||||||||
Total investment securities | $ | 8,035 | $ | 8,116 | $ | 1,935 | $ | 1,933 | |||||||||||||||||||
Credit_Quality_And_Allowance_F1
Credit Quality And Allowance For Credit Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 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 | Loans | ||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Business loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 58 | $ | 13 | $ | 1 | $ | 72 | $ | 109 | $ | 31,339 | $ | 31,520 | |||||||||||||||||||
Real estate construction: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 3 | — | — | 3 | 1 | 1,602 | 1,606 | ||||||||||||||||||||||||||
Other business lines (b) | 12 | — | — | 12 | 1 | 336 | 349 | ||||||||||||||||||||||||||
Total real estate construction | 15 | — | — | 15 | 2 | 1,938 | 1,955 | ||||||||||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 8 | 1 | 1 | 10 | 22 | 1,758 | 1,790 | ||||||||||||||||||||||||||
Other business lines (b) | 16 | 12 | 2 | 30 | 73 | 6,711 | 6,814 | ||||||||||||||||||||||||||
Total commercial mortgage | 24 | 13 | 3 | 40 | 95 | 8,469 | 8,604 | ||||||||||||||||||||||||||
Lease financing | — | — | — | — | — | 805 | 805 | ||||||||||||||||||||||||||
International | 9 | — | — | 9 | — | 1,487 | 1,496 | ||||||||||||||||||||||||||
Total business loans | 106 | 26 | 4 | 136 | 206 | 44,038 | 44,380 | ||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||
Residential mortgage | 9 | 2 | — | 11 | 36 | 1,784 | (c) | 1,831 | |||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 5 | 3 | — | 8 | 30 | 1,620 | 1,658 | ||||||||||||||||||||||||||
Other consumer | 12 | — | 1 | 13 | 1 | 710 | 724 | ||||||||||||||||||||||||||
Total consumer | 17 | 3 | 1 | 21 | 31 | 2,330 | 2,382 | ||||||||||||||||||||||||||
Total retail loans | 26 | 5 | 1 | 32 | 67 | 4,114 | 4,213 | ||||||||||||||||||||||||||
Total loans | $ | 132 | $ | 31 | $ | 5 | $ | 168 | $ | 273 | $ | 48,152 | (c) | $ | 48,593 | ||||||||||||||||||
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 | (c) | 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 | (c) | $ | 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 $2 million and $5 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Business loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 30,310 | $ | 560 | $ | 541 | $ | 109 | $ | 31,520 | |||||||||||||||||||||||
Real estate construction: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (e) | 1,594 | 11 | — | 1 | 1,606 | ||||||||||||||||||||||||||||
Other business lines (f) | 336 | 7 | 5 | 1 | 349 | ||||||||||||||||||||||||||||
Total real estate construction | 1,930 | 18 | 5 | 2 | 1,955 | ||||||||||||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (e) | 1,652 | 69 | 47 | 22 | 1,790 | ||||||||||||||||||||||||||||
Other business lines (f) | 6,434 | 138 | 169 | 73 | 6,814 | ||||||||||||||||||||||||||||
Total commercial mortgage | 8,086 | 207 | 216 | 95 | 8,604 | ||||||||||||||||||||||||||||
Lease financing | 778 | 26 | 1 | — | 805 | ||||||||||||||||||||||||||||
International | 1,468 | 15 | 13 | — | 1,496 | ||||||||||||||||||||||||||||
Total business loans | 42,572 | 826 | 776 | 206 | 44,380 | ||||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||
Residential mortgage | 1,790 | 2 | 3 | 36 | 1,831 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 1,620 | — | 8 | 30 | 1,658 | ||||||||||||||||||||||||||||
Other consumer | 718 | 3 | 2 | 1 | 724 | ||||||||||||||||||||||||||||
Total consumer | 2,338 | 3 | 10 | 31 | 2,382 | ||||||||||||||||||||||||||||
Total retail loans | 4,128 | 5 | 13 | 67 | 4,213 | ||||||||||||||||||||||||||||
Total loans | $ | 46,700 | $ | 831 | $ | 789 | $ | 273 | $ | 48,593 | |||||||||||||||||||||||
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. This category is generally consistent with the "special mention" category as defined by regulatory authorities. | ||||||||||||||||||||||||||||||||
(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. 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) | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 273 | $ | 350 | |||||||||||||||||||||||||||||
Reduced-rate loans (a) | 17 | 24 | |||||||||||||||||||||||||||||||
Total nonperforming loans | 290 | 374 | |||||||||||||||||||||||||||||||
Foreclosed property | 10 | 9 | |||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 300 | $ | 383 | |||||||||||||||||||||||||||||
(a) | There were no reduced-rate business loans at December 31, 2014 and $4 million at December 31, 2013. Reduced-rate retail loans totaled $17 million and $20 million at December 31, 2014 and 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 | 2012 | |||||||||||||||||||||||||||||||
(in millions) | Business Loans | Retail Loans | Total | Business Loans | Retail Loans | Total | Business Loans | Retail Loans | Total | ||||||||||||||||||||||||
Years Ended December 31 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 531 | $ | 67 | $ | 598 | $ | 552 | $ | 77 | $ | 629 | $ | 648 | $ | 78 | $ | 726 | |||||||||||||||
Loan charge-offs | (87 | ) | (15 | ) | (102 | ) | (130 | ) | (23 | ) | (153 | ) | (212 | ) | (33 | ) | (245 | ) | |||||||||||||||
Recoveries on loans previously charged-off | 68 | 9 | 77 | 70 | 10 | 80 | 65 | 10 | 75 | ||||||||||||||||||||||||
Net loan charge-offs | (19 | ) | (6 | ) | (25 | ) | (60 | ) | (13 | ) | (73 | ) | (147 | ) | (23 | ) | (170 | ) | |||||||||||||||
Provision for loan losses | 23 | (1 | ) | 22 | 39 | 3 | 42 | 51 | 22 | 73 | |||||||||||||||||||||||
Foreign currency translation adjustment | (1 | ) | — | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Balance at end of period | $ | 534 | $ | 60 | $ | 594 | $ | 531 | $ | 67 | $ | 598 | $ | 552 | $ | 77 | $ | 629 | |||||||||||||||
As a percentage of total loans | 1.2 | % | 1.43 | % | 1.22 | % | 1.28 | % | 1.7 | % | 1.32 | % | 1.3 | % | 2.1 | % | 1.37 | % | |||||||||||||||
December 31 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 39 | $ | — | $ | 39 | $ | 57 | $ | — | $ | 57 | $ | 76 | $ | — | $ | 76 | |||||||||||||||
Collectively evaluated for impairment | 495 | 60 | 555 | 474 | 67 | 541 | 476 | 77 | 553 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 534 | $ | 60 | $ | 594 | $ | 531 | $ | 67 | $ | 598 | $ | 552 | $ | 77 | $ | 629 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 177 | $ | 42 | $ | 219 | $ | 223 | $ | 51 | $ | 274 | $ | 368 | $ | 51 | $ | 419 | |||||||||||||||
Collectively evaluated for impairment | 44,203 | 4,169 | 48,372 | 41,311 | 3,880 | 45,191 | 41,979 | 3,623 | 45,602 | ||||||||||||||||||||||||
PCI loans (a) | — | 2 | 2 | 2 | 3 | 5 | 30 | 6 | 36 | ||||||||||||||||||||||||
Total loans evaluated for impairment | $ | 44,380 | $ | 4,213 | $ | 48,593 | $ | 41,536 | $ | 3,934 | $ | 45,470 | $ | 42,377 | $ | 3,680 | $ | 46,057 | |||||||||||||||
(a) No allowance for loan losses was required for PCI loans at December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 36 | $ | 32 | $ | 26 | |||||||||||||||||||||||||||
Provision for credit losses on lending-related commitments | 5 | 4 | 6 | ||||||||||||||||||||||||||||||
Balance at end of period | $ | 41 | $ | 36 | $ | 32 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Business loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 7 | $ | 103 | $ | 110 | $ | 148 | $ | 29 | |||||||||||||||||||||||
Real estate construction: | |||||||||||||||||||||||||||||||||
Other business lines (b) | — | 1 | 1 | 1 | — | ||||||||||||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | 19 | 19 | 41 | 8 | ||||||||||||||||||||||||||||
Other business lines (b) | 4 | 43 | 47 | 63 | 2 | ||||||||||||||||||||||||||||
Total commercial mortgage | 4 | 62 | 66 | 104 | 10 | ||||||||||||||||||||||||||||
Total business loans | 11 | 166 | 177 | 253 | 39 | ||||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||
Residential mortgage | 25 | — | 25 | 28 | — | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 12 | — | 12 | 16 | — | ||||||||||||||||||||||||||||
Other consumer | 5 | — | 5 | 7 | — | ||||||||||||||||||||||||||||
Total consumer | 17 | — | 17 | 23 | — | ||||||||||||||||||||||||||||
Total retail loans (c) | 42 | — | 42 | 51 | — | ||||||||||||||||||||||||||||
Total individually evaluated impaired loans | $ | 53 | $ | 166 | $ | 219 | $ | 304 | $ | 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 which results 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 | 2012 | |||||||||||||||||||||||||||||||
(in millions) | Average Balance for the Period | Interest Income Recognized for the Period | Average Balance for the Period | Interest Income Recognized for the Period | Average Balance for the Period | Interest Income Recognized for the Period | |||||||||||||||||||||||||||
Years Ended December 31 | |||||||||||||||||||||||||||||||||
Business loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 77 | $ | 2 | $ | 99 | $ | 2 | $ | 195 | $ | 4 | |||||||||||||||||||||
Real estate construction: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 14 | — | 25 | — | 58 | — | |||||||||||||||||||||||||||
Other business lines (b) | — | — | — | — | 4 | — | |||||||||||||||||||||||||||
Total real estate construction | 14 | — | 25 | — | 62 | — | |||||||||||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | 48 | — | 81 | — | 139 | — | |||||||||||||||||||||||||||
Other business lines (b) | 64 | 2 | 105 | 3 | 177 | 4 | |||||||||||||||||||||||||||
Total commercial mortgage | 112 | 2 | 186 | 3 | 316 | 4 | |||||||||||||||||||||||||||
Lease financing | — | — | — | — | 3 | — | |||||||||||||||||||||||||||
International | 2 | — | 1 | — | 2 | — | |||||||||||||||||||||||||||
Total business loans | 205 | 4 | 311 | 5 | 578 | 8 | |||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||
Residential mortgage | 30 | — | 35 | — | 41 | — | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 12 | — | 8 | — | 5 | — | |||||||||||||||||||||||||||
Other consumer | 4 | — | 4 | — | 4 | — | |||||||||||||||||||||||||||
Total consumer | 16 | — | 12 | — | 9 | — | |||||||||||||||||||||||||||
Total retail loans | 46 | — | 47 | — | 50 | — | |||||||||||||||||||||||||||
Total individually evaluated impaired loans | $ | 251 | $ | 4 | $ | 358 | $ | 5 | $ | 628 | $ | 8 | |||||||||||||||||||||
(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 December 31, 2014 and 2013 of loans considered to be TDRs that were restructured during the years ended December 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) | Interest Rate Reductions | AB Note Restructures (b) | Total Modifications | ||||||||||||||||||||||||||
Years Ended December 31 | |||||||||||||||||||||||||||||||||
Business loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 22 | $ | — | $ | 22 | $ | 21 | $ | — | $ | 8 | $ | 29 | |||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (c) | — | — | — | 32 | — | — | 32 | ||||||||||||||||||||||||||
Other business lines (d) | 6 | — | 6 | 8 | — | 11 | 19 | ||||||||||||||||||||||||||
Total commercial mortgage | 6 | — | 6 | 40 | — | 11 | 51 | ||||||||||||||||||||||||||
Total business loans | 28 | — | 28 | 61 | — | 19 | 80 | ||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||
Residential mortgage | 1 | (e) | — | 1 | 3 | (e) | 2 | — | 5 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 1 | (e) | 3 | 4 | 7 | (e) | 2 | — | 9 | ||||||||||||||||||||||||
Other consumer | 1 | (e) | — | 1 | 2 | (e) | — | — | 2 | ||||||||||||||||||||||||
Total consumer | 2 | 3 | 5 | 9 | 2 | — | 11 | ||||||||||||||||||||||||||
Total retail loans | 3 | 3 | 6 | 12 | 4 | — | 16 | ||||||||||||||||||||||||||
Total loans | $ | 31 | $ | 3 | $ | 34 | $ | 73 | $ | 4 | $ | 19 | $ | 96 | |||||||||||||||||||
(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 December 31, 2014 and 2013 of loans modified by principal deferral during the years ended December 31, 2014 and 2013, and those principal deferrals which experienced a subsequent default during the same periods. 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 December 31 | Subsequent Default in the Year Ended December 31 | Balance at December 31 | Subsequent Default in the Year Ended December 31 | |||||||||||||||||||||||||||||
Principal deferrals: | |||||||||||||||||||||||||||||||||
Business loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 22 | $ | 1 | $ | 21 | $ | 11 | |||||||||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||||||
Commercial Real Estate business line (a) | — | — | 32 | 19 | |||||||||||||||||||||||||||||
Other business lines (b) | 6 | 2 | 8 | 5 | |||||||||||||||||||||||||||||
Total commercial mortgage | 6 | 2 | 40 | 24 | |||||||||||||||||||||||||||||
Total business loans | 28 | 3 | 61 | 35 | |||||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||
Residential mortgage | 1 | (c) | — | 3 | (c) | — | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 1 | (c) | — | 7 | (c) | — | |||||||||||||||||||||||||||
Other consumer | 1 | (c) | — | 2 | (c) | — | |||||||||||||||||||||||||||
Total consumer | 2 | — | 9 | — | |||||||||||||||||||||||||||||
Total retail loans | 3 | — | 12 | — | |||||||||||||||||||||||||||||
Total principal deferrals | $ | 31 | $ | 3 | $ | 73 | $ | 35 | |||||||||||||||||||||||||
(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. | ||||||||||||||||||||||||||||||||
Acquired Purchased Credit-Impaired Loans | No allowance for loan losses was required on the acquired PCI loan pools at both December 31, 2014 and 2013. The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at December 31, 2014 and 2013 were as follows. | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
31-Dec | 2014 | 2013 | |||||||||||||||||||||||||||||||
Acquired PCI loans: | |||||||||||||||||||||||||||||||||
Carrying amount | $ | 2 | $ | 5 | |||||||||||||||||||||||||||||
Outstanding balance (principal and unpaid interest) | 8 | 46 | |||||||||||||||||||||||||||||||
Accretable Yield For Acquired Purchased Credit-Impaired Loans | Changes in the accretable yield for acquired PCI loans for the years ended December 31, 2014 and 2013 were as follows. | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Years Ended December 31 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 15 | $ | 16 | |||||||||||||||||||||||||||||
Reclassifications from nonaccretable | 12 | 28 | |||||||||||||||||||||||||||||||
Accretion | (26 | ) | (29 | ) | |||||||||||||||||||||||||||||
Balance at end of period | $ | 1 | $ | 15 | |||||||||||||||||||||||||||||
Significant_Group_Concentratio1
Significant Group Concentrations of Credit Risk Significant Group Concentrations of Credit Risk (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Significant Group Concentrations of Credit Risk [Abstract] | ||||||||
Schedule of Automotive Industry Outstanding Loans and Total Exposure | Outstanding loans, included in "commercial loans" on the consolidated balance sheets, and total exposure from loans, unused commitments and standby letters of credit to companies related to the automotive industry were as follows: | |||||||
(in millions) | ||||||||
December 31 | 2014 | 2013 | ||||||
Automotive loans: | ||||||||
Production | $ | 1,236 | $ | 1,229 | ||||
Dealer | 6,431 | 5,854 | ||||||
Total automotive loans | $ | 7,667 | $ | 7,083 | ||||
Total automotive exposure: | ||||||||
Production | $ | 2,408 | $ | 2,316 | ||||
Dealer | 7,763 | 6,857 | ||||||
Total automotive exposure | $ | 10,171 | $ | 9,173 | ||||
Schedule of Commercial Real Estate Loans and Unused Commitments | Further, the Corporation’s portfolio of commercial real estate loans, which includes real estate construction and commercial mortgage loans, was as follows. | |||||||
(in millions) | ||||||||
December 31 | 2014 | 2013 | ||||||
Real estate construction loans: | ||||||||
Commercial Real Estate business line (a) | $ | 1,606 | $ | 1,447 | ||||
Other business lines (b) | 349 | 315 | ||||||
Total real estate construction loans | 1,955 | 1,762 | ||||||
Commercial mortgage loans: | ||||||||
Commercial Real Estate business line (a) | 1,790 | 1,678 | ||||||
Other business lines (b) | 6,814 | 7,109 | ||||||
Total commercial mortgage loans | 8,604 | 8,787 | ||||||
Total commercial real estate loans | $ | 10,559 | $ | 10,549 | ||||
Total unused commitments on commercial real estate loans | $ | 2,335 | $ | 1,780 | ||||
(a) | Primarily loans to real estate developers. | |||||||
(b) | Primarily loans secured by owner-occupied real estate. |
Premises_and_Equipment_Premise
Premises and Equipment Premises and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Summary of Premises and Equipment [Table Text Block] | A summary of premises and equipment by major category follows: | |||||||
(in millions) | ||||||||
December 31 | 2014 | 2013 | ||||||
Land | $ | 88 | $ | 90 | ||||
Buildings and improvements | 808 | 830 | ||||||
Furniture and equipment | 508 | 515 | ||||||
Total cost | 1,404 | 1,435 | ||||||
Less: Accumulated depreciation and amortization | (872 | ) | (841 | ) | ||||
Net book value | $ | 532 | $ | 594 | ||||
Schedule of Future Minimum Lease Payments [Table Text Block] | As of December 31, 2014, future minimum rental payments under operating leases were as follows: | |||||||
(in millions) | ||||||||
Years Ending December 31 | ||||||||
2015 | $ | 73 | ||||||
2016 | 67 | |||||||
2017 | 58 | |||||||
2018 | 51 | |||||||
2019 | 42 | |||||||
Thereafter | 182 | |||||||
Total | $ | 473 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||
Summary of Changes in Carrying Value of Goodwill | The following table summarizes the carrying value of goodwill for the years ended December 31, 2014, 2013 and 2012. | |||||||||
(in millions) | ||||||||||
31-Dec | 2014 | 2013 | 2012 | |||||||
Business Bank | $ | 380 | $ | 380 | $ | 380 | ||||
Retail Bank | 194 | 194 | 194 | |||||||
Wealth Management | 61 | 61 | 61 | |||||||
Total | $ | 635 | $ | 635 | $ | 635 | ||||
Summary of Core Deposit Intangible Carrying Value and Amortization | summary of core deposit intangible carrying value and related accumulated amortization follows: | |||||||||
(in millions) | ||||||||||
December 31 | 2014 | 2013 | ||||||||
Gross carrying amount | $ | 34 | $ | 34 | ||||||
Accumulated amortization | (21 | ) | (18 | ) | ||||||
Net carrying amount | $ | 13 | $ | 16 | ||||||
Schedule of Core Deposit Intangible Estimated Future Amortization Expense | At December 31, 2014, estimated future amortization expense was as follows: | |||||||||
(in millions) | ||||||||||
Years Ending December 31 | ||||||||||
2015 | $ | 3 | ||||||||
2016 | 2 | |||||||||
2017 | 2 | |||||||||
2018 | 2 | |||||||||
2019 | 1 | |||||||||
Thereafter | 3 | |||||||||
Total | $ | 13 | ||||||||
Derivative_And_CreditRelated_F1
Derivative And Credit-Related Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 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 December 31, 2014 and 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. | |||||||||||||||||||||||
December 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 | $ | 1,800 | $ | 175 | $ | — | $ | 1,450 | $ | 198 | $ | — | ||||||||||||
Derivatives used as economic hedges | ||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Spot, forwards and swaps | 508 | 4 | — | 253 | 1 | — | ||||||||||||||||||
Total risk management purposes | 2,308 | 179 | — | 1,703 | 199 | — | ||||||||||||||||||
Customer-initiated and other activities | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Caps and floors written | 274 | — | — | 277 | — | 1 | ||||||||||||||||||
Caps and floors purchased | 274 | — | — | 277 | 1 | — | ||||||||||||||||||
Swaps | 11,780 | 153 | 102 | 11,143 | 181 | 132 | ||||||||||||||||||
Total interest rate contracts | 12,328 | 153 | 102 | 11,697 | 182 | 133 | ||||||||||||||||||
Energy contracts: | ||||||||||||||||||||||||
Caps and floors written | 1,218 | — | 173 | 1,325 | 1 | 48 | ||||||||||||||||||
Caps and floors purchased | 1,218 | 173 | — | 1,325 | 48 | 1 | ||||||||||||||||||
Swaps | 2,496 | 354 | 352 | 2,724 | 56 | 53 | ||||||||||||||||||
Total energy contracts | 4,932 | 527 | 525 | 5,374 | 105 | 102 | ||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Spot, forwards, options and swaps | 1,994 | 35 | 34 | 1,764 | 14 | 14 | ||||||||||||||||||
Total customer-initiated and other activities | 19,254 | 715 | 661 | 18,835 | 301 | 249 | ||||||||||||||||||
Total gross derivatives | $ | 21,562 | 894 | 661 | $ | 20,538 | 500 | 249 | ||||||||||||||||
Amounts offset in the consolidated balance sheets: | ||||||||||||||||||||||||
Netting adjustment - Offsetting derivative assets/liabilities | (133 | ) | (133 | ) | (187 | ) | (187 | ) | ||||||||||||||||
Netting adjustment - Cash collateral received/posted | (262 | ) | — | (2 | ) | (10 | ) | |||||||||||||||||
Net derivatives included in the consolidated balance sheets (b) | 499 | 528 | 311 | 52 | ||||||||||||||||||||
Amounts not offset in the consolidated balance sheets: | ||||||||||||||||||||||||
Marketable securities pledged under bilateral collateral agreements | (239 | ) | (2 | ) | (138 | ) | (10 | ) | ||||||||||||||||
Net derivatives after deducting amounts not offset in the consolidated balance sheets | $ | 260 | $ | 526 | $ | 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 of $2 million at both December 31, 2014 and 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 December 31, 2014 and 2013. | |||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
(dollar amounts in millions) | Notional | Remaining | Receive Rate | Pay Rate (a) | ||||||||||||||||||||
Amount | Maturity | |||||||||||||||||||||||
(in years) | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Swaps - fair value - receive fixed/pay floating rate | ||||||||||||||||||||||||
Medium- and long-term debt designation | $ | 1,800 | 4.6 | 4.54 | % | 0.49 | % | |||||||||||||||||
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 December 31, 2014 and 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. | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Years Ended December 31 | Location of Gain | 2014 | 2013 | |||||||||||||||||||||
Interest rate contracts | Other noninterest income | $ | 20 | $ | 22 | |||||||||||||||||||
Energy contracts | Other noninterest income | 2 | 3 | |||||||||||||||||||||
Foreign exchange contracts | Foreign exchange income | 38 | 35 | |||||||||||||||||||||
Total | $ | 60 | $ | 60 | ||||||||||||||||||||
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) | ||||||||||||||||||||||||
31-Dec | 2014 | 2013 | ||||||||||||||||||||||
Unused commitments to extend credit: | ||||||||||||||||||||||||
Commercial and other | $ | 27,905 | $ | 27,728 | ||||||||||||||||||||
Bankcard, revolving check credit and home equity loan commitments | 2,151 | 1,889 | ||||||||||||||||||||||
Total unused commitments to extend credit | $ | 30,056 | $ | 29,617 | ||||||||||||||||||||
Standby letters of credit | $ | 3,880 | $ | 4,297 | ||||||||||||||||||||
Commercial letters of credit | 75 | 103 | ||||||||||||||||||||||
Other credit-related financial instruments | 1 | 2 | ||||||||||||||||||||||
Summary Of Internally Classified Watch List Letters Of Credit | The following table presents a summary of criticized standby and commercial letters of credit at December 31, 2014 and December 31, 2013. The Corporation's criticized list is 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) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Total criticized standby and commercial letters of credit | $ | 79 | $ | 69 | ||||||||||||||||||||
As a percentage of total outstanding standby and commercial letters of credit | 2 | % | 1.6 | % | ||||||||||||||||||||
Deposits_Deposits_Tables
Deposits Deposits (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Schedule Of Maturities Of Certificates of Deposit and Other Deposits with a Stated Maturity [TextBlock] | At December 31, 2014, the scheduled maturities of certificates of deposit and other deposits with a stated maturity were as follows: | |||||||
(in millions) | ||||||||
Years Ending December 31 | ||||||||
2015 | $ | 3,447 | ||||||
2016 | 717 | |||||||
2017 | 182 | |||||||
2018 | 76 | |||||||
2019 | 80 | |||||||
Thereafter | 54 | |||||||
Total | $ | 4,556 | ||||||
Schedule Of Maturities Of Domestic Deposits Of $100,000 Or More [Text Block] | A maturity distribution of domestic certificates of deposit of $100,000 and over follows: | |||||||
(in millions) | ||||||||
31-Dec | 2014 | 2013 | ||||||
Three months or less | $ | 822 | $ | 1,088 | ||||
Over three months to six months | 456 | 544 | ||||||
Over six months to twelve months | 733 | 1,065 | ||||||
Over twelve months | 795 | 570 | ||||||
Total | $ | 2,806 | $ | 3,267 | ||||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 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. | |||||||||||
(in millions, except per share data) | ||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||
Basic and diluted | ||||||||||||
Net income | $ | 593 | $ | 541 | $ | 521 | ||||||
Less income allocated to participating securities | 7 | 8 | 6 | |||||||||
Net income attributable to common shares | $ | 586 | $ | 533 | $ | 515 | ||||||
Basic average common shares | 179 | 183 | 191 | |||||||||
Basic net income per common share | $ | 3.28 | $ | 2.92 | $ | 2.68 | ||||||
Basic average common shares | 179 | 183 | 191 | |||||||||
Dilutive common stock equivalents: | ||||||||||||
Net effect of the assumed exercise of stock options | 2 | 1 | 1 | |||||||||
Net effect of the assumed exercise of warrants | 4 | 3 | — | |||||||||
Diluted average common shares | 185 | 187 | 192 | |||||||||
Diluted net income per common share | $ | 3.16 | $ | 2.85 | $ | 2.67 | ||||||
Schedule of Average Shares Excluded From Diluted Net Income Per Common Share Computation | The following average shares related to outstanding options and warrants 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 and warrants were greater than the average market price of common shares for the period. | |||||||||||
(shares in millions) | ||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||
Average outstanding options | 7.2 | 10.8 | 16 | |||||||||
Range of exercise prices | $47.24 - 61.94 | $34.78 - $61.94 | $29.81 - $64.50 | |||||||||
Average outstanding warrants | — | — | 0.3 | |||||||||
Exercise price | — | — | $30.36 |
Variable_Interest_Entities_VIE1
Variable Interest Entities (VIEs) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | ||||||||||||
Impact of VIEs on the Consolidated Statements of Income | The following table summarizes the impact of these tax credit entities on line items on the Corporation’s consolidated statements of income. | |||||||||||
(in millions) | ||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||
Other noninterest income: | ||||||||||||
Amortization of other tax credit investments | $ | (5 | ) | $ | (1 | ) | $ | (6 | ) | |||
Provision for income taxes: | ||||||||||||
Amortization of LIHTC Investments | 60 | 56 | 52 | |||||||||
Low income housing tax credits | (59 | ) | (56 | ) | (53 | ) | ||||||
Other tax benefits related to tax credit entities | (28 | ) | (21 | ) | (24 | ) | ||||||
Total provision for income taxes | $ | (27 | ) | $ | (21 | ) | $ | (25 | ) |
Shortterm_Borrowings_Shortterm
Short-term Borrowings Short-term Borrowings (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Short-term Debt [Abstract] | ||||||||
Summary of Short-term Borrowings | The following table provides a summary of short-term borrowings. | |||||||
(dollar amounts in millions) | Federal Funds Purchased | Other | ||||||
and Securities Sold Under | Short-term | |||||||
Agreements to Repurchase | Borrowings | |||||||
December 31, 2014 | ||||||||
Amount outstanding at year-end | $ | 116 | $ | — | ||||
Weighted average interest rate at year-end | 0.04 | % | — | % | ||||
