Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 26, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Entity Registrant Name | Comerica INC /NEW/ | |
Entity Central Index Key | 28,412 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 173,902,572 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Cash and due from banks | $ 1,172 | $ 1,157 | |
Interest-bearing deposits with banks | 2,938 | 4,990 | |
Other short-term investments | 100 | 113 | |
Investment securities available-for-sale | [1] | 10,712 | 10,519 |
Investment securities held-to-maturity | 1,807 | 1,981 | |
Commercial loans | 32,360 | 31,659 | |
Real estate construction loans | 2,553 | 2,001 | |
Commercial mortgage loans | 9,038 | 8,977 | |
Lease financing | 684 | 724 | |
International loans | 1,365 | 1,368 | |
Residential mortgage loans | 1,856 | 1,870 | |
Consumer loans | 2,524 | 2,485 | |
Total loans | 50,380 | 49,084 | |
Less allowance for loan losses | (729) | (634) | |
Net loans | 49,651 | 48,450 | |
Premises and equipment | 544 | 550 | |
Accrued income and other assets | 4,356 | 4,117 | |
Total assets | 71,280 | 71,877 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Noninterest-bearing deposits | 28,559 | 30,839 | |
Money market and interest-bearing checking deposits | 22,539 | 23,532 | |
Savings deposits | 2,022 | 1,898 | |
Customer certificates of deposit | 3,230 | 3,552 | |
Foreign office time deposits | 24 | 32 | |
Total interest-bearing deposits | 27,815 | 29,014 | |
Total deposits | 56,374 | 59,853 | |
Short-term borrowings | 12 | 23 | |
Accrued expenses and other liabilities | 1,279 | 1,383 | |
Medium- and long-term debt | 5,921 | 3,058 | |
Total liabilities | 63,586 | 64,317 | |
Common stock - $5 par value: Authorized - 325,000,000 shares; Issued - 228,164,824 shares | 1,141 | 1,141 | |
Capital surplus | 2,165 | 2,173 | |
Accumulated other comprehensive loss | (295) | (429) | |
Retained earnings | 7,157 | 7,084 | |
Less cost of common stock in treasury - 54,247,325 shares at 6/30/16 and 52,457,113 shares at 12/31/15 | (2,474) | (2,409) | |
Total shareholders' equity | 7,694 | 7,560 | |
Total liabilities and shareholders' equity | $ 71,280 | $ 71,877 | |
[1] | Included auction-rate securities at amortized cost and fair value of $60 million and $57 million, respectively as of June 30, 2016 and $76 million and $77 million, respectively, as of December 31, 2015. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
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 | 54,247,325 | 52,457,113 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 406 | $ 388 | $ 812 | $ 766 |
Interest on investment securities | 62 | 53 | 124 | 106 |
Interest on short-term investments | 5 | 3 | 9 | 7 |
Total interest income | 473 | 444 | 945 | 879 |
INTEREST EXPENSE | ||||
Interest on deposits | 10 | 11 | 20 | 22 |
Interest on medium- and long-term debt | 18 | 12 | 33 | 23 |
Total interest expense | 28 | 23 | 53 | 45 |
Net interest income (expense) | 445 | 421 | 892 | 834 |
Provision for credit losses | 49 | 47 | 197 | 61 |
Net interest income after provision for credit losses | 396 | 374 | 695 | 773 |
NONINTEREST INCOME | ||||
Card fees | 77 | 69 | 151 | 132 |
Service charges on deposit accounts | 55 | 56 | 110 | 111 |
Fiduciary income | 49 | 48 | 95 | 95 |
Commercial lending fees | 22 | 22 | 42 | 47 |
Letter of credit fees | 13 | 13 | 26 | 26 |
Bank-owned life insurance | 9 | 10 | 18 | 19 |
Foreign exchange income | 11 | 9 | 21 | 19 |
Brokerage fees | 5 | 4 | 9 | 8 |
Net securities losses | (1) | 0 | (3) | (2) |
Other noninterest income | 29 | 27 | 46 | 54 |
Total noninterest income | 269 | 258 | 515 | 509 |
NONINTEREST EXPENSES | ||||
Salaries and benefits expense | 247 | 251 | 495 | 504 |
Outside processing fee expense | 84 | 83 | 163 | 156 |
Net occupancy expense | 39 | 39 | 77 | 77 |
Equipment expense | 14 | 13 | 27 | 26 |
Restructuring charges | 53 | 0 | 53 | 0 |
Software expense | 30 | 24 | 59 | 47 |
FDIC insurance expense | 14 | 9 | 25 | 18 |
Advertising expense | 6 | 5 | 10 | 11 |
Litigation-related expense | 0 | (30) | 0 | (29) |
Other noninterest expenses | 32 | 39 | 70 | 78 |
Total noninterest expenses | 519 | 433 | 979 | 888 |
Income before income taxes | 146 | 199 | 231 | 394 |
Provision (benefit) for income taxes | 42 | 64 | 67 | 125 |
Net Income | 104 | 135 | 164 | 269 |
Less income allocated to participating securities | 1 | 1 | 2 | 3 |
Net income attributable to common shares | $ 103 | $ 134 | $ 162 | $ 266 |
Basic earnings per common share | $ 0.60 | $ 0.76 | $ 0.94 | $ 1.51 |
Diluted earnings per common share | $ 0.58 | $ 0.73 | $ 0.92 | $ 1.46 |
Comprehensive income | $ 137 | $ 109 | $ 298 | $ 285 |
Cash dividends declared on common stock | $ 38 | $ 37 | $ 75 | $ 73 |
Cash dividends declared per common share | $ 0.22 | $ 0.21 | $ 0.43 | $ 0.41 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Capital Surplus | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock |
BALANCE at Dec. 31, 2014 | $ 7,402 | $ 1,141 | $ 2,188 | $ (412) | $ 6,744 | $ (2,259) |
BALANCE (in shares) at Dec. 31, 2014 | 179 | |||||
Net income | 269 | 269 | ||||
Other comprehensive income, net of tax | 16 | 16 | ||||
Cash dividends declared on common stock | (73) | (73) | ||||
Purchase of common stock | (115) | (115) | ||||
Purchase of common stock (in shares) | (2.5) | |||||
Purchase and retirement of warrants | (10) | (10) | ||||
Net issuance of common stock under employee stock plans | 10 | (23) | (10) | 43 | ||
Net issuance of common stock under employee stock plans (in shares) | 0.9 | |||||
Net issuance of common stock for warrants | 0 | (21) | (22) | 43 | ||
Net issuance of common stock for warrants (in shares) | 1 | |||||
Share-based compensation | 24 | 24 | ||||
BALANCE at Jun. 30, 2015 | 7,523 | $ 1,141 | 2,158 | (396) | 6,908 | (2,288) |
BALANCE (in shares) at Jun. 30, 2015 | 178.4 | |||||
BALANCE at Dec. 31, 2015 | 7,560 | $ 1,141 | 2,173 | (429) | 7,084 | (2,409) |
BALANCE (in shares) at Dec. 31, 2015 | 175.7 | |||||
Net income | 164 | 164 | ||||
Other comprehensive income, net of tax | 134 | 134 | ||||
Cash dividends declared on common stock | (75) | (75) | ||||
Purchase of common stock | (114) | (114) | ||||
Purchase of common stock (in shares) | (2.9) | |||||
Net issuance of common stock under employee stock plans | 0 | (33) | (16) | 49 | ||
Net issuance of common stock under employee stock plans (in shares) | 1.1 | |||||
Share-based compensation | 25 | 25 | ||||
BALANCE at Jun. 30, 2016 | $ 7,694 | $ 1,141 | $ 2,165 | $ (295) | $ 7,157 | $ (2,474) |
BALANCE (in shares) at Jun. 30, 2016 | 173.9 |
Consolidated Statements Of Cha6
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared on common stock, per share | $ 0.22 | $ 0.21 | $ 0.43 | $ 0.41 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 164 | $ 269 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 197 | 61 |
Benefit for deferred income taxes | (52) | (25) |
Depreciation and amortization | 59 | 60 |
Net periodic defined benefit cost | 7 | 23 |
Share-based compensation expense | 25 | 24 |
Net amortization of securities | 4 | 8 |
Accretion of loan purchase discount | (3) | (4) |
Net securities losses | 3 | 2 |
Net gains on sales of foreclosed property | (2) | (1) |
Excess tax benefits from share-based compensation arrangements | (1) | (3) |
Net change in accrued income receivable | (7) | (4) |
Net change in accrued expenses payable | 40 | (83) |
Other, net | (195) | 67 |
Net cash provided by operating activities | 239 | 394 |
INVESTING ACTIVITIES | ||
Maturities and redemptions of investment securities available-for-sale | 736 | 842 |
Sales of investment securities available-for-sale | 14 | 37 |
Purchases of investment securities available-for-sale | (756) | (1,055) |
Maturities and redemptions of investment securities held-to-maturity | 175 | 153 |
Purchases of investment securities held-to-maturity | 0 | (166) |
Net change in loans | (1,392) | (1,188) |
Proceeds from sales of foreclosed property | 11 | 5 |
Net increase in premises and equipment | (54) | (54) |
Purchases of Federal Home Loan Bank stock | (115) | 0 |
Other, net | 1 | 2 |
Net cash used in investing activities | (1,380) | (1,424) |
FINANCING ACTIVITIES | ||
Net change in deposits | (3,509) | 971 |
Net change in short-term borrowings | (11) | (60) |
Maturities of medium- and long-term debt | 0 | (306) |
Issuances of medium- and long-term debt | 2,800 | 497 |
Repurchases of common stock | (114) | (115) |
Cash dividends paid on common stock | (74) | (72) |
Issuances of common stock under employee stock plans | 12 | 18 |
Purchase and retirement of warrants | 0 | (10) |
Excess tax benefits from share-based compensation arrangements | 1 | 3 |
Other, net | (1) | (2) |
Net cash (used in) provided by financing activities | (896) | 924 |
Net decrease in cash and cash equivalents | (2,037) | (106) |
Cash and cash equivalents at beginning of period | 6,147 | 6,071 |
Cash and cash equivalents at end of period | 4,110 | 5,965 |
Interest paid | 51 | 45 |
Income tax paid (refunds received) | 15 | (11) |
Noncash investing and financing activities: | ||
Loans transferred to other real estate | 19 | 4 |
Loans transferred from portfolio to held-for-sale | 0 | 19 |
Loans transferred from held-for-sale to portfolio | $ 10 | $ 0 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | BASIS OF PRESENTATION AND ACCOUNTING POLICIES Organization The accompanying unaudited consolidated financial statements were prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation were included. The results of operations for the six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . Certain items in prior periods were reclassified to conform to the current presentation. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report of Comerica Incorporated and Subsidiaries (the Corporation) on Form 10-K for the year ended December 31, 2015 . Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, “Leases (Topic 842),” (ASU 2016-02), to increase the transparency and comparability of lease recognition and disclosure. The update requires lessees to recognize lease contracts with a term greater than one year on the balance sheet, while recognizing expenses on the income statement in a manner similar to current guidance. For lessors, the update makes targeted changes to the classification criteria and the lessor accounting model to align the guidance with the new lessee model and revenue guidance. ASU 2016-02 is effective for the Corporation on January 1, 2019 and must be applied using the modified retrospective approach. Early adoption is permitted. The Corporation is currently evaluating the impact of adopting ASU 2016-02. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payments Accounting,” (ASU 2016-09), which intends to simplify accounting for share based payment transactions, including the income tax consequences and classification of awards. Among other items, the update requires excess tax benefits and deficiencies to be recognized as a component of income taxes within the income statement rather than other comprehensive income as required in current guidance. ASU 2016-09 is effective for the Corporation on January 1, 2017. The recognition of excess tax benefits and deficiencies in the income statement must be adopted prospectively. The method of transition required will differ for other items being amended. Early adoption is permitted. The impact to the Corporation upon adoption is dependent on the market value per share of the Corporation's common stock at option expiration dates and restricted stock vesting dates. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," (ASU 2016-13), which addresses concerns regarding the perceived delay in recognition of credit losses under the existing incurred loss model. The amendment introduces a new, single model for recognizing credit losses on all financial instruments presented on cost basis. Under the new model, entities must estimate current expected credit losses by considering all available relevant information, including historical and current information, as well as reasonable and supportable forecasts of future events. The update also requires additional qualitative and quantitative information to allow users to better understand the credit risk within the portfolio and the methodologies for determining allowance. ASU 2016-13 is effective for the Corporation on January 1, 2020 and must be applied using the modified retrospective approach with limited exceptions. Early adoption is permitted. The Corporation is currently evaluating the impact of adopting ASU 2016-13. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
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 to the consolidated financial statements in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2015 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 June 30, 2016 and December 31, 2015 . (in millions) Total Level 1 Level 2 Level 3 June 30, 2016 Trading securities: Deferred compensation plan assets $ 87 $ 87 $ — $ — Equity and other non-debt securities 3 3 — — Total trading securities 90 90 — — Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities 2,843 2,843 — — Residential mortgage-backed securities (a) 7,680 — 7,680 — State and municipal securities 8 — — 8 (b) Corporate debt securities 1 — — 1 (b) Equity and other non-debt securities 180 132 — 48 (b) Total investment securities available-for-sale 10,712 2,975 7,680 57 Derivative assets: Interest rate contracts 459 — 432 27 Energy derivative contracts 242 — 242 — Foreign exchange contracts 61 — 61 — Warrants 2 — — 2 Total derivative assets 764 — 735 29 Total assets at fair value $ 11,566 $ 3,065 $ 8,415 $ 86 Derivative liabilities: Interest rate contracts $ 204 $ — $ 204 $ — Energy derivative contracts 240 — 240 — Foreign exchange contracts 45 — 45 — Total derivative liabilities 489 — 489 — Deferred compensation plan liabilities 87 87 — — Total liabilities at fair value $ 576 $ 87 $ 489 $ — (a) 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, 2015 Trading securities: Deferred compensation plan assets $ 89 $ 89 $ — $ — Equity and other non-debt securities 3 3 $ — $ — Total trading securities 92 92 — — Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities 2,763 2,763 — — Residential mortgage-backed securities (a) 7,545 — 7,545 — State and municipal securities 9 — — 9 (b) Corporate debt securities 1 — — 1 (b) Equity and other non-debt securities 201 134 — 67 (b) Total investment securities available-for-sale 10,519 2,897 7,545 77 Derivative assets: Interest rate contracts 286 — 277 9 Energy derivative contracts 475 — 475 — Foreign exchange contracts 57 — 57 — Warrants 2 — — 2 Total derivative assets 820 — 809 11 Total assets at fair value $ 11,431 $ 2,989 $ 8,354 $ 88 Derivative liabilities: Interest rate contracts $ 92 $ — $ 92 $ — Energy derivative contracts 472 — 472 — Foreign exchange contracts 46 — 46 — Total derivative liabilities 610 — 610 — Deferred compensation plan liabilities 89 89 — — Total liabilities at fair value $ 699 $ 89 $ 610 $ — (a) 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 each of the three- and six-month periods ended June 30, 2016 and 2015 . The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three- and six-month periods ended June 30, 2016 and 2015 . Net Realized/Unrealized Gains (Losses) (Pretax) Balance at Beginning of Period Recorded in Earnings Recorded in Other Comprehensive Income Balance at End of Period (in millions) Realized Unrealized Sales Three Months Ended June 30, 2016 Investment securities available-for-sale: State and municipal securities (a) $ 9 $ — $ — $ — $ (1 ) $ 8 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 51 — — (3 ) (b) — 48 Total investment securities available-for-sale 61 — — (3 ) (b) (1 ) 57 Derivative assets: Interest rate contracts 20 — 7 (c) — — 27 Warrants 2 — 1 (c) — (1 ) 2 Three Months Ended June 30, 2015 Investment securities available-for-sale: State and municipal securities (a) $ 23 $ — $ — $ — $ — $ 23 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 71 — — — — 71 Total investment securities available-for-sale 95 — — — — 95 Derivative assets: Interest rate contracts 11 — (9 ) (c) — — 2 Warrants 3 1 (c) — — (1 ) 3 Six Months Ended June 30, 2016 Investment securities available-for-sale: State and municipal securities (a) $ 9 $ — $ — $ — $ (1 ) $ 8 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 67 — — (4 ) (b) (15 ) 48 Total investment securities available-for-sale 77 — — (4 ) (b) (16 ) 57 Derivative assets: Interest rate contracts 9 — 18 (c) — — 27 Warrants 2 — 1 (c) — (1 ) 2 Six Months Ended June 30, 2015 Investment securities available-for-sale: State and municipal securities (a) $ 23 $ — $ — $ — $ — $ 23 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 112 (2 ) (d) — 1 (b) (40 ) 71 Total investment securities available-for-sale 136 (2 ) (d) — 1 (b) (40 ) 95 Derivative assets: Interest rate contracts — — 2 (c) — — 2 Warrants 4 1 (c) (1 ) (c) — (1 ) 3 (a) Auction-rate securities. (b) Recorded in "net unrealized gains (losses) on investment securities available-for-sale" in other comprehensive income (loss). (c) Realized and unrealized gains and losses due to changes in fair value recorded in "other noninterest income" on the consolidated statements of comprehensive income. (d) Realized and unrealized gains and losses due to changes in fair value recorded in "net securities losses" on the consolidated statements of comprehensive income. ASSETS AND LIABILITIES RECORDED AT FAIR VALUE ON A NONRECURRING BASIS The Corporation may be required, from time to time, to record certain assets and liabilities at fair value on a nonrecurring basis. These include assets that are recorded at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. The following table presents assets recorded at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015 . No liabilities were recorded at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015 . (in millions) Total Level 2 Level 3 June 30, 2016 Loans held-for-sale: Commercial $ 5 $ 5 $ — Loans: Commercial 381 — 381 Commercial mortgage 9 — 9 International 18 — 18 Total loans 408 — 408 Other real estate 1 — 1 Total assets at fair value $ 414 $ 5 $ 409 December 31, 2015 Loans held-for-sale: Commercial $ 8 $ 8 $ — Loans: Commercial 134 — 134 Commercial mortgage 11 — 11 International 8 — 8 Total loans 153 — 153 Other real estate 2 — 2 Total assets at fair value excluding investments recorded at net asset value 163 8 155 Other investments recorded at net asset value: Nonmarketable equity securities (a) 1 Total assets at fair value $ 164 (a) Certain investments that are measured at fair value using the net asset value have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. Level 3 assets recorded at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015 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 Corporation's Level 3 recurring fair value measurements primarily include auction-rate securities where fair value is determined using an income approach based on a discounted cash flow model and certain interest rate derivative contracts where credit valuation adjustments are significant to the overall fair value of the derivative. 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. The June 30, 2016 workout periods reflect the view that short-term interest rates could rise at a slower pace in 2016 than was expected at December 31, 2015 . Discounted Cash Flow Model Unobservable Input Fair Value (in millions) Discount Rate Workout Period (in years) June 30, 2016 State and municipal securities (a) $ 8 4% - 6% 1 - 3 Equity and other non-debt securities (a) 48 6% - 10% 1 - 2 December 31, 2015 State and municipal securities (a) $ 9 3% - 8% 1 - 2 Equity and other non-debt securities (a) 67 4% - 9% 1 (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 Amount Estimated Fair Value (in millions) Total Level 1 Level 2 Level 3 June 30, 2016 Assets Cash and due from banks $ 1,172 $ 1,172 $ 1,172 $ — $ — Interest-bearing deposits with banks 2,938 2,938 2,938 — — Investment securities held-to-maturity 1,807 1,834 — 1,834 — Loans held-for-sale (a) 10 10 — 10 — Total loans, net of allowance for loan losses (b) 49,651 49,614 — — 49,614 Customers’ liability on acceptances outstanding 4 4 4 — — Restricted equity investments 207 207 207 — — Nonmarketable equity securities (c) (d) 10 16 Liabilities Demand deposits (noninterest-bearing) 28,559 28,559 — 28,559 — Interest-bearing deposits 24,585 24,585 — 24,585 — Customer certificates of deposit 3,230 3,221 — 3,221 — Total deposits 56,374 56,365 — 56,365 — Short-term borrowings 12 12 12 — — Acceptances outstanding 4 4 4 — — Medium- and long-term debt 5,921 5,863 — 5,863 — Credit-related financial instruments (79 ) (79 ) — — (79 ) December 31, 2015 Assets Cash and due from banks $ 1,157 $ 1,157 $ 1,157 $ — $ — Interest-bearing deposits with banks 4,990 4,990 4,990 — — Investment securities held-to-maturity 1,981 1,973 — 1,973 — Loans held-for-sale (a) 21 21 — 21 — Total loans, net of allowance for loan losses (b) 48,450 48,269 — — 48,269 Customers’ liability on acceptances outstanding 5 5 5 — — Restricted equity investments 92 92 92 — — Nonmarketable equity securities (c) (d) 10 18 Liabilities Demand deposits (noninterest-bearing) 30,839 30,839 — 30,839 — Interest-bearing deposits 25,462 25,462 — 25,462 — Customer certificates of deposit 3,552 3,536 — 3,536 — Total deposits 59,853 59,837 — 59,837 — Short-term borrowings 23 23 23 — — Acceptances outstanding 5 5 5 — — Medium- and long-term debt 3,058 3,032 — 3,032 — Credit-related financial instruments (83 ) (83 ) — — (83 ) (a) Included $5 million and $8 million impaired loans held-for-sale recorded at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015 , respectively. (b) Included $408 million and $153 million of impaired loans recorded at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015 , respectively. (c) Included $1 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at December 31, 2015 . (d) Certain investments that are measured at fair value using the net asset value have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES A summary of the Corporation’s investment securities follows: (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2016 Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities $ 2,770 $ 73 $ — $ 2,843 Residential mortgage-backed securities (a) 7,532 152 4 7,680 State and municipal securities 8 — — 8 Corporate debt securities 1 — — 1 Equity and other non-debt securities 182 1 3 180 Total investment securities available-for-sale (b) $ 10,493 $ 226 $ 7 $ 10,712 Investment securities held-to-maturity (c): Residential mortgage-backed securities (a) $ 1,807 $ 27 $ — $ 1,834 December 31, 2015 Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities $ 2,769 $ 1 $ 7 $ 2,763 Residential mortgage-backed securities (a) 7,513 76 44 7,545 State and municipal securities 9 — — 9 Corporate debt securities 1 — — 1 Equity and other non-debt securities 199 2 — 201 Total investment securities available-for-sale (b) $ 10,491 $ 79 $ 51 $ 10,519 Investment securities held-to-maturity (c): Residential mortgage-backed securities (a) $ 1,981 $ 2 $ 10 $ 1,973 (a) 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 $60 million and $57 million , respectively as of June 30, 2016 and $76 million and $77 million , respectively, as of December 31, 2015 . (c) The amortized cost of investment securities held-to-maturity included net unrealized losses of $14 million at June 30, 2016 and $15 million at December 31, 2015 related to securities transferred from available-for-sale, which are included in accumulated other comprehensive loss. A summary of the Corporation’s investment securities in an unrealized loss position as of June 30, 2016 and December 31, 2015 follows: Temporarily Impaired Less than 12 Months 12 Months or more Total (in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2016 Residential mortgage-backed securities (a) $ 36 $ — (c) $ 1,357 $ 11 $ 1,393 $ 11 State and municipal securities (b) — — 8 — (c) 8 — (c) Corporate debt securities (b) — — 1 — (c) 1 — (c) Equity and other non-debt securities (b) 49 3 — — 49 3 Total temporarily impaired securities $ 85 $ 3 $ 1,366 $ 11 $ 1,451 $ 14 December 31, 2015 U.S. Treasury and other U.S. government agency securities $ 2,265 $ 7 $ — $ — $ 2,265 $ 7 Residential mortgage-backed securities (a) 2,665 21 1,976 51 4,641 72 State and municipal securities (b) — — 9 — (c) 9 — (c) Corporate debt securities (b) — — 1 — (c) 1 — (c) Equity and other non-debt securities (b) 14 — (c) — — 14 — (c) Total temporarily impaired securities $ 4,944 $ 28 $ 1,986 $ 51 $ 6,930 $ 79 (a) Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. (b) Primarily auction-rate securities. (c) Unrealized losses less than $0.5 million. At June 30, 2016 , the Corporation had 86 securities in an unrealized loss position with no credit impairment, including 41 residential mortgage-backed securities, 29 auction-rate preferred securities, 15 state and municipal auction-rate securities, and one corporate auction-rate debt security. As of June 30, 2016 , approximately 95 percent of the aggregate par value of auction-rate securities have been redeemed or sold since acquisition, of which approximately 90 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 June 30, 2016 . Sales, calls and write-downs of investment securities available-for-sale resulted in the following gains and losses recorded in “net securities losses” on the consolidated statements of comprehensive income, computed based on the adjusted cost of the specific security. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 Securities gains $ — $ — $ — $ — Securities losses (1 ) — (3 ) (2 ) Net securities losses $ (1 ) $ — $ (3 ) $ (2 ) 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 June 30, 2016 Amortized Cost Fair Value Amortized Cost Fair Value Contractual maturity Within one year $ 10 $ 10 $ — $ — After one year through five years 2,925 3,000 — — After five years through ten years 1,393 1,450 — — After ten years 5,983 6,072 1,807 1,834 Subtotal 10,311 10,532 1,807 1,834 Equity and other non-debt securities 182 180 Total investment securities $ 10,493 $ 10,712 $ 1,807 $ 1,834 Included in the contractual maturity distribution in the table above were residential mortgage-backed securities available-for-sale with total amortized cost and fair value of $7.5 billion and $7.7 billion , respectively, and residential mortgage-backed securities held-to-maturity with a total amortized cost and fair value of $1.8 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 June 30, 2016 , investment securities with a carrying value of $1.9 billion were pledged where permitted or required by law to secure $1.4 billion of liabilities, primarily public and other deposits of state and local government agencies and derivative instruments. |
Credit Quality And Allowance Fo
Credit Quality And Allowance For Credit Losses | 6 Months Ended |
Jun. 30, 2016 | |
