Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 26, 2022 | |
Document And Entity Information [Abstract] | ||
Document Quarterly Report | true | |
Title of 12(b) Security | Common Stock, $5 par value | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 38-1998421 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2022 | |
Amendment Flag | false | |
Entity Registrant Name | Comerica Incorporated | |
Entity Central Index Key | 0000028412 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 130,952,419 | |
Entity File Number | 1-10706 | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Address, Address Line One | 1717 Main Street, MC 6404 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75201 | |
City Area Code | (214) | |
Local Phone Number | 462-6831 | |
Document Transition Report | false | |
Trading Symbol | CMA | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 1,735 | $ 1,236 |
Interest-bearing deposits with banks | 4,235 | 21,443 |
Other short-term investments | 159 | 197 |
Investment securities available-for-sale | 19,452 | 16,986 |
Commercial loans | 30,713 | 29,366 |
Real estate construction loans | 2,617 | 2,948 |
Commercial mortgage loans | 12,438 | 11,255 |
Lease financing | 713 | 640 |
International loans | 1,216 | 1,208 |
Residential mortgage loans | 1,753 | 1,771 |
Consumer loans | 2,262 | 2,097 |
Total loans | 51,712 | 49,285 |
Less allowance for loan losses | (576) | (588) |
Net loans | 51,136 | 48,697 |
Premises and equipment | 412 | 454 |
Accrued income and other assets | 7,014 | 5,603 |
Total assets | 84,143 | 94,616 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest-bearing deposits | 42,296 | 45,800 |
Money market and interest-bearing checking deposits | 25,663 | 31,349 |
Savings deposits | 3,375 | 3,167 |
Customer certificates of deposit | 1,661 | 1,973 |
Foreign office time deposits | 21 | 50 |
Total interest-bearing deposits | 30,720 | 36,539 |
Total deposits | 73,016 | 82,339 |
Short-term borrowings | 508 | 0 |
Accrued expenses and other liabilities | 2,534 | 1,584 |
Medium- and long-term debt | 3,016 | 2,796 |
Total liabilities | 79,074 | 86,719 |
Fixed rate reset non-cumulative perpetual preferred stock, series A, no par value, $100,000 liquidation preference per share: Authorized - 4,000 shares, Issued - 4,000 shares at 9/30/2022 and 12/31/2021 | 394 | 394 |
Common stock - $5 par value: Authorized - 325,000,000 shares; Issued - 228,164,824 shares | 1,141 | 1,141 |
Capital surplus | 2,209 | 2,175 |
Accumulated other comprehensive loss | (3,587) | (212) |
Retained earnings | 11,005 | 10,494 |
Less cost of common stock in treasury - 97,244,273 shares at 9/30/22 and 97,476,872 shares at 12/31/21 | (6,093) | (6,095) |
Total shareholders' equity | 5,069 | 7,897 |
Total liabilities and shareholders' equity | $ 84,143 | $ 94,616 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, No Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 4,000 | 4,000 |
Preferred Stock, Shares Issued | 4,000 | 4,000 |
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 | 97,244,273 | 97,476,872 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
INTEREST INCOME | |||||
Interest and fees on loans | $ 597 | $ 411 | $ 1,434 | $ 1,201 | |
Interest on investment securities | 119 | 70 | 296 | 209 | |
Interest on short-term investments | 34 | 8 | 66 | 17 | |
Total interest income | 750 | 489 | 1,796 | 1,427 | |
INTEREST EXPENSE | |||||
Interest on deposits | 16 | 5 | 24 | 17 | |
Interest on short-term borrowings | 1 | 0 | 1 | 0 | |
Interest on medium- and long-term debt | [1] | 26 | 9 | 47 | 27 |
Total interest expense | 43 | 14 | 72 | 44 | |
Net interest income | 707 | 475 | 1,724 | 1,383 | |
Provision for credit losses | 28 | (42) | 27 | (359) | |
Net interest income after provision for credit losses | 679 | 517 | 1,697 | 1,742 | |
NONINTEREST INCOME | |||||
Card fees | 67 | 72 | 205 | 227 | |
Fiduciary income | 58 | 58 | 178 | 171 | |
Service charges on deposit accounts | 50 | 50 | 148 | 145 | |
Derivative income | 35 | 20 | 86 | 72 | |
Commercial lending fees | 29 | 31 | 81 | 76 | |
Bank-owned life insurance | 12 | 12 | 37 | 32 | |
Letter of credit fees | 10 | 10 | 28 | 30 | |
Brokerage fees | 6 | 3 | 14 | 11 | |
Other noninterest income | 11 | 24 | 13 | 70 | |
Total noninterest income | 278 | 280 | 790 | 834 | |
NONINTEREST EXPENSES | |||||
Salaries and benefits expense | 307 | 282 | 890 | 841 | |
Outside processing fee expense | 64 | 65 | 188 | 200 | |
Occupancy expense | 44 | 40 | 122 | 117 | |
Software expense | 40 | 40 | 120 | 117 | |
Equipment expense | 12 | 13 | 36 | 38 | |
Advertising expense | 9 | 10 | 24 | 25 | |
FDIC insurance expense | 8 | 4 | 24 | 17 | |
Other noninterest expenses | 18 | 11 | 53 | 20 | |
Total noninterest expenses | 502 | 465 | 1,457 | 1,375 | |
Income before income taxes | 455 | 332 | 1,030 | 1,201 | |
Provision for income taxes | 104 | 70 | 229 | 261 | |
Net income (loss) | 351 | 262 | 801 | 940 | |
Less income allocated to participating securities | 2 | 1 | 4 | 4 | |
Preferred stock dividends | 6 | 6 | 17 | 17 | |
Net income attributable to common shares | $ 343 | $ 255 | $ 780 | $ 919 | |
Basic earnings per common share | $ 2.63 | $ 1.92 | $ 5.96 | $ 6.75 | |
Diluted earnings per common share | $ 2.60 | $ 1.90 | $ 5.88 | $ 6.67 | |
Comprehensive (loss) income | $ (1,282) | $ 175 | $ (2,574) | $ 669 | |
Cash dividends declared on common stock | $ 89 | $ 89 | $ 267 | $ 276 | |
Cash dividends declared per common share | $ 0.68 | $ 0.68 | $ 2.04 | $ 2.04 | |
[1]Includes the effects of hedging. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Nonredeemable Preferred Stock | Common Stock | Capital Surplus | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Treasury Stock |
BALANCE (in shares) at Dec. 31, 2020 | 139.2 | ||||||
BALANCE at Dec. 31, 2020 | $ 8,050 | $ 394 | $ 1,141 | $ 2,185 | $ 64 | $ 9,727 | $ (5,461) |
Net income | 940 | 940 | |||||
Other comprehensive loss, net of tax | (271) | (271) | |||||
Cash dividends declared on common stock | (276) | (276) | |||||
Cash dividends declared on preferred stock | (17) | (17) | |||||
Purchase of common stock | (673) | (24) | (649) | ||||
Purchase of common stock (in shares) | (9) | ||||||
Net issuance of common stock under employee stock plans | 14 | (27) | (8) | 49 | |||
Net issuance of common stock under employee stock plans (in shares) | 0.8 | ||||||
Share-based compensation | 36 | 36 | |||||
BALANCE at Sep. 30, 2021 | 7,803 | 394 | $ 1,141 | 2,170 | (207) | 10,366 | (6,061) |
BALANCE (in shares) at Sep. 30, 2021 | 131 | ||||||
BALANCE (in shares) at Jun. 30, 2021 | 133.9 | ||||||
BALANCE at Jun. 30, 2021 | 7,931 | 394 | $ 1,141 | 2,163 | (120) | 10,202 | (5,849) |
Net income | 262 | 262 | |||||
Other comprehensive loss, net of tax | (87) | (87) | |||||
Cash dividends declared on common stock | (89) | (89) | |||||
Cash dividends declared on preferred stock | (6) | (6) | |||||
Purchase of common stock | (220) | (220) | |||||
Purchase of common stock (in shares) | (3.1) | ||||||
Net issuance of common stock under employee stock plans | 5 | (3) | 8 | ||||
Net issuance of common stock under employee stock plans (in shares) | 0.2 | ||||||
Share-based compensation | 7 | 7 | |||||
BALANCE at Sep. 30, 2021 | 7,803 | 394 | $ 1,141 | 2,170 | (207) | 10,366 | (6,061) |
BALANCE (in shares) at Sep. 30, 2021 | 131 | ||||||
BALANCE (in shares) at Dec. 31, 2021 | 130.7 | ||||||
BALANCE at Dec. 31, 2021 | 7,897 | 394 | $ 1,141 | 2,175 | (212) | 10,494 | (6,095) |
Net income | 801 | 801 | |||||
Other comprehensive loss, net of tax | (3,375) | (3,375) | |||||
Cash dividends declared on common stock | (267) | (267) | |||||
Cash dividends declared on preferred stock | (17) | (17) | |||||
Purchase of common stock | (36) | (36) | |||||
Purchase of common stock (in shares) | (0.4) | ||||||
Net issuance of common stock under employee stock plans | 18 | (14) | (6) | 38 | |||
Net issuance of common stock under employee stock plans (in shares) | 0.6 | ||||||
Share-based compensation | 48 | 48 | |||||
BALANCE at Sep. 30, 2022 | 5,069 | 394 | $ 1,141 | 2,209 | (3,587) | 11,005 | (6,093) |
BALANCE (in shares) at Sep. 30, 2022 | 130.9 | ||||||
BALANCE (in shares) at Jun. 30, 2022 | 130.8 | ||||||
BALANCE at Jun. 30, 2022 | 6,435 | 394 | $ 1,141 | 2,204 | (1,954) | 10,752 | (6,102) |
Net income | 351 | 351 | |||||
Other comprehensive loss, net of tax | (1,633) | (1,633) | |||||
Cash dividends declared on common stock | (89) | (89) | |||||
Cash dividends declared on preferred stock | (6) | (6) | |||||
Net issuance of common stock under employee stock plans | 2 | (4) | (3) | 9 | |||
Net issuance of common stock under employee stock plans (in shares) | 0.1 | ||||||
Share-based compensation | 9 | 9 | |||||
BALANCE at Sep. 30, 2022 | $ 5,069 | $ 394 | $ 1,141 | $ 2,209 | $ (3,587) | $ 11,005 | $ (6,093) |
BALANCE (in shares) at Sep. 30, 2022 | 130.9 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared on stock, per common share | $ 0.68 | $ 0.68 | $ 2.04 | $ 2.04 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING ACTIVITIES | ||
Net income | $ 801 | $ 940 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 27 | (359) |
(Benefit) provision for deferred income taxes | (31) | 119 |
Depreciation and amortization | 71 | 76 |
Net periodic defined benefit credit | (68) | (61) |
Share-based compensation expense | 48 | 36 |
Net amortization of securities | 24 | 26 |
Net gains on sales of foreclosed property and other repossessed assets | (2) | 0 |
Net change in accrued income receivable | (95) | 17 |
Net change in accrued expenses payable | 18 | 84 |
Other, net | (752) | (673) |
Net cash provided by operating activities | 41 | 205 |
INVESTING ACTIVITIES | ||
Maturities and redemptions of investments securities available-for-sale | 2,003 | 4,203 |
Purchases of investment securities available-for-sale | (7,470) | (6,327) |
Net change in loans | (3,013) | 5,222 |
Proceeds from sales of foreclosed property and other repossessed assets | 3 | 8 |
Net increase in premises and equipment | (58) | (50) |
Payments to Acquire Federal Home Loan Bank Stock | (21) | 0 |
Redemptions of Federal Home Loan Bank stock | 0 | 115 |
Proceeds from bank-owned life insurance settlements | 28 | 10 |
Other, net | 0 | (11) |
Net cash (used in) provided by investing activities | (8,528) | 3,170 |
FINANCING ACTIVITIES | ||
Net change in deposits | (8,931) | 8,200 |
Net change in short-term borrowings | 508 | 0 |
Maturities and redemptions of medium- and long-term debt | 0 | (2,800) |
Issuances and advances of medium- and long-term debt | 500 | 0 |
Preferred stock cash dividends paid | (17) | (17) |
Repurchases of common stock | (43) | (679) |
Cash dividends paid on common stock | (266) | (281) |
Issuances of common stock under employee stock plans | 27 | 22 |
Other, net | 0 | 2 |
Net cash (used in) provided by financing activities | (8,222) | 4,447 |
Net (decrease) increase in cash and cash equivalents | (16,709) | 7,822 |
Cash and cash equivalents at beginning of period | 22,679 | 15,767 |
Cash and cash equivalents at end of period | 5,970 | 23,589 |
Interest paid | 55 | 47 |
Income taxes paid | $ 182 | $ 115 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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 nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021. Recently Issued Accounting Pronouncements In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures” (ASU 2022-02), which eliminates the accounting for troubled debt restructuring (TDR) while expanding modification and vintage disclosure requirements. Under the current guidance, a TDR occurs when a loan to a borrower experiencing financial difficulty is restructured with a concession provided that a creditor would not otherwise consider. ASU 2022-02 removes the TDR accounting model, instead requiring modifications to apply existing refinancing and restructuring guidance. The update also requires additional disclosures on the nature, magnitude and subsequent performance of certain types of modifications with borrowers experiencing financial difficulties. ASU 2022-02 further included a requirement to disclose gross charge-offs incurred by year of origination of the related loan or lease. ASU 2022-02 is effective for the Corporation on January 1, 2023, and must be applied prospectively, except that the recognition and measurement of TDRs may be applied using a modified retrospective approach. Early adoption is permitted. The Corporation is evaluating the impact of the new guidance to its disclosures but does not expect there to be a material impact on its financial condition or results of operation. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
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. Investment securities available-for-sale, derivatives, deferred compensation plans and equity securities with readily determinable fair values (primarily money market mutual funds) 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, 2021 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 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 September 30, 2022 and December 31, 2021. (in millions) Total Level 1 Level 2 Level 3 September 30, 2022 Deferred compensation plan assets $ 87 $ 87 $ — $ — Equity securities 53 53 — — Investment securities available-for-sale: U.S. Treasury securities 2,756 2,756 — — Residential mortgage-backed securities (a) 12,052 — 12,052 — Commercial mortgage-backed securities (a) 4,644 — 4,644 — Total investment securities available-for-sale 19,452 2,756 16,696 — Derivative assets: Interest rate contracts 212 — 212 — Energy contracts 1,325 — 1,325 — Foreign exchange contracts 80 — 80 — Total derivative assets 1,617 — 1,617 — Total assets at fair value $ 21,209 $ 2,896 $ 18,313 $ — Derivative liabilities: Interest rate contracts $ 741 $ — $ 741 $ — Energy contracts 1,316 — 1,316 — Foreign exchange contracts 74 — 74 — Other financial derivative 12 — — 12 Total derivative liabilities 2,143 — 2,131 12 Deferred compensation plan liabilities 87 87 — — Total liabilities at fair value $ 2,230 $ 87 $ 2,131 $ 12 December 31, 2021 Deferred compensation plan assets $ 113 $ 113 $ — $ — Equity securities 62 62 — — Investment securities available-for-sale: U.S. Treasury securities 2,993 2,993 — — Residential mortgage-backed securities (a) 13,288 — 13,288 — Commercial mortgage-backed securities (a) 705 — 705 — Total investment securities available-for-sale 16,986 2,993 13,993 — Derivative assets: Interest rate contracts 239 — 213 26 Energy contracts 670 — 670 — Foreign exchange contracts 19 — 19 — Total derivative assets 928 — 902 26 Total assets at fair value $ 18,089 $ 3,168 $ 14,895 $ 26 Derivative liabilities: Interest rate contracts $ 69 $ — $ 69 $ — Energy contracts 662 — 662 — Foreign exchange contracts 16 — 16 — Other financial derivative 13 — — 13 Total derivative liabilities 760 — 747 13 Deferred compensation plan liabilities 113 113 — — Total liabilities at fair value $ 873 $ 113 $ 747 $ 13 (a) Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. There were no transfers of assets or liabilities recorded at fair value on a recurring basis into or out of Level 3 fair value measurements during each of the three- and nine-month periods ended September 30, 2022 and 2021. The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three- and nine-month periods ended September 30, 2022 and 2021. Net Realized/Unrealized Gains (Losses) (Pretax) Recorded in Earnings (a) (in millions) Balance at Beginning of Period Realized Unrealized Settlements Balance at End of Period Three Months Ended September 30, 2022 Derivative liabilities: Other financial derivative $ (12) $ — $ — $ — $ (12) Three Months Ended September 30, 2021 Derivative assets: Interest rate contracts $ 29 $ — $ (2) $ — $ 27 Derivative liabilities: Other financial derivative (12) — — — (12) Nine Months Ended September 30, 2022 Derivative assets: Interest rate contracts $ 26 $ — $ — $ (26) $ — Derivative liabilities: Other financial derivative (13) — 1 — (12) Nine Months Ended September 30, 2021 Derivative assets: Interest rate contracts $ 39 $ — $ (12) $ — $ 27 Derivative liabilities: Other financial derivative (11) — (1) — (12) (a) Realized and unrealized gains and losses due to changes in fair value are recorded in other noninterest income on the Consolidated Statements of Comprehensive Income. Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis The Corporation may be required to record certain assets and liabilities at fair value on a nonrecurring basis. These include assets that are recorded at the lower of cost or fair value, and were recognized at fair value since it was less than cost at the end of the period. The following table presents assets recorded at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021. No liabilities were recorded at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021. (in millions) Level 3 September 30, 2022 Loans: Commercial $ 53 Real estate construction 2 Commercial mortgage 14 Total assets at fair value $ 69 December 31, 2021 Loans: Commercial $ 125 Real estate construction 4 Commercial mortgage 17 International 4 Total assets at fair value $ 150 Level 3 assets recorded at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021 included both nonaccrual loans and TDRs for which a specific allowance was established based on the fair value of collateral. 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 observable inputs, although they are used in the determination of fair value. Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on a Recurring Basis The Corporation typically holds the majority of its financial instruments until maturity and thus does not expect to realize many of the estimated fair value amounts disclosed. The disclosures also do not include estimated fair value amounts for items that are not defined as financial instruments, but which have significant value. These include such items as core deposit intangibles, the future earnings potential of significant customer relationships and the value of trust operations and other fee generating businesses. The Corporation believes the imprecision of an estimate could be significant. The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on the Corporation’s Consolidated Balance Sheets are as follows: Carrying Estimated Fair Value (in millions) Total Level 1 Level 2 Level 3 September 30, 2022 Assets Cash and due from banks $ 1,735 $ 1,735 $ 1,735 $ — $ — Interest-bearing deposits with banks 4,235 4,235 4,235 — — Other short-term investments 16 16 16 — — Loans held-for-sale 3 3 — 3 — Total loans, net of allowance for loan losses (a) 51,136 48,521 — — 48,521 Customers’ liability on acceptances outstanding 5 5 5 — — Restricted equity investments 113 113 113 — — Nonmarketable equity securities (b) 5 12 Liabilities Demand deposits (noninterest-bearing) 42,296 42,296 — 42,296 — Interest-bearing deposits 29,059 29,059 — 29,059 — Customer certificates of deposit 1,661 1,621 — 1,621 — Total deposits 73,016 72,976 — 72,976 — Acceptances outstanding 5 5 5 — — Medium- and long-term debt 3,016 3,035 — 3,035 — Credit-related financial instruments (76) (76) — — (76) December 31, 2021 Assets Cash and due from banks $ 1,236 $ 1,236 $ 1,236 $ — $ — Interest-bearing deposits with banks 21,443 21,443 21,443 — — Other short-term investments 16 16 16 — — Loans held-for-sale 6 6 — 6 — Total loans, net of allowance for loan losses (a) 48,697 49,127 — — 49,127 Customers’ liability on acceptances outstanding 5 5 5 — — Restricted equity investments 92 92 92 — — Nonmarketable equity securities (b) 5 10 Liabilities Demand deposits (noninterest-bearing) 45,800 45,800 — 45,800 — Interest-bearing deposits 34,566 34,566 — 34,566 — Customer certificates of deposit 1,973 1,968 — 1,968 — Total deposits 82,339 82,334 — 82,334 — Acceptances outstanding 5 5 5 — — Medium- and long-term debt 2,796 2,854 — 2,854 — Credit-related financial instruments (59) (59) — — (59) (a) Included $69 million and $150 million of loans recorded at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021, respectively. (b) 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 | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES A summary of the Corporation’s investment securities, which are defined by the Corporation as debt securities reported on the Consolidated Balance Sheet as investment securities available-for-sale, follows: (in millions) Amortized Gross Gross Fair Value September 30, 2022 Investment securities available-for-sale: U.S. Treasury securities $ 2,918 $ — $ 162 $ 2,756 Residential mortgage-backed securities (a) 14,390 — 2,338 12,052 Commercial mortgage-backed securities (a) 5,251 — 607 4,644 Total investment securities available-for-sale $ 22,559 $ — $ 3,107 $ 19,452 December 31, 2021 Investment securities available-for-sale: U.S. Treasury securities $ 3,010 $ 22 $ 39 $ 2,993 Residential mortgage-backed securities (a) 13,397 67 176 13,288 Commercial mortgage-backed securities (a) 709 2 6 705 Total investment securities available-for-sale $ 17,116 $ 91 $ 221 $ 16,986 (a) Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. A summary of the Corporation’s investment securities in an unrealized loss position as of September 30, 2022 and December 31, 2021 follows: Less than 12 Months 12 Months or more Total (in millions) Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2022 U.S. Treasury securities $ 1,093 $ 8 $ 1,663 $ 154 $ 2,756 $ 162 Residential mortgage-backed securities (a) 7,648 1,157 4,398 1,181 12,046 2,338 Commercial mortgage-backed securities (a) 4,477 564 167 43 4,644 607 Total temporarily impaired securities $ 13,218 $ 1,729 $ 6,228 $ 1,378 $ 19,446 $ 3,107 December 31, 2021 U.S. Treasury securities $ 465 $ 6 $ 1,334 $ 33 $ 1,799 $ 39 Residential mortgage-backed securities (a) 7,197 128 1,128 48 8,325 176 Commercial mortgage-backed securities (a) 346 6 — — 346 6 Total temporarily impaired securities $ 8,008 $ 140 $ 2,462 $ 81 $ 10,470 $ 221 (a) Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. Unrealized losses on investment securities resulted from changes in market interest rates. The Corporation’s portfolio is comprised of securities issued or guaranteed by the U.S. government or government-sponsored enterprises. As such, it is expected that the securities would not be settled at a price less than the amortized cost of the investments. Further, the Corporation does not intend to sell the investments, and it is not more likely than not that it will be required to sell the investments before recovery of amortized costs. At September 30, 2022, the Corporation had 1,290 securities in an unrealized loss position with no allowance for credit losses, comprised of 28 U.S. Treasury securities, 1,008 residential mortgage-backed securities and 254 commercial mortgage-backed securities. Interest receivable on investment securities totaled $48 million at September 30, 2022 and $36 million at December 31, 2021 and was included in accrued income and other assets on the Consolidated Balance Sheets. Sales, calls and write-downs of investment securities available-for-sale, computed based on the adjusted cost of the specific security, resulted in no gains or losses during the three months ended and nine months ended September 30, 2022 or September 30, 2021. The following table summarizes the amortized cost and fair values of investment securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. The actual cash flows of mortgage-backed securities may differ as borrowers of the underlying loans may exercise prepayment options. 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) September 30, 2022 Amortized Cost Fair Value Contractual maturity Within one year $ 1,101 $ 1,092 After one year through five years 2,061 1,898 After five years through ten years 5,522 4,910 After ten years 13,875 11,552 Total investment securities $ 22,559 $ 19,452 At September 30, 2022, investment securities with a carrying value of $2.8 billion were pledged where permitted or required by law, including $1.1 billion pledged to the Federal Home Loan Bank (FHLB) as collateral for potential future borrowings and $1.7 billion to secure $1.2 billion of liabilities, primarily public and other deposits of state and local government agencies as well as derivative instruments. For information on FHLB borrowings, refer to Note 7. |
Credit Quality And Allowance Fo
Credit Quality And Allowance For Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