Maximum month-end balance during the year | $ | 238 | $ | — | ||||
Average balance outstanding during the year | 200 | — | ||||||
Weighted average interest rate during the year | 0.04 | % | — | % | ||||
December 31, 2013 | ||||||||
Amount outstanding at year-end | $ | 253 | $ | — | ||||
Weighted average interest rate at year-end | 0.05 | % | — | % | ||||
Maximum month-end balance during the year | $ | 277 | $ | — | ||||
Average balance outstanding during the year | 211 | — | ||||||
Weighted average interest rate during the year | 0.07 | % | — | % | ||||
December 31, 2012 | ||||||||
Amount outstanding at year-end | $ | 87 | $ | 23 | ||||
Weighted average interest rate at year-end | 0.11 | % | — | % | ||||
Maximum month-end balance during the year | $ | 87 | $ | 23 | ||||
Average balance outstanding during the year | 76 | — | ||||||
Weighted average interest rate during the year | 0.12 | % | — | % | ||||
Medium_And_LongTerm_Debt_Table
Medium- And Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule Of Medium- And Long-Term Debt | Medium- and long-term debt is summarized as follows: | |||||||
(in millions) | ||||||||
31-Dec | 2014 | 2013 | ||||||
Parent company | ||||||||
Subordinated notes: | ||||||||
4.80% subordinated notes due 2015 (a) | $ | 304 | $ | 318 | ||||
3.80% subordinated notes due 2026 (a) | 259 | — | ||||||
Medium-term notes: | ||||||||
3.00% notes due 2015 | 300 | 299 | ||||||
2.125% notes due 2019 (a) | 349 | — | ||||||
Total parent company | 1,212 | 617 | ||||||
Subsidiaries | ||||||||
Subordinated notes: | ||||||||
5.70% subordinated notes due 2014 (a) | — | 255 | ||||||
8.375% subordinated notes called 2014 | — | 183 | ||||||
5.75% subordinated notes due 2016 (a) | 670 | 681 | ||||||
5.20% subordinated notes due 2017 (a) | 548 | 566 | ||||||
7.875% subordinated notes due 2026 (a) | 227 | 213 | ||||||
Total subordinated notes | 1,445 | 1,898 | ||||||
Federal Home Loan Bank advances: | ||||||||
Floating-rate based on LIBOR indices due 2014 | — | 1,000 | ||||||
Other notes: | ||||||||
6.0% - 6.4% fixed-rate notes due 2013 to 2020 | 22 | 28 | ||||||
Total subsidiaries | 1,467 | 2,926 | ||||||
Total medium- and long-term debt | $ | 2,679 | $ | 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. | |||||||
Schedule of Maturities of Medium- and Long-term Debt | At December 31, 2014, the principal maturities of medium- and long-term debt were as follows: | |||||||
(in millions) | ||||||||
Years Ending December 31 | ||||||||
2015 | $ | 606 | ||||||
2016 | 650 | |||||||
2017 | 500 | |||||||
2018 | 2 | |||||||
2019 | 357 | |||||||
Thereafter | 407 | |||||||
Total | $ | 2,522 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||
Schedule Of Accumulated Other Comprehensive Income (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 years ended December 31, 2014, 2013 and 2012, including the amount of income tax expense (benefit) allocated to each component of other comprehensive income (loss). | ||||||||||||
(in millions) | ||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||
Accumulated net unrealized gains (losses) on investment securities available-for-sale: | ||||||||||||
Balance at beginning of period, net of tax | $ | (68 | ) | $ | 150 | $ | 129 | |||||
Net unrealized holding gains (losses) arising during the period | 166 | (343 | ) | 48 | ||||||||
Less: Provision (benefit) for income taxes | 60 | (126 | ) | 18 | ||||||||
Net unrealized holding gains (losses) arising during the period, net of tax | 106 | (217 | ) | 30 | ||||||||
Less: | ||||||||||||
Net realized gains included in net securities gains | 1 | 1 | 14 | |||||||||
Less: Provision for income taxes | — | — | 5 | |||||||||
Reclassification adjustment for net securities gains included in net income, net of tax | 1 | 1 | 9 | |||||||||
Change in net unrealized gains (losses) on investment securities available-for-sale, net of tax | 105 | (218 | ) | 21 | ||||||||
Balance at end of period, net of tax | $ | 37 | $ | (68 | ) | $ | 150 | |||||
Accumulated defined benefit pension and other postretirement plans adjustment: | ||||||||||||
Balance at beginning of period, net of tax | $ | (323 | ) | $ | (563 | ) | $ | (485 | ) | |||
Actuarial (loss) gain arising during the period | (240 | ) | 286 | (192 | ) | |||||||
Less: (Benefit) provision for income taxes | (87 | ) | 103 | (70 | ) | |||||||
Net defined benefit pension and other postretirement adjustment arising during the period, net of tax | (153 | ) | 183 | (122 | ) | |||||||
Amounts recognized in salaries and benefits expense: | ||||||||||||
Amortization of actuarial net loss | 39 | 89 | 62 | |||||||||
Amortization of prior service cost | 3 | 2 | 3 | |||||||||
Amortization of transition obligation | — | — | 4 | |||||||||
Total amounts recognized in salaries and benefits expense | 42 | 91 | 69 | |||||||||
Less: Benefit for income taxes | 15 | 34 | 25 | |||||||||
Adjustment for amounts recognized as components of net periodic benefit cost during the period, net of tax | 27 | 57 | 44 | |||||||||
Change in defined benefit pension and other postretirement plans adjustment, net of tax | (126 | ) | 240 | (78 | ) | |||||||
Balance at end of period, net of tax | $ | (449 | ) | $ | (323 | ) | $ | (563 | ) | |||
Total accumulated other comprehensive loss at end of period, net of tax | $ | (412 | ) | $ | (391 | ) | $ | (413 | ) |
ShareBased_Compensation_ShareB
Share-Based Compensation Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
Summary of Components of Share-Based Compensation Expense | The components of share-based compensation expense for all share-based compensation plans and related tax benefits are as follows. | |||||||||||||
(in millions) | ||||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||||
Total share-based compensation expense | $ | 38 | $ | 35 | $ | 37 | ||||||||
Related tax benefits recognized in net income | $ | 14 | $ | 13 | $ | 13 | ||||||||
Schedule of Unrecognized Compensation Expense | The following table summarizes unrecognized compensation expense for all share-based plans: | |||||||||||||
(dollar amounts in millions) | December 31, 2014 | |||||||||||||
Total unrecognized share-based compensation expense | $ | 53 | ||||||||||||
Weighted-average expected recognition period (in years) | 2.7 | |||||||||||||
Estimated Weighted-Average Grant-Date Fair Value per Option Share and the Underlying Binomial Option-Pricing Model Assumptions | The estimated weighted-average grant-date fair value per option and the underlying binomial option-pricing model assumptions are summarized in the following table: | |||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||||
Weighted-average grant-date fair value per option | $ | 13.21 | $ | 9.07 | $ | 8.63 | ||||||||
Weighted-average assumptions: | ||||||||||||||
Risk-free interest rates | 2.95 | % | 1.94 | % | 2.16 | % | ||||||||
Expected dividend yield | 3 | 3 | 3 | |||||||||||
Expected volatility factors of the market price of | 31 | 34 | 39 | |||||||||||
Comerica common stock | ||||||||||||||
Expected option life (in years) | 5.8 | 6.4 | 6.1 | |||||||||||
Summary of Corporation's Stock Option Activity and Related Information | A summary of the Corporation’s stock option activity and related information for the year ended December 31, 2014 follows: | |||||||||||||
Weighted-Average | ||||||||||||||
Number of | Exercise Price | Remaining | Aggregate | |||||||||||
Options | per Share | Contractual | Intrinsic Value | |||||||||||
(in thousands) | Term (in years) | (in millions) | ||||||||||||
Outstanding-January 1, 2014 | 16,795 | $ | 43.52 | |||||||||||
Granted | 883 | 49.51 | ||||||||||||
Forfeited or expired | (2,066 | ) | 52.22 | |||||||||||
Exercised | (1,609 | ) | 34.47 | |||||||||||
Outstanding-December 31, 2014 | 14,003 | 44.28 | 4.1 | $ | 97 | |||||||||
Outstanding, net of expected forfeitures-December 31, 2014 | 13,708 | 44.43 | 4 | 94 | ||||||||||
Exercisable-December 31, 2014 | 10,835 | 46.28 | 3 | 65 | ||||||||||
Summary of Restricted Stock Activity and Related Information | A summary of the Corporation’s restricted stock activity and related information for the year ended December 31, 2014 follows: | |||||||||||||
Number of | Weighted-Average | |||||||||||||
Shares | Grant-Date Fair | |||||||||||||
(in thousands) | Value per Share | |||||||||||||
Outstanding-January 1, 2014 | 2,479 | $ | 31.78 | |||||||||||
Granted | 325 | 49.51 | ||||||||||||
Forfeited | (44 | ) | 34.83 | |||||||||||
Vested | (620 | ) | 28.41 | |||||||||||
Outstanding-December 31, 2014 | 2,140 | $ | 35.38 | |||||||||||
Summary of Restricted Stock Unit Activity and Related Information | A summary of the Corporation's restricted stock unit activity and related information for the year ended December 31, 2014 follows: | |||||||||||||
Service-Based Units | Performance-Based Units | |||||||||||||
Number of | Weighted-Average | Number of | Weighted-Average | |||||||||||
Units | Grant-Date Fair | Units | Grant-Date Fair | |||||||||||
(in thousands) | Value per Share | (in thousands) | Value per Share | |||||||||||
Outstanding-January 1, 2014 | 331 | $ | 34.01 | 124 | $ | 33.79 | ||||||||
Granted | 15 | 49.3 | 240 | 49.51 | ||||||||||
Converted | 41 | 33.79 | (41 | ) | 33.79 | |||||||||
Vested | — | — | (4 | ) | 49.51 | |||||||||
Outstanding-December 31, 2014 | 387 | 34.58 | 319 | 45.44 | ||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | The following table sets forth reconciliations of plan assets and the projected benefit obligation, the weighted-average assumptions used to determine year-end benefit obligations, and the amounts recognized in accumulated other comprehensive income (loss) for the Corporation’s defined benefit pension plans and postretirement benefit plan at December 31, 2014 and 2013. The Corporation used a measurement date of December 31, 2014 for these plans. | ||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
Qualified | Non-Qualified | Postretirement Benefit Plan | |||||||||||||||||||||||
(dollar amounts in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Change in fair value of plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 2,035 | $ | 1,955 | $ | — | $ | — | $ | 67 | $ | 72 | |||||||||||||
Actual return on plan assets | 278 | 136 | — | — | 3 | (2 | ) | ||||||||||||||||||
Employer contributions | 350 | — | — | — | 2 | 3 | |||||||||||||||||||
Benefits paid | (122 | ) | (a) | (56 | ) | — | — | (5 | ) | (6 | ) | ||||||||||||||
Fair value of plan assets at December 31 | $ | 2,541 | $ | 2,035 | $ | — | $ | — | $ | 67 | $ | 67 | |||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation at January 1 | $ | 1,731 | $ | 1,897 | $ | 195 | $ | 245 | $ | 69 | $ | 79 | |||||||||||||
Service cost | 29 | 37 | 3 | 4 | — | — | |||||||||||||||||||
Interest cost | 88 | 80 | 10 | 9 | 3 | 3 | |||||||||||||||||||
Actuarial (gain) loss | 344 | (260 | ) | 37 | (21 | ) | 6 | (7 | ) | ||||||||||||||||
Benefits paid | (122 | ) | (a) | (56 | ) | (10 | ) | (9 | ) | (5 | ) | (6 | ) | ||||||||||||
Transfer between plans | — | 33 | — | (33 | ) | — | — | ||||||||||||||||||
Projected benefit obligation at December 31 | $ | 2,070 | $ | 1,731 | $ | 235 | $ | 195 | $ | 73 | $ | 69 | |||||||||||||
Accumulated benefit obligation | $ | 1,905 | $ | 1,598 | $ | 203 | $ | 163 | $ | 73 | $ | 69 | |||||||||||||
Funded status at December 31 (b) (c) | $ | 471 | $ | 304 | $ | (235 | ) | $ | (195 | ) | $ | (6 | ) | $ | (2 | ) | |||||||||
Weighted-average assumptions used: | |||||||||||||||||||||||||
Discount rate | 4.28 | % | 5.17 | % | 4.28 | % | 5.17 | % | 3.99 | % | 4.59 | % | |||||||||||||
Rate of compensation increase | 3.75 | 4 | 3.75 | 4 | n/a | n/a | |||||||||||||||||||
Healthcare cost trend rate: | |||||||||||||||||||||||||
Cost trend rate assumed for next year | n/a | n/a | n/a | n/a | 7 | 7.5 | |||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | n/a | n/a | n/a | n/a | 5 | 5 | |||||||||||||||||||
Year when rate reaches the ultimate trend rate | n/a | n/a | n/a | n/a | 2026 | 2033 | |||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (loss) before income taxes: | |||||||||||||||||||||||||
Net actuarial loss | $ | (568 | ) | $ | (403 | ) | $ | (104 | ) | $ | (73 | ) | $ | (27 | ) | $ | (23 | ) | |||||||
Prior service (cost) credit | (25 | ) | (31 | ) | 25 | 28 | (3 | ) | (3 | ) | |||||||||||||||
Balance at December 31 | $ | (593 | ) | $ | (434 | ) | $ | (79 | ) | $ | (45 | ) | $ | (30 | ) | $ | (26 | ) | |||||||
(a) | Includes $63 million in benefit payments made to certain terminated vested eligible participants who elected to receive lump-sum settlements during the fourth quarter of 2014. | ||||||||||||||||||||||||
(b) | Based on projected benefit obligation for defined benefit pension plans and accumulated benefit obligation for postretirement benefit plan. | ||||||||||||||||||||||||
(c) | The Corporation recognizes the overfunded and underfunded status of the plans in “accrued income and other assets” and “accrued expenses and other liabilities,” respectively, on the consolidated balance sheets. | ||||||||||||||||||||||||
n/a - not applicable | |||||||||||||||||||||||||
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | The following table details the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the year ended December 31, 2014. | ||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
(in millions) | Qualified | Non-Qualified | Postretirement Benefit Plan | Total | |||||||||||||||||||||
Actuarial loss arising during the period | $ | (196 | ) | $ | (38 | ) | $ | (6 | ) | $ | (240 | ) | |||||||||||||
Amortization of net actuarial loss | 31 | 7 | 1 | 39 | |||||||||||||||||||||
Amortization of prior service cost (credit) | 6 | (4 | ) | 1 | 3 | ||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (159 | ) | $ | (35 | ) | $ | (4 | ) | $ | (198 | ) | |||||||||||||
Components of Net Periodic Defined Benefit Cost | Components of net periodic defined benefit cost and postretirement benefit cost, the actual return on plan assets and the weighted-average assumptions used were as follows. | ||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
(dollar amounts in millions) | Qualified | Non-Qualified | |||||||||||||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 29 | $ | 37 | $ | 33 | $ | 3 | $ | 4 | $ | 4 | |||||||||||||
Interest cost | 88 | 80 | 79 | 10 | 9 | 10 | |||||||||||||||||||
Expected return on plan assets | (131 | ) | (132 | ) | (114 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost (credit) | 6 | 7 | 4 | (4 | ) | (6 | ) | (2 | ) | ||||||||||||||||
Amortization of net loss | 31 | 76 | 54 | 7 | 11 | 7 | |||||||||||||||||||
Net periodic defined benefit cost | $ | 23 | $ | 68 | $ | 56 | $ | 16 | $ | 18 | $ | 19 | |||||||||||||
Actual return on plan assets | $ | 278 | $ | 136 | $ | 199 | n/a | n/a | n/a | ||||||||||||||||
Actual rate of return on plan assets | 13.88 | % | 7.05 | % | 13.33 | % | n/a | n/a | n/a | ||||||||||||||||
Weighted-average assumptions used: | |||||||||||||||||||||||||
Discount rate | 5.17 | % | 4.2 | % | 4.99 | % | 5.17 | % | 4.2 | % | 4.99 | % | |||||||||||||
Expected long-term return on plan assets | 6.75 | 7.25 | 7.5 | n/a | n/a | n/a | |||||||||||||||||||
Rate of compensation increase | 4 | 4 | 4 | 4 | 4 | 4 | |||||||||||||||||||
n/a - not applicable | |||||||||||||||||||||||||
(dollar amounts in millions) | Postretirement Benefit Plan | ||||||||||||||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Interest cost | $ | 3 | $ | 3 | $ | 3 | |||||||||||||||||||
Expected return on plan assets | (4 | ) | (4 | ) | (3 | ) | |||||||||||||||||||
Amortization of transition obligation | — | — | 4 | ||||||||||||||||||||||
Amortization of prior service cost | 1 | 1 | 1 | ||||||||||||||||||||||
Amortization of net loss | 1 | 2 | 1 | ||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | 1 | $ | 2 | $ | 6 | |||||||||||||||||||
Actual return on plan assets | $ | 3 | $ | (2 | ) | $ | 4 | ||||||||||||||||||
Actual rate of return on plan assets | 4.62 | % | (2.29 | )% | 6.39 | % | |||||||||||||||||||
Weighted-average assumptions used: | |||||||||||||||||||||||||
Discount rate | 4.59 | % | 3.81 | % | 4.55 | % | |||||||||||||||||||
Expected long-term return on plan assets | 5 | 5 | 5 | ||||||||||||||||||||||
Healthcare cost trend rate: | |||||||||||||||||||||||||
Cost trend rate assumed | 7.5 | 8 | 8 | ||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | 5 | 5 | ||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2033 | 2033 | 2032 | ||||||||||||||||||||||
Balances Remaining in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The estimated portion of balances remaining in accumulated other comprehensive income (loss) that are expected to be recognized as a component of net periodic benefit cost in the year ended December 31, 2015 are as follows. | ||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
(in millions) | Qualified | Non-Qualified | Postretirement | Total | |||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||
Net loss | $ | 57 | $ | 10 | $ | 1 | $ | 68 | |||||||||||||||||
Prior service cost (credit) | 4 | (4 | ) | 1 | 1 | ||||||||||||||||||||
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | Assumed healthcare cost trend rates have a significant effect on the amounts reported for the postretirement benefit plan. A one-percentage-point change in 2014 assumed healthcare and prescription drug cost trend rates would have the following effects. | ||||||||||||||||||||||||
One-Percentage-Point | |||||||||||||||||||||||||
(in millions) | Increase | Decrease | |||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 4 | $ | (4 | ) | ||||||||||||||||||||
Effect on total service and interest cost | — | — | |||||||||||||||||||||||
Fair Value of Defined Benefit Plan Investments | The fair values of the Corporation’s qualified defined benefit pension plan investments measured at fair value on a recurring basis at December 31, 2014 and 2013, by asset category and level within the fair value hierarchy, are detailed in the table below. | ||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Cash equivalent securities: | |||||||||||||||||||||||||
Mutual funds | $ | 390 | $ | 390 | $ | — | $ | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Collective investment funds | 466 | — | 466 | — | |||||||||||||||||||||
Mutual funds | 76 | 76 | — | — | |||||||||||||||||||||
Common stock | 499 | 499 | — | — | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | 359 | 359 | — | — | |||||||||||||||||||||
Corporate and municipal bonds and notes | 659 | — | 659 | — | |||||||||||||||||||||
Collateralized mortgage obligations | 9 | — | 9 | — | |||||||||||||||||||||
Private placements | 73 | — | 73 | ||||||||||||||||||||||
Total investments at fair value | $ | 2,531 | $ | 1,324 | $ | 1,134 | $ | 73 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Cash equivalent securities: | |||||||||||||||||||||||||
Mutual funds | $ | 23 | $ | 23 | $ | — | $ | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Collective investment funds | 463 | — | 463 | — | |||||||||||||||||||||
Mutual funds | 73 | 73 | — | — | |||||||||||||||||||||
Common stock | 483 | 483 | — | — | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
U.S. Treasury and other U.S. government agency securities | 329 | 329 | — | — | |||||||||||||||||||||
Corporate and municipal bonds and notes | 496 | — | 496 | — | |||||||||||||||||||||
Collateralized mortgage obligations | 4 | — | 4 | — | |||||||||||||||||||||
U.S. government agency mortgage-backed securities | 2 | — | 2 | — | |||||||||||||||||||||
Mutual funds | 113 | 113 | — | — | |||||||||||||||||||||
Private placements | 36 | — | 36 | ||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||
Securities purchased under agreements to resell | 6 | — | 6 | — | |||||||||||||||||||||
Total investments at fair value | $ | 2,028 | $ | 1,021 | $ | 971 | $ | 36 | |||||||||||||||||
Changes in Level 3 Defined Benefit Plan Investments | The table below provides a summary of changes in the Corporation’s qualified defined benefit pension plan’s Level 3 investments measured at fair value on a recurring basis for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||
Net Gains (Losses) | |||||||||||||||||||||||||
(in millions) | Balance at | Realized | Unrealized | Purchases | Sales | Balance at | |||||||||||||||||||
Beginning | End of Period | ||||||||||||||||||||||||
of Period | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Private placements | $ | 36 | $ | 1 | $ | 4 | $ | 60 | $ | (28 | ) | $ | 73 | ||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Private placements | $ | 30 | $ | — | $ | (4 | ) | $ | 46 | $ | (36 | ) | $ | 36 | |||||||||||
Estimated Future Benefit Payments | The Corporation currently expects to make no employer contributions to the qualified and non-qualified defined benefit pension plans and postretirement benefit plan for the year ended December 31, 2015. | ||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||
(in millions) | Qualified | Non-Qualified | Postretirement | ||||||||||||||||||||||
Years Ended December 31 | Defined Benefit | Defined Benefit | Benefit Plan (a) | ||||||||||||||||||||||
Pension Plan | Pension Plan | ||||||||||||||||||||||||
2015 | $ | 67 | $ | 11 | $ | 6 | |||||||||||||||||||
2016 | 72 | 11 | 6 | ||||||||||||||||||||||
2017 | 78 | 12 | 6 | ||||||||||||||||||||||
2018 | 84 | 12 | 6 | ||||||||||||||||||||||
2019 | 89 | 13 | 6 | ||||||||||||||||||||||
2020 - 2024 | 529 | 70 | 25 | ||||||||||||||||||||||
(a) | Estimated benefit payments in the postretirement benefit plan are net of estimated Medicare subsidies. |
Income_Taxes_And_TaxRelated_It1
Income Taxes And Tax-Related Items Income Taxes And Tax-Related Items (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Current and Deferred Components of the Provision for Income Taxes | The current and deferred components of the provision for income taxes were as follows: | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
31-Dec | 2014 | 2013 | 2012 | ||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | 127 | $ | 242 | $ | 59 | |||||||||||||||
Foreign | 6 | 6 | 6 | ||||||||||||||||||
State and local | 14 | 17 | 18 | ||||||||||||||||||
Total current | 147 | 265 | 83 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | 123 | (20 | ) | 152 | |||||||||||||||||
State and local | 7 | — | 6 | ||||||||||||||||||
Total deferred | 130 | (20 | ) | 158 | |||||||||||||||||
Total | $ | 277 | $ | 245 | $ | 241 | |||||||||||||||
Reconciliation of Expected Income Tax Expense at the Federal Statutory Rate to the Provision for Income Taxes | A reconciliation of expected income tax expense at the federal statutory rate to the Corporation’s provision for income taxes and effective tax rate follows: | ||||||||||||||||||||
(dollar amounts in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Years Ended December 31 | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||
Tax based on federal statutory rate | $ | 305 | 35 | % | $ | 275 | 35 | % | $ | 267 | 35 | % | |||||||||
State income taxes | 13 | 1.5 | 11 | 1.4 | 14 | 1.9 | |||||||||||||||
Affordable housing and historic credits | (24 | ) | (2.8 | ) | (21 | ) | (2.6 | ) | (22 | ) | (2.9 | ) | |||||||||
Bank-owned life insurance | (15 | ) | (1.7 | ) | (15 | ) | (1.9 | ) | (15 | ) | (2.0 | ) | |||||||||
Other changes in unrecognized tax benefits | 2 | 0.2 | (2 | ) | (0.2 | ) | 1 | 0.2 | |||||||||||||
Tax-related interest and penalties | (3 | ) | (0.3 | ) | (1 | ) | (0.1 | ) | — | — | |||||||||||
Other | (1 | ) | (0.1 | ) | (2 | ) | (0.4 | ) | (4 | ) | (0.6 | ) | |||||||||
Provision for income taxes | $ | 277 | 31.8 | % | $ | 245 | 31.2 | % | $ | 241 | 31.6 | % | |||||||||
Reconciliation of Beginning and Ending Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of net unrecognized tax benefits follows: | ||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Balance at January 1 | $ | 11 | $ | 42 | $ | 20 | |||||||||||||||
Increases as a result of tax positions taken during a prior period | 3 | — | 33 | ||||||||||||||||||
Decrease related to settlements with tax authorities | — | (31 | ) | (11 | ) | ||||||||||||||||
Balance at December 31 | $ | 14 | $ | 11 | $ | 42 | |||||||||||||||
Tax Years Remaining Open for Examination for Significant Tax Jurisdictions | The following tax years for significant jurisdictions remain subject to examination as of December 31, 2014: | ||||||||||||||||||||
Jurisdiction | Tax Years | ||||||||||||||||||||
Federal | 2010-2013 | ||||||||||||||||||||
California | 2002-2013 | ||||||||||||||||||||
Principal Components of Deferred Tax Assets and Liabilities | The principal components of deferred tax assets and liabilities were as follows: | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
31-Dec | 2014 | 2013 | |||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Allowance for loan losses | $ | 208 | $ | 209 | |||||||||||||||||
Deferred compensation | 123 | 131 | |||||||||||||||||||
Defined benefit plans | — | 2 | |||||||||||||||||||
Loan purchase accounting adjustments | 5 | 17 | |||||||||||||||||||
Deferred loan origination fees and costs | 28 | 28 | |||||||||||||||||||
Net unrealized losses on investment securities available-for-sale | — | 39 | |||||||||||||||||||
Other temporary differences, net | 44 | 75 | |||||||||||||||||||
Total deferred tax assets | 408 | 501 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Lease financing transactions | (206 | ) | (226 | ) | |||||||||||||||||
Defined benefit plans | (38 | ) | — | ||||||||||||||||||
Net unrealized gains on investment securities available-for-sale | (21 | ) | — | ||||||||||||||||||
Allowance for depreciation | (13 | ) | (18 | ) | |||||||||||||||||
Total deferred tax liabilities | (278 | ) | (244 | ) | |||||||||||||||||
Net deferred tax asset | $ | 130 | $ | 257 | |||||||||||||||||
Regulatory_Capital_and_Reserve1
Regulatory Capital and Reserve Requirements Regulatory Capital and Reserve Requirements (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Regulatory Capital Requirements [Abstract] | ||||||||
Summary of Capital Position | The following is a summary of the capital position of the Corporation and Comerica Bank, its principal banking subsidiary. | |||||||
(dollar amounts in millions) | Comerica | Comerica | ||||||
Incorporated | Bank | |||||||
(Consolidated) | ||||||||
December 31, 2014 | ||||||||
Tier 1 capital (minimum-$2.7 billion (Consolidated)) | 7,169 | 7,051 | ||||||
Total capital (minimum-$5.5 billion (Consolidated)) | 8,543 | 8,175 | ||||||
Risk-weighted assets | 68,273 | 68,037 | ||||||
Average assets (fourth quarter) | 69,284 | 69,092 | ||||||
Tier 1 capital to risk-weighted assets (minimum-4.0%) | 10.5 | % | 10.36 | % | ||||
Total capital to risk-weighted assets (minimum-8.0%) | 12.51 | 12.02 | ||||||
Tier 1 capital to average assets (minimum-3.0%) | 10.35 | 10.2 | ||||||
December 31, 2013 | ||||||||
Tier 1 capital (minimum-$2.6 billion (Consolidated)) | $ | 6,895 | $ | 6,803 | ||||
Total capital (minimum-$5.2 billion (Consolidated)) | 8,491 | 8,340 | ||||||
Risk-weighted assets | 64,825 | 64,629 | ||||||
Average assets (fourth quarter) | 64,017 | 63,836 | ||||||
Tier 1 capital to risk-weighted assets (minimum-4.0%) | 10.64 | % | 10.53 | % | ||||
Total capital to risk-weighted assets (minimum-8.0%) | 13.1 | 12.9 | ||||||
Tier 1 capital to average assets (minimum-3.0%) | 10.77 | 10.66 | ||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 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 | ||||||||||||||||||
