Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 24, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-10706 | |
Entity Registrant Name | Comerica Incorporated | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 38-1998421 | |
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 | (833) | |
Local Phone Number | 571-0486 | |
Title of 12(b) Security | Common Stock, $5 par value | |
Trading Symbol | CMA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 132,587,251 | |
Entity Central Index Key | 0000028412 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 689 | $ 1,443 |
Interest-bearing deposits with banks | 4,446 | 8,059 |
Other short-term investments | 366 | 399 |
Investment securities available-for-sale | 16,246 | 16,869 |
Commercial loans | 26,019 | 27,251 |
Real estate construction loans | 4,558 | 5,083 |
Commercial mortgage loans | 14,266 | 13,686 |
Lease financing | 793 | 807 |
International loans | 1,070 | 1,102 |
Residential mortgage loans | 1,889 | 1,889 |
Consumer loans | 2,227 | 2,295 |
Total loans | 50,822 | 52,113 |
Allowance for loan losses | (691) | (688) |
Net loans | 50,131 | 51,425 |
Premises and equipment | 462 | 445 |
Accrued income and other assets | 7,104 | 7,194 |
Total assets | 79,444 | 85,834 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Noninterest-bearing deposits | 25,833 | 27,849 |
Money market and interest-bearing checking deposits | 28,550 | 28,246 |
Savings deposits | 2,342 | 2,381 |
Customer certificates of deposit | 3,941 | 3,723 |
Other time deposits | 2,894 | 4,550 |
Foreign office time deposits | 18 | 13 |
Total interest-bearing deposits | 37,745 | 38,913 |
Total deposits | 63,578 | 66,762 |
Short-term borrowings | 0 | 3,565 |
Accrued expenses and other liabilities | 2,695 | 2,895 |
Medium- and long-term debt | 7,121 | 6,206 |
Total liabilities | 73,394 | 79,428 |
Fixed rate reset non-cumulative perpetual preferred stock, series A, no par value, $100,000, liquidation preference per share: Issued - 4,000 shares | 394 | 394 |
Common stock - $5 par value: Issued - 228,164,824 shares | 1,141 | 1,141 |
Capital surplus | 2,202 | 2,224 |
Accumulated other comprehensive loss | (3,457) | (3,048) |
Retained earnings | 11,765 | 11,727 |
Less cost of common stock in treasury - 95,683,776 shares at 3/31/2024 and 96,266,568 shares at 12/31/2023 | (5,995) | (6,032) |
Total shareholders’ equity | 6,050 | 6,406 |
Total liabilities and shareholders’ equity | $ 79,444 | $ 85,834 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, liquidation preference (in dollars per share) | $ 100,000 | $ 100,000 |
Preferred stock, authorized (in shares) | 4,000 | 4,000 |
Preferred stock, issued (in shares) | 4,000 | 4,000 |
Common stock, par value (usd per share) | $ 5 | $ 5 |
Common stock, authorized (in shares) | 325,000,000 | 325,000,000 |
Common stock, issued (in shares) | 228,164,824 | 228,164,824 |
Common stock, treasury (in shares) | 95,683,776 | 96,266,568 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
INTEREST INCOME | |||
Interest and fees on loans | $ 808 | $ 777 | |
Interest on investment securities | 102 | 113 | |
Interest on short-term investments | 109 | 59 | |
Total interest income | 1,019 | 949 | |
INTEREST EXPENSE | |||
Interest on deposits | 317 | 118 | |
Interest on short-term borrowings | 37 | 66 | |
Interest on medium- and long-term debt | [1] | 117 | 57 |
Total interest expense | 471 | 241 | |
Net interest income | 548 | 708 | |
Provision for credit losses | 14 | 30 | |
Net interest income after provision for credit losses | 534 | 678 | |
NONINTEREST INCOME | |||
Card fees | 66 | 69 | |
Fiduciary income | 51 | 58 | |
Service charges on deposit accounts | 45 | 46 | |
Capital markets income | 30 | 39 | |
Commercial lending fees | 16 | 18 | |
Bank-owned life insurance | 10 | 10 | |
Letter of credit fees | 10 | 10 | |
Brokerage fees | 10 | 8 | |
Risk management hedging (loss) income | (25) | 8 | |
Other noninterest income | 23 | 16 | |
Total noninterest income | 236 | 282 | |
NONINTEREST EXPENSES | |||
Salaries and benefits expense | 348 | 326 | |
Outside processing fee expense | 68 | 64 | |
Software expense | 44 | 40 | |
Occupancy expense | 44 | 41 | |
FDIC insurance expense | 36 | 13 | |
Equipment expense | 12 | 12 | |
Advertising expense | 8 | 8 | |
Other noninterest expenses | 43 | 47 | |
Total noninterest expenses | 603 | 551 | |
Income before income taxes | 167 | 409 | |
Provision for income taxes | 29 | 85 | |
NET INCOME | 138 | 324 | |
Less: | |||
Income allocated to participating securities | 1 | 1 | |
Preferred stock dividends | 6 | 6 | |
Net income attributable to common shares | $ 131 | $ 317 | |
Earnings per common share: | |||
Basic (in dollars per share) | $ 0.99 | $ 2.41 | |
Diluted (in dollars per share) | $ 0.98 | $ 2.39 | |
Comprehensive (loss) income | $ (271) | $ 895 | |
Cash dividends declared on common stock | $ 94 | $ 94 | |
Cash dividends declared per common share (in dollars per share) | $ 0.71 | $ 0.71 | |
[1] (a) Includes the effects of hedging. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity (unaudited) - USD ($) shares in Millions, $ in Millions | Total | Nonredeemable Preferred Stock | Common Stock | Capital Surplus | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | |
Beginning balance (in shares) at Dec. 31, 2022 | 131 | |||||||
Balance at Dec. 31, 2022 | $ 5,181 | $ 394 | $ 1,141 | $ 2,220 | $ (3,742) | $ 11,258 | $ (6,090) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 324 | 324 | ||||||
Other comprehensive income (loss), net of tax | 571 | 571 | ||||||
Cash dividends declared on common stock | (94) | (94) | ||||||
Cash dividends declared on preferred stock | (6) | (6) | ||||||
Net issuance of common stock under employee stock plans (in shares) | 0.5 | |||||||
Net issuance of common stock under employee stock plans | (10) | (39) | (6) | 35 | ||||
Share-based compensation | 28 | 28 | ||||||
Ending balance at Mar. 31, 2023 | 5,994 | 394 | $ 1,141 | 2,209 | (3,171) | 11,476 | (6,055) | |
Ending Balance (in shares) at Mar. 31, 2023 | 131.5 | |||||||
Beginning balance (in shares) at Dec. 31, 2023 | 131.9 | |||||||
Balance at Dec. 31, 2023 | 6,406 | 394 | $ 1,141 | 2,224 | (3,048) | 11,727 | (6,032) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of change in accounting principle | [1] | (4) | (4) | |||||
Net income | 138 | 138 | ||||||
Other comprehensive income (loss), net of tax | (409) | (409) | ||||||
Cash dividends declared on common stock | (94) | (94) | ||||||
Cash dividends declared on preferred stock | (6) | (6) | ||||||
Net issuance of common stock under employee stock plans (in shares) | 0.6 | |||||||
Net issuance of common stock under employee stock plans | (8) | (49) | 4 | 37 | ||||
Share-based compensation | 27 | 27 | ||||||
Ending balance at Mar. 31, 2024 | $ 6,050 | $ 394 | $ 1,141 | $ 2,202 | $ (3,457) | $ 11,765 | $ (5,995) | |
Ending Balance (in shares) at Mar. 31, 2024 | 132.5 | |||||||
[1] Effective January 1, 2024, the Corporation adopted ASU 2023-02, which expanded the permitted use of the proportional amortization method to certain tax credit investments. |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (in dollars per share) | $ 0.71 | $ 0.71 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES | ||
Net income | $ 138 | $ 324 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Provision for credit losses | 14 | 30 |
Benefit for deferred income taxes | (7) | (9) |
Depreciation and amortization | 22 | 20 |
Net periodic defined benefit credit | (12) | (7) |
Share-based compensation expense | 27 | 28 |
Net amortization of securities | 4 | 5 |
Accrued income receivable | 9 | (34) |
Accrued expenses payable | (164) | (102) |
Other, net | (236) | 207 |
Net cash (used in) provided by operating activities | (205) | 462 |
INVESTING ACTIVITIES | ||
Maturities and redemptions | 385 | 1,021 |
Purchases | (34) | 0 |
Net change in loans | 1,275 | (1,524) |
Net increase in premises and equipment | (40) | (21) |
Purchases | 0 | (504) |
Redemptions | 146 | 20 |
Proceeds from bank-owned life insurance settlements | 7 | 2 |
Net cash provided by (used in) investing activities | 1,739 | (1,006) |
FINANCING ACTIVITIES | ||
Deposits | (3,225) | (6,702) |
Short-term borrowings | (3,565) | 7,805 |
Issuances and advances | 1,000 | 4,000 |
Cash dividends paid on preferred stock | (6) | (6) |
Stock tendered for payment of withholding taxes | (12) | (15) |
Cash dividends paid | (92) | (88) |
Issuances under employee stock plans | (1) | 2 |
Net cash (used in) provided by financing activities | (5,901) | 4,996 |
Net (decrease) increase in cash and cash equivalents | (4,367) | 4,452 |
Cash and cash equivalents at beginning of period | 9,502 | 6,282 |
Cash and cash equivalents at end of period | 5,135 | 10,734 |
Interest paid | 541 | 194 |
Income taxes paid | $ 4 | $ 11 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | BASIS OF PRESENTATION AND ACCOUNTING POLICIES Organization The accompanying unaudited consolidated financial statements were prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation were included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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 on Form 10-K of Comerica Incorporated and Subsidiaries (the Corporation) for the year ended December 31, 2023 (2023 Annual Report). Accounting Pronouncements Recently Adopted Effective January 1, 2024, the Corporation adopted the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2023-02, "Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)" (ASU 2023-02). ASU 2023-02 expanded the permitted use of the proportional amortization method, which was previously only available to low-income housing tax credit investments, to other tax equity investments if certain conditions are met. Under the proportional amortization method, the initial cost of an investment is amortized in proportion to the income tax benefits received and both the amortization of the investment and the income tax benefits received are recognized as a component of income tax expense. ASU 2023-02 was adopted on a modified retrospective basis of transition or, for certain changes, a prospective basis and resulted in a reduction to retained earnings as of January 1, 2024 of $4 million. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" (ASU 2023-07). The update requires enhanced disclosures about significant segment expenses, enhanced interim disclosure requirements, clarification for when multiple segment measures of profit or loss can be disclosed and other requirements intended to improve overall reportable segment disclosures in annual and interim periods. ASU 2023-07 is effective for the Corporation in the annual period beginning on January 1, 2024 and interim periods beginning on January 1, 2025 with retrospective application to all prior periods presented. Early adoption is permitted. The Corporation is evaluating the impact of ASU 2023-07 on its reportable segment disclosures. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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, loans held for sale, 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 2023 Annual Report 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 March 31, 2024 and December 31, 2023. (in millions) Total Level 1 Level 2 Level 3 March 31, 2024 Deferred compensation plan assets $ 110 $ 110 $ — $ — Equity securities 44 44 — — Investment securities available-for-sale: U.S. Treasury securities 1,544 1,544 — — Residential mortgage-backed securities (a) 10,016 — 10,016 — Commercial mortgage-backed securities (a) 4,686 — 4,686 — Total investment securities available-for-sale 16,246 1,544 14,702 — Derivative assets: Interest rate contracts 222 — 222 — Energy contracts 704 — 704 — Foreign exchange contracts 35 — 35 — Total derivative assets 961 — 961 — Total assets at fair value $ 17,361 $ 1,698 $ 15,663 $ — Derivative liabilities: Interest rate contracts $ 489 $ — $ 489 $ — Energy contracts 674 — 674 — Foreign exchange contracts 26 — 26 — Other financial derivative liabilities 12 — — 12 Total derivative liabilities 1,201 — 1,189 12 Deferred compensation plan liabilities 110 110 — — Total liabilities at fair value $ 1,311 $ 110 $ 1,189 $ 12 December 31, 2023 Deferred compensation plan assets $ 104 $ 104 $ — $ — Equity securities 39 39 — — Investment securities available-for-sale: U.S. Treasury securities 1,605 1,605 — — Residential mortgage-backed securities (a) 10,519 — 10,519 — Commercial mortgage-backed securities (a) 4,745 — 4,745 — Total investment securities available-for-sale 16,869 1,605 15,264 — Derivative assets: Interest rate contracts 225 — 225 — Energy contracts 758 — 758 — Foreign exchange contracts 36 — 36 — Total derivative assets 1,019 — 1,019 — Total assets at fair value $ 18,031 $ 1,748 $ 16,283 $ — Derivative liabilities: Interest rate contracts $ 435 $ — $ 435 $ — Energy contracts 736 — 736 — Foreign exchange contracts 35 — 35 — Other financial derivative liabilities 12 — — 12 Total derivative liabilities 1,218 — 1,206 12 Deferred compensation plan liabilities 104 104 — — Total liabilities at fair value $ 1,322 $ 104 $ 1,206 $ 12 (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 the three-month periods ended March 31, 2024 and 2023. The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three-month periods ended March 31, 2024 and 2023. 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 March 31, 2024 Derivative liabilities: Other financial derivative liabilities $ (12) $ — $ — $ — $ (12) Three Months Ended March 31, 2023 Derivative liabilities: Other financial derivative liabilities (12) — — — (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 March 31, 2024 and December 31, 2023. No liabilities were recorded at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023. (in millions) Level 3 March 31, 2024 Loans: Commercial $ 16 Commercial mortgage 40 International 8 Residential mortgage 8 Total loans 72 Loans held-for-sale 188 Other real estate 6 Total assets at fair value $ 266 December 31, 2023 Loans: Commercial $ 12 Commercial mortgage 16 International 16 Total loans 44 Loans held-for-sale 231 Other real estate 5 Total assets at fair value $ 280 Level 3 assets recorded at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023 included loans with a specific allowance and certain bank property held for sale, both measured 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. At March 31, 2024 and December 31, 2023, loans held-for-sale classified as Level 3 represented loans held-for-sale in less liquid markets requiring significant management assumptions when determining 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 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 disclosures also do not include a limited amount of nonmarketable equity securities (primarily indirect private equity and venture capital investments) that do not have a readily determinable fair value and whose fair values are based on net asset value. 