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 Days 60-89 Days 90 Days or More Total Nonaccrual Loans Current Loans Total Loans June 30, 2016 Business loans: Commercial $ 51 $ 4 $ 8 $ 63 $ 482 $ 31,815 $ 32,360 Real estate construction: Commercial Real Estate business line (a) — — — — — 2,197 2,197 Other business lines (b) — — — — — 356 356 Total real estate construction — — — — — 2,553 2,553 Commercial mortgage: Commercial Real Estate business line (a) 4 — 1 5 8 2,223 2,236 Other business lines (b) 12 3 3 18 36 6,748 6,802 Total commercial mortgage 16 3 4 23 44 8,971 9,038 Lease financing — — — — 6 678 684 International 16 — 1 17 18 1,330 1,365 Total business loans 83 7 13 103 550 45,347 46,000 Retail loans: Residential mortgage 9 1 9 19 26 1,811 1,856 Consumer: Home equity 4 2 1 7 28 1,744 1,779 Other consumer 1 3 12 16 1 728 745 Total consumer 5 5 13 23 29 2,472 2,524 Total retail loans 14 6 22 42 55 4,283 4,380 Total loans $ 97 $ 13 $ 35 $ 145 $ 605 $ 49,630 $ 50,380 December 31, 2015 Business loans: Commercial $ 46 $ 12 $ 13 $ 71 $ 238 $ 31,350 $ 31,659 Real estate construction: Commercial Real Estate business line (a) 5 — — 5 — 1,676 1,681 Other business lines (b) 3 — — 3 1 316 320 Total real estate construction 8 — — 8 1 1,992 2,001 Commercial mortgage: Commercial Real Estate business line (a) 7 — 1 8 16 2,080 2,104 Other business lines (b) 7 5 3 15 44 6,814 6,873 Total commercial mortgage 14 5 4 23 60 8,894 8,977 Lease financing — — — — 6 718 724 International 2 — — 2 8 1,358 1,368 Total business loans 70 17 17 104 313 44,312 44,729 Retail loans: Residential mortgage 26 1 — 27 27 1,816 1,870 Consumer: Home equity 5 3 — 8 27 1,685 1,720 Other consumer 7 — — 7 — 758 765 Total consumer 12 3 — 15 27 2,443 2,485 Total retail loans 38 4 — 42 54 4,259 4,355 Total loans $ 108 $ 21 $ 17 $ 146 $ 367 $ 48,571 $ 49,084 (a) Primarily loans to real estate developers. (b) Primarily loans secured by owner-occupied real estate. 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 Mention (b) Substandard (c) Nonaccrual (d) Total June 30, 2016 Business loans: Commercial $ 29,404 $ 1,067 $ 1,407 $ 482 $ 32,360 Real estate construction: Commercial Real Estate business line (e) 2,197 — — — 2,197 Other business lines (f) 354 2 — — 356 Total real estate construction 2,551 2 — — 2,553 Commercial mortgage: Commercial Real Estate business line (e) 2,186 19 23 8 2,236 Other business lines (f) 6,461 182 123 36 6,802 Total commercial mortgage 8,647 201 146 44 9,038 Lease financing 660 11 7 6 684 International 1,263 37 47 18 1,365 Total business loans 42,525 1,318 1,607 550 46,000 Retail loans: Residential mortgage 1,818 2 10 26 1,856 Consumer: Home equity 1,745 2 4 28 1,779 Other consumer 741 — 3 1 745 Total consumer 2,486 2 7 29 2,524 Total retail loans 4,304 4 17 55 4,380 Total loans $ 46,829 $ 1,322 $ 1,624 $ 605 $ 50,380 December 31, 2015 Business loans: Commercial $ 29,117 $ 1,293 $ 1,011 $ 238 $ 31,659 Real estate construction: Commercial Real Estate business line (e) 1,681 — — — 1,681 Other business lines (f) 318 1 — 1 320 Total real estate construction 1,999 1 — 1 2,001 Commercial mortgage: Commercial Real Estate business line (e) 2,031 31 26 16 2,104 Other business lines (f) 6,536 172 121 44 6,873 Total commercial mortgage 8,567 203 147 60 8,977 Lease financing 693 17 8 6 724 International 1,245 59 56 8 1,368 Total business loans 41,621 1,573 1,222 313 44,729 Retail loans: Residential mortgage 1,828 2 13 27 1,870 Consumer: Home equity 1,687 1 5 27 1,720 Other consumer 755 3 7 — 765 Total consumer 2,442 4 12 27 2,485 Total retail loans 4,270 6 25 54 4,355 Total loans $ 45,891 $ 1,579 $ 1,247 $ 367 $ 49,084 (a) Includes all loans not included in the categories of special mention, substandard or nonaccrual. (b) Special mention loans are accruing loans that have potential credit weaknesses that deserve management’s close attention, such as loans to borrowers who may be experiencing financial difficulties that may result in deterioration of repayment prospects from the borrower at some future date. (c) Substandard loans are accruing loans that have a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans also are distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. This category is generally consistent with the "substandard" category as defined by regulatory authorities. (d) Nonaccrual loans are loans for which the accrual of interest has been discontinued. For further information regarding nonaccrual loans, refer to the Nonperforming Assets subheading in Note 1 - Basis of Presentation and Accounting Policies - on page F-58 in the Corporation's 2015 Annual Report. A significant majority of nonaccrual loans are generally consistent with the "substandard" category and the remainder are generally consistent with the "doubtful" category as defined by regulatory authorities. (e) Primarily loans to real estate developers. (f) Primarily loans secured by owner-occupied real estate. The following table summarizes nonperforming assets. (in millions) June 30, 2016 December 31, 2015 Nonaccrual loans $ 605 $ 367 Reduced-rate loans (a) 8 12 Total nonperforming loans 613 379 Foreclosed property (b) 22 12 Total nonperforming assets $ 635 $ 391 (a) There were no reduced-rate business loans at both June 30, 2016 and December 31, 2015 . Reduced-rate retail loans were $8 million and $12 million at June 30, 2016 and December 31, 2015 , respectively. (b) Included $6 million and $9 million of foreclosed residential real estate properties at June 30, 2016 and December 31, 2015 , respectively. There were no retail loans secured by residential real estate properties in process of foreclosure included in nonaccrual loans at June 30, 2016 compared to $1 million at December 31, 2015 . Allowance for Credit Losses The following table details the changes in the allowance for loan losses and related loan amounts. 2016 2015 (in millions) Business Loans Retail Loans Total Business Loans Retail Loans Total Three Months Ended June 30 Allowance for loan losses: Balance at beginning of period $ 674 $ 50 $ 724 $ 541 $ 60 $ 601 Loan charge-offs (52 ) (2 ) (54 ) (31 ) (4 ) (35 ) Recoveries on loans previously charged-off 11 1 12 16 1 17 Net loan charge-offs (41 ) (1 ) (42 ) (15 ) (3 ) (18 ) Provision for loan losses 49 (2 ) 47 37 (2 ) 35 Balance at end of period $ 682 $ 47 $ 729 $ 563 $ 55 $ 618 Six Months Ended June 30 Allowance for loan losses: Balance at beginning of period $ 579 $ 55 $ 634 $ 534 $ 60 $ 594 Loan charge-offs (127 ) (4 ) (131 ) (52 ) (6 ) (58 ) Recoveries on loans previously charged-off 35 2 37 28 4 32 Net loan charge-offs (92 ) (2 ) (94 ) (24 ) (2 ) (26 ) Provision for loan losses 194 (6 ) 188 54 (3 ) 51 Foreign currency translation adjustment 1 — 1 (1 ) — (1 ) Balance at end of period $ 682 $ 47 $ 729 $ 563 $ 55 $ 618 As a percentage of total loans 1.48 % 1.07 % 1.45 % 1.24 % 1.27 % 1.24 % June 30 Allowance for loan losses: Individually evaluated for impairment $ 112 $ — $ 112 $ 39 $ — $ 39 Collectively evaluated for impairment 570 47 617 524 55 579 Total allowance for loan losses $ 682 $ 47 $ 729 $ 563 $ 55 $ 618 Loans: Individually evaluated for impairment $ 646 $ 26 $ 672 $ 258 $ 34 $ 292 Collectively evaluated for impairment 45,354 4,354 49,708 45,140 4,307 49,447 Purchased credit impaired (PCI) loans (a) — — — — 2 2 Total loans evaluated for impairment $ 46,000 $ 4,380 $ 50,380 $ 45,398 $ 4,343 $ 49,741 (a) No allowance for loan losses was required for PCI loans at June 30, 2015 . Changes in the allowance for credit losses on lending-related commitments, included in "accrued expenses and other liabilities" on the consolidated balance sheets, are summarized in the following table. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 Balance at beginning of period $ 46 $ 39 $ 45 $ 41 Charge-offs on lending related commitments (a) (5 ) (1 ) (11 ) (1 ) Provision for credit losses on lending-related commitments 2 12 9 10 Balance at end of period $ 43 $ 50 $ 43 $ 50 (a) Charge-offs result from the sale of unfunded lending-related commitments. Individually Evaluated Impaired Loans The following table presents additional information regarding individually evaluated impaired loans. Recorded Investment In: (in millions) Impaired Loans with No Related Allowance Impaired Loans with Related Allowance Total Impaired Loans Unpaid Principal Balance Related Allowance for Loan Losses June 30, 2016 Business loans: Commercial $ 46 $ 544 $ 590 $ 675 $ 104 Commercial mortgage: Commercial Real Estate business line (a) — 8 8 15 1 Other business lines (b) 4 26 30 44 4 Total commercial mortgage 4 34 38 59 5 International — 18 18 24 3 Total business loans 50 596 646 758 112 Retail loans: Residential mortgage 11 — 11 12 — Consumer: Home equity 12 — 12 16 — Other consumer 3 — 3 3 — Total consumer 15 — 15 19 — Total retail loans (c) 26 — 26 31 — Total individually evaluated impaired loans $ 76 $ 596 $ 672 $ 789 $ 112 December 31, 2015 Business loans: Commercial $ 82 $ 252 $ 334 $ 398 $ 45 Commercial mortgage: Commercial Real Estate business line (a) 7 8 15 38 1 Other business lines (b) 2 32 34 55 5 Total commercial mortgage 9 40 49 93 6 International — 10 10 17 2 Total business loans 91 302 393 508 53 Retail loans: Residential mortgage 13 — 13 13 — Consumer: Home equity 12 — 12 16 — Other consumer 6 — 6 10 — Total consumer 18 — 18 26 — Total retail loans (c) 31 — 31 39 — Total individually evaluated impaired loans $ 122 $ 302 $ 424 $ 547 $ 53 (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 performing restructured loans. Individually Evaluated Impaired Loans 2016 2015 (in millions) Average Balance for the Period Interest Income Recognized for the Period Average Balance for the Period Interest Income Recognized for the Period Three Months Ended June 30 Business loans: Commercial $ 639 $ 2 $ 152 $ 1 Commercial mortgage: Commercial Real Estate business line (a) 8 — 16 — Other business lines (b) 31 — 40 — Total commercial mortgage 39 — 56 — International 23 — 5 — Total business loans 701 2 213 1 Retail loans: Residential mortgage 11 — 19 — Consumer loans: Home equity 11 — 12 — Other consumer 3 — 5 — Total consumer 14 — 17 — Total retail loans 25 — 36 — Total individually evaluated impaired loans $ 726 $ 2 $ 249 $ 1 Six Months Ended June 30 Business loans: Commercial $ 537 $ 6 $ 138 $ 2 Commercial mortgage: Commercial Real Estate business line (a) 10 — 17 — Other business lines (b) 32 — 42 — Total commercial mortgage 42 — 59 — International 19 — 3 — Total business loans 598 6 200 2 Retail loans: Residential mortgage 12 — 21 — Consumer: Home equity 12 — 12 — Other consumer 4 — 5 — Total consumer 16 — 17 — Total retail loans 28 — 38 — Total individually evaluated impaired loans $ 626 $ 6 $ 238 $ 2 (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 June 30, 2016 and 2015 of loans considered to be TDRs that were restructured during the three- and six-month periods ended June 30, 2016 and 2015 , 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. 2016 2015 Type of Modification Type of Modification (in millions) Principal Deferrals (a) Interest Rate Reductions AB Note Restructures (b) Total Modifications Principal Deferrals (a) Interest Rate Reductions Total Modifications Three Months Ended June 30 Business loans: Commercial $ 18 $ — $ 20 $ 38 $ 2 $ — $ 2 Commercial mortgage: Commercial Real Estate business line (c) — — — — 1 — 1 Other business lines (d) 1 — — 1 1 — 1 Total commercial mortgage 1 — — 1 2 — 2 Total business loans 19 — 20 39 4 — 4 Retail loans: Consumer: Home equity 1 — — 1 — 1 1 Total loans $ 20 $ — $ 20 $ 40 $ 4 $ 1 $ 5 Six Months Ended June 30 Business loans: Commercial $ 107 $ — $ 26 $ 133 $ 2 $ — $ 2 Commercial mortgage: Commercial Real Estate business line (c) — — — — 1 — 1 Other business lines (d) 2 — — 2 4 — 4 Total commercial mortgage 2 — — 2 5 — 5 International — — 10 10 — — — Total business loans 109 — 36 145 7 — 7 Retail loans: Residential mortgage — 2 — 2 — — — Consumer: Home equity 1 — — 1 — 1 1 Total retail loans 1 2 — 3 — 1 1 Total loans $ 110 $ 2 $ 36 $ 148 $ 7 $ 1 $ 8 (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 generally fully charged off. (c) Primarily loans to real estate developers. (d) Primarily loans secured by owner-occupied real estate. Commitments to lend additional funds to borrowers whose terms have been modified in TDRs were $31 million at June 30, 2016 and $6 million at December 31, 2015 . The majority of the modifications considered to be TDRs that occurred during the six months ended June 30, 2016 and 2015 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 six months ended June 30, 2016 and 2015 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 June 30, 2016 and 2015 of loans modified by principal deferral during the twelve-month periods ended June 30, 2016 and 2015 , and those principal deferrals which experienced a subsequent default during the three- and six-month periods ended June 30, 2016 and 2015 . 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. 2016 2015 (in millions) Balance at June 30 Subsequent Default in the Three Months Ended June 30 Subsequent Default in the Six Months Ended June 30 Balance at June 30 Subsequent Default in the Three Months Ended June 30 Subsequent Default in the Six Months Ended June 30 Principal deferrals: Business loans: Commercial $ 233 $ 21 $ 21 $ 10 $ — $ 6 Commercial mortgage: Commercial Real Estate business line (a) 4 1 1 1 — — Other business lines (b) 7 — 6 10 1 2 Total commercial mortgage 11 1 7 11 1 2 International 1 — 1 — — — Total business loans 245 22 29 21 1 8 Retail loans: Consumer: Home equity 2 (c) — — 2 (c) — — Total principal deferrals $ 247 $ 22 $ 29 $ 23 $ 1 $ 8 (a) Primarily loans to real estate developers. (b) Primarily loans secured by owner-occupied real estate. (c) Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. During the twelve-month periods ended June 30, 2016 and 2015 , loans with a carrying value of $4 million and $2 million , respectively, were modified by interest rate reduction. During the twelve-month period ended June 30, 2016 , loans with a carrying value of $36 million 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 and $1 million of subsequent payment defaults of AB note restructures during the three- and six-month periods ended June 30, 2016 , and there were no subsequent payment defaults of reduced-rate loans or AB note restructures during the three- and six-month periods ended June 30, 2015 . |
Derivative And Credit-Related F
Derivative And Credit-Related Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [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 June 30, 2016 , counterparties with bilateral collateral agreements had pledged $53 million of marketable investment securities and deposited $187 million of cash with the Corporation to secure the fair value of contracts in an unrealized gain position, and the Corporation had pledged $46 million of marketable investment securities and posted $7 million of cash as collateral for contracts in an unrealized loss position. For those counterparties not covered under bilateral collateral agreements, collateral is obtained, if deemed necessary, based on the results of management’s credit evaluation of the counterparty. Collateral varies, but may include cash, investment securities, accounts receivable, equipment or real estate. Included in the fair value of derivative instruments are credit valuation adjustments reflecting counterparty credit risk. These adjustments are determined by applying a credit spread for the counterparty or the Corporation, as appropriate, to the total expected exposure of the derivative. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position at June 30, 2016 was $5 million , for which the Corporation had pledged no collateral. 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 June 30, 2016 , the Corporation would have been required to assign an additional $5 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 June 30, 2016 and December 31, 2015 . The table excludes commitments and warrants accounted for as derivatives. June 30, 2016 December 31, 2015 Fair Value Fair Value (in millions) Notional/ Contract Amount (a) Gross Derivative Assets Gross Derivative Liabilities Notional/ Contract Amount (a) Gross Derivative Assets Gross Derivative Liabilities Risk management purposes Derivatives designated as hedging instruments Interest rate contracts: Swaps - fair value - receive fixed/pay floating $ 2,525 $ 209 $ — $ 2,525 $ 147 $ — Derivatives used as economic hedges Foreign exchange contracts: Spot, forwards and swaps 851 5 2 593 3 — Total risk management purposes 3,376 214 2 3,118 150 — Customer-initiated and other activities Interest rate contracts: Caps and floors written 267 — — 253 — — Caps and floors purchased 267 — — 253 — — Swaps 12,534 250 204 11,722 139 92 Total interest rate contracts 13,068 250 204 12,228 139 92 Energy contracts: Caps and floors written 458 1 43 536 — 85 Caps and floors purchased 458 43 1 536 85 — Swaps 1,514 198 196 2,055 390 387 Total energy contracts 2,430 242 240 3,127 475 472 Foreign exchange contracts: Spot, forwards, options and swaps 2,079 56 43 2,291 54 46 Total customer-initiated and other activities 17,577 548 487 17,646 668 610 Total gross derivatives $ 20,953 762 489 $ 20,764 818 610 Amounts offset in the consolidated balance sheets: Netting adjustment - Offsetting derivative assets/liabilities (128 ) (128 ) (127 ) (127 ) Netting adjustment - Cash collateral received/posted (121 ) (6 ) (291 ) (3 ) Net derivatives included in the consolidated balance sheets (b) 513 355 400 480 Amounts not offset in the consolidated balance sheets: Marketable securities pledged under bilateral collateral agreements (45 ) (43 ) (137 ) (3 ) Net derivatives after deducting amounts not offset in the consolidated balance sheets $ 468 $ 312 $ 263 $ 477 (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 $11 million and $5 million at June 30, 2016 and December 31, 2015 , respectively. 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 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 $16 million for both the three-month periods ended June 30, 2016 and 2015 , and $33 million and $34 million for the six months ended June 30, 2016 and 2015 , respectively. The Corporation recognized no net gains and $2 million of net losses for the three months ended June 30, 2016 and 2015 , respectively, and $3 million of net gains and $1 million of net losses for the six months ended June 30, 2016 and 2015 , respectively, for the ineffective portion of risk management derivative instruments designated as fair value hedges of fixed-rate debt, included in "other noninterest income" in the consolidated statements of comprehensive income. 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. There were no significant net gains or losses on risk management derivative instruments used as economic hedges in any period presented in the consolidated statements of comprehensive income. Net gains or losses on these instruments are included in "other noninterest 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 June 30, 2016 and December 31, 2015 . Weighted Average (dollar amounts in millions) Notional Amount Remaining Maturity (in years) Receive Rate Pay Rate (a) June 30, 2016 Swaps - fair value - receive fixed/pay floating rate Medium- and long-term debt designation $ 2,525 4.6 3.89 % 1.46 % December 31, 2015 Swaps - fair value - receive fixed/pay floating rate Medium- and long-term debt designation 2,525 5.1 3.89 1.11 (a) Variable rates paid on receive fixed swaps are based on six-month LIBOR rates in effect at June 30, 2016 and December 31, 2015 . 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 position within the limits described above, the Corporation recognized $1 million of net gains in “other noninterest income” in the consolidated statements of comprehensive income for both the three- and six-month periods ended June 30, 2016 , respectively, and $1 million of net gains for both the three- and six-month periods ended June 30, 2015 . Fair values of customer-initiated and other derivative instruments represent the net unrealized gains or losses on such contracts and are recorded in the consolidated balance sheets. Changes in fair value are recognized in the consolidated statements of comprehensive income. The net gains recognized in income on customer-initiated derivative instruments, net of the impact of offsetting positions, were as follows . Three Months Ended June 30, Six Months Ended June 30, (in millions) Location of Gain 2016 2015 2016 2015 Interest rate contracts Other noninterest income $ 6 $ 5 $ 8 $ 7 Energy contracts Other noninterest income 1 — 1 1 Foreign exchange contracts Foreign exchange income 9 8 19 18 Total $ 16 $ 13 $ 28 $ 26 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) June 30, 2016 December 31, 2015 Unused commitments to extend credit: Commercial and other $ 23,950 $ 26,115 Bankcard, revolving check credit and home equity loan commitments 2,609 2,414 Total unused commitments to extend credit $ 26,559 $ 28,529 Standby letters of credit $ 3,865 $ 3,985 Commercial letters of credit 62 41 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 June 30, 2016 and December 31, 2015 , the allowance for credit losses on lending-related commitments, included in “accrued expenses and other liabilities” on the consolidated balance sheets, was $43 million and $45 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 $33 million at June 30, 2016 and December 31, 2015 , 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 $297 million and $287 million , respectively, of the $3.9 billion and $4.0 billion standby and commercial letters of credit outstanding at June 30, 2016 and December 31, 2015 , 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 $48 million at June 30, 2016 , including $35 million in deferred fees and $13 million in the allowance for credit losses on lending-related commitments. At December 31, 2015 , the comparable amounts were $49 million , $37 million and $12 million , respectively. The following table presents a summary of criticized standby and commercial letters of credit at June 30, 2016 and December 31, 2015 . The Corporation's criticized list is generally consistent with the Special mention, Substandard and Doubtful categories defined by regulatory authorities. The Corporation manages credit risk through underwriting, periodically reviewing and approving its credit exposures using Board committee approved credit policies and guidelines. (dollar amounts in millions) June 30, 2016 December 31, 2015 Total criticized standby and commercial letters of credit $ 146 $ 110 As a percentage of total outstanding standby and commercial letters of credit 3.7 % 2.7 % 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 June 30, 2016 and December 31, 2015 , the total notional amount of the credit risk participation agreements was approximately $479 million and $559 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 at both June 30, 2016 and December 31, 2015 . 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 $11 million and $5 million at June 30, 2016 and December 31, 2015 , respectively. In the event of default, the lead bank has the ability to liquidate the assets of the borrower, in which case the lead bank would be required to return a percentage of the recouped assets to the participating banks. As of June 30, 2016 , the weighted average remaining maturity of outstanding credit risk participation agreements was 2.3 years. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 6 Months Ended |
Jun. 30, 2016 | |
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 low-income housing tax credit (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 it does not have 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. 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 June 30, 2016 was limited to approximately $400 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 June 30, 2016 was limited to approximately $9 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 ( $144 million at June 30, 2016 ). Amortization and other write-downs of LIHTC investments are presented on a net basis as a component of the "provision for income taxes" on the consolidated statements of comprehensive income, while amortization and write-downs of other tax credit investments are recorded in “other noninterest income." The income tax credits and deductions are recorded as a reduction of income tax expense and a reduction of federal income taxes payable. The Corporation provided no financial or other support that was not contractually required to any of the above VIEs during the six months ended June 30, 2016 and 2015 . The following table summarizes the impact of these tax credit entities on line items on the Corporation’s consolidated statements of comprehensive income. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 Other noninterest income: Amortization of other tax credit investments $ — $ — $ — $ 1 Provision for income taxes: Amortization of LIHTC investments 16 15 32 30 Low income housing tax credits (15 ) (15 ) (31 ) (30 ) Other tax benefits related to tax credit entities (6 ) (5 ) (12 ) (10 ) Total provision for income taxes $ (5 ) $ (5 ) (11 ) (10 ) For further information on the Corporation’s consolidation policy, see Note 1 to the consolidated financial statements in the Corporation's 2015 Annual Report. |
Medium- And Long-Term Debt
Medium- And Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Medium- And Long-Term Debt | MEDIUM- AND LONG-TERM DEBT Medium- and long-term debt is summarized as follows: (in millions) June 30, 2016 December 31, 2015 Parent company Subordinated notes: 3.80% subordinated notes due 2026 (a) 277 259 Medium-term notes: 2.125% notes due 2019 (a) 355 349 Total parent company 632 608 Subsidiaries Subordinated notes: 5.75% subordinated notes due 2016 (a) (b) 654 659 5.20% subordinated notes due 2017 (a) 522 530 4.00% subordinated notes due 2025 (a) 374 351 7.875% subordinated notes due 2026 (a) 234 223 Total subordinated notes 1,784 1,763 Medium-term notes: 2.50% notes due 2020 (a) 689 671 Federal Home Loan Bank advances: Floating-rate based on FHLB auction rate due 2026 2,800 — Other notes: 6.0% - 6.4% fixed-rate notes due 2020 16 16 Total subsidiaries 5,289 2,450 Total medium- and long-term debt $ 5,921 $ 3,058 (a) The fixed interest rates on these notes have been swapped to a variable rate and designated in a hedging relationship. Accordingly, carrying value has been adjusted to reflect the change in the fair value of the debt as a result of changes in the benchmark rate. (b) The fixed interest rate on $250 million of $650 million total par value of these notes have been swapped to a variable rate. The remaining amount is not swapped. Subordinated notes with remaining maturities greater than one year qualify as Tier 2 capital. Comerica Bank (the Bank), a wholly-owned subsidiary of the Corporation, 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 on the amount of collateral available to be pledged to the FHLB. At June 30, 2016 , $15 billion of real estate-related loans were pledged to the FHLB as blanket collateral for potential future borrowings of approximately $4 billion . On April 6, 2016 , the Bank borrowed $1.6 billion of 10-year, floating-rate FHLB advances due March 4, 2026 , and on May 27, 2016 , the Bank borrowed an additional $1.2 billion of 10-year, floating-rate FHLB advances due May 20, 2026 . The interest rate on each of eight notes resets every four weeks, based on the FHLB auction rate, with the reset date of each note scheduled at one-week intervals. At June 30, 2016 the weighted-average rate on these advances was 0.4075% . Each note may be prepaid in full, without penalty, at each scheduled reset date. Proceeds were used for general corporate purposes. Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $7 million at June 30, 2016 and $8 million at December 31, 2015 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents a reconciliation of the changes in the components of accumulated other comprehensive loss and details the components of other comprehensive income (loss) for the six months ended June 30, 2016 and 2015 , including the amount of income tax expense (benefit) allocated to each component of other comprehensive income (loss). Six Months Ended June 30, (in millions) 2016 2015 Accumulated net unrealized gains on investment securities: Balance at beginning of period, net of tax $ 9 $ 37 Net unrealized holding gains (losses) arising during the period 191 (17 ) Less: Provision (benefit) for income taxes 70 (6 ) Net unrealized holding gains (losses) arising during the period, net of tax 121 (11 ) Less: Net realized losses included in net securities losses — (2 ) Less: Benefit for income taxes — (1 ) Reclassification adjustment for net securities losses included in net income, net of tax — (1 ) Less: Net losses realized as a yield adjustment in interest on investment securities (2 ) (4 ) Less: Benefit for income taxes (1 ) (1 ) Reclassification adjustment for net losses realized as a yield adjustment included in net income, net of tax (1 ) (3 ) Change in net unrealized gains (losses) on investment securities, net of tax 122 (7 ) Balance at end of period, net of tax $ 131 $ 30 Accumulated defined benefit pension and other postretirement plans adjustment: Balance at beginning of period, net of tax $ (438 ) $ (449 ) Amortization of actuarial net loss 19 35 Less: Provision for income taxes 7 12 Change in defined benefit pension and other postretirement plans adjustment, net of tax 12 23 Balance at end of period, net of tax $ (426 ) $ (426 ) Total accumulated other comprehensive loss at end of period, net of tax $ (295 ) $ (396 ) |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Basic and diluted net income per common share are presented in the following table. Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2016 2015 2016 2015 Basic and diluted Net income $ 104 $ 135 $ 164 $ 269 Less: Income allocated to participating securities 1 1 2 3 Net income attributable to common shares $ 103 $ 134 $ 162 $ 266 Basic average common shares 173 176 173 176 Basic net income per common share $ 0.60 $ 0.76 $ 0.94 $ 1.51 Basic average common shares 173 176 173 176 Dilutive common stock equivalents: Net effect of the assumed exercise of stock options 2 2 2 2 Net effect of the assumed exercise of warrants 2 4 2 4 Diluted average common shares 177 182 177 182 Diluted net income per common share $ 0.58 $ 0.73 $ 0.92 $ 1.46 The following average shares related to outstanding options to purchase shares of common stock were not included in the computation of diluted net income per common share because the options were anti-dilutive for the period. Three Months Ended June 30, Six Months Ended June 30, (shares in millions) 2016 2015 2016 2015 Average outstanding options 2.6 5.0 4.8 5.9 Range of exercise prices $46.68 - $59.86 $49.22 - $60.82 $37.26 - $59.86 $46.68 - $60.82 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Net periodic benefit costs are charged to "employee benefits expense" on the consolidated statements of comprehensive income. The components of net periodic benefit cost for the Corporation's qualified pension plan, non-qualified pension plan and postretirement benefit plan are as follows. Qualified Defined Benefit Pension Plan Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 Service cost $ 8 $ 9 $ 16 $ 18 Interest cost 23 22 46 44 Expected return on plan assets (40 ) (40 ) (81 ) (80 ) Amortization of prior service cost 1 1 2 2 Amortization of net loss 8 15 16 29 Net periodic defined benefit cost $ — $ 7 $ (1 ) $ 13 Non-Qualified Defined Benefit Pension Plan Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 3 3 5 5 Amortization of prior service credit (1 ) (1 ) (2 ) (2 ) Amortization of net loss 1 2 3 5 Net periodic defined benefit cost $ 4 $ 5 $ 8 $ 10 Postretirement Benefit Plan Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 Interest cost $ 1 $ — $ 2 $ 1 Expected return on plan assets (1 ) (1 ) (2 ) (2 ) Amortization of net loss — 1 — 1 Net periodic postretirement benefit cost $ — $ — $ — $ — For further information on the Corporation's employee benefit plans, refer to Note 17 to the consolidated financial statements in the Corporation's 2015 Annual Report. |