Year Ended December 31, 2014 | Bank | Bank | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 1,512 | $ | 596 | $ | 186 | $ | (662 | ) | $ | 27 | $ | 1,659 | |||||||||||
Provision for credit losses | 53 | (5 | ) | (20 | ) | — | (1 | ) | 27 | |||||||||||||||
Noninterest income | 376 | 167 | 259 | 60 | 6 | 868 | ||||||||||||||||||
Noninterest expenses | 590 | 702 | 322 | (21 | ) | 33 | 1,626 | |||||||||||||||||
Provision (benefit) for income taxes (FTE) | 429 | 23 | 52 | (224 | ) | 1 | 281 | |||||||||||||||||
Net income (loss) | $ | 816 | $ | 43 | $ | 91 | $ | (357 | ) | $ | — | $ | 593 | |||||||||||
Net credit-related charge-offs (recoveries) | $ | 15 | $ | 11 | $ | (1 | ) | $ | — | $ | — | $ | 25 | |||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 37,332 | $ | 6,092 | $ | 4,997 | $ | 11,361 | $ | 6,556 | $ | 66,338 | ||||||||||||
Loans | 36,353 | 5,424 | 4,811 | — | — | 46,588 | ||||||||||||||||||
Deposits | 28,554 | 21,710 | 4,034 | 233 | 253 | 54,784 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 2.18 | % | 0.2 | % | 1.83 | % | N/M | N/M | 0.89 | % | ||||||||||||||
Efficiency ratio (b) | 31.24 | 91.75 | 72.54 | N/M | N/M | 64.31 | ||||||||||||||||||
(dollar amounts in millions) | Business | Retail | Wealth Management | Finance | Other | Total | ||||||||||||||||||
Year Ended December 31, 2013 | Bank | Bank | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 1,503 | $ | 610 | $ | 184 | $ | (653 | ) | $ | 31 | $ | 1,675 | |||||||||||
Provision for credit losses | 54 | 13 | (18 | ) | — | (3 | ) | 46 | ||||||||||||||||
Noninterest income | 382 | 175 | 252 | 61 | 12 | 882 | ||||||||||||||||||
Noninterest expenses | 643 | 708 | 319 | 10 | 42 | 1,722 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 403 | 22 | 48 | (226 | ) | 1 | 248 | |||||||||||||||||
Net income (loss) | $ | 785 | $ | 42 | $ | 87 | $ | (376 | ) | $ | 3 | $ | 541 | |||||||||||
Net credit-related charge-offs | $ | 43 | $ | 22 | $ | 8 | $ | — | $ | — | $ | 73 | ||||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 35,529 | $ | 5,974 | $ | 4,807 | $ | 11,422 | $ | 6,201 | $ | 63,933 | ||||||||||||
Loans | 34,473 | 5,289 | 4,650 | — | — | 44,412 | ||||||||||||||||||
Deposits | 26,169 | 21,247 | 3,775 | 312 | 208 | 51,711 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 2.21 | % | 0.19 | % | 1.82 | % | N/M | N/M | 0.85 | % | ||||||||||||||
Efficiency ratio (b) | 34.13 | 89.95 | 73.14 | N/M | N/M | 67.32 | ||||||||||||||||||
(Table continues on following page) | ||||||||||||||||||||||||
(dollar amounts in millions) | Business | Retail | Wealth Management | Finance | Other | Total | ||||||||||||||||||
Year Ended December 31, 2012 | Bank | Bank | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 1,517 | $ | 647 | $ | 187 | $ | (658 | ) | $ | 38 | $ | 1,731 | |||||||||||
Provision for credit losses | 34 | 24 | 19 | — | 2 | 79 | ||||||||||||||||||
Noninterest income | 371 | 173 | 258 | 60 | 8 | 870 | ||||||||||||||||||
Noninterest expenses | 602 | 723 | 320 | 12 | 100 | 1,757 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 426 | 23 | 39 | (228 | ) | (16 | ) | 244 | ||||||||||||||||
Net income (loss) | $ | 826 | $ | 50 | $ | 67 | $ | (382 | ) | $ | (40 | ) | $ | 521 | ||||||||||
Net credit-related charge-offs | $ | 107 | $ | 40 | $ | 23 | $ | — | $ | — | $ | 170 | ||||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 34,444 | $ | 6,008 | $ | 4,623 | $ | 11,881 | $ | 5,613 | $ | 62,569 | ||||||||||||
Loans | 33,470 | 5,308 | 4,528 | — | — | 43,306 | ||||||||||||||||||
Deposits | 24,837 | 20,623 | 3,680 | 206 | 187 | 49,533 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 2.4 | % | 0.23 | % | 1.45 | % | N/M | N/M | 0.83 | % | ||||||||||||||
Efficiency ratio (b) | 31.89 | 87.93 | 74.21 | N/M | N/M | 67.85 | ||||||||||||||||||
(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 | ||||||||||||||||||
Year Ended December 31, 2014 | Markets | & Other | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 718 | $ | 722 | $ | 542 | $ | 312 | $ | (635 | ) | $ | 1,659 | |||||||||||
Provision for credit losses | (32 | ) | 28 | 50 | (18 | ) | (1 | ) | 27 | |||||||||||||||
Noninterest income | 360 | 147 | 129 | 166 | 66 | 868 | ||||||||||||||||||
Noninterest expenses | 644 | 401 | 369 | 200 | 12 | 1,626 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 169 | 168 | 92 | 75 | (223 | ) | 281 | |||||||||||||||||
Net income (loss) | $ | 297 | $ | 272 | $ | 160 | $ | 221 | $ | (357 | ) | $ | 593 | |||||||||||
Net credit-related charge-offs (recoveries) | $ | 8 | $ | 22 | $ | 9 | $ | (14 | ) | $ | — | $ | 25 | |||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 13,749 | $ | 15,667 | $ | 11,645 | $ | 7,360 | $ | 17,917 | $ | 66,338 | ||||||||||||
Loans | 13,336 | 15,390 | 10,954 | 6,908 | — | 46,588 | ||||||||||||||||||
Deposits | 21,023 | 16,142 | 10,764 | 6,369 | 486 | 54,784 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 1.35 | % | 1.58 | % | 1.33 | % | 3 | % | N/M | 0.89 | % | |||||||||||||
Efficiency ratio (b) | 59.73 | 46.09 | 54.84 | 42.01 | N/M | 64.31 | ||||||||||||||||||
(Table continues on following page) | ||||||||||||||||||||||||
(dollar amounts in millions) | Michigan | California | Texas | Other | Finance | Total | ||||||||||||||||||
Year Ended December 31, 2013 | Markets | & Other | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 751 | $ | 692 | $ | 541 | $ | 313 | $ | (622 | ) | $ | 1,675 | |||||||||||
Provision for credit losses | (12 | ) | 18 | 35 | 8 | (3 | ) | 46 | ||||||||||||||||
Noninterest income | 357 | 150 | 132 | 170 | 73 | 882 | ||||||||||||||||||
Noninterest expenses | 714 | 396 | 363 | 197 | 52 | 1,722 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 145 | 160 | 98 | 70 | (225 | ) | 248 | |||||||||||||||||
Net income (loss) | $ | 261 | $ | 268 | $ | 177 | $ | 208 | $ | (373 | ) | $ | 541 | |||||||||||
Net credit-related charge-offs | $ | 6 | $ | 27 | $ | 20 | $ | 20 | $ | — | $ | 73 | ||||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 13,879 | $ | 14,233 | $ | 10,694 | $ | 7,504 | $ | 17,623 | $ | 63,933 | ||||||||||||
Loans | 13,461 | 13,978 | 9,989 | 6,984 | — | 44,412 | ||||||||||||||||||
Deposits | 20,346 | 14,705 | 10,247 | 5,893 | 520 | 51,711 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 1.22 | % | 1.72 | % | 1.54 | % | 2.77 | % | N/M | 0.85 | % | |||||||||||||
Efficiency ratio (b) | 64.38 | 47.07 | 53.86 | 40.72 | N/M | 67.32 | ||||||||||||||||||
(dollar amounts in millions) | Michigan | California | Texas | Other | Finance | Total | ||||||||||||||||||
Year Ended December 31, 2012 | Markets | & Other | ||||||||||||||||||||||
Earnings summary: | ||||||||||||||||||||||||
Net interest income (expense) (FTE) | $ | 777 | $ | 692 | $ | 564 | $ | 318 | $ | (620 | ) | $ | 1,731 | |||||||||||
Provision for credit losses | (30 | ) | 24 | 49 | 34 | 2 | 79 | |||||||||||||||||
Noninterest income | 385 | 136 | 124 | 157 | 68 | 870 | ||||||||||||||||||
Noninterest expenses | 707 | 395 | 360 | 183 | 112 | 1,757 | ||||||||||||||||||
Provision (benefit) for income taxes (FTE) | 170 | 156 | 98 | 64 | (244 | ) | 244 | |||||||||||||||||
Net income (loss) | $ | 315 | $ | 253 | $ | 181 | $ | 194 | $ | (422 | ) | $ | 521 | |||||||||||
Net credit-related charge-offs | $ | 41 | $ | 47 | $ | 22 | $ | 60 | $ | — | $ | 170 | ||||||||||||
Selected average balances: | ||||||||||||||||||||||||
Assets | $ | 13,921 | $ | 12,988 | $ | 10,307 | $ | 7,859 | $ | 17,494 | $ | 62,569 | ||||||||||||
Loans | 13,618 | 12,747 | 9,552 | 7,389 | — | 43,306 | ||||||||||||||||||
Deposits | 19,573 | 14,568 | 10,040 | 4,959 | 393 | 49,533 | ||||||||||||||||||
Statistical data: | ||||||||||||||||||||||||
Return on average assets (a) | 1.53 | % | 1.63 | % | 1.6 | % | 2.47 | % | N/M | 0.83 | % | |||||||||||||
Efficiency ratio (b) | 60.75 | 47.67 | 52.28 | 39.76 | N/M | 67.85 | ||||||||||||||||||
(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 |
Parent_Company_FInancial_State1
Parent Company FInancial Statements Parent Company Financial Statements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Balance Sheets - Comerica Incorporated | BALANCE SHEETS - COMERICA INCORPORATED | |||||||||||
(in millions, except share data) | ||||||||||||
31-Dec | 2014 | 2013 | ||||||||||
Assets | ||||||||||||
Cash and due from subsidiary bank | $ | — | $ | 31 | ||||||||
Short-term investments with subsidiary bank | 1,133 | 482 | ||||||||||
Other short-term investments | 94 | 96 | ||||||||||
Investment in subsidiaries, principally banks | 7,411 | 7,171 | ||||||||||
Premises and equipment | 2 | 4 | ||||||||||
Other assets | 142 | 139 | ||||||||||
Total assets | $ | 8,782 | $ | 7,923 | ||||||||
Liabilities and Shareholders’ Equity | ||||||||||||
Medium- and long-term debt | $ | 1,212 | $ | 617 | ||||||||
Other liabilities | 168 | 156 | ||||||||||
Total liabilities | 1,380 | 773 | ||||||||||
Common stock - $5 par value: | ||||||||||||
Authorized - 325,000,000 shares | ||||||||||||
Issued - 228,164,824 shares | 1,141 | 1,141 | ||||||||||
Capital surplus | 2,188 | 2,179 | ||||||||||
Accumulated other comprehensive loss | (412 | ) | (391 | ) | ||||||||
Retained earnings | 6,744 | 6,318 | ||||||||||
Less cost of common stock in treasury - 49,146,225 shares at 12/31/14 and 45,860,786 shares at 12/31/13 | (2,259 | ) | (2,097 | ) | ||||||||
Total shareholders’ equity | 7,402 | 7,150 | ||||||||||
Total liabilities and shareholders’ equity | $ | 8,782 | $ | 7,923 | ||||||||
Statements of Income - Comerica Incorporated | STATEMENTS OF INCOME - COMERICA INCORPORATED | |||||||||||
(in millions) | ||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||
Income | ||||||||||||
Income from subsidiaries: | ||||||||||||
Dividends from subsidiaries | $ | 384 | $ | 490 | $ | 505 | ||||||
Other interest income | 1 | 1 | 1 | |||||||||
Intercompany management fees | 118 | 110 | 108 | |||||||||
Other noninterest income | 7 | 14 | 7 | |||||||||
Total income | 510 | 615 | 621 | |||||||||
Expenses | ||||||||||||
Interest on medium- and long-term debt | 14 | 11 | 11 | |||||||||
Salaries and benefits expense | 114 | 118 | 114 | |||||||||
Net occupancy expense | 5 | 4 | 7 | |||||||||
Equipment expense | 1 | 1 | 1 | |||||||||
Merger and restructuring charges | — | — | 35 | |||||||||
Other noninterest expenses | 70 | 78 | 54 | |||||||||
Total expenses | 204 | 212 | 222 | |||||||||
Income before benefit for income taxes and equity in undistributed earnings of subsidiaries | 306 | 403 | 399 | |||||||||
Benefit for income taxes | (27 | ) | (30 | ) | (37 | ) | ||||||
Income before equity in undistributed earnings of subsidiaries | 333 | 433 | 436 | |||||||||
Equity in undistributed earnings of subsidiaries, principally banks | 260 | 108 | 85 | |||||||||
Net income | 593 | 541 | 521 | |||||||||
Less income allocated to participating securities | 7 | 8 | 6 | |||||||||
Net income attributable to common shares | $ | 586 | $ | 533 | $ | 515 | ||||||
Statements of Cash Flows - Comerica Incorporated | STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED | |||||||||||
(in millions) | ||||||||||||
Years Ended December 31 | 2014 | 2013 | 2012 | |||||||||
Operating Activities | ||||||||||||
Net income | $ | 593 | $ | 541 | $ | 521 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Undistributed earnings of subsidiaries, principally banks | (260 | ) | (108 | ) | (85 | ) | ||||||
Depreciation and amortization | 1 | 1 | 1 | |||||||||
Net periodic defined benefit cost | 4 | 8 | 7 | |||||||||
Share-based compensation expense | 16 | 14 | 15 | |||||||||
Provision for deferred income taxes | — | 3 | 2 | |||||||||
Excess tax benefits from share-based compensation arrangements | (7 | ) | (3 | ) | (1 | ) | ||||||
Other, net | 16 | 2 | (8 | ) | ||||||||
Net cash provided by operating activities | 363 | 458 | 452 | |||||||||
Investing Activities | ||||||||||||
Capital transactions with subsidiaries | — | — | (5 | ) | ||||||||
Net change in premises and equipment | 2 | — | (1 | ) | ||||||||
Net cash provided by (used in) investing activities | 2 | — | (6 | ) | ||||||||
Financing Activities | ||||||||||||
Medium- and long-term debt: | ||||||||||||
Maturities and redemptions | — | — | (30 | ) | ||||||||
Issuances | 596 | — | — | |||||||||
Common Stock: | ||||||||||||
Repurchases | (260 | ) | (291 | ) | (308 | ) | ||||||
Cash dividends paid | (137 | ) | (123 | ) | (97 | ) | ||||||
Issuances of common stock under employee stock plans | 49 | 33 | 3 | |||||||||
Excess tax benefits from share-based compensation arrangements | 7 | 3 | 1 | |||||||||
Net cash provided by (used in) financing activities | 255 | (378 | ) | (431 | ) | |||||||
Net increase in cash and cash equivalents | 620 | 80 | 15 | |||||||||
Cash and cash equivalents at beginning of period | 513 | 433 | 418 | |||||||||
Cash and cash equivalents at end of period | $ | 1,133 | $ | 513 | $ | 433 | ||||||
Interest paid | $ | 12 | $ | 11 | $ | 12 | ||||||
Income taxes recovered | $ | (33 | ) | $ | (27 | ) | $ | (46 | ) |
Summary_of_Quarterly_Financial1
Summary of Quarterly Financial Statements (Unaudited) Summary of Quarterly Financial Statements (Unaudited ) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Summary of Quarterly Financial Statements | The following quarterly information is unaudited. However, in the opinion of management, the information reflects all adjustments, which are necessary for the fair presentation of the results of operations, for the periods presented. | |||||||||||||||
2014 | ||||||||||||||||
(in millions, except per share data) | Fourth | Third | Second | First | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Interest income | $ | 438 | $ | 436 | $ | 441 | $ | 435 | ||||||||
Interest expense | 23 | 22 | 25 | 25 | ||||||||||||
Net interest income | 415 | 414 | 416 | 410 | ||||||||||||
Provision for credit losses | 2 | 5 | 11 | 9 | ||||||||||||
Net securities (losses) gains | — | (1 | ) | — | 1 | |||||||||||
Noninterest income excluding net securities (losses) gains | 225 | 216 | 220 | 207 | ||||||||||||
Noninterest expenses | 419 | 397 | 404 | 406 | ||||||||||||
Provision for income taxes | 70 | 73 | 70 | 64 | ||||||||||||
Net income | 149 | 154 | 151 | 139 | ||||||||||||
Less income allocated to participating securities | 1 | 2 | 2 | 2 | ||||||||||||
Net income attributable to common shares | $ | 148 | $ | 152 | $ | 149 | $ | 137 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.83 | $ | 0.85 | $ | 0.83 | $ | 0.76 | ||||||||
Diluted | 0.8 | 0.82 | 0.8 | 0.73 | ||||||||||||
Comprehensive income | 54 | 141 | 172 | 205 | ||||||||||||
2013 | ||||||||||||||||
(in millions, except per share data) | Fourth | Third | Second | First | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Interest income | $ | 456 | $ | 439 | $ | 443 | $ | 446 | ||||||||
Interest expense | 26 | 27 | 29 | 30 | ||||||||||||
Net interest income | 430 | 412 | 414 | 416 | ||||||||||||
Provision for credit losses | 9 | 8 | 13 | 16 | ||||||||||||
Net securities gains (losses) | — | 1 | (2 | ) | — | |||||||||||
Noninterest income excluding net securities gains (losses) | 219 | 227 | 224 | 213 | ||||||||||||
Noninterest expenses | 473 | 417 | 416 | 416 | ||||||||||||
Provision for income taxes | 50 | 68 | 64 | 63 | ||||||||||||
Net income | 117 | 147 | 143 | 134 | ||||||||||||
Less income allocated to participating securities | 2 | 2 | 2 | 2 | ||||||||||||
Net income attributable to common shares | $ | 115 | $ | 145 | $ | 141 | $ | 132 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.64 | $ | 0.8 | $ | 0.77 | $ | 0.71 | ||||||||
Diluted | 0.62 | 0.78 | 0.76 | 0.7 | ||||||||||||
Comprehensive income | 267 | 144 | 15 | 137 | ||||||||||||
Basis_of_Presentation_and_Acco2
Basis of Presentation and Accounting Policies Basis of Presentation and Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 02, 2013 | ||||
markets | |||||||||||||||||
Number of Primary Geographic Markets | 3 | ||||||||||||||||
Minimum Ownership Percentage to Qualify for Equity Method | 20.00% | 20.00% | |||||||||||||||
Derivative assets | $894 | $500 | $894 | $500 | |||||||||||||
Fair value of derivative liability | 661 | 249 | 661 | 249 | |||||||||||||
Commitments to fund additional investments in nonmarketable equity securities | 5 | 5 | |||||||||||||||
Underlying assets of funds, estimated liquidation period in years | 15 years | ||||||||||||||||
Federal Home Loan Bank Stock | 7 | 48 | 7 | 48 | |||||||||||||
Federal Reserve Bank Stock | 85 | 85 | 85 | 85 | |||||||||||||
Net Deferred Income on Originated Loans | 267 | 287 | 267 | 287 | |||||||||||||
Allowance for Credit Losses, Threshold for Individual Evaluation, Nonaccrual Loans | 2 | 2 | |||||||||||||||
Increase in Allowance due to Enhancements to Methodology | 40 | ||||||||||||||||
Delinquency Status, Period of Unpaid Scheduled Monthly Payment | 30 days | ||||||||||||||||
Past Due Period Business Loans Placed On Nonaccrual Status | 90 days | ||||||||||||||||
Past Due Period Residential Mortgage And Home Equity Loans Placed On Nonaccrual Status | 90 days | ||||||||||||||||
Maximum Past Due Status Junior Lien Home Equity Placed On Nonaccrual Status | 90 days | ||||||||||||||||
Number of Reporting Units | 3 | ||||||||||||||||
Notional Amount | 21,562 | [1] | 20,538 | [1] | 21,562 | [1] | 20,538 | [1] | |||||||||
Defined Benefit Plan Market-related Value Plan Assets, Amortization Period | 5 years | ||||||||||||||||
Defined Benefit Plan Investment Gain Loss Amortization Adjustment, Allowable Percentage | 10.00% | ||||||||||||||||
Defined Benefit Plan Actuarial Gain Loss Amortization Adjustment, Allowable Percentage | 10.00% | ||||||||||||||||
Decrease to accrued income and other assets | -4,438 | -3,888 | -4,438 | -3,888 | |||||||||||||
Decrease to retained earnings | -7,402 | -7,150 | -7,402 | -7,150 | -6,939 | -6,865 | |||||||||||
Increase to other noninterest income | 142 | 168 | 158 | ||||||||||||||
Increase to provision for income taxes | 70 | 73 | 70 | 64 | 50 | 68 | 64 | 63 | 277 | 245 | 241 | ||||||
Impact on net income | 149 | 154 | 151 | 139 | 117 | 147 | 143 | 134 | 593 | 541 | 521 | ||||||
Impact on basic earnings per common share | $0.83 | $0.85 | $0.83 | $0.76 | $0.64 | $0.80 | $0.77 | $0.71 | $3.28 | $2.92 | $2.68 | ||||||
Impact on diluted earnings per common share | $0.80 | $0.82 | $0.80 | $0.73 | $0.62 | $0.78 | $0.76 | $0.70 | $3.16 | $2.85 | $2.67 | ||||||
Premises the Corporation Owns [Member] | Minimum | |||||||||||||||||
Premises and Equipment, Useful Life | 3 years | ||||||||||||||||
Premises the Corporation Owns [Member] | Maximum | |||||||||||||||||
Premises and Equipment, Useful Life | 33 years | ||||||||||||||||
Furniture and Fixtures [Member] | Minimum | |||||||||||||||||
Premises and Equipment, Useful Life | 3 years | ||||||||||||||||
Furniture and Fixtures [Member] | Maximum | |||||||||||||||||
Premises and Equipment, Useful Life | 8 years | ||||||||||||||||
Leasehold Improvements [Member] | Maximum | |||||||||||||||||
Premises and Equipment, Useful Life | 10 years | ||||||||||||||||
Software [Member] | |||||||||||||||||
Premises and Equipment, Useful Life | 5 years | ||||||||||||||||
Recurring | |||||||||||||||||
Derivative assets | 898 | 503 | 898 | 503 | |||||||||||||
Carrying Value | |||||||||||||||||
Nonmarketable equity securities | 11 | [2] | 12 | [2] | 11 | [2] | 12 | [2] | |||||||||
Visa derivative contract | |||||||||||||||||
Fair value of derivative liability | 1 | 2 | 1 | 2 | |||||||||||||
Restatement Adjustment | |||||||||||||||||
Decrease to accrued income and other assets | 3 | ||||||||||||||||
Increase to other noninterest income | 56 | 52 | |||||||||||||||
Increase to provision for income taxes | 56 | 52 | |||||||||||||||
Impact on net income | 0 | 0 | |||||||||||||||
Impact on basic earnings per common share | $0 | $0 | |||||||||||||||
Impact on diluted earnings per common share | $0 | $0 | |||||||||||||||
Retained Earnings | |||||||||||||||||
Decrease to retained earnings | -6,744 | -6,318 | -6,744 | -6,318 | -5,928 | -5,543 | |||||||||||
Impact on net income | 593 | 541 | 521 | ||||||||||||||
Retained Earnings | Restatement Adjustment | |||||||||||||||||
Decrease to retained earnings | 3 | ||||||||||||||||
Warrants | Recurring | |||||||||||||||||
Derivative assets | 4 | 3 | 4 | 3 | |||||||||||||
Residential mortgage | |||||||||||||||||
Past Due Threshold For Charge-Off | 180 days | ||||||||||||||||
Consumer | |||||||||||||||||
Past Due Threshold For Charge-Off | 120 days | ||||||||||||||||
Short-Cut Method | Designated as Hedging Instrument | Interest Rate Swaps | Fair Value Hedging | |||||||||||||||||
Notional Amount | $700 | [1] | $700 | [1] | |||||||||||||
[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] | Included $2 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at both December 31, 2014 and 2013. |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Recurring | ||
Transfers into or out of Level 1 or Level 2 or Level 3 | $0 | $0 |
Total liabilities at fair value | 756 | 347 |
Nonrecurring | ||
Total liabilities at fair value | 0 | 0 |
Level 3 | Recurring | ||
Total liabilities at fair value | $1 | $2 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Recorded At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | $8,116 | [1] | $9,307 | [1] |
Derivative assets | 894 | 500 | ||
Derivative liabilities | 528 | [2] | 52 | [2] |
U.S. Treasury and other U.S. government agency securities | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 526 | 45 | ||
Residential mortgage-backed securities | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 7,274 | [3] | 8,926 | [3] |
State And Municipal Securities | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 23 | 22 | ||
Corporate Debt Securities | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 51 | 56 | ||
Equity and Other Non-Debt Securities | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 242 | 258 | ||
Recurring | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 108 | |||
Investment securities available-for-sale | 8,116 | 9,307 | ||
Derivative assets | 898 | 503 | ||
Total assets at fair value | 9,108 | 9,918 | ||
Derivative liabilities | 662 | 251 | ||
Deferred compensation plan liabilities | 94 | 96 | ||
Total liabilities at fair value | 756 | 347 | ||
Recurring | Level 1 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 103 | |||
Investment securities available-for-sale | 656 | 167 | ||
Derivative assets | 0 | 0 | ||
Total assets at fair value | 750 | 270 | ||
Derivative liabilities | 0 | 0 | ||
Deferred compensation plan liabilities | 94 | 96 | ||
Total liabilities at fair value | 94 | 96 | ||
Recurring | Level 2 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 5 | |||
Investment securities available-for-sale | 7,324 | 8,981 | ||
Derivative assets | 894 | 500 | ||
Total assets at fair value | 8,218 | 9,486 | ||
Derivative liabilities | 661 | 249 | ||
Deferred compensation plan liabilities | 0 | 0 | ||
Total liabilities at fair value | 661 | 249 | ||
Recurring | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 0 | |||
Investment securities available-for-sale | 136 | 159 | ||
Derivative assets | 4 | 3 | ||
Total assets at fair value | 140 | 162 | ||
Derivative liabilities | 1 | 2 | ||
Deferred compensation plan liabilities | 0 | 0 | ||
Total liabilities at fair value | 1 | 2 | ||
Recurring | Interest Rate Contracts | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 328 | 380 | ||
Derivative liabilities | 102 | 133 | ||
Recurring | Interest Rate Contracts | Level 1 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring | Interest Rate Contracts | Level 2 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 328 | 380 | ||
Derivative liabilities | 102 | 133 | ||
Recurring | Interest Rate Contracts | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring | Energy Derivative Contracts | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 527 | 105 | ||
Derivative liabilities | 525 | 102 | ||
Recurring | Energy Derivative Contracts | Level 1 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring | Energy Derivative Contracts | Level 2 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 527 | 105 | ||
Derivative liabilities | 525 | 102 | ||
Recurring | Energy Derivative Contracts | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring | Foreign Exchange Contracts | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 39 | 15 | ||
Derivative liabilities | 34 | 14 | ||
Recurring | Foreign Exchange Contracts | Level 1 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring | Foreign Exchange Contracts | Level 2 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 39 | 15 | ||
Derivative liabilities | 34 | 14 | ||
Recurring | Foreign Exchange Contracts | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring | Warrants | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 4 | 3 | ||
Recurring | Warrants | Level 1 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Recurring | Warrants | Level 2 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Recurring | Warrants | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative assets | 4 | 3 | ||
Recurring | Other Derivative Liabilities | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative liabilities | 1 | 2 | ||
Recurring | Other Derivative Liabilities | Level 1 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative liabilities | 0 | 0 | ||
Recurring | Other Derivative Liabilities | Level 2 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative liabilities | 0 | 0 | ||
Recurring | Other Derivative Liabilities | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Derivative liabilities | 1 | 2 | ||
Recurring | Deferred Compensation Plan Assets | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 94 | 96 | ||
Recurring | Deferred Compensation Plan Assets | Level 1 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 94 | 96 | ||
Recurring | Deferred Compensation Plan Assets | Level 2 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 0 | 0 | ||
Recurring | Deferred Compensation Plan Assets | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 0 | 0 | ||
Recurring | U.S. Treasury and other U.S. government agency securities | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 526 | 45 | ||
Recurring | U.S. Treasury and other U.S. government agency securities | Level 1 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 526 | 45 | ||
Recurring | U.S. Treasury and other U.S. government agency securities | Level 2 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 0 | 0 | ||
Recurring | U.S. Treasury and other U.S. government agency securities | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 0 | 0 | ||
Recurring | Residential mortgage-backed securities | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 2 | [3] | ||
Investment securities available-for-sale | 7,274 | [3] | 8,926 | [3] |
Recurring | Residential mortgage-backed securities | Level 1 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 0 | [3] | ||
Investment securities available-for-sale | 0 | [3] | 0 | [3] |
Recurring | Residential mortgage-backed securities | Level 2 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 2 | [3] | ||
Investment securities available-for-sale | 7,274 | [3] | 8,926 | [3] |
Recurring | Residential mortgage-backed securities | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 0 | [3] | ||
Investment securities available-for-sale | 0 | [3] | 0 | [3] |
Recurring | State And Municipal Securities | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 3 | |||
Investment securities available-for-sale | 23 | 22 | ||
Recurring | State And Municipal Securities | Level 1 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 0 | |||