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 amortized cost basis of loans. Loans Past Due and Still Accruing (in millions) 30-59 60-89 90 Days Total Nonaccrual Current Total September 30, 2022 Business loans: Commercial $ 247 $ 44 $ 64 $ 355 $ 154 $ 30,204 $ 30,713 Real estate construction: Commercial Real Estate business line (b) — — — — — 2,022 2,022 Other business lines (c) — — 2 2 4 589 595 Total real estate construction — — 2 2 4 2,611 2,617 Commercial mortgage: Commercial Real Estate business line (b) 32 — — 32 1 4,068 4,101 Other business lines (c) 21 7 4 32 24 8,281 8,337 Total commercial mortgage 53 7 4 64 25 12,349 12,438 Lease financing 6 — — 6 — 707 713 International 6 — — 6 5 1,205 1,216 Total business loans 312 51 70 433 188 47,076 47,697 Retail loans: Residential mortgage 9 2 — 11 56 1,686 1,753 Consumer: Home equity 6 1 — 7 14 1,687 1,708 Other consumer 31 3 2 36 1 517 554 Total consumer 37 4 2 43 15 2,204 2,262 Total retail loans 46 6 2 54 71 3,890 4,015 Total loans $ 358 $ 57 $ 72 $ 487 $ 259 $ 50,966 $ 51,712 December 31, 2021 Business loans: Commercial $ 35 $ 18 $ 6 $ 59 $ 173 $ 29,134 $ 29,366 Real estate construction: Commercial Real Estate business line (b) — — — — — 2,391 2,391 Other business lines (c) 15 1 — 16 6 535 557 Total real estate construction 15 1 — 16 6 2,926 2,948 Commercial mortgage: Commercial Real Estate business line (b) — — — — 1 3,337 3,338 Other business lines (c) 18 4 16 38 31 7,848 7,917 Total commercial mortgage 18 4 16 38 32 11,185 11,255 Lease financing 5 — — 5 — 635 640 International 5 8 1 14 5 1,189 1,208 Total business loans 78 31 23 132 216 45,069 45,417 Retail loans: Residential mortgage 4 — — 4 36 1,731 1,771 Consumer: Home equity 4 3 — 7 12 1,514 1,533 Other consumer 32 1 4 37 — 527 564 Total consumer 36 4 4 44 12 2,041 2,097 Total retail loans 40 4 4 48 48 3,772 3,868 Total loans $ 118 $ 35 $ 27 $ 180 $ 264 $ 48,841 $ 49,285 (a) Includes $22 million of loans with deferred payments not considered past due in accordance with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) at December 31, 2021. (b) Primarily loans to real estate developers. (c) Primarily loans secured by owner-occupied real estate. The following table presents loans by credit quality indicator (CQI) and vintage year. CQI is 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. Vintage year is the year of origination or major modification. September 30, 2022 Vintage Year (in millions) 2022 2021 2020 2019 2018 Prior Revolvers Revolvers Converted to Term Total Business loans: Commercial: Pass (a) $ 3,311 (b) $ 3,786 (b) $ 1,060 (b) $ 1,111 $ 631 $ 1,108 $ 18,410 $ 8 $ 29,425 Criticized (c) 36 223 112 81 55 85 694 2 1,288 Total commercial 3,347 4,009 1,172 1,192 686 1,193 19,104 10 30,713 Real estate construction Pass (a) 448 969 748 230 66 30 122 — 2,613 Criticized (c) — — 3 — 1 — — — 4 Total real estate construction 448 969 751 230 67 30 122 — 2,617 Commercial mortgage Pass (a) 2,425 2,480 1,770 1,445 1,136 2,435 575 — 12,266 Criticized (c) 6 16 11 36 30 73 — — 172 Total commercial mortgage 2,431 2,496 1,781 1,481 1,166 2,508 575 — 12,438 Lease financing Pass (a) 236 148 70 51 39 141 — — 685 Criticized (c) 10 — 2 8 7 1 — — 28 Total lease financing 246 148 72 59 46 142 — — 713 International Pass (a) 287 206 59 72 21 15 499 — 1,159 Criticized (c) 7 5 3 — 5 10 27 — 57 Total international 294 211 62 72 26 25 526 — 1,216 Total business loans 6,766 7,833 3,838 3,034 1,991 3,898 20,327 10 47,697 Retail loans: Residential mortgage Pass (a) 242 398 484 135 70 366 — — 1,695 Criticized (c) 1 4 1 8 3 41 — — 58 Total residential mortgage 243 402 485 143 73 407 — — 1,753 Consumer: Home equity Pass (a) — — — — — 10 1,642 39 1,691 Criticized (c) — — — — — — 14 3 17 Total home equity — — — — — 10 1,656 42 1,708 Other consumer Pass (a) 75 39 59 8 1 10 360 — 552 Criticized (c) — — — 2 — — — — 2 Total other consumer 75 39 59 10 1 10 360 — 554 Total consumer 75 39 59 10 1 20 2,016 42 2,262 Total retail loans 318 441 544 153 74 427 2,016 42 4,015 Total loans $ 7,084 $ 8,274 $ 4,382 $ 3,187 $ 2,065 $ 4,325 $ 22,343 $ 52 $ 51,712 Table continues on the following page. December 31, 2021 Vintage Year 2021 2020 2019 2018 2017 Prior Revolvers Revolvers Converted to Term Total Business loans: Commercial: Pass (a) $ 5,270 (b) $ 1,740 (b) $ 1,528 $ 947 $ 713 $ 763 $ 17,241 $ 10 $ 28,212 Criticized (c) 101 120 105 86 26 94 620 2 1,154 Total commercial 5,371 1,860 1,633 1,033 739 857 17,861 12 29,366 Real estate construction: Pass (a) 458 858 849 424 158 34 132 — 2,913 Criticized (c) — 3 — 13 8 8 3 — 35 Total real estate construction 458 861 849 437 166 42 135 — 2,948 Commercial mortgage: Pass (a) 2,491 1,932 1,444 1,343 1,018 2,298 481 — 11,007 Criticized (c) 17 44 50 22 23 87 5 — 248 Total commercial mortgage 2,508 1,976 1,494 1,365 1,041 2,385 486 — 11,255 Lease financing Pass (a) 166 88 97 50 38 179 — — 618 Criticized (c) — 2 10 8 1 1 — — 22 Total lease financing 166 90 107 58 39 180 — — 640 International Pass (a) 381 141 103 29 1 16 480 — 1,151 Criticized (c) 20 10 3 5 4 8 7 — 57 Total international 401 151 106 34 5 24 487 — 1,208 Total business loans 8,904 4,938 4,189 2,927 1,990 3,488 18,969 12 45,417 Retail loans: Residential mortgage Pass (a) 443 527 164 83 111 407 — — 1,735 Criticized (c) 5 — 1 2 7 21 — — 36 Total residential mortgage 448 527 165 85 118 428 — — 1,771 Consumer: Home equity Pass (a) — — — — — 11 1,460 45 1,516 Criticized (c) — — — — — 1 12 4 17 Total home equity — — — — — 12 1,472 49 1,533 Other consumer Pass (a) 101 68 13 9 1 31 337 — 560 Criticized (c) — — — — — — 4 — 4 Total other consumer 101 68 13 9 1 31 341 — 564 Total consumer 101 68 13 9 1 43 1,813 49 2,097 Total retail loans 549 595 178 94 119 471 1,813 49 3,868 Total loans $ 9,453 $ 5,533 $ 4,367 $ 3,021 $ 2,109 $ 3,959 $ 20,782 $ 61 $ 49,285 (a) Includes all loans not included in the categories of special mention, substandard or nonaccrual. (b) Includes Small Business Administration Paycheck Protection Program (PPP) loans of $46 million and $458 million at September 30, 2022 and December 31, 2021, respectively. (c) Includes loans with an internal rating of special mention, substandard loans for which the accrual of interest has not been discontinued and nonaccrual loans. Special mention loans 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. Accruing substandard loans 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 are also distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. 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-52 in the Corporation's 2021 Annual Report. These categories are generally consistent with the "special mention" and "substandard" categories as defined by regulatory authorities. A minority of nonaccrual loans are consistent with the "doubtful" category. Loan interest receivable totaled $202 million and $120 million at September 30, 2022 and December 31, 2021, respectively and was included in accrued income and other assets on the Consolidated Balance Sheets. Allowance for Credit Losses The following table details the changes in the allowance for credit losses. 2022 2021 (in millions) Business Loans Retail Loans Total Business Loans Retail Loans Total Three Months Ended September 30 Balance at beginning of period: Allowance for loan losses $ 502 $ 61 $ 563 $ 589 $ 63 $ 652 Allowance for credit losses on lending-related commitments 34 12 46 24 7 31 Allowance for credit losses 536 73 609 613 70 683 Loan charge-offs (25) (1) (26) (26) — (26) Recoveries on loans previously charged-off 12 1 13 22 2 24 Net loan (charge-offs) recoveries (13) — (13) (4) 2 (2) Provision for credit losses: Provision for loan losses 24 2 26 (31) (10) (41) Provision for credit losses on lending-related commitments 2 — 2 — (1) (1) Provision for credit losses 26 2 28 (31) (11) (42) Balance at end of period: Allowance for loan losses 513 63 576 554 55 609 Allowance for credit losses on lending-related commitments 36 12 48 24 6 30 Allowance for credit losses $ 549 $ 75 $ 624 $ 578 $ 61 $ 639 Nine Months Ended September 30 Balance at beginning of period Allowance for loan losses $ 531 $ 57 $ 588 $ 895 $ 53 $ 948 Allowance for credit losses on lending-related commitments 24 6 30 35 9 44 Allowance for credit losses 555 63 618 930 62 992 Loan charge-offs (55) (2) (57) (48) (2) (50) Recoveries on loans previously charged-off 33 3 36 53 3 56 Net loan (charge-offs) recoveries (22) 1 (21) 5 1 6 Provision for credit losses: Provision for loan losses 4 5 9 (346) 1 (345) Provision for credit losses on lending-related commitments 12 6 18 (11) (3) (14) Provision for credit losses 16 11 27 (357) (2) (359) Balance at end of period: Allowance for loan losses 513 63 576 554 55 609 Allowance for credit losses on lending-related commitments 36 12 48 24 6 30 Allowance for credit losses $ 549 $ 75 $ 624 $ 578 $ 61 $ 639 Allowance for loan losses as a percentage of total loans 1.07 % 1.58 % 1.11 % 1.25 % 1.42 % 1.26 % Allowance for credit losses as a percentage of total loans 1.15 1.88 1.21 1.30 1.57 1.33 Nonaccrual Loans The following table presents additional information regarding nonaccrual loans. Interest income of $3 million and $4 million was recognized on nonaccrual loans for the three months ended September 30, 2022 and 2021, respectively, and $7 million and $8 million for the nine months ended September 30, 2022 and 2021, respectively. (in millions) Nonaccrual Nonaccrual Total September 30, 2022 Business loans: Commercial $ 74 $ 80 $ 154 Real estate construction: Other business lines (a) — 4 4 Commercial mortgage: Commercial Real Estate business line (b) — 1 1 Other business lines (a) 4 20 24 Total commercial mortgage 4 21 25 International 5 — 5 Total business loans 83 105 188 Retail loans: Residential mortgage 56 — 56 Consumer: Home equity 14 — 14 Other consumer 1 — 1 Total consumer 15 — 15 Total retail loans 71 — 71 Total nonaccrual loans $ 154 $ 105 $ 259 December 31, 2021 Business loans: Commercial $ 8 $ 165 $ 173 Real estate construction: Other business lines (a) — 6 6 Commercial mortgage: Commercial Real Estate business line (b) — 1 1 Other business lines (a) 4 27 31 Total commercial mortgage 4 28 32 International — 5 5 Total business loans 12 204 216 Retail loans: Residential mortgage 36 — 36 Consumer: Home equity 12 — 12 Total retail loans 48 — 48 Total nonaccrual loans $ 60 $ 204 $ 264 (a) Primarily loans secured by owner-occupied real estate. (b) Primarily loans to real estate developers. Foreclosed Properties Foreclosed properties were insignificant at September 30, 2022, compared to $1 million at December 31, 2021. Retail loans secured by residential real estate properties in process of foreclosure included in nonaccrual loans were insignificant at September 30, 2022, compared to none at December 31, 2021. Troubled Debt Restructurings The following table details the amortized cost basis at September 30, 2022 and 2021 of loans considered to be TDRs that were restructured during the three- and nine-month periods ended September 30, 2022 and 2021, 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. 2022 2021 (a) Type of Modification Type of Modification (in millions) Principal Deferrals (b) Interest Rate Reductions Total Modifications Principal Deferrals (b) Interest Rate Reductions Total Modifications Three Months Ended September 30, Business loans: Commercial $ 27 $ — $ 27 $ — $ — $ — Commercial mortgage: Other business lines (c) 7 — 7 — — — Total business loans 34 — 34 — — — Retail loans: Residential mortgage — 5 5 — — — Total loans $ 34 $ 5 $ 39 $ — $ — $ — Nine Months Ended September 30, Business loans: Commercial $ 34 $ — $ 34 $ — $ — $ — Real estate construction: Other business lines (c) 3 — $ 3 — — — Commercial mortgage: Other business lines (c) 15 — 15 — — — Total business loans 52 — 52 — — — Retail loans: Residential mortgage — 5 5 — — — Consumer: Home equity (d) 1 — 1 — 1 1 Total loans $ 53 $ 5 $ 58 $ — $ 1 $ 1 (a) Under the provisions of the CARES Act, qualifying COVID-19-related modifications, primarily principal deferrals, were not considered TDRs during the nine months ended September 30, 2021. (b) Primarily represents loan balances where terms were extended by more than an insignificant time period, typically more than 180 days, at or above contractual interest rates. Also includes commercial loans restructured in bankruptcy. (c) Primarily loans secured by owner-occupied real estate. (d) Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. The Corporation charges interest on principal balances outstanding during deferral periods. Additionally, none of the modifications involved forgiveness of principal. Commitments to lend additional funds to borrowers whose terms have been modified in TDRs were $1 million at September 30, 2022 compared to none at December 31, 2021, respectively. On an ongoing basis, the Corporation monitors the performance of modified loans to their restructured terms. The allowance for loan losses continues to be reassessed on the basis of an individual evaluation of the loan. |
Derivative And Credit-Related F
Derivative And Credit-Related Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
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 positions are monitored 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. 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. Master netting arrangements effectively reduce credit valuation adjustments 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. At September 30, 2022, counterparties with bilateral collateral agreements deposited $196 million of cash with the Corporation to secure the fair value of contracts in an unrealized gain position, and the Corporation had pledged $127 million of marketable investment securities and posted $280 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. 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 taking offsetting positions 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 September 30, 2022 and December 31, 2021. The table excludes a derivative related to the Corporation's 2008 sale of its remaining ownership of Visa shares and includes accrued interest receivable and payable. September 30, 2022 December 31, 2021 Fair Value Fair Value (in millions) Notional/ Gross Derivative Assets Gross Derivative Liabilities Notional/ Gross Derivative Assets Gross Derivative Liabilities Risk management purposes Derivatives designated as hedging instruments Interest rate contracts: Fair value swaps - receive fixed/pay floating $ 3,150 $ — $ — $ 2,650 $ — $ — Cash flow swaps - receive fixed/pay floating (b) 26,100 — 109 8,050 — — Derivatives used as economic hedges Foreign exchange contracts: Spot, forwards and swaps 460 4 3 452 — 2 Total risk management purposes 29,710 4 112 11,152 — 2 Customer-initiated and other activities Interest rate contracts: Caps and floors written 924 — 23 809 — 3 Caps and floors purchased 924 23 — 809 3 — Swaps 18,623 189 609 19,382 236 66 Total interest rate contracts 20,471 212 632 21,000 239 69 Energy contracts: Caps and floors written 4,076 — 544 1,779 — 203 Caps and floors purchased 4,076 544 — 1,779 204 — Swaps 6,590 781 772 4,212 466 459 Total energy contracts 14,742 1,325 1,316 7,770 670 662 Foreign exchange contracts: Spot, forwards, options and swaps 2,458 76 71 1,716 19 14 Total customer-initiated and other activities 37,671 1,613 2,019 30,486 928 745 Total gross derivatives $ 67,381 1,617 2,131 $ 41,638 928 747 Amounts offset in the Consolidated Balance Sheets: Netting adjustment - Offsetting derivative assets/liabilities (785) (785) (187) (187) Netting adjustment - Cash collateral received/posted (194) (277) (15) (452) Net derivatives included in the Consolidated Balance Sheets (c) 638 1,069 726 108 Amounts not offset in the Consolidated Balance Sheets: Marketable securities pledged under bilateral collateral agreements (28) (128) — (52) Net derivatives after deducting amounts not offset in the Consolidated Balance Sheets $ 610 $ 941 $ 726 $ 56 (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) September 30, 2022 included $10.8 billion of forward starting swaps that will become effective on their contractual start dates in 2022, 2023 and 2024. (c) 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 $3 million and $9 million at September 30, 2022 and December 31, 2021, respectively. Risk Management The Corporation's derivative instruments used for managing interest rate risk include cash flow hedging strategies that convert variable-rate loans to fixed rates and fair value hedging strategies that convert fixed-rate medium- and long-term debt to variable rates. Interest and fees on loans included $(2) million and $24 million of cash flow hedge (loss) income for the three-month periods ended September 30, 2022 and 2021, respectively, and $45 million and $72 million for the nine-month periods ended September 30, 2022 and 2021, respectively. The following table details the effects of fair value hedging on the Consolidated Statements of Comprehensive Income. Interest on Medium- and Long-Term Debt Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Total interest on medium- and long-term debt (a) $ 26 $ 9 $ 47 $ 27 Fair value hedging relationships: Interest rate contracts: Hedged items 28 25 79 76 Derivatives designated as hedging instruments (2) (17) (32) (51) (a) Includes the effects of hedging. For information on accumulated net (losses) gains on cash flow hedges, refer to Note 8. The following tables summarize the expected weighted average remaining maturity of the notional amount of risk management interest rate swaps, the weighted average interest rates associated with amounts expected to be received or paid on interest rate swap agreements, and for fair value swaps, the carrying amount of the related hedged items, as of September 30, 2022 and December 31, 2021. Cash flow swaps - receive fixed/pay floating rate on variable-rate loans September 30, 2022 December 31, 2021 Weighted average: Time to maturity (in years) 4.7 2.4 Receive rate (a) 2.20 % 1.84 % Pay rate (a), (b) 2.48 0.10 (a) Excludes forward starting swaps not effective as of the period shown. September 30, 2022 excluded $10.8 billion of forward starting swaps. December 31, 2021 excluded $3.0 billion of forward starting swaps. (b) Variable rates paid on receive fixed swaps designated as cash flow hedges are based on one-month LIBOR, BSBY or Secured Overnight Financing Rate (SOFR) rates in effect at September 30, 2022 and December 31, 2021. Derivative contracts with maturity dates beyond the LIBOR cessation date will fall back to the daily SOFR with a spread adjustment. Fair value swaps - receive fixed/pay floating rate on medium- and long-term debt (dollar amounts in millions) September 30, 2022 December 31, 2021 Carrying value of hedged items (a) $ 3,016 $ 2,796 Weighted average: Time to maturity (in years) 4.2 3.6 Receive rate 3.52 % 3.68 % Pay rate (b) 3.87 1.08 (a) Included $(132) million and $145 million of cumulative hedging adjustments at September 30, 2022 and December 31, 2021, respectively, which included $4 million and $5 million, respectively, of hedging adjustment on a discontinued hedging relationship. (b) Floating rates paid on receive fixed swaps designated as fair value hedges are based on one-month LIBOR rates in effect at September 30, 2022 and December 31, 2021. Derivative contracts with maturity dates beyond the LIBOR cessation date will fall back to the daily SOFR with a spread adjustment. 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 in net gains in other noninterest income on the Consolidated Statements of Comprehensive Income for the three months ended September 30, 2022 and recognized no net gains and losses for the three months ended September 30, 2021 and nine months ended September 30, 2022 and 2021, respectively. Fair values of customer-initiated and other derivative instruments represent the net unrealized gains or losses on such contracts and are recorded on the Consolidated Balance Sheets. Changes in fair value are recognized on the Consolidated Statements of Comprehensive Income. The net gains recognized in income on customer-initiated derivative instruments, net of the impact of offsetting positions included in derivative income, were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Interest rate contracts $ 9 $ 2 $ 28 $ 26 Energy contracts 14 7 22 13 Foreign exchange contracts 12 11 36 33 Total $ 35 $ 20 $ 86 $ 72 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) September 30, 2022 December 31, 2021 Unused commitments to extend credit: Commercial and other $ 29,530 $ 25,910 Bankcard, revolving credit and home equity loan commitments 3,936 3,554 Total unused commitments to extend credit $ 33,466 $ 29,464 Standby letters of credit $ 3,390 $ 3,378 Commercial letters of credit 34 44 The Corporation maintains an allowance to cover current expected credit losses inherent in lending-related commitments, including unused commitments to extend credit, letters of credit and financial guarantees. The allowance for credit losses on lending-related commitments, included in accrued expenses and other liabilities on the Consolidated Balance Sheets, was $48 million and $30 million at September 30, 2022 and December 31, 2021, 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 $44 million at September 30, 2022 and $27 million at December 31, 2021 for expected 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 2028. 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 $110 million and $98 million at September 30, 2022 and December 31, 2021, respectively, of the $3.4 billion of standby and commercial letters of credit outstanding at both September 30, 2022 and December 31, 2021. 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 $32 million at September 30, 2022, including $28 million in deferred fees and $4 million in the allowance for credit losses on lending-related commitments. At December 31, 2021, the comparable amounts were $32 million, $29 million and $3 million, respectively. The following table presents a summary of criticized standby and commercial letters of credit at September 30, 2022 and December 31, 2021. 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) September 30, 2022 December 31, 2021 Total criticized standby and commercial letters of credit $ 35 $ 37 As a percentage of total outstanding standby and commercial letters of credit 1.0 % 1.1 % 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 agreements 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 as if the Corporation had entered into the derivative instruments directly with the borrower. The notional amount of such credit risk participation agreements reflects the pro-rata share of the derivative instrument, consistent with its share of the related participated loan. The total notional amount of the credit risk participation agreements was approximately $894 million and $1.1 billion at September 30, 2022 and December 31, 2021, respectively, and the fair value was insignificant at September 30, 2022 and $1 million at December 31, 2021. 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 insignificant at September 30, 2022 and $30 million at December 31, 2021. 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 September 30, 2022, the weighted average remaining maturity of outstanding credit risk participation agreements was 3.9 years. In 2008, the Corporation sold its remaining ownership of Visa Class B shares and entered into a derivative contract. Under the terms of the derivative contract, the Corporation will compensate the counterparty primarily for dilutive adjustments made to the conversion factor of the Visa Class B shares to Class A shares based on the ultimate outcome of litigation involving Visa. Conversely, the Corporation will be compensated by the counterparty for any increase in the conversion factor from anti-dilutive adjustments. The notional amount of the derivative contract was equivalent to approximately 780,000 Visa Class B Shares. The fair value of the derivative liability, included in accrued expenses and other liabilities on the Consolidated Balance Sheets, was $12 million and $13 million at September 30, 2022 and December 31, 2021, respectively. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 9 Months Ended |
Sep. 30, 2022 | |