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 March 31, 2024 Assets Cash and due from banks $ 689 $ 689 $ 689 $ — $ — Interest-bearing deposits with banks 4,446 4,446 4,446 — — Other short-term investments 24 24 24 — — Total loans, net of allowance for loan losses (a) 50,131 48,992 — — 48,992 Liabilities Demand deposits 56,725 56,725 — 56,725 — Time deposits 6,853 6,914 — 6,914 — Total deposits 63,578 63,639 — 63,639 — Medium- and long-term debt 7,121 7,188 — 7,188 — Credit-related financial instruments (69) (69) — — (69) December 31, 2023 Assets Cash and due from banks $ 1,443 $ 1,443 $ 1,443 $ — $ — Interest-bearing deposits with banks 8,059 8,059 8,059 — — Other short-term investments 24 24 24 — — Total loans, net of allowance for loan losses (a) 51,425 50,633 — — 50,633 Liabilities Demand deposits 58,476 58,476 — 58,476 — Time deposits 8,286 8,391 — 8,391 — Total deposits 66,762 66,867 — 66,867 — Short-term borrowings 3,565 3,565 3,565 — — Medium- and long-term debt 6,206 6,207 — 6,207 — Credit-related financial instruments (72) (72) — — (72) (a) Included $72 million and $44 million of loans recorded at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023, respectively. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES A summary of the Corporation’s investment securities follows: (in millions) Amortized Gross Gross Fair Value March 31, 2024 Investment securities available-for-sale: U.S. Treasury securities $ 1,609 $ — $ 65 $ 1,544 Residential mortgage-backed securities (a) 12,324 — 2,308 10,016 Commercial mortgage-backed securities (a) 5,253 — 567 4,686 Total investment securities available-for-sale $ 19,186 $ — $ 2,940 $ 16,246 December 31, 2023 Investment securities available-for-sale: U.S. Treasury securities $ 1,681 $ — $ 76 $ 1,605 Residential mortgage-backed securities (a) 12,607 — 2,088 10,519 Commercial mortgage-backed securities (a) 5,253 — 508 4,745 Total investment securities available-for-sale $ 19,541 $ — $ 2,672 $ 16,869 (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 March 31, 2024 and December 31, 2023 follows: Less than 12 Months 12 Months or more Total (in millions, except securities count) Fair Unrealized Fair Unrealized Fair Unrealized Count March 31, 2024 U.S. Treasury securities $ — $ — $ 1,510 $ 65 $ 1,510 $ 65 18 Residential mortgage-backed securities (a) 6 — 10,008 2,308 10,014 2,308 959 Commercial mortgage-backed securities (a) — — 4,685 567 4,685 567 253 Total temporarily impaired securities $ 6 $ — $ 16,203 $ 2,940 $ 16,209 $ 2,940 1,230 December 31, 2023 U.S. Treasury securities $ — $ — $ 1,605 $ 76 $ 1,605 $ 76 19 Residential mortgage-backed securities (a) 10 — 10,507 2,088 10,517 2,088 978 Commercial mortgage-backed securities (a) — — 4,745 508 4,745 508 253 Total temporarily impaired securities $ 10 $ — $ 16,857 $ 2,672 $ 16,867 $ 2,672 1,250 (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 agencies 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. No allowance for credit losses was recorded on securities in an unrealized loss position at March 31, 2024 or December 31, 2023. Interest receivable on investment securities totaled $39 million at March 31, 2024 and $40 million at December 31, 2023 and was included in accrued income and other assets on the Consolidated Balance Sheets. There were no sales, calls or write-downs of investment securities available-for-sale during the three-month periods ended March 31, 2024 or March 31, 2023. 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) March 31, 2024 Amortized Cost Fair Value Contractual maturity One year or less $ 947 $ 922 After one year through five years 1,002 941 After five years through ten years 5,227 4,666 After ten years 12,010 9,717 Total investment securities $ 19,186 $ 16,246 At March 31, 2024, investment securities with a carrying value of $7.8 billion were pledged where permitted or required by law. Pledges included $6.3 billion to the Federal Home Loan Bank (FHLB) as collateral for current advances and potential future borrowings as well as $1.5 billion to secure $375 million of liabilities, consisting of trust deposits, deposits of public entities and 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 | 3 Months Ended |
Mar. 31, 2024 | |
Credit Loss [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 March 31, 2024 Business loans: Commercial $ 22 $ 15 $ 30 $ 67 $ 88 $ 25,864 $ 26,019 Real estate construction: Commercial Real Estate business line (a) 1 — — 1 — 4,108 4,109 Other business lines (b) — — — — — 449 449 Total real estate construction 1 — — 1 — 4,557 4,558 Commercial mortgage: Commercial Real Estate business line (a) 5 — — 5 18 5,502 5,525 Other business lines (b) 35 7 1 43 49 8,649 8,741 Total commercial mortgage 40 7 1 48 67 14,151 14,266 Lease financing 5 — — 5 — 788 793 International 5 — 1 6 16 1,048 1,070 Total business loans 73 22 32 127 171 46,408 46,706 Retail loans: Residential mortgage 11 — — 11 23 1,855 1,889 Consumer: Home equity 8 5 — 13 23 1,749 1,785 Other consumer 2 — — 2 — 440 442 Total consumer 10 5 — 15 23 2,189 2,227 Total retail loans 21 5 — 26 46 4,044 4,116 Total loans $ 94 $ 27 $ 32 $ 153 $ 217 $ 50,452 $ 50,822 December 31, 2023 Business loans: Commercial $ 48 $ 14 $ 10 $ 72 $ 75 $ 27,104 $ 27,251 Real estate construction: Commercial Real Estate business line (a) — — — — — 4,570 4,570 Other business lines (b) 3 — — 3 2 508 513 Total real estate construction 3 — — 3 2 5,078 5,083 Commercial mortgage: Commercial Real Estate business line (a) 5 — — 5 18 4,704 4,727 Other business lines (b) 49 12 9 70 23 8,866 8,959 Total commercial mortgage 54 12 9 75 41 13,570 13,686 Lease financing 4 — — 4 — 803 807 International — — 1 1 20 1,081 1,102 Total business loans 109 26 20 155 138 47,636 47,929 Retail loans: Residential mortgage 10 6 — 16 19 1,854 1,889 Consumer: Home equity 11 5 — 16 21 1,755 1,792 Other consumer 31 — — 31 — 472 503 Total consumer 42 5 — 47 21 2,227 2,295 Total retail loans 52 11 — 63 40 4,081 4,184 Total loans $ 161 $ 37 $ 20 $ 218 $ 178 $ 51,717 $ 52,113 (a) Primarily loans to real estate developers. (b) Primarily loans secured by owner-occupied real estate. The following table presents loans by credit quality indicator and vintage year. Credit quality indicator 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. March 31, 2024 Vintage Year (in millions) 2024 2023 2022 2021 2020 Prior Revolvers Revolvers Converted to Term Total Business loans: Commercial Pass (a) $ 920 $ 2,721 $ 2,568 $ 1,810 $ 540 $ 1,488 $ 14,411 $ 12 $ 24,470 Criticized (b) 26 90 194 229 31 156 820 3 1,549 Total commercial 946 2,811 2,762 2,039 571 1,644 15,231 15 26,019 Commercial gross charge-offs — 1 2 7 9 — 1 — 20 Real estate construction Pass (a) 11 529 2,045 1,381 238 51 303 — 4,558 Total real estate construction 11 529 2,045 1,381 238 51 303 — 4,558 Commercial mortgage Pass (a) 295 1,693 3,441 2,336 1,603 3,034 830 — 13,232 Criticized (b) 8 128 346 121 73 352 6 — 1,034 Total commercial mortgage 303 1,821 3,787 2,457 1,676 3,386 836 — 14,266 Lease financing Pass (a) 79 241 198 106 40 105 — — 769 Criticized (b) — 4 8 — 3 9 — — 24 Total lease financing 79 245 206 106 43 114 — — 793 International Pass (a) 194 110 140 74 32 76 418 — 1,044 Criticized (b) — 11 2 7 — 5 1 — 26 Total international 194 121 142 81 32 81 419 — 1,070 Total business loans 1,533 5,527 8,942 6,064 2,560 5,276 16,789 15 46,706 Retail loans: Residential mortgage Pass (a) 48 243 292 370 443 470 — — 1,866 Criticized (b) 1 — — — — 22 — — 23 Total residential mortgage 49 243 292 370 443 492 — — 1,889 Consumer: Home equity Pass (a) — — — — — 7 1,687 61 1,755 Criticized (b) — — — — — — 27 3 30 Total home equity — — — — — 7 1,714 64 1,785 Other consumer Pass (a) 4 23 35 20 9 52 297 — 440 Criticized (b) — — — — — 1 1 — 2 Total other consumer 4 23 35 20 9 53 298 — 442 Other consumer gross charge-offs — — — — — 1 — — 1 Total consumer 4 23 35 20 9 60 2,012 64 2,227 Total retail loans 53 266 327 390 452 552 2,012 64 4,116 Total loans $ 1,586 $ 5,793 $ 9,269 $ 6,454 $ 3,012 $ 5,828 $ 18,801 $ 79 $ 50,822 Table continues on the following page. December 31, 2023 Vintage Year 2023 2022 2021 2020 2019 Prior Revolvers Revolvers Converted to Term Total Business loans: Commercial Pass (a) $ 3,105 $ 3,013 $ 2,072 $ 593 $ 610 $ 1,033 $ 15,394 $ 13 $ 25,833 Criticized (b) 85 169 226 42 59 75 760 2 1,418 Total commercial 3,190 3,182 2,298 635 669 1,108 16,154 15 27,251 Commercial gross charge-offs 1 11 2 1 11 12 3 1 42 Real estate construction Pass (a) 503 2,205 1,581 329 43 36 288 — 4,985 Criticized (b) 2 53 34 2 7 — — — 98 Total real estate construction 505 2,258 1,615 331 50 36 288 — 5,083 Commercial mortgage Pass (a) 1,680 3,129 2,173 1,786 981 2,271 893 — 12,913 Criticized (b) 15 232 99 34 248 141 4 — 773 Total commercial mortgage 1,695 3,361 2,272 1,820 1,229 2,412 897 — 13,686 Commercial mortgage gross charge-offs — — — — 3 1 — — 4 Lease financing Pass (a) 173 319 110 47 34 94 — — 777 Criticized (b) 5 8 3 3 7 4 — — 30 Total lease financing 178 327 113 50 41 98 — — 807 International Pass (a) 286 168 89 35 76 2 415 — 1,071 Criticized (b) 15 2 7 — — 6 1 — 31 Total international 301 170 96 35 76 8 416 — 1,102 International gross charge-offs 12 — — — — 1 — — 13 Total business loans 5,869 9,298 6,394 2,871 2,065 3,662 17,755 15 47,929 Retail loans: Residential mortgage Pass (a) 254 296 373 450 131 360 — — 1,864 Criticized (b) 2 — 1 — — 22 — — 25 Total residential mortgage 256 296 374 450 131 382 — — 1,889 Consumer: Home equity Pass (a) — — — — — 8 1,695 59 1,762 Criticized (b) — — — — — — 28 2 30 Total home equity — — — — — 8 1,723 61 1,792 Home equity gross charge-offs — — — — — — 2 — 2 Other consumer Pass (a) 23 38 22 8 4 46 362 — 503 Total other consumer 23 38 22 8 4 46 362 — 503 Other consumer gross charge-offs — — — — 1 — — — 1 Total consumer 23 38 22 8 4 54 2,085 61 2,295 Total retail loans 279 334 396 458 135 436 2,085 61 4,184 Total loans $ 6,148 $ 9,632 $ 6,790 $ 3,329 $ 2,200 $ 4,098 $ 19,840 $ 76 $ 52,113 (a) Includes all loans not included in the categories of special mention, substandard or nonaccrual. (b) 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 2023 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 $302 million and $313 million at March 31, 2024 and December 31, 2023, 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. 2024 2023 (in millions) Business Loans Retail Loans Total Business Loans Retail Loans Total Three Months Ended March 31 Balance at beginning of period: Allowance for loan losses $ 620 $ 68 $ 688 $ 541 $ 69 $ 610 Allowance for credit losses on lending-related commitments 31 9 40 40 11 51 Allowance for credit losses 651 77 728 581 80 661 Loan charge-offs (20) (1) (21) (11) (1) (12) Recoveries on loans previously charged-off 6 1 7 13 1 14 Net loan (charge-offs) recoveries (14) — (14) 2 — 2 Provision for credit losses: Provision for loan losses 20 (3) 17 27 2 29 Provision for credit losses on lending-related commitments (3) — (3) (1) 2 1 Provision for credit losses 17 (3) 14 26 4 30 Balance at end of period: Allowance for loan losses 626 65 691 570 71 641 Allowance for credit losses on lending-related commitments 28 9 37 39 13 52 Allowance for credit losses $ 654 $ 74 $ 728 $ 609 $ 84 $ 693 Allowance for loan losses as a percentage of total loans 1.34 % 1.59 % 1.36 % 1.12 % 1.71 % 1.17 % Allowance for credit losses as a percentage of total loans 1.40 1.82 1.43 1.20 2.04 1.26 Nonaccrual Loans The following table presents additional information regarding nonaccrual loans. Interest income of $2 million and $4 million was recognized on nonaccrual loans for the three-month periods ended March 31, 2024 and 2023, respectively. (in millions) Nonaccrual Loans with No Related Allowance Nonaccrual Loans with Related Allowance Total Nonaccrual Loans March 31, 2024 Business loans: Commercial $ 45 $ 43 $ 88 Commercial mortgage: Commercial Real Estate business line (a) — 18 18 Other business lines (b) 11 38 49 Total commercial mortgage 11 56 67 International 3 13 16 Total business loans 59 112 171 Retail loans: Residential mortgage 23 — 23 Consumer: Home equity 23 — 23 Total retail loans 46 — 46 Total nonaccrual loans $ 105 $ 112 $ 217 December 31, 2023 Business loans: Commercial $ 47 $ 28 $ 75 Real estate construction: Other business lines (b) 2 — 2 Commercial mortgage: Commercial Real Estate business line (a) — 18 18 Other business lines (b) 17 6 23 Total commercial mortgage 17 24 41 International 3 17 20 Total business loans 69 69 138 Retail loans: Residential mortgage 19 — 19 Consumer: Home equity 21 — 21 Total consumer 21 — 21 Total retail loans 40 — 40 Total nonaccrual loans $ 109 $ 69 $ 178 (a) Primarily loans to real estate developers. (b) Primarily loans secured by owner-occupied real estate. Foreclosed Properties Foreclosed properties were insignificant at both March 31, 2024 and December 31, 2023. Retail loans secured by residential real estate properties in process of foreclosure included in nonaccrual loans were insignificant at both March 31, 2024 and December 31, 2023. Loan Modifications Made to Borrowers Experiencing Financial Difficulty As part of its loss mitigation efforts, the Corporation may modify loans to borrowers experiencing financial difficulty in a manner resulting in an interest rate reduction, other-than-insignificant payment delay, a term extension, principal forgiveness or a combination thereof (collectively referred to as Financially Distressed Modifications, or FDMs). The following table displays the amortized cost basis at March 31, 2024 and March 31, 2023 of FDMs that were restructured during the three-month periods ended March 31, 2024 and 2023 by type of modification. (in millions) Term Extension (a) Interest Rate Reduction Combinations (b) Total Percent of Total Class Three Months Ended March 31, 2024 Business loans: Commercial $ 108 $ — $ 10 $ 118 0.45 % Commercial mortgage: Other business lines (c) 5 — — 5 0.06 Total commercial mortgage 5 — — 5 0.04 International 1 — — 1 0.13 Total business loans 114 — 10 124 0.27 Retail loans: Consumer: Home equity 1 1 1 3 0.12 Total consumer 1 1 1 3 0.10 Total retail loans 1 1 1 3 0.05 Total loans $ 115 $ 1 $ 11 $ 127 0.25 % Three Months Ended March 31, 2023 Business loans: Commercial $ 7 $ — $ 1 $ 8 0.02 % Commercial mortgage: Commercial Real Estate business line (d) 1 — 5 6 0.11 Other business lines (c) 1 — — 1 0.02 Total commercial mortgage 2 — 5 7 0.05 Total business loans 9 — 6 15 0.03 Retail loans: Consumer: Other consumer 1 — — 1 0.10 Total consumer 1 — — 1 0.04 Total retail loans 1 — — 1 0.02 Total loans $ 10 $ — $ 6 $ 16 0.03 % (a) Represents loan balances where terms were extended or payments were delayed by a more than an insignificant time period, typically more than 180 days, at or above contractual interest rates. (b) Relates to FDMs where more than one type of modification was made. For the three-month periods ended March 31, 2024 and 2023, this primarily related to modifications where the interest rate was reduced and the term was extended. (c) Primarily loans secured by owner-occupied real estate. (d) Primarily loans to real estate developers. During the three-month periods ended March 31, 2024 and 2023 , there were no significant modifications to borrowers experiencing financial difficulty involving an other-than-insignificant payment delay. There were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms had been restructured at March 31, 2024 and December 31, 2023. The following table summarizes the financial impacts of loan modifications made to specific loans during the three-month periods ended March 31, 2024 and 2023. Weighted-Average Term Extension Weighted-Average Interest Rate Reduction Three Months Ended March 31, 2024 Business loans: Commercial 9.8 (1.11) % Commercial mortgage: Other business lines (a) 12.4 — Total commercial mortgage 12.4 — International 12.7 — Total business loans 10.0 (1.11) Retail loans: Consumer: Home equity 117.5 (3.11) Total consumer 117.5 (3.11) Total retail loans 117.5 (3.11) Total loans 11.1 (1.40) % Three Months Ended March 31, 2023 Business loans: Commercial 17.9 (0.25) % Commercial mortgage: Commercial Real Estate business line (b) 21.2 (0.27) Other business lines (a) 7.4 — Total commercial mortgage 18.4 (0.27) Total business loans 18.2 (0.27) Retail loans: Consumer: Other consumer 10.0 — Total consumer 10.0 — Total retail loans 10.0 — Total loans 17.9 (0.27) % (a) Primarily loans secured by owner-occupied real estate. (b) Primarily loans to real estate developers. On an ongoing basis, the Corporation monitors the performance of modified loans related to their restructured terms. Loans restructured during the three-month periods ended March 31, 2024 and 2023 were current under modified terms at March 31, 2024 and March 31, 2023. Nonperforming restructured loans are classified as nonaccrual loans and are individually evaluated in the allowance for loan losses. |