Investment securities available-for-sale | 0 | 0 | ||
Recurring | State And Municipal Securities | Level 2 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 3 | |||
Investment securities available-for-sale | 0 | 0 | ||
Recurring | State And Municipal Securities | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 0 | |||
Investment securities available-for-sale | 23 | [4] | 22 | [4] |
Recurring | Corporate Debt Securities | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 51 | 56 | ||
Recurring | Corporate Debt Securities | Level 1 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 0 | 0 | ||
Recurring | Corporate Debt Securities | Level 2 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 50 | 55 | ||
Recurring | Corporate Debt Securities | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available-for-sale | 1 | [4] | 1 | [4] |
Recurring | Equity and Other Non-Debt Securities | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 7 | |||
Investment securities available-for-sale | 242 | 258 | ||
Recurring | Equity and Other Non-Debt Securities | Level 1 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 7 | |||
Investment securities available-for-sale | 130 | 122 | ||
Recurring | Equity and Other Non-Debt Securities | Level 2 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 0 | |||
Investment securities available-for-sale | 0 | 0 | ||
Recurring | Equity and Other Non-Debt Securities | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Trading securities | 0 | |||
Investment securities available-for-sale | $112 | [4] | $136 | [4] |
[1] | Included auction-rate securities at amortized cost and fair value of $137 million and $136 million, respectively, as of December 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 of $2 million at both December 31, 2014 and 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 $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Warrants | ||||
Balance at beginning of period | $3 | $3 | ||
Realized gains (losses) recorded in earnings | 7 | [1] | 9 | [1] |
Unrealized gains (losses) recorded in earnings | 1 | [1] | 1 | [1] |
Gains (losses) recorded in other comprehensive income (loss) | 0 | 0 | ||
Sales | -7 | -4 | ||
Settlements | 0 | -6 | ||
Balance at end of period | 4 | 3 | ||
Other Derivative Liabilities | ||||
Balance at beginnning of period | 2 | 1 | ||
Realized gains (losses) recorded in earnings | -1 | [2] | 0 | |
Unrealized gains (losses) recorded in earnings | 0 | -2 | [2] | |
Gains (losses) recorded in other comprehensive income | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | -2 | -1 | ||
Balance at end of period | 1 | 2 | ||
Investment Securities Available-For-Sale | ||||
Balance at beginning of period | 159 | 180 | ||
Realized gains (losses) recorded in earnings | 2 | [2] | 1 | [2] |
Unrealized gains (losses) recorded in earnings | 0 | 0 | ||
Gains (losses) recorded in other comprehensive income (loss) | 8 | [3] | 1 | [3] |
Sales | -33 | -23 | ||
Settlements | 0 | 0 | ||
Balance at end of period | 136 | 159 | ||
State And Municipal Securities | Investment Securities Available-For-Sale | ||||
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 (loss) | 1 | [3],[4] | 2 | [3],[4] |
Sales | 0 | [4] | -3 | [4] |
Settlements | 0 | [4] | 0 | [4] |
Balance at end of period | 23 | [4] | 22 | [4] |
Corporate Debt Securities | Investment Securities Available-For-Sale | ||||
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 (loss) | 0 | [4] | 0 | [4] |
Sales | 0 | [4] | 0 | [4] |
Settlements | 0 | [4] | 0 | [4] |
Balance at end of period | 1 | [4] | 1 | [4] |
Equity and Other Non-Debt Securities | Investment Securities Available-For-Sale | ||||
Balance at beginning of period | 136 | [4] | 156 | [4] |
Realized gains (losses) recorded in earnings | 2 | [2],[4] | 1 | [2],[4] |
Unrealized gains (losses) recorded in earnings | 0 | [4] | 0 | [4] |
Gains (losses) recorded in other comprehensive income (loss) | 7 | [3],[4] | -1 | [3],[4] |
Sales | -33 | [4] | -20 | [4] |
Settlements | 0 | [4] | 0 | [4] |
Balance at end of period | $112 | [4] | $136 | [4] |
[1] | Realized and unrealized gains and losses due to changes in fair value recorded in "other noninterest income" on the consolidated statements of income. | |||
[2] | Realized and unrealized gains and losses due to changes in fair value recorded in "net securities gains (losses)" on the consolidated statements of 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) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||||
Commitments to fund additional investments in nonmarketable equity securities | $5 | |||
Nonrecurring | ||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||||
Commitments to fund additional investments in nonmarketable equity securities | 0 | 0 | ||
Nonrecurring | Level 3 | ||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||||
Loans | 64 | 128 | ||
Nonmarketable equity securities | 2 | [1] | 2 | [1] |
Other real estate | 2 | 5 | ||
Total assets at fair value | 68 | 135 | ||
Nonrecurring | Level 3 | Commercial | ||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||||
Loans | 38 | 43 | ||
Nonrecurring | Level 3 | Real estate construction | ||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||||
Loans | 20 | |||
Nonrecurring | Level 3 | Commercial mortgage | ||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||||
Loans | 26 | 61 | ||
Nonrecurring | Level 3 | International | ||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||||
Loans | $4 | |||
[1] | Commitments to fund additional investments in nonmarketable equity securities recorded at fair value on a nonrecurring basis were insignificant at December 31, 2014 and 2013. |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information About Level 3 Measurements) (Details) (Recurring, USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Total assets at fair value | 9,108 | 9,918 | ||
Level 3 | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Total assets at fair value | 140 | 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 | 3.00% | [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 | 3 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 | 112 | [1] | 136 | [1] |
Equity and Other Non-Debt 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] | 2 years | [1] |
Equity and Other Non-Debt Securities | Maximum | Level 3 | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Unobservable Input, Discount rate | 8.00% | [1] | 8.00% | [1] |
Unobservable Input, Workout period | 2 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 $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Cash and due from banks | $1,026 | $1,140 | ||
Interest-bearing deposits with banks | 5,045 | 5,311 | ||
Investment securities held-to-maturity | 1,935 | [1] | 0 | |
Total loans, net of allowance for loan losses | 47,999 | 44,872 | ||
Demand deposits (noninterest-bearing) | 27,224 | 23,875 | ||
Customer certificates of deposit | 4,421 | 5,063 | ||
Total deposits | 57,486 | 53,292 | ||
Short-term borrowings | 116 | 253 | ||
Medium- and long-term debt | 2,679 | 3,543 | ||
Carrying Value | ||||
Cash and due from banks | 1,026 | 1,140 | ||
Interest-bearing deposits with banks | 5,045 | 5,311 | ||
Investment securities held-to-maturity | 1,935 | |||
Loans held-for-sale | 5 | 4 | ||
Total loans, net of allowance for loan losses | 47,999 | [2] | 44,872 | [2] |
Customers' liability on acceptances outstanding | 10 | 11 | ||
Nonmarketable equity securities | 11 | [3] | 12 | [3] |
Restricted equity investments | 92 | 133 | ||
Demand deposits (noninterest-bearing) | 27,224 | 23,875 | ||
Interest-bearing deposits | 25,841 | 24,354 | ||
Customer certificates of deposit | 4,421 | 5,063 | ||
Total deposits | 57,486 | 53,292 | ||
Short-term borrowings | 116 | 253 | ||
Acceptances outstanding | 10 | 11 | ||
Medium- and long-term debt | 2,679 | 3,543 | ||
Credit-related financial instruments | -85 | -88 | ||
Estimated Fair Value | ||||
Cash and due from banks | 1,026 | 1,140 | ||
Interest-bearing deposits with banks | 5,045 | 5,311 | ||
Investment securities held-to-maturity | 1,933 | |||
Loans held-for-sale | 5 | 4 | ||
Total loans, net of allowance for loan losses | 47,932 | [2] | 44,801 | [2] |
Customers' liability on acceptances outstanding | 10 | 11 | ||
Nonmarketable equity securities | 18 | [3] | 19 | [3] |
Restricted equity investments | 92 | 133 | ||
Demand deposits (noninterest-bearing) | 27,224 | 23,875 | ||
Interest-bearing deposits | 25,841 | 24,354 | ||
Customer certificates of deposit | 4,411 | 5,055 | ||
Total deposits | 57,476 | 53,284 | ||
Short-term borrowings | 116 | 253 | ||
Acceptances outstanding | 10 | 11 | ||
Medium- and long-term debt | 2,681 | 3,540 | ||
Credit-related financial instruments | -85 | -88 | ||
Level 1 | Estimated Fair Value | ||||
Cash and due from banks | 1,026 | 1,140 | ||
Interest-bearing deposits with banks | 5,045 | 5,311 | ||
Investment securities held-to-maturity | 0 | |||
Loans held-for-sale | 0 | 0 | ||
Total loans, net of allowance for loan losses | 0 | [2] | 0 | [2] |
Customers' liability on acceptances outstanding | 10 | 11 | ||
Nonmarketable equity securities | 0 | [3] | 0 | [3] |
Restricted equity investments | 92 | 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 | 116 | 253 | ||
Acceptances outstanding | 10 | 11 | ||
Medium- and long-term debt | 0 | 0 | ||
Credit-related financial instruments | 0 | 0 | ||
Level 2 | Estimated Fair Value | ||||
Cash and due from banks | 0 | 0 | ||
Interest-bearing deposits with banks | 0 | 0 | ||
Investment securities held-to-maturity | 1,933 | |||
Loans held-for-sale | 5 | 4 | ||
Total loans, net of allowance for loan losses | 0 | [2] | 0 | [2] |
Customers' liability on acceptances outstanding | 0 | 0 | ||
Nonmarketable equity securities | 0 | [3] | 0 | [3] |
Restricted equity investments | 0 | 0 | ||
Demand deposits (noninterest-bearing) | 27,224 | 23,875 | ||
Interest-bearing deposits | 25,841 | 24,354 | ||
Customer certificates of deposit | 4,411 | 5,055 | ||
Total deposits | 57,476 | 53,284 | ||
Short-term borrowings | 0 | 0 | ||
Acceptances outstanding | 0 | 0 | ||
Medium- and long-term debt | 2,681 | 3,540 | ||
Credit-related financial instruments | 0 | 0 | ||
Level 3 | Estimated Fair Value | ||||
Cash and due from banks | 0 | 0 | ||
Interest-bearing deposits with banks | 0 | 0 | ||
Investment securities held-to-maturity | 0 | |||
Loans held-for-sale | 0 | 0 | ||
Total loans, net of allowance for loan losses | 47,932 | [2] | 44,801 | [2] |
Customers' liability on acceptances outstanding | 0 | 0 | ||
Nonmarketable equity securities | 18 | [3] | 19 | [3] |
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 | -85 | -88 | ||
Nonrecurring | Level 3 | ||||
Total loans, net of allowance for loan losses | 64 | 128 | ||
Nonmarketable equity securities | $2 | [4] | $2 | [4] |
[1] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||
[2] | Included $64 million and $128 million of impaired loans recorded at fair value on a nonrecurring basis at December 31, 2014 and 2013, respectively. | |||
[3] | Included $2 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at both December 31, 2014 and 2013. | |||
[4] | Commitments to fund additional investments in nonmarketable equity securities recorded at fair value on a nonrecurring basis were insignificant at December 31, 2014 and 2013. |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Available-for-sale securities transferred to held-to-maturity | $1,958,000,000 | |||||
Unrealized losses on available-for-sale securities transferred to held-to-maturity | 23,000,000 | |||||
Securities with no credit impairment in unrealized loss position | 142 | 142 | ||||
ARS portfolio redeemed or sold since acquisition | 89.00% | |||||
ARS portfolio redeemed or sold since acquisition at or above cost | 95.00% | |||||
Amortized cost available-for-sale securities | 7,793,000,000 | 7,793,000,000 | ||||
Investment securities available-for-sale | 8,116,000,000 | [1] | 8,116,000,000 | [1] | 9,307,000,000 | [1] |
Held-to-maturity securities, Amortized Cost | 1,935,000,000 | [2] | 1,935,000,000 | [2] | 0 | |
Held-to-maturity Securities, Fair Value | 1,933,000,000 | 1,933,000,000 | ||||
Carrying value of securities pledged | 2,900,000,000 | 2,900,000,000 | ||||
Liabilities secured by pledged collateral | 1,900,000,000 | 1,900,000,000 | ||||
Residential mortgage-backed securities | ||||||
Securities with no credit impairment in unrealized loss position | 80 | 80 | ||||
Amortized cost available-for-sale securities | 7,200,000,000 | 7,200,000,000 | ||||
Investment securities available-for-sale | 7,274,000,000 | [2] | 7,274,000,000 | [2] | 8,926,000,000 | [2] |
Held-to-maturity securities, Amortized Cost | 1,935,000,000 | [2],[3] | 1,935,000,000 | [2],[3] | ||
Held-to-maturity Securities, Fair Value | 1,933,000,000 | [2],[3] | 1,933,000,000 | [2],[3] | ||
Auction-Rate Preferred Securities | ||||||
Securities with no credit impairment in unrealized loss position | 43 | 43 | ||||
Auction-Rate State And Municipal Securities | ||||||
Securities with no credit impairment in unrealized loss position | 17 | 17 | ||||
Auction-Rate Corporate Debt Securities | ||||||
Securities with no credit impairment in unrealized loss position | 1 | 1 | ||||
U.S. Treasury and other U.S. government agency securities | ||||||
Securities with no credit impairment in unrealized loss position | 1 | 1 | ||||
Investment securities available-for-sale | 526,000,000 | 526,000,000 | 45,000,000 | |||
Equity and Other Non-Debt Securities | ||||||
Investment securities available-for-sale | 242,000,000 | 242,000,000 | 258,000,000 | |||
Auction-Rate Securities | ||||||
Investment securities available-for-sale | $136,000,000 | $136,000,000 | $159,000,000 | |||
[1] | Included auction-rate securities at amortized cost and fair value of $137 million and $136 million, respectively, as of December 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. | |||||
[3] | Investment securities transferred from available-for-sale are reclassified at fair value at the time of transfer. The amortized cost of investment securities held-to-maturity included gross unrealized gains of $9 million and gross unrealized losses of $32 million at December 31, 2014 related to securities transferred, which are included in accumulated other comprehensive loss. |
Investment_Securities_Summary_
Investment Securities (Summary Of Investment Securities Available-For-Sale) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Investment securities available-for-sale, Amortized Cost | $8,035 | [1] | $9,414 | [1] |
Available-for-sale securities, Gross Unrealized Gains | 123 | [1] | 92 | [1] |
Available-for-sale Securities, Gross Unrealized Losses | 42 | [1] | 199 | [1] |
Investment securities available-for-sale, Fair Value | 8,116 | [1] | 9,307 | [1] |
Held-to-maturity securities, Amortized Cost | 1,935 | [2] | 0 | |
Held-to-maturity Securities, Fair Value | 1,933 | |||
Gross Unrealized Gains on Available-for-sale Securities Transferred to Held-to-maturity | 9 | |||
Gross Unrealized Losses on Available-for-sale Securities Transferred to Held-to-maturity | 32 | |||
Auction-Rate Securities | ||||
Investment securities available-for-sale, Amortized Cost | 137 | 169 | ||
Investment securities available-for-sale, Fair Value | 136 | 159 | ||
U.S. Treasury and other U.S. government agency securities | ||||
Investment securities available-for-sale, Amortized Cost | 526 | 45 | ||
Available-for-sale securities, Gross Unrealized Gains | 0 | 0 | ||
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 | ||
Investment securities available-for-sale, Fair Value | 526 | 45 | ||
Residential mortgage-backed securities | ||||
Investment securities available-for-sale, Amortized Cost | 7,192 | [2] | 9,023 | [2] |
Available-for-sale securities, Gross Unrealized Gains | 122 | [2] | 91 | [2] |
Available-for-sale Securities, Gross Unrealized Losses | 40 | [2] | 188 | [2] |
Investment securities available-for-sale, Fair Value | 7,274 | [2] | 8,926 | [2] |
Held-to-maturity securities, Amortized Cost | 1,935 | [2],[3] | ||
Held-to-maturity securities, Gross Unrealized Gains | 0 | [2],[3] | ||
Held-to-maturity securities, Gross Unrealized Losses | 2 | [2],[3] | ||
Held-to-maturity Securities, Fair Value | 1,933 | [2],[3] | ||
State And Municipal Securities | ||||
Investment securities available-for-sale, Amortized Cost | 24 | 24 | ||
Available-for-sale securities, Gross Unrealized Gains | 0 | 0 | ||
Available-for-sale Securities, Gross Unrealized Losses | 1 | 2 | ||
Investment securities available-for-sale, Fair Value | 23 | 22 | ||
Corporate Debt Securities | ||||
Investment securities available-for-sale, Amortized Cost | 51 | 56 | ||
Available-for-sale securities, Gross Unrealized Gains | 0 | 0 | ||
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 | ||
Investment securities available-for-sale, Fair Value | 51 | 56 | ||
Equity and Other Non-Debt Securities | ||||
Investment securities available-for-sale, Amortized Cost | 242 | 266 | ||
Available-for-sale securities, Gross Unrealized Gains | 1 | 1 | ||
Available-for-sale Securities, Gross Unrealized Losses | 1 | 9 | ||
Investment securities available-for-sale, Fair Value | $242 | $258 | ||
[1] | Included auction-rate securities at amortized cost and fair value of $137 million and $136 million, respectively, as of December 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. | |||
[3] | Investment securities transferred from available-for-sale are reclassified at fair value at the time of transfer. The amortized cost of investment securities held-to-maturity included gross unrealized gains of $9 million and gross unrealized losses of $32 million at December 31, 2014 related to securities transferred, which are included in accumulated other comprehensive loss. |
Investment_Securities_Summary_1
Investment Securities (Summary Of Investment Securities Available-For-Sale In Unrealized Loss Positions) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Temporarily Impaired Less than 12 Months, Fair Value | $924 | $5,825 | ||
Temporarily Impaired, Less than 12 Months, Unrealized Losses | 3 | 187 | ||
Temporarily Impaired 12 Months or more, Fair Value | 3,247 | 182 | ||
Temporarily Impaired, 12 Months or more, Unrealized Losses | 73 | 12 | ||
Temporarily Impaired Total, Fair Value | 4,171 | 6,007 | ||
Temporarily Impaired Total, Unrealized Losses | 76 | 199 | ||
U.S. Treasury and other U.S. government agency securities | ||||
Temporarily Impaired Less than 12 Months, Fair Value | 298 | |||
Temporarily Impaired, Less than 12 Months, Unrealized Losses | 0 | [1] | ||
Temporarily Impaired 12 Months or more, Fair Value | 0 | |||
Temporarily Impaired, 12 Months or more, Unrealized Losses | 0 | |||
Temporarily Impaired Total, Fair Value | 298 | |||
Temporarily Impaired Total, Unrealized Losses | 0 | [1] | ||
Residential mortgage-backed securities | ||||
Temporarily Impaired Less than 12 Months, Fair Value | 5,825 | [2] | ||
Temporarily Impaired, Less than 12 Months, Unrealized Losses | 187 | [2] | ||
Temporarily Impaired 12 Months or more, Fair Value | 11 | [2] | ||
Temporarily Impaired, 12 Months or more, Unrealized Losses | 1 | [2] | ||
Temporarily Impaired Total, Fair Value | 5,836 | [2] | ||
Temporarily Impaired Total, Unrealized Losses | 188 | [2] | ||
Temporarily Impaired Less than 12 Months, Fair Value | 626 | [2] | ||
Temporarily Impaired, Less than 12 Months, Unrealized Losses | 3 | [2] | ||
Temporarily Impaired, 12 Months or more, Fair Value | 3,112 | [2] | ||
Temporarily Impaired, 12 Months or more, Unrealized Losses | 71 | [2] | ||
Temporarily Impaired Total, Fair Value | 3,738 | [2] | ||
Temporarily Impaired Total, Unrealized Losses | 74 | [2] | ||
State And Municipal Securities | ||||
Temporarily Impaired Less than 12 Months, Fair Value | 0 | [3] | 0 | [3] |
Temporarily Impaired, Less than 12 Months, Unrealized Losses | 0 | [3] | 0 | [3] |
Temporarily Impaired 12 Months or more, Fair Value | 22 | [3] | 22 | [3] |
Temporarily Impaired, 12 Months or more, Unrealized Losses | 1 | [3] | 2 | [3] |
Temporarily Impaired Total, Fair Value | 22 | [3] | 22 | [3] |
Temporarily Impaired Total, Unrealized Losses | 1 | [3] | 2 | [3] |
Corporate Debt Securities | ||||
Temporarily Impaired Less than 12 Months, Fair Value | 0 | [3] | 0 | [3] |
Temporarily Impaired, Less than 12 Months, Unrealized Losses | 0 | [3] | 0 | [3] |
Temporarily Impaired 12 Months or more, Fair Value | 1 | [3] | 1 | [3] |
Temporarily Impaired, 12 Months or more, Unrealized Losses | 0 | [1],[3] | 0 | [1],[3] |
Temporarily Impaired Total, Fair Value | 1 | [3] | 1 | [3] |
Temporarily Impaired Total, Unrealized Losses | 0 | [1],[3] | 0 | [1],[3] |
Equity and Other Non-Debt Securities | ||||
Temporarily Impaired Less than 12 Months, Fair Value | 0 | [3] | 0 | [3] |
Temporarily Impaired, Less than 12 Months, Unrealized Losses | 0 | [3] | 0 | [3] |
Temporarily Impaired 12 Months or more, Fair Value | 112 | [3] | 148 | [3] |
Temporarily Impaired, 12 Months or more, Unrealized Losses | 1 | [3] | 9 | [3] |
Temporarily Impaired Total, Fair Value | 112 | [3] | 148 | [3] |
Temporarily Impaired Total, Unrealized Losses | $1 | [3] | $9 | [3] |
[1] | Unrealized losses less than $0.5 million. | |||
[2] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||
[3] | Primarily auction-rate securities. |
Investment_Securities_Gains_An
Investment Securities (Gains And Losses On Available-For-Sale Securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||
Securities gains | $2 | $1 | $14 | |||||||||||
Securities losses | -2 | [1] | -2 | [1] | -2 | [1] | ||||||||
Net securities (losses) gains | $0 | ($1) | $0 | $1 | $0 | $1 | ($2) | $0 | $0 | ($1) | $12 | |||
[1] | Primarily charges related to a derivative contract tied to the conversion rate of Visa Class B shares. |
Investment_Securities_Contract
Investment Securities (Contractual Maturity Distribution Of Debt Securities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Available-for-Sale, Within one year, Amortized Cost | $134 | |||
Available-for-Sale, After one year through five years, Amortized Cost | 786 | |||
Available-for-Sale, After five years through ten years, Amortized Cost | 711 | |||
Available-for-Sale, After ten years, Amortized Cost | 6,162 | |||
Available-for-Sale, Subtotal, Amortized Cost | 7,793 | |||
Available-for-Sale, Within one year, Fair Value | 134 | |||
Available-for-Sale, After one year through five years, Fair Value | 787 | |||
Available-for-Sale, After five years through ten years, Fair Value | 748 | |||
Availabie-for-Sale, After ten years, Fair Value | 6,205 | |||
Available-for-Sale, Subtotal, Fair Value | 7,874 | |||
Total investment securities available-for-sale, Amortized Cost | 8,035 | [1] | 9,414 | [1] |
Investment securities available-for-sale, Fair Value | 8,116 | [1] | 9,307 | [1] |
Held-to-maturity, Within one year, Net Carrying Amount | 0 | |||
Held-to-maturity, After one year through five years, Net Carrying Amount | 0 | |||
Held-to-maturity, After five years through ten years, Net Carrying Amount | 0 | |||
Held-to-maturity, After ten years, Net Carrying Amount | 1,935 | |||
Total investment securities held-to-maturity, Net Carrying Amount | 1,935 | [2] | 0 | |
Held-to-maturity, Within one year, Fair Value | 0 | |||
Held-to-maturity, After one year through five years, Fair Value | 0 | |||
Held-to-maturity, After five years through ten years, Fair Value | 0 | |||
Held-to-maturity, After ten years, Fair Value | 1,933 | |||
Investment securities held-to-maturity, Fair Value | 1,933 | |||
Residential mortgage-backed securities | ||||
Available-for-Sale, Subtotal, Amortized Cost | 7,200 | |||
Total investment securities available-for-sale, Amortized Cost | 7,192 | [2] | 9,023 | [2] |
Investment securities available-for-sale, Fair Value | 7,274 | [2] | 8,926 | [2] |
Total investment securities held-to-maturity, Net Carrying Amount | 1,935 | [2],[3] | ||
Investment securities held-to-maturity, Fair Value | 1,933 | [2],[3] | ||
Equity and Other Non-Debt Securities | ||||
Total investment securities available-for-sale, Amortized Cost | 242 | 266 | ||
Investment securities available-for-sale, Fair Value | $242 | $258 | ||
[1] | Included auction-rate securities at amortized cost and fair value of $137 million and $136 million, respectively, as of December 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. | |||
[3] | Investment securities transferred from available-for-sale are reclassified at fair value at the time of transfer. The amortized cost of investment securities held-to-maturity included gross unrealized gains of $9 million and gross unrealized losses of $32 million at December 31, 2014 related to securities transferred, which are included in accumulated other comprehensive loss. |
Credit_Quality_And_Allowance_F2
Credit Quality And Allowance For Credit Losses (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for PCI loans | $0 | $0 |
Commitments to lend additional funds to TDR borrowers | 3 | 4 |
Interest Rate Reductions | ||
Carrying value at period end of loans modified during the period | 3 | 4 |
Subsequent Default During Period | 0 | 0 |
AB Note Restructures | ||
Carrying value at period end of loans modified during the period | 19 | |
Subsequent Default During Period | $0 | $0 |
Credit_Quality_And_Allowance_F3
Credit Quality And Allowance For Credit Losses (Aging Analysis Of Loans) (Details) (USD $) | Dec. 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 | $132 | $97 | ||
60-89 days past due and still accruing | 31 | 30 | ||
90 days or more past due and still accruing | 5 | 16 | ||
Total past due loans and still accruing | 168 | 143 | ||
Nonaccrual loans | 273 | 350 | ||
Current loans | 48,152 | [1] | 44,977 | [1] |
Total loans | 48,593 | 45,470 | ||
Carrying amount PCI loans | 2 | 5 | ||
Real estate construction | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total loans | 1,955 | 1,762 | ||
Real estate construction | Commercial Real Estate business line | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total loans | 1,606 | [2] | 1,447 | [2] |
Real estate construction | Other business lines | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total loans | 349 | [3] | 315 | [3] |
Commercial mortgage | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total loans | 8,604 | 8,787 | ||
Commercial mortgage | Commercial Real Estate business line | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total loans | 1,790 | [2] | 1,678 | [2] |
Commercial mortgage | Other business lines | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total loans | 6,814 | [3] | 7,109 | [3] |
Business loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-59 days past due and still accruing | 106 | 72 | ||
60-89 days past due and still accruing | 26 | 24 | ||
90 days or more past due and still accruing | 4 | 11 | ||
Total past due loans and still accruing | 136 | 107 | ||
Nonaccrual loans | 206 | 262 | ||
Current loans | 44,038 | 41,167 | ||
Total loans | 44,380 | 41,536 | ||
Business loans | Commercial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-59 days past due and still accruing | 58 | 36 | ||
60-89 days past due and still accruing | 13 | 17 | ||
90 days or more past due and still accruing | 1 | 4 | ||
Total past due loans and still accruing | 72 | 57 | ||
Nonaccrual loans | 109 | 81 | ||
Current loans | 31,339 | 28,677 | ||
Total loans | 31,520 | 28,815 | ||