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 (other tax credit entities). As an investor, the Corporation obtains income tax credits and deductions from the operating losses of these tax credit entities. These tax credit entities meet the definition of a VIE; however, the Corporation is not the primary beneficiary of the entities, as the general partner or the managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. The Corporation accounts for its interests in LIHTC entities using the proportional amortization method. Ownership interests in 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 LIHTC entities and other tax credit entities at September 30, 2022 was limited to $451 million and $18 million, respectively. 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 ($176 million at September 30, 2022). 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 nine months ended September 30, 2022 and 2021. The following table summarizes the impact of these tax credit entities on the Corporation’s Consolidated Statements of Comprehensive Income. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Provision for income taxes: Amortization of LIHTC investments $ 19 $ 18 $ 54 $ 53 Low income housing tax credits (18) (17) (51) (50) Other tax benefits related to tax credit entities (5) (5) (14) (13) Total provision for income taxes $ (4) $ (4) $ (11) $ (10) For further information on the Corporation’s consolidation policy, see Note 1 to the consolidated financial statements in the Corporation's 2021 Annual Report. |
Medium- And Long-Term Debt
Medium- And Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Medium- And Long-Term Debt | MEDIUM- AND LONG-TERM DEBT Medium- and long-term debt is summarized as follows: (in millions) September 30, 2022 December 31, 2021 Parent company Subordinated notes: 3.80% subordinated notes due 2026 (a) $ 236 $ 265 Medium- and long-term notes: 3.70% notes due July 2023(a) 840 877 4.00% notes due 2029 (a) 510 594 Total medium- and long-term notes 1,350 1,471 Total parent company 1,586 1,736 Subsidiaries Subordinated notes: 4.00% subordinated notes due 2025 (a) 331 363 7.875% subordinated notes due 2026 (a) 166 190 5.332% subordinated notes due 2033 (a) 458 — Total subordinated notes 955 553 Medium- and long-term notes: 2.50% notes due 2024 (a) 475 507 Total subsidiaries 1,430 1,060 Total medium- and long-term debt $ 3,016 $ 2,796 (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. 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. Borrowing capacity is contingent on the amount of collateral available to be pledged to the FHLB. At September 30, 2022, $17.9 billion of real estate-related loans and $1.1 billion of investment securities were pledged to the FHLB as collateral for $500 million in short-term advances and providing an additional $9.6 billion of potential future borrowings. In third quarter 2022, the Bank issued $500 million of fixed-to-floating rate subordinated notes due in 2033, with a rate of 5.332% for the first ten years. The rate on the subordinated notes will reset on August 25, 2032 to Secured Overnight Financing Rate (SOFR) plus 261 basis points until called or matured. Additionally, the Bank entered into a fair value fixed-to- floating rate swap in which the Bank received a fixed rate of 2.67% and will pay a floating rate based on the SOFR for the first 10 years. Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $9 million and $7 million at September 30, 2022 and December 31, 2021, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2022 | |
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 loss for the nine months ended September 30, 2022 and 2021, including the amount of income tax benefit allocated to each component of other comprehensive loss. Nine Months Ended September 30, (in millions) 2022 2021 Accumulated net unrealized losses on investment securities: Balance at beginning of period, net of tax $ (99) $ 211 Net unrealized losses arising during the period (2,977) (280) Less: Benefit for income taxes (701) (66) Change in net unrealized losses on investment securities, net of tax (2,276) (214) Balance at end of period, net of tax $ (2,375) $ (3) Accumulated net (losses) gains on cash flow hedges: Balance at beginning of period, net of tax $ 55 $ 155 Net cash flow hedge losses arising during the period (1,397) (13) Less: Benefit for income taxes (329) (3) Change in net cash flow hedge (losses) gains arising during the period, net of tax (1,068) (10) Less: Net cash flow hedge gains included in interest and fees on loans 45 72 Less: Provision for income taxes 11 16 Reclassification adjustment for net cash flow hedge gains included in net income, net of tax 34 56 Change in net cash flow hedge (losses) gains, net of tax (1,102) (66) Balance at end of period, net of tax (a) $ (1,047) $ 89 Accumulated defined benefit pension and other postretirement plans adjustment: Balance at beginning of period, net of tax $ (168) $ (302) Amounts recognized in other noninterest expenses: Amortization of actuarial net loss 21 30 Amortization of prior service credit (18) (19) Total amounts recognized in other noninterest expenses 3 11 Less: Provision for income taxes — 2 Adjustment for amounts recognized as components of net periodic benefit credit during the period, net of tax 3 9 Change in defined benefit pension and other postretirement plans adjustment, net of tax 3 9 Balance at end of period, net of tax $ (165) $ (293) Total accumulated other comprehensive loss at end of period, net of tax $ (3,587) $ (207) (a) The Corporation expects to reclassify $342 million of losses, net of tax, from accumulated other comprehensive loss to earnings over the next twelve months if interest yield curves and notional amounts remain at September 30, 2022 levels. |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, Nine Months Ended September 30, (in millions, except per share data) 2022 2021 2022 2021 Basic and diluted Net income $ 351 $ 262 $ 801 $ 940 Less: Income allocated to participating securities 2 1 4 4 Preferred stock dividends 6 6 17 17 Net income attributable to common shares $ 343 $ 255 $ 780 $ 919 Basic average common shares 131 133 131 136 Basic net income per common share $ 2.63 $ 1.92 $ 5.96 $ 6.75 Basic average common shares 131 133 131 136 Dilutive common stock equivalents: Net effect of the assumed exercise of stock awards 1 1 2 2 Diluted average common shares 132 134 133 138 Diluted net income per common share $ 2.60 $ 1.90 $ 5.88 $ 6.67 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 September 30, Nine Months Ended September 30, (average outstanding options in thousands) 2022 2021 2022 2021 Average outstanding options 373 440 337 443 Range of exercise prices $79.01 - $95.25 $73.24 - $95.25 $70.18 - $95.25 $73.24 - $95.25 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Net periodic defined benefit cost (credit) is comprised of service cost and other components of net benefit cost (credit). Service cost is included in salaries and benefits expense and other components of net benefit cost (credit) are included in other noninterest expenses on the Consolidated Statements of Comprehensive Income. For further information on the Corporation's employee benefit plans, refer to Note 17 to the consolidated financial statements in the Corporation's 2021 Annual Report. The components of net periodic benefit cost (credit) 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 September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Service cost $ 9 $ 10 $ 28 $ 29 Other components of net benefit credit: Interest cost 16 16 47 46 Expected return on plan assets (51) (51) (151) (152) Amortization of prior service credit (4) (5) (11) (14) Amortization of net loss 4 7 14 22 Total other components of net benefit credit (35) (33) (101) (98) Net periodic defined benefit credit $ (26) $ (23) $ (73) $ (69) Non-Qualified Defined Benefit Pension Plan Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Service cost $ 1 $ — $ 2 $ 1 Other components of net benefit cost: Interest cost 1 2 4 5 Amortization of prior service credit (2) (2) (7) (5) Amortization of net loss 3 3 7 8 Total other components of net benefit cost 2 3 4 8 Net periodic defined benefit cost $ 3 $ 3 $ 6 $ 9 Postretirement Benefit Plan Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Other components of net benefit credit: Interest cost $ 1 $ 1 $ 1 $ 1 Expected return on plan assets (1) (1) (2) (2) Net periodic defined benefit credit $ — $ — $ (1) $ (1) |
Income Taxes And Tax-Related It
Income Taxes And Tax-Related Items | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes and Tax-Related Items | INCOME TAXES AND TAX-RELATED ITEMS Net unrecognized tax benefits were $17 million and $18 million at September 30, 2022 and December 31, 2021, respectively. The Corporation anticipates that it is reasonably possible that final settlement of state tax issues will result in a favorable change to net unrecognized tax benefits of $5 million and penalties and interest of $4 million within the next twelve months. Included in accrued expenses and other liabilities on the Consolidated Balance Sheets was a liability for tax-related interest and penalties of $5 million and $6 million at September 30, 2022 and December 31, 2021, respectively. Net deferred tax assets were $1.1 billion at September 30, 2022, compared to $9 million at December 31, 2021. The increase of $1.1 billion in net deferred tax assets resulted primarily from increases to deferred tax assets related to net unrealized losses on investment securities available-for-sale and hedging gains and losses. Included in deferred tax assets at both September 30, 2022 and December 31, 2021 were $3 million of state net operating loss (NOL) carryforwards and $3 million of federal foreign tax carryforwards. State net operating loss carryforwards expire between 2022 and 2031 and federal foreign tax credit carryforwards expire between 2028 and 2030. The Corporation believes that it is more likely than not that the benefit from federal foreign tax credits and certain state NOL carryforwards will not be realized and, accordingly, maintains a federal valuation allowance of $3 million at both September 30, 2022 and December 31, 2021 and a state valuation allowance of $3 million and $2 million at September 30, 2022 and December 31, 2021, respectively. 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 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 | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | CONTINGENT LIABILITIES Legal Proceedings and Regulatory Matters 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. Further, from time to time, the Corporation is also subject to examinations, inquiries and investigations by regulatory authorities in areas including, but not limited to, compliance, risk management and consumer protection, which could lead to administrative or legal proceedings or settlements. For example, the Consumer Financial Protection Bureau (“CFPB”) is investigating certain of the Corporation's practices, and the Corporation has responded and continues to respond to the CFPB. We are unable to predict the outcome of these discussions at this time. Remedies in these proceedings or settlements may include fines, penalties, restitution or alterations in the Corporation's business practices and may result in increased operating expenses or decreased revenues. On at least a quarterly basis, the Corporation assesses its potential liabilities and contingencies in connection with outstanding legal proceedings and regulatory matters utilizing the latest information available. On a case-by-case basis, accruals are established for those legal claims and regulatory matters for which it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. The actual costs of resolving these claims and regulatory matters may be substantially higher or lower than the amounts accrued. Based on current knowledge, and after consultation with legal counsel, management believes current accruals 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, results of operations or cash flows. For matters where a loss is not probable, the Corporation has not established an accrual. The Corporation believes the estimate of the aggregate range of reasonably possible losses, in excess of established accruals, for all legal proceedings and regulatory matters in which it is involved is from zero to approximately $80 million at September 30, 2022. This estimated aggregate range of reasonably possible losses is based upon currently available information for those legal proceedings and regulatory matters in which the Corporation is involved, taking into account the Corporation’s best estimate of such losses for those legal cases and regulatory matters for which such estimate can be made. For certain legal cases and regulatory matters, 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 legal proceedings and regulatory matters (including the fact many are currently in preliminary stages), the existence in certain legal 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 legal proceedings and regulatory matters (including issues regarding class certification and the scope of many of the claims) and the attendant uncertainty of the various potential outcomes of such legal proceedings and regulatory matters. 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 the ultimate resolution of these matters, if unfavorable, may be material to the Corporation's consolidated financial condition, results of operations or cash flows. For information regarding income tax contingencies, refer to Note 11. |
Strategic Lines of Business
Strategic Lines of Business | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | STRATEGIC LINES OF BUSINESS The Corporation has strategically aligned its operations into three major business segments: the Commercial 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 September 30, 2022. 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 "Business Segments" in the "Strategic Lines of Business" section of the financial review. The Commercial Bank meets the needs of small and 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 a full range of personal financial services, consisting of consumer lending, consumer deposit gathering and mortgage loan origination. 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. In addition, this business segment offers a subset of commercial products and services to micro-businesses whose primary contact is through the branch network. Wealth Management offers products and services consisting of fiduciary services, private banking, retirement services, investment management and advisory services, investment banking and brokerage services. This business segment also offers the sale of annuity products, as well as life, disability and long-term care insurance products. The Finance segment includes the Corporation’s securities portfolio and asset and liability management activities. This segment is responsible for managing the Corporation’s funding, liquidity and capital needs, performing interest sensitivity analysis and executing various strategies to manage the Corporation’s exposure to liquidity, interest rate risk and foreign exchange risk. The Other category includes the income and expense impact of equity and cash, tax benefits not assigned to specific business segments, charges of an unusual or infrequent nature that are not reflective of the normal operations of the business segments and miscellaneous other expenses of a corporate nature. 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 2021 Annual Report. Business segment financial results are as follows: Commercial Retail Wealth Management Finance Other Total (dollar amounts in millions) Three Months Ended September 30, 2022 Earnings summary: Net interest income (expense) $ 478 $ 188 $ 55 $ (22) $ 8 $ 707 Provision for credit losses 16 2 5 — 5 28 Noninterest income 169 29 77 6 (3) 278 Noninterest expenses 242 170 87 — 3 502 Provision (benefit) for income taxes 94 11 10 (6) (5) 104 Net income (loss) $ 295 $ 34 $ 30 $ (10) $ 2 $ 351 Net credit-related charge-offs $ 6 $ — $ — $ — $ 7 $ 13 Selected average balances: Assets $ 48,323 $ 2,799 $ 5,097 $ 22,133 $ 7,070 $ 85,422 Loans 44,043 2,066 4,973 — 31 51,113 Deposits 41,471 26,665 5,293 383 164 73,976 Statistical data: Return on average assets (a) 2.42 % 0.51 % 2.08 % n/m n/m 1.63 % Efficiency ratio (b) 37.54 76.81 65.92 n/m n/m 50.75 Three Months Ended September 30, 2021 Earnings summary: Net interest income (expense) $ 406 $ 149 $ 40 $ (124) $ 4 $ 475 Provision for credit losses (25) (5) (13) — 1 (42) Noninterest income 169 32 69 10 — 280 Noninterest expenses 223 159 79 — 4 465 Provision (benefit) for income taxes 83 4 10 (27) — 70 Net income (loss) $ 294 $ 23 $ 33 $ (87) $ (1) $ 262 Net credit-related charge-offs (recoveries) $ 4 $ (1) $ (1) $ — $ — $ 2 Selected average balances: Assets $ 43,366 $ 3,105 $ 4,956 $ 17,922 $ 22,004 $ 91,353 Loans 41,037 2,297 4,829 — (28) 48,135 Deposits 46,641 26,088 5,209 977 200 79,115 Statistical data: Return on average assets (a) 2.33 % 0.34 % 2.36 % n/m n/m 1.14 % Efficiency ratio (b) 38.40 87.18 72.83 n/m n/m 61.13 (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 and noninterest income excluding a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants. n/m – not meaningful (dollar amounts in millions) Commercial Retail Wealth Management Finance Other Total Nine Months Ended September 30, 2022 Earnings summary: Net interest income (expense) $ 1,232 $ 464 $ 138 $ (118) $ 8 $ 1,724 Provision for credit losses 1 7 11 — 8 27 Noninterest income 461 89 226 36 (22) 790 Noninterest expenses 713 507 259 — (22) 1,457 Provision (benefit) for income taxes 229 9 23 (25) (7) 229 Net income (loss) $ 750 $ 30 $ 71 $ (57) $ 7 $ 801 Net credit-related charge-offs (recoveries) $ 17 $ (1) $ (2) $ — $ 7 $ 21 Selected average balances: Assets $ 46,992 $ 2,791 $ 4,974 $ 20,824 $ 12,859 $ 88,440 Loans 42,928 2,031 4,841 — 15 49,815 Deposits 43,733 26,890 5,520 527 201 76,871 Statistical data: Return on average assets (a) 2.07 % 0.16 % 1.60 % n/m n/m 1.21 % Efficiency ratio (b) 41.93 90.59 71.16 n/m n/m 57.67 Nine Months Ended September 30, 2021 Earnings summary: Net interest income (expense) $ 1,189 $ 427 $ 125 $ (368) $ 10 $ 1,383 Provision for credit losses (325) (6) (29) — 1 (359) Noninterest income 495 90 207 31 11 834 Noninterest expenses 641 481 232 1 20 1,375 Provision (benefit) for income taxes 307 5 29 (78) (2) 261 Net income (loss) $ 1,061 $ 37 $ 100 $ (260) $ 2 $ 940 Net credit-related (recoveries) charge-offs $ (6) $ 1 $ (1) $ — $ — $ (6) Selected average balances: Assets $ 44,114 $ 3,321 $ 5,059 $ 17,451 $ 18,004 $ 87,949 Loans 42,087 2,483 4,940 — (2) 49,508 Deposits 43,844 25,334 5,047 969 177 75,371 Statistical data: Return on average assets (a) 3.00 % 0.19 % 2.49 % n/m n/m 1.43 % Efficiency ratio (b) 37.96 92.26 69.80 n/m n/m 61.80 (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 and noninterest income excluding a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants. n/m – not meaningful |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue from contracts with customers comprises the noninterest income earned by the Corporation in exchange for services provided to customers. The following table presents the composition of revenue from contracts with customers, segregated from other sources of noninterest income, by business segment. Commercial Retail Wealth Management Finance & Other Total (in millions) Three Months Ended September 30, 2022 Revenue from contracts with customers: Card fees $ 56 $ 10 $ 1 $ — $ 67 Fiduciary income — — 58 — 58 Service charges on deposit accounts 34 15 1 — 50 Commercial loan servicing fees (a) 5 — — — 5 Brokerage fees — — 6 — 6 Other noninterest income (b) 2 3 7 — 12 Total revenue from contracts with customers 97 28 73 — 198 Other sources of noninterest income 72 1 4 3 80 Total noninterest income $ 169 $ 29 $ 77 $ 3 $ 278 Three Months Ended September 30, 2021 Revenue from contracts with customers: Card fees $ 60 $ 11 $ 1 $ — $ 72 Fiduciary income — — 58 — 58 Service charges on deposit accounts 34 14 2 — 50 Commercial loan servicing fees (a) 5 — — — 5 Brokerage fees — — 3 — 3 Other noninterest income (b) (3) 5 4 — 6 Total revenue from contracts with customers 96 30 68 — 194 Other sources of noninterest income 73 2 1 10 86 Total noninterest income $ 169 $ 32 $ 69 $ 10 $ 280 Nine Months Ended September 30, 2022 Revenue from contracts with customers: Card fees $ 171 $ 31 $ 3 $ — $ 205 Fiduciary income — — 178 — 178 Service charges on deposit accounts 101 43 4 — 148 Commercial loan servicing fees (a) 14 — — — 14 Brokerage fees — — 14 — 14 Other noninterest income (b) 6 13 18 — 37 Total revenue from contracts with customers 292 87 217 — 596 Other sources of noninterest income 169 2 9 14 194 Total noninterest income $ 461 $ 89 $ 226 $ 14 $ 790 Nine Months Ended September 30, 2021 Revenue from contracts with customers: Card fees $ 192 $ 32 $ 3 $ — $ 227 Fiduciary income — — 171 — 171 Service charges on deposit accounts 101 40 4 — 145 Commercial loan servicing fees (a) 15 — — — 15 Brokerage fees — — 11 — 11 Other noninterest income (b) 6 12 13 — 31 Total revenue from contracts with customers 314 84 202 — 600 Other sources of noninterest income 181 6 5 42 234 Total noninterest income $ 495 $ 90 $ 207 $ 42 $ 834 (a) Included in commercial lending fees on the Consolidated Statements of Comprehensive Income. (b) Excludes derivative, warrant and other miscellaneous income. Adjustments to revenue during the three- and nine-month periods ended September 30, 2022 and 2021 for refunds or credits relating to prior periods were not significant. Revenue from contracts with customers did not generate significant contract assets and liabilities. |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies Basis of Presentation and Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures” (ASU 2022-02), which eliminates the accounting for troubled debt restructuring (TDR) while expanding modification and vintage disclosure requirements. Under the current guidance, a TDR occurs when a loan to a borrower experiencing financial difficulty is restructured with a concession provided that a creditor would not otherwise consider. ASU 2022-02 removes the TDR accounting model, instead requiring modifications to apply existing refinancing and restructuring guidance. The update also requires additional disclosures on the nature, magnitude and subsequent performance of certain types of modifications with borrowers experiencing financial difficulties. ASU 2022-02 further included a requirement to disclose gross charge-offs incurred by year of origination of the related loan or lease. ASU 2022-02 is effective for the Corporation on January 1, 2023, and must be applied prospectively, except that the recognition and measurement of TDRs may be applied using a modified retrospective approach. Early adoption is permitted. The Corporation is evaluating the impact of the new guidance to its disclosures but does not expect there to be a material impact on its financial condition or results of operation. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021. (in millions) Total Level 1 Level 2 Level 3 September 30, 2022 Deferred compensation plan assets $ 87 $ 87 $ — $ — Equity securities 53 53 — — Investment securities available-for-sale: U.S. Treasury securities 2,756 2,756 — — Residential mortgage-backed securities (a) 12,052 — 12,052 — Commercial mortgage-backed securities (a) 4,644 — 4,644 — Total investment securities available-for-sale 19,452 2,756 16,696 — Derivative assets: Interest rate contracts 212 — 212 — Energy contracts 1,325 — 1,325 — Foreign exchange contracts 80 — 80 — Total derivative assets 1,617 — 1,617 — Total assets at fair value $ 21,209 $ 2,896 $ 18,313 $ — Derivative liabilities: Interest rate contracts $ 741 $ — $ 741 $ — Energy contracts 1,316 — 1,316 — Foreign exchange contracts 74 — 74 — Other financial derivative 12 — — 12 Total derivative liabilities 2,143 — 2,131 12 Deferred compensation plan liabilities 87 87 — — Total liabilities at fair value $ 2,230 $ 87 $ 2,131 $ 12 December 31, 2021 Deferred compensation plan assets $ 113 $ 113 $ — $ — Equity securities 62 62 — — Investment securities available-for-sale: U.S. Treasury securities 2,993 2,993 — — Residential mortgage-backed securities (a) 13,288 — 13,288 — Commercial mortgage-backed securities (a) 705 — 705 — Total investment securities available-for-sale 16,986 2,993 13,993 — Derivative assets: Interest rate contracts 239 — 213 26 Energy contracts 670 — 670 — Foreign exchange contracts 19 — 19 — Total derivative assets 928 — 902 26 Total assets at fair value $ 18,089 $ 3,168 $ 14,895 $ 26 Derivative liabilities: Interest rate contracts $ 69 $ — $ 69 $ — Energy contracts 662 — 662 — Foreign exchange contracts 16 — 16 — Other financial derivative 13 — — 13 Total derivative liabilities 760 — 747 13 Deferred compensation plan liabilities 113 113 — — Total liabilities at fair value $ 873 $ 113 $ 747 $ 13 (a) Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