Derivative And Credit-Related F
Derivative And Credit-Related Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, counterparties with bilateral collateral agreements deposited $120 million of cash with the Corporation to secure the fair value of contracts in an unrealized gain position, and the Corporation had pledged $77 million of marketable investment securities and posted $7 million of cash as collateral for contracts in an unrealized loss position. For those counterparties not covered under bilateral collateral agreements, collateral is obtained, if deemed necessary, based on the results of management’s credit evaluation of the counterparty. Collateral varies, but may include cash, investment securities, accounts receivable, equipment or real estate. 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 March 31, 2024 and December 31, 2023. 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. March 31, 2024 December 31, 2023 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 $ 7,300 $ — $ 1 $ 6,300 $ — $ — Cash flow swaps - receive fixed/pay floating (b) 24,550 — 33 24,850 — 8 Derivatives used as economic hedges Foreign exchange contracts: Spot, forwards and swaps 469 1 — 560 1 3 Total risk management purposes 32,319 1 34 31,710 1 11 Customer-initiated and other activities Interest rate contracts: Caps and floors written 1,636 — 15 1,577 — 18 Caps and floors purchased 1,636 15 — 1,577 18 — Swaps 19,166 207 440 19,316 207 409 Total interest rate contracts 22,438 222 455 22,470 225 427 Energy contracts: Caps and floors written 3,743 2 255 3,719 3 291 Caps and floors purchased 3,743 255 1 3,719 292 3 Swaps 6,628 447 418 6,368 463 442 Total energy contracts 14,114 704 674 13,806 758 736 Foreign exchange contracts: Spot, forwards, options and swaps 2,523 34 26 2,751 35 32 Total customer-initiated and other activities 39,075 960 1,155 39,027 1,018 1,195 Total gross derivatives $ 71,394 961 1,189 $ 70,737 1,019 1,206 Amounts offset in the Consolidated Balance Sheets: Netting adjustment - Offsetting derivative assets/liabilities (305) (305) (311) (311) Netting adjustment - Cash collateral received/posted (116) (8) (143) (13) Net derivatives included in the Consolidated Balance Sheets (c) 540 876 565 882 Amounts not offset in the Consolidated Balance Sheets: Marketable securities pledged under bilateral collateral agreements (396) (77) (501) (4) Net derivatives after deducting amounts not offset in the Consolidated Balance Sheets $ 144 $ 799 $ 64 $ 878 (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) March 31, 2024 included $1.0 billion of forward starting swaps that will become effective on their contractual start dates in 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 $2 million and $3 million at March 31, 2024 and December 31, 2023, 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 $170 million and $119 million of cash flow hedge losses for the three-month periods ended March 31, 2024 and 2023, 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 March 31, (in millions) 2024 2023 Total interest on medium- and long-term debt (a) $ 117 $ 57 Fair value hedging relationships: Interest rate contracts: Hedged items 81 41 Derivatives designated as hedging instruments 36 16 (a) Includes the effects of hedging. 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 weighted average carrying amount of the related hedged items, as of March 31, 2024 and December 31, 2023. Cash flow swaps - receive fixed/pay floating rate on variable-rate loans March 31, 2024 December 31, 2023 Weighted average: Time to maturity (in years) 3.7 3.9 Receive rate (a) 2.47 % 2.43 % Pay rate (a), (b) 5.36 5.38 (a) Excludes forward starting swaps not effective as of the period shown. March 31, 2024 excluded $1.0 billion of forward starting swaps. December 31, 2023 excluded $2.0 billion of forward starting swaps. (b) Variable rates paid on receive fixed swaps designated as cash flow hedges are based on BSBY or Secured Overnight Financing Rate (SOFR) rates in effect at March 31, 2024 and December 31, 2023. Fair value swaps - receive fixed/pay floating rate on medium- and long-term debt (dollar amounts in millions) March 31, 2024 December 31, 2023 Carrying value of hedged items (a) $ 7,121 $ 6,206 Weighted average: Time to maturity (in years) 3.1 3.1 Receive rate (b) 3.68 % 3.67 % Pay rate (b) 5.66 5.74 (a) Included $(175) million and $(93) million of cumulative hedging adjustments at March 31, 2024 and December 31, 2023, respectively, which included $2 million and $3 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 SOFR rates in effect at March 31, 2024 and December 31, 2023. De-designated Interest Rate Swaps and Price Alignment Income On November 15, 2023, the Bloomberg Index Services Limited (Bloomberg) announced that it will discontinue publishing BSBY on November 15, 2024; accordingly, the Corporation was required to “de-designate” $7.0 billion of interest rate swaps used in cash flow hedges of certain BSBY-indexed loans and reclassify amounts recognized in accumulated other comprehensive income into earnings. For each de-designated swap, settlement of interest payments and changes in fair value were recorded as risk management hedging losses within noninterest income instead of net interest income until re-designation. All impacted swaps were re-designated as of April 1, 2024. Amounts in accumulated other comprehensive income related to cash flows that continued to be probable of occurring were amortized out of accumulated other comprehensive income and into earnings, which resulted in a pre-tax loss of $52 million recorded in interest and fees on loans for the three months ended March 31, 2024, compared to a pre-tax loss of $26 million for the three months ended December 31, 2023. As swaps were re-designated to SOFR-based loans in first quarter 2024, the fair value of the swaps at the re-designation date were accreted back into accumulated other comprehensive income, resulting in a benefit to interest and fees on loans of $41 million for the three months ended March 31, 2024. Along with settlements no longer recognized through margin, this resulted in a net benefit of $3 million to interest and fees on loans for both the three month periods ended March 31, 2024 and December 31, 2023. Additionally, the Corporation recognized a net loss of $39 million as a component of risk management hedging (loss) income for the three months ended March 31, 2024, compared to $91 million for the three months ended December 31, 2023. BSBY cessation and the related de-designation and re-designation of interest rate swaps led to a net increase in accumulated other comprehensive income of $27 million for the three months ended March 31, 2024, compared to a $68 million increase for the three months ended December 31, 2023. For more information on accumulated net losses on cash flow hedges, refer to Note 8. Risk management hedging (loss) income also includes price alignment income, which is income received on payments made to a central clearing party for centrally cleared derivatives. Positions are settled daily based on derivative fair values and the party receiving net settlement amounts pays price alignment, based on an earning rate, to the party making settlement payments. Price alignment income totaled $13 million and $8 million for the three-month periods ended March 31, 2024 and 2023, respectively. 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 no net gains or losses for the three-month periods ended March 31, 2024 and 2023. 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 capital markets income, were as follows: Three Months Ended March 31, (in millions) 2024 2023 Interest rate contracts $ 5 $ 5 Energy contracts 3 8 Foreign exchange contracts 11 14 Total $ 19 $ 27 Credit-Related Financial Instruments The Corporation issues off-balance sheet financial instruments in connection with commercial and consumer lending activities. The Corporation’s credit risk associated with these instruments is represented by the contractual amounts indicated in the following table. (in millions) March 31, 2024 December 31, 2023 Unused commitments to extend credit: Commercial and other $ 25,379 $ 27,303 Bankcard, revolving credit and home equity loan commitments 4,055 4,082 Total unused commitments to extend credit $ 29,434 $ 31,385 Standby letters of credit $ 3,587 $ 3,586 Commercial letters of credit 43 48 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 $37 million and $40 million at March 31, 2024 and December 31, 2023, 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 $35 million at March 31, 2024 and $38 million at December 31, 2023 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. 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 $73 million and $85 million at March 31, 2024 and December 31, 2023, respectively, of the $3.6 billion of standby and commercial letters of credit outstanding at both March 31, 2024 and December 31, 2023. 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 $34 million at March 31, 2024, including $32 million in deferred fees and $2 million in the allowance for credit losses on lending-related commitments. At December 31, 2023, the comparable amounts were $34 million, $32 million and $2 million, respectively. The following table presents a summary of criticized standby and commercial letters of credit at March 31, 2024 and December 31, 2023. The Corporation's criticized list is consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities. The Corporation manages credit risk through underwriting, periodically reviewing and approving its credit exposures using Board committee approved credit policies and guidelines. (dollar amounts in millions) March 31, 2024 December 31, 2023 Total criticized standby and commercial letters of credit $ 41 $ 50 As a percentage of total outstanding standby and commercial letters of credit 1.1 % 1.4 % 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 $1.0 billion at both March 31, 2024 and December 31, 2023, and the fair value was insignificant at both March 31, 2024 and December 31, 2023. 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 and $2 million at March 31, 2024 and December 31, 2023, respectively. In the event of default, the lead bank has the ability to liquidate the assets of the borrower, in which case the lead bank would be required to return a percentage of the recouped assets to the participating banks. As of March 31, 2024, the weighted average remaining maturity of outstanding credit risk participation agreements was 4.1 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 at both March 31, 2024 and December 31, 2023. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 3 Months Ended |
Mar. 31, 2024 | |
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 and, upon adoption of ASU 2023-02 as discussed in Note 1, other tax credit entities that meet certain criteria using the proportional amortization method. Ownership interests in tax credit entities that do not qualify for the proportional amortization method are accounted for under either the cost or equity method. Exposure to loss as a result of the Corporation's involvement in entities using the proportional amortization method and other tax credit entities at March 31, 2024 was limited to $511 million and $1 million, respectively. Investment balances, including all legally binding commitments to fund future investments, that are accounted for using the proportional amortization method 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 that are accounted for using the proportional amortization method ($218 million at March 31, 2024). Amortization and other write-downs of tax credit investments for which the proportional amortization method is applied 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 cash flows related to the total income tax benefits are presented in the "net income", "benefit for deferred income taxes" and "other, net" line items within the operating activities section of the Consolidated Statements of Cash Flows. The Corporation provided no financial or other support that was not contractually required to any of the above VIEs during the three months ended March 31, 2024 and 2023. The following table summarizes the impact of these tax credit investments under the proportional amortization method on the Corporation’s Consolidated Statements of Comprehensive Income. Three Months Ended March 31, (in millions) 2024 Other noninterest income: Amortization of other tax credit investments $ 1 Provision for income taxes: Amortization of investments 19 Tax credits (17) Other income tax benefits related to tax credit entities (5) Total provision for income taxes $ (3) Prior to the adoption of ASU 2023-02, only LIHTC investments qualified for the proportional amortization method of accounting. The following table summarizes the impact of these LIHTC entities on the Corporation’s Consolidated Statements of Comprehensive Income. Three Months Ended March 31, (in millions) 2023 Provision for income taxes: Amortization of LIHTC investments $ 17 Low income housing tax credits (16) Other tax benefits related to tax credit entities (5) Total provision for income taxes $ (4) For further information on the Corporation’s consolidation policy, see Note 1 to the consolidated financial statements in the Corporation's 2023 Annual Report. |
Medium- And Long-Term Debt
Medium- And Long-Term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Medium- And Long-Term Debt | MEDIUM- AND LONG-TERM DEBT Medium- and long-term debt is summarized as follows: (in millions) March 31, 2024 December 31, 2023 Parent company Subordinated notes: 3.80% subordinated notes due 2026 (a) $ 238 $ 241 Medium- and long-term notes: 4.00% notes due 2029 (a) 514 523 5.982% notes due 2030 (a) 983 — Total medium- and long-term notes 1,497 523 Total parent company 1,735 764 Subsidiaries Subordinated notes: 4.00% subordinated notes due 2025 (a) 337 337 7.875% subordinated notes due 2026 (a) 159 162 5.332% subordinated notes due 2033 (a) 454 466 Total subordinated notes 950 965 Medium- and long-term notes: 2.50% notes due 2024 (a) 494 489 FHLB advances: 5.07% advance due 2025 (a) 992 995 4.79% advance due 2026 (a) 987 997 4.49% advance due 2027 (a) 984 999 4.49% advance due 2028 (a) 979 997 Total FHLB advances: 3,942 3,988 Total subsidiaries 5,386 5,442 Total medium- and long-term debt $ 7,121 $ 6,206 (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 March 31, 2024, FHLB borrowings were $4.0 billion, with remaining capacity for future borrowing of $13.2 billion, secured by real estate-related loans and investment securities collateral. In January 2024, the Corporation issued $1.0 billion of fixed-to-floating rate senior notes due in 2030, with a rate of 5.982% for the first five years. The rate on the senior notes will reset on January 30, 2029 to SOFR plus 215.5 basis points until called or matured. Additionally, the Corporation entered into two fair value fixed-to-floating rate swaps in which the Corporation received a weighted average fixed rate of 3.77% and will pay a floating rate based on SOFR for the first five years. Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $12 million and $6 million at March 31, 2024 and December 31, 2023, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