Business loans | Real estate construction | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-59 days past due and still accruing | 15 | 0 | ||
60-89 days past due and still accruing | 0 | 0 | ||
90 days or more past due and still accruing | 0 | 0 | ||
Total past due loans and still accruing | 15 | 0 | ||
Nonaccrual loans | 2 | 21 | ||
Current loans | 1,938 | 1,741 | ||
Total loans | 1,955 | 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 | 3 | [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 past due loans and still accruing | 3 | [2] | 0 | [2] |
Nonaccrual loans | 1 | [2] | 20 | [2] |
Current loans | 1,602 | [2] | 1,427 | [2] |
Total loans | 1,606 | [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 | 12 | [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 past due loans and still accruing | 12 | [3] | 0 | [3] |
Nonaccrual loans | 1 | [3] | 1 | [3] |
Current loans | 336 | [3] | 314 | [3] |
Total loans | 349 | [3] | 315 | [3] |
Business loans | Commercial mortgage | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-59 days past due and still accruing | 24 | 36 | ||
60-89 days past due and still accruing | 13 | 7 | ||
90 days or more past due and still accruing | 3 | 4 | ||
Total past due loans and still accruing | 40 | 47 | ||
Nonaccrual loans | 95 | 156 | ||
Current loans | 8,469 | 8,584 | ||
Total loans | 8,604 | 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 | 8 | [2] | 9 | [2] |
60-89 days past due and still accruing | 1 | [2] | 1 | [2] |
90 days or more past due and still accruing | 1 | [2] | 0 | [2] |
Total past due loans and still accruing | 10 | [2] | 10 | [2] |
Nonaccrual loans | 22 | [2] | 51 | [2] |
Current loans | 1,758 | [2] | 1,617 | [2] |
Total loans | 1,790 | [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 | 16 | [3] | 27 | [3] |
60-89 days past due and still accruing | 12 | [3] | 6 | [3] |
90 days or more past due and still accruing | 2 | [3] | 4 | [3] |
Total past due loans and still accruing | 30 | [3] | 37 | [3] |
Nonaccrual loans | 73 | [3] | 105 | [3] |
Current loans | 6,711 | [3] | 6,967 | [3] |
Total loans | 6,814 | [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 past due loans and still accruing | 0 | 0 | ||
Nonaccrual loans | 0 | 0 | ||
Current loans | 805 | 845 | ||
Total loans | 805 | 845 | ||
Business loans | International | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-59 days past due and still accruing | 9 | 0 | ||
60-89 days past due and still accruing | 0 | 0 | ||
90 days or more past due and still accruing | 0 | 3 | ||
Total past due loans and still accruing | 9 | 3 | ||
Nonaccrual loans | 0 | 4 | ||
Current loans | 1,487 | 1,320 | ||
Total loans | 1,496 | 1,327 | ||
Retail loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-59 days past due and still accruing | 26 | 25 | ||
60-89 days past due and still accruing | 5 | 6 | ||
90 days or more past due and still accruing | 1 | 5 | ||
Total past due loans and still accruing | 32 | 36 | ||
Nonaccrual loans | 67 | 88 | ||
Current loans | 4,114 | 3,810 | ||
Total loans | 4,213 | 3,934 | ||
Retail loans | Residential mortgage | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-59 days past due and still accruing | 9 | 15 | ||
60-89 days past due and still accruing | 2 | 3 | ||
90 days or more past due and still accruing | 0 | 0 | ||
Total past due loans and still accruing | 11 | 18 | ||
Nonaccrual loans | 36 | 53 | ||
Current loans | 1,784 | [1] | 1,626 | [1] |
Total loans | 1,831 | 1,697 | ||
Retail loans | Consumer | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-59 days past due and still accruing | 17 | 10 | ||
60-89 days past due and still accruing | 3 | 3 | ||
90 days or more past due and still accruing | 1 | 5 | ||
Total past due loans and still accruing | 21 | 18 | ||
Nonaccrual loans | 31 | 35 | ||
Current loans | 2,330 | 2,184 | ||
Total loans | 2,382 | 2,237 | ||
Retail loans | Consumer | Home equity | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-59 days past due and still accruing | 5 | 6 | ||
60-89 days past due and still accruing | 3 | 2 | ||
90 days or more past due and still accruing | 0 | 0 | ||
Total past due loans and still accruing | 8 | 8 | ||
Nonaccrual loans | 30 | 33 | ||
Current loans | 1,620 | 1,476 | ||
Total loans | 1,658 | 1,517 | ||
Retail loans | Consumer | Other consumer | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30-59 days past due and still accruing | 12 | 4 | ||
60-89 days past due and still accruing | 0 | 1 | ||
90 days or more past due and still accruing | 1 | 5 | ||
Total past due loans and still accruing | 13 | 10 | ||
Nonaccrual loans | 1 | 2 | ||
Current loans | 710 | 708 | ||
Total loans | $724 | $720 | ||
[1] | Included purchased credit-impaired (PCI) loans with a total carrying value of $2 million and $5 million at December 31, 2014 and 2013, respectively. | |||
[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 $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | $48,593 | $45,470 | ||
Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 46,700 | [1] | 43,210 | [1] |
Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 831 | [2] | 860 | [2] |
Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 789 | [3] | 1,050 | [3] |
Nonaccrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 273 | [4] | 350 | [4] |
Real estate construction | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,955 | 1,762 | ||
Real estate construction | Commercial Real Estate business line | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,606 | [5] | 1,447 | [5] |
Real estate construction | Other business lines | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 349 | [6] | 315 | [6] |
Commercial mortgage | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 8,604 | 8,787 | ||
Commercial mortgage | Commercial Real Estate business line | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,790 | [5] | 1,678 | [5] |
Commercial mortgage | Other business lines | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 6,814 | [6] | 7,109 | [6] |
Business loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 44,380 | 41,536 | ||
Business loans | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 42,572 | [1] | 39,392 | [1] |
Business loans | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 826 | [2] | 850 | [2] |
Business loans | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 776 | [3] | 1,032 | [3] |
Business loans | Nonaccrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 206 | [4] | 262 | [4] |
Business loans | Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 31,520 | 28,815 | ||
Business loans | Commercial | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 30,310 | [1] | 27,470 | [1] |
Business loans | Commercial | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 560 | [2] | 590 | [2] |
Business loans | Commercial | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 541 | [3] | 674 | [3] |
Business loans | Commercial | Nonaccrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 109 | [4] | 81 | [4] |
Business loans | Real estate construction | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,955 | 1,762 | ||
Business loans | Real estate construction | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,930 | [1] | 1,713 | [1] |
Business loans | Real estate construction | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 18 | [2] | 13 | [2] |
Business loans | Real estate construction | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 5 | [3] | 15 | [3] |
Business loans | Real estate construction | Nonaccrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 2 | [4] | 21 | [4] |
Business loans | Real estate construction | Commercial Real Estate business line | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,606 | [5] | 1,447 | [5] |
Business loans | Real estate construction | Commercial Real Estate business line | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,594 | [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 | 11 | [2],[5] | 13 | [2],[5] |
Business loans | Real estate construction | Commercial Real Estate business line | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | [3],[5] | 15 | [3],[5] |
Business loans | Real estate construction | Commercial Real Estate business line | Nonaccrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1 | [4],[5] | 20 | [4],[5] |
Business loans | Real estate construction | Other business lines | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 349 | [6] | 315 | [6] |
Business loans | Real estate construction | Other business lines | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 336 | [1],[6] | 314 | [1],[6] |
Business loans | Real estate construction | Other business lines | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 7 | [2],[6] | 0 | [2],[6] |
Business loans | Real estate construction | Other business lines | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 5 | [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 | 8,604 | 8,787 | ||
Business loans | Commercial mortgage | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 8,086 | [1] | 8,070 | [1] |
Business loans | Commercial mortgage | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 207 | [2] | 237 | [2] |
Business loans | Commercial mortgage | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 216 | [3] | 324 | [3] |
Business loans | Commercial mortgage | Nonaccrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 95 | [4] | 156 | [4] |
Business loans | Commercial mortgage | Commercial Real Estate business line | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,790 | [5] | 1,678 | [5] |
Business loans | Commercial mortgage | Commercial Real Estate business line | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,652 | [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 | 69 | [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 | 22 | [4],[5] | 51 | [4],[5] |
Business loans | Commercial mortgage | Other business lines | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 6,814 | [6] | 7,109 | [6] |
Business loans | Commercial mortgage | Other business lines | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 6,434 | [1],[6] | 6,596 | [1],[6] |
Business loans | Commercial mortgage | Other business lines | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 138 | [2],[6] | 145 | [2],[6] |
Business loans | Commercial mortgage | Other business lines | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 169 | [3],[6] | 263 | [3],[6] |
Business loans | Commercial mortgage | Other business lines | Nonaccrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 73 | [4],[6] | 105 | [4],[6] |
Business loans | Lease financing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 805 | 845 | ||
Business loans | Lease financing | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 778 | [1] | 841 | [1] |
Business loans | Lease financing | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 26 | [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 | 1,496 | 1,327 | ||
Business loans | International | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,468 | [1] | 1,298 | [1] |
Business loans | International | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 15 | [2] | 7 | [2] |
Business loans | International | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 13 | [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 | 4,213 | 3,934 | ||
Retail loans | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 4,128 | [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 | 13 | [3] | 18 | [3] |
Retail loans | Nonaccrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 67 | [4] | 88 | [4] |
Retail loans | Residential mortgage | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,831 | 1,697 | ||
Retail loans | Residential mortgage | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,790 | [1] | 1,635 | [1] |
Retail loans | Residential mortgage | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 2 | [2] | 3 | [2] |
Retail loans | Residential mortgage | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3 | [3] | 6 | [3] |
Retail loans | Residential mortgage | Nonaccrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 36 | [4] | 53 | [4] |
Retail loans | Consumer | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 2,382 | 2,237 | ||
Retail loans | Consumer | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 2,338 | [1] | 2,183 | [1] |
Retail loans | Consumer | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3 | [2] | 7 | [2] |
Retail loans | Consumer | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 10 | [3] | 12 | [3] |
Retail loans | Consumer | Nonaccrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 31 | [4] | 35 | [4] |
Retail loans | Consumer | Home equity | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,658 | 1,517 | ||
Retail loans | Consumer | Home equity | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,620 | [1] | 1,475 | [1] |
Retail loans | Consumer | Home equity | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | [2] | 4 | [2] |
Retail loans | Consumer | Home equity | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 8 | [3] | 5 | [3] |
Retail loans | Consumer | Home equity | Nonaccrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 30 | [4] | 33 | [4] |
Retail loans | Consumer | Other consumer | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 724 | 720 | ||
Retail loans | Consumer | Other consumer | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 718 | [1] | 708 | [1] |
Retail loans | Consumer | Other consumer | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3 | [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 | $1 | [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. This category is generally consistent with the "special mention" category as defined by regulatory authorities. | |||
[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. 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 $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Nonaccrual loans | $273 | $350 | ||
Reduced-rate loans | 17 | [1] | 24 | [1] |
Total nonperforming loans | 290 | 374 | ||
Foreclosed property | 10 | 9 | ||
Total nonperforming assets | 300 | 383 | ||
Retail loans | ||||
Nonaccrual loans | 67 | 88 | ||
Reduced-rate loans | 17 | 20 | ||
Business loans | ||||
Nonaccrual loans | 206 | 262 | ||
Reduced-rate loans | $0 | $4 | ||
[1] | There were no reduced-rate business loans at December 31, 2014 and $4 million at December 31, 2013. Reduced-rate retail loans totaled $17 million and $20 million at December 31, 2014 and 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 | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Provision for loan losses | $2 | $5 | $11 | $9 | $9 | $8 | $13 | $16 | $27 | $46 | $79 | |||||
PCI loans | 2 | 5 | 2 | 5 | ||||||||||||
Total loans | 48,593 | 45,470 | 48,593 | 45,470 | ||||||||||||
Allowance for PCI loans | 0 | 0 | 0 | 0 | ||||||||||||
Business loans | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Total loans | 44,380 | 41,536 | 44,380 | 41,536 | ||||||||||||
Retail loans | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Total loans | 4,213 | 3,934 | 4,213 | 3,934 | ||||||||||||
Financing Receivable [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Balance at beginning of period | 598 | 629 | 598 | 629 | 726 | |||||||||||
Loan charge-offs | -102 | -153 | -245 | |||||||||||||
Recoveries on loans previously charged-off | 77 | 80 | 75 | |||||||||||||
Net loan charge-offs | -25 | -73 | -170 | |||||||||||||
Provision for loan losses | 22 | 42 | 73 | |||||||||||||
Foreign currency translation adjustment | -1 | 0 | 0 | |||||||||||||
Balance at end of period | 594 | 598 | 594 | 598 | 629 | |||||||||||
Allowance for loan losses as a percentage of total loans | 1.22% | 1.32% | 1.22% | 1.32% | 1.37% | |||||||||||
Allowance for loan losses individually evaluated for impairment | 39 | 57 | 39 | 57 | 76 | |||||||||||
Allowance for loan losses collectively evaluated for impairment | 555 | 541 | 555 | 541 | 553 | |||||||||||
Total allowance for loan losses | 594 | 598 | 594 | 598 | 629 | |||||||||||
Loans individually evaluated for impairment | 219 | 274 | 219 | 274 | 419 | |||||||||||
Loans collectively evaluated for impairment | 48,372 | 45,191 | 48,372 | 45,191 | 45,602 | |||||||||||
PCI loans | 2 | [1] | 5 | [1] | 2 | [1] | 5 | [1] | 36 | [1] | ||||||
Total loans | 48,593 | 45,470 | 48,593 | 45,470 | 46,057 | |||||||||||
Financing Receivable [Member] | Business loans | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Balance at beginning of period | 531 | 552 | 531 | 552 | 648 | |||||||||||
Loan charge-offs | -87 | -130 | -212 | |||||||||||||
Recoveries on loans previously charged-off | 68 | 70 | 65 | |||||||||||||
Net loan charge-offs | -19 | -60 | -147 | |||||||||||||
Provision for loan losses | 23 | 39 | 51 | |||||||||||||
Foreign currency translation adjustment | -1 | 0 | 0 | |||||||||||||
Balance at end of period | 534 | 531 | 534 | 531 | 552 | |||||||||||
Allowance for loan losses as a percentage of total loans | 1.20% | 1.28% | 1.20% | 1.28% | 1.30% | |||||||||||
Allowance for loan losses individually evaluated for impairment | 39 | 57 | 39 | 57 | 76 | |||||||||||
Allowance for loan losses collectively evaluated for impairment | 495 | 474 | 495 | 474 | 476 | |||||||||||
Total allowance for loan losses | 534 | 531 | 534 | 531 | 552 | |||||||||||
Loans individually evaluated for impairment | 177 | 223 | 177 | 223 | 368 | |||||||||||
Loans collectively evaluated for impairment | 44,203 | 41,311 | 44,203 | 41,311 | 41,979 | |||||||||||
PCI loans | 0 | [1] | 2 | [1] | 0 | [1] | 2 | [1] | 30 | [1] | ||||||
Total loans | 44,380 | 41,536 | 44,380 | 41,536 | 42,377 | |||||||||||
Financing Receivable [Member] | Retail loans | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Balance at beginning of period | 67 | 77 | 67 | 77 | 78 | |||||||||||
Loan charge-offs | -15 | -23 | -33 | |||||||||||||
Recoveries on loans previously charged-off | 9 | 10 | 10 | |||||||||||||
Net loan charge-offs | -6 | -13 | -23 | |||||||||||||
Provision for loan losses | -1 | 3 | 22 | |||||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | |||||||||||||
Balance at end of period | 60 | 67 | 60 | 67 | 77 | |||||||||||
Allowance for loan losses as a percentage of total loans | 1.43% | 1.70% | 1.43% | 1.70% | 2.10% | |||||||||||
Allowance for loan losses individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | |||||||||||
Allowance for loan losses collectively evaluated for impairment | 60 | 67 | 60 | 67 | 77 | |||||||||||
Total allowance for loan losses | 60 | 67 | 60 | 67 | 77 | |||||||||||
Loans individually evaluated for impairment | 42 | 51 | 42 | 51 | 51 | |||||||||||
Loans collectively evaluated for impairment | 4,169 | 3,880 | 4,169 | 3,880 | 3,623 | |||||||||||
PCI loans | 2 | [1] | 3 | [1] | 2 | [1] | 3 | [1] | 6 | [1] | ||||||
Total loans | $4,213 | $3,934 | $4,213 | $3,934 | $3,680 | |||||||||||
[1] | No allowance for loan losses was required for PCI loans at December 31, 2014, 2013 and 2012. |
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 | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Provision for credit losses on lending-related commitments | $2 | $5 | $11 | $9 | $9 | $8 | $13 | $16 | $27 | $46 | $79 |
Loan Origination Commitments [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 36 | 32 | 36 | 32 | 26 | ||||||
Provision for credit losses on lending-related commitments | 5 | 4 | 6 | ||||||||
Balance at end of period | $41 | $36 | $41 | $36 | $32 |
Credit_Quality_And_Allowance_F8
Credit Quality And Allowance For Credit Losses (Individually Evaluated Impaired Loans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment in impaired loans with no related allowance | $53 | $62 | ||
Recorded investment in impaired loans with related allowance | 166 | 212 | ||
Recorded investment total impaired loans | 219 | 274 | ||
Unpaid principal balance | 304 | 415 | ||
Related allowance for loan losses | 39 | 57 | ||
Business loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment in impaired loans with no related allowance | 11 | 11 | ||
Recorded investment in impaired loans with related allowance | 166 | 212 | ||
Recorded investment total impaired loans | 177 | 223 | ||
Unpaid principal balance | 253 | 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 | 7 | 10 | ||
Recorded investment in impaired loans with related allowance | 103 | 64 | ||
Recorded investment total impaired loans | 110 | 74 | ||
Unpaid principal balance | 148 | 121 | ||
Related allowance for loan losses | 29 | 26 | ||
Business loans | Real estate construction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment in impaired loans with no related allowance | 0 | |||
Recorded investment in impaired loans with related allowance | 21 | |||
Recorded investment total impaired loans | 21 | |||
Unpaid principal balance | 25 | |||
Related allowance for loan losses | 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] | ||
Recorded investment in impaired loans with related allowance | 20 | [1] | ||
Recorded investment total impaired loans | 20 | [1] | ||
Unpaid principal balance | 24 | [1] | ||
Related allowance for loan losses | 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 | 1 | [2] | 1 | [2] |
Recorded investment total impaired loans | 1 | [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 | 4 | 1 | ||
Recorded investment in impaired loans with related allowance | 62 | 123 | ||
Recorded investment total impaired loans | 66 | 124 | ||
Unpaid principal balance | 104 | 194 | ||
Related allowance for loan losses | 10 | 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 | 19 | [1] | 60 | [1] |
Recorded investment total impaired loans | 19 | [1] | 60 | [1] |
Unpaid principal balance | 41 | [1] | 104 | [1] |
Related allowance for loan losses | 8 | [1] | 12 | [1] |
Business loans | Commercial mortgage | Other business lines | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment in impaired loans with no related allowance | 4 | [2] | 1 | [2] |
Recorded investment in impaired loans with related allowance | 43 | [2] | 63 | [2] |
Recorded investment total impaired loans | 47 | [2] | 64 | [2] |
Unpaid principal balance | 63 | [2] | 90 | [2] |
Related allowance for loan losses | 2 | [2] | 15 | [2] |
Business loans | International | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment in impaired loans with no related allowance | 0 | |||
Recorded investment in impaired loans with related allowance | 4 | |||
Recorded investment total impaired loans | 4 | |||
Unpaid principal balance | 4 | |||
Related allowance for loan losses | 1 | |||
Retail loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment in impaired loans with no related allowance | 42 | [3] | 51 | [3] |
Recorded investment in impaired loans with related allowance | 0 | [3] | 0 | [3] |
Recorded investment total impaired loans | 42 | [3] | 51 | [3] |
Unpaid principal balance | 51 | [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 | 25 | 35 | ||
Recorded investment in impaired loans with related allowance | 0 | 0 | ||
Recorded investment total impaired loans | 25 | 35 | ||
Unpaid principal balance | 28 | 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 | 23 | 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 | 12 | 12 | ||
Recorded investment in impaired loans with related allowance | 0 | 0 | ||
Recorded investment total impaired loans | 12 | 12 | ||
Unpaid principal balance | 16 | 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 | 5 | 4 | ||
Recorded investment in impaired loans with related allowance | 0 | 0 | ||
Recorded investment total impaired loans | 5 | 4 | ||
Unpaid principal balance | 7 | 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 which results 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 $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | $251 | $358 | $628 | |||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 4 | 5 | 8 | |||
Business loans | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 205 | 311 | 578 | |||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 4 | 5 | 8 | |||
Business loans | Commercial | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 77 | 99 | 195 | |||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 2 | 2 | 4 | |||
Business loans | Real estate construction | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 14 | 25 | 62 | |||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | |||
Business loans | Real estate construction | Commercial Real Estate business line | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 14 | [1] | 25 | [1] | 58 | [1] |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | [1] | 0 | [1] | 0 | [1] |
Business loans | Real estate construction | Other business lines | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 0 | [2] | 0 | [2] | 4 | [2] |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | [2] | 0 | [2] | 0 | [2] |
Business loans | Commercial mortgage | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 112 | 186 | 316 | |||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 2 | 3 | 4 | |||
Business loans | Commercial mortgage | Commercial Real Estate business line | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 48 | [1] | 81 | [1] | 139 | [1] |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | [1] | 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 | 64 | [2] | 105 | [2] | 177 | [2] |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 2 | [2] | 3 | [2] | 4 | [2] |
Business loans | Lease financing | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 0 | 0 | 3 | |||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | |||
Business loans | International | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 2 | 1 | 2 | |||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | |||
Retail loans | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 46 | 47 | 50 | |||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | |||
Retail loans | Residential mortgage | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 30 | 35 | 41 | |||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | |||
Retail loans | Consumer | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 16 | 12 | 9 | |||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | |||
Retail loans | Consumer | Home equity | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 12 | 8 | 5 | |||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | |||
Retail loans | Consumer | Other consumer | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Individually Evaluated Impaired Loans Average Balance for the Period | 4 | 4 | 4 | |||
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | $0 | $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 $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | $34 | $96 | ||
Principal Deferrals | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 31 | [1] | 73 | [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 | 3 | 4 | ||
Extension Term, Minimum Period | 90 days | 90 days | ||
AB Note Restructures | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 19 | [2] | ||
Extension Term, Minimum Period | 90 days | 90 days | ||
Business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 28 | 80 | ||
Business loans | Principal Deferrals | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 28 | [1] | 61 | [1] |
Business loans | Interest Rate Reductions | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 0 | ||