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 nine-month periods ended September 30, 2022 and 2021. Net Realized/Unrealized Gains (Losses) (Pretax) Recorded in Earnings (a) (in millions) Balance at Beginning of Period Realized Unrealized Settlements Balance at End of Period Three Months Ended September 30, 2022 Derivative liabilities: Other financial derivative $ (12) $ — $ — $ — $ (12) Three Months Ended September 30, 2021 Derivative assets: Interest rate contracts $ 29 $ — $ (2) $ — $ 27 Derivative liabilities: Other financial derivative (12) — — — (12) Nine Months Ended September 30, 2022 Derivative assets: Interest rate contracts $ 26 $ — $ — $ (26) $ — Derivative liabilities: Other financial derivative (13) — 1 — (12) Nine Months Ended September 30, 2021 Derivative assets: Interest rate contracts $ 39 $ — $ (12) $ — $ 27 Derivative liabilities: Other financial derivative (11) — (1) — (12) (a) Realized and unrealized gains and losses due to changes in fair value are recorded in other noninterest income 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 September 30, 2022 and December 31, 2021. No liabilities were recorded at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021. (in millions) Level 3 September 30, 2022 Loans: Commercial $ 53 Real estate construction 2 Commercial mortgage 14 Total assets at fair value $ 69 December 31, 2021 Loans: Commercial $ 125 Real estate construction 4 Commercial mortgage 17 International 4 Total assets at fair value $ 150 |
Estimated Fair Values Of Financial Instruments Not Recorded At Fair Value In Their Entirety On A Recurring Basis | The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on the Corporation’s Consolidated Balance Sheets are as follows: Carrying Estimated Fair Value (in millions) Total Level 1 Level 2 Level 3 September 30, 2022 Assets Cash and due from banks $ 1,735 $ 1,735 $ 1,735 $ — $ — Interest-bearing deposits with banks 4,235 4,235 4,235 — — Other short-term investments 16 16 16 — — Loans held-for-sale 3 3 — 3 — Total loans, net of allowance for loan losses (a) 51,136 48,521 — — 48,521 Customers’ liability on acceptances outstanding 5 5 5 — — Restricted equity investments 113 113 113 — — Nonmarketable equity securities (b) 5 12 Liabilities Demand deposits (noninterest-bearing) 42,296 42,296 — 42,296 — Interest-bearing deposits 29,059 29,059 — 29,059 — Customer certificates of deposit 1,661 1,621 — 1,621 — Total deposits 73,016 72,976 — 72,976 — Acceptances outstanding 5 5 5 — — Medium- and long-term debt 3,016 3,035 — 3,035 — Credit-related financial instruments (76) (76) — — (76) December 31, 2021 Assets Cash and due from banks $ 1,236 $ 1,236 $ 1,236 $ — $ — Interest-bearing deposits with banks 21,443 21,443 21,443 — — Other short-term investments 16 16 16 — — Loans held-for-sale 6 6 — 6 — Total loans, net of allowance for loan losses (a) 48,697 49,127 — — 49,127 Customers’ liability on acceptances outstanding 5 5 5 — — Restricted equity investments 92 92 92 — — Nonmarketable equity securities (b) 5 10 Liabilities Demand deposits (noninterest-bearing) 45,800 45,800 — 45,800 — Interest-bearing deposits 34,566 34,566 — 34,566 — Customer certificates of deposit 1,973 1,968 — 1,968 — Total deposits 82,339 82,334 — 82,334 — Acceptances outstanding 5 5 5 — — Medium- and long-term debt 2,796 2,854 — 2,854 — Credit-related financial instruments (59) (59) — — (59) (a) Included $69 million and $150 million of loans recorded at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021, respectively. (b) 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) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary Of Investment Securities | A summary of the Corporation’s investment securities, which are defined by the Corporation as debt securities reported on the Consolidated Balance Sheet as investment securities available-for-sale, follows: (in millions) Amortized Gross Gross Fair Value September 30, 2022 Investment securities available-for-sale: U.S. Treasury securities $ 2,918 $ — $ 162 $ 2,756 Residential mortgage-backed securities (a) 14,390 — 2,338 12,052 Commercial mortgage-backed securities (a) 5,251 — 607 4,644 Total investment securities available-for-sale $ 22,559 $ — $ 3,107 $ 19,452 December 31, 2021 Investment securities available-for-sale: U.S. Treasury securities $ 3,010 $ 22 $ 39 $ 2,993 Residential mortgage-backed securities (a) 13,397 67 176 13,288 Commercial mortgage-backed securities (a) 709 2 6 705 Total investment securities available-for-sale $ 17,116 $ 91 $ 221 $ 16,986 (a) Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
Summary Of Investment Securities In Unrealized Loss Positions | A summary of the Corporation’s investment securities in an unrealized loss position as of September 30, 2022 and December 31, 2021 follows: Less than 12 Months 12 Months or more Total (in millions) Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2022 U.S. Treasury securities $ 1,093 $ 8 $ 1,663 $ 154 $ 2,756 $ 162 Residential mortgage-backed securities (a) 7,648 1,157 4,398 1,181 12,046 2,338 Commercial mortgage-backed securities (a) 4,477 564 167 43 4,644 607 Total temporarily impaired securities $ 13,218 $ 1,729 $ 6,228 $ 1,378 $ 19,446 $ 3,107 December 31, 2021 U.S. Treasury securities $ 465 $ 6 $ 1,334 $ 33 $ 1,799 $ 39 Residential mortgage-backed securities (a) 7,197 128 1,128 48 8,325 176 Commercial mortgage-backed securities (a) 346 6 — — 346 6 Total temporarily impaired securities $ 8,008 $ 140 $ 2,462 $ 81 $ 10,470 $ 221 (a) Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
Contractual Maturity Distribution Of Debt Securities | The following table summarizes the amortized cost and fair values of investment securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. The actual cash flows of mortgage-backed securities may differ as borrowers of the underlying loans may exercise prepayment options. 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) September 30, 2022 Amortized Cost Fair Value Contractual maturity Within one year $ 1,101 $ 1,092 After one year through five years 2,061 1,898 After five years through ten years 5,522 4,910 After ten years 13,875 11,552 Total investment securities $ 22,559 $ 19,452 |
Credit Quality And Allowance _2
Credit Quality And Allowance For Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Credit Quality And Allowance For Credit Losses [Abstract] | |
Aging Analysis Of Loans | The following table presents an aging analysis of the amortized cost basis of loans. Loans Past Due and Still Accruing (in millions) 30-59 60-89 90 Days Total Nonaccrual Current Total September 30, 2022 Business loans: Commercial $ 247 $ 44 $ 64 $ 355 $ 154 $ 30,204 $ 30,713 Real estate construction: Commercial Real Estate business line (b) — — — — — 2,022 2,022 Other business lines (c) — — 2 2 4 589 595 Total real estate construction — — 2 2 4 2,611 2,617 Commercial mortgage: Commercial Real Estate business line (b) 32 — — 32 1 4,068 4,101 Other business lines (c) 21 7 4 32 24 8,281 8,337 Total commercial mortgage 53 7 4 64 25 12,349 12,438 Lease financing 6 — — 6 — 707 713 International 6 — — 6 5 1,205 1,216 Total business loans 312 51 70 433 188 47,076 47,697 Retail loans: Residential mortgage 9 2 — 11 56 1,686 1,753 Consumer: Home equity 6 1 — 7 14 1,687 1,708 Other consumer 31 3 2 36 1 517 554 Total consumer 37 4 2 43 15 2,204 2,262 Total retail loans 46 6 2 54 71 3,890 4,015 Total loans $ 358 $ 57 $ 72 $ 487 $ 259 $ 50,966 $ 51,712 December 31, 2021 Business loans: Commercial $ 35 $ 18 $ 6 $ 59 $ 173 $ 29,134 $ 29,366 Real estate construction: Commercial Real Estate business line (b) — — — — — 2,391 2,391 Other business lines (c) 15 1 — 16 6 535 557 Total real estate construction 15 1 — 16 6 2,926 2,948 Commercial mortgage: Commercial Real Estate business line (b) — — — — 1 3,337 3,338 Other business lines (c) 18 4 16 38 31 7,848 7,917 Total commercial mortgage 18 4 16 38 32 11,185 11,255 Lease financing 5 — — 5 — 635 640 International 5 8 1 14 5 1,189 1,208 Total business loans 78 31 23 132 216 45,069 45,417 Retail loans: Residential mortgage 4 — — 4 36 1,731 1,771 Consumer: Home equity 4 3 — 7 12 1,514 1,533 Other consumer 32 1 4 37 — 527 564 Total consumer 36 4 4 44 12 2,041 2,097 Total retail loans 40 4 4 48 48 3,772 3,868 Total loans $ 118 $ 35 $ 27 $ 180 $ 264 $ 48,841 $ 49,285 (a) Includes $22 million of loans with deferred payments not considered past due in accordance with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) at December 31, 2021. (b) Primarily loans to real estate developers. (c) Primarily loans secured by owner-occupied real estate. |
Loans By Credit Quality Indicator and Vintage Year | The following table presents loans by credit quality indicator (CQI) and vintage year. CQI is 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. Vintage year is the year of origination or major modification. September 30, 2022 Vintage Year (in millions) 2022 2021 2020 2019 2018 Prior Revolvers Revolvers Converted to Term Total Business loans: Commercial: Pass (a) $ 3,311 (b) $ 3,786 (b) $ 1,060 (b) $ 1,111 $ 631 $ 1,108 $ 18,410 $ 8 $ 29,425 Criticized (c) 36 223 112 81 55 85 694 2 1,288 Total commercial 3,347 4,009 1,172 1,192 686 1,193 19,104 10 30,713 Real estate construction Pass (a) 448 969 748 230 66 30 122 — 2,613 Criticized (c) — — 3 — 1 — — — 4 Total real estate construction 448 969 751 230 67 30 122 — 2,617 Commercial mortgage Pass (a) 2,425 2,480 1,770 1,445 1,136 2,435 575 — 12,266 Criticized (c) 6 16 11 36 30 73 — — 172 Total commercial mortgage 2,431 2,496 1,781 1,481 1,166 2,508 575 — 12,438 Lease financing Pass (a) 236 148 70 51 39 141 — — 685 Criticized (c) 10 — 2 8 7 1 — — 28 Total lease financing 246 148 72 59 46 142 — — 713 International Pass (a) 287 206 59 72 21 15 499 — 1,159 Criticized (c) 7 5 3 — 5 10 27 — 57 Total international 294 211 62 72 26 25 526 — 1,216 Total business loans 6,766 7,833 3,838 3,034 1,991 3,898 20,327 10 47,697 Retail loans: Residential mortgage Pass (a) 242 398 484 135 70 366 — — 1,695 Criticized (c) 1 4 1 8 3 41 — — 58 Total residential mortgage 243 402 485 143 73 407 — — 1,753 Consumer: Home equity Pass (a) — — — — — 10 1,642 39 1,691 Criticized (c) — — — — — — 14 3 17 Total home equity — — — — — 10 1,656 42 1,708 Other consumer Pass (a) 75 39 59 8 1 10 360 — 552 Criticized (c) — — — 2 — — — — 2 Total other consumer 75 39 59 10 1 10 360 — 554 Total consumer 75 39 59 10 1 20 2,016 42 2,262 Total retail loans 318 441 544 153 74 427 2,016 42 4,015 Total loans $ 7,084 $ 8,274 $ 4,382 $ 3,187 $ 2,065 $ 4,325 $ 22,343 $ 52 $ 51,712 Table continues on the following page. December 31, 2021 Vintage Year 2021 2020 2019 2018 2017 Prior Revolvers Revolvers Converted to Term Total Business loans: Commercial: Pass (a) $ 5,270 (b) $ 1,740 (b) $ 1,528 $ 947 $ 713 $ 763 $ 17,241 $ 10 $ 28,212 Criticized (c) 101 120 105 86 26 94 620 2 1,154 Total commercial 5,371 1,860 1,633 1,033 739 857 17,861 12 29,366 Real estate construction: Pass (a) 458 858 849 424 158 34 132 — 2,913 Criticized (c) — 3 — 13 8 8 3 — 35 Total real estate construction 458 861 849 437 166 42 135 — 2,948 Commercial mortgage: Pass (a) 2,491 1,932 1,444 1,343 1,018 2,298 481 — 11,007 Criticized (c) 17 44 50 22 23 87 5 — 248 Total commercial mortgage 2,508 1,976 1,494 1,365 1,041 2,385 486 — 11,255 Lease financing Pass (a) 166 88 97 50 38 179 — — 618 Criticized (c) — 2 10 8 1 1 — — 22 Total lease financing 166 90 107 58 39 180 — — 640 International Pass (a) 381 141 103 29 1 16 480 — 1,151 Criticized (c) 20 10 3 5 4 8 7 — 57 Total international 401 151 106 34 5 24 487 — 1,208 Total business loans 8,904 4,938 4,189 2,927 1,990 3,488 18,969 12 45,417 Retail loans: Residential mortgage Pass (a) 443 527 164 83 111 407 — — 1,735 Criticized (c) 5 — 1 2 7 21 — — 36 Total residential mortgage 448 527 165 85 118 428 — — 1,771 Consumer: Home equity Pass (a) — — — — — 11 1,460 45 1,516 Criticized (c) — — — — — 1 12 4 17 Total home equity — — — — — 12 1,472 49 1,533 Other consumer Pass (a) 101 68 13 9 1 31 337 — 560 Criticized (c) — — — — — — 4 — 4 Total other consumer 101 68 13 9 1 31 341 — 564 Total consumer 101 68 13 9 1 43 1,813 49 2,097 Total retail loans 549 595 178 94 119 471 1,813 49 3,868 Total loans $ 9,453 $ 5,533 $ 4,367 $ 3,021 $ 2,109 $ 3,959 $ 20,782 $ 61 $ 49,285 (a) Includes all loans not included in the categories of special mention, substandard or nonaccrual. (b) Includes Small Business Administration Paycheck Protection Program (PPP) loans of $46 million and $458 million at September 30, 2022 and December 31, 2021, respectively. (c) Includes loans with an internal rating of special mention, substandard loans for which the accrual of interest has not been discontinued and nonaccrual loans. Special mention loans 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. Accruing substandard loans 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 are also distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. 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-52 in the Corporation's 2021 Annual Report. These categories are generally consistent with the "special mention" and "substandard" categories as defined by regulatory authorities. A minority of nonaccrual loans are consistent with the "doubtful" category. |
Changes In The Allowance For Loan Losses | The following table details the changes in the allowance for credit losses. 2022 2021 (in millions) Business Loans Retail Loans Total Business Loans Retail Loans Total Three Months Ended September 30 Balance at beginning of period: Allowance for loan losses $ 502 $ 61 $ 563 $ 589 $ 63 $ 652 Allowance for credit losses on lending-related commitments 34 12 46 24 7 31 Allowance for credit losses 536 73 609 613 70 683 Loan charge-offs (25) (1) (26) (26) — (26) Recoveries on loans previously charged-off 12 1 13 22 2 24 Net loan (charge-offs) recoveries (13) — (13) (4) 2 (2) Provision for credit losses: Provision for loan losses 24 2 26 (31) (10) (41) Provision for credit losses on lending-related commitments 2 — 2 — (1) (1) Provision for credit losses 26 2 28 (31) (11) (42) Balance at end of period: Allowance for loan losses 513 63 576 554 55 609 Allowance for credit losses on lending-related commitments 36 12 48 24 6 30 Allowance for credit losses $ 549 $ 75 $ 624 $ 578 $ 61 $ 639 Nine Months Ended September 30 Balance at beginning of period Allowance for loan losses $ 531 $ 57 $ 588 $ 895 $ 53 $ 948 Allowance for credit losses on lending-related commitments 24 6 30 35 9 44 Allowance for credit losses 555 63 618 930 62 992 Loan charge-offs (55) (2) (57) (48) (2) (50) Recoveries on loans previously charged-off 33 3 36 53 3 56 Net loan (charge-offs) recoveries (22) 1 (21) 5 1 6 Provision for credit losses: Provision for loan losses 4 5 9 (346) 1 (345) Provision for credit losses on lending-related commitments 12 6 18 (11) (3) (14) Provision for credit losses 16 11 27 (357) (2) (359) Balance at end of period: Allowance for loan losses 513 63 576 554 55 609 Allowance for credit losses on lending-related commitments 36 12 48 24 6 30 Allowance for credit losses $ 549 $ 75 $ 624 $ 578 $ 61 $ 639 Allowance for loan losses as a percentage of total loans 1.07 % 1.58 % 1.11 % 1.25 % 1.42 % 1.26 % Allowance for credit losses as a percentage of total loans 1.15 1.88 1.21 1.30 1.57 1.33 |
Nonaccrual Loans | The following table presents additional information regarding nonaccrual loans. Interest income of $3 million and $4 million was recognized on nonaccrual loans for the three months ended September 30, 2022 and 2021, respectively, and $7 million and $8 million for the nine months ended September 30, 2022 and 2021, respectively. (in millions) Nonaccrual Nonaccrual Total September 30, 2022 Business loans: Commercial $ 74 $ 80 $ 154 Real estate construction: Other business lines (a) — 4 4 Commercial mortgage: Commercial Real Estate business line (b) — 1 1 Other business lines (a) 4 20 24 Total commercial mortgage 4 21 25 International 5 — 5 Total business loans 83 105 188 Retail loans: Residential mortgage 56 — 56 Consumer: Home equity 14 — 14 Other consumer 1 — 1 Total consumer 15 — 15 Total retail loans 71 — 71 Total nonaccrual loans $ 154 $ 105 $ 259 December 31, 2021 Business loans: Commercial $ 8 $ 165 $ 173 Real estate construction: Other business lines (a) — 6 6 Commercial mortgage: Commercial Real Estate business line (b) — 1 1 Other business lines (a) 4 27 31 Total commercial mortgage 4 28 32 International — 5 5 Total business loans 12 204 216 Retail loans: Residential mortgage 36 — 36 Consumer: Home equity 12 — 12 Total retail loans 48 — 48 Total nonaccrual loans $ 60 $ 204 $ 264 (a) Primarily loans secured by owner-occupied real estate. (b) Primarily loans to real estate developers. |
Troubled Debt Restructurings By Type Of Modification | The following table details the amortized cost basis at September 30, 2022 and 2021 of loans considered to be TDRs that were restructured during the three- and nine-month periods ended September 30, 2022 and 2021, 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. 2022 2021 (a) Type of Modification Type of Modification (in millions) Principal Deferrals (b) Interest Rate Reductions Total Modifications Principal Deferrals (b) Interest Rate Reductions Total Modifications Three Months Ended September 30, Business loans: Commercial $ 27 $ — $ 27 $ — $ — $ — Commercial mortgage: Other business lines (c) 7 — 7 — — — Total business loans 34 — 34 — — — Retail loans: Residential mortgage — 5 5 — — — Total loans $ 34 $ 5 $ 39 $ — $ — $ — Nine Months Ended September 30, Business loans: Commercial $ 34 $ — $ 34 $ — $ — $ — Real estate construction: Other business lines (c) 3 — $ 3 — — — Commercial mortgage: Other business lines (c) 15 — 15 — — — Total business loans 52 — 52 — — — Retail loans: Residential mortgage — 5 5 — — — Consumer: Home equity (d) 1 — 1 — 1 1 Total loans $ 53 $ 5 $ 58 $ — $ 1 $ 1 (a) Under the provisions of the CARES Act, qualifying COVID-19-related modifications, primarily principal deferrals, were not considered TDRs during the nine months ended September 30, 2021. (b) Primarily represents loan balances where terms were extended by more than an insignificant time period, typically more than 180 days, at or above contractual interest rates. Also includes commercial loans restructured in bankruptcy. (c) Primarily loans secured by owner-occupied real estate. (d) Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. |
Derivative And Credit-Related_2
Derivative And Credit-Related Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021. The table excludes a derivative related to the Corporation's 2008 sale of its remaining ownership of Visa shares and includes accrued interest receivable and payable. September 30, 2022 December 31, 2021 Fair Value Fair Value (in millions) Notional/ Gross Derivative Assets Gross Derivative Liabilities Notional/ Gross Derivative Assets Gross Derivative Liabilities Risk management purposes Derivatives designated as hedging instruments Interest rate contracts: Fair value swaps - receive fixed/pay floating $ 3,150 $ — $ — $ 2,650 $ — $ — Cash flow swaps - receive fixed/pay floating (b) 26,100 — 109 8,050 — — Derivatives used as economic hedges Foreign exchange contracts: Spot, forwards and swaps 460 4 3 452 — 2 Total risk management purposes 29,710 4 112 11,152 — 2 Customer-initiated and other activities Interest rate contracts: Caps and floors written 924 — 23 809 — 3 Caps and floors purchased 924 23 — 809 3 — Swaps 18,623 189 609 19,382 236 66 Total interest rate contracts 20,471 212 632 21,000 239 69 Energy contracts: Caps and floors written 4,076 — 544 1,779 — 203 Caps and floors purchased 4,076 544 — 1,779 204 — Swaps 6,590 781 772 4,212 466 459 Total energy contracts 14,742 1,325 1,316 7,770 670 662 Foreign exchange contracts: Spot, forwards, options and swaps 2,458 76 71 1,716 19 14 Total customer-initiated and other activities 37,671 1,613 2,019 30,486 928 745 Total gross derivatives $ 67,381 1,617 2,131 $ 41,638 928 747 Amounts offset in the Consolidated Balance Sheets: Netting adjustment - Offsetting derivative assets/liabilities (785) (785) (187) (187) Netting adjustment - Cash collateral received/posted (194) (277) (15) (452) Net derivatives included in the Consolidated Balance Sheets (c) 638 1,069 726 108 Amounts not offset in the Consolidated Balance Sheets: Marketable securities pledged under bilateral collateral agreements (28) (128) — (52) Net derivatives after deducting amounts not offset in the Consolidated Balance Sheets $ 610 $ 941 $ 726 $ 56 (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) September 30, 2022 included $10.8 billion of forward starting swaps that will become effective on their contractual start dates in 2022, 2023 and 2024. (c) 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 $3 million and $9 million at September 30, 2022 and December 31, 2021, respectively. |
Schedule of the Effects of Fair Value Hedging on the Consolidated Statements of Comprehensive Income | The following table details the effects of fair value hedging on the Consolidated Statements of Comprehensive Income. Interest on Medium- and Long-Term Debt Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Total interest on medium- and long-term debt (a) $ 26 $ 9 $ 47 $ 27 Fair value hedging relationships: Interest rate contracts: Hedged items 28 25 79 76 Derivatives designated as hedging instruments (2) (17) (32) (51) (a) Includes the effects of hedging. |
Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Cash Flow Swaps | The following tables summarize the expected weighted average remaining maturity of the notional amount of risk management interest rate swaps, the weighted average interest rates associated with amounts expected to be received or paid on interest rate swap agreements, and for fair value swaps, the carrying amount of the related hedged items, as of September 30, 2022 and December 31, 2021. Cash flow swaps - receive fixed/pay floating rate on variable-rate loans September 30, 2022 December 31, 2021 Weighted average: Time to maturity (in years) 4.7 2.4 Receive rate (a) 2.20 % 1.84 % Pay rate (a), (b) 2.48 0.10 (a) Excludes forward starting swaps not effective as of the period shown. September 30, 2022 excluded $10.8 billion of forward starting swaps. December 31, 2021 excluded $3.0 billion of forward starting swaps. (b) Variable rates paid on receive fixed swaps designated as cash flow hedges are based on one-month LIBOR, BSBY or Secured Overnight Financing Rate (SOFR) rates in effect at September 30, 2022 and December 31, 2021. Derivative contracts with maturity dates beyond the LIBOR cessation date will fall back to the daily SOFR with a spread adjustment. |
Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps | Fair value swaps - receive fixed/pay floating rate on medium- and long-term debt (dollar amounts in millions) September 30, 2022 December 31, 2021 Carrying value of hedged items (a) $ 3,016 $ 2,796 Weighted average: Time to maturity (in years) 4.2 3.6 Receive rate 3.52 % 3.68 % Pay rate (b) 3.87 1.08 (a) Included $(132) million and $145 million of cumulative hedging adjustments at September 30, 2022 and December 31, 2021, respectively, which included $4 million and $5 million, respectively, of hedging adjustment on a discontinued hedging relationship. (b) Floating rates paid on receive fixed swaps designated as fair value hedges are based on one-month LIBOR rates in effect at September 30, 2022 and December 31, 2021. Derivative contracts with maturity dates beyond the LIBOR cessation date will fall back to the daily SOFR with a spread adjustment. |
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 included in derivative income, were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Interest rate contracts $ 9 $ 2 $ 28 $ 26 Energy contracts 14 7 22 13 Foreign exchange contracts 12 11 36 33 Total $ 35 $ 20 $ 86 $ 72 |
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) September 30, 2022 December 31, 2021 Unused commitments to extend credit: Commercial and other $ 29,530 $ 25,910 Bankcard, revolving credit and home equity loan commitments 3,936 3,554 Total unused commitments to extend credit $ 33,466 $ 29,464 Standby letters of credit $ 3,390 $ 3,378 Commercial letters of credit 34 44 |