Income Taxes And Tax-Related It
Income Taxes And Tax-Related Items | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes and Tax-Related Items | INCOME TAXES AND TAX-RELATED ITEMS At June 30, 2016 , net unrecognized tax benefits were $15 million , compared to $22 million at December 31, 2015 . The decrease in net unrecognized tax benefits of $7 million was primarily due to the recognition of federal settlements. The Corporation anticipates that it is reasonably possible that final settlement of federal and state tax issues will result in a decrease in net unrecognized tax benefits of $1 million within the next twelve months. Included in "accrued expense and other liabilities" on the consolidated balance sheets was a $7 million liability for tax-related interest and penalties at June 30, 2016 compared to $3 million at December 31, 2015 . Net deferred tax assets were $166 million at June 30, 2016 , compared to $199 million at December 31, 2015 . The decrease of $33 million in net deferred tax assets resulted primarily from an increase in unrealized gains on investment securities available-for-sale recognized in other comprehensive income and a reversal of deferred tax assets related to expired stock options, partially offset by restructuring charges and an increase in the allowance for loan loss. Included in deferred tax assets at both June 30, 2016 and December 31, 2015 were $5 million of state net operating loss carryforwards, which expire between 2016 and 2026 . The Corporation believes that it is more likely than not that the benefit from certain of these state net operating loss carryforwards will not be realized and, accordingly, maintained a valuation allowance of $3 million at both June 30, 2016 and December 31, 2015 . The determination regarding valuation allowance was based on evidence of loss carryback capacity, projected future reversals of existing taxable temporary differences to absorb the deferred tax assets and assumptions made regarding future events. In the ordinary course of business, the Corporation enters into certain transactions that have tax consequences. From time to time, the Internal Revenue Service (IRS) or other tax jurisdictions 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 or other tax jurisdictions, an administrative authority or a court, if presented with the transactions, could disagree with the Corporation’s interpretation of the tax law. Based on current knowledge and probability assessment of various potential outcomes, the Corporation believes that current tax reserves are adequate, and the amount of any potential incremental liability arising is not expected to have a material adverse effect on the Corporation’s consolidated financial condition or results of operations. Probabilities and outcomes are reviewed as events unfold, and adjustments to the reserves are made when necessary. |
Contingent Liabilities
Contingent Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015 and Form 10-Q for the period ended March 31, 2016, Comerica Bank, a wholly owned subsidiary of the Corporation, was named 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. On January 17, 2014 , a jury awarded Masters $52 million against the Bank. On July 1, 2015, after an appeal filed by the Corporation, the Montana Supreme Court ("the court") reversed the judgment against the Corporation and remanded the case for a new trial with instructions that Michigan law should apply. The court also reversed punitive and consequential damages previously awarded by the jury. The Corporation believes it has meritorious defenses to the remaining claims in this case and intends to continue to defend itself vigorously. Management believes that current reserves related to this case are adequate in the event of a negative outcome. The Corporation and certain of its subsidiaries are subject to various other pending or threatened legal proceedings arising out of the normal course of business or operations. The Corporation believes it has meritorious defenses to the claims asserted against it in its other currently outstanding legal proceedings and, with respect to such legal proceedings, intends to continue to defend itself vigorously, litigating or settling cases according to management’s judgment as to what is in the best interests of the Corporation and its shareholders. Settlement may result from the Corporation's determination that it may be more prudent financially to settle, rather than litigate, and should not be regarded as an admission of liability. On at least a quarterly basis, the Corporation assesses its potential liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. On a case-by-case basis, reserves are established for those legal claims for which it is probable that a loss will be incurred either as a result of a settlement or judgment, and the amount of such loss can be reasonably estimated. The actual costs of resolving these claims may be substantially higher or lower than the amounts reserved. Based on current knowledge, and after consultation with legal counsel, management believes that current reserves are adequate, and the amount of any incremental liability arising from these matters is not expected to have a material adverse effect on the Corporation’s consolidated financial condition, consolidated results of operations or consolidated cash flows. Legal fees of $5 million were included in "other noninterest expenses" on the consolidated statements of income for both the three-month periods ended June 30, 2016 and 2015 , and $10 million for both the six-month periods ended June 30, 2016 and 2015 . 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 $31 million at June 30, 2016 . 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 may be material to the Corporation's consolidated financial condition, consolidated results of operations or consolidated cash flows. For information regarding income tax contingencies, refer to Note 11 . |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | RESTRUCTURING CHARGES During the second quarter 2016, the Corporation approved and launched an initiative designed to reduce overhead and increase revenue. The actions in the initiative include, but are not limited to, a reduction in workforce of approximately 9 percent , streamlining operational processes, real estate optimization including consolidating about 40 banking centers as well as reducing office and operations space, selective outsourcing of technology functions and reduction of technology system applications. Certain actions in the initiative result in restructuring charges. Generally, costs associated with or incurred to generate revenue as part of the initiative are recorded according to the nature of the cost and are not included in restructuring charges. The Corporation considers the following costs associated with the initiative to be restructuring charges: • Employee costs: Primarily severance costs in accordance with the Corporation’s severance plan. • Facilities costs: Costs pertaining to consolidating banking centers and other facilities, such as lease termination costs and decommissioning costs. Also includes accelerated depreciation and impairment of owned property to be sold. • Technology costs: Impairment and other costs associated with optimizing technology infrastructure and reducing the number of applications. • Other costs: Includes primarily professional fees, as well as other contract termination fees and legal fees incurred in the execution of the initiative. Restructuring charges are recorded as a component of noninterest expenses on the consolidated statements of comprehensive income. The following table presents changes in restructuring reserves, cumulative charges incurred to date and total expected restructuring charges: (in millions) Employee Costs Facilities Costs Technology Costs Other Costs Total Three Months Ended June 30, 2016 Balance at beginning of period $ — $ — $ — $ — $ — Restructuring charges 46 — — 7 53 Payments — — — (3 ) (3 ) Balance at end of period $ 46 $ — $ — $ 4 $ 50 Six Months Ended June 30, 2016 Balance at beginning of period $ — $ — $ — $ — $ — Restructuring charges 46 — — 7 53 Payments — — — (3 ) (3 ) Balance at end of period $ 46 $ — $ — $ 4 $ 50 Total restructuring charges incurred to date $ 46 $ — $ — $ 7 $ 53 Total expected restructuring charges (a) $65 - $70 $35 - $40 $10 - $15 $30 - $35 $140 - $160 (a) Restructuring activities are expected to be substantially completed by 12/31/2018 . Restructuring charges directly attributable to a business segment are assigned to that business segment. Restructuring charges incurred by areas whose services support the overall Corporation are allocated based on the methodology described in Note 22 to the consolidated financial statements in the Corporation's 2015 Annual Report. Total restructuring charges assigned to the Business Bank, Retail Bank and Wealth Management were $26 million , $19 million and $8 million , respectively, for both the three- and six-month periods ended June 30, 2016 . Remaining expected restructuring charges will be assigned to the business segments using the same methodology. Facilities costs pertaining to the consolidation of banking centers are expected to impact primarily the Retail Bank. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 . Effective January 1, 2016, in conjunction with the effective date for regulatory Liquidity Coverage Ratio (LCR) requirements, the Corporation prospectively implemented an additional funds transfer pricing (FTP) charge, primarily for the cost of maintaining liquid assets to support potential draws on unfunded loan commitments and for the long-term economic cost of holding collateral for secured deposits. For further information about the Corporation's FTP methodology, refer to Note 22 to the consolidated financial statements in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2015. The following discussion provides information about the activities of each business segment. A discussion of the financial results and the factors impacting performance can be found in the section entitled "Business Segments" in the financial review. The Business Bank meets the needs of middle market businesses, multinational corporations and governmental entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services and loan syndication services. The Retail Bank includes small business banking and personal financial services, consisting of consumer lending, consumer deposit gathering and mortgage loan origination. In addition to a full range of financial services provided to small business customers, this business segment offers a variety of consumer products, including deposit accounts, installment loans, credit cards, student loans, home equity lines of credit and residential mortgage loans. Wealth Management offers products and services consisting of fiduciary services, private banking, retirement services, investment management and advisory services, investment banking and brokerage services. This business segment also offers the sale of annuity products, as well as life, disability and long-term care insurance products. The Finance segment includes the Corporation’s securities portfolio and asset and liability management activities. This segment is responsible for managing the Corporation’s funding, liquidity and capital needs, performing interest sensitivity analysis and executing various strategies to manage the Corporation’s exposure to liquidity, interest rate risk and foreign exchange risk. The Other category includes discontinued operations, the income and expense impact of equity and cash, tax benefits not assigned to specific business segments, charges of an unusual or infrequent nature that are not reflective of the normal operations of the business segments and miscellaneous other expenses of a corporate nature. For further information on the methodologies which form the basis for these results refer to Note 22 to the consolidated financial statements in the Corporation's 2015 Annual Report. Business segment financial results are as follows: (dollar amounts in millions) Business Retail Wealth Management Finance Other Total Three Months Ended June 30, 2016 Earnings summary: Net interest income (expense) $ 355 $ 155 $ 42 $ (111 ) $ 4 $ 445 Provision for credit losses 46 1 3 — (1 ) 49 Noninterest income 142 48 62 13 4 269 Noninterest expenses 222 205 81 2 9 519 Provision (benefit) for income taxes 75 (1 ) 7 (38 ) (1 ) 42 Net income (loss) $ 154 $ (2 ) $ 13 $ (62 ) $ 1 $ 104 Net credit-related charge-offs $ 42 $ 1 $ 4 $ — $ — $ 47 Selected average balances: Assets $ 39,617 $ 6,557 $ 5,215 $ 14,135 $ 5,144 $ 70,668 Loans 38,574 5,879 5,016 — — 49,469 Deposits 28,429 23,546 4,213 62 271 56,521 Statistical data: Return on average assets (a) 1.55 % (0.03 )% 1.02 % N/M N/M 0.59 % Efficiency ratio (b) 44.46 101.12 77.65 N/M N/M 72.48 (dollar amounts in millions) Business Retail Wealth Management Finance Other Total Three Months Ended June 30, 2015 Earnings summary: Net interest income (expense) $ 373 $ 155 $ 45 $ (154 ) $ 2 $ 421 Provision for credit losses 61 (8 ) (9 ) — 3 47 Noninterest income 138 46 60 14 — 258 Noninterest expenses 175 181 74 2 1 433 Provision (benefit) for income taxes 94 10 14 (53 ) (1 ) 64 Net income (loss) $ 181 $ 18 $ 26 $ (89 ) $ (1 ) $ 135 Net credit-related charge-offs (recoveries) $ 23 $ 1 $ (5 ) $ — $ — $ 19 Selected average balances: Assets $ 39,134 $ 6,459 $ 5,153 $ 11,697 $ 6,520 $ 68,963 Loans 38,109 5,770 4,954 — — 48,833 Deposits 30,229 22,747 4,060 93 269 57,398 Statistical data: Return on average assets (a) 1.86 % 0.30 % 2.01 % N/M N/M 0.79 % Efficiency ratio (b) 33.96 89.88 70.28 N/M N/M 63.49 (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 (fully taxable equivalent basis) and noninterest income excluding net securities gains. N/M – not meaningful (dollar amounts in millions) Business Bank Retail Bank Wealth Management Finance Other Total Six Months Ended June 30, 2016 Earnings summary: Net interest income (expense) $ 716 $ 311 $ 85 $ (228 ) $ 8 $ 892 Provision for credit losses 197 4 (2 ) — (2 ) 197 Noninterest income 277 91 121 26 — 515 Noninterest expenses 429 384 154 3 9 979 Provision (benefit) for income taxes 120 5 19 (78 ) 1 67 Net income (loss) $ 247 $ 9 $ 35 $ (127 ) $ — $ 164 Net credit-related charge-offs $ 98 $ 4 $ 3 $ — $ — $ 105 Selected average balances: Assets $ 39,125 $ 6,551 $ 5,189 $ 14,149 $ 4,934 $ 69,948 Loans 38,068 5,873 4,990 — — 48,931 Deposits 28,769 23,328 4,192 83 243 56,615 Statistical data: Return on average assets (a) 1.26 % 0.08 % 1.35 % N/M N/M 0.47 % Efficiency ratio (b) 43.04 95.02 74.60 N/M N/M 69.31 (dollar amounts in millions) Business Bank Retail Bank Wealth Management Finance Other Total Six Months Ended June 30, 2015 Earnings summary: Net interest income (expense) $ 740 $ 307 $ 88 $ (305 ) $ 4 $ 834 Provision for credit losses 86 (16 ) (10 ) — 1 61 Noninterest income 276 87 118 26 2 509 Noninterest expenses 370 357 151 5 5 888 Provision (benefit) for income taxes 191 18 23 (106 ) (1 ) 125 Net income (loss) $ 369 $ 35 $ 42 $ (178 ) $ 1 $ 269 Net credit-related charge-offs (recoveries) $ 32 $ 2 $ (7 ) $ — $ — $ 27 Selected average balances: Assets $ 38,896 $ 6,414 $ 5,091 $ 11,905 $ 6,546 $ 68,852 Loans 37,868 5,732 4,894 — — 48,494 Deposits 30,187 22,577 4,028 131 273 57,196 Statistical data: Return on average assets (a) 1.90 % 0.30 % 1.65 % N/M N/M 0.78 % Efficiency ratio (b) 36.46 90.22 72.42 N/M N/M 65.93 (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 (fully taxable equivalent basis) and noninterest income excluding net securities gains. 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 June 30, 2016 . A discussion of the financial results and the factors impacting performance can be found in the section entitled "Market Segments" in the financial review. Market segment financial results are as follows: (dollar amounts in millions) Michigan California Texas Other Finance Total Three Months Ended June 30, 2016 Earnings summary: Net interest income (expense) $ 166 $ 178 $ 119 $ 89 $ (107 ) $ 445 Provision for credit losses 3 17 32 (2 ) (1 ) 49 Noninterest income 81 39 31 101 17 269 Noninterest expenses 159 120 113 116 11 519 Provision (benefit) for income taxes 28 30 2 21 (39 ) 42 Net income (loss) $ 57 $ 50 $ 3 $ 55 $ (61 ) $ 104 Net credit-related charge-offs (recoveries) $ — $ 17 $ 31 $ (1 ) $ — $ 47 Selected average balances: Assets $ 13,299 $ 17,997 $ 11,287 $ 8,806 $ 19,279 $ 70,668 Loans 12,660 17,708 10,840 8,261 — 49,469 Deposits 21,553 16,933 10,052 7,650 333 56,521 Statistical data: Return on average assets (a) 1.01 % 1.10 % 0.11 % 2.52 % N/M 0.59 % Efficiency ratio (b) 64.13 55.30 74.91 60.98 N/M 72.48 (dollar amounts in millions) Michigan California Texas Other Finance Total Three Months Ended June 30, 2015 Earnings summary: Net interest income (expense) $ 178 $ 180 $ 130 $ 85 $ (152 ) $ 421 Provision for credit losses (13 ) 4 43 10 3 47 Noninterest income 86 36 30 92 14 258 Noninterest expenses 129 99 93 109 3 433 Provision (benefit) for income taxes 50 42 10 16 (54 ) 64 Net income (loss) $ 98 $ 71 $ 14 $ 42 $ (90 ) $ 135 Net credit-related charge-offs (recoveries) $ (1 ) $ 6 $ 5 $ 9 $ — $ 19 Selected average balances: Assets $ 13,851 $ 16,696 $ 11,878 $ 8,321 $ 18,217 $ 68,963 Loans 13,290 16,429 11,254 7,860 — 48,833 Deposits 21,706 17,275 10,959 7,096 362 57,398 Statistical data: Return on average assets (a) 1.73 % 1.54 % 0.45 % 2.03 % N/M 0.79 % Efficiency ratio (b) 48.09 45.90 58.13 61.56 N/M 63.49 (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 (fully taxable equivalent basis) and noninterest income excluding net securities gains. N/M – not meaningful (dollar amounts in millions) Michigan California Texas Other Markets Finance & Other Total Six Months Ended June 30, 2016 Earnings summary: Net interest income (expense) $ 340 $ 355 $ 242 $ 175 $ (220 ) $ 892 Provision for credit losses (3 ) 11 202 (11 ) (2 ) 197 Noninterest income 158 76 62 193 26 515 Noninterest expenses 310 224 213 220 12 979 Provision (benefit) for income taxes 64 73 (38 ) 45 (77 ) 67 Net income (loss) $ 127 $ 123 $ (73 ) $ 114 $ (127 ) $ 164 Net credit-related charge-offs (recoveries) $ 5 $ 25 $ 78 $ (3 ) $ — $ 105 Selected average balances: Assets $ 13,350 $ 17,769 $ 11,291 $ 8,455 $ 19,083 $ 69,948 Loans 12,717 17,496 10,802 7,916 — 48,931 Deposits 21,625 16,793 10,213 7,658 326 56,615 Statistical data: Return on average assets (a) 1.14 % 1.38 % (1.23 )% 2.70 % N/M 0.47 % Efficiency ratio (b) 61.84 51.71 70.10 59.71 N/M 69.31 (dollar amounts in millions) Michigan California Texas Other Markets Finance & Other Total Six Months Ended June 30, 2015 Earnings summary: Net interest income (expense) $ 355 $ 356 $ 260 $ 164 $ (301 ) $ 834 Provision for credit losses (21 ) 1 64 16 1 61 Noninterest income 164 71 66 180 28 509 Noninterest expenses 282 196 188 212 10 888 Provision (benefit) for income taxes 87 86 28 31 (107 ) 125 Net income (loss) $ 171 $ 144 $ 46 $ 85 $ (177 ) $ 269 Net credit-related charge-offs (recoveries) $ 1 $ 6 $ 9 $ 11 $ — $ 27 Selected average balances: Assets $ 13,794 $ 16,580 $ 12,034 $ 7,993 $ 18,451 $ 68,852 Loans 13,257 16,312 11,394 7,531 — 48,494 Deposits 21,709 17,057 10,985 7,041 404 57,196 Statistical data: Return on average assets (a) 1.51 % 1.58 % 0.73 % 2.14 % N/M 0.78 % Efficiency ratio (b) 54.05 46.04 57.75 61.09 N/M 65.93 (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 (fully taxable equivalent basis) and noninterest income excluding net securities gains. N/M – not meaningful |
Basis of Presentation and Acc22
Basis of Presentation and Accounting Policies Basis of Presentation and Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, “Leases (Topic 842),” (ASU 2016-02), to increase the transparency and comparability of lease recognition and disclosure. The update requires lessees to recognize lease contracts with a term greater than one year on the balance sheet, while recognizing expenses on the income statement in a manner similar to current guidance. For lessors, the update makes targeted changes to the classification criteria and the lessor accounting model to align the guidance with the new lessee model and revenue guidance. ASU 2016-02 is effective for the Corporation on January 1, 2019 and must be applied using the modified retrospective approach. Early adoption is permitted. The Corporation is currently evaluating the impact of adopting ASU 2016-02. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payments Accounting,” (ASU 2016-09), which intends to simplify accounting for share based payment transactions, including the income tax consequences and classification of awards. Among other items, the update requires excess tax benefits and deficiencies to be recognized as a component of income taxes within the income statement rather than other comprehensive income as required in current guidance. ASU 2016-09 is effective for the Corporation on January 1, 2017. The recognition of excess tax benefits and deficiencies in the income statement must be adopted prospectively. The method of transition required will differ for other items being amended. Early adoption is permitted. The impact to the Corporation upon adoption is dependent on the market value per share of the Corporation's common stock at option expiration dates and restricted stock vesting dates. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," (ASU 2016-13), which addresses concerns regarding the perceived delay in recognition of credit losses under the existing incurred loss model. The amendment introduces a new, single model for recognizing credit losses on all financial instruments presented on cost basis. Under the new model, entities must estimate current expected credit losses by considering all available relevant information, including historical and current information, as well as reasonable and supportable forecasts of future events. The update also requires additional qualitative and quantitative information to allow users to better understand the credit risk within the portfolio and the methodologies for determining allowance. ASU 2016-13 is effective for the Corporation on January 1, 2020 and must be applied using the modified retrospective approach with limited exceptions. Early adoption is permitted. The Corporation is currently evaluating the impact of adopting ASU 2016-13. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and December 31, 2015 . (in millions) Total Level 1 Level 2 Level 3 June 30, 2016 Trading securities: Deferred compensation plan assets $ 87 $ 87 $ — $ — Equity and other non-debt securities 3 3 — — Total trading securities 90 90 — — Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities 2,843 2,843 — — Residential mortgage-backed securities (a) 7,680 — 7,680 — State and municipal securities 8 — — 8 (b) Corporate debt securities 1 — — 1 (b) Equity and other non-debt securities 180 132 — 48 (b) Total investment securities available-for-sale 10,712 2,975 7,680 57 Derivative assets: Interest rate contracts 459 — 432 27 Energy derivative contracts 242 — 242 — Foreign exchange contracts 61 — 61 — Warrants 2 — — 2 Total derivative assets 764 — 735 29 Total assets at fair value $ 11,566 $ 3,065 $ 8,415 $ 86 Derivative liabilities: Interest rate contracts $ 204 $ — $ 204 $ — Energy derivative contracts 240 — 240 — Foreign exchange contracts 45 — 45 — Total derivative liabilities 489 — 489 — Deferred compensation plan liabilities 87 87 — — Total liabilities at fair value $ 576 $ 87 $ 489 $ — (a) 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, 2015 Trading securities: Deferred compensation plan assets $ 89 $ 89 $ — $ — Equity and other non-debt securities 3 3 $ — $ — Total trading securities 92 92 — — Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities 2,763 2,763 — — Residential mortgage-backed securities (a) 7,545 — 7,545 — State and municipal securities 9 — — 9 (b) Corporate debt securities 1 — — 1 (b) Equity and other non-debt securities 201 134 — 67 (b) Total investment securities available-for-sale 10,519 2,897 7,545 77 Derivative assets: Interest rate contracts 286 — 277 9 Energy derivative contracts 475 — 475 — Foreign exchange contracts 57 — 57 — Warrants 2 — — 2 Total derivative assets 820 — 809 11 Total assets at fair value $ 11,431 $ 2,989 $ 8,354 $ 88 Derivative liabilities: Interest rate contracts $ 92 $ — $ 92 $ — Energy derivative contracts 472 — 472 — Foreign exchange contracts 46 — 46 — Total derivative liabilities 610 — 610 — Deferred compensation plan liabilities 89 89 — — Total liabilities at fair value $ 699 $ 89 $ 610 $ — (a) Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. (b) Auction-rate securities. |
Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three- and six-month periods ended June 30, 2016 and 2015 . Net Realized/Unrealized Gains (Losses) (Pretax) Balance at Beginning of Period Recorded in Earnings Recorded in Other Comprehensive Income Balance at End of Period (in millions) Realized Unrealized Sales Three Months Ended June 30, 2016 Investment securities available-for-sale: State and municipal securities (a) $ 9 $ — $ — $ — $ (1 ) $ 8 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 51 — — (3 ) (b) — 48 Total investment securities available-for-sale 61 — — (3 ) (b) (1 ) 57 Derivative assets: Interest rate contracts 20 — 7 (c) — — 27 Warrants 2 — 1 (c) — (1 ) 2 Three Months Ended June 30, 2015 Investment securities available-for-sale: State and municipal securities (a) $ 23 $ — $ — $ — $ — $ 23 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 71 — — — — 71 Total investment securities available-for-sale 95 — — — — 95 Derivative assets: Interest rate contracts 11 — (9 ) (c) — — 2 Warrants 3 1 (c) — — (1 ) 3 Six Months Ended June 30, 2016 Investment securities available-for-sale: State and municipal securities (a) $ 9 $ — $ — $ — $ (1 ) $ 8 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 67 — — (4 ) (b) (15 ) 48 Total investment securities available-for-sale 77 — — (4 ) (b) (16 ) 57 Derivative assets: Interest rate contracts 9 — 18 (c) — — 27 Warrants 2 — 1 (c) — (1 ) 2 Six Months Ended June 30, 2015 Investment securities available-for-sale: State and municipal securities (a) $ 23 $ — $ — $ — $ — $ 23 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 112 (2 ) (d) — 1 (b) (40 ) 71 Total investment securities available-for-sale 136 (2 ) (d) — 1 (b) (40 ) 95 Derivative assets: Interest rate contracts — — 2 (c) — — 2 Warrants 4 1 (c) (1 ) (c) — (1 ) 3 (a) Auction-rate securities. (b) Recorded in "net unrealized gains (losses) on investment securities available-for-sale" in other comprehensive income (loss). (c) Realized and unrealized gains and losses due to changes in fair value recorded in "other noninterest income" on the consolidated statements of comprehensive income. (d) Realized and unrealized gains and losses due to changes in fair value recorded in "net securities losses" on the consolidated statements of comprehensive income. |
Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis | The following table presents assets recorded at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015 . No liabilities were recorded at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015 . (in millions) Total Level 2 Level 3 June 30, 2016 Loans held-for-sale: Commercial $ 5 $ 5 $ — Loans: Commercial 381 — 381 Commercial mortgage 9 — 9 International 18 — 18 Total loans 408 — 408 Other real estate 1 — 1 Total assets at fair value $ 414 $ 5 $ 409 December 31, 2015 Loans held-for-sale: Commercial $ 8 $ 8 $ — Loans: Commercial 134 — 134 Commercial mortgage 11 — 11 International 8 — 8 Total loans 153 — 153 Other real estate 2 — 2 Total assets at fair value excluding investments recorded at net asset value 163 8 155 Other investments recorded at net asset value: Nonmarketable equity securities (a) 1 Total assets at fair value $ 164 (a) Certain investments that are measured at fair value using the net asset value have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. |
Quantitative Information About Level 3 Measurements | The Corporation's Level 3 recurring fair value measurements primarily include auction-rate securities where fair value is determined using an income approach based on a discounted cash flow model and certain interest rate derivative contracts where credit valuation adjustments are significant to the overall fair value of the derivative. 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. The June 30, 2016 workout periods reflect the view that short-term interest rates could rise at a slower pace in 2016 than was expected at December 31, 2015 . Discounted Cash Flow Model Unobservable Input Fair Value (in millions) Discount Rate Workout Period (in years) June 30, 2016 State and municipal securities (a) $ 8 4% - 6% 1 - 3 Equity and other non-debt securities (a) 48 6% - 10% 1 - 2 December 31, 2015 State and municipal securities (a) $ 9 3% - 8% 1 - 2 Equity and other non-debt securities (a) 67 4% - 9% 1 (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 Amount Estimated Fair Value (in millions) Total Level 1 Level 2 Level 3 June 30, 2016 Assets Cash and due from banks $ 1,172 $ 1,172 $ 1,172 $ — $ — Interest-bearing deposits with banks 2,938 2,938 2,938 — — Investment securities held-to-maturity 1,807 1,834 — 1,834 — Loans held-for-sale (a) 10 10 — 10 — Total loans, net of allowance for loan losses (b) 49,651 49,614 — — 49,614 Customers’ liability on acceptances outstanding 4 4 4 — — Restricted equity investments 207 207 207 — — Nonmarketable equity securities (c) (d) 10 16 Liabilities Demand deposits (noninterest-bearing) 28,559 28,559 — 28,559 — Interest-bearing deposits 24,585 24,585 — 24,585 — Customer certificates of deposit 3,230 3,221 — 3,221 — Total deposits 56,374 56,365 — 56,365 — Short-term borrowings 12 12 12 — — Acceptances outstanding 4 4 4 — — Medium- and long-term debt 5,921 5,863 — 5,863 — Credit-related financial instruments (79 ) (79 ) — — (79 ) December 31, 2015 Assets Cash and due from banks $ 1,157 $ 1,157 $ 1,157 $ — $ — Interest-bearing deposits with banks 4,990 4,990 4,990 — — Investment securities held-to-maturity 1,981 1,973 — 1,973 — Loans held-for-sale (a) 21 21 — 21 — Total loans, net of allowance for loan losses (b) 48,450 48,269 — — 48,269 Customers’ liability on acceptances outstanding 5 5 5 — — Restricted equity investments 92 92 92 — — Nonmarketable equity securities (c) (d) 10 18 Liabilities Demand deposits (noninterest-bearing) 30,839 30,839 — 30,839 — Interest-bearing deposits 25,462 25,462 — 25,462 — Customer certificates of deposit 3,552 3,536 — 3,536 — Total deposits 59,853 59,837 — 59,837 — Short-term borrowings 23 23 23 — — Acceptances outstanding 5 5 5 — — Medium- and long-term debt 3,058 3,032 — 3,032 — Credit-related financial instruments (83 ) (83 ) — — (83 ) (a) Included $5 million and $8 million impaired loans held-for-sale recorded at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015 , respectively. (b) Included $408 million and $153 million of impaired loans recorded at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015 , respectively. (c) Included $1 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at December 31, 2015 . (d) Certain investments that are measured at fair value using the net asset value have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary Of Investment Securities | A summary of the Corporation’s investment securities follows: (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2016 Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities $ 2,770 $ 73 $ — $ 2,843 Residential mortgage-backed securities (a) 7,532 152 4 7,680 State and municipal securities 8 — — 8 Corporate debt securities 1 — — 1 Equity and other non-debt securities 182 1 3 180 Total investment securities available-for-sale (b) $ 10,493 $ 226 $ 7 $ 10,712 Investment securities held-to-maturity (c): Residential mortgage-backed securities (a) $ 1,807 $ 27 $ — $ 1,834 December 31, 2015 Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities $ 2,769 $ 1 $ 7 $ 2,763 Residential mortgage-backed securities (a) 7,513 76 44 7,545 State and municipal securities 9 — — 9 Corporate debt securities 1 — — 1 Equity and other non-debt securities 199 2 — 201 Total investment securities available-for-sale (b) $ 10,491 $ 79 $ 51 $ 10,519 Investment securities held-to-maturity (c): Residential mortgage-backed securities (a) $ 1,981 $ 2 $ 10 $ 1,973 (a) 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 $60 million and $57 million , respectively as of June 30, 2016 and $76 million and $77 million , respectively, as of December 31, 2015 . (c) The amortized cost of investment securities held-to-maturity included net unrealized losses of $14 million at June 30, 2016 and $15 million at December 31, 2015 related to securities transferred from available-for-sale, 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 June 30, 2016 and December 31, 2015 follows: Temporarily Impaired Less than 12 Months 12 Months or more Total (in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2016 Residential mortgage-backed securities (a) $ 36 $ — (c) $ 1,357 $ 11 $ 1,393 $ 11 State and municipal securities (b) — — 8 — (c) 8 — (c) Corporate debt securities (b) — — 1 — (c) 1 — (c) Equity and other non-debt securities (b) 49 3 — — 49 3 Total temporarily impaired securities $ 85 $ 3 $ 1,366 $ 11 $ 1,451 $ 14 December 31, 2015 U.S. Treasury and other U.S. government agency securities $ 2,265 $ 7 $ — $ — $ 2,265 $ 7 Residential mortgage-backed securities (a) 2,665 21 1,976 51 4,641 72 State and municipal securities (b) — — 9 — (c) 9 — (c) Corporate debt securities (b) — — 1 — (c) 1 — (c) Equity and other non-debt securities (b) 14 — (c) — — 14 — (c) Total temporarily impaired securities $ 4,944 $ 28 $ 1,986 $ 51 $ 6,930 $ 79 (a) Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. (b) Primarily auction-rate securities. (c) Unrealized losses less than $0.5 million. |
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 losses” on the consolidated statements of comprehensive income, computed based on the adjusted cost of the specific security. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 Securities gains $ — $ — $ — $ — Securities losses (1 ) — (3 ) (2 ) Net securities losses $ (1 ) $ — $ (3 ) $ (2 ) |
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 June 30, 2016 Amortized Cost Fair Value Amortized Cost Fair Value Contractual maturity Within one year $ 10 $ 10 $ — $ — After one year through five years 2,925 3,000 — — After five years through ten years 1,393 1,450 — — After ten years 5,983 6,072 1,807 1,834 Subtotal 10,311 10,532 1,807 1,834 Equity and other non-debt securities 182 180 Total investment securities $ 10,493 $ 10,712 $ 1,807 $ 1,834 |
Credit Quality And Allowance 25
Credit Quality And Allowance For Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 Days 60-89 Days 90 Days or More Total Nonaccrual Loans Current Loans Total Loans June 30, 2016 Business loans: Commercial $ 51 $ 4 $ 8 $ 63 $ 482 $ 31,815 $ 32,360 Real estate construction: Commercial Real Estate business line (a) — — — — — 2,197 2,197 Other business lines (b) — — — — — 356 356 Total real estate construction — — — — — 2,553 2,553 Commercial mortgage: Commercial Real Estate business line (a) 4 — 1 5 8 2,223 2,236 Other business lines (b) 12 3 3 18 36 6,748 6,802 Total commercial mortgage 16 3 4 23 44 8,971 9,038 Lease financing — — — — 6 678 684 International 16 — 1 17 18 1,330 1,365 Total business loans 83 7 13 103 550 45,347 46,000 Retail loans: Residential mortgage 9 1 9 19 26 1,811 1,856 Consumer: Home equity 4 2 1 7 28 1,744 1,779 Other consumer 1 3 12 16 1 728 745 Total consumer 5 5 13 23 29 2,472 2,524 Total retail loans 14 6 22 42 55 4,283 4,380 Total loans $ 97 $ 13 $ 35 $ 145 $ 605 $ 49,630 $ 50,380 December 31, 2015 Business loans: Commercial $ 46 $ 12 $ 13 $ 71 $ 238 $ 31,350 $ 31,659 Real estate construction: Commercial Real Estate business line (a) 5 — — 5 — 1,676 1,681 Other business lines (b) 3 — — 3 1 316 320 Total real estate construction 8 — — 8 1 1,992 2,001 Commercial mortgage: Commercial Real Estate business line (a) 7 — 1 8 16 2,080 2,104 Other business lines (b) 7 5 3 15 44 6,814 6,873 Total commercial mortgage 14 5 4 23 60 8,894 8,977 Lease financing — — — — 6 718 724 International 2 — — 2 8 1,358 1,368 Total business loans 70 17 17 104 313 44,312 44,729 Retail loans: Residential mortgage 26 1 — 27 27 1,816 1,870 Consumer: Home equity 5 3 — 8 27 1,685 1,720 Other consumer 7 — — 7 — 758 765 Total consumer 12 3 — 15 27 2,443 2,485 Total retail loans 38 4 — 42 54 4,259 4,355 Total loans $ 108 $ 21 $ 17 $ 146 $ 367 $ 48,571 $ 49,084 (a) Primarily loans to real estate developers. (b) Primarily loans secured by owner-occupied real estate. |
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 Mention (b) Substandard (c) Nonaccrual (d) Total June 30, 2016 Business loans: Commercial $ 29,404 $ 1,067 $ 1,407 $ 482 $ 32,360 Real estate construction: Commercial Real Estate business line (e) 2,197 — — — 2,197 Other business lines (f) 354 2 — — 356 Total real estate construction 2,551 2 — — 2,553 Commercial mortgage: Commercial Real Estate business line (e) 2,186 19 23 8 2,236 Other business lines (f) 6,461 182 123 36 6,802 Total commercial mortgage 8,647 201 146 44 9,038 Lease financing 660 11 7 6 684 International 1,263 37 47 18 1,365 Total business loans 42,525 1,318 1,607 550 46,000 Retail loans: Residential mortgage 1,818 2 10 26 1,856 Consumer: Home equity 1,745 2 4 28 1,779 Other consumer 741 — 3 1 745 Total consumer 2,486 2 7 29 2,524 Total retail loans 4,304 4 17 55 4,380 Total loans $ 46,829 $ 1,322 $ 1,624 $ 605 $ 50,380 December 31, 2015 Business loans: Commercial $ 29,117 $ 1,293 $ 1,011 $ 238 $ 31,659 Real estate construction: Commercial Real Estate business line (e) 1,681 — — — 1,681 Other business lines (f) 318 1 — 1 320 Total real estate construction 1,999 1 — 1 2,001 Commercial mortgage: Commercial Real Estate business line (e) 2,031 31 26 16 2,104 Other business lines (f) 6,536 172 121 44 6,873 Total commercial mortgage 8,567 203 147 60 8,977 Lease financing 693 17 8 6 724 International 1,245 59 56 8 1,368 Total business loans 41,621 1,573 1,222 313 44,729 Retail loans: Residential mortgage 1,828 2 13 27 1,870 Consumer: Home equity 1,687 1 5 27 1,720 Other consumer 755 3 7 — 765 Total consumer 2,442 4 12 27 2,485 Total retail loans 4,270 6 25 54 4,355 Total loans $ 45,891 $ 1,579 $ 1,247 $ 367 $ 49,084 (a) Includes all loans not included in the categories of special mention, substandard or nonaccrual. (b) Special mention loans are accruing loans that have potential credit weaknesses that deserve management’s close attention, such as loans to borrowers who may be experiencing financial difficulties that may result in deterioration of repayment prospects from the borrower at some future date. (c) Substandard loans are accruing loans that have a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans also are distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. This category is generally consistent with the "substandard" category as defined by regulatory authorities. (d) Nonaccrual loans are loans for which the accrual of interest has been discontinued. For further information regarding nonaccrual loans, refer to the Nonperforming Assets subheading in Note 1 - Basis of Presentation and Accounting Policies - on page F-58 in the Corporation's 2015 Annual Report. A significant majority of nonaccrual loans are generally consistent with the "substandard" category and the remainder are generally consistent with the "doubtful" category as defined by regulatory authorities. (e) Primarily loans to real estate developers. (f) Primarily loans secured by owner-occupied real estate. |
Schedule Of Nonaccrual, Reduced-Rate Loans And Foreclosed Property | The following table summarizes nonperforming assets. (in millions) June 30, 2016 December 31, 2015 Nonaccrual loans $ 605 $ 367 Reduced-rate loans (a) 8 12 Total nonperforming loans 613 379 Foreclosed property (b) 22 12 Total nonperforming assets $ 635 $ 391 (a) There were no reduced-rate business loans at both June 30, 2016 and December 31, 2015 . Reduced-rate retail loans were $8 million and $12 million at June 30, 2016 and December 31, 2015 , respectively. (b) Included $6 million and $9 million of foreclosed residential real estate properties at June 30, 2016 and December 31, 2015 , 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. 2016 2015 (in millions) Business Loans Retail Loans Total Business Loans Retail Loans Total Three Months Ended June 30 Allowance for loan losses: Balance at beginning of period $ 674 $ 50 $ 724 $ 541 $ 60 $ 601 Loan charge-offs (52 ) (2 ) (54 ) (31 ) (4 ) (35 ) Recoveries on loans previously charged-off 11 1 12 16 1 17 Net loan charge-offs (41 ) (1 ) (42 ) (15 ) (3 ) (18 ) Provision for loan losses 49 (2 ) 47 37 (2 ) 35 Balance at end of period $ 682 $ 47 $ 729 $ 563 $ 55 $ 618 Six Months Ended June 30 Allowance for loan losses: Balance at beginning of period $ 579 $ 55 $ 634 $ 534 $ 60 $ 594 Loan charge-offs (127 ) (4 ) (131 ) (52 ) (6 ) (58 ) Recoveries on loans previously charged-off 35 2 37 28 4 32 Net loan charge-offs (92 ) (2 ) (94 ) (24 ) (2 ) (26 ) Provision for loan losses 194 (6 ) 188 54 (3 ) 51 Foreign currency translation adjustment 1 — 1 (1 ) — (1 ) Balance at end of period $ 682 $ 47 $ 729 $ 563 $ 55 $ 618 As a percentage of total loans 1.48 % 1.07 % 1.45 % 1.24 % 1.27 % 1.24 % June 30 Allowance for loan losses: Individually evaluated for impairment $ 112 $ — $ 112 $ 39 $ — $ 39 Collectively evaluated for impairment 570 47 617 524 55 579 Total allowance for loan losses $ 682 $ 47 $ 729 $ 563 $ 55 $ 618 Loans: Individually evaluated for impairment $ 646 $ 26 $ 672 $ 258 $ 34 $ 292 Collectively evaluated for impairment 45,354 4,354 49,708 45,140 4,307 49,447 Purchased credit impaired (PCI) loans (a) — — — — 2 2 Total loans evaluated for impairment $ 46,000 $ 4,380 $ 50,380 $ 45,398 $ 4,343 $ 49,741 (a) No allowance for loan losses was required for PCI loans at June 30, 2015 . |
Changes In the Allowance For Credit Losses On Lending-Related Commitments | Changes in the allowance for credit losses on lending-related commitments, included in "accrued expenses and other liabilities" on the consolidated balance sheets, are summarized in the following table. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 Balance at beginning of period $ 46 $ 39 $ 45 $ 41 Charge-offs on lending related commitments (a) (5 ) (1 ) (11 ) (1 ) Provision for credit losses on lending-related commitments 2 12 9 10 Balance at end of period $ 43 $ 50 $ 43 $ 50 (a) Charge-offs result from the sale of unfunded lending-related commitments. |
Individually Evaluated Impaired Loans | The following table presents additional information regarding individually evaluated impaired loans. Recorded Investment In: (in millions) Impaired Loans with No Related Allowance Impaired Loans with Related Allowance Total Impaired Loans Unpaid Principal Balance Related Allowance for Loan Losses June 30, 2016 Business loans: Commercial $ 46 $ 544 $ 590 $ 675 $ 104 Commercial mortgage: Commercial Real Estate business line (a) — 8 8 15 1 Other business lines (b) 4 26 30 44 4 Total commercial mortgage 4 34 38 59 5 International — 18 18 24 3 Total business loans 50 596 646 758 112 Retail loans: Residential mortgage 11 — 11 12 — Consumer: Home equity 12 — 12 16 — Other consumer 3 — 3 3 — Total consumer 15 — 15 19 — Total retail loans (c) 26 — 26 31 — Total individually evaluated impaired loans $ 76 $ 596 $ 672 $ 789 $ 112 December 31, 2015 Business loans: Commercial $ 82 $ 252 $ 334 $ 398 $ 45 Commercial mortgage: Commercial Real Estate business line (a) 7 8 15 38 1 Other business lines (b) 2 32 34 55 5 Total commercial mortgage 9 40 49 93 6 International — 10 10 17 2 Total business loans 91 302 393 508 53 Retail loans: Residential mortgage 13 — 13 13 — Consumer: Home equity 12 — 12 16 — Other consumer 6 — 6 10 — Total consumer 18 — 18 26 — Total retail loans (c) 31 — 31 39 — Total individually evaluated impaired loans $ 122 $ 302 $ 424 $ 547 $ 53 (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 performing restructured loans. Individually Evaluated Impaired Loans 2016 2015 (in millions) Average Balance for the Period Interest Income Recognized for the Period Average Balance for the Period Interest Income Recognized for the Period Three Months Ended June 30 Business loans: Commercial $ 639 $ 2 $ 152 $ 1 Commercial mortgage: Commercial Real Estate business line (a) 8 — 16 — Other business lines (b) 31 — 40 — Total commercial mortgage 39 — 56 — International 23 — 5 — Total business loans 701 2 213 1 Retail loans: Residential mortgage 11 — 19 — Consumer loans: Home equity 11 — 12 — Other consumer 3 — 5 — Total consumer 14 — 17 — Total retail loans 25 — 36 — Total individually evaluated impaired loans $ 726 $ 2 $ 249 $ 1 Six Months Ended June 30 Business loans: Commercial $ 537 $ 6 $ 138 $ 2 Commercial mortgage: Commercial Real Estate business line (a) 10 — 17 — Other business lines (b) 32 — 42 — Total commercial mortgage 42 — 59 — International 19 — 3 — Total business loans 598 6 200 2 Retail loans: Residential mortgage 12 — 21 — Consumer: Home equity 12 — 12 — Other consumer 4 — 5 — Total consumer 16 — 17 — Total retail loans 28 — 38 — Total individually evaluated impaired loans $ 626 $ 6 $ 238 $ 2 (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 June 30, 2016 and 2015 of loans considered to be TDRs that were restructured during the three- and six-month periods ended June 30, 2016 and 2015 , 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. 2016 2015 Type of Modification Type of Modification (in millions) Principal Deferrals (a) Interest Rate Reductions AB Note Restructures (b) Total Modifications Principal Deferrals (a) Interest Rate Reductions Total Modifications Three Months Ended June 30 Business loans: Commercial $ 18 $ — $ 20 $ 38 $ 2 $ — $ 2 Commercial mortgage: Commercial Real Estate business line (c) — — — — 1 — 1 Other business lines (d) 1 — — 1 1 — 1 Total commercial mortgage 1 — — 1 2 — 2 Total business loans 19 — 20 39 4 — 4 Retail loans: Consumer: Home equity 1 — — 1 — 1 1 Total loans $ 20 $ — $ 20 $ 40 $ 4 $ 1 $ 5 Six Months Ended June 30 Business loans: Commercial $ 107 $ — $ 26 $ 133 $ 2 $ — $ 2 Commercial mortgage: Commercial Real Estate business line (c) — — — — 1 — 1 Other business lines (d) 2 — — 2 4 — 4 Total commercial mortgage 2 — — 2 5 — 5 International — — 10 10 — — — Total business loans 109 — 36 145 7 — 7 Retail loans: Residential mortgage — 2 — 2 — — — Consumer: Home equity 1 — — 1 — 1 1 Total retail loans 1 2 — 3 — 1 1 Total loans $ 110 $ 2 $ 36 $ 148 $ 7 $ 1 $ 8 (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 generally fully charged off. (c) Primarily loans to real estate developers. (d) Primarily loans secured by owner-occupied real estate. |
Troubled Debt Restructuring Subsequent Default | The following table presents information regarding the recorded balance at June 30, 2016 and 2015 of loans modified by principal deferral during the twelve-month periods ended June 30, 2016 and 2015 , and those principal deferrals which experienced a subsequent default during the three- and six-month periods ended June 30, 2016 and 2015 . 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. 2016 2015 (in millions) Balance at June 30 Subsequent Default in the Three Months Ended June 30 Subsequent Default in the Six Months Ended June 30 Balance at June 30 Subsequent Default in the Three Months Ended June 30 Subsequent Default in the Six Months Ended June 30 Principal deferrals: Business loans: Commercial $ 233 $ 21 $ 21 $ 10 $ — $ 6 Commercial mortgage: Commercial Real Estate business line (a) 4 1 1 1 — — Other business lines (b) 7 — 6 10 1 2 Total commercial mortgage 11 1 7 11 1 2 International 1 — 1 — — — Total business loans 245 22 29 21 1 8 Retail loans: Consumer: Home equity 2 (c) — — 2 (c) — — Total principal deferrals $ 247 $ 22 $ 29 $ 23 $ 1 $ 8 (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. |
Derivative And Credit-Related26
Derivative And Credit-Related Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [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 June 30, 2016 and December 31, 2015 . The table excludes commitments and warrants accounted for as derivatives. June 30, 2016 December 31, 2015 Fair Value Fair Value (in millions) Notional/ Contract Amount (a) Gross Derivative Assets Gross Derivative Liabilities Notional/ Contract Amount (a) Gross Derivative Assets Gross Derivative Liabilities Risk management purposes Derivatives designated as hedging instruments Interest rate contracts: Swaps - fair value - receive fixed/pay floating $ 2,525 $ 209 $ — $ 2,525 $ 147 $ — Derivatives used as economic hedges Foreign exchange contracts: Spot, forwards and swaps 851 5 2 593 3 — Total risk management purposes 3,376 214 2 3,118 150 — Customer-initiated and other activities Interest rate contracts: Caps and floors written 267 — — 253 — — Caps and floors purchased 267 — — 253 — — Swaps 12,534 250 204 11,722 139 92 Total interest rate contracts 13,068 250 204 12,228 139 92 Energy contracts: Caps and floors written 458 1 43 536 — 85 Caps and floors purchased 458 43 1 536 85 — Swaps 1,514 198 196 2,055 390 387 Total energy contracts 2,430 242 240 3,127 475 472 Foreign exchange contracts: Spot, forwards, options and swaps 2,079 56 43 2,291 54 46 Total customer-initiated and other activities 17,577 548 487 17,646 668 610 Total gross derivatives $ 20,953 762 489 $ 20,764 818 610 Amounts offset in the consolidated balance sheets: Netting adjustment - Offsetting derivative assets/liabilities (128 ) (128 ) (127 ) (127 ) Netting adjustment - Cash collateral received/posted (121 ) (6 ) (291 ) (3 ) Net derivatives included in the consolidated balance sheets (b) 513 355 400 480 Amounts not offset in the consolidated balance sheets: Marketable securities pledged under bilateral collateral agreements (45 ) (43 ) (137 ) (3 ) Net derivatives after deducting amounts not offset in the consolidated balance sheets $ 468 $ 312 $ 263 $ 477 (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 $11 million and $5 million at June 30, 2016 and December 31, 2015 , respectively. |
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 June 30, 2016 and December 31, 2015 . Weighted Average (dollar amounts in millions) Notional Amount Remaining Maturity (in years) Receive Rate Pay Rate (a) June 30, 2016 Swaps - fair value - receive fixed/pay floating rate Medium- and long-term debt designation $ 2,525 4.6 3.89 % 1.46 % December 31, 2015 Swaps - fair value - receive fixed/pay floating rate Medium- and long-term debt designation 2,525 5.1 3.89 1.11 (a) Variable rates paid on receive fixed swaps are based on six-month LIBOR rates in effect at June 30, 2016 and December 31, 2015 . |
Schedule Of Net Gains Recognized In Income On Customer-Initiated Derivatives | The net gains recognized in income on customer-initiated derivative instruments, net of the impact of offsetting positions, were as follows . Three Months Ended June 30, Six Months Ended June 30, (in millions) Location of Gain 2016 2015 2016 2015 Interest rate contracts Other noninterest income $ 6 $ 5 $ 8 $ 7 Energy contracts Other noninterest income 1 — 1 1 Foreign exchange contracts Foreign exchange income 9 8 19 18 Total $ 16 $ 13 $ 28 $ 26 |
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) June 30, 2016 December 31, 2015 Unused commitments to extend credit: Commercial and other $ 23,950 $ 26,115 Bankcard, revolving check credit and home equity loan commitments 2,609 2,414 Total unused commitments to extend credit $ 26,559 $ 28,529 Standby letters of credit $ 3,865 $ 3,985 Commercial letters of credit 62 41 |
Summary Of Criticized Letters Of Credit | The following table presents a summary of criticized standby and commercial letters of credit at June 30, 2016 and December 31, 2015 . The Corporation's criticized list is generally consistent with the Special mention, Substandard and Doubtful categories defined by regulatory authorities. The Corporation manages credit risk through underwriting, periodically reviewing and approving its credit exposures using Board committee approved credit policies and guidelines. (dollar amounts in millions) June 30, 2016 December 31, 2015 Total criticized standby and commercial letters of credit $ 146 $ 110 As a percentage of total outstanding standby and commercial letters of credit 3.7 % 2.7 % |
Variable Interest Entities (V27
Variable Interest Entities (VIEs) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Impact Of VIEs On The Consolidated Statements Of Comprehensive Income | The following table summarizes the impact of these tax credit entities on line items on the Corporation’s consolidated statements of comprehensive income. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 Other noninterest income: Amortization of other tax credit investments $ — $ — $ — $ 1 Provision for income taxes: Amortization of LIHTC investments 16 15 32 30 Low income housing tax credits (15 ) (15 ) (31 ) (30 ) Other tax benefits related to tax credit entities (6 ) (5 ) (12 ) (10 ) Total provision for income taxes $ (5 ) $ (5 ) (11 ) (10 ) |
Medium- And Long-Term Debt (Tab