Business loans | AB Note Restructures | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 19 | [2] | ||
Business loans | Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 22 | 29 | ||
Business loans | Commercial | Principal Deferrals | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 22 | [1] | 21 | [1] |
Business loans | Commercial | Interest Rate Reductions | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 0 | ||
Business loans | Commercial | AB Note Restructures | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 8 | [2] | ||
Business loans | Commercial mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 6 | 51 | ||
Business loans | Commercial mortgage | Principal Deferrals | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 6 | [1] | 40 | [1] |
Business loans | Commercial mortgage | Interest Rate Reductions | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 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] | 32 | [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] | 32 | [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] | 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 | 6 | [4] | 19 | [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 | 6 | [1],[4] | 8 | [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] | 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] | ||
Retail loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 6 | 16 | ||
Retail loans | Principal Deferrals | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 3 | [1] | 12 | [1] |
Retail loans | Interest Rate Reductions | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 3 | 4 | ||
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 | 1 | 5 | ||
Retail loans | Residential mortgage | Principal Deferrals | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 1 | [1],[5] | 3 | [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 | 2 | ||
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 | 5 | 11 | ||
Retail loans | Consumer | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 4 | 9 | ||
Retail loans | Consumer | Other consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 1 | 2 | ||
Retail loans | Consumer | Principal Deferrals | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 2 | [1] | 9 | [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] | 7 | [1],[5] |
Retail loans | Consumer | Principal Deferrals | Other consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 1 | [1],[5] | 2 | [1],[5] |
Retail loans | Consumer | Interest Rate Reductions | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 3 | 2 | ||
Retail loans | Consumer | Interest Rate Reductions | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 3 | 2 | ||
Retail loans | Consumer | Interest Rate Reductions | Other consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 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) (Principal Deferrals, USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Financing Receivable, Modifications [Line Items] | ||||
Balance | $31 | $73 | ||
Subsequent Default During Period | 3 | 35 | ||
Business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Balance | 28 | 61 | ||
Subsequent Default During Period | 3 | 35 | ||
Business loans | Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Balance | 22 | 21 | ||
Subsequent Default During Period | 1 | 11 | ||
Business loans | Commercial mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Balance | 6 | 40 | ||
Subsequent Default During Period | 2 | 24 | ||
Business loans | Commercial mortgage | Commercial Real Estate business line | ||||
Financing Receivable, Modifications [Line Items] | ||||
Balance | 0 | [1] | 32 | [1] |
Subsequent Default During Period | 0 | [1] | 19 | [1] |
Business loans | Commercial mortgage | Other business lines | ||||
Financing Receivable, Modifications [Line Items] | ||||
Balance | 6 | [2] | 8 | [2] |
Subsequent Default During Period | 2 | [2] | 5 | [2] |
Retail loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Balance | 3 | 12 | ||
Subsequent Default During Period | 0 | 0 | ||
Retail loans | Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Balance | 1 | [3] | 3 | [3] |
Subsequent Default During Period | 0 | 0 | ||
Retail loans | Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Balance | 2 | 9 | ||
Subsequent Default During Period | 0 | 0 | ||
Retail loans | Consumer | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Balance | 1 | [3] | 7 | [3] |
Subsequent Default During Period | 0 | 0 | ||
Retail loans | Consumer | Other consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Balance | 1 | [3] | 2 | [3] |
Subsequent Default During Period | $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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Credit Quality And Allowance For Credit Losses [Abstract] | ||
Carrying amount PCI loans | $2 | $5 |
Outstanding balance | $8 | $46 |
Recovered_Sheet4
Credit Quality And Allowance For Credit Losses (Accretable Yield For Acquired Purchased Credit-Impaired Loans) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Credit Quality And Allowance For Credit Losses [Abstract] | ||
Balance at beginning of period | $15 | $16 |
Reclassifications from nonaccretable | 12 | 28 |
Accretion | -26 | -29 |
Balance at end of period | $1 | $15 |
Significant_Group_Concentratio2
Significant Group Concentrations of Credit Risk Significant Group Concentrations of Credit Risk (Schedule of Automotive Industry Outstanding Loans and Total Exposure) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Concentration Risk [Line Items] | ||
Total automotive loans | $7,667 | $7,083 |
Total automotive exposure | 10,171 | 9,173 |
Automotive Production [Member] | ||
Concentration Risk [Line Items] | ||
Total automotive loans | 1,236 | 1,229 |
Total automotive exposure | 2,408 | 2,316 |
Automotive Dealer [Member] | ||
Concentration Risk [Line Items] | ||
Total automotive loans | 6,431 | 5,854 |
Total automotive exposure | $7,763 | $6,857 |
Significant_Group_Concentratio3
Significant Group Concentrations of Credit Risk Significant Group Concentrations of Credit Risk (Commercial Real Estate Exposure) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $48,593 | $45,470 | ||
Real estate construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,955 | 1,762 | ||
Commercial mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 8,604 | 8,787 | ||
Total commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 10,559 | 10,549 | ||
Total unused commitments | 2,335 | 1,780 | ||
Commercial Real Estate business line | Real estate construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,606 | [1] | 1,447 | [1] |
Commercial Real Estate business line | Commercial mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,790 | [1] | 1,678 | [1] |
Other business lines | Real estate construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 349 | [2] | 315 | [2] |
Other business lines | Commercial mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $6,814 | [2] | $7,109 | [2] |
[1] | Primarily loans to real estate developers. | |||
[2] | Primarily loans secured by owner-occupied real estate. |
Premises_and_Equipment_Narrati
Premises and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Rental expense for leased properties and equipment | $89 | $78 | $81 |
Lease termination charges included in rental expense | $10 |
Premises_and_Equipment_Summary
Premises and Equipment (Summary of Premises and Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land | $88 | $90 |
Buildings and improvements | 808 | 830 |
Furniture and equipment | 508 | 515 |
Total cost | 1,404 | 1,435 |
Accumulated depreciation and amortization | -872 | -841 |
Net book value | $532 | $594 |
Premises_and_Equipment_Schedul
Premises and Equipment (Schedule of Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | |
2015 | $73 |
2016 | 67 |
2017 | 58 |
2018 | 51 |
2019 | 42 |
Thereafter | 182 |
Total | $473 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Goodwill and Intangible Assets (Narrative) (Details) (Core deposit intangible, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Core deposit intangible | ||
Amortization expense of core deposit intangible | $3 | $4 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Goodwill and Intangible Assets (Summary of Changes in Carrying Value of Goodwill) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Goodwill [Line Items] | |||
Balance | $635 | $635 | $635 |
Business Bank | |||
Goodwill [Line Items] | |||
Balance | 380 | 380 | 380 |
Retail Bank | |||
Goodwill [Line Items] | |||
Balance | 194 | 194 | 194 |
Wealth Management | |||
Goodwill [Line Items] | |||
Balance | $61 | $61 | $61 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets Goodwill and Intangible Assets (Summary of CDI Carrying Value and Amortization) (Details) (Core deposit intangible, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Core deposit intangible | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $34 | $34 |
Accumulated amortization | -21 | -18 |
Net carrying amount | $13 | $16 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets Goodwill and Intangible Assets (Schedule of Core Deposit Intangible Estimated Future Amortization Expense (Details) (Core deposit intangible, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Core deposit intangible | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2015 | $3 | |
2016 | 2 | |
2017 | 2 | |
2018 | 2 | |
2019 | 1 | |
Thereafter | 3 | |
Total | $13 | $16 |
Derivative_And_CreditRelated_F2
Derivative And Credit-Related Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair value of securities pledged as collateral for derivative assets | $245,000,000 | |
Cash received as collateral for derivative assets | 264,000,000 | |
Available-for-sale securities pledged as collateral | 2,000,000 | |
Aggregate fair value of all derivative instruments with credit-risk contingent features that were in a liability position | 6,000,000 | |
Collateral pledged for aggregate fair value of all derivative instruments with credit-risk contingent features that were in a liability position | 2,000,000 | |
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 | 72,000,000 | 72,000,000 |
Interest rate fair value hedge ineffectiveness | an insignificant amount | an insignificant amount |
Net gain on open foreign currency positions | 1,000,000 | 1,000,000 |
Allowance for credit losses on lending-related commitments | 41,000,000 | 36,000,000 |
Allowance for credit losses on lending-related commitments, unused commitments to extend credit | 30,000,000 | 28,000,000 |
Final year of expiration of all outstanding letters of credit | 2022 | |
Risk participation agreements covering standby and commercial letters of credit | 316,000,000 | 259,000,000 |
Standby and commercial letters of credit | 4,000,000,000 | 4,400,000,000 |
Carrying value of standby and commercial letters of credit included in accrued expenses and other liabilities | 55,000,000 | 59,000,000 |
Deferred fees | 44,000,000 | 51,000,000 |
Allowance for credit losses on lending-related commitments, standby and commercial letters of credit | 11,000,000 | 8,000,000 |
Notional Amount of Derivative Credit Risk Participation Agreements | 598,000,000 | 614,000,000 |
Maximum estimated exposure to credit risk participation agreements assuming 100% default | 7,000,000 | 7,000,000 |
Weighted average remaining maturity of credit risk participation agreements, in years | 2 years 11 months 0 days | |
Fair value of derivative liability | 661,000,000 | 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 | $1,000,000 | $2,000,000 |
Derivative_And_CreditRelated_F3
Derivative And Credit-Related Financial Instruments (Schedule Of Derivative Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | $21,562 | [1] | $20,538 | [1] |
Fair Value of Gross Derivative Assets | 894 | 500 | ||
Fair Value of Gross Derivative Liabilities | 661 | 249 | ||
Derivative Assets, Netting Adjustment - Offsetting Liabilities | -133 | -187 | ||
Derivative Liabilities, Netting Adjustment - Offsetting Assets | -133 | -187 | ||
Derivative Assets, Netting Adjustment - Cash Collateral Received | -262 | -2 | ||
Derivative Liabilities, Netting Adjustment - Cash Collateral Posted | 0 | -10 | ||
Net Derivative Assets Included In Consolidated Balance Sheet | 499 | [2] | 311 | [2] |
Net Derivative Liabilities Included In Consolidated Balance Sheet | 528 | [2] | 52 | [2] |
Derivative Assets, Securities Pledged As Collateral | -239 | -138 | ||
Derivative Liabilities, Securities Pledged As Collateral | -2 | -10 | ||
Net Derivative Assets After Deducting Amounts Not Offset In Consolidated Balance Sheet | 260 | 173 | ||
Net Derivative Liabilities After Deducting Amounts Not Offset In Consolidated Balance Sheet | 526 | 42 | ||
Derivative Credit Risk Valuation Adjustment, Derivative Assets | 2 | 2 | ||
Risk Management Purposes | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 2,308 | [1] | 1,703 | [1] |
Fair Value of Gross Derivative Assets | 179 | 199 | ||
Fair Value of Gross Derivative Liabilities | 0 | 0 | ||
Risk Management Purposes | Designated as Hedging Instrument | Fair Value Hedging | Interest Rate Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 1,800 | [1] | 1,450 | [1] |
Fair Value of Gross Derivative Assets | 175 | 198 | ||
Fair Value of Gross Derivative Liabilities | 0 | 0 | ||
Risk Management Purposes | Derivatives Used As Economic Hedges | Foreign Exchange Spot Forward And Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 508 | [1] | 253 | [1] |
Fair Value of Gross Derivative Assets | 4 | 1 | ||
Fair Value of Gross Derivative Liabilities | 0 | 0 | ||
Customer-Initiated And Other Activities | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 19,254 | [1] | 18,835 | [1] |
Fair Value of Gross Derivative Assets | 715 | 301 | ||
Fair Value of Gross Derivative Liabilities | 661 | 249 | ||
Customer-Initiated And Other Activities | Interest Rate Contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 12,328 | [1] | 11,697 | [1] |
Fair Value of Gross Derivative Assets | 153 | 182 | ||
Fair Value of Gross Derivative Liabilities | 102 | 133 | ||
Customer-Initiated And Other Activities | Interest Rate Caps And Floors Written | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 274 | [1] | 277 | [1] |
Fair Value of Gross Derivative Assets | 0 | 0 | ||
Fair Value of Gross Derivative Liabilities | 0 | 1 | ||
Customer-Initiated And Other Activities | Interest Rate Caps and Floors Purchased | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 274 | [1] | 277 | [1] |
Fair Value of Gross Derivative Assets | 0 | 1 | ||
Fair Value of Gross Derivative Liabilities | 0 | 0 | ||
Customer-Initiated And Other Activities | Interest Rate Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 11,780 | [1] | 11,143 | [1] |
Fair Value of Gross Derivative Assets | 153 | 181 | ||
Fair Value of Gross Derivative Liabilities | 102 | 132 | ||
Customer-Initiated And Other Activities | Energy Contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 4,932 | [1] | 5,374 | [1] |
Fair Value of Gross Derivative Assets | 527 | 105 | ||
Fair Value of Gross Derivative Liabilities | 525 | 102 | ||
Customer-Initiated And Other Activities | Energy Caps and Floors Written | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 1,218 | [1] | 1,325 | [1] |
Fair Value of Gross Derivative Assets | 0 | 1 | ||
Fair Value of Gross Derivative Liabilities | 173 | 48 | ||
Customer-Initiated And Other Activities | Energy Caps and Floors Purchased | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 1,218 | [1] | 1,325 | [1] |
Fair Value of Gross Derivative Assets | 173 | 48 | ||
Fair Value of Gross Derivative Liabilities | 0 | 1 | ||
Customer-Initiated And Other Activities | Energy Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 2,496 | [1] | 2,724 | [1] |
Fair Value of Gross Derivative Assets | 354 | 56 | ||
Fair Value of Gross Derivative Liabilities | 352 | 53 | ||
Customer-Initiated And Other Activities | Foreign Exchange Spot, Forwards, Options and Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional/Contract Amount | 1,994 | [1] | 1,764 | [1] |
Fair Value of Gross Derivative Assets | 35 | 14 | ||
Fair Value of Gross Derivative Liabilities | $34 | $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 of $2 million at both December 31, 2014 and 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 $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Notional Amount | $21,562 | [1] | $20,538 | [1] |
Risk Management Purposes | ||||
Notional Amount | 2,308 | [1] | 1,703 | [1] |
Long-term Debt | Swaps - Fair Value Hedge - Receive Fixed/Pay Floating | Risk Management Purposes | Interest Rate Swaps | ||||
Notional Amount | $1,800 | $1,450 | ||
Weighted Average Remaining Maturity | 4 years 7 months 0 days | 3 years 5 months 0 days | ||
Weighted Average Receive Rate | 4.54% | 5.45% | ||
Weighted Average Pay Rate | 0.49% | [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 December 31, 2014 and 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, Customer-Initiated And Other Activities, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net derivative gain recognized in income | $60 | $60 |
Interest Rate Contracts | Other Noninterest Income | ||
Net derivative gain recognized in income | 20 | 22 |
Energy Contracts | Other Noninterest Income | ||
Net derivative gain recognized in income | 2 | 3 |
Foreign Exchange Contracts | Foreign Exchange Income | ||
Net derivative gain recognized in income | $38 | $35 |
Derivative_And_CreditRelated_F6
Derivative And Credit-Related Financial Instruments (Schedule Of Financial Instruments With Off-Balance Sheet Credit Risk) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Unused Commitments to Extend Credit | ||
Loss contingency, range of possible loss, maximum | $30,056 | $29,617 |
Commercial And Other | Unused Commitments to Extend Credit | ||
Loss contingency, range of possible loss, maximum | 27,905 | 27,728 |
Bankcard, Revolving Check Credit And Home Equity Loan Commitments | Unused Commitments to Extend Credit | ||
Loss contingency, range of possible loss, maximum | 2,151 | 1,889 |
Standby Letters Of Credit | ||
Loss contingency, range of possible loss, maximum | 3,880 | 4,297 |
Commercial Letters Of Credit | ||
Loss contingency, range of possible loss, maximum | 75 | 103 |
Other Credit-Related Financial Instruments | ||
Loss contingency, estimate of possible loss | $1 | $2 |
Derivative_And_CreditRelated_F7
Derivative And Credit-Related Financial Instruments (Summary Of Internally Classified Watch List Letters Of Credit) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Total criticized standby and commercial letters of credit | $79 | $69 |
As a percentage of total outstanding standby and commercial letters of credit | 2.00% | 1.60% |
Deposits_Deposits_Narrative_De
Deposits Deposits (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deposits [Abstract] | ||
Domestic certificates of deposit of $250,000 or more | $2,000,000,000 | $2,400,000,000 |
Foreign office time deposits in denominations of $250,000 or more | $135,000,000 | $349,000,000 |
Net_Income_Per_Common_Share_Ba
Net Income Per Common Share (Basic And Diluted Net Income Per Common Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net income | $149 | $154 | $151 | $139 | $117 | $147 | $143 | $134 | $593 | $541 | $521 |
Less income allocated to participating securities | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 7 | 8 | 6 |
Net income attributable to common shares | $148 | $152 | $149 | $137 | $115 | $145 | $141 | $132 | $586 | $533 | $515 |
Basic average common shares | 179 | 183 | 191 | ||||||||
Basic earnings per common share | $0.83 | $0.85 | $0.83 | $0.76 | $0.64 | $0.80 | $0.77 | $0.71 | $3.28 | $2.92 | $2.68 |
Basic average common shares | 179 | 183 | 191 | ||||||||
Net effect of the assumed exercise of stock options | 2 | 1 | 1 | ||||||||
Net effect of the assumed exercise of warrants | 4 | 3 | 0 | ||||||||
Diluted average common shares | 185 | 187 | 192 | ||||||||
Diluted earnings per common share | $0.80 | $0.82 | $0.80 | $0.73 | $0.62 | $0.78 | $0.76 | $0.70 | $3.16 | $2.85 | $2.67 |
Variable_Interest_Entities_VIE2
Variable Interest Entities (VIEs) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Variable Interest Entity [Line Items] | |||
Unfunded commitments to fund tax credit entities | $130 | ||
Amount of financial or other support not contractually required provided by the Corporation to VIEs | 0 | 0 | 0 |
Low Income Housing Tax Credit Entities | |||
Variable Interest Entity [Line Items] | |||
Exposure to loss as a result of involvement with VIEs | 389 | ||
Other Tax Credit Entities | |||
Variable Interest Entity [Line Items] | |||
Exposure to loss as a result of involvement with VIEs | $8 |
Deposits_Deposits_Schedule_of_
Deposits Deposits (Schedule of Maturities of Certificates of Deposit and Other Deposits with a Stated Maturity) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Deposits [Abstract] | |
2015 | $3,447 |
2016 | 717 |
2017 | 182 |
2018 | 76 |
2019 | 80 |
Thereafter | 54 |
Total | $4,556 |
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) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Average outstanding securities | 7.2 | 10.8 | 16 |
Stock Options | Minimum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Exercise price | 47.24 | 34.78 | 29.81 |
Stock Options | Maximum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Exercise price | 61.94 | 61.94 | 64.5 |
Warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Average outstanding securities | 0 | 0 | 0.3 |
Warrants | Minimum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Exercise price | 0 | 0 | 30.36 |
Warrants | Maximum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Exercise price | 30.36 |
Variable_Interest_Entities_VIE3
Variable Interest Entities (VIEs) (Impact Of VIEs On The Consolidated Statements Of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Variable Interest Entity [Line Items] | |||||||||||
Other noninterest income | $142 | $168 | $158 | ||||||||
Provision for income taxes | 70 | 73 | 70 | 64 | 50 | 68 | 64 | 63 | 277 | 245 | 241 |
Variable Interest Entity | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Other noninterest income | -5 | -1 | -6 | ||||||||
Provision for income taxes | -27 | -21 | -25 | ||||||||
Proportional amortization method classified in income taxes | Variable Interest Entity | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Provision for income taxes | 60 | 56 | 52 | ||||||||
Low income housing tax credits | Variable Interest Entity | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Provision for income taxes | -59 | -56 | -53 | ||||||||
Other tax benefits related to tax credit entities | Variable Interest Entity | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Provision for income taxes | ($28) | ($21) | ($24) |
Deposits_Deposits_Schedule_of_1
Deposits Deposits (Schedule of Maturities of Domestic Deposits of One Hundred Thousand or More) (Details) (Domestic Certificates of Deposit and Other Deposits [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Domestic Certificates of Deposit and Other Deposits [Member] | ||
Three Months or Less | $822 | $1,088 |
Three Months Through Six Months | 456 | 544 |
Six Months Through 12 Months | 733 | 1,065 |
After 12 Months | 795 | 570 |
Total | $2,806 | $3,267 |
Shortterm_Borrowings_Shortterm1
Short-term Borrowings Short-term Borrowings (Narrative) (Details) (USD $) | Dec. 31, 2014 |
In Billions, unless otherwise specified | |
Short-term Debt [Abstract] | |
Pledged loans to provide collateralized borrowing with the FRB | $25 |
Available collateralized borrowing with the FRB | $19 |
Shortterm_Borrowings_Shortterm2
Short-term Borrowings Short-term Borrowings (Summary of Short-term Borrowings) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | |||
Amount outstanding at year-end | $116 | $253 | |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | |||
Short-term Debt [Line Items] | |||
Amount outstanding at year-end | 116 | 253 | 87 |
Weighted average interest rate at year-end | 0.04% | 0.05% | 0.11% |
Maximum month-end balance during the year | 238 | 277 | 87 |
Average balance outstanding during the year | 200 | 211 | 76 |
Weighted average interest rate during the year | 0.04% | 0.07% | 0.12% |
Other Short-term Borrowings | |||
Short-term Debt [Line Items] | |||
Amount outstanding at year-end | 0 | 0 | 23 |
Weighted average interest rate at year-end | 0.00% | 0.00% | 0.00% |
Maximum month-end balance during the year | 0 | 0 | 23 |
Average balance outstanding during the year | $0 | $0 | $0 |
Weighted average interest rate during the year | 0.00% | 0.00% | 0.00% |
Medium_And_LongTerm_Debt_Narra
Medium- And Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | |
Debt Instruments [Line Items] | |||||
Gain on debt redemption | $32,000,000 | $32,000,000 | $1,000,000 | $0 | |
Blanket lien on real-estate related loans securing FHLB advances | 14,000,000,000 | ||||
FHLB potential future borrowings | 6,000,000,000 | ||||
Parent Company | 2.125% notes due 2019 | |||||
Debt Instruments [Line Items] | |||||
Stated interest rate | 2.13% | 2.13% | |||
Notes issued | 350,000,000 | ||||
Parent Company | 3.80% subordinated notes due 2026 | |||||
Debt Instruments [Line Items] | |||||
Stated interest rate | 3.80% | 3.80% | |||
Notes issued | 250,000,000 | ||||
Subsidiaries | 8.375% subordinated notes due 2014 | |||||
Debt Instruments [Line Items] | |||||
Stated interest rate | 8.38% | ||||
Par value of subordinated notes called | $150,000,000 |
Medium_And_LongTerm_Debt_Sched
Medium- And Long-Term Debt (Schedule Of Medium- And Long-Term Debt) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | ||
Debt Instruments [Line Items] | ||||||
Total medium- and long-term debt | $2,679 | $3,543 | ||||
Parent Company | ||||||
Debt Instruments [Line Items] | ||||||
Total medium- and long-term debt | 1,212 | 617 | ||||
Subsidiaries | ||||||
Debt Instruments [Line Items] | ||||||
Subordinated notes | 1,445 | 1,898 | ||||
Total medium- and long-term debt | 1,467 | 2,926 | ||||
4.80% subordinated notes due 2015 | Parent Company | ||||||
Debt Instruments [Line Items] | ||||||
Subordinated notes | 304 | [1] | 318 | [1] | ||
Stated interest rate | 4.80% | 4.80% | ||||
Maturity Date | 1-May-15 | 1-May-15 | ||||
3.80% subordinated notes due 2026 | Parent Company | ||||||
Debt Instruments [Line Items] | ||||||
Subordinated notes | 259 | [1] | 0 | [1] | ||
Stated interest rate | 3.80% | 3.80% | ||||
Maturity Date | 22-Jul-26 | |||||
3.00% notes due 2015 | Parent Company | ||||||
Debt Instruments [Line Items] | ||||||
Medium-term notes | 300 | 299 | ||||
Stated interest rate | 3.00% | 3.00% | ||||
Maturity Date | 16-Sep-15 | 16-Sep-15 | ||||
2.125% notes due 2019 | Parent Company | ||||||
Debt Instruments [Line Items] | ||||||
Medium-term notes | 349 | [1] | 0 | [1] | ||
Stated interest rate | 2.13% | 2.13% | ||||
Maturity Date | 23-May-19 | |||||
5.70% subordinated notes due 2014 | Subsidiaries | ||||||
Debt Instruments [Line Items] | ||||||
Subordinated notes | 0 | [1] | 255 | [1] | ||
Stated interest rate | 5.70% | |||||
Maturity Date | 1-Jun-14 | |||||
8.375% subordinated notes due 2014 | Subsidiaries | ||||||
Debt Instruments [Line Items] | ||||||
Subordinated notes | 0 | 183 | ||||
Stated interest rate | 8.38% | |||||
Maturity Date | 15-Jul-24 | |||||
Earliest call date | 15-Jul-14 | |||||
5.75% subordinated notes due 2016 | Subsidiaries | ||||||
Debt Instruments [Line Items] | ||||||