Summary Of Criticized Letters Of Credit | The following table presents a summary of criticized standby and commercial letters of credit at September 30, 2022 and December 31, 2021. 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) September 30, 2022 December 31, 2021 Total criticized standby and commercial letters of credit $ 35 $ 37 As a percentage of total outstanding standby and commercial letters of credit 1.0 % 1.1 % |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Impact of VIEs on the Consolidated Statements of Income | The following table summarizes the impact of these tax credit entities on the Corporation’s Consolidated Statements of Comprehensive Income. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Provision for income taxes: Amortization of LIHTC investments $ 19 $ 18 $ 54 $ 53 Low income housing tax credits (18) (17) (51) (50) Other tax benefits related to tax credit entities (5) (5) (14) (13) Total provision for income taxes $ (4) $ (4) $ (11) $ (10) |
Medium- And Long-Term Debt (Tab
Medium- And Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule Of Medium- And Long-Term Debt | Medium- and long-term debt is summarized as follows: (in millions) September 30, 2022 December 31, 2021 Parent company Subordinated notes: 3.80% subordinated notes due 2026 (a) $ 236 $ 265 Medium- and long-term notes: 3.70% notes due July 2023(a) 840 877 4.00% notes due 2029 (a) 510 594 Total medium- and long-term notes 1,350 1,471 Total parent company 1,586 1,736 Subsidiaries Subordinated notes: 4.00% subordinated notes due 2025 (a) 331 363 7.875% subordinated notes due 2026 (a) 166 190 5.332% subordinated notes due 2033 (a) 458 — Total subordinated notes 955 553 Medium- and long-term notes: 2.50% notes due 2024 (a) 475 507 Total subsidiaries 1,430 1,060 Total medium- and long-term debt $ 3,016 $ 2,796 (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. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 loss for the nine months ended September 30, 2022 and 2021, including the amount of income tax benefit allocated to each component of other comprehensive loss. Nine Months Ended September 30, (in millions) 2022 2021 Accumulated net unrealized losses on investment securities: Balance at beginning of period, net of tax $ (99) $ 211 Net unrealized losses arising during the period (2,977) (280) Less: Benefit for income taxes (701) (66) Change in net unrealized losses on investment securities, net of tax (2,276) (214) Balance at end of period, net of tax $ (2,375) $ (3) Accumulated net (losses) gains on cash flow hedges: Balance at beginning of period, net of tax $ 55 $ 155 Net cash flow hedge losses arising during the period (1,397) (13) Less: Benefit for income taxes (329) (3) Change in net cash flow hedge (losses) gains arising during the period, net of tax (1,068) (10) Less: Net cash flow hedge gains included in interest and fees on loans 45 72 Less: Provision for income taxes 11 16 Reclassification adjustment for net cash flow hedge gains included in net income, net of tax 34 56 Change in net cash flow hedge (losses) gains, net of tax (1,102) (66) Balance at end of period, net of tax (a) $ (1,047) $ 89 Accumulated defined benefit pension and other postretirement plans adjustment: Balance at beginning of period, net of tax $ (168) $ (302) Amounts recognized in other noninterest expenses: Amortization of actuarial net loss 21 30 Amortization of prior service credit (18) (19) Total amounts recognized in other noninterest expenses 3 11 Less: Provision for income taxes — 2 Adjustment for amounts recognized as components of net periodic benefit credit during the period, net of tax 3 9 Change in defined benefit pension and other postretirement plans adjustment, net of tax 3 9 Balance at end of period, net of tax $ (165) $ (293) Total accumulated other comprehensive loss at end of period, net of tax $ (3,587) $ (207) (a) The Corporation expects to reclassify $342 million of losses, net of tax, from accumulated other comprehensive loss to earnings over the next twelve months if interest yield curves and notional amounts remain at September 30, 2022 levels. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, Nine Months Ended September 30, (in millions, except per share data) 2022 2021 2022 2021 Basic and diluted Net income $ 351 $ 262 $ 801 $ 940 Less: Income allocated to participating securities 2 1 4 4 Preferred stock dividends 6 6 17 17 Net income attributable to common shares $ 343 $ 255 $ 780 $ 919 Basic average common shares 131 133 131 136 Basic net income per common share $ 2.63 $ 1.92 $ 5.96 $ 6.75 Basic average common shares 131 133 131 136 Dilutive common stock equivalents: Net effect of the assumed exercise of stock awards 1 1 2 2 Diluted average common shares 132 134 133 138 Diluted net income per common share $ 2.60 $ 1.90 $ 5.88 $ 6.67 |
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 September 30, Nine Months Ended September 30, (average outstanding options in thousands) 2022 2021 2022 2021 Average outstanding options 373 440 337 443 Range of exercise prices $79.01 - $95.25 $73.24 - $95.25 $70.18 - $95.25 $73.24 - $95.25 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost (credit) 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 September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Service cost $ 9 $ 10 $ 28 $ 29 Other components of net benefit credit: Interest cost 16 16 47 46 Expected return on plan assets (51) (51) (151) (152) Amortization of prior service credit (4) (5) (11) (14) Amortization of net loss 4 7 14 22 Total other components of net benefit credit (35) (33) (101) (98) Net periodic defined benefit credit $ (26) $ (23) $ (73) $ (69) Non-Qualified Defined Benefit Pension Plan Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Service cost $ 1 $ — $ 2 $ 1 Other components of net benefit cost: Interest cost 1 2 4 5 Amortization of prior service credit (2) (2) (7) (5) Amortization of net loss 3 3 7 8 Total other components of net benefit cost 2 3 4 8 Net periodic defined benefit cost $ 3 $ 3 $ 6 $ 9 Postretirement Benefit Plan Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Other components of net benefit credit: Interest cost $ 1 $ 1 $ 1 $ 1 Expected return on plan assets (1) (1) (2) (2) Net periodic defined benefit credit $ — $ — $ (1) $ (1) |
Strategic Lines of Business (Ta
Strategic Lines of Business (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Financial Results | Business segment financial results are as follows: Commercial Retail Wealth Management Finance Other Total (dollar amounts in millions) Three Months Ended September 30, 2022 Earnings summary: Net interest income (expense) $ 478 $ 188 $ 55 $ (22) $ 8 $ 707 Provision for credit losses 16 2 5 — 5 28 Noninterest income 169 29 77 6 (3) 278 Noninterest expenses 242 170 87 — 3 502 Provision (benefit) for income taxes 94 11 10 (6) (5) 104 Net income (loss) $ 295 $ 34 $ 30 $ (10) $ 2 $ 351 Net credit-related charge-offs $ 6 $ — $ — $ — $ 7 $ 13 Selected average balances: Assets $ 48,323 $ 2,799 $ 5,097 $ 22,133 $ 7,070 $ 85,422 Loans 44,043 2,066 4,973 — 31 51,113 Deposits 41,471 26,665 5,293 383 164 73,976 Statistical data: Return on average assets (a) 2.42 % 0.51 % 2.08 % n/m n/m 1.63 % Efficiency ratio (b) 37.54 76.81 65.92 n/m n/m 50.75 Three Months Ended September 30, 2021 Earnings summary: Net interest income (expense) $ 406 $ 149 $ 40 $ (124) $ 4 $ 475 Provision for credit losses (25) (5) (13) — 1 (42) Noninterest income 169 32 69 10 — 280 Noninterest expenses 223 159 79 — 4 465 Provision (benefit) for income taxes 83 4 10 (27) — 70 Net income (loss) $ 294 $ 23 $ 33 $ (87) $ (1) $ 262 Net credit-related charge-offs (recoveries) $ 4 $ (1) $ (1) $ — $ — $ 2 Selected average balances: Assets $ 43,366 $ 3,105 $ 4,956 $ 17,922 $ 22,004 $ 91,353 Loans 41,037 2,297 4,829 — (28) 48,135 Deposits 46,641 26,088 5,209 977 200 79,115 Statistical data: Return on average assets (a) 2.33 % 0.34 % 2.36 % n/m n/m 1.14 % Efficiency ratio (b) 38.40 87.18 72.83 n/m n/m 61.13 (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 and noninterest income excluding a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants. n/m – not meaningful (dollar amounts in millions) Commercial Retail Wealth Management Finance Other Total Nine Months Ended September 30, 2022 Earnings summary: Net interest income (expense) $ 1,232 $ 464 $ 138 $ (118) $ 8 $ 1,724 Provision for credit losses 1 7 11 — 8 27 Noninterest income 461 89 226 36 (22) 790 Noninterest expenses 713 507 259 — (22) 1,457 Provision (benefit) for income taxes 229 9 23 (25) (7) 229 Net income (loss) $ 750 $ 30 $ 71 $ (57) $ 7 $ 801 Net credit-related charge-offs (recoveries) $ 17 $ (1) $ (2) $ — $ 7 $ 21 Selected average balances: Assets $ 46,992 $ 2,791 $ 4,974 $ 20,824 $ 12,859 $ 88,440 Loans 42,928 2,031 4,841 — 15 49,815 Deposits 43,733 26,890 5,520 527 201 76,871 Statistical data: Return on average assets (a) 2.07 % 0.16 % 1.60 % n/m n/m 1.21 % Efficiency ratio (b) 41.93 90.59 71.16 n/m n/m 57.67 Nine Months Ended September 30, 2021 Earnings summary: Net interest income (expense) $ 1,189 $ 427 $ 125 $ (368) $ 10 $ 1,383 Provision for credit losses (325) (6) (29) — 1 (359) Noninterest income 495 90 207 31 11 834 Noninterest expenses 641 481 232 1 20 1,375 Provision (benefit) for income taxes 307 5 29 (78) (2) 261 Net income (loss) $ 1,061 $ 37 $ 100 $ (260) $ 2 $ 940 Net credit-related (recoveries) charge-offs $ (6) $ 1 $ (1) $ — $ — $ (6) Selected average balances: Assets $ 44,114 $ 3,321 $ 5,059 $ 17,451 $ 18,004 $ 87,949 Loans 42,087 2,483 4,940 — (2) 49,508 Deposits 43,844 25,334 5,047 969 177 75,371 Statistical data: Return on average assets (a) 3.00 % 0.19 % 2.49 % n/m n/m 1.43 % Efficiency ratio (b) 37.96 92.26 69.80 n/m n/m 61.80 (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 and noninterest income excluding a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants. n/m – not meaningful |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Composition of Revenue from Contracts with Customers | The following table presents the composition of revenue from contracts with customers, segregated from other sources of noninterest income, by business segment. Commercial Retail Wealth Management Finance & Other Total (in millions) Three Months Ended September 30, 2022 Revenue from contracts with customers: Card fees $ 56 $ 10 $ 1 $ — $ 67 Fiduciary income — — 58 — 58 Service charges on deposit accounts 34 15 1 — 50 Commercial loan servicing fees (a) 5 — — — 5 Brokerage fees — — 6 — 6 Other noninterest income (b) 2 3 7 — 12 Total revenue from contracts with customers 97 28 73 — 198 Other sources of noninterest income 72 1 4 3 80 Total noninterest income $ 169 $ 29 $ 77 $ 3 $ 278 Three Months Ended September 30, 2021 Revenue from contracts with customers: Card fees $ 60 $ 11 $ 1 $ — $ 72 Fiduciary income — — 58 — 58 Service charges on deposit accounts 34 14 2 — 50 Commercial loan servicing fees (a) 5 — — — 5 Brokerage fees — — 3 — 3 Other noninterest income (b) (3) 5 4 — 6 Total revenue from contracts with customers 96 30 68 — 194 Other sources of noninterest income 73 2 1 10 86 Total noninterest income $ 169 $ 32 $ 69 $ 10 $ 280 Nine Months Ended September 30, 2022 Revenue from contracts with customers: Card fees $ 171 $ 31 $ 3 $ — $ 205 Fiduciary income — — 178 — 178 Service charges on deposit accounts 101 43 4 — 148 Commercial loan servicing fees (a) 14 — — — 14 Brokerage fees — — 14 — 14 Other noninterest income (b) 6 13 18 — 37 Total revenue from contracts with customers 292 87 217 — 596 Other sources of noninterest income 169 2 9 14 194 Total noninterest income $ 461 $ 89 $ 226 $ 14 $ 790 Nine Months Ended September 30, 2021 Revenue from contracts with customers: Card fees $ 192 $ 32 $ 3 $ — $ 227 Fiduciary income — — 171 — 171 Service charges on deposit accounts 101 40 4 — 145 Commercial loan servicing fees (a) 15 — — — 15 Brokerage fees — — 11 — 11 Other noninterest income (b) 6 12 13 — 31 Total revenue from contracts with customers 314 84 202 — 600 Other sources of noninterest income 181 6 5 42 234 Total noninterest income $ 495 $ 90 $ 207 $ 42 $ 834 (a) Included in commercial lending fees on the Consolidated Statements of Comprehensive Income. (b) Excludes derivative, warrant and other miscellaneous income. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Recurring | |||||
Transfers into or out of Level 3 | $ 0 | $ 0 | $ 0 | $ 0 | |
Total liabilities at fair value | 2,230 | 2,230 | $ 873 | ||
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 | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | $ 19,452 | $ 16,986 | |
Derivative assets | 1,617 | 928 | |
Derivative liabilities | 2,131 | 747 | |
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 | 2,756 | 2,993 | |
Residential Mortgage Backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [1] | 12,052 | 13,288 |
Commercial Mortgage Backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [1] | 4,644 | 705 |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 19,452 | 16,986 | |
Derivative assets | 1,617 | 928 | |
Total assets at fair value | 21,209 | 18,089 | |
Derivative liabilities | 2,143 | 760 | |
Deferred compensation plan liabilities | 87 | 113 | |
Total liabilities at fair value | 2,230 | 873 | |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 2,756 | 2,993 | |
Derivative assets | 0 | 0 | |
Total assets at fair value | 2,896 | 3,168 | |
Derivative liabilities | 0 | 0 | |
Deferred compensation plan liabilities | 87 | 113 | |
Total liabilities at fair value | 87 | 113 | |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 16,696 | 13,993 | |
Derivative assets | 1,617 | 902 | |
Total assets at fair value | 18,313 | 14,895 | |
Derivative liabilities | 2,131 | 747 | |
Deferred compensation plan liabilities | 0 | 0 | |
Total liabilities at fair value | 2,131 | 747 | |
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 0 | 0 | |
Derivative assets | 0 | 26 | |
Total assets at fair value | 0 | 26 | |
Derivative liabilities | 12 | 13 | |
Deferred compensation plan liabilities | 0 | 0 | |
Total liabilities at fair value | 12 | 13 | |
Recurring | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 212 | 239 | |
Derivative liabilities | 741 | 69 | |
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 | 212 | 213 | |
Derivative liabilities | 741 | 69 | |
Recurring | Interest rate contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 26 | |
Derivative liabilities | 0 | 0 | |
Recurring | Energy contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 1,325 | 670 | |
Derivative liabilities | 1,316 | 662 | |
Recurring | Energy 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 contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 1,325 | 670 | |
Derivative liabilities | 1,316 | 662 | |
Recurring | Energy 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 | 80 | 19 | |
Derivative liabilities | 74 | 16 | |
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 | 80 | 19 | |
Derivative liabilities | 74 | 16 | |
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 | Other financial derivative | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 12 | 13 | |
Recurring | Other financial derivative | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Recurring | Other financial derivative | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Recurring | Other financial derivative | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities at fair value | 12 | 13 | |
Recurring | Deferred compensation plan assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan assets | 87 | 113 | |
Recurring | Deferred compensation plan assets | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan assets | 87 | 113 | |
Recurring | Deferred compensation plan assets | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan assets | 0 | 0 | |
Recurring | Deferred compensation plan assets | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan assets | 0 | 0 | |
Recurring | Equity and other non-debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 53 | 62 | |
Recurring | Equity and other non-debt securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 53 | 62 | |
Recurring | Equity and other non-debt securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 0 | 0 | |
Recurring | Equity and other non-debt securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity 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 | 2,756 | 2,993 | |
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 | 2,756 | 2,993 | |
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 | [1] | 12,052 | 13,288 |
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 | [1] | 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 | [1] | 12,052 | 13,288 |
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 | [1] | 0 | 0 |
Recurring | Commercial Mortgage Backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [1] | 4,644 | 705 |
Recurring | Commercial Mortgage Backed Securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [1] | 0 | 0 |
Recurring | Commercial Mortgage Backed Securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [1] | 4,644 | 705 |
Recurring | Commercial Mortgage Backed Securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | [1] | $ 0 | $ 0 |
[1]Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
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 | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Interest rate contracts | |||||
Balance at beginning of period | $ 29 | $ 26 | $ 39 | ||
Realized gains (losses) recorded in earnings | [1] | 0 | 0 | 0 | |
Unrealized gains (losses) recorded in earnings | [1] | (2) | 0 | (12) | |
Settlements | 0 | (26) | 0 | ||
Balance at end of period | $ 0 | 27 | 0 | 27 | |
Other financial derivative | |||||
Balance at beginning of period | (12) | (12) | (13) | (11) | |
Realized gains (losses) recorded in earnings | [1] | 0 | 0 | 0 | 0 |
Unrealized gains (losses) recorded in earnings | [1] | 0 | 0 | 1 | (1) |
Settlements | 0 | 0 | 0 | 0 | |
Balance at end of period | $ (12) | $ (12) | $ (12) | $ (12) | |
[1]Realized and unrealized gains and losses due to changes in fair value are recorded in other noninterest income on the Consolidated Statements of Comprehensive Income. |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis) (Details) - Nonrecurring - Level 3 - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 69 | $ 150 |
Commercial borrower | Domestic loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 53 | 125 |
Commercial borrower | Non-US | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 4 | |
Commercial borrower | Commercial mortgage | Domestic loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 14 | 17 |
Commercial borrower | Construction | Domestic loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 2 | $ 4 |
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 | Sep. 30, 2022 | Dec. 31, 2021 | |
Cash and due from banks | $ 1,735 | $ 1,236 | |
Interest-bearing deposits with banks | 4,235 | 21,443 | |
Total loans, net of allowance for loan losses | 51,136 | 48,697 | |
Demand deposits (noninterest-bearing) | 42,296 | 45,800 | |
Customer certificates of deposit | 1,661 | 1,973 | |
Total deposits | 73,016 | 82,339 | |
Medium- and long-term debt | 3,016 | 2,796 | |
Carrying Amount | |||
Cash and due from banks | 1,735 | 1,236 | |
Interest-bearing deposits with banks | 4,235 | 21,443 | |
Other short-term investments | 16 | 16 | |
Loans held-for-sale | 3 | 6 | |
Total loans, net of allowance for loan losses | [1] | 51,136 | 48,697 |
Customers' liability on acceptances outstanding | 5 | 5 | |
Restricted equity investments | 113 | 92 | |
Nonmarketable equity securities | [2] | 5 | 5 |
Demand deposits (noninterest-bearing) | 42,296 | 45,800 | |
Interest-bearing deposits | 29,059 | 34,566 | |
Customer certificates of deposit | 1,661 | 1,973 | |
Total deposits | 73,016 | 82,339 | |
Acceptances outstanding | 5 | 5 | |
Medium- and long-term debt | 3,016 | 2,796 | |
Credit-related financial instruments | (76) | (59) | |
Estimated Fair Value | |||
Cash and due from banks | 1,735 | 1,236 | |
Interest-bearing deposits with banks | 4,235 | 21,443 | |
Other short-term investments | 16 | 16 | |
Loans held-for-sale | 3 | 6 | |
Total loans, net of allowance for loan losses | [1] | 48,521 | 49,127 |
Customers' liability on acceptances outstanding | 5 | 5 | |
Restricted equity investments | 113 | 92 | |
Nonmarketable equity securities | [2] | 12 | 10 |
Demand deposits (noninterest-bearing) | 42,296 | 45,800 | |
Interest-bearing deposits | 29,059 | 34,566 | |
Customer certificates of deposit | 1,621 | 1,968 | |
Total deposits | 72,976 | 82,334 | |
Acceptances outstanding | 5 | 5 | |
Medium- and long-term debt | 3,035 | 2,854 | |
Credit-related financial instruments | (76) | (59) | |
Level 1 | Estimated Fair Value | |||
Cash and due from banks | 1,735 | 1,236 | |
Interest-bearing deposits with banks | 4,235 | 21,443 | |
Other short-term investments | 16 | 16 | |
Loans held-for-sale | 0 | 0 | |
Total loans, net of allowance for loan losses | [1] | 0 | 0 |
Customers' liability on acceptances outstanding | 5 | 5 | |
Restricted equity investments | 113 | 92 | |
Demand deposits (noninterest-bearing) | 0 | 0 | |
Interest-bearing deposits | 0 | 0 | |
Customer certificates of deposit | 0 | 0 | |
Total deposits | 0 | 0 | |
Acceptances outstanding | 5 | 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 | |
Other short-term investments | 0 | 0 | |
Loans held-for-sale | 3 | 6 | |
Total loans, net of allowance for loan losses | [1] | 0 | 0 |
Customers' liability on acceptances outstanding | 0 | 0 | |
Restricted equity investments | 0 | 0 | |
Demand deposits (noninterest-bearing) | 42,296 | 45,800 | |
Interest-bearing deposits | 29,059 | 34,566 | |
Customer certificates of deposit | 1,621 | 1,968 | |
Total deposits | 72,976 | 82,334 | |
Acceptances outstanding | 0 | 0 | |
Medium- and long-term debt | 3,035 | 2,854 | |
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 | |
Other short-term investments | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Total loans, net of allowance for loan losses | [1] | 48,521 | 49,127 |
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 | |
Acceptances outstanding | 0 | 0 | |
Medium- and long-term debt | 0 | 0 | |
Credit-related financial instruments | (76) | (59) | |
Nonrecurring | |||
Total loans, net of allowance for loan losses | $ 69 | $ 150 | |
[1]Included $69 million and $150 million of loans recorded at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021, respectively.[2]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 | 3 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | ||
Securities with no credit impairment in unrealized loss position | 1,290 | |||
Loan interest receivable | $ 48 | $ 36 | ||
Securities gains and losses | 0 | $ 0 | ||
Investment securities available-for-sale, Amortized Cost | 22,559 | 17,116 | ||
Investment securities available-for-sale | 19,452 | 16,986 | ||
Carrying value of securities pledged | 2,800 | |||
Pledged to the FHLB as collateral for potential future borrowings | 1,100 | |||
Collateral for potential future borrowings | 1,700 | |||
Liabilities secured by pledged collateral | $ 1,200 | |||
U.S. Treasury and other U.S. government agency securities | ||||
Securities with no credit impairment in unrealized loss position | 28 | |||
Investment securities available-for-sale, Amortized Cost | $ 2,918 | 3,010 | ||
Investment securities available-for-sale | $ 2,756 | 2,993 | ||
Residential Mortgage Backed Securities | ||||
Securities with no credit impairment in unrealized loss position | 1,008 | |||
Investment securities available-for-sale, Amortized Cost | [1] | $ 14,390 | 13,397 | |
Investment securities available-for-sale | [1] | $ 12,052 | 13,288 | |
Commercial Mortgage Backed Securities | ||||
Securities with no credit impairment in unrealized loss position | 254 | |||
Investment securities available-for-sale, Amortized Cost | [1] | $ 5,251 | 709 | |
Investment securities available-for-sale | [1] | $ 4,644 | $ 705 | |
[1]Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
Investment Securities (Summary
Investment Securities (Summary Of Investment Securities) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Investment securities available-for-sale, Amortized Cost | $ 22,559 | $ 17,116 | |
Investment securities available-for-sale, Gross Unrealized Gains | 0 | 91 | |
Investment securities available-for-sale, Gross Unrealized Losses | 3,107 | 221 | |
Investment securities available-for-sale, Fair Value | 19,452 | 16,986 | |
U.S. Treasury and other U.S. government agency securities | |||