Medium- And Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Medium- And Long-Term Debt | Medium- and long-term debt is summarized as follows: (in millions) June 30, 2016 December 31, 2015 Parent company Subordinated notes: 3.80% subordinated notes due 2026 (a) 277 259 Medium-term notes: 2.125% notes due 2019 (a) 355 349 Total parent company 632 608 Subsidiaries Subordinated notes: 5.75% subordinated notes due 2016 (a) (b) 654 659 5.20% subordinated notes due 2017 (a) 522 530 4.00% subordinated notes due 2025 (a) 374 351 7.875% subordinated notes due 2026 (a) 234 223 Total subordinated notes 1,784 1,763 Medium-term notes: 2.50% notes due 2020 (a) 689 671 Federal Home Loan Bank advances: Floating-rate based on FHLB auction rate due 2026 2,800 — Other notes: 6.0% - 6.4% fixed-rate notes due 2020 16 16 Total subsidiaries 5,289 2,450 Total medium- and long-term debt $ 5,921 $ 3,058 (a) The fixed interest rates on these notes have been swapped to a variable rate and designated in a hedging relationship. Accordingly, carrying value has been adjusted to reflect the change in the fair value of the debt as a result of changes in the benchmark rate. (b) The fixed interest rate on $250 million of $650 million total par value of these notes have been swapped to a variable rate. The remaining amount is not swapped. |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Accumulated Other Comprehensive Loss | The following table presents a reconciliation of the changes in the components of accumulated other comprehensive loss and details the components of other comprehensive income (loss) for the six months ended June 30, 2016 and 2015 , including the amount of income tax expense (benefit) allocated to each component of other comprehensive income (loss). Six Months Ended June 30, (in millions) 2016 2015 Accumulated net unrealized gains on investment securities: Balance at beginning of period, net of tax $ 9 $ 37 Net unrealized holding gains (losses) arising during the period 191 (17 ) Less: Provision (benefit) for income taxes 70 (6 ) Net unrealized holding gains (losses) arising during the period, net of tax 121 (11 ) Less: Net realized losses included in net securities losses — (2 ) Less: Benefit for income taxes — (1 ) Reclassification adjustment for net securities losses included in net income, net of tax — (1 ) Less: Net losses realized as a yield adjustment in interest on investment securities (2 ) (4 ) Less: Benefit for income taxes (1 ) (1 ) Reclassification adjustment for net losses realized as a yield adjustment included in net income, net of tax (1 ) (3 ) Change in net unrealized gains (losses) on investment securities, net of tax 122 (7 ) Balance at end of period, net of tax $ 131 $ 30 Accumulated defined benefit pension and other postretirement plans adjustment: Balance at beginning of period, net of tax $ (438 ) $ (449 ) Amortization of actuarial net loss 19 35 Less: Provision for income taxes 7 12 Change in defined benefit pension and other postretirement plans adjustment, net of tax 12 23 Balance at end of period, net of tax $ (426 ) $ (426 ) Total accumulated other comprehensive loss at end of period, net of tax $ (295 ) $ (396 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Net Income Per Common Share | Basic and diluted net income per common share are presented in the following table. Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2016 2015 2016 2015 Basic and diluted Net income $ 104 $ 135 $ 164 $ 269 Less: Income allocated to participating securities 1 1 2 3 Net income attributable to common shares $ 103 $ 134 $ 162 $ 266 Basic average common shares 173 176 173 176 Basic net income per common share $ 0.60 $ 0.76 $ 0.94 $ 1.51 Basic average common shares 173 176 173 176 Dilutive common stock equivalents: Net effect of the assumed exercise of stock options 2 2 2 2 Net effect of the assumed exercise of warrants 2 4 2 4 Diluted average common shares 177 182 177 182 Diluted net income per common share $ 0.58 $ 0.73 $ 0.92 $ 1.46 |
Schedule of Average Shares Excluded From Diluted Net Income Per Common Share Computation | The following average shares related to outstanding options to purchase shares of common stock were not included in the computation of diluted net income per common share because the options were anti-dilutive for the period. Three Months Ended June 30, Six Months Ended June 30, (shares in millions) 2016 2015 2016 2015 Average outstanding options 2.6 5.0 4.8 5.9 Range of exercise prices $46.68 - $59.86 $49.22 - $60.82 $37.26 - $59.86 $46.68 - $60.82 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the Corporation's qualified pension plan, non-qualified pension plan and postretirement benefit plan are as follows. Qualified Defined Benefit Pension Plan Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 Service cost $ 8 $ 9 $ 16 $ 18 Interest cost 23 22 46 44 Expected return on plan assets (40 ) (40 ) (81 ) (80 ) Amortization of prior service cost 1 1 2 2 Amortization of net loss 8 15 16 29 Net periodic defined benefit cost $ — $ 7 $ (1 ) $ 13 Non-Qualified Defined Benefit Pension Plan Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 3 3 5 5 Amortization of prior service credit (1 ) (1 ) (2 ) (2 ) Amortization of net loss 1 2 3 5 Net periodic defined benefit cost $ 4 $ 5 $ 8 $ 10 Postretirement Benefit Plan Three Months Ended June 30, Six Months Ended June 30, (in millions) 2016 2015 2016 2015 Interest cost $ 1 $ — $ 2 $ 1 Expected return on plan assets (1 ) (1 ) (2 ) (2 ) Amortization of net loss — 1 — 1 Net periodic postretirement benefit cost $ — $ — $ — $ — |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table presents changes in restructuring reserves, cumulative charges incurred to date and total expected restructuring charges: (in millions) Employee Costs Facilities Costs Technology Costs Other Costs Total Three Months Ended June 30, 2016 Balance at beginning of period $ — $ — $ — $ — $ — Restructuring charges 46 — — 7 53 Payments — — — (3 ) (3 ) Balance at end of period $ 46 $ — $ — $ 4 $ 50 Six Months Ended June 30, 2016 Balance at beginning of period $ — $ — $ — $ — $ — Restructuring charges 46 — — 7 53 Payments — — — (3 ) (3 ) Balance at end of period $ 46 $ — $ — $ 4 $ 50 Total restructuring charges incurred to date $ 46 $ — $ — $ 7 $ 53 Total expected restructuring charges (a) $65 - $70 $35 - $40 $10 - $15 $30 - $35 $140 - $160 (a) Restructuring activities are expected to be substantially completed by 12/31/2018 . |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Financial Results | Business segment financial results are as follows: (dollar amounts in millions) Business Retail Wealth Management Finance Other Total Three Months Ended June 30, 2016 Earnings summary: Net interest income (expense) $ 355 $ 155 $ 42 $ (111 ) $ 4 $ 445 Provision for credit losses 46 1 3 — (1 ) 49 Noninterest income 142 48 62 13 4 269 Noninterest expenses 222 205 81 2 9 519 Provision (benefit) for income taxes 75 (1 ) 7 (38 ) (1 ) 42 Net income (loss) $ 154 $ (2 ) $ 13 $ (62 ) $ 1 $ 104 Net credit-related charge-offs $ 42 $ 1 $ 4 $ — $ — $ 47 Selected average balances: Assets $ 39,617 $ 6,557 $ 5,215 $ 14,135 $ 5,144 $ 70,668 Loans 38,574 5,879 5,016 — — 49,469 Deposits 28,429 23,546 4,213 62 271 56,521 Statistical data: Return on average assets (a) 1.55 % (0.03 )% 1.02 % N/M N/M 0.59 % Efficiency ratio (b) 44.46 101.12 77.65 N/M N/M 72.48 (dollar amounts in millions) Business Retail Wealth Management Finance Other Total Three Months Ended June 30, 2015 Earnings summary: Net interest income (expense) $ 373 $ 155 $ 45 $ (154 ) $ 2 $ 421 Provision for credit losses 61 (8 ) (9 ) — 3 47 Noninterest income 138 46 60 14 — 258 Noninterest expenses 175 181 74 2 1 433 Provision (benefit) for income taxes 94 10 14 (53 ) (1 ) 64 Net income (loss) $ 181 $ 18 $ 26 $ (89 ) $ (1 ) $ 135 Net credit-related charge-offs (recoveries) $ 23 $ 1 $ (5 ) $ — $ — $ 19 Selected average balances: Assets $ 39,134 $ 6,459 $ 5,153 $ 11,697 $ 6,520 $ 68,963 Loans 38,109 5,770 4,954 — — 48,833 Deposits 30,229 22,747 4,060 93 269 57,398 Statistical data: Return on average assets (a) 1.86 % 0.30 % 2.01 % N/M N/M 0.79 % Efficiency ratio (b) 33.96 89.88 70.28 N/M N/M 63.49 (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 (fully taxable equivalent basis) and noninterest income excluding net securities gains. N/M – not meaningful (dollar amounts in millions) Business Bank Retail Bank Wealth Management Finance Other Total Six Months Ended June 30, 2016 Earnings summary: Net interest income (expense) $ 716 $ 311 $ 85 $ (228 ) $ 8 $ 892 Provision for credit losses 197 4 (2 ) — (2 ) 197 Noninterest income 277 91 121 26 — 515 Noninterest expenses 429 384 154 3 9 979 Provision (benefit) for income taxes 120 5 19 (78 ) 1 67 Net income (loss) $ 247 $ 9 $ 35 $ (127 ) $ — $ 164 Net credit-related charge-offs $ 98 $ 4 $ 3 $ — $ — $ 105 Selected average balances: Assets $ 39,125 $ 6,551 $ 5,189 $ 14,149 $ 4,934 $ 69,948 Loans 38,068 5,873 4,990 — — 48,931 Deposits 28,769 23,328 4,192 83 243 56,615 Statistical data: Return on average assets (a) 1.26 % 0.08 % 1.35 % N/M N/M 0.47 % Efficiency ratio (b) 43.04 95.02 74.60 N/M N/M 69.31 (dollar amounts in millions) Business Bank Retail Bank Wealth Management Finance Other Total Six Months Ended June 30, 2015 Earnings summary: Net interest income (expense) $ 740 $ 307 $ 88 $ (305 ) $ 4 $ 834 Provision for credit losses 86 (16 ) (10 ) — 1 61 Noninterest income 276 87 118 26 2 509 Noninterest expenses 370 357 151 5 5 888 Provision (benefit) for income taxes 191 18 23 (106 ) (1 ) 125 Net income (loss) $ 369 $ 35 $ 42 $ (178 ) $ 1 $ 269 Net credit-related charge-offs (recoveries) $ 32 $ 2 $ (7 ) $ — $ — $ 27 Selected average balances: Assets $ 38,896 $ 6,414 $ 5,091 $ 11,905 $ 6,546 $ 68,852 Loans 37,868 5,732 4,894 — — 48,494 Deposits 30,187 22,577 4,028 131 273 57,196 Statistical data: Return on average assets (a) 1.90 % 0.30 % 1.65 % N/M N/M 0.78 % Efficiency ratio (b) 36.46 90.22 72.42 N/M N/M 65.93 (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 (fully taxable equivalent basis) and noninterest income excluding net securities gains. N/M – not meaningful |
Market Segment Financial Results | Market segment financial results are as follows: (dollar amounts in millions) Michigan California Texas Other Finance Total Three Months Ended June 30, 2016 Earnings summary: Net interest income (expense) $ 166 $ 178 $ 119 $ 89 $ (107 ) $ 445 Provision for credit losses 3 17 32 (2 ) (1 ) 49 Noninterest income 81 39 31 101 17 269 Noninterest expenses 159 120 113 116 11 519 Provision (benefit) for income taxes 28 30 2 21 (39 ) 42 Net income (loss) $ 57 $ 50 $ 3 $ 55 $ (61 ) $ 104 Net credit-related charge-offs (recoveries) $ — $ 17 $ 31 $ (1 ) $ — $ 47 Selected average balances: Assets $ 13,299 $ 17,997 $ 11,287 $ 8,806 $ 19,279 $ 70,668 Loans 12,660 17,708 10,840 8,261 — 49,469 Deposits 21,553 16,933 10,052 7,650 333 56,521 Statistical data: Return on average assets (a) 1.01 % 1.10 % 0.11 % 2.52 % N/M 0.59 % Efficiency ratio (b) 64.13 55.30 74.91 60.98 N/M 72.48 (dollar amounts in millions) Michigan California Texas Other Finance Total Three Months Ended June 30, 2015 Earnings summary: Net interest income (expense) $ 178 $ 180 $ 130 $ 85 $ (152 ) $ 421 Provision for credit losses (13 ) 4 43 10 3 47 Noninterest income 86 36 30 92 14 258 Noninterest expenses 129 99 93 109 3 433 Provision (benefit) for income taxes 50 42 10 16 (54 ) 64 Net income (loss) $ 98 $ 71 $ 14 $ 42 $ (90 ) $ 135 Net credit-related charge-offs (recoveries) $ (1 ) $ 6 $ 5 $ 9 $ — $ 19 Selected average balances: Assets $ 13,851 $ 16,696 $ 11,878 $ 8,321 $ 18,217 $ 68,963 Loans 13,290 16,429 11,254 7,860 — 48,833 Deposits 21,706 17,275 10,959 7,096 362 57,398 Statistical data: Return on average assets (a) 1.73 % 1.54 % 0.45 % 2.03 % N/M 0.79 % Efficiency ratio (b) 48.09 45.90 58.13 61.56 N/M 63.49 (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 (fully taxable equivalent basis) and noninterest income excluding net securities gains. N/M – not meaningful (dollar amounts in millions) Michigan California Texas Other Markets Finance & Other Total Six Months Ended June 30, 2016 Earnings summary: Net interest income (expense) $ 340 $ 355 $ 242 $ 175 $ (220 ) $ 892 Provision for credit losses (3 ) 11 202 (11 ) (2 ) 197 Noninterest income 158 76 62 193 26 515 Noninterest expenses 310 224 213 220 12 979 Provision (benefit) for income taxes 64 73 (38 ) 45 (77 ) 67 Net income (loss) $ 127 $ 123 $ (73 ) $ 114 $ (127 ) $ 164 Net credit-related charge-offs (recoveries) $ 5 $ 25 $ 78 $ (3 ) $ — $ 105 Selected average balances: Assets $ 13,350 $ 17,769 $ 11,291 $ 8,455 $ 19,083 $ 69,948 Loans 12,717 17,496 10,802 7,916 — 48,931 Deposits 21,625 16,793 10,213 7,658 326 56,615 Statistical data: Return on average assets (a) 1.14 % 1.38 % (1.23 )% 2.70 % N/M 0.47 % Efficiency ratio (b) 61.84 51.71 70.10 59.71 N/M 69.31 (dollar amounts in millions) Michigan California Texas Other Markets Finance & Other Total Six Months Ended June 30, 2015 Earnings summary: Net interest income (expense) $ 355 $ 356 $ 260 $ 164 $ (301 ) $ 834 Provision for credit losses (21 ) 1 64 16 1 61 Noninterest income 164 71 66 180 28 509 Noninterest expenses 282 196 188 212 10 888 Provision (benefit) for income taxes 87 86 28 31 (107 ) 125 Net income (loss) $ 171 $ 144 $ 46 $ 85 $ (177 ) $ 269 Net credit-related charge-offs (recoveries) $ 1 $ 6 $ 9 $ 11 $ — $ 27 Selected average balances: Assets $ 13,794 $ 16,580 $ 12,034 $ 7,993 $ 18,451 $ 68,852 Loans 13,257 16,312 11,394 7,531 — 48,494 Deposits 21,709 17,057 10,985 7,041 404 57,196 Statistical data: Return on average assets (a) 1.51 % 1.58 % 0.73 % 2.14 % N/M 0.78 % Efficiency ratio (b) 54.05 46.04 57.75 61.09 N/M 65.93 (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 (fully taxable equivalent basis) and noninterest income excluding net securities gains. N/M – not meaningful |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Recurring | |||||
Transfers into or out of Level 1 or Level 2 or Level 3 | $ 0 | $ 0 | $ 0 | $ 0 | |
Total liabilities at fair value | 576 | 576 | $ 699 | ||
Nonrecurring | |||||
Total liabilities at fair value | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Recorded At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [1] | $ 10,712 | $ 10,519 |
Derivative assets | 762 | 818 | |
Derivative liabilities | [2] | 355 | 480 |
Equity and other non-debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 180 | 201 | |
U.S. Treasury and other U.S. government agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 2,843 | 2,763 | |
Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [3] | 7,680 | 7,545 |
State and municipal securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 8 | 9 | |
Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 1 | 1 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 90 | 92 | |
Investment securities available-for-sale | 10,712 | 10,519 | |
Derivative assets | 764 | 820 | |
Total assets at fair value | 11,566 | 11,431 | |
Derivative liabilities | 489 | 610 | |
Deferred compensation plan liabilities | 87 | 89 | |
Total liabilities at fair value | 576 | 699 | |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 90 | 92 | |
Investment securities available-for-sale | 2,975 | 2,897 | |
Derivative assets | 0 | 0 | |
Total assets at fair value | 3,065 | 2,989 | |
Derivative liabilities | 0 | 0 | |
Deferred compensation plan liabilities | 87 | 89 | |
Total liabilities at fair value | 87 | 89 | |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 0 | 0 | |
Investment securities available-for-sale | 7,680 | 7,545 | |
Derivative assets | 735 | 809 | |
Total assets at fair value | 8,415 | 8,354 | |
Derivative liabilities | 489 | 610 | |
Deferred compensation plan liabilities | 0 | 0 | |
Total liabilities at fair value | 489 | 610 | |
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 0 | 0 | |
Investment securities available-for-sale | 57 | 77 | |
Derivative assets | 29 | 11 | |
Total assets at fair value | 86 | 88 | |
Derivative liabilities | 0 | 0 | |
Deferred compensation plan liabilities | 0 | 0 | |
Total liabilities at fair value | 0 | 0 | |
Recurring | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 459 | 286 | |
Derivative liabilities | 204 | 92 | |
Recurring | Interest rate contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Recurring | Interest rate contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 432 | 277 | |
Derivative liabilities | 204 | 92 | |
Recurring | Interest rate contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 27 | 9 | |
Derivative liabilities | 0 | 0 | |
Recurring | Energy derivative contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 242 | 475 | |
Derivative liabilities | 240 | 472 | |
Recurring | Energy derivative contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Recurring | Energy derivative contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 242 | 475 | |
Derivative liabilities | 240 | 472 | |
Recurring | Energy derivative contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Recurring | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 61 | 57 | |
Derivative liabilities | 45 | 46 | |
Recurring | Foreign exchange contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Recurring | Foreign exchange contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 61 | 57 | |
Derivative liabilities | 45 | 46 | |
Recurring | Foreign exchange contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Recurring | Warrants | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 2 | 2 | |
Recurring | Warrants | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Recurring | Warrants | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Recurring | Warrants | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 2 | 2 | |
Recurring | Deferred Compensation Plan Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 87 | 89 | |
Recurring | Deferred Compensation Plan Assets | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 87 | 89 | |
Recurring | Deferred Compensation Plan Assets | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 0 | 0 | |
Recurring | Deferred Compensation Plan Assets | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 0 | 0 | |
Recurring | Equity and other non-debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 3 | 3 | |
Investment securities available-for-sale | 180 | 201 | |
Recurring | Equity and other non-debt securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 3 | 3 | |
Investment securities available-for-sale | 132 | 134 | |
Recurring | Equity and other non-debt securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 0 | 0 | |
Investment securities available-for-sale | 0 | 0 | |
Recurring | Equity and other non-debt securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 0 | 0 | |
Recurring | U.S. Treasury and other U.S. government agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 2,843 | 2,763 | |
Recurring | U.S. Treasury and other U.S. government agency securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 2,843 | 2,763 | |
Recurring | U.S. Treasury and other U.S. government agency securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 0 | 0 | |
Recurring | U.S. Treasury and other U.S. government agency securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 0 | 0 | |
Recurring | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [4] | 7,680 | 7,545 |
Recurring | Residential mortgage-backed securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [4] | 0 | 0 |
Recurring | Residential mortgage-backed securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [4] | 7,680 | 7,545 |
Recurring | Residential mortgage-backed securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [4] | 0 | 0 |
Recurring | State and municipal securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 8 | 9 | |
Recurring | State and municipal securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 0 | 0 | |
Recurring | State and municipal securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 0 | 0 | |
Recurring | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 1 | 1 | |
Recurring | Corporate debt securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 0 | 0 | |
Recurring | Corporate debt securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 0 | 0 | |
Recurring | Corporate debt securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [5] | $ 1 | $ 1 |
[1] | Included auction-rate securities at amortized cost and fair value of $60 million and $57 million, respectively as of June 30, 2016 and $76 million and $77 million, respectively, as of December 31, 2015. | ||
[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 $11 million and $5 million at June 30, 2016 and December 31, 2015, respectively. | ||
[3] | Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||
[4] | Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||
[5] | Auction-rate securities. |
Fair Value Measurements (Change
Fair Value Measurements (Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||||||
Interest rate contracts | |||||||||
Balance at beginning of period | $ 20 | $ 11 | $ 9 | $ 0 | |||||
Realized gains (losses) recorded in earnings | 0 | 0 | 0 | 0 | |||||
Unrealized gains (losses) recorded in earnings | [1] | 7 | (9) | 18 | 2 | ||||
Gains (losses) recorded in other comprehensive income | 0 | 0 | 0 | 0 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Balance at end of period | 27 | 2 | 27 | 2 | |||||
Warrants | |||||||||
Balance at beginning of period | 2 | 3 | 2 | 4 | |||||
Realized gains (losses) recorded in earnings | 0 | 1 | [1] | 0 | 1 | [1] | |||
Unrealized gains (losses) recorded in earnings | 1 | [1] | 0 | 1 | [1] | (1) | [1] | ||
Gains (losses) recorded in other comprehensive income | 0 | 0 | 0 | 0 | |||||
Sales | (1) | (1) | (1) | (1) | |||||
Balance at end of period | 2 | 3 | 2 | 3 | |||||
Investment Securities Available-For-Sale | |||||||||
Balance at beginning of period | 61 | 95 | 77 | 136 | |||||
Realized gains (losses) recorded in earnings | 0 | 0 | 0 | (2) | [2] | ||||
Unrealized gains (losses) recorded in earnings | 0 | 0 | 0 | 0 | |||||
Gains (losses) recorded in other comprehensive income | (3) | [3] | 0 | (4) | [3] | 1 | [3] | ||
Sales | (1) | 0 | (16) | (40) | |||||
Balance at end of period | 57 | 95 | 57 | 95 | |||||
State and municipal securities | Investment Securities Available-For-Sale | |||||||||
Balance at beginning of period | [4] | 9 | 23 | 9 | 23 | ||||
Realized gains (losses) recorded in earnings | [4] | 0 | 0 | 0 | 0 | ||||
Unrealized gains (losses) recorded in earnings | [4] | 0 | 0 | 0 | 0 | ||||
Gains (losses) recorded in other comprehensive income | [4] | 0 | 0 | 0 | 0 | ||||
Sales | [4] | (1) | 0 | (1) | 0 | ||||
Balance at end of period | [4] | 8 | 23 | 8 | 23 | ||||
Corporate debt securities | Investment Securities Available-For-Sale | |||||||||
Balance at beginning of period | [4] | 1 | 1 | 1 | 1 | ||||
Realized gains (losses) recorded in earnings | [4] | 0 | 0 | 0 | 0 | ||||
Unrealized gains (losses) recorded in earnings | [4] | 0 | 0 | 0 | 0 | ||||
Gains (losses) recorded in other comprehensive income | [4] | 0 | 0 | 0 | 0 | ||||
Sales | [4] | 0 | 0 | 0 | 0 | ||||
Balance at end of period | [4] | 1 | 1 | 1 | 1 | ||||
Equity and other non-debt securities | Investment Securities Available-For-Sale | |||||||||
Balance at beginning of period | [4] | 51 | 71 | 67 | 112 | ||||
Realized gains (losses) recorded in earnings | [4] | 0 | 0 | 0 | (2) | [2] | |||
Unrealized gains (losses) recorded in earnings | [4] | 0 | 0 | 0 | 0 | ||||
Gains (losses) recorded in other comprehensive income | [4] | (3) | [3] | 0 | (4) | [3] | 1 | [3] | |
Sales | [4] | 0 | 0 | (15) | (40) | ||||
Balance at end of period | [4] | $ 48 | $ 71 | $ 48 | $ 71 | ||||
[1] | Realized and unrealized gains and losses due to changes in fair value recorded in "other noninterest income" on the consolidated statements of comprehensive income. | ||||||||
[2] | Realized and unrealized gains and losses due to changes in fair value recorded in "net securities losses" on the consolidated statements of comprehensive income. | ||||||||
[3] | Recorded in "net unrealized gains (losses) on investment securities available-for-sale" in other comprehensive income (loss). | ||||||||
[4] | Auction-rate securities. |
Fair Value Measurements (Asse37
Fair Value Measurements (Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis) (Details) - Nonrecurring - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | $ 408 | $ 153 | |
Other real estate | 1 | 2 | |
Total assets at fair value excluding investments recorded at net asset value | 163 | ||
Nonmarketable equity securities | [1] | 1 | |
Total assets at fair value | 414 | 164 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 0 | 0 | |
Other real estate | 0 | 0 | |
Total assets at fair value | 5 | 8 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 408 | 153 | |
Other real estate | 1 | 2 | |
Nonmarketable equity securities | 0 | ||
Total assets at fair value | 409 | 155 | |
Commercial borrower | Domestic loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held-for-sale | 5 | 8 | |
Loans | 381 | 134 | |
Commercial borrower | Domestic loans | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held-for-sale | 5 | 8 | |
Loans | 0 | 0 | |
Commercial borrower | Domestic loans | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held-for-sale | 0 | 0 | |
Loans | 381 | 134 | |
Commercial borrower | International loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 18 | 8 | |
Commercial borrower | International loans | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 0 | 0 | |
Commercial borrower | International loans | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 18 | 8 | |
Commercial borrower | Commercial Mortgage Loans | Domestic loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 9 | 11 | |
Commercial borrower | Commercial Mortgage Loans | Domestic loans | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 0 | 0 | |
Commercial borrower | Commercial Mortgage Loans | Domestic loans | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | $ 9 | $ 11 | |
[1] | Certain investments that are measured at fair value using the net asset value have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Level 3 Measurements) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Investment securities available-for-sale | [1] | $ 10,712 | $ 10,519 |
Recurring | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Investment securities available-for-sale | 10,712 | 10,519 | |
Recurring | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Investment securities available-for-sale | 57 | 77 | |
Recurring | State and municipal securities | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Investment securities available-for-sale | [2] | $ 8 | $ 9 |
Recurring | State and municipal securities | Minimum | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable Input, Discount rate | [3] | 4.00% | 3.00% |
Unobservable Input, Workout period | [3] | 1 year | 1 year |
Recurring | State and municipal securities | Maximum | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable Input, Discount rate | [3] | 6.00% | 8.00% |
Unobservable Input, Workout period | [3] | 3 years | 2 years |
Recurring | Equity and other non-debt securities | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Investment securities available-for-sale | [2] | $ 48 | $ 67 |
Recurring | Equity and other non-debt securities | Minimum | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable Input, Discount rate | [3] | 6.00% | 4.00% |
Unobservable Input, Workout period | [3] | 1 year | 1 year |
Recurring | Equity and other non-debt securities | Maximum | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable Input, Discount rate | [3] | 10.00% | 9.00% |
Unobservable Input, Workout period | [3] | 2 years | 1 year |
[1] | Included auction-rate securities at amortized cost and fair value of $60 million and $57 million, respectively as of June 30, 2016 and $76 million and $77 million, respectively, as of December 31, 2015. | ||
[2] | Auction-rate securities. | ||
[3] | Auction-rate securities. |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values Of Financial Instruments Not Recorded At Fair Value In Their Entirety On A Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Cash and due from banks | $ 1,172 | $ 1,157 | |
Interest-bearing deposits with banks | 2,938 | 4,990 | |
Investment securities held-to-maturity | 1,807 | 1,981 | |
Total loans, net of allowance for loan losses | 49,651 | 48,450 | |
Demand deposits (noninterest-bearing) | 28,559 | 30,839 | |
Customer certificates of deposit | 3,230 | 3,552 | |
Total deposits | 56,374 | 59,853 | |
Short-term borrowings | 12 | 23 | |
Medium- and long-term debt | 5,921 | 3,058 | |
Carrying Amount | |||
Cash and due from banks | 1,172 | 1,157 | |
Interest-bearing deposits with banks | 2,938 | 4,990 | |
Investment securities held-to-maturity | 1,807 | 1,981 | |
Loans held-for-sale | [1] | 10 | 21 |
Total loans, net of allowance for loan losses | [2] | 49,651 | 48,450 |
Customers' liability on acceptances outstanding | 4 | 5 | |
Restricted equity investments | 207 | 92 | |
Nonmarketable equity securities | [3],[4] | 10 | 10 |
Demand deposits (noninterest-bearing) | 28,559 | 30,839 | |
Interest-bearing deposits | 24,585 | 25,462 | |
Customer certificates of deposit | 3,230 | 3,552 | |
Total deposits | 56,374 | 59,853 | |
Short-term borrowings | 12 | 23 | |
Acceptances outstanding | 4 | 5 | |
Medium- and long-term debt | 5,921 | 3,058 | |
Credit-related financial instruments | (79) | (83) | |
Estimated Fair Value | |||
Cash and due from banks | 1,172 | 1,157 | |
Interest-bearing deposits with banks | 2,938 | 4,990 | |
Investment securities held-to-maturity | 1,834 | 1,973 | |