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) income and details the components of other comprehensive (loss) income for the three months ended March 31, 2024 and 2023, including the amount of income tax (benefit) expense allocated to each component of other comprehensive (loss) income. Three Months Ended March 31, (in millions) 2024 2023 Accumulated net unrealized losses on investment securities: Balance at beginning of period, net of tax $ (2,043) $ (2,319) Net unrealized holding (losses) gains arising during the period (268) 309 Less: (Benefit) provision for income taxes (69) 73 Change in net unrealized losses on investment securities, net of tax (199) 236 Balance at end of period, net of tax $ (2,242) $ (2,083) Accumulated net losses on cash flow hedges: Balance at beginning of period, net of tax $ (605) $ (942) Net cash flow hedge (losses) gains arising during the period (451) 316 Less: (Benefit) provision for income taxes (109) 74 Change in net cash flow hedge losses arising during the period, net of tax (342) 242 Less: Net cash flow losses included in interest and fees on loans (159) (119) Net amortization of unrealized losses related to de-designated derivatives included in interest and fees on loans (12) — Less: Benefit for income taxes (41) (28) Reclassification adjustment for net cash flow hedge losses included in net income, net of tax (130) (91) Change in net cash flow hedge losses, net of tax (212) 333 Balance at end of period, net of tax (a) $ (817) $ (609) Accumulated defined benefit pension and other postretirement plans adjustment: Balance at beginning of period, net of tax $ (400) $ (481) Amounts recognized in other noninterest expenses: Amortization of actuarial net loss 7 9 Amortization of prior service credit (5) (6) Total amounts recognized in other noninterest expenses 2 3 Less: Provision for income taxes — 1 Adjustment for amounts recognized as components of net periodic benefit credit during the period, net of tax 2 2 Change in defined benefit pension and other postretirement plans adjustment, net of tax 2 2 Balance at end of period, net of tax $ (398) $ (479) Total accumulated other comprehensive loss at end of period, net of tax $ (3,457) $ (3,171) (a) The Corporation expects to reclassify $391 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 March 31, 2024 levels. |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Basic and diluted net income per common share are presented in the following table. Three Months Ended March 31, (in millions, except per share data) 2024 2023 Basic and diluted Net income $ 138 $ 324 Less: Income allocated to participating securities 1 1 Preferred stock dividends 6 6 Net income attributable to common shares $ 131 $ 317 Basic average common shares 132 131 Basic net income per common share $ 0.99 $ 2.41 Basic average common shares 132 131 Dilutive common stock equivalents: Net effect of the assumed exercise of stock awards 1 1 Diluted average common shares 133 132 Diluted net income per common share $ 0.98 $ 2.39 The following average shares related to outstanding options to purchase shares of common stock that 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 March 31, (average outstanding options in thousands) 2024 2023 Average outstanding options 1,785 1,545 Range of exercise prices $53.96 - $95.25 $60.12 - $95.25 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
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 2023 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 March 31, (in millions) 2024 2023 Service cost $ 8 $ 8 Other components of net benefit credit: Interest cost 21 21 Expected return on plan assets (45) (41) Amortization of prior service credit (3) (4) Amortization of net loss 6 8 Total other components of net benefit credit (21) (16) Net periodic defined benefit credit $ (13) $ (8) Non-Qualified Defined Benefit Pension Plan Three Months Ended March 31, (in millions) 2024 2023 Service cost $ 1 $ 1 Other components of net benefit cost: Interest cost 2 2 Amortization of prior service credit (2) (2) Amortization of net loss 1 1 Total other components of net benefit cost 1 1 Net periodic defined benefit cost $ 2 $ 2 Postretirement Benefit Plan Three Months Ended March 31, (in millions) 2024 2023 Other components of net benefit credit: Expected return on plan assets $ (1) $ (1) Net periodic defined benefit credit $ (1) $ (1) |
Income Taxes And Tax-Related It
Income Taxes And Tax-Related Items | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes and Tax-Related Items | INCOME TAXES AND TAX-RELATED ITEMS Unrecognized tax benefits were $7 million at both March 31, 2024 and December 31, 2023. The Corporation does not anticipate any final settlements of federal or state tax issues to result in a change of net unrecognized tax benefits within the next twelve months. The liability for tax-related interest and penalties, included in accrued expenses and other liabilities on the Consolidated Balance Sheets, was less than $1 million at both March 31, 2024 and December 31, 2023. Net deferred tax assets were $1.2 billion at March 31, 2024, compared to $1.0 billion at December 31, 2023. The increase of $157 million in net deferred tax assets resulted primarily from an increase to deferred tax assets related to hedging losses and net unrealized losses on investment securities available-for-sale. Included in deferred tax assets at March 31, 2024 were $2 million of state net operating loss (NOL) carryforwards and $5 million of federal foreign tax carryforwards. State NOL carryforwards expire between 2024 and 2042 and federal foreign tax credit carryforwards expire between 2028 and 2032. 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 its federal valuation allowance of $5 million at both March 31, 2024 and December 31, 2023. The Corporation maintained a state valuation allowance of $1 million at both March 31, 2024 and December 31, 2023. 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 $202 million at March 31, 2024. 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 proceedings and regulatory matters for which such estimate can be made. For certain legal proceedings 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 that 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 | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Strategic Lines of Business | 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 March 31, 2024. 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, payment solutions, card services, capital market products, international trade finance and letters of credit. 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, home equity lines of credit and residential mortgage loans. In addition, this business segment offers products and services to small businesses who are serviced through a team of dedicated business bankers and our branch network. Wealth Management provides products and services to affluent, high-net worth and ultra-high net worth individuals and families, business owners and executives, and institutional clients, including comprehensive financial planning, trust and fiduciary services, investment management and advisory, brokerage, private banking and business transition planning services. 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 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 2023 Annual Report. Business segment financial results were as follows: Commercial Retail Wealth Management Finance Other Total (dollar amounts in millions) Three Months Ended March 31, 2024 Earnings summary: Net interest income (expense) $ 477 $ 200 $ 47 $ (217) $ 41 $ 548 Provision for credit losses 16 (1) 1 — (2) 14 Noninterest income 148 28 65 (11) 6 236 Noninterest expenses 275 182 96 2 48 603 Provision (benefit) for income taxes 56 8 2 (41) 4 29 Net income (loss) $ 278 $ 39 $ 13 $ (189) $ (3) $ 138 Net charge-offs (recoveries) $ 14 $ — $ — $ — $ — $ 14 Selected average balances: Assets $ 46,485 $ 3,026 $ 5,443 $ 19,057 $ 9,606 $ 83,617 Loans 43,911 2,297 5,152 — 12 51,372 Deposits 32,212 24,384 3,900 4,539 275 65,310 Statistical data: Return on average assets (a) 2.40 % 0.64 % 0.88 % n/m n/m 0.66 % Efficiency ratio (b) 44.05 79.13 86.68 n/m n/m 76.91 Three Months Ended March 31, 2023 Earnings summary: Net interest income (expense) $ 540 $ 223 $ 58 $ (133) $ 20 $ 708 Provision for credit losses 26 7 (3) — — 30 Noninterest income 153 28 73 23 5 282 Noninterest expenses 251 165 107 1 27 551 Provision (benefit) for income taxes 90 19 6 (28) (2) 85 Net income (loss) $ 326 $ 60 $ 21 $ (83) $ — $ 324 Net (recoveries) charge-offs $ (2) $ — $ — $ — $ — $ (2) Selected average balances: Assets $ 49,310 $ 2,915 $ 5,347 $ 20,941 $ 6,625 $ 85,138 Loans 46,065 2,202 5,201 — — 53,468 Deposits 36,767 25,156 4,716 830 364 67,833 Statistical data: Return on average assets (a) 2.68 % 0.97 % 1.62 % n/m n/m 1.54 % Efficiency ratio (b) 36.22 65.41 81.18 n/m n/m 55.53 (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 net gains (losses) from securities, 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Revenue from contracts with customers: Card fees $ 55 $ 10 $ 1 $ — $ 66 Fiduciary income — — 51 — 51 Service charges on deposit accounts 31 13 1 — 45 Commercial loan servicing fees (a) 2 — — — 2 Capital markets income (b) 4 — — — 4 Brokerage fees — — 10 — 10 Other noninterest income (b) 5 3 1 — 9 Total revenue from contracts with customers 97 26 64 — 187 Other sources of noninterest income 51 2 1 (5) 49 Total noninterest income $ 148 $ 28 $ 65 $ (5) $ 236 Three Months Ended March 31, 2023 Revenue from contracts with customers: Card fees $ 58 $ 10 $ 1 $ — $ 69 Fiduciary income — — 58 — 58 Service charges on deposit accounts 31 14 1 — 46 Commercial loan servicing fees (a) 3 — — — 3 Capital markets income (b) 4 — — — 4 Brokerage fees — — 8 — 8 Other noninterest income (b) — 3 3 — 6 Total revenue from contracts with customers 96 27 71 — 194 Other sources of noninterest income 57 1 2 28 88 Total noninterest income $ 153 $ 28 $ 73 $ 28 $ 282 (a) Included in commercial lending fees on the Consolidated Statements of Comprehensive Income. (b) Excludes derivative, warrant and other miscellaneous income. Revenue from contracts with customers did not generate significant contract assets and liabilities for the periods presented. |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Loans and Recently Issued Accounting Pronouncements | Accounting Pronouncements Recently Adopted Effective January 1, 2024, the Corporation adopted the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2023-02, "Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)" (ASU 2023-02). ASU 2023-02 expanded the permitted use of the proportional amortization method, which was previously only available to low-income housing tax credit investments, to other tax equity investments if certain conditions are met. Under the proportional amortization method, the initial cost of an investment is amortized in proportion to the income tax benefits received and both the amortization of the investment and the income tax benefits received are recognized as a component of income tax expense. ASU 2023-02 was adopted on a modified retrospective basis of transition or, for certain changes, a prospective basis and resulted in a reduction to retained earnings as of January 1, 2024 of $4 million. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" (ASU 2023-07). The update requires enhanced disclosures about significant segment expenses, enhanced interim disclosure requirements, clarification for when multiple segment measures of profit or loss can be disclosed and other requirements intended to improve overall reportable segment disclosures in annual and interim periods. ASU 2023-07 is effective for the Corporation in the annual period beginning on January 1, 2024 and interim periods beginning on January 1, 2025 with retrospective application to all prior periods presented. Early adoption is permitted. The Corporation is evaluating the impact of ASU 2023-07 on its reportable segment disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Recorded At Fair Value On A Recurring Basis | The following tables present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. (in millions) Total Level 1 Level 2 Level 3 March 31, 2024 Deferred compensation plan assets $ 110 $ 110 $ — $ — Equity securities 44 44 — — Investment securities available-for-sale: U.S. Treasury securities 1,544 1,544 — — Residential mortgage-backed securities (a) 10,016 — 10,016 — Commercial mortgage-backed securities (a) 4,686 — 4,686 — Total investment securities available-for-sale 16,246 1,544 14,702 — Derivative assets: Interest rate contracts 222 — 222 — Energy contracts 704 — 704 — Foreign exchange contracts 35 — 35 — Total derivative assets 961 — 961 — Total assets at fair value $ 17,361 $ 1,698 $ 15,663 $ — Derivative liabilities: Interest rate contracts $ 489 $ — $ 489 $ — Energy contracts 674 — 674 — Foreign exchange contracts 26 — 26 — Other financial derivative liabilities 12 — — 12 Total derivative liabilities 1,201 — 1,189 12 Deferred compensation plan liabilities 110 110 — — Total liabilities at fair value $ 1,311 $ 110 $ 1,189 $ 12 December 31, 2023 Deferred compensation plan assets $ 104 $ 104 $ — $ — Equity securities 39 39 — — Investment securities available-for-sale: U.S. Treasury securities 1,605 1,605 — — Residential mortgage-backed securities (a) 10,519 — 10,519 — Commercial mortgage-backed securities (a) 4,745 — 4,745 — Total investment securities available-for-sale 16,869 1,605 15,264 — Derivative assets: Interest rate contracts 225 — 225 — Energy contracts 758 — 758 — Foreign exchange contracts 36 — 36 — Total derivative assets 1,019 — 1,019 — Total assets at fair value $ 18,031 $ 1,748 $ 16,283 $ — Derivative liabilities: Interest rate contracts $ 435 $ — $ 435 $ — Energy contracts 736 — 736 — Foreign exchange contracts 35 — 35 — Other financial derivative liabilities 12 — — 12 Total derivative liabilities 1,218 — 1,206 12 Deferred compensation plan liabilities 104 104 — — Total liabilities at fair value $ 1,322 $ 104 $ 1,206 $ 12 (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-month periods ended March 31, 2024 and 2023. 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 March 31, 2024 Derivative liabilities: Other financial derivative liabilities $ (12) $ — $ — $ — $ (12) Three Months Ended March 31, 2023 Derivative liabilities: Other financial derivative liabilities (12) — — — (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 March 31, 2024 and December 31, 2023. No liabilities were recorded at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023. (in millions) Level 3 March 31, 2024 Loans: Commercial $ 16 Commercial mortgage 40 International 8 Residential mortgage 8 Total loans 72 Loans held-for-sale 188 Other real estate 6 Total assets at fair value $ 266 December 31, 2023 Loans: Commercial $ 12 Commercial mortgage 16 International 16 Total loans 44 Loans held-for-sale 231 Other real estate 5 Total assets at fair value $ 280 |