Subordinated notes | 670 | [1] | 681 | [1] | ||
Stated 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 | 548 | [1] | 566 | [1] | ||
Stated interest rate | 5.20% | 5.20% | ||||
Maturity Date | 22-Aug-17 | 22-Aug-17 | ||||
7.875% subordinated notes due 2026 | Subsidiaries | ||||||
Debt Instruments [Line Items] | ||||||
Subordinated notes | 227 | [1] | 213 | [1] | ||
Stated 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 | 0 | 1,000 | ||||
Maturity Date | 7-May-14 | |||||
6.0% - 6.4% fixed-rate notes due 2013 to 2020 | Subsidiaries | ||||||
Debt Instruments [Line Items] | ||||||
Other notes | $22 | $28 | ||||
Fixed interest rate - minimum | 6.00% | 6.00% | ||||
Earliest maturity date | 30-Jun-14 | 30-Jun-13 | ||||
Latest maturity date | 30-Jun-20 | 30-Jun-20 | ||||
Fixed interest rate - maximum | 6.40% | 6.40% | ||||
[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. |
Medium_And_LongTerm_Debt_Sched1
Medium- And Long-Term Debt Schedule of Maturities of Medium- and Long-term Debt (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $606 |
2016 | 650 |
2017 | 500 |
2018 | 2 |
2019 | 357 |
Thereafter | 407 |
Total | $2,522 |
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share Repurchases Authorized per Capital Plan | 236 | ||
Share Repurchases Remaining per Capital Plan | 59 | ||
Stock Option | |||
Common stock shares reserved for future issuance | 14,700,000 | ||
Restricted Stock | |||
Shares of non-vested restricted stock outstanding | 2,140,000 | 2,479,000 | |
Common Stock | |||
Shares repurchased under share repurchase program | 5,400,000 | 7,500,000 | 10,200,000 |
Warrants | |||
Number of warrants to purchase common stock outstanding | 13,200,000 | ||
Number of shares of common stock issuable under outstanding warrants | 11,200,000 | ||
Average exercise price for outstanding warrants | 29.45 | ||
Shares of common stock issued upon exercise of warrants | 361,000 | 0 | 0 |
Common stock shares reserved for future issuance | 11,200,000 | ||
Share Repurchase Program | Common Stock | |||
Shares repurchased under share repurchase program | 5,200,000 | 7,400,000 | 10,100,000 |
Average cost per share of shares repurchased under share repurchase program | 47.91 | 38.63 | 30.21 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Investment securities, Balance at beginning of period, net of tax | ($68) | $150 | $129 |
Investment securities, Net unrealized holding gains (losses) arising during the period | 166 | -343 | 48 |
Investment securities, Less: Provision (benefit) for income taxes | 60 | -126 | 18 |
Investment securities, Net unrealized holding gains (losses) arising during period, net of tax | 106 | -217 | 30 |
Investment securities, Net realized gains included in net securities gains | 1 | 1 | 14 |
Investment securities, Less: Provision for income taxes | 0 | 0 | 5 |
Investment securities, Reclassification adjustment for net securities gains included in net income, net of tax | 1 | 1 | 9 |
Investment securities, Change in net unrealized gains (losses) on investment securities available-for-sale, net of tax | 105 | -218 | 21 |
Investment securities, Balance at end of period, net of tax | 37 | -68 | 150 |
Benefit plans, Balance at beginning of period, net of tax | -323 | -563 | -485 |
Benefit plans, Actuarial (loss) gain arising during the period | -240 | 286 | -192 |
Benefit plans, Less: (Benefit) provision for income taxes | -87 | 103 | -70 |
Benefit plans, Net defined benefit pension and other postretirement adjustment arising during the period, net of tax | -153 | 183 | -122 |
Benefit plans, Amortization of actuarial net loss | 39 | 89 | 62 |
Benefit plans, Amortization of prior service cost | 3 | 2 | 3 |
Benefit plans, Amortization of transition obligation | 0 | 0 | 4 |
Benefit plans, Total amounts recognized in employee benefits expense | 42 | 91 | 69 |
Benefit plans, Less: Benefit for income taxes | 15 | 34 | 25 |
Benefit plans, Adjustment for amounts recognized as components of net periodic benefit cost during the period, net of tax | 27 | 57 | 44 |
Benefit plans, Change in defined benefit pension and other postretirement plans adjustment, net of tax | -126 | 240 | -78 |
Benefit plans, Balance at end of period, net of tax | -449 | -323 | -563 |
Total accumulated other comprehensive loss at end of period, net of tax | ($412) | ($391) | ($413) |
ShareBased_Compensation_ShareB1
Share-Based Compensation Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Number of shares originally available for grant | 17,900,000 | ||
Shares available for grant | 9,000,000 | ||
Total intrinsic value of stock options exercised | $23 | $14 | $2 |
Total fair value of restricted stock awards that fully vested | $18 | $10 | $16 |
Shares in treasury | 49,146,225 | 45,860,786 | |
Minimum | Restricted Stock | |||
Share-based compensation vesting period | 3 years | ||
Minimum | Restricted Stock Units (RSUs) | |||
Share-based compensation vesting period | 1 year | ||
Minimum | Stock Options | |||
Share-based compensation vesting period | 1 year | ||
Maximum | Restricted Stock | |||
Share-based compensation vesting period | 5 years | ||
Maximum | Restricted Stock Units (RSUs) | |||
Share-based compensation vesting period | 4 years | ||
Maximum | Stock Options | |||
Share-based compensation vesting period | 4 years | ||
Comerica Incorporated | |||
Closing stock price per share | $46.84 |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary of Components of Share-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation [Abstract] | |||
Total share-based compensation expense | $38 | $35 | $37 |
Related tax benefits recognized in net income | $14 | $13 | $13 |
ShareBased_Compensation_Unreco
Share-Based Compensation (Unrecognized Compensation Expense) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation [Abstract] | |
Total unrecognized share-based compensation expense | $53 |
Weighted-average expected recognition period (in years) | 2 years 8 months 9 days |
ShareBased_Compensation_Estima
Share-Based Compensation (Estimated Weighted-Average Grant-Date Fair Value Per Option Share and the Underlying Binomial Option-Pricing Model Assumptions) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation [Abstract] | |||
Weighted-average grant-date fair value per option | $13.21 | $9.07 | $8.63 |
Risk-free interest rates | 2.95% | 1.94% | 2.16% |
Expected dividend yield | 3.00% | 3.00% | 3.00% |
Expected volatility factors of the market price of Comerica common stock | 31.00% | 34.00% | 39.00% |
Expected option life (in years) | 5 years 9 months 18 days | 6 years 4 months 24 days | 6 years 1 month 6 days |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary of the Corporation's Stock Option Activity and Related Information) (Details) (Stock Options, USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 |
Stock Options | |
Number of options outstanding at January 1, 2014 | 16,795 |
Number of options granted | 883 |
Number of options forfeited or expired | -2,066 |
Number of options exercised | -1,609 |
Number of options outstanding at December 31, 2014 | 14,003 |
Number of options outstanding net of expected forfeitures at December 31, 2014 | 13,708 |
Number of options exercisable at December 31, 2014 | 10,835 |
Weighted-average exercise price per option outstanding at January 1, 2014 | $43.52 |
Weighted-average exercise price per option granted | $49.51 |
Weighted-average exercise price per option forfeited or expired | $52.22 |
Weighted-average exercise price per option exercised | $34.47 |
Weighted-average exercise price per option outstanding at December 31, 2014 | $44.28 |
Weighted-average exercise price per option outstanding net of expected forfeitures at December 31, 2014 | $44.43 |
Weighted-average exercise price per option exercisable at December 31, 2014 | $46.28 |
Weighted-average remaining contractual term in years at December 31, 2014 | 4 years 1 month 5 days |
Weighted-average remaining contractual term in years net of expected forfeitures at December 31, 2014 | 4 years |
Weighted-average remaining contractual term in years exercisable at December 31, 2014 | 3 years |
Aggregate intrinsic value outstanding at December 31, 2014 | $97 |
Aggregate intrinsic value outstanding, net of expected forfeitures at December 31, 2014 | 94 |
Aggregate intrinsic value exercisable at December 31, 2014 | $65 |
ShareBased_Compensation_Summar2
Share-Based Compensation (Summary of the Corporation's Restricted Stock Activity and Related Information) (Details) (Restricted Stock, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Restricted Stock | |
Non-vested balance at January 1, 2014 | 2,479 |
Granted (Shares) | 325 |
Forfeited (Shares) | -44 |
Vested (Shares) | -620 |
Non-vested balance at December 31, 2014 | 2,140 |
Non-vested balance at January 1, 2014 (Weighted Average Grant-Date Fair Value) | $31.78 |
Granted (Weighted Average Grant-Date Fair Value) | $49.51 |
Forfeited (Weighted Average Grant-Date Fair Value) | $34.83 |
Vested (Weighted Average Grant-Date Fair Value) | $28.41 |
Non-vested balance at December 31, 2014 (Weighted Average Grant-Date Fair Value) | $35.38 |
ShareBased_Compensation_Summar3
Share-Based Compensation Summary of the Corporation's Restricted Stock Unit Activity and Related Information (Details) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Service-Based Units | |
Non-vested balance at January 1, 2014 | 331 |
Granted (Shares) | 15 |
Converted (Shares) | -41 |
Vested (Shares) | 0 |
Non-vested balance at December 31, 2014 | 387 |
Non-vested balance at January 1, 2014 (Weighted Average Grant-Date Fair Value) | $34.01 |
Granted (Weighted Average Grant-Date Fair Value) | $49.30 |
Converted (Weighted Average Grant-Date Fair Value) | $33.79 |
Vested (Weighted Average Grant-Date Fair Value) | $0 |
Non-vested balance at December 31, 2014 (Weighted Average Grant-Date Fair Value) | $34.58 |
Performance-Based Units | |
Non-vested balance at January 1, 2014 | 124 |
Granted (Shares) | 240 |
Converted (Shares) | -41 |
Vested (Shares) | -4 |
Non-vested balance at December 31, 2014 | 319 |
Non-vested balance at January 1, 2014 (Weighted Average Grant-Date Fair Value) | $33.79 |
Granted (Weighted Average Grant-Date Fair Value) | $49.51 |
Converted (Weighted Average Grant-Date Fair Value) | $33.79 |
Vested (Weighted Average Grant-Date Fair Value) | $49.51 |
Non-vested balance at December 31, 2014 (Weighted Average Grant-Date Fair Value) | $45.44 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic defined benefit cost | $40,000,000 | $88,000,000 | $81,000,000 |
Estimated average life of pension plan in years | 15 | ||
Fair value of plan assets in defined benefit pension plan | 2,531,000,000 | 2,028,000,000 | |
Estimated employer contributions for defined benefit plans in year 2015 | 0 | ||
Employer core matching cash contribution as percent of employee contribution | 100.00% | ||
Percent of qualified earnings contributed by employee matched by the Corporation | 4.00% | ||
Defined contribution plan expense | 22,000,000 | 21,000,000 | 20,000,000 |
Profit sharing plan annual contribution to the individual account of each eligible employee, minimum percent of annual compensation | 3.00% | ||
Profit sharing plan annual contribution to the individual account of each eligible employee, maximum percent of annual compensation | 8.00% | ||
Profit sharing plan expense included in employee benefits expense | 10,000,000 | 7,000,000 | 7,000,000 |
Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation, minimum percent | 36.00% | ||
Target allocation, maximum percent | 56.00% | ||
Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation, minimum percent | 44.00% | ||
Target allocation, maximum percent | 64.00% | ||
Defined Benefit Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic defined benefit cost | 39,000,000 | 86,000,000 | 75,000,000 |
Non-Qualified Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic defined benefit cost | 16,000,000 | 18,000,000 | 19,000,000 |
Fair value of plan assets in defined benefit pension plan | 0 | 0 | |
Postretirement Benefit Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic defined benefit cost | 1,000,000 | 2,000,000 | 6,000,000 |
Fair value of plan assets in defined benefit pension plan | $67,000,000 | $67,000,000 | $72,000,000 |
Employee_Benefit_Plans_Reconci
Employee Benefit Plans (Reconciliations of Plan assets and the Projected Benefit Obligation, the Weighted-Average Assumptions Used to Determine Year-End Benefit Obligations, and the Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Fair value of plan assets at December 31 | $2,531,000,000 | $2,028,000,000 | |||
Qualified Plan | |||||
Fair value of plan assets at January 1 | 2,035,000,000 | 1,955,000,000 | |||
Actual return on plan assets | 278,000,000 | 136,000,000 | 199,000,000 | ||
Employer contributions | 350,000,000 | 0 | |||
Benefits paid | -122,000,000 | [1] | -56,000,000 | ||
Fair value of plan assets at December 31 | 2,541,000,000 | 2,035,000,000 | 1,955,000,000 | ||
Projected benefit obligation at January 1 | 1,731,000,000 | 1,897,000,000 | |||
Service cost | 29,000,000 | 37,000,000 | 33,000,000 | ||
Interest cost | 88,000,000 | 80,000,000 | 79,000,000 | ||
Actuarial (gain) loss | 344,000,000 | -260,000,000 | |||
Transfer between plans | 0 | 33,000,000 | |||
Projected benefit obligation at December 31 | 2,070,000,000 | 1,731,000,000 | 1,897,000,000 | ||
Accumulated benefit obligation | 1,905,000,000 | 1,598,000,000 | |||
Funded Status at December 31 | 471,000,000 | [2],[3] | 304,000,000 | [2],[3] | |
Weighted-average assumptions, discount rate, percent | 4.28% | 5.17% | |||
Weighted-average assumptions, rate of compensation increase, percent | 3.75% | 4.00% | |||
Accumulated other comprehensive income (loss), net actuarial loss | -568,000,000 | -403,000,000 | |||
Accumulated other comprehensive income (loss), net prior service (cost) credit | -25,000,000 | -31,000,000 | |||
Balance at December 31 | -593,000,000 | -434,000,000 | |||
Lump sum settlements during fourth quarter of 2014, included in benefits paid | 63,000,000 | ||||
Non-Qualified Plan | |||||
Fair value of plan assets at January 1 | 0 | ||||
Benefits paid | -10,000,000 | -9,000,000 | |||
Fair value of plan assets at December 31 | 0 | 0 | |||
Projected benefit obligation at January 1 | 195,000,000 | 245,000,000 | |||
Service cost | 3,000,000 | 4,000,000 | 4,000,000 | ||
Interest cost | 10,000,000 | 9,000,000 | 10,000,000 | ||
Actuarial (gain) loss | 37,000,000 | -21,000,000 | |||
Transfer between plans | 0 | -33,000,000 | |||
Projected benefit obligation at December 31 | 235,000,000 | 195,000,000 | 245,000,000 | ||
Accumulated benefit obligation | 203,000,000 | 163,000,000 | |||
Funded Status at December 31 | -235,000,000 | [2],[3] | -195,000,000 | [2],[3] | |
Weighted-average assumptions, discount rate, percent | 4.28% | 5.17% | |||
Weighted-average assumptions, rate of compensation increase, percent | 3.75% | 4.00% | |||
Accumulated other comprehensive income (loss), net actuarial loss | -104,000,000 | -73,000,000 | |||
Accumulated other comprehensive income (loss), net prior service (cost) credit | 25,000,000 | 28,000,000 | |||
Balance at December 31 | -79,000,000 | -45,000,000 | |||
Postretirement Benefit Plan | |||||
Fair value of plan assets at January 1 | 67,000,000 | 72,000,000 | |||
Actual return on plan assets | 3,000,000 | -2,000,000 | 4,000,000 | ||
Employer contributions | 2,000,000 | 3,000,000 | |||
Benefits paid | -5,000,000 | -6,000,000 | |||
Fair value of plan assets at December 31 | 67,000,000 | 67,000,000 | 72,000,000 | ||
Projected benefit obligation at January 1 | 69,000,000 | 79,000,000 | |||
Service cost | 0 | 0 | |||
Interest cost | 3,000,000 | 3,000,000 | 3,000,000 | ||
Actuarial (gain) loss | 6,000,000 | -7,000,000 | |||
Transfer between plans | 0 | 0 | |||
Projected benefit obligation at December 31 | 73,000,000 | 69,000,000 | 79,000,000 | ||
Accumulated benefit obligation | 73,000,000 | 69,000,000 | |||
Funded Status at December 31 | -6,000,000 | [2],[3] | -2,000,000 | [2],[3] | |
Weighted-average assumptions, discount rate, percent | 3.99% | 4.59% | |||
Healthcare cost trend rate assumed for next year | 7.00% | 7.50% | |||
Rate to which the healthcare cost trend rate is assumed to decline (the ultimate trend rate), percent | 5.00% | 5.00% | 5.00% | ||
Year when healthcare cost trend rate reaches the ultimate trend rate | 2026 | 2033 | |||
Accumulated other comprehensive income (loss), net actuarial loss | -27,000,000 | -23,000,000 | |||
Accumulated other comprehensive income (loss), net prior service (cost) credit | -3,000,000 | -3,000,000 | |||
Balance at December 31 | ($30,000,000) | ($26,000,000) | |||
[1] | Includes $63 million in benefit payments made to certain terminated vested eligible participants who elected to receive lump-sum settlements during the fourth quarter of 2014. | ||||
[2] | Based on projected benefit obligation for defined benefit pension plans and accumulated benefit obligation for postretirement benefit plan. | ||||
[3] | The Corporation recognizes the overfunded and underfunded status of the plans in “accrued income and other assets†and “accrued expenses and other liabilities,†respectively, on the consolidated balance sheets. |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule of Changes, Net of Tax, in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Actuarial loss arising during the period | ($240) | $286 | ($192) |
Amortization of actuarial net loss | 39 | 89 | 62 |
Amortization of prior service cost | 3 | 2 | 3 |
Total recognized in other comprehensive income (loss) | -198 | 377 | -123 |
Qualified Plan | |||
Actuarial loss arising during the period | -196 | ||
Amortization of actuarial net loss | 31 | ||
Amortization of prior service cost | 6 | ||
Total recognized in other comprehensive income (loss) | -159 | ||
Non-Qualified Plan | |||
Actuarial loss arising during the period | -38 | ||
Amortization of actuarial net loss | 7 | ||
Amortization of prior service cost | -4 | ||
Total recognized in other comprehensive income (loss) | -35 | ||
Postretirement Benefit Plan | |||
Actuarial loss arising during the period | -6 | ||
Amortization of actuarial net loss | 1 | ||
Amortization of prior service cost | 1 | ||
Total recognized in other comprehensive income (loss) | ($4) |
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans (Net Periodic Defined Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic defined benefit cost | $40 | $88 | $81 |
Defined Benefit Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic defined benefit cost | 39 | 86 | 75 |
Qualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 29 | 37 | 33 |
Interest cost | 88 | 80 | 79 |
Expected return on plan assets | -131 | -132 | -114 |
Amortization of prior service cost (credit) | 6 | 7 | 4 |
Amortization of net loss | 31 | 76 | 54 |
Net periodic defined benefit cost | 23 | 68 | 56 |
Actual return on plan assets | 278 | 136 | 199 |
Actual rate of return on plan assets, percentage | 13.88% | 7.05% | 13.33% |
Weighted-average assumptions, discount rate, percent | 5.17% | 4.20% | 4.99% |
Weighted-average assumptions, expected long-term return on plan assets, percent | 6.75% | 7.25% | 7.50% |
Weighted-average assumptions, rate of compensation increase, percent | 4.00% | 4.00% | 4.00% |
Non-Qualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 3 | 4 | 4 |
Interest cost | 10 | 9 | 10 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | -4 | -6 | -2 |
Amortization of net loss | 7 | 11 | 7 |
Net periodic defined benefit cost | 16 | 18 | 19 |
Weighted-average assumptions, discount rate, percent | 5.17% | 4.20% | 4.99% |
Weighted-average assumptions, rate of compensation increase, percent | 4.00% | 4.00% | 4.00% |
Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | |
Interest cost | 3 | 3 | 3 |
Expected return on plan assets | -4 | -4 | -3 |
Amortization of transition obligations | 0 | 0 | 4 |
Amortization of prior service cost (credit) | 1 | 1 | 1 |
Amortization of net loss | 1 | 2 | 1 |
Net periodic defined benefit cost | 1 | 2 | 6 |
Actual return on plan assets | $3 | ($2) | $4 |
Actual rate of return on plan assets, percentage | 4.62% | -2.29% | 6.39% |
Weighted-average assumptions, discount rate, percent | 4.59% | 3.81% | 4.55% |
Weighted-average assumptions, expected long-term return on plan assets, percent | 5.00% | 5.00% | 5.00% |
Health care cost trend rate assumed | 7.50% | 8.00% | 8.00% |
Rate to which the healthcare cost trend rate is assumed to decline (the ultimate trend rate), percent | 5.00% | 5.00% | 5.00% |
Defined Benefit Plan Year That Reaches Ultimate Trend Rate In Current Expense | 2033 | 2033 | 2032 |
Employee_Benefit_Plans_The_Est
Employee Benefit Plans (The Estimated Portion of Balances Remaining in Accumulated Other Comprehensive Income (Loss) that are Expected to be Recognized as a Component of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Net loss | $68 |
Prior service cost (credit) | 1 |
Qualified Plan | |
Net loss | 57 |
Prior service cost (credit) | 4 |
Non-Qualified Plan | |
Net loss | 10 |
Prior service cost (credit) | -4 |
Postretirement Benefit Plan | |
Net loss | 1 |
Prior service cost (credit) | $1 |
Employee_Benefit_Plans_Effect_
Employee Benefit Plans (Effect of One-Percentage-Point Change in 2014 Assumed Healthcare and Prescription Drug Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Effect on postretirement benefit obligation, Increase | $4 |
Effect on postretirement benefit obligation, Decrease | -4 |
Effect on total service and interest cost, Increase | 0 |
Effect on total service and interest cost, Decrease | $0 |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans (Fair Values of the Corporation's Qualified Defined Benefit Pension Plan Investments Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair value of plan assets in qualified defined benefit pension plan | $2,531,000,000 | $2,028,000,000 |
Cash equivalent securities, mutual funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 390,000,000 | 23,000,000 |
Equity securities | Collective investments funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 466,000,000 | 463,000,000 |
Equity securities | Mutual funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 76,000,000 | 73,000,000 |
Equity securities | Common stock | ||
Fair value of plan assets in qualified defined benefit pension plan | 499,000,000 | 483,000,000 |
Debt securities | U.S. Treasury and other U.S. government agency securities | ||
Fair value of plan assets in qualified defined benefit pension plan | 359,000,000 | 329,000,000 |
Debt securities | Corporate and municipal bonds and notes | ||
Fair value of plan assets in qualified defined benefit pension plan | 659,000,000 | 496,000,000 |
Debt securities | Collateralized mortgage obligations | ||
Fair value of plan assets in qualified defined benefit pension plan | 9,000,000 | 4,000,000 |
Debt securities | U.S. government agency mortgage-backed securities | ||
Fair value of plan assets in qualified defined benefit pension plan | 2,000,000 | |
Debt securities | Mutual funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 113,000,000 | |
Private placements | ||
Fair value of plan assets in qualified defined benefit pension plan | 73,000,000 | 36,000,000 |
Securities purchased under agreements to resell | ||
Fair value of plan assets in qualified defined benefit pension plan | 6,000,000 | |
Level 1 | ||
Fair value of plan assets in qualified defined benefit pension plan | 1,324,000,000 | 1,021,000,000 |
Level 1 | Cash equivalent securities, mutual funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 390,000,000 | 23,000,000 |
Level 1 | Equity securities | Collective investments funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 1 | Equity securities | Mutual funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 76,000,000 | 73,000,000 |
Level 1 | Equity securities | Common stock | ||
Fair value of plan assets in qualified defined benefit pension plan | 499,000,000 | 483,000,000 |
Level 1 | Debt securities | U.S. Treasury and other U.S. government agency securities | ||
Fair value of plan assets in qualified defined benefit pension plan | 359,000,000 | 329,000,000 |
Level 1 | Debt securities | Corporate and municipal bonds and notes | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 1 | Debt securities | Collateralized mortgage obligations | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 1 | Debt securities | U.S. government agency mortgage-backed securities | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | |
Level 1 | Debt securities | Mutual funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 113,000,000 | |
Level 1 | Private placements | ||
Fair value of plan assets in qualified defined benefit pension plan | ||
Level 1 | Securities purchased under agreements to resell | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | |
Level 2 | ||
Fair value of plan assets in qualified defined benefit pension plan | 1,134,000,000 | 971,000,000 |
Level 2 | Cash equivalent securities, mutual funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 2 | Equity securities | Collective investments funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 466,000,000 | 463,000,000 |
Level 2 | Equity securities | Mutual funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 2 | Equity securities | Common stock | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 2 | Debt securities | U.S. Treasury and other U.S. government agency securities | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 2 | Debt securities | Corporate and municipal bonds and notes | ||
Fair value of plan assets in qualified defined benefit pension plan | 659,000,000 | 496,000,000 |
Level 2 | Debt securities | Collateralized mortgage obligations | ||
Fair value of plan assets in qualified defined benefit pension plan | 9,000,000 | 4,000,000 |
Level 2 | Debt securities | U.S. government agency mortgage-backed securities | ||
Fair value of plan assets in qualified defined benefit pension plan | 2,000,000 | |
Level 2 | Debt securities | Mutual funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | |
Level 2 | Private placements | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 2 | Securities purchased under agreements to resell | ||
Fair value of plan assets in qualified defined benefit pension plan | 6,000,000 | |
Level 3 | ||
Fair value of plan assets in qualified defined benefit pension plan | 73,000,000 | 36,000,000 |
Level 3 | Cash equivalent securities, mutual funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 3 | Equity securities | Collective investments funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 3 | Equity securities | Mutual funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 3 | Equity securities | Common stock | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 3 | Debt securities | U.S. Treasury and other U.S. government agency securities | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 3 | Debt securities | Corporate and municipal bonds and notes | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 3 | Debt securities | Collateralized mortgage obligations | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | 0 |
Level 3 | Debt securities | U.S. government agency mortgage-backed securities | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | |
Level 3 | Debt securities | Mutual funds | ||
Fair value of plan assets in qualified defined benefit pension plan | 0 | |