Loans held-for-sale | [1] | 10 | 21 |
Total loans, net of allowance for loan losses | [2] | 49,614 | 48,269 |
Customers' liability on acceptances outstanding | 4 | 5 | |
Restricted equity investments | 207 | 92 | |
Nonmarketable equity securities | [3],[4] | 16 | 18 |
Demand deposits (noninterest-bearing) | 28,559 | 30,839 | |
Interest-bearing deposits | 24,585 | 25,462 | |
Customer certificates of deposit | 3,221 | 3,536 | |
Total deposits | 56,365 | 59,837 | |
Short-term borrowings | 12 | 23 | |
Acceptances outstanding | 4 | 5 | |
Medium- and long-term debt | 5,863 | 3,032 | |
Credit-related financial instruments | (79) | (83) | |
Level 1 | Estimated Fair Value | |||
Cash and due from banks | 1,172 | 1,157 | |
Interest-bearing deposits with banks | 2,938 | 4,990 | |
Investment securities held-to-maturity | 0 | 0 | |
Loans held-for-sale | [1] | 0 | 0 |
Total loans, net of allowance for loan losses | [2] | 0 | 0 |
Customers' liability on acceptances outstanding | 4 | 5 | |
Restricted equity investments | 207 | 92 | |
Demand deposits (noninterest-bearing) | 0 | 0 | |
Interest-bearing deposits | 0 | 0 | |
Customer certificates of deposit | 0 | 0 | |
Total deposits | 0 | 0 | |
Short-term borrowings | 12 | 23 | |
Acceptances outstanding | 4 | 5 | |
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 | 1,834 | 1,973 | |
Loans held-for-sale | [1] | 10 | 21 |
Total loans, net of allowance for loan losses | [2] | 0 | 0 |
Customers' liability on acceptances outstanding | 0 | 0 | |
Restricted equity investments | 0 | 0 | |
Demand deposits (noninterest-bearing) | 28,559 | 30,839 | |
Interest-bearing deposits | 24,585 | 25,462 | |
Customer certificates of deposit | 3,221 | 3,536 | |
Total deposits | 56,365 | 59,837 | |
Short-term borrowings | 0 | 0 | |
Acceptances outstanding | 0 | 0 | |
Medium- and long-term debt | 5,863 | 3,032 | |
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 | 0 | |
Loans held-for-sale | [1] | 0 | 0 |
Total loans, net of allowance for loan losses | [2] | 49,614 | 48,269 |
Customers' liability on acceptances outstanding | 0 | 0 | |
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 | (79) | (83) | |
Nonrecurring | |||
Nonmarketable equity securities | [5] | 1 | |
Nonrecurring | Level 2 | |||
Loans held-for-sale | 5 | 8 | |
Nonrecurring | Level 3 | |||
Total loans, net of allowance for loan losses | 408 | $ 153 | |
Nonmarketable equity securities | $ 0 | ||
[1] | Included $5 million and $8 million impaired loans held-for-sale recorded at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015, respectively. | ||
[2] | Included $408 million and $153 million of impaired loans recorded at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015, respectively. | ||
[3] | Certain investments that are measured at fair value using the net asset value have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. | ||
[4] | Included $1 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at December 31, 2015. | ||
[5] | Certain investments that are measured at fair value using the net asset value have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2016USD ($)Security | Dec. 31, 2015USD ($) | ||
Securities with no credit impairment in unrealized loss position | Security | 86 | ||
Investment securities available-for-sale, Amortized Cost | [1] | $ 10,493 | $ 10,491 |
Investment securities available-for-sale, Fair Value | [1] | 10,712 | 10,519 |
Investment securities held-to-maturity, Amortized Cost | 1,807 | 1,981 | |
Investment securities held-to-maturity, Fair Value | 1,834 | ||
Carrying value of securities pledged | 1,900 | ||
Liabilities secured by pledged collateral | $ 1,400 | ||
Residential mortgage-backed securities | |||
Securities with no credit impairment in unrealized loss position | Security | 41 | ||
Investment securities available-for-sale, Amortized Cost | [2] | $ 7,532 | 7,513 |
Investment securities available-for-sale, Fair Value | [2] | 7,680 | 7,545 |
Investment securities held-to-maturity, Amortized Cost | [2],[3] | 1,807 | 1,981 |
Investment securities held-to-maturity, Fair Value | [2],[3] | $ 1,834 | 1,973 |
Auction Rate Preferred Securities | |||
Securities with no credit impairment in unrealized loss position | 29 | ||
Auction-Rate State And Municipal Securities | |||
Securities with no credit impairment in unrealized loss position | 15 | ||
Auction-Rate Corporate Debt Securities | |||
Securities with no credit impairment in unrealized loss position | Security | 1 | ||
Auction-rate securities | |||
ARS portfolio redeemed or sold since acquisition | 95.00% | ||
ARS portfolio redeemed or sold since acquisition at or above cost | 90.00% | ||
Investment securities available-for-sale, Amortized Cost | $ 60 | 76 | |
Investment securities available-for-sale, Fair Value | 57 | $ 77 | |
Prepayment options | Residential mortgage-backed securities | |||
Investment securities available-for-sale, Amortized Cost | 7,500 | ||
Investment securities available-for-sale, Fair Value | 7,700 | ||
Investment securities held-to-maturity, Amortized Cost | 1,800 | ||
Investment securities held-to-maturity, Fair Value | $ 1,800 | ||
[1] | Included auction-rate securities at amortized cost and fair value of $60 million and $57 million, respectively as of June 30, 2016 and $76 million and $77 million, respectively, as of December 31, 2015. | ||
[2] | Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||
[3] | The amortized cost of investment securities held-to-maturity included net unrealized losses of $14 million at June 30, 2016 and $15 million at December 31, 2015 related to securities transferred from available-for-sale, which are included in accumulated other comprehensive loss. |
Investment Securities (Summary
Investment Securities (Summary Of Investment Securities Available-For-Sale) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Investment securities available-for-sale, Amortized Cost | [1] | $ 10,493 | $ 10,491 |
Investment securities available-for-sale securities, Gross Unrealized Gains | [1] | 226 | 79 |
Investment securities available-for-sale securities, Gross Unrealized Losses | [1] | 7 | 51 |
Investment securities available-for-sale, Fair Value | [1] | 10,712 | 10,519 |
Investment securities held-to-maturity, Amortized Cost | 1,807 | 1,981 | |
Investment securities held-to-maturity, Fair Value | 1,834 | ||
Net unrealized losses on available-for-sale securities transferred to held-to-maturity | 14 | 15 | |
U.S. Treasury and other U.S. government agency securities | |||
Investment securities available-for-sale, Amortized Cost | 2,770 | 2,769 | |
Investment securities available-for-sale securities, Gross Unrealized Gains | 73 | 1 | |
Investment securities available-for-sale securities, Gross Unrealized Losses | 0 | 7 | |
Investment securities available-for-sale, Fair Value | 2,843 | 2,763 | |
Residential mortgage-backed securities | |||
Investment securities available-for-sale, Amortized Cost | [2] | 7,532 | 7,513 |
Investment securities available-for-sale securities, Gross Unrealized Gains | [2] | 152 | 76 |
Investment securities available-for-sale securities, Gross Unrealized Losses | [2] | 4 | 44 |
Investment securities available-for-sale, Fair Value | [2] | 7,680 | 7,545 |
Investment securities held-to-maturity, Amortized Cost | [2],[3] | 1,807 | 1,981 |
Investment securities held-to-maturity, Gross Unrealized Gains | [2],[3] | 27 | 2 |
Investment securities held-to-maturity, Gross Unrealized Losses | [2],[3] | 0 | 10 |
Investment securities held-to-maturity, Fair Value | [2],[3] | 1,834 | 1,973 |
State and municipal securities | |||
Investment securities available-for-sale, Amortized Cost | 8 | 9 | |
Investment securities available-for-sale securities, Gross Unrealized Gains | 0 | 0 | |
Investment securities available-for-sale securities, Gross Unrealized Losses | 0 | 0 | |
Investment securities available-for-sale, Fair Value | 8 | 9 | |
Corporate debt securities | |||
Investment securities available-for-sale, Amortized Cost | 1 | 1 | |
Investment securities available-for-sale securities, Gross Unrealized Gains | 0 | 0 | |
Investment securities available-for-sale securities, Gross Unrealized Losses | 0 | 0 | |
Investment securities available-for-sale, Fair Value | 1 | 1 | |
Equity and other non-debt securities | |||
Investment securities available-for-sale, Amortized Cost | 182 | 199 | |
Investment securities available-for-sale securities, Gross Unrealized Gains | 1 | 2 | |
Investment securities available-for-sale securities, Gross Unrealized Losses | 3 | 0 | |
Investment securities available-for-sale, Fair Value | 180 | 201 | |
Auction-rate securities | |||
Investment securities available-for-sale, Amortized Cost | 60 | 76 | |
Investment securities available-for-sale, Fair Value | $ 57 | $ 77 | |
[1] | Included auction-rate securities at amortized cost and fair value of $60 million and $57 million, respectively as of June 30, 2016 and $76 million and $77 million, respectively, as of December 31, 2015. | ||
[2] | Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||
[3] | The amortized cost of investment securities held-to-maturity included net unrealized losses of $14 million at June 30, 2016 and $15 million at December 31, 2015 related to securities transferred from available-for-sale, which are included in accumulated other comprehensive loss. |
Investment Securities (Summar42
Investment Securities (Summary Of Investment Securities Available-For-Sale In Unrealized Loss Positions) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |||
Temporarily Impaired Less than 12 months, Fair Value | $ 85 | $ 4,944 | |||
Temporarily Impaired Less than 12 Months, Unrealized Losses | 3 | 28 | |||
Temporarily Impaired 12 months or more, Fair Value | 1,366 | 1,986 | |||
Temporarily Impaired 12 Months or more, Unrealized Losses | 11 | 51 | |||
Temporarily Impaired Total, Fair Value | 1,451 | 6,930 | |||
Temporarily Impaired Total, Unrealized Losses | 14 | 79 | |||
U.S. Treasury and other U.S. government agency securities | |||||
Temporarily Impaired Less than 12 months, Fair Value | 2,265 | ||||
Temporarily Impaired Less than 12 Months, Unrealized Losses | 7 | ||||
Temporarily Impaired 12 months or more, Fair Value | 0 | ||||
Temporarily Impaired 12 Months or more, Unrealized Losses | 0 | ||||
Temporarily Impaired Total, Fair Value | 2,265 | ||||
Temporarily Impaired Total, Unrealized Losses | 7 | ||||
Residential mortgage-backed securities | |||||
Temporarily Impaired Less than 12 months, Fair Value | [1] | 36 | 2,665 | ||
Temporarily Impaired Less than 12 Months, Unrealized Losses | [1] | 0 | [2] | 21 | |
Temporarily Impaired 12 months or more, Fair Value | [1] | 1,357 | 1,976 | ||
Temporarily Impaired 12 Months or more, Unrealized Losses | [1] | 11 | 51 | ||
Temporarily Impaired Total, Fair Value | [1] | 1,393 | 4,641 | ||
Temporarily Impaired Total, Unrealized Losses | [1] | 11 | 72 | ||
State and municipal securities | |||||
Temporarily Impaired Less than 12 months, Fair Value | [3] | 0 | 0 | ||
Temporarily Impaired Less than 12 Months, Unrealized Losses | [3] | 0 | 0 | ||
Temporarily Impaired 12 months or more, Fair Value | [3] | 8 | 9 | ||
Temporarily Impaired 12 Months or more, Unrealized Losses | [2],[3] | 0 | 0 | ||
Temporarily Impaired Total, Fair Value | [3] | 8 | 9 | ||
Temporarily Impaired Total, Unrealized Losses | [2],[3] | 0 | 0 | ||
Corporate debt securities | |||||
Temporarily Impaired Less than 12 months, Fair Value | [3] | 0 | 0 | ||
Temporarily Impaired Less than 12 Months, Unrealized Losses | [3] | 0 | 0 | ||
Temporarily Impaired 12 months or more, Fair Value | [3] | 1 | 1 | ||
Temporarily Impaired 12 Months or more, Unrealized Losses | [2],[3] | 0 | 0 | ||
Temporarily Impaired Total, Fair Value | [3] | 1 | 1 | ||
Temporarily Impaired Total, Unrealized Losses | [2],[3] | 0 | 0 | ||
Equity and other non-debt securities | |||||
Temporarily Impaired Less than 12 months, Fair Value | [3] | 49 | 14 | ||
Temporarily Impaired Less than 12 Months, Unrealized Losses | [3] | 3 | 0 | [2] | |
Temporarily Impaired 12 months or more, Fair Value | [3] | 0 | 0 | ||
Temporarily Impaired 12 Months or more, Unrealized Losses | [3] | 0 | 0 | ||
Temporarily Impaired Total, Fair Value | [3] | 49 | 14 | ||
Temporarily Impaired Total, Unrealized Losses | [3] | $ 3 | $ 0 | [2] | |
[1] | Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises | ||||
[2] | Unrealized losses less than $0.5 million. | ||||
[3] | Primarily auction-rate securities. |
Investment Securities Investmen
Investment Securities Investment Securities (Gains and Losses on Available-For-Sale Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Securities gains | $ 0 | $ 0 | $ 0 | $ 0 |
Securities losses | (1) | 0 | (3) | (2) |
Net securities losses | $ (1) | $ 0 | $ (3) | $ (2) |
Investment Securities (Contract
Investment Securities (Contractual Maturity Distribution Of Debt Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Available-for-sale, Within one year, Amortized Cost | $ 10 | ||
Available-for-sale, After one year through five years, Amortized Cost | 2,925 | ||
Available-for-sale, After five years through ten years, Amortized Cost | 1,393 | ||
Available-for-sale, After ten years, Amortized Cost | 5,983 | ||
Available-for-sale, Subtotal, Amortized Cost | 10,311 | ||
Available-for-sale, Within one year, Fair Value | 10 | ||
Available-for-sale, After one year through five years, Fair Value | 3,000 | ||
Available-for-sale, After five years through ten years, Fair Value | 1,450 | ||
Available-for-sale, After ten years, Fair Value | 6,072 | ||
Available-for-sale, Subtotal, Fair Value | 10,532 | ||
Investment securities available-for-sale, Amortized Cost | [1] | 10,493 | $ 10,491 |
Investment securities available-for-sale, Fair Value | [1] | 10,712 | 10,519 |
Held-to-maturity, Within one year, Amortized Cost | 0 | ||
Held-to-maturity, After one year through five years, Amortized Cost | 0 | ||
Held-to-maturity, After five years through ten years, Amortized Cost | 0 | ||
Held-to-maturities, After ten years, Amortized Cost | 1,807 | ||
Held-to-maturity Securities | 1,807 | 1,981 | |
Held-to-maturity, Within one year, Fair Value | 0 | ||
Held-to-maturity Securities, After one year through five years, Fair Value | 0 | ||
Held-to-maturity Securities, After five years through ten years, Fair Value | 0 | ||
Held-to-maturity Securities, After ten years, Fair Value | 1,834 | ||
Held-to-maturity Securities, Fair Value | 1,834 | ||
Equity and other non-debt securities | |||
Investment securities available-for-sale, Amortized Cost | 182 | 199 | |
Investment securities available-for-sale, Fair Value | $ 180 | $ 201 | |
[1] | Included auction-rate securities at amortized cost and fair value of $60 million and $57 million, respectively as of June 30, 2016 and $76 million and $77 million, respectively, as of December 31, 2015. |
Credit Quality And Allowance 45
Credit Quality And Allowance For Credit Losses (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Retail loans secured by residential real estate in process of foreclosure | $ 0 | $ 0 | $ 1 | ||
Commitments to lend additional funds to TDR borrowers | 31 | $ 31 | $ 6 | ||
Interest Rate Reductions | |||||
Days past due defined as subsequent default | 90 days | 90 days | |||
Balance | 4 | $ 2 | $ 4 | $ 2 | |
Subsequent default during period | 0 | 0 | $ 0 | 0 | |
AB Note Restructures | |||||
Days past due defined as subsequent default | 90 days | ||||
Balance | 36 | $ 36 | |||
Subsequent default during period | $ 1 | $ 0 | $ 1 | $ 0 |
Credit Quality And Allowance 46
Credit Quality And Allowance For Credit Losses (Aging Analysis Of Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | $ 145 | $ 146 | |
Nonaccrual loans | 605 | 367 | |
Current loans | 49,630 | 48,571 | |
Total loans | 50,380 | 49,084 | |
30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 97 | 108 | |
60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 13 | 21 | |
90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 35 | 17 | |
Business loans | Commercial borrower | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 103 | 104 | |
Nonaccrual loans | 550 | 313 | |
Current loans | 45,347 | 44,312 | |
Total loans | 46,000 | 44,729 | |
Business loans | Commercial borrower | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 83 | 70 | |
Business loans | Commercial borrower | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 7 | 17 | |
Business loans | Commercial borrower | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 13 | 17 | |
Business loans | Commercial borrower | Domestic loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 63 | 71 | |
Nonaccrual loans | 482 | 238 | |
Current loans | 31,815 | 31,350 | |
Total loans | 32,360 | 31,659 | |
Business loans | Commercial borrower | Domestic loans | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 51 | 46 | |
Business loans | Commercial borrower | Domestic loans | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 4 | 12 | |
Business loans | Commercial borrower | Domestic loans | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 8 | 13 | |
Business loans | Commercial borrower | International loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 17 | 2 | |
Nonaccrual loans | 18 | 8 | |
Current loans | 1,330 | 1,358 | |
Total loans | 1,365 | 1,368 | |
Business loans | Commercial borrower | International loans | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 16 | 2 | |
Business loans | Commercial borrower | International loans | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 0 | |
Business loans | Commercial borrower | International loans | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 1 | 0 | |
Business loans | Real estate construction | Commercial borrower | Domestic loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 8 | |
Nonaccrual loans | 0 | 1 | |
Current loans | 2,553 | 1,992 | |
Total loans | 2,553 | 2,001 | |
Business loans | Real estate construction | Commercial borrower | Domestic loans | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 8 | |
Business loans | Real estate construction | Commercial borrower | Domestic loans | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 0 | |
Business loans | Real estate construction | Commercial borrower | Domestic loans | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 0 | |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Commercial Real Estate business line | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [1] | 0 | 5 |
Nonaccrual loans | [1] | 0 | 0 |
Current loans | [1] | 2,197 | 1,676 |
Total loans | [1],[2] | 2,197 | 1,681 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Commercial Real Estate business line | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [1] | 0 | 5 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Commercial Real Estate business line | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [1] | 0 | 0 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Commercial Real Estate business line | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [1] | 0 | 0 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Other business lines | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 0 | 3 |
Nonaccrual loans | [3] | 0 | 1 |
Current loans | [3] | 356 | 316 |
Total loans | [3],[4] | 356 | 320 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Other business lines | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 0 | 3 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Other business lines | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 0 | 0 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Other business lines | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 0 | 0 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 23 | 23 | |
Nonaccrual loans | 44 | 60 | |
Current loans | 8,971 | 8,894 | |
Total loans | 9,038 | 8,977 | |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 16 | 14 | |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 3 | 5 | |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 4 | 4 | |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [1] | 5 | 8 |
Nonaccrual loans | [1] | 8 | 16 |
Current loans | [1] | 2,223 | 2,080 |
Total loans | [1],[2] | 2,236 | 2,104 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [1] | 4 | 7 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [1] | 0 | 0 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [1] | 1 | 1 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 18 | 15 |
Nonaccrual loans | [3] | 36 | 44 |
Current loans | [3] | 6,748 | 6,814 |
Total loans | [3],[4] | 6,802 | 6,873 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 12 | 7 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 3 | 5 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 3 | 3 |
Business loans | Lease financing | Commercial borrower | Domestic loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 0 | |
Nonaccrual loans | 6 | 6 | |
Current loans | 678 | 718 | |
Total loans | 684 | 724 | |
Business loans | Lease financing | Commercial borrower | Domestic loans | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 0 | |
Business loans | Lease financing | Commercial borrower | Domestic loans | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 0 | |
Business loans | Lease financing | Commercial borrower | Domestic loans | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 0 | |
Retail loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 42 | 42 | |
Nonaccrual loans | 55 | 54 | |
Current loans | 4,283 | 4,259 | |
Total loans | 4,380 | 4,355 | |
Retail loans | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 14 | 38 | |
Retail loans | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 6 | 4 | |
Retail loans | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 22 | 0 | |
Retail loans | Consumer borrower | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 23 | 15 | |
Nonaccrual loans | 29 | 27 | |
Current loans | 2,472 | 2,443 | |
Total loans | 2,524 | 2,485 | |
Retail loans | Consumer borrower | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 5 | 12 | |
Retail loans | Consumer borrower | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 5 | 3 | |
Retail loans | Consumer borrower | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 13 | 0 | |
Retail loans | Real estate mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 19 | 27 | |
Nonaccrual loans | 26 | 27 | |
Current loans | 1,811 | 1,816 | |
Total loans | 1,856 | 1,870 | |
Retail loans | Real estate mortgage | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 9 | 26 | |
Retail loans | Real estate mortgage | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 1 | 1 | |
Retail loans | Real estate mortgage | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 9 | 0 | |
Retail loans | Home equity | Consumer borrower | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 7 | 8 | |
Nonaccrual loans | 28 | 27 | |
Current loans | 1,744 | 1,685 | |
Total loans | 1,779 | 1,720 | |
Retail loans | Home equity | Consumer borrower | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 4 | 5 | |
Retail loans | Home equity | Consumer borrower | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 2 | 3 | |
Retail loans | Home equity | Consumer borrower | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 1 | 0 | |
Retail loans | Other consumer | Consumer borrower | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 16 | 7 | |
Nonaccrual loans | 1 | 0 | |
Current loans | 728 | 758 | |
Total loans | 745 | 765 | |
Retail loans | Other consumer | Consumer borrower | 30 to 59 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 1 | 7 | |
Retail loans | Other consumer | Consumer borrower | 60 to 89 days past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 3 | 0 | |
Retail loans | Other consumer | Consumer borrower | 90 days or more past due and still accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | $ 12 | $ 0 | |
[1] | Primarily loans to real estate developers. | ||
[2] | Primarily loans to real estate developers. | ||
[3] | Primarily loans secured by owner-occupied real estate. | ||
[4] | Primarily loans secured by owner-occupied real estate. |
Credit Quality And Allowance 47
Credit Quality And Allowance For Credit Losses (Loans By Credit Quality Indicator) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 50,380 | $ 49,084 | |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 46,829 | 45,891 |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 1,322 | 1,579 |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 1,624 | 1,247 |
Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 605 | 367 |
Business loans | Commercial borrower | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 46,000 | 44,729 | |
Business loans | Commercial borrower | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 42,525 | 41,621 |
Business loans | Commercial borrower | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 1,318 | 1,573 |
Business loans | Commercial borrower | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 1,607 | 1,222 |
Business loans | Commercial borrower | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 550 | 313 |
Business loans | Commercial borrower | Domestic loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 32,360 | 31,659 | |
Business loans | Commercial borrower | Domestic loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 29,404 | 29,117 |
Business loans | Commercial borrower | Domestic loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 1,067 | 1,293 |
Business loans | Commercial borrower | Domestic loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 1,407 | 1,011 |
Business loans | Commercial borrower | Domestic loans | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 482 | 238 |
Business loans | Commercial borrower | International loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,365 | 1,368 | |
Business loans | Commercial borrower | International loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 1,263 | 1,245 |
Business loans | Commercial borrower | International loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 37 | 59 |
Business loans | Commercial borrower | International loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 47 | 56 |
Business loans | Commercial borrower | International loans | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 18 | 8 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,553 | 2,001 | |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 2,551 | 1,999 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 2 | 1 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 0 | 0 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 0 | 1 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Commercial Real Estate business line | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [5],[6] | 2,197 | 1,681 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Commercial Real Estate business line | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1],[6] | 2,197 | 1,681 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Commercial Real Estate business line | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2],[6] | 0 | 0 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Commercial Real Estate business line | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3],[6] | 0 | 0 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Commercial Real Estate business line | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4],[6] | 0 | 0 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Other business lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [7],[8] | 356 | 320 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Other business lines | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1],[8] | 354 | 318 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Other business lines | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2],[8] | 2 | 1 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Other business lines | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3],[8] | 0 | 0 |