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 March 31, 2024 Assets Cash and due from banks $ 689 $ 689 $ 689 $ — $ — Interest-bearing deposits with banks 4,446 4,446 4,446 — — Other short-term investments 24 24 24 — — Total loans, net of allowance for loan losses (a) 50,131 48,992 — — 48,992 Liabilities Demand deposits 56,725 56,725 — 56,725 — Time deposits 6,853 6,914 — 6,914 — Total deposits 63,578 63,639 — 63,639 — Medium- and long-term debt 7,121 7,188 — 7,188 — Credit-related financial instruments (69) (69) — — (69) December 31, 2023 Assets Cash and due from banks $ 1,443 $ 1,443 $ 1,443 $ — $ — Interest-bearing deposits with banks 8,059 8,059 8,059 — — Other short-term investments 24 24 24 — — Total loans, net of allowance for loan losses (a) 51,425 50,633 — — 50,633 Liabilities Demand deposits 58,476 58,476 — 58,476 — Time deposits 8,286 8,391 — 8,391 — Total deposits 66,762 66,867 — 66,867 — Short-term borrowings 3,565 3,565 3,565 — — Medium- and long-term debt 6,206 6,207 — 6,207 — Credit-related financial instruments (72) (72) — — (72) (a) Included $72 million and $44 million of loans recorded at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023, respectively. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary Of Investment Securities | A summary of the Corporation’s investment securities follows: (in millions) Amortized Gross Gross Fair Value March 31, 2024 Investment securities available-for-sale: U.S. Treasury securities $ 1,609 $ — $ 65 $ 1,544 Residential mortgage-backed securities (a) 12,324 — 2,308 10,016 Commercial mortgage-backed securities (a) 5,253 — 567 4,686 Total investment securities available-for-sale $ 19,186 $ — $ 2,940 $ 16,246 December 31, 2023 Investment securities available-for-sale: U.S. Treasury securities $ 1,681 $ — $ 76 $ 1,605 Residential mortgage-backed securities (a) 12,607 — 2,088 10,519 Commercial mortgage-backed securities (a) 5,253 — 508 4,745 Total investment securities available-for-sale $ 19,541 $ — $ 2,672 $ 16,869 (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 March 31, 2024 and December 31, 2023 follows: Less than 12 Months 12 Months or more Total (in millions, except securities count) Fair Unrealized Fair Unrealized Fair Unrealized Count March 31, 2024 U.S. Treasury securities $ — $ — $ 1,510 $ 65 $ 1,510 $ 65 18 Residential mortgage-backed securities (a) 6 — 10,008 2,308 10,014 2,308 959 Commercial mortgage-backed securities (a) — — 4,685 567 4,685 567 253 Total temporarily impaired securities $ 6 $ — $ 16,203 $ 2,940 $ 16,209 $ 2,940 1,230 December 31, 2023 U.S. Treasury securities $ — $ — $ 1,605 $ 76 $ 1,605 $ 76 19 Residential mortgage-backed securities (a) 10 — 10,507 2,088 10,517 2,088 978 Commercial mortgage-backed securities (a) — — 4,745 508 4,745 508 253 Total temporarily impaired securities $ 10 $ — $ 16,857 $ 2,672 $ 16,867 $ 2,672 1,250 (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) March 31, 2024 Amortized Cost Fair Value Contractual maturity One year or less $ 947 $ 922 After one year through five years 1,002 941 After five years through ten years 5,227 4,666 After ten years 12,010 9,717 Total investment securities $ 19,186 $ 16,246 |
Credit Quality And Allowance _2
Credit Quality And Allowance For Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Credit Loss [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 March 31, 2024 Business loans: Commercial $ 22 $ 15 $ 30 $ 67 $ 88 $ 25,864 $ 26,019 Real estate construction: Commercial Real Estate business line (a) 1 — — 1 — 4,108 4,109 Other business lines (b) — — — — — 449 449 Total real estate construction 1 — — 1 — 4,557 4,558 Commercial mortgage: Commercial Real Estate business line (a) 5 — — 5 18 5,502 5,525 Other business lines (b) 35 7 1 43 49 8,649 8,741 Total commercial mortgage 40 7 1 48 67 14,151 14,266 Lease financing 5 — — 5 — 788 793 International 5 — 1 6 16 1,048 1,070 Total business loans 73 22 32 127 171 46,408 46,706 Retail loans: Residential mortgage 11 — — 11 23 1,855 1,889 Consumer: Home equity 8 5 — 13 23 1,749 1,785 Other consumer 2 — — 2 — 440 442 Total consumer 10 5 — 15 23 2,189 2,227 Total retail loans 21 5 — 26 46 4,044 4,116 Total loans $ 94 $ 27 $ 32 $ 153 $ 217 $ 50,452 $ 50,822 December 31, 2023 Business loans: Commercial $ 48 $ 14 $ 10 $ 72 $ 75 $ 27,104 $ 27,251 Real estate construction: Commercial Real Estate business line (a) — — — — — 4,570 4,570 Other business lines (b) 3 — — 3 2 508 513 Total real estate construction 3 — — 3 2 5,078 5,083 Commercial mortgage: Commercial Real Estate business line (a) 5 — — 5 18 4,704 4,727 Other business lines (b) 49 12 9 70 23 8,866 8,959 Total commercial mortgage 54 12 9 75 41 13,570 13,686 Lease financing 4 — — 4 — 803 807 International — — 1 1 20 1,081 1,102 Total business loans 109 26 20 155 138 47,636 47,929 Retail loans: Residential mortgage 10 6 — 16 19 1,854 1,889 Consumer: Home equity 11 5 — 16 21 1,755 1,792 Other consumer 31 — — 31 — 472 503 Total consumer 42 5 — 47 21 2,227 2,295 Total retail loans 52 11 — 63 40 4,081 4,184 Total loans $ 161 $ 37 $ 20 $ 218 $ 178 $ 51,717 $ 52,113 (a) Primarily loans to real estate developers. (b) 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 and vintage year. Credit quality indicator 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. March 31, 2024 Vintage Year (in millions) 2024 2023 2022 2021 2020 Prior Revolvers Revolvers Converted to Term Total Business loans: Commercial Pass (a) $ 920 $ 2,721 $ 2,568 $ 1,810 $ 540 $ 1,488 $ 14,411 $ 12 $ 24,470 Criticized (b) 26 90 194 229 31 156 820 3 1,549 Total commercial 946 2,811 2,762 2,039 571 1,644 15,231 15 26,019 Commercial gross charge-offs — 1 2 7 9 — 1 — 20 Real estate construction Pass (a) 11 529 2,045 1,381 238 51 303 — 4,558 Total real estate construction 11 529 2,045 1,381 238 51 303 — 4,558 Commercial mortgage Pass (a) 295 1,693 3,441 2,336 1,603 3,034 830 — 13,232 Criticized (b) 8 128 346 121 73 352 6 — 1,034 Total commercial mortgage 303 1,821 3,787 2,457 1,676 3,386 836 — 14,266 Lease financing Pass (a) 79 241 198 106 40 105 — — 769 Criticized (b) — 4 8 — 3 9 — — 24 Total lease financing 79 245 206 106 43 114 — — 793 International Pass (a) 194 110 140 74 32 76 418 — 1,044 Criticized (b) — 11 2 7 — 5 1 — 26 Total international 194 121 142 81 32 81 419 — 1,070 Total business loans 1,533 5,527 8,942 6,064 2,560 5,276 16,789 15 46,706 Retail loans: Residential mortgage Pass (a) 48 243 292 370 443 470 — — 1,866 Criticized (b) 1 — — — — 22 — — 23 Total residential mortgage 49 243 292 370 443 492 — — 1,889 Consumer: Home equity Pass (a) — — — — — 7 1,687 61 1,755 Criticized (b) — — — — — — 27 3 30 Total home equity — — — — — 7 1,714 64 1,785 Other consumer Pass (a) 4 23 35 20 9 52 297 — 440 Criticized (b) — — — — — 1 1 — 2 Total other consumer 4 23 35 20 9 53 298 — 442 Other consumer gross charge-offs — — — — — 1 — — 1 Total consumer 4 23 35 20 9 60 2,012 64 2,227 Total retail loans 53 266 327 390 452 552 2,012 64 4,116 Total loans $ 1,586 $ 5,793 $ 9,269 $ 6,454 $ 3,012 $ 5,828 $ 18,801 $ 79 $ 50,822 Table continues on the following page. December 31, 2023 Vintage Year 2023 2022 2021 2020 2019 Prior Revolvers Revolvers Converted to Term Total Business loans: Commercial Pass (a) $ 3,105 $ 3,013 $ 2,072 $ 593 $ 610 $ 1,033 $ 15,394 $ 13 $ 25,833 Criticized (b) 85 169 226 42 59 75 760 2 1,418 Total commercial 3,190 3,182 2,298 635 669 1,108 16,154 15 27,251 Commercial gross charge-offs 1 11 2 1 11 12 3 1 42 Real estate construction Pass (a) 503 2,205 1,581 329 43 36 288 — 4,985 Criticized (b) 2 53 34 2 7 — — — 98 Total real estate construction 505 2,258 1,615 331 50 36 288 — 5,083 Commercial mortgage Pass (a) 1,680 3,129 2,173 1,786 981 2,271 893 — 12,913 Criticized (b) 15 232 99 34 248 141 4 — 773 Total commercial mortgage 1,695 3,361 2,272 1,820 1,229 2,412 897 — 13,686 Commercial mortgage gross charge-offs — — — — 3 1 — — 4 Lease financing Pass (a) 173 319 110 47 34 94 — — 777 Criticized (b) 5 8 3 3 7 4 — — 30 Total lease financing 178 327 113 50 41 98 — — 807 International Pass (a) 286 168 89 35 76 2 415 — 1,071 Criticized (b) 15 2 7 — — 6 1 — 31 Total international 301 170 96 35 76 8 416 — 1,102 International gross charge-offs 12 — — — — 1 — — 13 Total business loans 5,869 9,298 6,394 2,871 2,065 3,662 17,755 15 47,929 Retail loans: Residential mortgage Pass (a) 254 296 373 450 131 360 — — 1,864 Criticized (b) 2 — 1 — — 22 — — 25 Total residential mortgage 256 296 374 450 131 382 — — 1,889 Consumer: Home equity Pass (a) — — — — — 8 1,695 59 1,762 Criticized (b) — — — — — — 28 2 30 Total home equity — — — — — 8 1,723 61 1,792 Home equity gross charge-offs — — — — — — 2 — 2 Other consumer Pass (a) 23 38 22 8 4 46 362 — 503 Total other consumer 23 38 22 8 4 46 362 — 503 Other consumer gross charge-offs — — — — 1 — — — 1 Total consumer 23 38 22 8 4 54 2,085 61 2,295 Total retail loans 279 334 396 458 135 436 2,085 61 4,184 Total loans $ 6,148 $ 9,632 $ 6,790 $ 3,329 $ 2,200 $ 4,098 $ 19,840 $ 76 $ 52,113 (a) Includes all loans not included in the categories of special mention, substandard or nonaccrual. (b) 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 2023 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. 2024 2023 (in millions) Business Loans Retail Loans Total Business Loans Retail Loans Total Three Months Ended March 31 Balance at beginning of period: Allowance for loan losses $ 620 $ 68 $ 688 $ 541 $ 69 $ 610 Allowance for credit losses on lending-related commitments 31 9 40 40 11 51 Allowance for credit losses 651 77 728 581 80 661 Loan charge-offs (20) (1) (21) (11) (1) (12) Recoveries on loans previously charged-off 6 1 7 13 1 14 Net loan (charge-offs) recoveries (14) — (14) 2 — 2 Provision for credit losses: Provision for loan losses 20 (3) 17 27 2 29 Provision for credit losses on lending-related commitments (3) — (3) (1) 2 1 Provision for credit losses 17 (3) 14 26 4 30 Balance at end of period: Allowance for loan losses 626 65 691 570 71 641 Allowance for credit losses on lending-related commitments 28 9 37 39 13 52 Allowance for credit losses $ 654 $ 74 $ 728 $ 609 $ 84 $ 693 Allowance for loan losses as a percentage of total loans 1.34 % 1.59 % 1.36 % 1.12 % 1.71 % 1.17 % Allowance for credit losses as a percentage of total loans 1.40 1.82 1.43 1.20 2.04 1.26 |
Financing Receivable, Nonaccrual | The following table presents additional information regarding nonaccrual loans. Interest income of $2 million and $4 million was recognized on nonaccrual loans for the three-month periods ended March 31, 2024 and 2023, respectively. (in millions) Nonaccrual Loans with No Related Allowance Nonaccrual Loans with Related Allowance Total Nonaccrual Loans March 31, 2024 Business loans: Commercial $ 45 $ 43 $ 88 Commercial mortgage: Commercial Real Estate business line (a) — 18 18 Other business lines (b) 11 38 49 Total commercial mortgage 11 56 67 International 3 13 16 Total business loans 59 112 171 Retail loans: Residential mortgage 23 — 23 Consumer: Home equity 23 — 23 Total retail loans 46 — 46 Total nonaccrual loans $ 105 $ 112 $ 217 December 31, 2023 Business loans: Commercial $ 47 $ 28 $ 75 Real estate construction: Other business lines (b) 2 — 2 Commercial mortgage: Commercial Real Estate business line (a) — 18 18 Other business lines (b) 17 6 23 Total commercial mortgage 17 24 41 International 3 17 20 Total business loans 69 69 138 Retail loans: Residential mortgage 19 — 19 Consumer: Home equity 21 — 21 Total consumer 21 — 21 Total retail loans 40 — 40 Total nonaccrual loans $ 109 $ 69 $ 178 (a) Primarily loans to real estate developers. (b) Primarily loans secured by owner-occupied real estate. |
Loan Modifications Made to Borrowers Experiencing Financial Difficulty | The following table displays the amortized cost basis at March 31, 2024 and March 31, 2023 of FDMs that were restructured during the three-month periods ended March 31, 2024 and 2023 by type of modification. (in millions) Term Extension (a) Interest Rate Reduction Combinations (b) Total Percent of Total Class Three Months Ended March 31, 2024 Business loans: Commercial $ 108 $ — $ 10 $ 118 0.45 % Commercial mortgage: Other business lines (c) 5 — — 5 0.06 Total commercial mortgage 5 — — 5 0.04 International 1 — — 1 0.13 Total business loans 114 — 10 124 0.27 Retail loans: Consumer: Home equity 1 1 1 3 0.12 Total consumer 1 1 1 3 0.10 Total retail loans 1 1 1 3 0.05 Total loans $ 115 $ 1 $ 11 $ 127 0.25 % Three Months Ended March 31, 2023 Business loans: Commercial $ 7 $ — $ 1 $ 8 0.02 % Commercial mortgage: Commercial Real Estate business line (d) 1 — 5 6 0.11 Other business lines (c) 1 — — 1 0.02 Total commercial mortgage 2 — 5 7 0.05 Total business loans 9 — 6 15 0.03 Retail loans: Consumer: Other consumer 1 — — 1 0.10 Total consumer 1 — — 1 0.04 Total retail loans 1 — — 1 0.02 Total loans $ 10 $ — $ 6 $ 16 0.03 % (a) Represents loan balances where terms were extended or payments were delayed by a more than an insignificant time period, typically more than 180 days, at or above contractual interest rates. (b) Relates to FDMs where more than one type of modification was made. For the three-month periods ended March 31, 2024 and 2023, this primarily related to modifications where the interest rate was reduced and the term was extended. (c) Primarily loans secured by owner-occupied real estate. (d) Primarily loans to real estate developers. |
Loan Modifications Made to Specific Loans | The following table summarizes the financial impacts of loan modifications made to specific loans during the three-month periods ended March 31, 2024 and 2023. Weighted-Average Term Extension Weighted-Average Interest Rate Reduction Three Months Ended March 31, 2024 Business loans: Commercial 9.8 (1.11) % Commercial mortgage: Other business lines (a) 12.4 — Total commercial mortgage 12.4 — International 12.7 — Total business loans 10.0 (1.11) Retail loans: Consumer: Home equity 117.5 (3.11) Total consumer 117.5 (3.11) Total retail loans 117.5 (3.11) Total loans 11.1 (1.40) % Three Months Ended March 31, 2023 Business loans: Commercial 17.9 (0.25) % Commercial mortgage: Commercial Real Estate business line (b) 21.2 (0.27) Other business lines (a) 7.4 — Total commercial mortgage 18.4 (0.27) Total business loans 18.2 (0.27) Retail loans: Consumer: Other consumer 10.0 — Total consumer 10.0 — Total retail loans 10.0 — Total loans 17.9 (0.27) % (a) Primarily loans secured by owner-occupied real estate. (b) Primarily loans to real estate developers. |
Derivative And Credit-Related_2