Investment securities available-for-sale, Amortized Cost | 2,918 | 3,010 | |
Investment securities available-for-sale, Gross Unrealized Gains | 0 | 22 | |
Investment securities available-for-sale, Gross Unrealized Losses | 162 | 39 | |
Investment securities available-for-sale, Fair Value | 2,756 | 2,993 | |
Residential Mortgage Backed Securities | |||
Investment securities available-for-sale, Amortized Cost | [1] | 14,390 | 13,397 |
Investment securities available-for-sale, Gross Unrealized Gains | [1] | 0 | 67 |
Investment securities available-for-sale, Gross Unrealized Losses | [1] | 2,338 | 176 |
Investment securities available-for-sale, Fair Value | [1] | 12,052 | 13,288 |
Commercial Mortgage Backed Securities | |||
Investment securities available-for-sale, Amortized Cost | [1] | 5,251 | 709 |
Investment securities available-for-sale, Gross Unrealized Gains | [1] | 0 | 2 |
Investment securities available-for-sale, Gross Unrealized Losses | [1] | 607 | 6 |
Investment securities available-for-sale, Fair Value | [1] | $ 4,644 | $ 705 |
[1]Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
Investment Securities (Summar_2
Investment Securities (Summary Of Investment Securities In Unrealized Loss Positions) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Less than 12 months, Fair Value | $ 13,218 | $ 8,008 | |
Less than 12 Months, Unrealized Losses | 1,729 | 140 | |
12 months or more, Fair Value | 6,228 | 2,462 | |
12 Months or more, Unrealized Losses | 1,378 | 81 | |
Total, Fair Value | 19,446 | 10,470 | |
Total, Unrealized Losses | 3,107 | 221 | |
U.S. Treasury and other U.S. government agency securities | |||
Less than 12 months, Fair Value | 1,093 | 465 | |
Less than 12 Months, Unrealized Losses | 8 | 6 | |
12 months or more, Fair Value | 1,663 | 1,334 | |
12 Months or more, Unrealized Losses | 154 | 33 | |
Total, Fair Value | 2,756 | 1,799 | |
Total, Unrealized Losses | 162 | 39 | |
Residential Mortgage Backed Securities | |||
Less than 12 months, Fair Value | [1] | 7,648 | 7,197 |
Less than 12 Months, Unrealized Losses | [1] | 1,157 | 128 |
12 months or more, Fair Value | [1] | 4,398 | 1,128 |
12 Months or more, Unrealized Losses | [1] | 1,181 | 48 |
Total, Fair Value | [1] | 12,046 | 8,325 |
Total, Unrealized Losses | [1] | 2,338 | 176 |
Commercial Mortgage Backed Securities | |||
Less than 12 months, Fair Value | [1] | 4,477 | 346 |
Less than 12 Months, Unrealized Losses | [1] | 564 | 6 |
12 months or more, Fair Value | [1] | 167 | 0 |
12 Months or more, Unrealized Losses | [1] | 43 | 0 |
Total, Fair Value | [1] | 4,644 | 346 |
Total, Unrealized Losses | [1] | $ 607 | $ 6 |
[1]Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
Investment Securities (Contract
Investment Securities (Contractual Maturity Distribution Of Debt Securities) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Investment securities available-for-sale, Amortized Cost | $ 22,559 | $ 17,116 |
Investment securities available-for-sale, Fair Value | 19,452 | $ 16,986 |
Debt securities | ||
Available-for-sale, Within one year, Amortized Cost | 1,101 | |
Available-for-sale, After one year through five years, Amortized Cost | 2,061 | |
Available-for-sale, After five years through ten years, Amortized Cost | 5,522 | |
Available-for-sale, After ten years, Amortized Cost | 13,875 | |
Investment securities available-for-sale, Amortized Cost | 22,559 | |
Available-for-sale, Within one year, Fair Value | 1,092 | |
Available-for-sale, After one year through five years, Fair Value | 1,898 | |
Available-for-sale, After five years through ten years, Fair Value | 4,910 | |
Available-for-sale, After ten years, Fair Value | 11,552 | |
Investment securities available-for-sale, Fair Value | $ 19,452 |
Credit Quality And Allowance _3
Credit Quality And Allowance For Credit Losses (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Loan interest receivable | $ 202 | $ 202 | $ 120 | ||
Financing Receivable, Nonaccrual, Interest Income | 3 | $ 4 | 7 | $ 8 | |
Foreclosed property | 1 | ||||
Retail loans secured by residential real estate in process of foreclosure | 0 | ||||
Commitments to lend additional funds to TDR borrowers | $ 1 | $ 1 | $ 0 | ||
Principal Deferrals | |||||
Minimum period loan terms were extended | 90 days | 90 days | 90 days | 90 days | |
Subsequent default during period | $ 6 | $ 6 | |||
Interest Rate Reductions | |||||
Minimum period loan terms were extended | 90 days | 90 days | 90 days | 90 days | |
Subsequent default during period | $ 0 | $ 0 |
Credit Quality And Allowance _4
Credit Quality And Allowance For Credit Losses (Aging Analysis Of Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | $ 487 | $ 180 | |
Nonaccrual loans | 259 | 264 | |
Current loans | [1] | 50,966 | 48,841 |
Total loans | 51,712 | 49,285 | |
30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 358 | 118 | |
60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 57 | 35 | |
90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 72 | 27 | |
Business loans | Commercial borrower | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 433 | 132 | |
Nonaccrual loans | 188 | 216 | |
Current loans | [1] | 47,076 | 45,069 |
Total loans | 47,697 | 45,417 | |
Business loans | Commercial borrower | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 312 | 78 | |
Business loans | Commercial borrower | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 51 | 31 | |
Business loans | Commercial borrower | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 70 | 23 | |
Business loans | Commercial borrower | Domestic loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 355 | 59 | |
Nonaccrual loans | 154 | 173 | |
Current loans | [1] | 30,204 | 29,134 |
Total loans | 30,713 | 29,366 | |
Business loans | Commercial borrower | Domestic loans | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 247 | 35 | |
Business loans | Commercial borrower | Domestic loans | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 44 | 18 | |
Business loans | Commercial borrower | Domestic loans | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 64 | 6 | |
Business loans | Commercial borrower | International loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 6 | 14 | |
Nonaccrual loans | 5 | 5 | |
Current loans | [1] | 1,205 | 1,189 |
Total loans | 1,216 | 1,208 | |
Business loans | Commercial borrower | International loans | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 6 | 5 | |
Business loans | Commercial borrower | International loans | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 8 | |
Business loans | Commercial borrower | International loans | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 1 | |
Business loans | Commercial borrower | Real estate construction | Domestic loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 2 | 16 | |
Nonaccrual loans | 4 | 6 | |
Current loans | [1] | 2,611 | 2,926 |
Total loans | 2,617 | 2,948 | |
Business loans | Commercial borrower | Real estate construction | Domestic loans | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 15 | |
Business loans | Commercial borrower | Real estate construction | Domestic loans | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 1 | |
Business loans | Commercial borrower | Real estate construction | Domestic loans | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 2 | 0 | |
Business loans | Commercial borrower | Real estate construction | Domestic loans | Commercial Real Estate business line | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [2] | 0 | 0 |
Nonaccrual loans | [2] | 0 | 0 |
Current loans | [1],[2] | 2,022 | 2,391 |
Total loans | [2] | 2,022 | 2,391 |
Business loans | Commercial borrower | Real estate construction | Domestic loans | Commercial Real Estate business line | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [2] | 0 | 0 |
Business loans | Commercial borrower | Real estate construction | Domestic loans | Commercial Real Estate business line | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [2] | 0 | 0 |
Business loans | Commercial borrower | Real estate construction | Domestic loans | Commercial Real Estate business line | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [2] | 0 | 0 |
Business loans | Commercial borrower | Real estate construction | Domestic loans | Other business lines | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 2 | 16 |
Nonaccrual loans | [3] | 4 | 6 |
Current loans | [1],[3] | 589 | 535 |
Total loans | [3] | 595 | 557 |
Business loans | Commercial borrower | Real estate construction | Domestic loans | Other business lines | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 0 | 15 |
Business loans | Commercial borrower | Real estate construction | Domestic loans | Other business lines | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 0 | 1 |
Business loans | Commercial borrower | Real estate construction | Domestic loans | Other business lines | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 2 | 0 |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 64 | 38 | |
Nonaccrual loans | 25 | 32 | |
Current loans | [1] | 12,349 | 11,185 |
Total loans | 12,438 | 11,255 | |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 53 | 18 | |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 7 | 4 | |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 4 | 16 | |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | Commercial Real Estate business line | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [2] | 32 | 0 |
Nonaccrual loans | [2] | 1 | 1 |
Current loans | [1],[2] | 4,068 | 3,337 |
Total loans | [2] | 4,101 | 3,338 |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | Commercial Real Estate business line | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [2] | 32 | 0 |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | Commercial Real Estate business line | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [2] | 0 | 0 |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | Commercial Real Estate business line | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [2] | 0 | 0 |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | Other business lines | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 32 | 38 |
Nonaccrual loans | [3] | 24 | 31 |
Current loans | [1],[3] | 8,281 | 7,848 |
Total loans | [3] | 8,337 | 7,917 |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | Other business lines | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 21 | 18 |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | Other business lines | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 7 | 4 |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | Other business lines | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | [3] | 4 | 16 |
Business loans | Commercial borrower | Lease financing | Domestic loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 6 | 5 | |
Nonaccrual loans | 0 | 0 | |
Current loans | [1] | 707 | 635 |
Total loans | 713 | 640 | |
Business loans | Commercial borrower | Lease financing | Domestic loans | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 6 | 5 | |
Business loans | Commercial borrower | Lease financing | Domestic loans | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 0 | |
Business loans | Commercial borrower | Lease financing | Domestic loans | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 0 | |
Retail loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 54 | 48 | |
Nonaccrual loans | 71 | 48 | |
Current loans | [1] | 3,890 | 3,772 |
Total loans | 4,015 | 3,868 | |
Retail loans | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 46 | 40 | |
Retail loans | 60 to 89 days past due and still accruing | |||
Financing Receivable, 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, Past Due [Line Items] | |||
Loans past due and still accruing | 2 | 4 | |
Retail loans | Residential mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 11 | 4 | |
Nonaccrual loans | 56 | 36 | |
Current loans | [1] | 1,686 | 1,731 |
Total loans | 1,753 | 1,771 | |
Retail loans | Residential mortgage | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 9 | 4 | |
Retail loans | Residential mortgage | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 2 | 0 | |
Retail loans | Residential mortgage | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 0 | |
Retail loans | Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 43 | 44 | |
Nonaccrual loans | 15 | 12 | |
Current loans | [1] | 2,204 | 2,041 |
Total loans | 2,262 | 2,097 | |
Retail loans | Home equity | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 37 | 36 | |
Retail loans | Home equity | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 4 | 4 | |
Retail loans | Home equity | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 2 | 4 | |
Retail loans | Home equity | Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 7 | 7 | |
Nonaccrual loans | 14 | 12 | |
Current loans | [1] | 1,687 | 1,514 |
Total loans | 1,708 | 1,533 | |
Retail loans | Home equity | Home equity | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 6 | 4 | |
Retail loans | Home equity | Home equity | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 1 | 3 | |
Retail loans | Home equity | Home equity | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 0 | 0 | |
Retail loans | Home equity | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 36 | 37 | |
Nonaccrual loans | 1 | 0 | |
Current loans | [1] | 517 | 527 |
Total loans | 554 | 564 | |
Retail loans | Home equity | Other consumer | 30 to 59 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 31 | 32 | |
Retail loans | Home equity | Other consumer | 60 to 89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | 3 | 1 | |
Retail loans | Home equity | Other consumer | 90 days or more past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans past due and still accruing | $ 2 | $ 4 | |
[1]Includes $22 million of loans with deferred payments not considered past due in accordance with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) at December 31, 2021.[2]Primarily loans to real estate developers.[3]Primarily loans secured by owner-occupied real estate. |
Credit Quality And Allowance _5
Credit Quality And Allowance For Credit Losses (Loans By Credit Quality Indicator and Vintage Year) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | $ 51,712 | $ 49,285 | ||
Financing Receivable, Originated in Current Fiscal Year | 7,084 | 9,453 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 8,274 | 5,533 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,382 | 4,367 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,187 | 3,021 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,065 | 2,109 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,325 | 3,959 | ||
Financing Receivable, Revolving | 22,343 | 20,782 | ||
Financing Receivable, Revolving, Converted to Term Loan | 52 | 61 | ||
Business loans | Commercial borrower | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 47,697 | 45,417 | ||
Financing Receivable, Originated in Current Fiscal Year | 6,766 | 8,904 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 7,833 | 4,938 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,838 | 4,189 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,034 | 2,927 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,991 | 1,990 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,898 | 3,488 | ||
Financing Receivable, Revolving | 20,327 | 18,969 | ||
Financing Receivable, Revolving, Converted to Term Loan | 10 | 12 | ||
Business loans | Commercial borrower | Domestic loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 30,713 | 29,366 | ||
Financing Receivable, Originated in Current Fiscal Year | 3,347 | 5,371 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,009 | 1,860 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,172 | 1,633 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,192 | 1,033 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 686 | 739 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,193 | 857 | ||
Financing Receivable, Revolving | 19,104 | 17,861 | ||
Financing Receivable, Revolving, Converted to Term Loan | 10 | 12 | ||
Business loans | Commercial borrower | Domestic loans | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [1] | 29,425 | 28,212 | |
Financing Receivable, Originated in Current Fiscal Year | [1],[2] | 3,311 | 5,270 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [1],[2] | 3,786 | 1,740 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [1] | 1,060 | [2] | 1,528 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [1] | 1,111 | 947 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [1] | 631 | 713 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [1] | 1,108 | 763 | |
Financing Receivable, Revolving | [1] | 18,410 | 17,241 | |
Financing Receivable, Revolving, Converted to Term Loan | [1] | 8 | 10 | |
Business loans | Commercial borrower | Domestic loans | Criticized | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [3] | 1,288 | 1,154 | |
Financing Receivable, Originated in Current Fiscal Year | [3] | 36 | 101 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [3] | 223 | 120 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [3] | 112 | 105 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [3] | 81 | 86 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [3] | 55 | 26 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [3] | 85 | 94 | |
Financing Receivable, Revolving | [3] | 694 | 620 | |
Financing Receivable, Revolving, Converted to Term Loan | [3] | 2 | 2 | |
Business loans | Commercial borrower | International loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,216 | 1,208 | ||
Financing Receivable, Originated in Current Fiscal Year | 294 | 401 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 211 | 151 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 62 | 106 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 72 | 34 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 26 | 5 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 25 | 24 | ||
Financing Receivable, Revolving | 526 | 487 | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | ||
Business loans | Commercial borrower | International loans | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [1] | 1,159 | 1,151 | |
Financing Receivable, Originated in Current Fiscal Year | [1] | 287 | 381 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [1] | 206 | 141 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [1] | 59 | 103 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [1] | 72 | 29 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [1] | 21 | 1 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [1] | 15 | 16 | |
Financing Receivable, Revolving | [1] | 499 | 480 | |
Financing Receivable, Revolving, Converted to Term Loan | [1] | 0 | 0 | |
Business loans | Commercial borrower | International loans | Criticized | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [3] | 57 | 57 | |
Financing Receivable, Originated in Current Fiscal Year | [3] | 7 | 20 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [3] | 5 | 10 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [3] | 3 | 3 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [3] | 0 | 5 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [3] | 5 | 4 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [3] | 10 | 8 | |
Financing Receivable, Revolving | [3] | 27 | 7 | |
Financing Receivable, Revolving, Converted to Term Loan | [3] | 0 | 0 | |
Business loans | Commercial borrower | Real estate construction | Domestic loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,617 | 2,948 | ||
Financing Receivable, Originated in Current Fiscal Year | 448 | 458 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 969 | 861 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 751 | 849 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 230 | 437 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 67 | 166 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 30 | 42 | ||
Financing Receivable, Revolving | 122 | 135 | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | ||
Business loans | Commercial borrower | Real estate construction | Domestic loans | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [1] | 2,613 | 2,913 | |
Financing Receivable, Originated in Current Fiscal Year | [1] | 448 | 458 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [1] | 969 | 858 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [1] | 748 | 849 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [1] | 230 | 424 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [1] | 66 | 158 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [1] | 30 | 34 | |
Financing Receivable, Revolving | [1] | 122 | 132 | |
Financing Receivable, Revolving, Converted to Term Loan | [1] | 0 | 0 | |
Business loans | Commercial borrower | Real estate construction | Domestic loans | Criticized | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [3] | 4 | 35 | |
Financing Receivable, Originated in Current Fiscal Year | [3] | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [3] | 0 | 3 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [3] | 3 | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [3] | 0 | 13 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [3] | 1 | 8 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [3] | 0 | 8 | |
Financing Receivable, Revolving | [3] | 0 | 3 | |
Financing Receivable, Revolving, Converted to Term Loan | [3] | 0 | 0 | |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 12,438 | 11,255 | ||
Financing Receivable, Originated in Current Fiscal Year | 2,431 | 2,508 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,496 | 1,976 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,781 | 1,494 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,481 | 1,365 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,166 | 1,041 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,508 | 2,385 | ||
Financing Receivable, Revolving | 575 | 486 | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | ||
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [1] | 12,266 | 11,007 | |
Financing Receivable, Originated in Current Fiscal Year | [1] | 2,425 | 2,491 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [1] | 2,480 | 1,932 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [1] | 1,770 | 1,444 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [1] | 1,445 | 1,343 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [1] | 1,136 | 1,018 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [1] | 2,435 | 2,298 | |
Financing Receivable, Revolving | [1] | 575 | 481 | |
Financing Receivable, Revolving, Converted to Term Loan | [1] | 0 | 0 | |
Business loans | Commercial borrower | Commercial mortgage | Domestic loans | Criticized | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [3] | 172 | 248 | |
Financing Receivable, Originated in Current Fiscal Year | [3] | 6 | 17 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [3] | 16 | 44 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [3] | 11 | 50 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [3] | 36 | 22 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [3] | 30 | 23 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [3] | 73 | 87 | |
Financing Receivable, Revolving | [3] | 0 | 5 | |
Financing Receivable, Revolving, Converted to Term Loan | [3] | 0 | 0 | |
Business loans | Commercial borrower | Lease financing | Domestic loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 713 | 640 | ||
Financing Receivable, Originated in Current Fiscal Year | 246 | 166 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 148 | 90 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 72 | 107 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 59 | 58 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 46 | 39 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 142 | 180 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | ||
Business loans | Commercial borrower | Lease financing | Domestic loans | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [1] | 685 | 618 | |
Financing Receivable, Originated in Current Fiscal Year | [1] | 236 | 166 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [1] | 148 | 88 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [1] | 70 | 97 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [1] | 51 | 50 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [1] | 39 | 38 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [1] | 141 | 179 | |