Level 3 | Private placements | ||
Fair value of plan assets in qualified defined benefit pension plan | 73,000,000 | 36,000,000 |
Level 3 | Securities purchased under agreements to resell | ||
Fair value of plan assets in qualified defined benefit pension plan | $0 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans (Summary of Changes in the Corporation's Qualified Defined Benefit Pension Plan's Level 3 Investments Measured at Fair Value on a Recurring Basis) (Details) (Private placements, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Private placements | ||
Balance at beginning of period | $36 | $30 |
Gains (Losses) Realized | 1 | 0 |
Gains (Losses) Unrealized | 4 | -4 |
Purchases | 60 | 46 |
Sales | -28 | -36 |
Balance at end of period | $73 | $36 |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans (Schedule of Estimated Future Employer Contributions) (Details) (USD $) | Dec. 31, 2014 | |
In Millions, unless otherwise specified | ||
Qualified Plan | ||
2015 | $67 | |
2016 | 72 | |
2017 | 78 | |
2018 | 84 | |
2019 | 89 | |
2020 - 2024 | 529 | |
Non-Qualified Plan | ||
2015 | 11 | |
2016 | 11 | |
2017 | 12 | |
2018 | 12 | |
2019 | 13 | |
2020 - 2024 | 70 | |
Postretirement Benefit Plan | ||
2015 | 6 | [1] |
2016 | 6 | [1] |
2017 | 6 | [1] |
2018 | 6 | [1] |
2019 | 6 | [1] |
2020 - 2024 | $25 | [1] |
[1] | Estimated benefit payments in the postretirement benefit plan are net of estimated Medicare subsidies. |
Income_Taxes_And_TaxRelated_It2
Income Taxes And Tax-Related Items Income Taxes And Tax-Related Items (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income before income taxes | $870 | $786 | $762 | ||||||||
Foreign-source income | 32 | ||||||||||
Provision for income taxes | 70 | 73 | 70 | 64 | 50 | 68 | 64 | 63 | 277 | 245 | 241 |
Decrease in shareholders' equity and deferred tax assets due to income tax effect of transactions under share-based compensation plans | 11 | 5 | 16 | ||||||||
Liability for tax-related interest and penalties | 2 | 2 | 2 | 2 | |||||||
Reasonably possible change in unrecognized tax benefits in next 12 months | 9 | 9 | |||||||||
Unrecognized tax benefits that would impact the effective tax rate | 2 | 2 | 2 | 2 | |||||||
Deferred tax asset valuation allowance | 0 | 0 | 0 | 0 | |||||||
Available-for-sale Securities | |||||||||||
Provision for income taxes | $0 | $0 | $4 |
Income_Taxes_And_TaxRelated_It3
Income Taxes And Tax-Related Items Current and Deferred Components of the Provision for Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Current Federal Income Tax | $127 | $242 | $59 | ||||||||
Current Foreign Income Tax | 6 | 6 | 6 | ||||||||
Current State and Local Income Tax | 14 | 17 | 18 | ||||||||
Total Current Income Tax | 147 | 265 | 83 | ||||||||
Deferred Federal Income Tax (Benefit) | 123 | -20 | 152 | ||||||||
Deferred State and Local Income Tax | 7 | 0 | 6 | ||||||||
Total Deferred Income Tax (Benefit) | 130 | -20 | 158 | ||||||||
Provision for income taxes | $70 | $73 | $70 | $64 | $50 | $68 | $64 | $63 | $277 | $245 | $241 |
Income_Taxes_And_TaxRelated_It4
Income Taxes And Tax-Related Items Reconciliation of Expected Income Tax Expense at the Federal Statutory Rate to the Corporation's Provision for Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Tax Based on Federal Statutory Rate, Amount | $305 | $275 | $267 | ||||||||
Tax Based on Federal Statutory Rate, Percent | 35.00% | 35.00% | 35.00% | ||||||||
State Income Tax, Amount | 13 | 11 | 14 | ||||||||
State Income Tax, Percent | 1.50% | 1.40% | 1.90% | ||||||||
Affordable Housing and Historic Credits, Amount | -24 | -21 | -22 | ||||||||
Affordable Housing and Historic Credits, Percent | -2.80% | -2.60% | -2.90% | ||||||||
Bank-Owned Life Insurance, Amount | -15 | -15 | -15 | ||||||||
Bank-Owned Life Insurance, Percent | -1.70% | -1.90% | -2.00% | ||||||||
Other Changes in Unrecognized Tax Benefits, Amount | 2 | -2 | 1 | ||||||||
Other Changes in Unrecognized Tax Benefits, Percent | 0.20% | -0.20% | 0.20% | ||||||||
Tax-Related Interest and Penalties, Amount | -3 | -1 | 0 | ||||||||
Tax-Related Interest and Penalties, Percent | -0.30% | -0.10% | 0.00% | ||||||||
Other, Amount | -1 | -2 | -4 | ||||||||
Other, Percent | -0.10% | -0.40% | -0.60% | ||||||||
Provision for income taxes | $70 | $73 | $70 | $64 | $50 | $68 | $64 | $63 | $277 | $245 | $241 |
Provision for Income Taxes, Percent | 31.80% | 31.20% | 31.60% |
Income_Taxes_And_TaxRelated_It5
Income Taxes And Tax-Related Items Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $11 | $42 | $20 |
Increases as a result of tax positions taken during a prior period | 3 | 0 | 33 |
Decrease related to settlements with tax authorities | 0 | -31 | -11 |
Balance at December 31 | $14 | $11 | $42 |
Income_Taxes_And_TaxRelated_It6
Income Taxes And Tax-Related Items Tax Years for Significant Jurisdictions That Remain Subject to Examination (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Federal | Minimum | |
Open Tax Year | 2010 |
Federal | Maximum | |
Open Tax Year | 2013 |
California | Minimum | |
Open Tax Year | 2002 |
California | Maximum | |
Open Tax Year | 2013 |
Income_Taxes_And_TaxRelated_It7
Income Taxes And Tax-Related Items Principal Components of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for loan losses | $208 | $209 |
Deferred compensation | 123 | 131 |
Defined benefit plans | 0 | 2 |
Loan purchase accounting adjustments | 5 | 17 |
Deferred loan origination fees and costs | 28 | 28 |
Net unrealized losses on investment securities available-for-sale | 0 | 39 |
Other temporary differences, net | 44 | 75 |
Total deferred tax assets | 408 | 501 |
Deferred tax liabilities: | ||
Lease financing transactions | -206 | -226 |
Defined benefit plans | -38 | 0 |
Net unrealized gains on investment securities available-for-sale | -21 | 0 |
Allowance for depreciation | -13 | -18 |
Total deferred tax liabilities | -278 | -244 |
Net deferred tax asset | $130 | $257 |
Transactions_with_Related_Part1
Transactions with Related Parties Transactions with Related Parties (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Related Party Transactions [Abstract] | |
Loans attributed to persons who were related parties at beginning of period | $105 |
New loans to related parties | 544 |
Repayments on loans to related parties | 570 |
Loans attributed to persons who were related parties at end of period | $79 |
Regulatory_Capital_and_Reserve2
Regulatory Capital and Reserve Requirements Regulatory Capital and Reserve Requirements (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Regulatory Capital Requirements [Abstract] | |||
Federal Reserve Bank average reserve requirement | $430 | $397 | |
Dividends available to be paid to parent company without obtaining prior approval from bank regulatory agencies | 375 | ||
Dividends from bank subsidiaries | $380 | $480 | $497 |
Total risk-based capital minimum to be well capitalized | 10.00% | ||
Tier 1 risk-based capital minimum to be well capitalized | 6.00% | ||
Leverage ratio minimum to be well capitalized | 5.00% |
Regulatory_Capital_and_Reserve3
Regulatory Capital and Reserve Requirements Regulatory Capital and Reserve Requirements (Summary of Capital Position) (Details) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Comerica Incorporated | ||
Summary of Capital Position [Line Items] | ||
Tier 1 capital | $7,169,000,000 | $6,895,000,000 |
Total capital | 8,543,000,000 | 8,491,000,000 |
Risk-weighted assets | 68,273,000,000 | 64,825,000,000 |
Average assets (fourth quarter) | 69,284,000,000 | 64,017,000,000 |
Tier 1 capital to risk-weighted assets | 10.50% | 10.64% |
Total capital to risk-weighted assets | 12.51% | 13.10% |
Tier 1 capital to average assets | 10.35% | 10.77% |
Tier 1 capital - minimum (Consolidated) | 2,700,000,000 | 2,600,000,000 |
Total capital - minimum (Consolidated) | 5,500,000,000 | 5,200,000,000 |
Tier 1 capital to risk-weighted assets - minimum | 4.00% | 4.00% |
Total capital to risk-weighted assets - minimum | 8.00% | 8.00% |
Tier 1 capital to average assets - minimum | 3.00% | 3.00% |
Comerica Bank | ||
Summary of Capital Position [Line Items] | ||
Tier 1 capital | 7,051,000,000 | 6,803,000,000 |
Total capital | 8,175,000,000 | 8,340,000,000 |
Risk-weighted assets | 68,037,000,000 | 64,629,000,000 |
Average assets (fourth quarter) | $69,092,000,000 | $63,836,000,000 |
Tier 1 capital to risk-weighted assets | 10.36% | 10.53% |
Total capital to risk-weighted assets | 12.02% | 12.90% |
Tier 1 capital to average assets | 10.20% | 10.66% |
Tier 1 capital to risk-weighted assets - minimum | 4.00% | 4.00% |
Total capital to risk-weighted assets - minimum | 8.00% | 8.00% |
Tier 1 capital to average assets - minimum | 3.00% | 3.00% |
Contingent_Liabilities_Narrati
Contingent Liabilities (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 17, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | |||||
Increase in reserve for litigation-related expense | $4,000,000 | $52,000,000 | $23,000,000 | ||
Legal fees | 24,000,000 | 24,000,000 | 31,000,000 | ||
Comerica Bank | Masters Group | Butte Local Development v. Masters Group v. Comerica Bank | |||||
Loss Contingencies [Line Items] | |||||
Amount of damages awarded by the jury | 52,000,000 | ||||
Increase in reserve for litigation-related expense | 52,000,000 | ||||
Litigation reserve related to the case | 54,000,000 | ||||
Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Minimum amount of reasonably possible losses | 0 | ||||
Estimated maximum amount of reasonably possible losses | $36,000,000 |
Business_Segment_Information_N
Business Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 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 | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net interest income (expense) (FTE) | $1,659 | $1,675 | $1,731 | |||||||||||
Provision for credit losses | 27 | 46 | 79 | |||||||||||
Noninterest income | 868 | 882 | 870 | |||||||||||
Noninterest expenses | 419 | 397 | 404 | 406 | 473 | 417 | 416 | 416 | 1,626 | 1,722 | 1,757 | |||
Provision (benefit) for income taxes (FTE) | 281 | 248 | 244 | |||||||||||
Net income (loss) | 149 | 154 | 151 | 139 | 117 | 147 | 143 | 134 | 593 | 541 | 521 | |||
Net credit-related charge-offs (recoveries) | 25 | 73 | 170 | |||||||||||
Assets, average | 66,338 | 63,933 | 62,569 | |||||||||||
Loans, average | 46,588 | 44,412 | 43,306 | |||||||||||
Deposits, average | 54,784 | 51,711 | 49,533 | |||||||||||
Return on average assets | 0.89% | [1] | 0.85% | [1] | 0.83% | [1] | ||||||||
Efficiency ratio | 64.31% | [2] | 67.32% | [2] | 67.85% | [2] | ||||||||
Business Bank | ||||||||||||||
Net interest income (expense) (FTE) | 1,512 | 1,503 | 1,517 | |||||||||||
Provision for credit losses | 53 | 54 | 34 | |||||||||||
Noninterest income | 376 | 382 | 371 | |||||||||||
Noninterest expenses | 590 | 643 | 602 | |||||||||||
Provision (benefit) for income taxes (FTE) | 429 | 403 | 426 | |||||||||||
Net income (loss) | 816 | 785 | 826 | |||||||||||
Net credit-related charge-offs (recoveries) | 15 | 43 | 107 | |||||||||||
Assets, average | 37,332 | 35,529 | 34,444 | |||||||||||
Loans, average | 36,353 | 34,473 | 33,470 | |||||||||||
Deposits, average | 28,554 | 26,169 | 24,837 | |||||||||||
Return on average assets | 2.18% | [1] | 2.21% | [1] | 2.40% | [1] | ||||||||
Efficiency ratio | 31.24% | [2] | 34.13% | [2] | 31.89% | [2] | ||||||||
Retail Bank | ||||||||||||||
Net interest income (expense) (FTE) | 596 | 610 | 647 | |||||||||||
Provision for credit losses | -5 | 13 | 24 | |||||||||||
Noninterest income | 167 | 175 | 173 | |||||||||||
Noninterest expenses | 702 | 708 | 723 | |||||||||||
Provision (benefit) for income taxes (FTE) | 23 | 22 | 23 | |||||||||||
Net income (loss) | 43 | 42 | 50 | |||||||||||
Net credit-related charge-offs (recoveries) | 11 | 22 | 40 | |||||||||||
Assets, average | 6,092 | 5,974 | 6,008 | |||||||||||
Loans, average | 5,424 | 5,289 | 5,308 | |||||||||||
Deposits, average | 21,710 | 21,247 | 20,623 | |||||||||||
Return on average assets | 0.20% | [1] | 0.19% | [1] | 0.23% | [1] | ||||||||
Efficiency ratio | 91.75% | [2] | 89.95% | [2] | 87.93% | [2] | ||||||||
Wealth Management | ||||||||||||||
Net interest income (expense) (FTE) | 186 | 184 | 187 | |||||||||||
Provision for credit losses | -20 | -18 | 19 | |||||||||||
Noninterest income | 259 | 252 | 258 | |||||||||||
Noninterest expenses | 322 | 319 | 320 | |||||||||||
Provision (benefit) for income taxes (FTE) | 52 | 48 | 39 | |||||||||||
Net income (loss) | 91 | 87 | 67 | |||||||||||
Net credit-related charge-offs (recoveries) | -1 | 8 | 23 | |||||||||||
Assets, average | 4,997 | 4,807 | 4,623 | |||||||||||
Loans, average | 4,811 | 4,650 | 4,528 | |||||||||||
Deposits, average | 4,034 | 3,775 | 3,680 | |||||||||||
Return on average assets | 1.83% | [1] | 1.82% | [1] | 1.45% | [1] | ||||||||
Efficiency ratio | 72.54% | [2] | 73.14% | [2] | 74.21% | [2] | ||||||||
Finance | ||||||||||||||
Net interest income (expense) (FTE) | -662 | -653 | -658 | |||||||||||
Provision for credit losses | 0 | 0 | 0 | |||||||||||
Noninterest income | 60 | 61 | 60 | |||||||||||
Noninterest expenses | -21 | 10 | 12 | |||||||||||
Provision (benefit) for income taxes (FTE) | -224 | -226 | -228 | |||||||||||
Net income (loss) | -357 | -376 | -382 | |||||||||||
Net credit-related charge-offs (recoveries) | 0 | 0 | 0 | |||||||||||
Assets, average | 11,361 | 11,422 | 11,881 | |||||||||||
Loans, average | 0 | 0 | 0 | |||||||||||
Deposits, average | 233 | 312 | 206 | |||||||||||
Other | ||||||||||||||
Net interest income (expense) (FTE) | 27 | 31 | 38 | |||||||||||
Provision for credit losses | -1 | -3 | 2 | |||||||||||
Noninterest income | 6 | 12 | 8 | |||||||||||
Noninterest expenses | 33 | 42 | 100 | |||||||||||
Provision (benefit) for income taxes (FTE) | 1 | 1 | -16 | |||||||||||
Net income (loss) | 0 | 3 | -40 | |||||||||||
Net credit-related charge-offs (recoveries) | 0 | 0 | 0 | |||||||||||
Assets, average | 6,556 | 6,201 | 5,613 | |||||||||||
Loans, average | 0 | 0 | 0 | |||||||||||
Deposits, average | $253 | $208 | $187 | |||||||||||
[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 | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net interest income (expense) (FTE) | $1,659 | $1,675 | $1,731 | |||||||||||
Provision for credit losses | 27 | 46 | 79 | |||||||||||
Noninterest income | 868 | 882 | 870 | |||||||||||
Noninterest expenses | 419 | 397 | 404 | 406 | 473 | 417 | 416 | 416 | 1,626 | 1,722 | 1,757 | |||
Provision (benefit) for income taxes (FTE) | 281 | 248 | 244 | |||||||||||
Net income (loss) | 149 | 154 | 151 | 139 | 117 | 147 | 143 | 134 | 593 | 541 | 521 | |||
Net credit-related charge-offs (recoveries) | 25 | 73 | 170 | |||||||||||
Assets, average | 66,338 | 63,933 | 62,569 | |||||||||||
Loans, average | 46,588 | 44,412 | 43,306 | |||||||||||
Deposits, average | 54,784 | 51,711 | 49,533 | |||||||||||
Return on average assets | 0.89% | [1] | 0.85% | [1] | 0.83% | [1] | ||||||||
Efficiency ratio | 64.31% | [2] | 67.32% | [2] | 67.85% | [2] | ||||||||
Michigan | ||||||||||||||
Net interest income (expense) (FTE) | 718 | 751 | 777 | |||||||||||
Provision for credit losses | -32 | -12 | -30 | |||||||||||
Noninterest income | 360 | 357 | 385 | |||||||||||
Noninterest expenses | 644 | 714 | 707 | |||||||||||
Provision (benefit) for income taxes (FTE) | 169 | 145 | 170 | |||||||||||
Net income (loss) | 297 | 261 | 315 | |||||||||||
Net credit-related charge-offs (recoveries) | 8 | 6 | 41 | |||||||||||
Assets, average | 13,749 | 13,879 | 13,921 | |||||||||||
Loans, average | 13,336 | 13,461 | 13,618 | |||||||||||
Deposits, average | 21,023 | 20,346 | 19,573 | |||||||||||
Return on average assets | 1.35% | [1] | 1.22% | [1] | 1.53% | [1] | ||||||||
Efficiency ratio | 59.73% | [2] | 64.38% | [2] | 60.75% | [2] | ||||||||
California | ||||||||||||||
Net interest income (expense) (FTE) | 722 | 692 | 692 | |||||||||||
Provision for credit losses | 28 | 18 | 24 | |||||||||||
Noninterest income | 147 | 150 | 136 | |||||||||||
Noninterest expenses | 401 | 396 | 395 | |||||||||||
Provision (benefit) for income taxes (FTE) | 168 | 160 | 156 | |||||||||||
Net income (loss) | 272 | 268 | 253 | |||||||||||
Net credit-related charge-offs (recoveries) | 22 | 27 | 47 | |||||||||||
Assets, average | 15,667 | 14,233 | 12,988 | |||||||||||
Loans, average | 15,390 | 13,978 | 12,747 | |||||||||||
Deposits, average | 16,142 | 14,705 | 14,568 | |||||||||||
Return on average assets | 1.58% | [1] | 1.72% | [1] | 1.63% | [1] | ||||||||
Efficiency ratio | 46.09% | [2] | 47.07% | [2] | 47.67% | [2] | ||||||||
Texas | ||||||||||||||
Net interest income (expense) (FTE) | 542 | 541 | 564 | |||||||||||
Provision for credit losses | 50 | 35 | 49 | |||||||||||
Noninterest income | 129 | 132 | 124 | |||||||||||
Noninterest expenses | 369 | 363 | 360 | |||||||||||
Provision (benefit) for income taxes (FTE) | 92 | 98 | 98 | |||||||||||
Net income (loss) | 160 | 177 | 181 | |||||||||||
Net credit-related charge-offs (recoveries) | 9 | 20 | 22 | |||||||||||
Assets, average | 11,645 | 10,694 | 10,307 | |||||||||||
Loans, average | 10,954 | 9,989 | 9,552 | |||||||||||
Deposits, average | 10,764 | 10,247 | 10,040 | |||||||||||
Return on average assets | 1.33% | [1] | 1.54% | [1] | 1.60% | [1] | ||||||||
Efficiency ratio | 54.84% | [2] | 53.86% | [2] | 52.28% | [2] | ||||||||
Other Markets | ||||||||||||||
Net interest income (expense) (FTE) | 312 | 313 | 318 | |||||||||||
Provision for credit losses | -18 | 8 | 34 | |||||||||||
Noninterest income | 166 | 170 | 157 | |||||||||||
Noninterest expenses | 200 | 197 | 183 | |||||||||||
Provision (benefit) for income taxes (FTE) | 75 | 70 | 64 | |||||||||||
Net income (loss) | 221 | 208 | 194 | |||||||||||
Net credit-related charge-offs (recoveries) | -14 | 20 | 60 | |||||||||||
Assets, average | 7,360 | 7,504 | 7,859 | |||||||||||
Loans, average | 6,908 | 6,984 | 7,389 | |||||||||||
Deposits, average | 6,369 | 5,893 | 4,959 | |||||||||||
Return on average assets | 3.00% | [1] | 2.77% | [1] | 2.47% | [1] | ||||||||
Efficiency ratio | 42.01% | [2] | 40.72% | [2] | 39.76% | [2] | ||||||||
Finance & Other | ||||||||||||||
Net interest income (expense) (FTE) | -635 | -622 | -620 | |||||||||||
Provision for credit losses | -1 | -3 | 2 | |||||||||||
Noninterest income | 66 | 73 | 68 | |||||||||||
Noninterest expenses | 12 | 52 | 112 | |||||||||||
Provision (benefit) for income taxes (FTE) | -223 | -225 | -244 | |||||||||||
Net income (loss) | -357 | -373 | -422 | |||||||||||
Net credit-related charge-offs (recoveries) | 0 | 0 | 0 | |||||||||||
Assets, average | 17,917 | 17,623 | 17,494 | |||||||||||
Loans, average | 0 | 0 | 0 | |||||||||||
Deposits, average | $486 | $520 | $393 | |||||||||||
[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. |
Parent_Company_FInancial_State2
Parent Company FInancial Statements Parent Company Financial Statements (Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, except Share data, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and due from subsidiary bank | $1,026 | $1,140 | ||
Other short-term investments | 99 | 112 | ||
Premises and equipment | 532 | 594 | ||
Other assets | 4,438 | 3,888 | ||
Total assets | 69,190 | 65,224 | ||
Medium- and long-term debt | 2,679 | 3,543 | ||
Other liabilities | 1,507 | 986 | ||
Total liabilities | 61,788 | 58,074 | ||
Common stock - $5 par value: Authorized - 325,000,000 shares; Issued - 228,164,824 shares | 1,141 | 1,141 | ||
Capital surplus | 2,188 | 2,179 | ||
Accumulated other comprehensive loss | -412 | -391 | -413 | |
Retained earnings | 6,744 | 6,318 | ||
Less cost of common stock in treasury - 49,146,225 shares at 12/31/14 and 45,860,786 shares at 12/31/13 | -2,259 | -2,097 | ||
Total shareholders' equity | 7,402 | 7,150 | 6,939 | 6,865 |
Total liabilities and shareholders' equity | 69,190 | 65,224 | ||
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 | 49,146,225 | 45,860,786 | ||
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and due from subsidiary bank | 0 | 31 | ||
Short-term investments with subsidiary bank | 1,133 | 482 | ||
Other short-term investments | 94 | 96 | ||
Investments in subsidiaries, principally banks | 7,411 | 7,171 | ||
Premises and equipment | 2 | 4 | ||
Other assets | 142 | 139 | ||
Total assets | 8,782 | 7,923 | ||
Medium- and long-term debt | 1,212 | 617 | ||
Other liabilities | 168 | 156 | ||
Total liabilities | 1,380 | 773 | ||
Common stock - $5 par value: Authorized - 325,000,000 shares; Issued - 228,164,824 shares | 1,141 | 1,141 | ||
Capital surplus | 2,188 | 2,179 | ||
Accumulated other comprehensive loss | -412 | -391 | ||
Retained earnings | 6,744 | 6,318 | ||
Less cost of common stock in treasury - 49,146,225 shares at 12/31/14 and 45,860,786 shares at 12/31/13 | -2,259 | -2,097 | ||
Total shareholders' equity | 7,402 | 7,150 | ||
Total liabilities and shareholders' equity | $8,782 | $7,923 |
Parent_Company_FInancial_State3
Parent Company FInancial Statements Parent Company Financial Statements (Statements of Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other interest income | $14 | $14 | $12 | ||||||||
Other noninterest income | 142 | 168 | 158 | ||||||||
Interest on medium- and long-term debt | 50 | 57 | 65 | ||||||||
Salaries and benefits expense | 980 | 1,009 | 1,018 | ||||||||
Net occupancy expense | 171 | 160 | 163 | ||||||||
Equipment expense | 57 | 60 | 65 | ||||||||
Merger and restructuring charges | 0 | 0 | 35 | ||||||||
Other noninterest expenses | 173 | 179 | 191 | ||||||||
Benefit for income taxes | 70 | 73 | 70 | 64 | 50 | 68 | 64 | 63 | 277 | 245 | 241 |
Net income | 149 | 154 | 151 | 139 | 117 | 147 | 143 | 134 | 593 | 541 | 521 |
Less income allocated to participating securities | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 7 | 8 | 6 |
Net income attributable to common shares | 148 | 152 | 149 | 137 | 115 | 145 | 141 | 132 | 586 | 533 | 515 |
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiaries | 384 | 490 | 505 | ||||||||
Other interest income | 1 | 1 | 1 | ||||||||
Intercompany management fees | 118 | 110 | 108 | ||||||||
Other noninterest income | 7 | 14 | 7 | ||||||||
Total income | 510 | 615 | 621 | ||||||||
Interest on medium- and long-term debt | 14 | 11 | 11 | ||||||||
Salaries and benefits expense | 114 | 118 | 114 | ||||||||
Net occupancy expense | 5 | 4 | 7 | ||||||||
Equipment expense | 1 | 1 | 1 | ||||||||
Merger and restructuring charges | 0 | 0 | 35 | ||||||||
Other noninterest expenses | 70 | 78 | 54 | ||||||||
Total expenses | 204 | 212 | 222 | ||||||||
Income before benefit for income taxes and equity in undistributed earnings of subsidiaries | 306 | 403 | 399 | ||||||||
Benefit for income taxes | -27 | -30 | -37 | ||||||||
Income before equity in undistributed earnings of subsidiaries | 333 | 433 | 436 | ||||||||
Equity in undistributed earnings of subsidiaries, principally banks | 260 | 108 | 85 | ||||||||
Net income | 593 | 541 | 521 | ||||||||
Less income allocated to participating securities | 7 | 8 | 6 | ||||||||
Net income attributable to common shares | $586 | $533 | $515 |
Parent_Company_FInancial_State4
Parent Company FInancial Statements Parent Company Financial Statements (Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net income | $593 | $541 | $521 |
Depreciation and amortization | 123 | 122 | 133 |
Net periodic defined benefit cost | 40 | 88 | 81 |
Share-based compensation expense | 38 | 35 | 37 |
Provision for deferred income taxes | 130 | -20 | 158 |
Excess tax benefits from share-based compensation arrangements | -7 | -3 | -1 |
Other, net | -243 | -2 | -322 |
Net cash provided by operating activities | 639 | 836 | 692 |
Net change in premises and equipment | -70 | -102 | -75 |
Net cash (used in) provided by investing activities | -3,743 | 1,174 | -3,676 |
Maturities and redemptions of medium- and long-term debt | -1,406 | -1,080 | -193 |
Issuances of medium- and long-term debt | 596 | 0 | 0 |
Repurchases of common stock | -260 | -291 | -308 |
Cash dividends paid on common stock | -137 | -123 | -97 |
Issuances of common stock under employee stock plans | 49 | 33 | 3 |
Excess tax benefits from share-based compensation arrangements | 7 | 3 | 1 |
Net cash used in financing activities | 2,724 | -93 | 3,962 |
Net increase in cash and cash equivalents | -380 | 1,917 | 978 |
Cash and cash equivalents at beginning of period | 6,451 | 4,534 | 3,556 |
Cash and cash equivalents at end of period | 6,071 | 6,451 | 4,534 |
Interest paid | 101 | 114 | 135 |
Income taxes recovered | 218 | 115 | 46 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income | 593 | 541 | 521 |
Undistributed earnings of subsidiaries, principally banks | -260 | -108 | -85 |
Depreciation and amortization | 1 | 1 | 1 |
Net periodic defined benefit cost | 4 | 8 | 7 |
Share-based compensation expense | 16 | 14 | 15 |
Provision for deferred income taxes | 0 | 3 | 2 |
Excess tax benefits from share-based compensation arrangements | -7 | -3 | -1 |
Other, net | 16 | 2 | -8 |
Net cash provided by operating activities | 363 | 458 | 452 |
Capital transactions with subsidiaries | 0 | 0 | -5 |
Net change in premises and equipment | 2 | 0 | -1 |
Net cash (used in) provided by investing activities | 2 | 0 | -6 |
Maturities and redemptions of medium- and long-term debt | 0 | 0 | -30 |
Issuances of medium- and long-term debt | 596 | 0 | 0 |
Repurchases of common stock | -260 | -291 | -308 |
Cash dividends paid on common stock | -137 | -123 | -97 |
Issuances of common stock under employee stock plans | 49 | 33 | 3 |
Excess tax benefits from share-based compensation arrangements | 7 | 3 | 1 |
Net cash used in financing activities | 255 | -378 | -431 |
Net increase in cash and cash equivalents | 620 | 80 | 15 |
Cash and cash equivalents at beginning of period | 513 | 433 | 418 |
Cash and cash equivalents at end of period | 1,133 | 513 | 433 |
Interest paid | 12 | 11 | 12 |
Income taxes recovered | ($33) | ($27) | ($46) |
Summary_of_Quarterly_Financial2
Summary of Quarterly Financial Statements (Unaudited) Summary of Quarterly Financial Statements (Unaudited) (Summary of Quarterly Financial Statements) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $438 | $436 | $441 | $435 | $456 | $439 | $443 | $446 | $1,750 | $1,784 | $1,863 |
Interest expense | 23 | 22 | 25 | 25 | 26 | 27 | 29 | 30 | 95 | 112 | 135 |
Net interest income | 415 | 414 | 416 | 410 | 430 | 412 | 414 | 416 | 1,655 | 1,672 | 1,728 |
Provision for credit losses | 2 | 5 | 11 | 9 | 9 | 8 | 13 | 16 | 27 | 46 | 79 |
Net securities (losses) gains | 0 | -1 | 0 | 1 | 0 | 1 | -2 | 0 | 0 | -1 | 12 |
Noninterest income excluding net securities (losses) gains | 225 | 216 | 220 | 207 | 219 | 227 | 224 | 213 | |||
Noninterest expenses | 419 | 397 | 404 | 406 | 473 | 417 | 416 | 416 | 1,626 | 1,722 | 1,757 |
Provision for income taxes | 70 | 73 | 70 | 64 | 50 | 68 | 64 | 63 | 277 | 245 | 241 |
Net Income | 149 | 154 | 151 | 139 | 117 | 147 | 143 | 134 | 593 | 541 | 521 |
Less income allocated to participating securities | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 7 | 8 | 6 |
Net income attributable to common shares | 148 | 152 | 149 | 137 | 115 | 145 | 141 | 132 | 586 | 533 | 515 |
Basic earnings per common share | $0.83 | $0.85 | $0.83 | $0.76 | $0.64 | $0.80 | $0.77 | $0.71 | $3.28 | $2.92 | $2.68 |
Diluted earnings per common share | $0.80 | $0.82 | $0.80 | $0.73 | $0.62 | $0.78 | $0.76 | $0.70 | $3.16 | $2.85 | $2.67 |
Comprehensive income | $54 | $141 | $172 | $205 | $267 | $144 | $15 | $137 | $572 | $563 | $464 |