Derivative And Credit-Related Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023. 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. March 31, 2024 December 31, 2023 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 $ 7,300 $ — $ 1 $ 6,300 $ — $ — Cash flow swaps - receive fixed/pay floating (b) 24,550 — 33 24,850 — 8 Derivatives used as economic hedges Foreign exchange contracts: Spot, forwards and swaps 469 1 — 560 1 3 Total risk management purposes 32,319 1 34 31,710 1 11 Customer-initiated and other activities Interest rate contracts: Caps and floors written 1,636 — 15 1,577 — 18 Caps and floors purchased 1,636 15 — 1,577 18 — Swaps 19,166 207 440 19,316 207 409 Total interest rate contracts 22,438 222 455 22,470 225 427 Energy contracts: Caps and floors written 3,743 2 255 3,719 3 291 Caps and floors purchased 3,743 255 1 3,719 292 3 Swaps 6,628 447 418 6,368 463 442 Total energy contracts 14,114 704 674 13,806 758 736 Foreign exchange contracts: Spot, forwards, options and swaps 2,523 34 26 2,751 35 32 Total customer-initiated and other activities 39,075 960 1,155 39,027 1,018 1,195 Total gross derivatives $ 71,394 961 1,189 $ 70,737 1,019 1,206 Amounts offset in the Consolidated Balance Sheets: Netting adjustment - Offsetting derivative assets/liabilities (305) (305) (311) (311) Netting adjustment - Cash collateral received/posted (116) (8) (143) (13) Net derivatives included in the Consolidated Balance Sheets (c) 540 876 565 882 Amounts not offset in the Consolidated Balance Sheets: Marketable securities pledged under bilateral collateral agreements (396) (77) (501) (4) Net derivatives after deducting amounts not offset in the Consolidated Balance Sheets $ 144 $ 799 $ 64 $ 878 (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) March 31, 2024 included $1.0 billion of forward starting swaps that will become effective on their contractual start dates in 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 $2 million and $3 million at March 31, 2024 and December 31, 2023, 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 March 31, (in millions) 2024 2023 Total interest on medium- and long-term debt (a) $ 117 $ 57 Fair value hedging relationships: Interest rate contracts: Hedged items 81 41 Derivatives designated as hedging instruments 36 16 (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 weighted average carrying amount of the related hedged items, as of March 31, 2024 and December 31, 2023. Cash flow swaps - receive fixed/pay floating rate on variable-rate loans March 31, 2024 December 31, 2023 Weighted average: Time to maturity (in years) 3.7 3.9 Receive rate (a) 2.47 % 2.43 % Pay rate (a), (b) 5.36 5.38 (a) Excludes forward starting swaps not effective as of the period shown. March 31, 2024 excluded $1.0 billion of forward starting swaps. December 31, 2023 excluded $2.0 billion of forward starting swaps. (b) |
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) March 31, 2024 December 31, 2023 Carrying value of hedged items (a) $ 7,121 $ 6,206 Weighted average: Time to maturity (in years) 3.1 3.1 Receive rate (b) 3.68 % 3.67 % Pay rate (b) 5.66 5.74 (a) Included $(175) million and $(93) million of cumulative hedging adjustments at March 31, 2024 and December 31, 2023, respectively, which included $2 million and $3 million, respectively, of hedging adjustment on a discontinued hedging relationship. (b) |
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 capital markets income, were as follows: Three Months Ended March 31, (in millions) 2024 2023 Interest rate contracts $ 5 $ 5 Energy contracts 3 8 Foreign exchange contracts 11 14 Total $ 19 $ 27 |
Schedule Of Financial Instruments With Off-Balance Sheet Credit Risk | The Corporation’s credit risk associated with these instruments is represented by the contractual amounts indicated in the following table. (in millions) March 31, 2024 December 31, 2023 Unused commitments to extend credit: Commercial and other $ 25,379 $ 27,303 Bankcard, revolving credit and home equity loan commitments 4,055 4,082 Total unused commitments to extend credit $ 29,434 $ 31,385 Standby letters of credit $ 3,587 $ 3,586 Commercial letters of credit 43 48 |
Summary Of Criticized Letters Of Credit | The following table presents a summary of criticized standby and commercial letters of credit at March 31, 2024 and December 31, 2023. The Corporation's criticized list is consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities. The Corporation manages credit risk through underwriting, periodically reviewing and approving its credit exposures using Board committee approved credit policies and guidelines. (dollar amounts in millions) March 31, 2024 December 31, 2023 Total criticized standby and commercial letters of credit $ 41 $ 50 As a percentage of total outstanding standby and commercial letters of credit 1.1 % 1.4 % |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 investments under the proportional amortization method on the Corporation’s Consolidated Statements of Comprehensive Income. Three Months Ended March 31, (in millions) 2024 Other noninterest income: Amortization of other tax credit investments $ 1 Provision for income taxes: Amortization of investments 19 Tax credits (17) Other income tax benefits related to tax credit entities (5) Total provision for income taxes $ (3) |
Medium- And Long-Term Debt (Tab
Medium- And Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule Of Medium- And Long-Term Debt | Medium- and long-term debt is summarized as follows: (in millions) March 31, 2024 December 31, 2023 Parent company Subordinated notes: 3.80% subordinated notes due 2026 (a) $ 238 $ 241 Medium- and long-term notes: 4.00% notes due 2029 (a) 514 523 5.982% notes due 2030 (a) 983 — Total medium- and long-term notes 1,497 523 Total parent company 1,735 764 Subsidiaries Subordinated notes: 4.00% subordinated notes due 2025 (a) 337 337 7.875% subordinated notes due 2026 (a) 159 162 5.332% subordinated notes due 2033 (a) 454 466 Total subordinated notes 950 965 Medium- and long-term notes: 2.50% notes due 2024 (a) 494 489 FHLB advances: 5.07% advance due 2025 (a) 992 995 4.79% advance due 2026 (a) 987 997 4.49% advance due 2027 (a) 984 999 4.49% advance due 2028 (a) 979 997 Total FHLB advances: 3,942 3,988 Total subsidiaries 5,386 5,442 Total medium- and long-term debt $ 7,121 $ 6,206 (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) | 3 Months Ended |
Mar. 31, 2024 | |
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) income and details the components of other comprehensive (loss) income for the three months ended March 31, 2024 and 2023, including the amount of income tax (benefit) expense allocated to each component of other comprehensive (loss) income. Three Months Ended March 31, (in millions) 2024 2023 Accumulated net unrealized losses on investment securities: Balance at beginning of period, net of tax $ (2,043) $ (2,319) Net unrealized holding (losses) gains arising during the period (268) 309 Less: (Benefit) provision for income taxes (69) 73 Change in net unrealized losses on investment securities, net of tax (199) 236 Balance at end of period, net of tax $ (2,242) $ (2,083) Accumulated net losses on cash flow hedges: Balance at beginning of period, net of tax $ (605) $ (942) Net cash flow hedge (losses) gains arising during the period (451) 316 Less: (Benefit) provision for income taxes (109) 74 Change in net cash flow hedge losses arising during the period, net of tax (342) 242 Less: Net cash flow losses included in interest and fees on loans (159) (119) Net amortization of unrealized losses related to de-designated derivatives included in interest and fees on loans (12) — Less: Benefit for income taxes (41) (28) Reclassification adjustment for net cash flow hedge losses included in net income, net of tax (130) (91) Change in net cash flow hedge losses, net of tax (212) 333 Balance at end of period, net of tax (a) $ (817) $ (609) Accumulated defined benefit pension and other postretirement plans adjustment: Balance at beginning of period, net of tax $ (400) $ (481) Amounts recognized in other noninterest expenses: Amortization of actuarial net loss 7 9 Amortization of prior service credit (5) (6) Total amounts recognized in other noninterest expenses 2 3 Less: Provision for income taxes — 1 Adjustment for amounts recognized as components of net periodic benefit credit during the period, net of tax 2 2 Change in defined benefit pension and other postretirement plans adjustment, net of tax 2 2 Balance at end of period, net of tax $ (398) $ (479) Total accumulated other comprehensive loss at end of period, net of tax $ (3,457) $ (3,171) (a) The Corporation expects to reclassify $391 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 March 31, 2024 levels. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Net Income Per Common Share | Basic and diluted net income per common share are presented in the following table. Three Months Ended March 31, (in millions, except per share data) 2024 2023 Basic and diluted Net income $ 138 $ 324 Less: Income allocated to participating securities 1 1 Preferred stock dividends 6 6 Net income attributable to common shares $ 131 $ 317 Basic average common shares 132 131 Basic net income per common share $ 0.99 $ 2.41 Basic average common shares 132 131 Dilutive common stock equivalents: Net effect of the assumed exercise of stock awards 1 1 Diluted average common shares 133 132 Diluted net income per common share $ 0.98 $ 2.39 |
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 that 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 March 31, (average outstanding options in thousands) 2024 2023 Average outstanding options 1,785 1,545 Range of exercise prices $53.96 - $95.25 $60.12 - $95.25 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, (in millions) 2024 2023 Service cost $ 8 $ 8 Other components of net benefit credit: Interest cost 21 21 Expected return on plan assets (45) (41) Amortization of prior service credit (3) (4) Amortization of net loss 6 8 Total other components of net benefit credit (21) (16) Net periodic defined benefit credit $ (13) $ (8) Non-Qualified Defined Benefit Pension Plan Three Months Ended March 31, (in millions) 2024 2023 Service cost $ 1 $ 1 Other components of net benefit cost: Interest cost 2 2 Amortization of prior service credit (2) (2) Amortization of net loss 1 1 Total other components of net benefit cost 1 1 Net periodic defined benefit cost $ 2 $ 2 Postretirement Benefit Plan Three Months Ended March 31, (in millions) 2024 2023 Other components of net benefit credit: Expected return on plan assets $ (1) $ (1) Net periodic defined benefit credit $ (1) $ (1) |
Strategic Lines of Business (Ta
Strategic Lines of Business (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Business Segment Financial Results | Business segment financial results were as follows: Commercial Retail Wealth Management Finance Other Total (dollar amounts in millions) Three Months Ended March 31, 2024 Earnings summary: Net interest income (expense) $ 477 $ 200 $ 47 $ (217) $ 41 $ 548 Provision for credit losses 16 (1) 1 — (2) 14 Noninterest income 148 28 65 (11) 6 236 Noninterest expenses 275 182 96 2 48 603 Provision (benefit) for income taxes 56 8 2 (41) 4 29 Net income (loss) $ 278 $ 39 $ 13 $ (189) $ (3) $ 138 Net charge-offs (recoveries) $ 14 $ — $ — $ — $ — $ 14 Selected average balances: Assets $ 46,485 $ 3,026 $ 5,443 $ 19,057 $ 9,606 $ 83,617 Loans 43,911 2,297 5,152 — 12 51,372 Deposits 32,212 24,384 3,900 4,539 275 65,310 Statistical data: Return on average assets (a) 2.40 % 0.64 % 0.88 % n/m n/m 0.66 % Efficiency ratio (b) 44.05 79.13 86.68 n/m n/m 76.91 Three Months Ended March 31, 2023 Earnings summary: Net interest income (expense) $ 540 $ 223 $ 58 $ (133) $ 20 $ 708 Provision for credit losses 26 7 (3) — — 30 Noninterest income 153 28 73 23 5 282 Noninterest expenses 251 165 107 1 27 551 Provision (benefit) for income taxes 90 19 6 (28) (2) 85 Net income (loss) $ 326 $ 60 $ 21 $ (83) $ — $ 324 Net (recoveries) charge-offs $ (2) $ — $ — $ — $ — $ (2) Selected average balances: Assets $ 49,310 $ 2,915 $ 5,347 $ 20,941 $ 6,625 $ 85,138 Loans 46,065 2,202 5,201 — — 53,468 Deposits 36,767 25,156 4,716 830 364 67,833 Statistical data: Return on average assets (a) 2.68 % 0.97 % 1.62 % n/m n/m 1.54 % Efficiency ratio (b) 36.22 65.41 81.18 n/m n/m 55.53 (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 net gains (losses) from securities, 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) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Revenue from contracts with customers: Card fees $ 55 $ 10 $ 1 $ — $ 66 Fiduciary income — — 51 — 51 Service charges on deposit accounts 31 13 1 — 45 Commercial loan servicing fees (a) 2 — — — 2 Capital markets income (b) 4 — — — 4 Brokerage fees — — 10 — 10 Other noninterest income (b) 5 3 1 — 9 Total revenue from contracts with customers 97 26 64 — 187 Other sources of noninterest income 51 2 1 (5) 49 Total noninterest income $ 148 $ 28 $ 65 $ (5) $ 236 Three Months Ended March 31, 2023 Revenue from contracts with customers: Card fees $ 58 $ 10 $ 1 $ — $ 69 Fiduciary income — — 58 — 58 Service charges on deposit accounts 31 14 1 — 46 Commercial loan servicing fees (a) 3 — — — 3 Capital markets income (b) 4 — — — 4 Brokerage fees — — 8 — 8 Other noninterest income (b) — 3 3 — 6 Total revenue from contracts with customers 96 27 71 — 194 Other sources of noninterest income 57 1 2 28 88 Total noninterest income $ 153 $ 28 $ 73 $ 28 $ 282 (a) Included in commercial lending fees on the Consolidated Statements of Comprehensive Income. (b) Excludes derivative, warrant and other miscellaneous income. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Recorded At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale: | $ 16,246 | $ 16,869 | |
Derivative assets: | 961 | 1,019 | |
Total derivative liabilities | 1,189 | 1,206 | |
U.S. Treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale: | 1,544 | 1,605 | |
Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale: | [1] | 10,016 | 10,519 |
Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale: | [1] | 4,686 | 4,745 |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale: | 16,246 | 16,869 | |
Derivative assets: | 961 | 1,019 | |
Total assets at fair value | 17,361 | 18,031 | |
Total derivative liabilities | 1,201 | 1,218 | |
Deferred compensation plan liabilities | 110 | 104 | |
Total liabilities at fair value | 1,311 | 1,322 | |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale: | 1,544 | 1,605 | |
Derivative assets: | 0 | 0 | |
Total assets at fair value | 1,698 | 1,748 | |
Total derivative liabilities | 0 | 0 | |
Deferred compensation plan liabilities | 110 | 104 | |
Total liabilities at fair value | 110 | 104 | |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale: | 14,702 | 15,264 | |
Derivative assets: | 961 | 1,019 | |
Total assets at fair value | 15,663 | 16,283 | |
Total derivative liabilities | 1,189 | 1,206 | |
Deferred compensation plan liabilities | 0 | 0 | |
Total liabilities at fair value | 1,189 | 1,206 | |
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 | 0 | |
Total assets at fair value | 0 | 0 | |
Total derivative liabilities | 12 | 12 | |
Deferred compensation plan liabilities | 0 | 0 | |
Total liabilities at fair value | 12 | 12 | |
Recurring | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets: | 222 | 225 | |
Total derivative liabilities | 489 | 435 | |
Recurring | Interest rate contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets: | 0 | 0 | |
Total 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: | 222 | 225 | |
Total derivative liabilities | 489 | 435 | |
Recurring | Interest rate contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets: | 0 | 0 | |
Total derivative liabilities | 0 | 0 | |
Recurring | Energy contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets: | 704 | 758 | |
Total derivative liabilities | 674 | 736 | |
Recurring | Energy contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets: | 0 | 0 | |
Total derivative liabilities | 0 | 0 | |
Recurring | Energy contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets: | 704 | 758 | |
Total derivative liabilities | 674 | 736 | |
Recurring | Energy contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets: | 0 | 0 | |
Total derivative liabilities | 0 | 0 | |
Recurring | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets: | 35 | 36 | |
Total derivative liabilities | 26 | 35 | |