Financing Receivable, Revolving | [1] | 0 | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | [1] | 0 | 0 | |
Business loans | Commercial borrower | Lease financing | Domestic loans | Criticized | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [3] | 28 | 22 | |
Financing Receivable, Originated in Current Fiscal Year | [3] | 10 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [3] | 0 | 2 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [3] | 2 | 10 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [3] | 8 | 8 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [3] | 7 | 1 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [3] | 1 | 1 | |
Financing Receivable, Revolving | [3] | 0 | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | [3] | 0 | 0 | |
Retail loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 4,015 | 3,868 | ||
Financing Receivable, Originated in Current Fiscal Year | 318 | 549 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 441 | 595 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 544 | 178 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 153 | 94 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 74 | 119 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 427 | 471 | ||
Financing Receivable, Revolving | 2,016 | 1,813 | ||
Financing Receivable, Revolving, Converted to Term Loan | 42 | 49 | ||
Retail loans | Residential mortgage | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,753 | 1,771 | ||
Financing Receivable, Originated in Current Fiscal Year | 243 | 448 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 402 | 527 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 485 | 165 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 143 | 85 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 73 | 118 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 407 | 428 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | ||
Retail loans | Residential mortgage | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [1] | 1,695 | 1,735 | |
Financing Receivable, Originated in Current Fiscal Year | [1] | 242 | 443 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [1] | 398 | 527 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [1] | 484 | 164 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [1] | 135 | 83 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [1] | 70 | 111 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [1] | 366 | 407 | |
Financing Receivable, Revolving | [1] | 0 | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | [1] | 0 | 0 | |
Retail loans | Residential mortgage | Criticized | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [3] | 58 | 36 | |
Financing Receivable, Originated in Current Fiscal Year | [3] | 1 | 5 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [3] | 4 | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [3] | 1 | 1 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [3] | 8 | 2 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [3] | 3 | 7 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [3] | 41 | 21 | |
Financing Receivable, Revolving | [3] | 0 | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | [3] | 0 | 0 | |
Retail loans | Home equity | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,262 | 2,097 | ||
Financing Receivable, Originated in Current Fiscal Year | 75 | 101 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 39 | 68 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 59 | 13 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 10 | 9 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1 | 1 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 20 | 43 | ||
Financing Receivable, Revolving | 2,016 | 1,813 | ||
Financing Receivable, Revolving, Converted to Term Loan | 42 | 49 | ||
Retail loans | Home equity | Home equity | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,708 | 1,533 | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 10 | 12 | ||
Financing Receivable, Revolving | 1,656 | 1,472 | ||
Financing Receivable, Revolving, Converted to Term Loan | 42 | 49 | ||
Retail loans | Home equity | Home equity | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [1] | 1,691 | 1,516 | |
Financing Receivable, Originated in Current Fiscal Year | [1] | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [1] | 0 | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [1] | 0 | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [1] | 0 | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [1] | 0 | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [1] | 10 | 11 | |
Financing Receivable, Revolving | [1] | 1,642 | 1,460 | |
Financing Receivable, Revolving, Converted to Term Loan | [1] | 39 | 45 | |
Retail loans | Home equity | Home equity | Criticized | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [3] | 17 | 17 | |
Financing Receivable, Originated in Current Fiscal Year | [3] | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [3] | 0 | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [3] | 0 | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [3] | 0 | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [3] | 0 | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [3] | 0 | 1 | |
Financing Receivable, Revolving | [3] | 14 | 12 | |
Financing Receivable, Revolving, Converted to Term Loan | [3] | 3 | 4 | |
Retail loans | Home equity | Other consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 554 | 564 | ||
Financing Receivable, Originated in Current Fiscal Year | 75 | 101 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 39 | 68 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 59 | 13 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 10 | 9 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1 | 1 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 10 | 31 | ||
Financing Receivable, Revolving | 360 | 341 | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | ||
Retail loans | Home equity | Other consumer | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [1] | 552 | 560 | |
Financing Receivable, Originated in Current Fiscal Year | [1] | 75 | 101 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [1] | 39 | 68 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [1] | 59 | 13 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [1] | 8 | 9 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [1] | 1 | 1 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [1] | 10 | 31 | |
Financing Receivable, Revolving | [1] | 360 | 337 | |
Financing Receivable, Revolving, Converted to Term Loan | [1] | 0 | 0 | |
Retail loans | Home equity | Other consumer | Criticized | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | [3] | 2 | 4 | |
Financing Receivable, Originated in Current Fiscal Year | [3] | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [3] | 0 | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [3] | 0 | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [3] | 2 | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [3] | 0 | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [3] | 0 | 0 | |
Financing Receivable, Revolving | [3] | 0 | 4 | |
Financing Receivable, Revolving, Converted to Term Loan | [3] | $ 0 | $ 0 | |
[1]Includes all loans not included in the categories of special mention, substandard or nonaccrual.[2]Includes Small Business Administration Paycheck Protection Program (PPP) loans of $46 million and $458 million at September 30, 2022 and December 31, 2021, respectively.[3]Includes loans with an internal rating of special mention, substandard loans for which the accrual of interest has not been discontinued and nonaccrual loans. Special mention loans have potential credit weaknesses that deserve management’s close attention, such as loans to borrowers who may be experiencing financial difficulties that may result in deterioration of repayment prospects from the borrower at some future date. Accruing substandard loans have a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans are also distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. Nonaccrual loans are loans for which the accrual of interest has been discontinued. For further information regarding nonaccrual loans, refer to the Nonperforming Assets subheading in Note 1 - Basis of Presentation and Accounting Policies on page F-52 in the Corporation's 2021 Annual Report. These categories are generally consistent with the "special mention" and "substandard" categories as defined by regulatory authorities. A minority of nonaccrual loans are consistent with the "doubtful" category. |
Credit Quality And Allowance _6
Credit Quality And Allowance For Credit Losses (Changes In The Allowance For Loan Losses And Related Loan Amounts) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | $ 609 | $ 683 | $ 618 | $ 992 |
Provision for credit losses | 28 | (42) | 27 | (359) |
Balance at end of period | $ 624 | $ 639 | $ 624 | $ 639 |
As a percentage of total loans | 1.21% | 1.33% | 1.21% | 1.33% |
Financing Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | $ 563 | $ 652 | $ 588 | $ 948 |
Loan charge-offs | (26) | (26) | (57) | (50) |
Recoveries on loans previously charged-off | 13 | 24 | 36 | 56 |
Net loan (charge-offs) recoveries | (13) | (2) | (21) | 6 |
Provision for credit losses | 26 | (41) | 9 | (345) |
Balance at end of period | $ 576 | $ 609 | $ 576 | $ 609 |
As a percentage of total loans | 1.11% | 1.26% | 1.11% | 1.26% |
Unused Commitments to Extend Credit | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | $ 46 | $ 31 | $ 30 | $ 44 |
Provision for credit losses | 2 | (1) | 18 | (14) |
Balance at end of period | 48 | 30 | 48 | 30 |
Business loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | 536 | 613 | 555 | 930 |
Provision for credit losses | 26 | (31) | 16 | (357) |
Balance at end of period | $ 549 | $ 578 | $ 549 | $ 578 |
As a percentage of total loans | 1.15% | 1.30% | 1.15% | 1.30% |
Business loans | Financing Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | $ 502 | $ 589 | $ 531 | $ 895 |
Loan charge-offs | (25) | (26) | (55) | (48) |
Recoveries on loans previously charged-off | 12 | 22 | 33 | 53 |
Net loan (charge-offs) recoveries | (13) | (4) | (22) | 5 |
Provision for credit losses | 24 | (31) | 4 | (346) |
Balance at end of period | $ 513 | $ 554 | $ 513 | $ 554 |
As a percentage of total loans | 1.07% | 1.25% | 1.07% | 1.25% |
Business loans | Unused Commitments to Extend Credit | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | $ 34 | $ 24 | $ 24 | $ 35 |
Provision for credit losses | 2 | 0 | 12 | (11) |
Balance at end of period | 36 | 24 | 36 | 24 |
Retail loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | 73 | 70 | 63 | 62 |
Provision for credit losses | 2 | (11) | 11 | (2) |
Balance at end of period | $ 75 | $ 61 | $ 75 | $ 61 |
As a percentage of total loans | 1.88% | 1.57% | 1.88% | 1.57% |
Retail loans | Financing Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | $ 61 | $ 63 | $ 57 | $ 53 |
Loan charge-offs | (1) | 0 | (2) | (2) |
Recoveries on loans previously charged-off | 1 | 2 | 3 | 3 |
Net loan (charge-offs) recoveries | 0 | 2 | 1 | 1 |
Provision for credit losses | 2 | (10) | 5 | 1 |
Balance at end of period | $ 63 | $ 55 | $ 63 | $ 55 |
As a percentage of total loans | 1.58% | 1.42% | 1.58% | 1.42% |
Retail loans | Unused Commitments to Extend Credit | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | $ 12 | $ 7 | $ 6 | $ 9 |
Provision for credit losses | 0 | (1) | 6 | (3) |
Balance at end of period | $ 12 | $ 6 | $ 12 | $ 6 |
Credit Quality And Allowance _7
Credit Quality And Allowance For Credit Losses (Nonaccrual Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | $ 154 | $ 60 | |
Financing Receivable, Nonaccrual | 105 | 204 | |
Nonaccrual loans | 259 | 264 | |
Business loans | Commercial borrower | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 83 | 12 | |
Financing Receivable, Nonaccrual | 105 | 204 | |
Nonaccrual loans | 188 | 216 | |
Business loans | Commercial borrower | Domestic loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 74 | 8 | |
Financing Receivable, Nonaccrual | 80 | 165 | |
Nonaccrual loans | 154 | 173 | |
Business loans | Commercial borrower | Non-US | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 5 | 0 | |
Financing Receivable, Nonaccrual | 0 | 5 | |
Nonaccrual loans | 5 | 5 | |
Retail loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 71 | 48 | |
Financing Receivable, Nonaccrual | 0 | 0 | |
Nonaccrual loans | 71 | 48 | |
Retail loans | Home equity | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 15 | ||
Financing Receivable, Nonaccrual | 0 | ||
Nonaccrual loans | 15 | 12 | |
Real estate construction | Business loans | Commercial borrower | Domestic loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual loans | 4 | 6 | |
Real estate construction | Commercial Real Estate business line | Business loans | Commercial borrower | Domestic loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual loans | [1] | 0 | 0 |
Real estate construction | Other business lines | Business loans | Commercial borrower | Domestic loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | [2] | 0 | 0 |
Financing Receivable, Nonaccrual | [2] | 4 | 6 |
Nonaccrual loans | [2] | 4 | 6 |
Commercial mortgage | Business loans | Commercial borrower | Domestic loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 4 | 4 | |
Financing Receivable, Nonaccrual | 21 | 28 | |
Nonaccrual loans | 25 | 32 | |
Commercial mortgage | Commercial Real Estate business line | Business loans | Commercial borrower | Domestic loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | [1] | 0 | 0 |
Financing Receivable, Nonaccrual | [1] | 1 | 1 |
Nonaccrual loans | [1] | 1 | 1 |
Commercial mortgage | Other business lines | Business loans | Commercial borrower | Domestic loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | [2] | 4 | 4 |
Financing Receivable, Nonaccrual | [2] | 20 | 27 |
Nonaccrual loans | [2] | 24 | 31 |
Residential mortgage | Retail loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 56 | 36 | |
Financing Receivable, Nonaccrual | 0 | 0 | |
Nonaccrual loans | 56 | 36 | |
Home equity | Retail loans | Home equity | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 14 | 12 | |
Financing Receivable, Nonaccrual | 0 | 0 | |
Nonaccrual loans | 14 | 12 | |
Other consumer | Retail loans | Home equity | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 1 | ||
Financing Receivable, Nonaccrual | 0 | ||
Nonaccrual loans | $ 1 | $ 0 | |
[1]Primarily loans to real estate developers.[2]Primarily loans secured by owner-occupied real estate. |
Credit Quality And Allowance _8
Credit Quality And Allowance For Credit Losses Foreclosed Properties (Details) $ in Millions | Dec. 31, 2021 USD ($) |
Nonaccrual Loans [Abstract] | |
Foreclosed property | $ 1 |
Credit Quality And Allowance _9
Credit Quality And Allowance For Credit Losses (Troubled Debt Restructurings Subsequent Default) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | [1] | Sep. 30, 2022 | Sep. 30, 2021 | [1] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 39 | $ 0 | $ 58 | $ 1 | |||
Business loans | Commercial borrower | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 34 | 0 | 52 | 0 | |||
Business loans | Commercial borrower | Domestic loans | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 27 | 0 | 34 | 0 | |||
Business loans | Commercial mortgage | Commercial borrower | Domestic loans | Other business lines | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [2] | 7 | 0 | 15 | 0 | ||
Business loans | Real estate construction | Commercial borrower | Domestic loans | Other business lines | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [2] | 3 | 0 | ||||
Retail loans | Home equity | Home equity | Domestic loans | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [3] | 1 | 1 | ||||
Retail loans | Residential mortgage | Domestic loans | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 5 | 0 | 5 | 0 | |||
Principal Deferrals | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [4] | 34 | 0 | 53 | 0 | ||
Principal Deferrals | Business loans | Commercial borrower | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [4] | 34 | 0 | 52 | 0 | ||
Principal Deferrals | Business loans | Commercial borrower | Domestic loans | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [4] | 27 | 0 | 34 | 0 | ||
Principal Deferrals | Business loans | Commercial mortgage | Commercial borrower | Domestic loans | Other business lines | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [2],[4] | 7 | 0 | 15 | 0 | ||
Principal Deferrals | Business loans | Real estate construction | Commercial borrower | Domestic loans | Other business lines | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [2],[4] | 3 | 0 | ||||
Principal Deferrals | Retail loans | Home equity | Home equity | Domestic loans | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [3],[4] | 1 | 0 | ||||
Principal Deferrals | Retail loans | Residential mortgage | Domestic loans | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [4] | 0 | 0 | 0 | 0 | ||
Interest Rate Reductions | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 5 | 0 | 5 | 1 | |||
Interest Rate Reductions | Business loans | Commercial borrower | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 0 | 0 | 0 | 0 | |||
Interest Rate Reductions | Business loans | Commercial borrower | Domestic loans | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 0 | 0 | 0 | 0 | |||
Interest Rate Reductions | Business loans | Commercial mortgage | Commercial borrower | Domestic loans | Other business lines | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [2] | 0 | 0 | 0 | 0 | ||
Interest Rate Reductions | Business loans | Real estate construction | Commercial borrower | Domestic loans | Other business lines | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [2] | 0 | 0 | ||||
Interest Rate Reductions | Retail loans | Home equity | Home equity | Domestic loans | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [3] | 0 | 1 | ||||
Interest Rate Reductions | Retail loans | Residential mortgage | Domestic loans | |||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 5 | $ 0 | $ 5 | $ 0 | |||
[1]Under the provisions of the CARES Act, qualifying COVID-19-related modifications, primarily principal deferrals, were not considered TDRs during the nine months ended September 30, 2021.[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.[4]Primarily represents loan balances where terms were extended by more than an insignificant time period, typically more than 180 days, at or above contractual interest rates. Also includes commercial loans restructured in bankruptcy. |
Derivative And Credit-Related_3
Derivative And Credit-Related Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Cash received as collateral for derivative assets | $ 196 | $ 196 | |||
Fair value of securities pledged as collateral for derivative assets | 127 | 127 | |||
Cash posted as collateral for derivative liabilities | 280 | 280 | |||
Net cash flow hedge gains included in interest and fees on loans | (2) | $ 24 | 45 | $ 72 | |
Allowance for credit losses on lending-related commitments | 48 | 48 | $ 30 | ||
Allowance for credit losses on lending-related commitments, amount related to unused commitments to extend credit | 44 | $ 44 | 27 | ||
Final year of expiration for outstanding letters of credit | 2028 | ||||
Risk participation agreements covering standby and commercial letters of credit | 110 | $ 110 | 98 | ||
Standby and commercial letters of credit | 3,400 | 3,400 | 3,400 | ||
Carrying value of standby and commercial letters of credit included in accrued expenses and other liabilities | 32 | 32 | 32 | ||
Deferred fees on standby and commercial letters of credit included in accrued expenses and other liabilities | 28 | 28 | 29 | ||
Allowance for credit losses on lending-related commitments, amount related to standby and commercial letters of credit | 4 | 4 | 3 | ||
Notional amount of derivative credit risk participation agreements | 894 | $ 894 | 1,100 | ||
Fair Value Amount of Derivative Credit Risk Participation Agreements | 1 | ||||
Maximum estimated exposure to credit risk participation agreements assuming 100% default | 30 | ||||
Weighted average remaining maturity of credit risk participation agreements, in years | 3 years 10 months 24 days | ||||
Recurring | |||||
Total liabilities at fair value | 2,230 | $ 2,230 | 873 | ||
Level 3 | Recurring | |||||
Total liabilities at fair value | $ 12 | $ 12 | $ 13 |
Derivative And Credit-Related_4
Derivative And Credit-Related Financial Instruments (Schedule Of Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | $ 67,381 | $ 41,638 |
Fair Value of Gross Derivative Assets | 1,617 | 928 | |
Fair Value of Gross Derivative Liabilities | 2,131 | 747 | |
Derivative assets, Netting adjustment - Offsetting derivative liabilities | (785) | (187) | |
Derivative liabilities, Netting adjustment - Offsetting derivative assets | (785) | (187) | |
Derivative assets, Netting adjustment - Cash collateral received | (194) | (15) | |
Derivative liabilities, Netting adjustment, Cash collateral posted | (277) | (452) | |
Net derivative assets included in the Consolidated Balance Sheets | [2] | 638 | 726 |
Net derivative liabilities included in the Consolidated Balance Sheets | [2] | 1,069 | 108 |
Derivative asset, securities pledged as collateral | (28) | 0 | |
Derivative liability, securities pledged as collateral | (128) | (52) | |
Net derivative assets after deducting amounts not offset in the Consolidated Balance Sheets | 610 | 726 | |
Net derivative liabilities after deducting amounts not offset in the Consolidated Balance Sheets | 941 | 56 | |
Credit valuation adjustments for counterparty credit risk | 3 | 9 | |
Risk management purposes | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 29,710 | 11,152 |
Fair Value of Gross Derivative Assets | 4 | 0 | |
Fair Value of Gross Derivative Liabilities | 112 | 2 | |
Risk management purposes | Derivatives designated as hedging instruments | Swaps - fair value - receive fixed/pay floating | Interest rate swap | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 3,150 | 2,650 |
Fair Value of Gross Derivative Assets | 0 | 0 | |
Fair Value of Gross Derivative Liabilities | 0 | 0 | |
Risk management purposes | Derivatives designated as hedging instruments | Swaps - cash flow - receive fixed/pay floating rate | Interest rate swap | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1],[3] | 26,100 | 8,050 |
Fair Value of Gross Derivative Assets | [3] | 0 | 0 |
Fair Value of Gross Derivative Liabilities | [3] | 109 | 0 |
Risk management purposes | Derivatives used as economic hedges | Foreign exchange spot, forwards and swaps | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 460 | 452 |
Fair Value of Gross Derivative Assets | 4 | 0 | |
Fair Value of Gross Derivative Liabilities | 3 | 2 | |
Customer-initiated and other activities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 37,671 | 30,486 |
Fair Value of Gross Derivative Assets | 1,613 | 928 | |
Fair Value of Gross Derivative Liabilities | 2,019 | 745 | |
Customer-initiated and other activities | Interest rate contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 20,471 | 21,000 |
Fair Value of Gross Derivative Assets | 212 | 239 | |
Fair Value of Gross Derivative Liabilities | 632 | 69 | |
Customer-initiated and other activities | Interest rate caps and floors written | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 924 | 809 |
Fair Value of Gross Derivative Assets | 0 | 0 | |
Fair Value of Gross Derivative Liabilities | 23 | 3 | |
Customer-initiated and other activities | Interest rate caps and floors purchased | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 924 | 809 |
Fair Value of Gross Derivative Assets | 23 | 3 | |
Fair Value of Gross Derivative Liabilities | 0 | 0 | |
Customer-initiated and other activities | Interest rate swap | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 18,623 | 19,382 |
Fair Value of Gross Derivative Assets | 189 | 236 | |
Fair Value of Gross Derivative Liabilities | 609 | 66 | |
Customer-initiated and other activities | Energy contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 14,742 | 7,770 |
Fair Value of Gross Derivative Assets | 1,325 | 670 | |
Fair Value of Gross Derivative Liabilities | 1,316 | 662 | |
Customer-initiated and other activities | Energy caps and floors written | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 4,076 | 1,779 |