Business loans | Real estate construction | Commercial borrower | Domestic loans | Other business lines | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4],[8] | 0 | 1 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,038 | 8,977 | |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 8,647 | 8,567 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 201 | 203 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 146 | 147 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 44 | 60 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [5],[6] | 2,236 | 2,104 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1],[6] | 2,186 | 2,031 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2],[6] | 19 | 31 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3],[6] | 23 | 26 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4],[6] | 8 | 16 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [7],[8] | 6,802 | 6,873 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1],[8] | 6,461 | 6,536 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2],[8] | 182 | 172 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3],[8] | 123 | 121 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4],[8] | 36 | 44 |
Business loans | Lease financing | Commercial borrower | Domestic loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 684 | 724 | |
Business loans | Lease financing | Commercial borrower | Domestic loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 660 | 693 |
Business loans | Lease financing | Commercial borrower | Domestic loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 11 | 17 |
Business loans | Lease financing | Commercial borrower | Domestic loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 7 | 8 |
Business loans | Lease financing | Commercial borrower | Domestic loans | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 6 | 6 |
Retail loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,380 | 4,355 | |
Retail loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 4,304 | 4,270 |
Retail loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 4 | 6 |
Retail loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 17 | 25 |
Retail loans | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 55 | 54 |
Retail loans | Consumer borrower | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,524 | 2,485 | |
Retail loans | Consumer borrower | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 2,486 | 2,442 |
Retail loans | Consumer borrower | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 2 | 4 |
Retail loans | Consumer borrower | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 7 | 12 |
Retail loans | Consumer borrower | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 29 | 27 |
Retail loans | Real estate mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,856 | 1,870 | |
Retail loans | Real estate mortgage | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 1,818 | 1,828 |
Retail loans | Real estate mortgage | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 2 | 2 |
Retail loans | Real estate mortgage | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 10 | 13 |
Retail loans | Real estate mortgage | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 26 | 27 |
Retail loans | Home equity | Consumer borrower | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,779 | 1,720 | |
Retail loans | Home equity | Consumer borrower | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 1,745 | 1,687 |
Retail loans | Home equity | Consumer borrower | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 2 | 1 |
Retail loans | Home equity | Consumer borrower | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 4 | 5 |
Retail loans | Home equity | Consumer borrower | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 28 | 27 |
Retail loans | Other consumer | Consumer borrower | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 745 | 765 | |
Retail loans | Other consumer | Consumer borrower | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 741 | 755 |
Retail loans | Other consumer | Consumer borrower | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 0 | 3 |
Retail loans | Other consumer | Consumer borrower | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 3 | 7 |
Retail loans | Other consumer | Consumer borrower | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | $ 1 | $ 0 |
[1] | Includes all loans not included in the categories of special mention, substandard or nonaccrual. | ||
[2] | Special mention loans are accruing loans that have potential credit weaknesses that deserve management’s close attention, such as loans to borrowers who may be experiencing financial difficulties that may result in deterioration of repayment prospects from the borrower at some future date. | ||
[3] | Substandard loans are accruing loans that have a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans also are distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. This category is generally consistent with the "substandard" category as defined by regulatory authorities. | ||
[4] | Nonaccrual loans are loans for which the accrual of interest has been discontinued. For further information regarding nonaccrual loans, refer to the Nonperforming Assets subheading in Note 1 - Basis of Presentation and Accounting Policies - on page F-58 in the Corporation's 2015 Annual Report. A significant majority of nonaccrual loans are generally consistent with the "substandard" category and the remainder are generally consistent with the "doubtful" category as defined by regulatory authorities. | ||
[5] | Primarily loans to real estate developers. | ||
[6] | Primarily loans to real estate developers. | ||
[7] | Primarily loans secured by owner-occupied real estate. | ||
[8] | Primarily loans secured by owner-occupied real estate. |
Credit Quality And Allowance 48
Credit Quality And Allowance For Credit Losses (Schedule Of Nonaccrual, Reduced-Rate Loans And Foreclosed Property) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Nonaccrual loans | $ 605 | $ 367 | |
Reduced-rate loans | [1] | 8 | 12 |
Total nonperforming loans | 613 | 379 | |
Foreclosed property | [2] | 22 | 12 |
Total nonperforming assets | 635 | 391 | |
Residential Real Estate | |||
Foreclosed property | 6 | 9 | |
Business loans | |||
Reduced-rate loans | 0 | 0 | |
Retail loans | |||
Nonaccrual loans | 55 | 54 | |
Reduced-rate loans | $ 8 | $ 12 | |
[1] | There were no reduced-rate business loans at both June 30, 2016 and December 31, 2015. Reduced-rate retail loans were $8 million and $12 million at June 30, 2016 and December 31, 2015, respectively. | ||
[2] | Included $6 million and $9 million of foreclosed residential real estate properties at June 30, 2016 and December 31, 2015, respectively. |
Credit Quality And Allowance 49
Credit Quality And Allowance For Credit Losses (Changes In The Allowance For Loan Losses And Related Loan Amounts) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Provision for loan losses | $ 49 | $ 47 | $ 197 | $ 61 | ||||
Total loans | $ 50,380 | $ 49,084 | ||||||
Allowance for loan losses on PCI loans | $ 0 | $ 0 | ||||||
Financing Receivable | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Balance at beginning of period | 724 | 601 | 634 | 594 | ||||
Loan charge-offs | (54) | (35) | (131) | (58) | ||||
Recoveries on loans previously charged-off | 12 | 17 | 37 | 32 | ||||
Net loan charge-offs (recoveries) | (42) | (18) | (94) | (26) | ||||
Provision for loan losses | 47 | 35 | 188 | 51 | ||||
Foreign currency translation adjustment | 1 | (1) | ||||||
Balance at end of period | 729 | 618 | 729 | 618 | ||||
As a percentage of total loans | 1.45% | 1.24% | ||||||
Allowance for loan losses individually evaluated for impairment | $ 112 | $ 39 | ||||||
Allowance for loan losses collectively evaluated for impairment | 617 | 579 | ||||||
Total allowance for loan losses | 724 | 601 | 634 | 594 | 729 | 634 | 618 | |
Loans individually evaluated for impairment | 672 | 292 | ||||||
Loans collectively evaluated for impairment | 49,708 | 49,447 | ||||||
Purchased credit impaired (PCI) loans | [1] | 0 | 2 | |||||
Total loans | $ 50,380 | $ 49,741 | ||||||
Business loans | Financing Receivable | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Balance at beginning of period | 674 | 541 | 579 | 534 | ||||
Loan charge-offs | (52) | (31) | (127) | (52) | ||||
Recoveries on loans previously charged-off | 11 | 16 | 35 | 28 | ||||
Net loan charge-offs (recoveries) | (41) | (15) | (92) | (24) | ||||
Provision for loan losses | 49 | 37 | 194 | 54 | ||||
Foreign currency translation adjustment | 1 | (1) | ||||||
Balance at end of period | 682 | 563 | 682 | 563 | ||||
As a percentage of total loans | 1.48% | 1.24% | ||||||
Allowance for loan losses individually evaluated for impairment | $ 112 | $ 39 | ||||||
Allowance for loan losses collectively evaluated for impairment | 570 | 524 | ||||||
Total allowance for loan losses | 674 | 541 | 579 | 534 | 682 | 579 | 563 | |
Loans individually evaluated for impairment | 646 | 258 | ||||||
Loans collectively evaluated for impairment | 45,354 | 45,140 | ||||||
Purchased credit impaired (PCI) loans | [1] | 0 | 0 | |||||
Total loans | 46,000 | $ 45,398 | ||||||
Retail loans | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans | $ 4,380 | 4,355 | ||||||
Retail loans | Financing Receivable | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Balance at beginning of period | 50 | 60 | 55 | 60 | ||||
Loan charge-offs | (2) | (4) | (4) | (6) | ||||
Recoveries on loans previously charged-off | 1 | 1 | 2 | 4 | ||||
Net loan charge-offs (recoveries) | (1) | (3) | (2) | (2) | ||||
Provision for loan losses | (2) | (2) | (6) | (3) | ||||
Foreign currency translation adjustment | 0 | 0 | ||||||
Balance at end of period | 47 | 55 | 47 | 55 | ||||
As a percentage of total loans | 1.07% | 1.27% | ||||||
Allowance for loan losses individually evaluated for impairment | $ 0 | $ 0 | ||||||
Allowance for loan losses collectively evaluated for impairment | 47 | 55 | ||||||
Total allowance for loan losses | $ 50 | $ 60 | $ 55 | $ 60 | 47 | $ 55 | 55 | |
Loans individually evaluated for impairment | 26 | 34 | ||||||
Loans collectively evaluated for impairment | 4,354 | 4,307 | ||||||
Purchased credit impaired (PCI) loans | [1] | 0 | 2 | |||||
Total loans | $ 4,380 | $ 4,343 | ||||||
[1] | No allowance for loan losses was required for PCI loans at June 30, 2015. |
Credit Quality And Allowance 50
Credit Quality And Allowance For Credit Losses (Changes In The Allowance For Credit Losses On Lending-Related Commitments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Provision for credit losses | $ 49 | $ 47 | $ 197 | $ 61 | |
Lending-related commitments | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance at beginning of period | 46 | 39 | 45 | 41 | |
Charge-offs on lending related commitments | [1] | (5) | (1) | (11) | (1) |
Provision for credit losses | 2 | 12 | 9 | 10 | |
Balance at end of period | $ 43 | $ 50 | $ 43 | $ 50 | |
[1] | Charge-offs result from the sale of unfunded lending-related commitments. |
Credit Quality And Allowance 51
Credit Quality And Allowance For Credit Losses (Individually Evaluated Impaired Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | $ 76 | $ 122 | |
Recorded investment in impaired loans with related allowance | 596 | 302 | |
Recorded investment total impaired loans | 672 | 424 | |
Unpaid principal balance | 789 | 547 | |
Related allowance for loan losses | 112 | 53 | |
Business loans | Commercial borrower | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 50 | 91 | |
Recorded investment in impaired loans with related allowance | 596 | 302 | |
Recorded investment total impaired loans | 646 | 393 | |
Unpaid principal balance | 758 | 508 | |
Related allowance for loan losses | 112 | 53 | |
Business loans | Commercial borrower | Domestic loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 46 | 82 | |
Recorded investment in impaired loans with related allowance | 544 | 252 | |
Recorded investment total impaired loans | 590 | 334 | |
Unpaid principal balance | 675 | 398 | |
Related allowance for loan losses | 104 | 45 | |
Business loans | Commercial borrower | International loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 0 | 0 | |
Recorded investment in impaired loans with related allowance | 18 | 10 | |
Recorded investment total impaired loans | 18 | 10 | |
Unpaid principal balance | 24 | 17 | |
Related allowance for loan losses | 3 | 2 | |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 4 | 9 | |
Recorded investment in impaired loans with related allowance | 34 | 40 | |
Recorded investment total impaired loans | 38 | 49 | |
Unpaid principal balance | 59 | 93 | |
Related allowance for loan losses | 5 | 6 | |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | [1] | 0 | 7 |
Recorded investment in impaired loans with related allowance | [1] | 8 | 8 |
Recorded investment total impaired loans | [1] | 8 | 15 |
Unpaid principal balance | [1] | 15 | 38 |
Related allowance for loan losses | [1] | 1 | 1 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | [2] | 4 | 2 |
Recorded investment in impaired loans with related allowance | [2] | 26 | 32 |
Recorded investment total impaired loans | [2] | 30 | 34 |
Unpaid principal balance | [2] | 44 | 55 |
Related allowance for loan losses | [2] | 4 | 5 |
Retail loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | [3] | 26 | 31 |
Recorded investment in impaired loans with related allowance | [3] | 0 | 0 |
Recorded investment total impaired loans | [3] | 26 | 31 |
Unpaid principal balance | [3] | 31 | 39 |
Related allowance for loan losses | [3] | 0 | 0 |
Retail loans | Consumer borrower | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 15 | 18 | |
Recorded investment in impaired loans with related allowance | 0 | 0 | |
Recorded investment total impaired loans | 15 | 18 | |
Unpaid principal balance | 19 | 26 | |
Related allowance for loan losses | 0 | 0 | |
Retail loans | Real estate mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 11 | 13 | |
Recorded investment in impaired loans with related allowance | 0 | 0 | |
Recorded investment total impaired loans | 11 | 13 | |
Unpaid principal balance | 12 | 13 | |
Related allowance for loan losses | 0 | 0 | |
Retail loans | Home equity | Consumer borrower | |||
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 | 16 | |
Related allowance for loan losses | 0 | 0 | |
Retail loans | Other consumer | Consumer borrower | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 3 | 6 | |
Recorded investment in impaired loans with related allowance | 0 | 0 | |
Recorded investment total impaired loans | 3 | 6 | |
Unpaid principal balance | 3 | 10 | |
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 52
Credit Quality And Allowance For Credit Losses (Average Individually Evaluated Impaired Loans And Related Interest Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | $ 726 | $ 249 | $ 626 | $ 238 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 2 | 1 | 6 | 2 | |
Business loans | Commercial borrower | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 701 | 213 | 598 | 200 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 2 | 1 | 6 | 2 | |
Business loans | Commercial borrower | Domestic loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 639 | 152 | 537 | 138 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 2 | 1 | 6 | 2 | |
Business loans | Commercial borrower | International loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 23 | 5 | 19 | 3 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | 0 | |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 39 | 56 | 42 | 59 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | 0 | |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | [1] | 8 | 16 | 10 | 17 |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | [1] | 0 | 0 | 0 | 0 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | [2] | 31 | 40 | 32 | 42 |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | [2] | 0 | 0 | 0 | 0 |
Retail loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 25 | 36 | 28 | 38 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | 0 | |
Retail loans | Consumer borrower | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 14 | 17 | 16 | 17 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | 0 | |
Retail loans | Real estate mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 11 | 19 | 12 | 21 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | 0 | |
Retail loans | Home equity | Consumer borrower | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 11 | 12 | 12 | 12 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | 0 | |
Retail loans | Other consumer | Consumer borrower | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 3 | 5 | 4 | 5 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Primarily loans to real estate developers. | ||||
[2] | Primarily loans secured by owner-occupied real estate. |
Credit Quality And Allowance 53
Credit Quality And Allowance For Credit Losses (Troubled Debt Restructurings By Type Of Modification) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | $ 40 | $ 5 | $ 148 | $ 8 | |
Business loans | Commercial borrower | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 39 | 4 | 145 | 7 | |
Business loans | Commercial borrower | Domestic loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 38 | 2 | 133 | 2 | |
Business loans | Commercial borrower | International loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 10 | 0 | |||
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 1 | 2 | 2 | 5 | |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [1] | 0 | 1 | 0 | 1 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [2] | 1 | 1 | 2 | 4 |
Retail loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 3 | 1 | |||
Retail loans | Real estate mortgage | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 2 | 0 | |||
Retail loans | Home equity | Consumer borrower | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 1 | 1 | 1 | 1 | |
Principal Deferrals | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [3] | 20 | 4 | $ 110 | $ 7 |
Minimum period loan terms were extended | 90 days | 90 days | |||
Principal Deferrals | Business loans | Commercial borrower | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [3] | 19 | 4 | $ 109 | $ 7 |
Principal Deferrals | Business loans | Commercial borrower | Domestic loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [3] | 18 | 2 | 107 | 2 |
Principal Deferrals | Business loans | Commercial borrower | International loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [3] | 0 | 0 | ||
Principal Deferrals | Business loans | Real estate mortgage | Commercial borrower | Domestic loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [3] | 1 | 2 | 2 | 5 |
Principal Deferrals | Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [1],[3] | 0 | 1 | 0 | 1 |
Principal Deferrals | Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [2],[3] | 1 | 1 | 2 | 4 |
Principal Deferrals | Retail loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [3] | 1 | 0 | ||
Principal Deferrals | Retail loans | Real estate mortgage | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [3] | 0 | 0 | ||
Principal Deferrals | Retail loans | Home equity | Consumer borrower | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [3] | 1 | 0 | 1 | 0 |
Interest Rate Reductions | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 1 | 2 | 1 | |
Interest Rate Reductions | Business loans | Commercial borrower | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 0 | 0 | 0 | |
Interest Rate Reductions | Business loans | Commercial borrower | Domestic loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 0 | 0 | 0 | |
Interest Rate Reductions | Business loans | Commercial borrower | International loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 0 | |||
Interest Rate Reductions | Business loans | Real estate mortgage | Commercial borrower | Domestic loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 0 | 0 | 0 | |
Interest Rate Reductions | Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [1] | 0 | 0 | 0 | 0 |
Interest Rate Reductions | Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [2] | 0 | 0 | 0 | 0 |
Interest Rate Reductions | Retail loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 2 | 1 | |||
Interest Rate Reductions | Retail loans | Real estate mortgage | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 2 | 0 | |||
Interest Rate Reductions | Retail loans | Home equity | Consumer borrower | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 0 | $ 1 | 0 | $ 1 | |
AB Note Restructures | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [4] | 20 | 36 | ||
AB Note Restructures | Business loans | Commercial borrower | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [4] | 20 | 36 | ||
AB Note Restructures | Business loans | Commercial borrower | Domestic loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [4] | 20 | 26 | ||
AB Note Restructures | Business loans | Commercial borrower | International loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [4] | 10 | |||
AB Note Restructures | Business loans | Real estate mortgage | Commercial borrower | Domestic loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [4] | 0 | 0 | ||
AB Note Restructures | Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [1],[4] | 0 | 0 | ||
AB Note Restructures | Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [2],[4] | 0 | 0 | ||
AB Note Restructures | Retail loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [4] | 0 | |||
AB Note Restructures | Retail loans | Real estate mortgage | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [4] | 0 | |||
AB Note Restructures | Retail loans | Home equity | Consumer borrower | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [4] | $ 0 | $ 0 | ||
[1] | Primarily loans to real estate developers. | ||||
[2] | Primarily loans secured by owner-occupied real estate. | ||||
[3] | Primarily represents loan balances where terms were extended 90 days or more at or above contractual interest rates. | ||||
[4] | 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 generally fully charged off. |
Credit Quality And Allowance 54
Credit Quality And Allowance For Credit Losses Credit Quality And Allowance For Credit Losses (Troubled Debt Restructuring Subsequent Default) (Details) - Principal Deferrals - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Financing Receivable, Modifications [Line Items] | |||||
Balance | $ 247 | $ 23 | $ 247 | $ 23 | |
Subsequent default during period | 22 | 1 | 29 | 8 | |
Business loans | Commercial borrower | |||||
Financing Receivable, Modifications [Line Items] | |||||
Balance | 245 | 21 | 245 | 21 | |
Subsequent default during period | 22 | 1 | 29 | 8 | |
Business loans | Commercial borrower | Domestic loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Balance | 233 | 10 | 233 | 10 | |
Subsequent default during period | 21 | 0 | 21 | 6 | |
Business loans | Commercial borrower | International loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Balance | 1 | 0 | 1 | 0 | |
Subsequent default during period | 0 | 0 | 1 | 0 | |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Balance | 11 | 11 | 11 | 11 | |
Subsequent default during period | 1 | 1 | 7 | 2 | |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Commercial Real Estate business line | |||||
Financing Receivable, Modifications [Line Items] | |||||
Balance | [1] | 4 | 1 | 4 | 1 |
Subsequent default during period | [1] | 1 | 0 | 1 | 0 |
Business loans | Real estate mortgage | Commercial borrower | Domestic loans | Other business lines | |||||
Financing Receivable, Modifications [Line Items] | |||||
Balance | [2] | 7 | 10 | 7 | 10 |
Subsequent default during period | [2] | 0 | 1 | 6 | 2 |
Retail loans | Home equity | Consumer borrower | |||||
Financing Receivable, Modifications [Line Items] | |||||
Balance | [3] | 2 | 2 | 2 | 2 |
Subsequent default during period | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Primarily loans to real estate developers. | ||||
[2] | Primarily loans secured by owner-occupied real estate. | ||||
[3] | Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. |
Derivative And Credit-Related55
Derivative And Credit-Related Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Fair value of securities held as collateral for derivative assets | $ 53 | $ 53 | |||
Cash received as collateral for derivative assets | 187 | 187 | |||
Fair value of securities pledged as collateral for derivative liabilities | 46 | 46 | |||
Cash posted as collateral for derivative liabilities | 7 | 7 | |||
Aggregate fair value of all derivative instruments with credit-risk contingent features that were in a liability position | 5 | 5 | |||
Aggregate fair value of collateral already posted for derivative instruments with credit-risk-related contingent features | 0 | 0 | |||
Additional collateral that would be required to be posted as collateral if the credit-risk-related contingent features were triggered | 5 | 5 | |||
Net interest income generated by risk management fair value interest rate swaps | 16 | $ 16 | 33 | $ 34 | |
Net gain (loss) on interest rate fair value hedge ineffectiveness | 0 | (2) | 3 | (1) | |
Gain (loss) on foreign currency derivatives used as economic hedges | 0 | 0 | 0 | 0 | |
Net gain on open foreign currency positions | 1 | $ 1 | 1 | $ 1 | |
Allowance for credit losses on lending-related commitments | 43 | 43 | $ 45 | ||
Allowance for credit losses on lending-related commitments, amount related to unused commitments to extend credit | 30 | $ 30 | 33 | ||
Final year of expiration for outstanding letters of credit | 2,022 | ||||
Risk participation agreements covering standby and commercial letters of credit | 297 | $ 297 | 287 | ||
Standby and commercial letters of credit | 3,900 | 3,900 | 4,000 | ||
Carrying value of standby and commercial letters of credit included in accrued expenses and other liabilities | 48 | 48 | 49 | ||
Deferred fees on standby and commercial letters of credit included in accrued expenses and other liabilities | 35 | 35 | 37 | ||
Allowance for credit losses on lending-related commitments, amount related to standby and commercial letters of credit | 13 | 13 | 12 | ||
Notional amount of derivative credit risk participation agreements | 479 | 479 | 559 | ||
Maximum estimated exposure to credit risk participation agreements assuming 100% default | $ 11 | $ 11 | $ 5 | ||
Weighted average remaining maturity of credit risk participation agreements, in years | 2 years 3 months 25 days |
Derivative And Credit-Related56
Derivative And Credit-Related Financial Instruments (Schedule Of Derivative Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | $ 20,953 | $ 20,764 |
Fair Value of Gross Derivative Assets | 762 | 818 | |
Fair Value of Gross Derivative Liabilities | 489 | 610 | |
Derivative assets, Netting adjustment - Offsetting derivative liabilities | (128) | (127) | |
Derivative liabilities, Netting adjustment - Offsetting derivative assets | (128) | (127) | |
Derivative assets, Netting adjustment - Cash collateral received | (121) | (291) | |
Derivative liabilities, Netting adjustment, Cash collateral posted | (6) | (3) | |
Net derivative assets included in the consolidated balance sheets | [2] | 513 | 400 |
Net derivative liabilities included in the consolidated balance sheets | [2] | 355 | 480 |
Derivative asset, securities pledged as collateral | (45) | (137) | |
Derivative liability, securities pledged as collateral | (43) | (3) | |
Net derivative assets after deducting amounts not offset in the consolidated balance sheets | 468 | 263 | |
Net derivative liabilities after deducting amounts not offset in the consolidated balance sheets | 312 | 477 | |
Credit valuation adjustments for counterparty credit risk | 11 | 5 | |
Risk management purposes | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 3,376 | 3,118 |
Fair Value of Gross Derivative Assets | 214 | 150 | |
Fair Value of Gross Derivative Liabilities | 2 | 0 | |
Risk management purposes | Derivatives designated as hedging instruments | Fair Value Hedging | Interest rate swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 2,525 | 2,525 |
Fair Value of Gross Derivative Assets | 209 | 147 | |
Fair Value of Gross Derivative Liabilities | 0 | 0 | |
Risk management purposes | Derivatives used as economic hedges | Foreign exchange spot, forwards and swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 851 | 593 |
Fair Value of Gross Derivative Assets | 5 | 3 | |
Fair Value of Gross Derivative Liabilities | 2 | 0 | |
Customer-initiated and other activities | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 17,577 | 17,646 |
Fair Value of Gross Derivative Assets | 548 | 668 | |
Fair Value of Gross Derivative Liabilities | 487 | 610 | |