Recurring | Foreign exchange contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets: | 0 | 0 | |
Total 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: | 35 | 36 | |
Total derivative liabilities | 26 | 35 | |
Recurring | Foreign exchange contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets: | 0 | 0 | |
Total derivative liabilities | 0 | 0 | |
Recurring | Other financial derivative liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative liabilities | 12 | 12 | |
Recurring | Other financial derivative liabilities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative liabilities | 0 | 0 | |
Recurring | Other financial derivative liabilities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative liabilities | 0 | 0 | |
Recurring | Other financial derivative liabilities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative liabilities | 12 | 12 | |
Total liabilities at fair value | 12 | ||
Recurring | Deferred compensation plan assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan assets | 110 | 104 | |
Recurring | Deferred compensation plan assets | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan assets | 110 | 104 | |
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 securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 44 | 39 | |
Recurring | Equity securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 44 | 39 | |
Recurring | Equity securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 0 | 0 | |
Recurring | Equity securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 0 | 0 | |
Recurring | U.S. Treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale: | 1,544 | 1,605 | |
Recurring | U.S. Treasury securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale: | 1,544 | 1,605 | |
Recurring | U.S. Treasury 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 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: | [2] | 10,016 | 10,519 |
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: | [2] | 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: | [2] | 10,016 | 10,519 |
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: | [2] | 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: | [2] | 4,686 | 4,745 |
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: | [2] | 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: | [2] | 4,686 | 4,745 |
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: | [2] | $ 0 | $ 0 |
[1] Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. 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) - Other financial derivative liabilities - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at Beginning of Period | $ (12) | $ (12) | |
Realized Gains (Losses) (Pretax) Recorded in Earnings | [1] | 0 | 0 |
Unrealized Gains (Losses) (Pretax) Recorded in Earnings | [1] | 0 | 0 |
Settlements | 0 | 0 | |
Balance at End of Period | $ (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 - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities recorded at fair value | $ 0 | $ 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans | 72 | 44 |
Loans held-for-sale | 188 | 231 |
Other real estate | 6 | 5 |
Total assets at fair value | 266 | 280 |
Commercial borrower | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans | 16 | 12 |
Commercial borrower | Level 3 | International | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans | 8 | 16 |
Commercial borrower | Commercial mortgage | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans | 40 | $ 16 |
Commercial borrower | Residential mortgage | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans | $ 8 |
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 | Mar. 31, 2024 | Dec. 31, 2023 | |
Cash and due from banks | $ 689 | $ 1,443 | |
Interest-bearing deposits with banks | 4,446 | 8,059 | |
Total deposits | 63,578 | 66,762 | |
Medium- and long-term debt | 7,121 | 6,206 | |
Loans recorded at fair value | 50,131 | 51,425 | |
Carrying Amount | |||
Cash and due from banks | 689 | 1,443 | |
Interest-bearing deposits with banks | 4,446 | 8,059 | |
Other short-term investments | 24 | 24 | |
Total loans | [1] | 50,131 | 51,425 |
Demand Deposit Accounts | 56,725 | 58,476 | |
Time Deposits | 6,853 | 8,286 | |
Total deposits | 63,578 | 66,762 | |
Medium- and long-term debt | 7,121 | 6,206 | |
Short-term borrowings | 3,565 | ||
Credit-related financial instruments | (69) | (72) | |
Estimated Fair Value | |||
Cash and due from banks | 689 | 1,443 | |
Interest-bearing deposits with banks | 4,446 | 8,059 | |
Other short-term investments | 24 | 24 | |
Total loans | [1] | 48,992 | 50,633 |
Demand Deposit Accounts | 56,725 | 58,476 | |
Time Deposits | 6,914 | 8,391 | |
Total deposits | 63,639 | 66,867 | |
Medium- and long-term debt | 7,188 | 6,207 | |
Short-term borrowings | 3,565 | ||
Credit-related financial instruments | (69) | (72) | |
Level 1 | Estimated Fair Value | |||
Cash and due from banks | 689 | 1,443 | |
Interest-bearing deposits with banks | 4,446 | 8,059 | |
Other short-term investments | 24 | 24 | |
Total loans | [1] | 0 | 0 |
Demand Deposit Accounts | 0 | 0 | |
Time Deposits | 0 | 0 | |
Total deposits | 0 | 0 | |
Medium- and long-term debt | 0 | 0 | |
Short-term borrowings | 3,565 | ||
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 | |
Total loans | [1] | 0 | 0 |
Demand Deposit Accounts | 56,725 | 58,476 | |
Time Deposits | 6,914 | 8,391 | |
Total deposits | 63,639 | 66,867 | |
Medium- and long-term debt | 7,188 | 6,207 | |
Short-term borrowings | 0 | ||
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 | |
Total loans | [1] | 48,992 | 50,633 |
Demand Deposit Accounts | 0 | 0 | |
Time Deposits | 0 | 0 | |
Total deposits | 0 | 0 | |
Medium- and long-term debt | 0 | 0 | |
Short-term borrowings | 0 | ||
Credit-related financial instruments | (69) | (72) | |
Nonrecurring | |||
Loans recorded at fair value | 72 | 44 | |
Nonrecurring | Level 3 | |||
Total loans | $ 72 | $ 44 | |
[1] Included $72 million and $44 million of loans recorded at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023, respectively. |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | |||
Loan interest receivable | $ 39 | $ 40 | |
Securities gains and losses | 0 | $ 0 | |
Carrying value of securities pledged | 7,800 | ||
Pledged to the FHLB as collateral for potential future borrowings | 6,300 | ||
Collateral for potential future borrowings | 1,500 | ||
Liabilities secured by pledged collateral | $ 375 |
Investment Securities (Summary
Investment Securities (Summary Of Investment Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 19,186 | $ 19,541 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 2,940 | 2,672 | |
Fair Value | 16,246 | 16,869 | |
U.S. Treasury securities | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 1,609 | 1,681 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 65 | 76 | |
Fair Value | 1,544 | 1,605 | |
Residential mortgage-backed securities | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | 12,324 | 12,607 |
Gross Unrealized Gains | [1] | 0 | 0 |
Gross Unrealized Losses | [1] | 2,308 | 2,088 |
Fair Value | [1] | 10,016 | 10,519 |
Commercial mortgage-backed securities | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | [1] | 5,253 | 5,253 |
Gross Unrealized Gains | [1] | 0 | 0 |
Gross Unrealized Losses | [1] | 567 | 508 |
Fair Value | [1] | $ 4,686 | $ 4,745 |
[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) | Mar. 31, 2024 USD ($) security | Dec. 31, 2023 USD ($) security | |
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair Value | $ 6,000,000 | $ 10,000,000 | |
Less than 12 Months, Unrealized Losses | 0 | 0 | |
12 months or more, Fair Value | 16,203,000,000 | 16,857,000,000 | |
12 Months or more, Unrealized Losses | 2,940,000,000 | 2,672,000,000 | |
Total, Fair Value | 16,209,000,000 | 16,867,000,000 | |
Total, Unrealized Losses | $ 2,940,000,000 | $ 2,672,000,000 | |
Securities with no credit impairment in unrealized loss position | 1,230 | 1,250 | |
U.S. Treasury securities | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair Value | $ 0 | $ 0 | |
Less than 12 Months, Unrealized Losses | 0 | 0 | |
12 months or more, Fair Value | 1,510,000,000 | 1,605,000,000 | |
12 Months or more, Unrealized Losses | 65,000,000 | 76,000,000 | |
Total, Fair Value | 1,510,000,000 | 1,605,000,000 | |
Total, Unrealized Losses | $ 65,000,000 | $ 76,000,000 | |
Securities with no credit impairment in unrealized loss position | security | 18 | 19 | |
Residential mortgage-backed securities | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair Value | [1] | $ 6,000,000 | $ 10,000,000 |
Less than 12 Months, Unrealized Losses | [1] | 0 | 0 |
12 months or more, Fair Value | [1] | 10,008,000,000 | 10,507,000,000 |
12 Months or more, Unrealized Losses | [1] | 2,308,000,000 | 2,088,000,000 |
Total, Fair Value | [1] | 10,014,000,000 | 10,517,000,000 |
Total, Unrealized Losses | [1] | $ 2,308,000,000 | $ 2,088,000,000 |
Securities with no credit impairment in unrealized loss position | security | [1] | 959 | 978 |
Commercial mortgage-backed securities | |||
Schedule of Investments [Line Items] | |||
Less than 12 months, Fair Value | [1] | $ 0 | $ 0 |
Less than 12 Months, Unrealized Losses | [1] | 0 | 0 |
12 months or more, Fair Value | [1] | 4,685,000,000 | 4,745,000,000 |
12 Months or more, Unrealized Losses | [1] | 567,000,000 | 508,000,000 |
Total, Fair Value | [1] | 4,685,000,000 | 4,745,000,000 |
Total, Unrealized Losses | [1] | $ 567,000,000 | $ 508,000,000 |
Securities with no credit impairment in unrealized loss position | security | [1] | 253 | 253 |
[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 | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 19,186 | $ 19,541 |
Fair Value | 16,246 | $ 16,869 |
Debt securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale, Within one year, Amortized Cost | 947 | |
Available-for-sale, After one year through five years, Amortized Cost | 1,002 | |
Available-for-sale, After five years through ten years, Amortized Cost | 5,227 | |
Available-for-sale, After ten years, Amortized Cost | 12,010 | |
Amortized Cost | 19,186 | |
Available-for-sale, Within one year, Fair Value | 922 | |
Available-for-sale, After one year through five years, Fair Value | 941 | |
Available-for-sale, After five years through ten years, Fair Value | 4,666 | |
Available-for-sale, After ten years, Fair Value | 9,717 | |
Fair Value | $ 16,246 |
Credit Quality And Allowance _3
Credit Quality And Allowance For Credit Losses (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loan interest receivable | $ 302 | $ 313 | ||
Interest income | 2 | $ 4 | ||
Restructuring, other-than-insignificant payment delays | 0 | $ 0 | ||
Commitments to lend additional funds to TDR borrowers | $ 0 | |||
Weighted-Average Term Extension (in months) | 10 months 24 days | 1 year 5 months 27 days | ||
Business loans: | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Weighted-Average Term Extension (in months) | 9 months 22 days | 1 year 6 months 7 days | ||
Commercial | Business loans: | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Weighted-Average Term Extension (in months) | 9 months 18 days | 1 year 5 months 27 days | ||
Commercial | Business loans: | International | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Weighted-Average Term Extension (in months) | 1 year 22 days | |||
Commercial | Business loans: | Commercial mortgage: | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Weighted-Average Term Extension (in months) | 1 year 11 days | 1 year 6 months 11 days | ||
Commercial | Business loans: | Commercial | Commercial mortgage: | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Weighted-Average Term Extension (in months) | [1] | 1 year 9 months 7 days | ||
Commercial | Business loans: | Other business lines | Commercial mortgage: | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Weighted-Average Term Extension (in months) | [2] | 1 year 11 days | 7 months 13 days | |
Consumer | Retail loans: | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Weighted-Average Term Extension (in months) | 9 years 9 months 15 days | 9 months 29 days | ||
Consumer | Retail loans: | Home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Weighted-Average Term Extension (in months) | 9 years 9 months 15 days | 9 months 29 days | ||
Consumer | Retail loans: | Consumer Loan | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Weighted-Average Term Extension (in months) | 9 years 9 months 15 days | 9 months 29 days | ||
Payment Delay | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Minimum period loan terms were extended | 90 days | 90 days | ||
Subsequent default during period | $ 3 | |||
Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Minimum period loan terms were extended | 90 days | 90 days | ||
Subsequent default during period | $ 3 | |||
[1] Primarily loans to real estate developers. Primarily loans secured by owner-occupied real estate. |
Credit Quality And Allowance _4
Credit Quality And Allowance For Credit Losses (Aging Analysis Of Loans) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | $ 153 | $ 218 | |
Nonaccrual Loans | 217 | 178 | |
Current Loans | 50,452 | 51,717 | |
Total loans | 50,822 | 52,113 | |
30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 94 | 161 | |
60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 27 | 37 | |
90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 32 | 20 | |
Business loans: | Commercial borrower | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 127 | 155 | |
Nonaccrual Loans | 171 | 138 | |
Current Loans | 46,408 | 47,636 | |
Total loans | 46,706 | 47,929 | |
Business loans: | Commercial borrower | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 73 | 109 | |
Business loans: | Commercial borrower | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 22 | 26 | |
Business loans: | Commercial borrower | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 32 | 20 | |
Business loans: | Commercial borrower | Domestic | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 67 | 72 | |
Nonaccrual Loans | 88 | 75 | |
Current Loans | 25,864 | 27,104 | |
Total loans | 26,019 | 27,251 | |
Business loans: | Commercial borrower | Domestic | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 22 | 48 | |
Business loans: | Commercial borrower | Domestic | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 15 | 14 | |
Business loans: | Commercial borrower | Domestic | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 30 | 10 | |
Business loans: | Commercial borrower | International | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 6 | 1 | |
Nonaccrual Loans | 16 | 20 | |
Current Loans | 1,048 | 1,081 | |
Total loans | 1,070 | 1,102 | |
Business loans: | Commercial borrower | International | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 5 | 0 | |
Business loans: | Commercial borrower | International | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 0 | 0 | |
Business loans: | Commercial borrower | International | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 1 | 1 | |
Business loans: | Commercial borrower | Real estate construction: | Domestic | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 1 | 3 | |
Nonaccrual Loans | 0 | 2 | |
Current Loans | 4,557 | 5,078 | |
Total loans | 4,558 | 5,083 | |
Business loans: | Commercial borrower | Real estate construction: | Domestic | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 1 | 3 | |
Business loans: | Commercial borrower | Real estate construction: | Domestic | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 0 | 0 | |