Fair Value of Gross Derivative Assets | 0 | 0 | |
Fair Value of Gross Derivative Liabilities | 544 | 203 | |
Customer-initiated and other activities | Energy caps and floors purchased | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 4,076 | 1,779 |
Fair Value of Gross Derivative Assets | 544 | 204 | |
Fair Value of Gross Derivative Liabilities | 0 | 0 | |
Customer-initiated and other activities | Energy swaps | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 6,590 | 4,212 |
Fair Value of Gross Derivative Assets | 781 | 466 | |
Fair Value of Gross Derivative Liabilities | 772 | 459 | |
Customer-initiated and other activities | Foreign exchange spot, forwards, options and swaps | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 2,458 | 1,716 |
Fair Value of Gross Derivative Assets | 76 | 19 | |
Fair Value of Gross Derivative Liabilities | $ 71 | $ 14 | |
[1]Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Balance Sheets.[2]Net derivative assets are included in accrued income and other assets and net derivative liabilities are included in accrued expenses and other liabilities on the Consolidated Balance Sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk of $3 million and $9 million at September 30, 2022 and December 31, 2021, respectively.[3]September 30, 2022 included $10.8 billion of forward starting swaps that will become effective on their contractual start dates in 2022, 2023 and 2024. |
Derivative And Credit-Related_5
Derivative And Credit-Related Financial Instruments Derivative and Credit-Related Financial Instruments (Schedule of the Effects of Fair Value Hedging on the Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Total interest on medium- and long-term debt | [1] | $ 26 | $ 9 | $ 47 | $ 27 |
Swaps - fair value - receive fixed/pay floating | Risk management purposes | Interest rate swap | |||||
Interest rate contracts: Hedged items | 28 | 25 | 79 | 76 | |
Interest rate contracts: Derivatives designated as hedging instruments | $ (2) | $ (17) | $ (32) | $ (51) | |
[1]Includes the effects of hedging. |
Derivative And Credit-Related_6
Derivative And Credit-Related Financial Instruments (Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Cash Flow Swaps) (Details) - Variable rate loans - Swaps - cash flow - receive fixed/pay floating rate - Risk management purposes - Cash flow swap | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | ||
Weighted Average Remaining Maturity | 4 years 8 months 12 days | 2 years 1 month 6 days | |
Weighted Average Receive Rate | [1] | 2.20% | 1.84% |
Weighted Average Pay Rate | [1],[2] | 2.48% | 0.10% |
[1]Excludes forward starting swaps not effective as of the period shown. September 30, 2022 excluded $10.8 billion of forward starting swaps. December 31, 2021 excluded $3.0 billion of forward starting swaps.[2]Variable rates paid on receive fixed swaps designated as cash flow hedges are based on one-month LIBOR, BSBY or Secured Overnight Financing Rate (SOFR) rates in effect at September 30, 2022 and December 31, 2021. Derivative contracts with maturity dates beyond the LIBOR cessation date will fall back to the daily SOFR with a spread adjustment. |
Derivative And Credit-Related_7
Derivative And Credit-Related Financial Instruments Derivative And Credit-Related Financial Instruments (Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Fair Value Swaps) (Details) - Interest rate swap - Swaps - fair value - receive fixed/pay floating - Risk management purposes - Long-term Debt [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | ||
Carrying Value of Hedged Item | [1] | $ 3,016 | $ 2,796 |
Weighted Average Remaining Maturity | 4 years 2 months 12 days | 3 years 7 months 6 days | |
Weighted Average Receive Rate | 3.52% | 3.68% | |
Weighted Average Pay Rate | [2] | 3.87% | 1.08% |
[1]Included $(132) million and $145 million of cumulative hedging adjustments at September 30, 2022 and December 31, 2021, respectively, which included $4 million and $5 million, respectively, of hedging adjustment on a discontinued hedging relationship.[2]Floating rates paid on receive fixed swaps designated as fair value hedges are based on one-month LIBOR rates in effect at September 30, 2022 and December 31, 2021. Derivative contracts with maturity dates beyond the LIBOR cessation date will fall back to the daily SOFR with a spread adjustment. |
Derivative And Credit-Related_8
Derivative And Credit-Related Financial Instruments (Schedule Of Net Gains Recognized In Income On Customer-Initiated Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain recognized in income | $ 35 | $ 20 | $ 86 | $ 72 |
Customer-initiated and other activities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain recognized in income | 35 | 20 | 86 | 72 |
Interest rate contracts | Customer-initiated and other activities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain recognized in income | 9 | 2 | 28 | 26 |
Energy contracts | Customer-initiated and other activities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain recognized in income | 14 | 7 | 22 | 13 |
Foreign exchange contracts | Customer-initiated and other activities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain recognized in income | $ 12 | $ 11 | $ 36 | $ 33 |
Derivative And Credit-Related_9
Derivative And Credit-Related Financial Instruments (Schedule Of Financial Instruments With Off-Balance Sheet Credit Risk) (Details) - Maximum - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Unused Commitments to Extend Credit | ||
Loss contingency, estimate of possible loss | $ 33,466 | $ 29,464 |
Commercial And Other | Unused Commitments to Extend Credit | ||
Loss contingency, estimate of possible loss | 29,530 | 25,910 |
Bankcard, Revolving Check Credit And Home Equity Loan Commitments | Unused Commitments to Extend Credit | ||
Loss contingency, estimate of possible loss | 3,936 | 3,554 |
Standby Letters Of Credit | ||
Loss contingency, estimate of possible loss | 3,390 | 3,378 |
Commercial Letters Of Credit | ||
Loss contingency, estimate of possible loss | $ 34 | $ 44 |
Derivative And Credit-Relate_10
Derivative And Credit-Related Financial Instruments (Summary Of Internally Classified Watch List Letters Of Credit) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Total criticized standby and commercial letters of credit | $ 35 | $ 37 |
As a percentage of total outstanding standby and commercial letters of credit | 1% | 1.10% |
Variable Interest Entities (V_3
Variable Interest Entities (VIEs) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Variable Interest Entity | |||
Unfunded commitments to fund tax credit entities | $ 176 | ||
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 | 451 | 451 | |
Other Tax Credit Entities | |||
Variable Interest Entity | |||
Exposure to loss as a result of involvement with VIEs | $ 18 | $ 18 |
Variable Interest Entities (V_4
Variable Interest Entities (VIEs) (Impact Of VIEs On The Consolidated Statements Of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Variable Interest Entity | ||||
Provision for income taxes | $ 104 | $ 70 | $ 229 | $ 261 |
Variable Interest Entity | ||||
Variable Interest Entity | ||||
Provision for income taxes | (4) | (4) | (11) | (10) |
Low income housing tax credits | Variable Interest Entity | ||||
Variable Interest Entity | ||||
Provision for income taxes, amortization of LIHTC investments | 19 | 18 | 54 | 53 |
Provision for income taxes, affordable housing tax credits and other tax benefits | (18) | (17) | (51) | (50) |
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 | $ (5) | $ (5) | $ (14) | $ (13) |
Medium- And Long-Term Debt (Nar
Medium- And Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Pledged to the FHLB as collateral for potential future borrowings - real estate related loans | $ 17,900 | |
Pledged to the FHLB as collateral for potential future borrowings - investment securities | 1,100 | |
Short-term advances | 500 | |
Potential future borrowings | 9,600 | |
Fixed-to-floating rate subordinated note | 500 | |
Unamortized debt issuance cost | $ 9 | $ 7 |
5.332% subordinated notes due 2033 | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Maturity year | 2033 |
Medium- And Long-Term Debt (Sch
Medium- And Long-Term Debt (Schedule Of Medium- And Long-Term Debt) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | ||
Debt Instrument [Line Items] | |||
Medium- and long-term debt | $ 3,016 | $ 2,796 | |
Parent Company | |||
Debt Instrument [Line Items] | |||
Medium- and long-term notes | 1,350 | 1,471 | |
Medium- and long-term debt | 1,586 | 1,736 | |
Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | 955 | 553 | |
Medium- and long-term debt | 1,430 | 1,060 | |
3.80% subordinated notes due 2026 | Parent Company | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1] | $ 236 | 265 |
Stated interest rate | 3.80% | ||
Maturity year | 2026 | ||
3.70% Notes Due 2023 | Parent Company | |||
Debt Instrument [Line Items] | |||
Medium- and long-term notes | [1] | $ 840 | 877 |
Stated interest rate | 3.70% | ||
Maturity year | 2023 | ||
4.00% Notes Due 2029 | Parent Company | |||
Debt Instrument [Line Items] | |||
Medium- and long-term notes | [1] | $ 510 | 594 |
Stated interest rate | 4% | ||
Maturity year | 2029 | ||
4.00% subordinated notes due 2025 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1] | $ 331 | 363 |
Stated interest rate | 4% | ||
Maturity year | 2025 | ||
7.875% subordinated notes due 2026 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1] | $ 166 | 190 |
Stated interest rate | 7.875% | ||
Maturity year | 2026 | ||
5.332% subordinated notes due 2033 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1] | $ 458 | 0 |
Stated interest rate | 5.332% | ||
Maturity year | 2033 | ||
2.50% notes due 2024 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Medium- and long-term notes | [1] | $ 475 | $ 507 |
Stated interest rate | 2.50% | ||
Maturity year | 2024 | ||
[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. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Investment securities, Balance at beginning of period, net of tax | $ (99) | $ 211 | ||
Net unrealized losses arising during the period | (2,977) | (280) | ||
Investment securities, Less: Benefit for income taxes | (701) | (66) | ||
Investment securities, Change in net unrealized losses on investment securities, net of tax | (2,276) | (214) | ||
Investment securities, Balance at end of period, net of tax | (2,375) | (3) | ||
Cash flow hedges, Balance at beginning of period, net of tax | 55 | 155 | ||
Cash flow hedges, Net losses arising during the period | (1,397) | (13) | ||
Cash flow hedges, Less: Benefit for income taxes | (329) | (3) | ||
Change in net cash flow hedge (losses) gains arising during the period, net of tax | (1,068) | (10) | ||
Net cash flow hedge gains included in interest and fees on loans | 45 | 72 | ||
Cash flow hedges, Less: Provision for income taxes | 11 | 16 | ||
Cash flow hedges, reclassification adjustment for net cash flow hedge gains included in net income, net of tax | 34 | 56 | ||
Change in net cash flow hedge (losses) gains, net of tax | (1,102) | (66) | ||
Cash flow hedges, Balance at end of period, net of tax | [1] | (1,047) | 89 | |
Benefit plans, Balance at beginning of period, net of tax | (168) | (302) | ||
Benefit plans, Amortization of actuarial net loss | 21 | 30 | ||
Benefit plans, Amortization of prior service credit | (18) | (19) | ||
Benefit plans, Amounts recognized in other noninterest expenses | 3 | 11 | ||
Benefit plans, Less: Provision for income taxes | 0 | 2 | ||
Benefit plans, Adjustment for amounts recognized as components of net periodic benefit cost during the period, net of tax | 3 | 9 | ||
Benefit plans, Change in defined benefit pension and other postretirement plans adjustment, net of tax | 3 | 9 | ||
Benefit plans, Balance at end of period, net of tax | (165) | (293) | ||
Total accumulated other comprehensive loss income at end of period, net of tax | $ (3,587) | $ (207) | $ (212) | |
[1]The Corporation expects to reclassify $342 million of losses, net of tax, from accumulated other comprehensive loss to earnings over the next twelve months if interest yield curves and notional amounts remain at September 30, 2022 levels. |
Net Income Per Common Share (Ba
Net Income Per Common Share (Basic And Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 351 | $ 262 | $ 801 | $ 940 |
Income allocated to participating securities | 2 | 1 | 4 | 4 |
Preferred stock dividends | 6 | 6 | 17 | 17 |
Net income attributable to common shares | $ 343 | $ 255 | $ 780 | $ 919 |
Basic average common shares | 131 | 133 | 131 | 136 |
Basic net income per common share | $ 2.63 | $ 1.92 | $ 5.96 | $ 6.75 |
Basic average common shares | 131 | 133 | 131 | 136 |
Net effect of the assumed exercise of stock awards | 1 | 1 | 2 | 2 |
Diluted average common shares | 132 | 134 | 133 | 138 |
Diluted net income per common share | $ 2.60 | $ 1.90 | $ 5.88 | $ 6.67 |
Net Income Per Common Share (An
Net Income Per Common Share (Ant-Dilutive Schedule) (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Average outstanding options | 373 | 440 | 337 | 443 |
Minimum | Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Range of exercise prices | $ 79.01 | $ 73.24 | $ 70.18 | $ 73.24 |
Maximum | Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Range of exercise prices | $ 95.25 | $ 95.25 | $ 95.25 | $ 95.25 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Defined Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic defined benefit credit | $ (68) | $ (61) | ||
Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 9 | $ 10 | 28 | 29 |
Interest Cost | 16 | 16 | 47 | 46 |
Expected return on plan assets | (51) | (51) | (151) | (152) |
Amortization of prior service credit | (4) | (5) | (11) | (14) |
Amortization of net loss | 4 | 7 | 14 | 22 |
Total other components of net benefit credit | (35) | (33) | (101) | (98) |
Net periodic defined benefit credit | (26) | (23) | (73) | (69) |
Non-Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 0 | 2 | 1 |
Interest Cost | 1 | 2 | 4 | 5 |
Amortization of prior service credit | (2) | (2) | (7) | (5) |
Amortization of net loss | 3 | 3 | 7 | 8 |
Total other components of net benefit credit | 2 | 3 | 4 | 8 |
Net periodic defined benefit credit | 3 | 3 | 6 | 9 |
Postretirement Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest Cost | 1 | 1 | 1 | 1 |
Expected return on plan assets | (1) | (1) | (2) | (2) |
Net periodic defined benefit credit | $ 0 | $ 0 | $ (1) | $ (1) |
Income Taxes And Tax-Related _2
Income Taxes And Tax-Related Items Income Taxes And Tax-Related Items (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Unrecognized tax benefits | $ 17 | $ 18 |
Unrecognized Tax Benefits, Change Resulting from Settlements with Taxing Authorities | 5 | |
Income Tax Examination, Penalties and Interest Expense | 4 | |
Tax-related interest and penalties payable | 5 | 6 |
Net deferred tax assets | 1,100 | 9 |
Increase (Decrease) in Deferred Tax Assets | 1,100 | |
State net operating loss carryforwards | 3 | 3 |
Deferred Tax Assets, Operating Loss Carryforwards, Federal | 3 | 3 |
Deferred tax assets, federal valuation allowance | 3 | 3 |
Deferred tax assets, state valuation allowance | $ 3 | $ 2 |
Minimum | ||
Operating loss carryforwards, expiration date - State | 2022 | |
Operating loss carryforwards, expiration date - Federal | 2028 | |
Maximum | ||
Operating loss carryforwards, expiration date - State | 2031 | |
Operating loss carryforwards, expiration date - Federal | 2030 |
Contingent Liabilities (Narrati
Contingent Liabilities (Narrative) (Details) - Pending Litigation $ in Millions | Sep. 30, 2022 USD ($) |
Minimum | |
Loss Contingencies [Line Items] | |
Loss contingency, estimate of possible loss | $ 0 |
Maximum | |
Loss Contingencies [Line Items] | |
Loss contingency, estimate of possible loss | $ 80 |
Strategic Lines of Business (Na
Strategic Lines of Business (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2022 segments | |
Segment Reporting [Abstract] | |
Number of Major Business Segments | 3 |
Strategic Lines of Business (Bu
Strategic Lines of Business (Business Segment Financial Results) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net interest income (expense) | $ 707 | $ 475 | $ 1,724 | $ 1,383 | |
Provision for credit losses | 28 | (42) | 27 | (359) | |
Noninterest income | 278 | 280 | 790 | 834 | |
Noninterest expenses | 502 | 465 | 1,457 | 1,375 | |
Provision (benefit) for income taxes | 104 | 70 | 229 | 261 | |
Net income (loss) | 351 | 262 | 801 | 940 | |
Net credit-related charge-offs (recoveries) | 13 | 2 | 21 | (6) | |
Assets, average | 85,422 | 91,353 | 88,440 | 87,949 | |
Loans, average | 51,113 | 48,135 | 49,815 | 49,508 | |
Deposits, average | $ 73,976 | $ 79,115 | $ 76,871 | $ 75,371 | |
Return on average assets | [1] | 1.63% | 1.14% | 1.21% | 1.43% |
Efficiency ratio | [2] | 50.75% | 61.13% | 57.67% | 61.80% |
Commercial Bank | |||||
Net interest income (expense) | $ 478 | $ 406 | $ 1,232 | $ 1,189 | |
Provision for credit losses | 16 | (25) | 1 | (325) | |
Noninterest income | 169 | 169 | 461 | 495 | |
Noninterest expenses | 242 | 223 | 713 | 641 | |
Provision (benefit) for income taxes | 94 | 83 | 229 | 307 | |
Net income (loss) | 295 | 294 | 750 | 1,061 | |
Net credit-related charge-offs (recoveries) | 6 | 4 | 17 | (6) | |
Assets, average | 48,323 | 43,366 | 46,992 | 44,114 | |
Loans, average | 44,043 | 41,037 | 42,928 | 42,087 | |
Deposits, average | $ 41,471 | $ 46,641 | $ 43,733 | $ 43,844 | |
Return on average assets | [1] | 2.42% | 2.33% | 2.07% | 3% |
Efficiency ratio | [2] | 37.54% | 38.40% | 41.93% | 37.96% |
Retail Bank | |||||
Net interest income (expense) | $ 188 | $ 149 | $ 464 | $ 427 | |
Provision for credit losses | 2 | (5) | 7 | (6) | |
Noninterest income | 29 | 32 | 89 | 90 | |
Noninterest expenses | 170 | 159 | 507 | 481 | |
Provision (benefit) for income taxes | 11 | 4 | 9 | 5 | |
Net income (loss) | 34 | 23 | 30 | 37 | |
Net credit-related charge-offs (recoveries) | 0 | (1) | (1) | 1 | |
Assets, average | 2,799 | 3,105 | 2,791 | 3,321 | |
Loans, average | 2,066 | 2,297 | 2,031 | 2,483 | |
Deposits, average | $ 26,665 | $ 26,088 | $ 26,890 | $ 25,334 | |
Return on average assets | [1] | 0.51% | 0.34% | 0.16% | 0.19% |
Efficiency ratio | [2] | 76.81% | 87.18% | 90.59% | 92.26% |
Wealth Management | |||||
Net interest income (expense) | $ 55 | $ 40 | $ 138 | $ 125 | |
Provision for credit losses | 5 | (13) | 11 | (29) | |
Noninterest income | 77 | 69 | 226 | 207 | |
Noninterest expenses | 87 | 79 | 259 | 232 | |
Provision (benefit) for income taxes | 10 | 10 | 23 | 29 | |
Net income (loss) | 30 | 33 | 71 | 100 | |
Net credit-related charge-offs (recoveries) | 0 | (1) | (2) | (1) | |
Assets, average | 5,097 | 4,956 | 4,974 | 5,059 | |
Loans, average | 4,973 | 4,829 | 4,841 | 4,940 | |
Deposits, average | $ 5,293 | $ 5,209 | $ 5,520 | $ 5,047 | |
Return on average assets | [1] | 2.08% | 2.36% | 1.60% | 2.49% |
Efficiency ratio | [2] | 65.92% | 72.83% | 71.16% | 69.80% |
Finance | |||||
Net interest income (expense) | $ (22) | $ (124) | $ (118) | $ (368) | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Noninterest income | 6 | 10 | 36 | 31 | |
Noninterest expenses | 0 | 0 | 0 | 1 | |
Provision (benefit) for income taxes | (6) | (27) | (25) | (78) | |
Net income (loss) | (10) | (87) | (57) | (260) | |
Net credit-related charge-offs (recoveries) | 0 | 0 | 0 | 0 | |
Assets, average | 22,133 | 17,922 | 20,824 | 17,451 | |
Loans, average | 0 | 0 | 0 | 0 | |
Deposits, average | 383 | 977 | 527 | 969 | |
Other | |||||
Net interest income (expense) | 8 | 4 | 8 | 10 | |
Provision for credit losses | 5 | 1 | 8 | 1 | |
Noninterest income | (3) | 0 | (22) | 11 | |
Noninterest expenses | 3 | 4 | (22) | 20 | |
Provision (benefit) for income taxes | (5) | 0 | (7) | (2) | |
Net income (loss) | 2 | (1) | 7 | 2 | |
Net credit-related charge-offs (recoveries) | 7 | 0 | 7 | 0 | |
Assets, average | 7,070 | 22,004 | 12,859 | 18,004 | |
Loans, average | 31 | (28) | 15 | (2) | |
Deposits, average | $ 164 | $ 200 | $ 201 | $ 177 | |
[1]Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.[2]Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | $ 198 | $ 194 | $ 596 | $ 600 | |
Other sources of noninterest income | 80 | 86 | 194 | 234 | |
Total noninterest income | 278 | 280 | 790 | 834 | |
Commercial Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 97 | 96 | 292 | 314 | |
Other sources of noninterest income | 72 | 73 | 169 | 181 | |
Total noninterest income | 169 | 169 | 461 | 495 | |
Retail Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 28 | 30 | 87 | 84 | |
Other sources of noninterest income | 1 | 2 | 2 | 6 | |
Total noninterest income | 29 | 32 | 89 | 90 | |
Wealth Management | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 73 | 68 | 217 | 202 | |
Other sources of noninterest income | 4 | 1 | 9 | 5 | |
Total noninterest income | 77 | 69 | 226 | 207 | |
Finance & Other | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Other sources of noninterest income | 3 | 10 | 14 | 42 | |
Total noninterest income | 3 | 10 | 14 | 42 | |
Card fees | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 67 | 72 | 205 | 227 | |
Card fees | Commercial Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 56 | 60 | 171 | 192 | |
Card fees | Retail Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 10 | 11 | 31 | 32 | |
Card fees | Wealth Management | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 1 | 1 | 3 | 3 | |
Card fees | Finance & Other | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Fiduciary income | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 58 | 58 | 178 | 171 | |
Fiduciary income | Commercial Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Fiduciary income | Retail Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Fiduciary income | Wealth Management | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 58 | 58 | 178 | 171 | |
Fiduciary income | Finance & Other | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Service charges on deposit accounts | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 50 | 50 | 148 | 145 | |
Service charges on deposit accounts | Commercial Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 34 | 34 | 101 | 101 | |
Service charges on deposit accounts | Retail Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 15 | 14 | 43 | 40 | |
Service charges on deposit accounts | Wealth Management | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 1 | 2 | 4 | 4 | |
Service charges on deposit accounts | Finance & Other | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Commercial loan servicing fees | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | [1] | 5 | 5 | 14 | 15 |
Commercial loan servicing fees | Commercial Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | [1] | 5 | 5 | 14 | 15 |
Commercial loan servicing fees | Retail Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | [1] | 0 | 0 | 0 | 0 |
Commercial loan servicing fees | Wealth Management | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | [1] | 0 | 0 | 0 | 0 |
Commercial loan servicing fees | Finance & Other | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | [1] | 0 | 0 | 0 | 0 |
Brokerage fees | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 6 | 3 | 14 | 11 | |
Brokerage fees | Commercial Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Brokerage fees | Retail Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Brokerage fees | Wealth Management | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 6 | 3 | 14 | 11 | |
Brokerage fees | Finance & Other | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Other noninterest income | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | [2] | 12 | 6 | 37 | 31 |
Other noninterest income | Commercial Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | [2] | 2 | (3) | 6 | 6 |
Other noninterest income | Retail Bank | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | [2] | 3 | 5 | 13 | 12 |
Other noninterest income | Wealth Management | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | [2] | 7 | 4 | 18 | 13 |
Other noninterest income | Finance & Other | |||||
Segment Reporting, Revenue Reconciling Item | |||||
Total revenue from contracts with customers | [2] | $ 0 | $ 0 | $ 0 | $ 0 |
[1]Included in commercial lending fees on the Consolidated Statements of Comprehensive Income.[2]Excludes derivative, warrant and other miscellaneous income. |