Customer-initiated and other activities | Interest rate contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 13,068 | 12,228 |
Fair Value of Gross Derivative Assets | 250 | 139 | |
Fair Value of Gross Derivative Liabilities | 204 | 92 | |
Customer-initiated and other activities | Interest rate caps and floors written | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 267 | 253 |
Fair Value of Gross Derivative Assets | 0 | 0 | |
Fair Value of Gross Derivative Liabilities | 0 | 0 | |
Customer-initiated and other activities | Interest rate caps and floor purchased | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 267 | 253 |
Fair Value of Gross Derivative Assets | 0 | 0 | |
Fair Value of Gross Derivative Liabilities | 0 | 0 | |
Customer-initiated and other activities | Interest rate swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 12,534 | 11,722 |
Fair Value of Gross Derivative Assets | 250 | 139 | |
Fair Value of Gross Derivative Liabilities | 204 | 92 | |
Customer-initiated and other activities | Energy Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 2,430 | 3,127 |
Fair Value of Gross Derivative Assets | 242 | 475 | |
Fair Value of Gross Derivative Liabilities | 240 | 472 | |
Customer-initiated and other activities | Energy caps and floors written | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 458 | 536 |
Fair Value of Gross Derivative Assets | 1 | 0 | |
Fair Value of Gross Derivative Liabilities | 43 | 85 | |
Customer-initiated and other activities | Energy caps and floors purchased | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 458 | 536 |
Fair Value of Gross Derivative Assets | 43 | 85 | |
Fair Value of Gross Derivative Liabilities | 1 | 0 | |
Customer-initiated and other activities | Energy swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 1,514 | 2,055 |
Fair Value of Gross Derivative Assets | 198 | 390 | |
Fair Value of Gross Derivative Liabilities | 196 | 387 | |
Customer-initiated and other activities | Foreign exchange spot, forwards, options and swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 2,079 | 2,291 |
Fair Value of Gross Derivative Assets | 56 | 54 | |
Fair Value of Gross Derivative Liabilities | $ 43 | $ 46 | |
[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 $11 million and $5 million at June 30, 2016 and December 31, 2015, respectively. |
Derivative And Credit-Related57
Derivative And Credit-Related Financial Instruments (Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | ||
Notional Amount | [1] | $ 20,953 | $ 20,764 |
Risk management purposes | |||
Notional Amount | [1] | 3,376 | 3,118 |
Medium- and long-term debt | Swaps - fair value - receive fixed/pay floating | Risk management purposes | Interest rate swaps | |||
Notional Amount | $ 2,525 | $ 2,525 | |
Weighted Average Remaining Maturity | 4 years 7 months 3 days | 5 years 27 days | |
Weighted Average Receive Rate | 3.89% | 3.89% | |
Weighted Average Pay Rate | [2] | 1.46% | 1.11% |
[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 June 30, 2016 and December 31, 2015. |
Derivative And Credit-Related58
Derivative And Credit-Related Financial Instruments (Schedule Of Net Gains Recognized In Income On Customer-Initiated Derivatives) (Details) - Customer-initiated and other activities - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain recognized in income | $ 16 | $ 13 | $ 28 | $ 26 |
Interest rate contracts | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain recognized in income | 6 | 5 | 8 | 7 |
Energy contracts | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain recognized in income | 1 | 0 | 1 | 1 |
Foreign exchange contracts | Foreign exchange income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain recognized in income | $ 9 | $ 8 | $ 19 | $ 18 |
Derivative And Credit-Related59
Derivative And Credit-Related Financial Instruments (Schedule Of Financial Instruments With Off-Balance Sheet Credit Risk) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Unused Commitments to Extend Credit | ||
Loss contingency, range of possible loss, maximum | $ 26,559 | $ 28,529 |
Commercial And Other | Unused Commitments to Extend Credit | ||
Loss contingency, range of possible loss, maximum | 23,950 | 26,115 |
Bankcard, Revolving Check Credit And Home Equity Loan Commitments | Unused Commitments to Extend Credit | ||
Loss contingency, range of possible loss, maximum | 2,609 | 2,414 |
Standby Letters Of Credit | ||
Loss contingency, range of possible loss, maximum | 3,865 | 3,985 |
Commercial Letters Of Credit | ||
Loss contingency, range of possible loss, maximum | $ 62 | $ 41 |
Derivative And Credit-Related60
Derivative And Credit-Related Financial Instruments (Summary Of Internally Classified Watch List Letters Of Credit) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Total criticized standby and commercial letters of credit | $ 146 | $ 110 |
As a percentage of total outstanding standby and commercial letters of credit | 3.70% | 2.70% |
Variable Interest Entities (V61
Variable Interest Entities (VIEs) (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Variable Interest Entity | ||
Unfunded commitments to fund tax credit entities | $ 144 | |
Amount of financial or other support not contractually required provided by the Corporation to VIEs | 0 | $ 0 |
Low Income Housing Tax Credit Entities | ||
Variable Interest Entity | ||
Exposure to loss as a result of involvement with VIEs | 400 | |
Other Tax Credit Entities | ||
Variable Interest Entity | ||
Exposure to loss as a result of involvement with VIEs | $ 9 |
Variable Interest Entities (V62
Variable Interest Entities (VIEs) (Impact Of VIEs On The Consolidated Statements Of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Variable Interest Entity | ||||
Other noninterest income | $ 29 | $ 27 | $ 46 | $ 54 |
Provision (benefit) for income taxes | 42 | 64 | 67 | 125 |
Variable Interest Entity | ||||
Variable Interest Entity | ||||
Other noninterest income | 0 | 0 | 0 | 1 |
Provision for income taxes, amortization of LIHTC investments | 16 | 15 | 32 | 30 |
Provision (benefit) for income taxes | (5) | (5) | (11) | (10) |
Low income housing tax credits | Variable Interest Entity | ||||
Variable Interest Entity | ||||
Provision for income taxes, affordable housing tax credits and other tax benefits | (15) | (15) | (31) | (30) |
Other tax benefits related to tax credit entities | Variable Interest Entity | ||||
Variable Interest Entity | ||||
Provision for income taxes, affordable housing tax credits and other tax benefits | $ (6) | $ (5) | $ (12) | $ (10) |
Medium- And Long-Term Debt (Nar
Medium- And Long-Term Debt (Narrative) (Details) $ in Millions | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||
Unamortized debt issuance cost | $ 7 | $ 8 |
Subsidiaries | ||
Debt Instrument [Line Items] | ||
Blanket lien on real estate-related loans securing FHLB advances | 15,000 | |
Potential FHLB borrowing capacity | 4,000 | |
Floating-rate FHLB advances | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Floating-rate FHLB advances | $ 2,800 | $ 0 |
Number of notes issued | 8 | |
Weighted-average interest rate | 0.4075% | |
Floating rate FHLB advances due March 4, 2026 | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Floating-rate FHLB advances | $ 1,600 | |
Floating rate FHLB advances due May 20, 2026 | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Floating-rate FHLB advances | $ 1,200 |
Medium- And Long-Term Debt (Sch
Medium- And Long-Term Debt (Schedule Of Medium- And Long-Term Debt) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||
Total medium- and long-term debt | $ 5,921 | $ 3,058 | |
Parent Company | |||
Debt Instrument [Line Items] | |||
Total medium- and long-term debt | 632 | 608 | |
Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | 1,784 | 1,763 | |
Total medium- and long-term debt | 5,289 | 2,450 | |
3.80% subordinated notes due 2026 | Parent Company | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1] | $ 277 | $ 259 |
Stated interest rate | 3.80% | 3.80% | |
Maturity Date | Jul. 22, 2026 | Jul. 22, 2026 | |
2.125% notes due 2019 | Parent Company | |||
Debt Instrument [Line Items] | |||
Medium-term notes | [1] | $ 355 | $ 349 |
Stated interest rate | 2.125% | 2.125% | |
Maturity Date | May 23, 2019 | May 23, 2019 | |
5.75% subordinated notes due 2016 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1],[2] | $ 654 | $ 659 |
Par value swapped to variable rate | 250 | ||
Total par value outstanding | $ 650 | ||
Stated interest rate | 5.75% | 5.75% | |
Maturity Date | Nov. 21, 2016 | Nov. 21, 2016 | |
5.20% subordinated notes due 2017 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1] | $ 522 | $ 530 |
Stated interest rate | 5.20% | 5.20% | |
Maturity Date | Aug. 22, 2017 | Aug. 22, 2017 | |
4.00% subordinated notes due 2025 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1] | $ 374 | $ 351 |
Stated interest rate | 4.00% | 4.00% | |
Maturity Date | Jul. 27, 2025 | Jul. 27, 2025 | |
7.875% subordinated notes due 2026 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1] | $ 234 | $ 223 |
Stated interest rate | 7.875% | 7.875% | |
Maturity Date | Sep. 15, 2026 | Sep. 15, 2026 | |
2.50% notes due 2020 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Medium-term notes | [1] | $ 689 | $ 671 |
Stated interest rate | 2.50% | 2.50% | |
Maturity Date | Jun. 2, 2020 | Jun. 2, 2020 | |
Floating-rate based on FHLB auction rate due 2026 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank advances | $ 2,800 | $ 0 | |
Weighted-average interest rate | 0.4075% | ||
Latest maturity date | May 20, 2026 | ||
6.0% - 6.4% fixed-rate notes due 2020 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Other notes | $ 16 | $ 16 | |
Fixed Interest Rate - minimum | 6.00% | 6.00% | |
Fixed Interest Rate - maximum | 6.40% | 6.40% | |
Maturity Date | Jun. 30, 2020 | Jun. 30, 2020 | |
[1] | The fixed interest rates on these notes have been swapped to a variable rate and designated in a hedging relationship. Accordingly, carrying value has been adjusted to reflect the change in the fair value of the debt as a result of changes in the benchmark rate. | ||
[2] | The fixed interest rate on $250 million of $650 million total par value of these notes have been swapped to a variable rate. The remaining amount is not swapped. |
Accumulated Other Comprehensi65
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Investment securities, Balance at beginning of period, net of tax | $ 9 | $ 37 | |
Investment securities, Net unrealized holding gains (losses) arising during the period | 191 | (17) | |
Investment securities, Less: Provision (benefit) for income taxes | 70 | (6) | |
Investment securities, Net unrealized holding gains (losses) arising during the period, net of tax | 121 | (11) | |
Investment securities, Net realized losses included in net securities losses | 0 | (2) | |
Investment securities, Less: Benefit for income taxes | 0 | (1) | |
Investment securities, Reclassification adjustment for net securities losses included in net income, net of tax | 0 | (1) | |
Investment securities, Net losses realized as a yield adjustment in interest on investment securities | (2) | (4) | |
Investment securities, Less: Benefit for income taxes | (1) | (1) | |
Investment securities, Reclassification adjustment for net losses realized as a yield adjustment included in net income, net of tax | (1) | (3) | |
Investment securities, Change in net unrealized gains (losses) on investment securities, net of tax | 122 | (7) | |
Investment securities, Balance at end of period, net of tax | 131 | 30 | |
Benefit plans, Balance at beginning of period, net of tax | (438) | (449) | |
Benefit plans, Amortization of actuarial net loss | 19 | 35 | |
Benefit plans, Less: Provision for income taxes | 7 | 12 | |
Benefit plans, Change in defined benefit pension and other postretirement plans adjustment, net of tax | 12 | 23 | |
Benefit plans, Balance at end of period, net of tax | (426) | (426) | |
Total accumulated other comprehensive loss at end of period, net of tax | $ (295) | $ (396) | $ (429) |
Net Income Per Common Share (Ba
Net Income Per Common Share (Basic And Diluted Net Income Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 104 | $ 135 | $ 164 | $ 269 |
Income allocated to participating securities | 1 | 1 | 2 | 3 |
Net income attributable to common shares | $ 103 | $ 134 | $ 162 | $ 266 |
Basic average common shares | 173 | 176 | 173 | 176 |
Basic net income per common share | $ 0.60 | $ 0.76 | $ 0.94 | $ 1.51 |
Basic average common shares | 173 | 176 | 173 | 176 |
Net effect of the assumed exercise of stock options | 2 | 2 | 2 | 2 |
Net effect of the assumed exercise of warrants | 2 | 4 | 2 | 4 |
Diluted average common shares | 177 | 182 | 177 | 182 |
Diluted net income per common share | $ 0.58 | $ 0.73 | $ 0.92 | $ 1.46 |
Net Income Per Common Share (Sc
Net Income Per Common Share (Schedule of Average Shares Excluded From Diluted Net Income Per Common Share Computation) (Details) - Stock Options - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Average outstanding options | 2.6 | 5 | 4.8 | 5.9 |
Minimum | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Range of exercise prices | $ 46.68 | $ 49.22 | $ 37.26 | $ 46.68 |
Maximum | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Range of exercise prices | $ 59.86 | $ 60.82 | $ 59.86 | $ 60.82 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans (Net Periodic Defined Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic defined benefit cost | $ 7 | $ 23 | ||
Qualified Defined Benefit Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 8 | $ 9 | 16 | 18 |
Interest cost | 23 | 22 | 46 | 44 |
Expected return on plan assets | (40) | (40) | (81) | (80) |
Amortization of prior service cost (credit) | 1 | 1 | 2 | 2 |
Amortization of net loss | 8 | 15 | 16 | 29 |
Net periodic defined benefit cost | 0 | 7 | (1) | 13 |
Non-Qualified Defined Benefit Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 2 | 2 |
Interest cost | 3 | 3 | 5 | 5 |
Amortization of prior service cost (credit) | (1) | (1) | (2) | (2) |
Amortization of net loss | 1 | 2 | 3 | 5 |
Net periodic defined benefit cost | 4 | 5 | 8 | 10 |
Postretirement Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 1 | 0 | 2 | 1 |
Expected return on plan assets | (1) | (1) | (2) | (2) |
Amortization of net loss | 0 | 1 | 0 | 1 |
Net periodic defined benefit cost | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes And Tax-Related 69
Income Taxes And Tax-Related Items Income Taxes And Tax-Related Items (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Unrecognized tax benefits | $ 15 | $ 22 |
Decrease in unrecognized tax benefits due to recognition of federal settlements | 7 | |
Reasonably possible decrease in unrecognized tax benefits in next 12 months | 1 | |
Tax-related interest and penalties payable | 7 | 3 |
Net deferred tax assets | 166 | 199 |
Decrease in net deferred tax assets | 33 | |
State net operating loss carryforwards | 5 | 5 |
Valuation allowance for deferred tax assets | $ 3 | $ 3 |
Minimum | ||
Years state net operating loss carryforwards expire | Dec. 31, 2016 | |
Maximum | ||
Years state net operating loss carryforwards expire | Dec. 31, 2026 |
Contingent Liabilities (Narrati
Contingent Liabilities (Narrative) (Details) - USD ($) | Jan. 17, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Loss Contingencies [Line Items] | |||||
Legal fees | $ 5,000,000 | $ 5,000,000 | $ 10,000,000 | $ 10,000,000 | |
Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Minimum amount of reasonably possible losses | 0 | 0 | |||
Estimated maximum amount of reasonably possible losses | $ 31,000,000 | $ 31,000,000 | |||
Butte Local Development v. Masters Group v. Comerica Bank | |||||
Loss Contingencies [Line Items] | |||||
Amount of damages awarded by the jury | $ 52,000,000 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Approximate size of workforce reduction under restructuring plan | 9.00% | |||
Approximate number of banking centers expected to be consolidated under restructuring plan | 40 | |||
Restructuring charges | $ 53 | $ 0 | $ 53 | $ 0 |
Business Bank | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 26 | 26 | ||
Retail Bank | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 19 | 19 | ||
Wealth Management | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 8 | $ 8 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule of Changes in Restructuring Reserves) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Restructuring Cost and Reserve [Line Items] | |||||
Expected completion date of restructuring activities | Dec. 31, 2018 | ||||
Balance at beginning of period | $ 0 | $ 0 | |||
Restructuring charges | 53 | $ 0 | 53 | $ 0 | |
Payments | (3) | (3) | |||
Balance at end of period | 50 | 50 | |||
Total restructuring charges incurred to date | 53 | 53 | |||
Employee costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Balance at beginning of period | 0 | 0 | |||
Restructuring charges | 46 | 46 | |||
Payments | 0 | 0 | |||
Balance at end of period | 46 | 46 | |||
Total restructuring charges incurred to date | 46 | 46 | |||
Facility costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Balance at beginning of period | 0 | 0 | |||
Restructuring charges | 0 | 0 | |||
Payments | 0 | 0 | |||
Balance at end of period | 0 | 0 | |||
Total restructuring charges incurred to date | 0 | 0 | |||
Technology costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Balance at beginning of period | 0 | 0 | |||
Restructuring charges | 0 | 0 | |||
Payments | 0 | 0 | |||
Balance at end of period | 0 | 0 | |||
Total restructuring charges incurred to date | 0 | 0 | |||
Other costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Balance at beginning of period | 0 | 0 | |||
Restructuring charges | 7 | 7 | |||
Payments | (3) | (3) | |||
Balance at end of period | 4 | 4 | |||
Total restructuring charges incurred to date | 7 | 7 | |||
Minimum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring charges | [1] | 140 | 140 | ||
Minimum | Employee costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring charges | [1] | 65 | 65 | ||
Minimum | Facility costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring charges | [1] | 35 | 35 | ||
Minimum | Technology costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring charges | [1] | 10 | 10 | ||
Minimum | Other costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring charges | [1] | 30 | 30 | ||
Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring charges | [1] | 160 | 160 | ||
Maximum | Employee costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring charges | [1] | 70 | 70 | ||
Maximum | Facility costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring charges | [1] | 40 | 40 | ||
Maximum | Technology costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring charges | [1] | 15 | 15 | ||
Maximum | Other costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring charges | [1] | $ 35 | $ 35 | ||
[1] | Restructuring activities are expected to be substantially completed by 12/31/2018. |
Business Segment Information (N
Business Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016segmentsmarkets | |
Segment Reporting [Abstract] | |
Number of Major Business Segments | segments | 3 |
Number of Primary Market Segments | markets | 3 |
Business Segment Information (B
Business Segment Information (Business Segment Financial Results) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Net interest income (expense) | $ 445 | $ 421 | $ 892 | $ 834 | |
Provision for credit losses | 49 | 47 | 197 | 61 | |
Noninterest income | 269 | 258 | 515 | 509 | |
Noninterest expenses | 519 | 433 | 979 | 888 | |
Provision (benefit) for income taxes | 42 | 64 | 67 | 125 | |
Net income (loss) | 104 | 135 | 164 | 269 | |
Net credit-related charge-offs (recoveries) | 47 | 19 | 105 | 27 | |
Assets, average | 70,668 | 68,963 | 69,948 | 68,852 | |
Loans, average | 49,469 | 48,833 | 48,931 | 48,494 | |
Deposits, average | $ 56,521 | $ 57,398 | $ 56,615 | $ 57,196 | |
Return on average assets | [1],[2] | 0.59% | 0.79% | 0.47% | 0.78% |
Efficiency ratio | [3],[4] | 72.48% | 63.49% | 69.31% | 65.93% |
Business Bank | |||||
Net interest income (expense) | $ 355 | $ 373 | $ 716 | $ 740 | |
Provision for credit losses | 46 | 61 | 197 | 86 | |
Noninterest income | 142 | 138 | 277 | 276 | |
Noninterest expenses | 222 | 175 | 429 | 370 | |
Provision (benefit) for income taxes | 75 | 94 | 120 | 191 | |
Net income (loss) | 154 | 181 | 247 | 369 | |
Net credit-related charge-offs (recoveries) | 42 | 23 | 98 | 32 | |
Assets, average | 39,617 | 39,134 | 39,125 | 38,896 | |
Loans, average | 38,574 | 38,109 | 38,068 | 37,868 | |
Deposits, average | $ 28,429 | $ 30,229 | $ 28,769 | $ 30,187 | |
Return on average assets | [2] | 1.55% | 1.86% | 1.26% | 1.90% |
Efficiency ratio | [4] | 44.46% | 33.96% | 43.04% | 36.46% |
Retail Bank | |||||
Net interest income (expense) | $ 155 | $ 155 | $ 311 | $ 307 | |
Provision for credit losses | 1 | (8) | 4 | (16) | |
Noninterest income | 48 | 46 | 91 | 87 | |
Noninterest expenses | 205 | 181 | 384 | 357 | |
Provision (benefit) for income taxes | (1) | 10 | 5 | 18 | |
Net income (loss) | (2) | 18 | 9 | 35 | |
Net credit-related charge-offs (recoveries) | 1 | 1 | 4 | 2 | |
Assets, average | 6,557 | 6,459 | 6,551 | 6,414 | |
Loans, average | 5,879 | 5,770 | 5,873 | 5,732 | |
Deposits, average | $ 23,546 | $ 22,747 | $ 23,328 | $ 22,577 | |
Return on average assets | [2] | (0.03%) | 0.30% | 0.08% | 0.30% |
Efficiency ratio | [4] | 101.12% | 89.88% | 95.02% | 90.22% |
Wealth Management | |||||
Net interest income (expense) | $ 42 | $ 45 | $ 85 | $ 88 | |
Provision for credit losses | 3 | (9) | (2) | (10) | |
Noninterest income | 62 | 60 | 121 | 118 | |
Noninterest expenses | 81 | 74 | 154 | 151 | |
Provision (benefit) for income taxes | 7 | 14 | 19 | 23 | |
Net income (loss) | 13 | 26 | 35 | 42 | |
Net credit-related charge-offs (recoveries) | 4 | (5) | 3 | (7) | |
Assets, average | 5,215 | 5,153 | 5,189 | 5,091 | |
Loans, average | 5,016 | 4,954 | 4,990 | 4,894 | |
Deposits, average | $ 4,213 | $ 4,060 | $ 4,192 | $ 4,028 | |
Return on average assets | [2] | 1.02% | 2.01% | 1.35% | 1.65% |
Efficiency ratio | [4] | 77.65% | 70.28% | 74.60% | 72.42% |
Finance | |||||
Net interest income (expense) | $ (111) | $ (154) | $ (228) | $ (305) | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Noninterest income | 13 | 14 | 26 | 26 | |
Noninterest expenses | 2 | 2 | 3 | 5 | |
Provision (benefit) for income taxes | (38) | (53) | (78) | (106) | |
Net income (loss) | (62) | (89) | (127) | (178) | |
Net credit-related charge-offs (recoveries) | 0 | 0 | 0 | 0 | |
Assets, average | 14,135 | 11,697 | 14,149 | 11,905 | |
Loans, average | 0 | 0 | 0 | 0 | |
Deposits, average | 62 | 93 | 83 | 131 | |
Other | |||||
Net interest income (expense) | 4 | 2 | 8 | 4 | |
Provision for credit losses | (1) | 3 | (2) | 1 | |
Noninterest income | 4 | 0 | 0 | 2 | |
Noninterest expenses | 9 | 1 | 9 | 5 | |
Provision (benefit) for income taxes | (1) | (1) | 1 | (1) | |
Net income (loss) | 1 | (1) | 0 | 1 | |
Net credit-related charge-offs (recoveries) | 0 | 0 | 0 | 0 | |
Assets, average | 5,144 | 6,520 | 4,934 | 6,546 | |
Loans, average | 0 | 0 | 0 | 0 | |
Deposits, average | $ 271 | $ 269 | $ 243 | $ 273 | |
[1] | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | ||||
[2] | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | ||||
[3] | Noninterest expenses as a percentage of the sum of net interest income (fully taxable equivalent basis) and noninterest income excluding net securities gains. | ||||
[4] | Noninterest expenses as a percentage of the sum of net interest income (fully taxable equivalent basis) and noninterest income excluding net securities gains. |
Business Segment Information (M
Business Segment Information (Market Segment Financial Results) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Net interest income (expense) | $ 445 | $ 421 | $ 892 | $ 834 | |
Provision for credit losses | 49 | 47 | 197 | 61 | |
Noninterest income | 269 | 258 | 515 | 509 | |
Noninterest expenses | 519 | 433 | 979 | 888 | |
Provision (benefit) for income taxes | 42 | 64 | 67 | 125 | |
Net income (loss) | 104 | 135 | 164 | 269 | |
Net credit-related charge-offs (recoveries) | 47 | 19 | 105 | 27 | |
Assets, average | 70,668 | 68,963 | 69,948 | 68,852 | |
Loans, average | 49,469 | 48,833 | 48,931 | 48,494 | |
Deposits, average | $ 56,521 | $ 57,398 | $ 56,615 | $ 57,196 | |
Return on average assets | [1],[2] | 0.59% | 0.79% | 0.47% | 0.78% |
Efficiency ratio | [3],[4] | 72.48% | 63.49% | 69.31% | 65.93% |
Michigan | |||||
Net interest income (expense) | $ 166 | $ 178 | $ 340 | $ 355 | |
Provision for credit losses | 3 | (13) | (3) | (21) | |
Noninterest income | 81 | 86 | 158 | 164 | |
Noninterest expenses | 159 | 129 | 310 | 282 | |
Provision (benefit) for income taxes | 28 | 50 | 64 | 87 | |
Net income (loss) | 57 | 98 | 127 | 171 | |
Net credit-related charge-offs (recoveries) | 0 | (1) | 5 | 1 | |
Assets, average | 13,299 | 13,851 | 13,350 | 13,794 | |
Loans, average | 12,660 | 13,290 | 12,717 | 13,257 | |
Deposits, average | $ 21,553 | $ 21,706 | $ 21,625 | $ 21,709 | |
Return on average assets | [1] | 1.01% | 1.73% | 1.14% | 1.51% |
Efficiency ratio | [3] | 64.13% | 48.09% | 61.84% | 54.05% |
California | |||||
Net interest income (expense) | $ 178 | $ 180 | $ 355 | $ 356 | |
Provision for credit losses | 17 | 4 | 11 | 1 | |
Noninterest income | 39 | 36 | 76 | 71 | |
Noninterest expenses | 120 | 99 | 224 | 196 | |
Provision (benefit) for income taxes | 30 | 42 | 73 | 86 | |
Net income (loss) | 50 | 71 | 123 | 144 | |
Net credit-related charge-offs (recoveries) | 17 | 6 | 25 | 6 | |
Assets, average | 17,997 | 16,696 | 17,769 | 16,580 | |
Loans, average | 17,708 | 16,429 | 17,496 | 16,312 | |
Deposits, average | $ 16,933 | $ 17,275 | $ 16,793 | $ 17,057 | |
Return on average assets | [1] | 1.10% | 1.54% | 1.38% | 1.58% |
Efficiency ratio | [3] | 55.30% | 45.90% | 51.71% | 46.04% |
Texas | |||||
Net interest income (expense) | $ 119 | $ 130 | $ 242 | $ 260 | |
Provision for credit losses | 32 | 43 | 202 | 64 | |
Noninterest income | 31 | 30 | 62 | 66 | |
Noninterest expenses | 113 | 93 | 213 | 188 | |
Provision (benefit) for income taxes | 2 | 10 | (38) | 28 | |
Net income (loss) | 3 | 14 | (73) | 46 | |
Net credit-related charge-offs (recoveries) | 31 | 5 | 78 | 9 | |
Assets, average | 11,287 | 11,878 | 11,291 | 12,034 | |
Loans, average | 10,840 | 11,254 | 10,802 | 11,394 | |
Deposits, average | $ 10,052 | $ 10,959 | $ 10,213 | $ 10,985 | |
Return on average assets | [1] | 0.11% | 0.45% | (1.23%) | 0.73% |
Efficiency ratio | [3] | 74.91% | 58.13% | 70.10% | 57.75% |
Other Markets | |||||
Net interest income (expense) | $ 89 | $ 85 | $ 175 | $ 164 | |
Provision for credit losses | (2) | 10 | (11) | 16 | |
Noninterest income | 101 | 92 | 193 | 180 | |
Noninterest expenses | 116 | 109 | 220 | 212 | |
Provision (benefit) for income taxes | 21 | 16 | 45 | 31 | |
Net income (loss) | 55 | 42 | 114 | 85 | |
Net credit-related charge-offs (recoveries) | (1) | 9 | (3) | 11 | |
Assets, average | 8,806 | 8,321 | 8,455 | 7,993 | |
Loans, average | 8,261 | 7,860 | 7,916 | 7,531 | |
Deposits, average | $ 7,650 | $ 7,096 | $ 7,658 | $ 7,041 | |
Return on average assets | [1] | 2.52% | 2.03% | 2.70% | 2.14% |
Efficiency ratio | [3] | 60.98% | 61.56% | 59.71% | 61.09% |
Finance & Other | |||||
Net interest income (expense) | $ (107) | $ (152) | $ (220) | $ (301) | |
Provision for credit losses | (1) | 3 | (2) | 1 | |
Noninterest income | 17 | 14 | 26 | 28 | |
Noninterest expenses | 11 | 3 | 12 | 10 | |
Provision (benefit) for income taxes | (39) | (54) | (77) | (107) | |
Net income (loss) | (61) | (90) | (127) | (177) | |
Net credit-related charge-offs (recoveries) | 0 | 0 | 0 | 0 | |
Assets, average | 19,279 | 18,217 | 19,083 | 18,451 | |
Loans, average | 0 | 0 | 0 | 0 | |
Deposits, average | $ 333 | $ 362 | $ 326 | $ 404 | |
[1] | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | ||||
[2] | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | ||||
[3] | Noninterest expenses as a percentage of the sum of net interest income (fully taxable equivalent basis) and noninterest income excluding net securities gains. | ||||
[4] | Noninterest expenses as a percentage of the sum of net interest income (fully taxable equivalent basis) and noninterest income excluding net securities gains. |