Business loans: | Commercial borrower | Real estate construction: | Domestic | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 0 | 0 | |
Business loans: | Commercial borrower | Real estate construction: | Domestic | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [1] | 1 | 0 |
Nonaccrual Loans | [1] | 0 | 0 |
Current Loans | [1] | 4,108 | 4,570 |
Total loans | [1] | 4,109 | 4,570 |
Business loans: | Commercial borrower | Real estate construction: | Domestic | Commercial | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [1] | 1 | 0 |
Business loans: | Commercial borrower | Real estate construction: | Domestic | Commercial | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [1] | 0 | 0 |
Business loans: | Commercial borrower | Real estate construction: | Domestic | Commercial | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [1] | 0 | 0 |
Business loans: | Commercial borrower | Real estate construction: | Domestic | Other business lines | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [2] | 0 | 3 |
Nonaccrual Loans | [2] | 0 | 2 |
Current Loans | [2] | 449 | 508 |
Total loans | [2] | 449 | 513 |
Business loans: | Commercial borrower | Real estate construction: | Domestic | Other business lines | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [2] | 0 | 3 |
Business loans: | Commercial borrower | Real estate construction: | Domestic | Other business lines | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [2] | 0 | 0 |
Business loans: | Commercial borrower | Real estate construction: | Domestic | Other business lines | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [2] | 0 | 0 |
Business loans: | Commercial borrower | Commercial mortgage: | Domestic | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 48 | 75 | |
Nonaccrual Loans | 67 | 41 | |
Current Loans | 14,151 | 13,570 | |
Total loans | 14,266 | 13,686 | |
Business loans: | Commercial borrower | Commercial mortgage: | Domestic | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 40 | 54 | |
Business loans: | Commercial borrower | Commercial mortgage: | Domestic | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 7 | 12 | |
Business loans: | Commercial borrower | Commercial mortgage: | Domestic | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 1 | 9 | |
Business loans: | Commercial borrower | Commercial mortgage: | Domestic | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [1] | 5 | 5 |
Nonaccrual Loans | [1] | 18 | 18 |
Current Loans | [1] | 5,502 | 4,704 |
Total loans | [1] | 5,525 | 4,727 |
Business loans: | Commercial borrower | Commercial mortgage: | Domestic | Commercial | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [1] | 5 | 5 |
Business loans: | Commercial borrower | Commercial mortgage: | Domestic | Commercial | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [1] | 0 | 0 |
Business loans: | Commercial borrower | Commercial mortgage: | Domestic | Commercial | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [1] | 0 | 0 |
Business loans: | Commercial borrower | Commercial mortgage: | Domestic | Other business lines | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [2] | 43 | 70 |
Nonaccrual Loans | [2] | 49 | 23 |
Current Loans | [2] | 8,649 | 8,866 |
Total loans | [2] | 8,741 | 8,959 |
Business loans: | Commercial borrower | Commercial mortgage: | Domestic | Other business lines | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [2] | 35 | 49 |
Business loans: | Commercial borrower | Commercial mortgage: | Domestic | Other business lines | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [2] | 7 | 12 |
Business loans: | Commercial borrower | Commercial mortgage: | Domestic | Other business lines | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | [2] | 1 | 9 |
Business loans: | Commercial borrower | Lease financing | Domestic | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 5 | 4 | |
Nonaccrual Loans | 0 | 0 | |
Current Loans | 788 | 803 | |
Total loans | 793 | 807 | |
Business loans: | Commercial borrower | Lease financing | Domestic | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 5 | 4 | |
Business loans: | Commercial borrower | Lease financing | Domestic | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 0 | 0 | |
Business loans: | Commercial borrower | Lease financing | Domestic | 90 Days or More | |||
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 | 26 | 63 | |
Nonaccrual Loans | 46 | 40 | |
Current Loans | 4,044 | 4,081 | |
Total loans | 4,116 | 4,184 | |
Retail loans: | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 21 | 52 | |
Retail loans: | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 5 | 11 | |
Retail loans: | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 0 | 0 | |
Retail loans: | Residential mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 11 | 16 | |
Nonaccrual Loans | 23 | 19 | |
Current Loans | 1,855 | 1,854 | |
Total loans | 1,889 | 1,889 | |
Retail loans: | Residential mortgage | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 11 | 10 | |
Retail loans: | Residential mortgage | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 0 | 6 | |
Retail loans: | Residential mortgage | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 0 | 0 | |
Retail loans: | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 15 | 47 | |
Nonaccrual Loans | 23 | 21 | |
Current Loans | 2,189 | 2,227 | |
Total loans | 2,227 | 2,295 | |
Retail loans: | Consumer | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 10 | 42 | |
Retail loans: | Consumer | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 5 | 5 | |
Retail loans: | Consumer | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 0 | 0 | |
Retail loans: | Consumer | Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 13 | 16 | |
Nonaccrual Loans | 23 | 21 | |
Current Loans | 1,749 | 1,755 | |
Total loans | 1,785 | 1,792 | |
Retail loans: | Consumer | Home equity | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 8 | 11 | |
Retail loans: | Consumer | Home equity | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 5 | 5 | |
Retail loans: | Consumer | Home equity | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 0 | 0 | |
Retail loans: | Consumer | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 2 | 31 | |
Nonaccrual Loans | 0 | 0 | |
Current Loans | 440 | 472 | |
Total loans | 442 | 503 | |
Retail loans: | Consumer | Other consumer | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 2 | 31 | |
Retail loans: | Consumer | Other consumer | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | 0 | 0 | |
Retail loans: | Consumer | Other consumer | 90 Days or More | |||
Financing Receivable, Past Due [Line Items] | |||
Loans Past Due and Still Accruing | $ 0 | $ 0 | |
[1] Primarily loans to real estate developers. 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 | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | ||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | $ 1,586 | $ 6,148 | |
Financing receivable, year two originated, fiscal year before current fiscal year | 5,793 | 9,632 | |
Financing receivable, year three, originated, two years before current fiscal year | 9,269 | 6,790 | |
Financing receivable, year four, originated, three years before current fiscal year | 6,454 | 3,329 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,012 | 2,200 | |
Prior | 5,828 | 4,098 | |
Revolvers | 18,801 | 19,840 | |
Revolvers Converted to Term | 79 | 76 | |
Total loans | 50,822 | 52,113 | |
Business loans: | Commercial | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | 1,533 | 5,869 | |
Financing receivable, year two originated, fiscal year before current fiscal year | 5,527 | 9,298 | |
Financing receivable, year three, originated, two years before current fiscal year | 8,942 | 6,394 | |
Financing receivable, year four, originated, three years before current fiscal year | 6,064 | 2,871 | |
Financing receivable, year five, originated, four years before current fiscal year | 2,560 | 2,065 | |
Prior | 5,276 | 3,662 | |
Revolvers | 16,789 | 17,755 | |
Revolvers Converted to Term | 15 | 15 | |
Total loans | 46,706 | 47,929 | |
Business loans: | Commercial | Domestic | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | 946 | 3,190 | |
Financing receivable, year two originated, fiscal year before current fiscal year | 2,811 | 3,182 | |
Financing receivable, year three, originated, two years before current fiscal year | 2,762 | 2,298 | |
Financing receivable, year four, originated, three years before current fiscal year | 2,039 | 635 | |
Financing receivable, year five, originated, four years before current fiscal year | 571 | 669 | |
Prior | 1,644 | 1,108 | |
Revolvers | 15,231 | 16,154 | |
Revolvers Converted to Term | 15 | 15 | |
Total loans | 26,019 | 27,251 | |
Total gross charge-offs | |||
Financing receivable, year one originated, gross charge-offs | 0 | 1 | |
Financing receivable, year two originated, gross charge-offs | 1 | 11 | |
Financing receivable, year three originated, gross charge-offs | 2 | 2 | |
Financing receivable, year four originated, gross charge-offs | 7 | 1 | |
Financing receivable, year five originated, gross charge-offs | 9 | 11 | |
Prior | 0 | 12 | |
Revolvers | 1 | 3 | |
Revolvers Converted to Term | 0 | 1 | |
Total | 20 | 42 | |
Business loans: | Commercial | Domestic | Pass | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [1] | 920 | 3,105 |
Financing receivable, year two originated, fiscal year before current fiscal year | [1] | 2,721 | 3,013 |
Financing receivable, year three, originated, two years before current fiscal year | [1] | 2,568 | 2,072 |
Financing receivable, year four, originated, three years before current fiscal year | [1] | 1,810 | 593 |
Financing receivable, year five, originated, four years before current fiscal year | [1] | 540 | 610 |
Prior | [1] | 1,488 | 1,033 |
Revolvers | [1] | 14,411 | 15,394 |
Revolvers Converted to Term | [1] | 12 | 13 |
Total loans | [1] | 24,470 | 25,833 |
Business loans: | Commercial | Domestic | Criticized | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [2] | 26 | 85 |
Financing receivable, year two originated, fiscal year before current fiscal year | [2] | 90 | 169 |
Financing receivable, year three, originated, two years before current fiscal year | [2] | 194 | 226 |
Financing receivable, year four, originated, three years before current fiscal year | [2] | 229 | 42 |
Financing receivable, year five, originated, four years before current fiscal year | [2] | 31 | 59 |
Prior | [2] | 156 | 75 |
Revolvers | [2] | 820 | 760 |
Revolvers Converted to Term | [2] | 3 | 2 |
Total loans | [2] | 1,549 | 1,418 |
Business loans: | Commercial | International | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | 194 | 301 | |
Financing receivable, year two originated, fiscal year before current fiscal year | 121 | 170 | |
Financing receivable, year three, originated, two years before current fiscal year | 142 | 96 | |
Financing receivable, year four, originated, three years before current fiscal year | 81 | 35 | |
Financing receivable, year five, originated, four years before current fiscal year | 32 | 76 | |
Prior | 81 | 8 | |
Revolvers | 419 | 416 | |
Revolvers Converted to Term | 0 | 0 | |
Total loans | 1,070 | 1,102 | |
Total gross charge-offs | |||
Financing receivable, year one originated, gross charge-offs | 12 | ||
Financing receivable, year two originated, gross charge-offs | 0 | ||
Financing receivable, year three originated, gross charge-offs | 0 | ||
Financing receivable, year four originated, gross charge-offs | 0 | ||
Financing receivable, year five originated, gross charge-offs | 0 | ||
Prior | 1 | ||
Revolvers | 0 | ||
Revolvers Converted to Term | 0 | ||
Total | 13 | ||
Business loans: | Commercial | International | Pass | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [1] | 194 | 286 |
Financing receivable, year two originated, fiscal year before current fiscal year | [1] | 110 | 168 |
Financing receivable, year three, originated, two years before current fiscal year | [1] | 140 | 89 |
Financing receivable, year four, originated, three years before current fiscal year | [1] | 74 | 35 |
Financing receivable, year five, originated, four years before current fiscal year | [1] | 32 | 76 |
Prior | [1] | 76 | 2 |
Revolvers | [1] | 418 | 415 |
Revolvers Converted to Term | [1] | 0 | 0 |
Total loans | [1] | 1,044 | 1,071 |
Business loans: | Commercial | International | Criticized | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [2] | 0 | 15 |
Financing receivable, year two originated, fiscal year before current fiscal year | [2] | 11 | 2 |
Financing receivable, year three, originated, two years before current fiscal year | [2] | 2 | 7 |
Financing receivable, year four, originated, three years before current fiscal year | [2] | 7 | 0 |
Financing receivable, year five, originated, four years before current fiscal year | [2] | 0 | 0 |
Prior | [2] | 5 | 6 |
Revolvers | [2] | 1 | 1 |
Revolvers Converted to Term | [2] | 0 | 0 |
Total loans | [2] | 26 | 31 |
Business loans: | Commercial | Real estate construction | Domestic | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | 11 | 505 | |
Financing receivable, year two originated, fiscal year before current fiscal year | 529 | 2,258 | |
Financing receivable, year three, originated, two years before current fiscal year | 2,045 | 1,615 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,381 | 331 | |
Financing receivable, year five, originated, four years before current fiscal year | 238 | 50 | |
Prior | 51 | 36 | |
Revolvers | 303 | 288 | |
Revolvers Converted to Term | 0 | 0 | |
Total loans | 4,558 | 5,083 | |
Business loans: | Commercial | Real estate construction | Domestic | Pass | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [1] | 11 | 503 |
Financing receivable, year two originated, fiscal year before current fiscal year | [1] | 529 | 2,205 |
Financing receivable, year three, originated, two years before current fiscal year | [1] | 2,045 | 1,581 |
Financing receivable, year four, originated, three years before current fiscal year | [1] | 1,381 | 329 |
Financing receivable, year five, originated, four years before current fiscal year | [1] | 238 | 43 |
Prior | [1] | 51 | 36 |
Revolvers | [1] | 303 | 288 |
Revolvers Converted to Term | [1] | 0 | 0 |
Total loans | [1] | 4,558 | 4,985 |
Business loans: | Commercial | Real estate construction | Domestic | Criticized | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [2] | 2 | |
Financing receivable, year two originated, fiscal year before current fiscal year | [2] | 53 | |
Financing receivable, year three, originated, two years before current fiscal year | [2] | 34 | |
Financing receivable, year four, originated, three years before current fiscal year | [2] | 2 | |
Financing receivable, year five, originated, four years before current fiscal year | [2] | 7 | |
Prior | [2] | 0 | |
Revolvers | [2] | 0 | |
Revolvers Converted to Term | [2] | 0 | |
Total loans | [2] | 98 | |
Business loans: | Commercial | Commercial mortgage: | Domestic | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | 303 | 1,695 | |
Financing receivable, year two originated, fiscal year before current fiscal year | 1,821 | 3,361 | |
Financing receivable, year three, originated, two years before current fiscal year | 3,787 | 2,272 | |
Financing receivable, year four, originated, three years before current fiscal year | 2,457 | 1,820 | |
Financing receivable, year five, originated, four years before current fiscal year | 1,676 | 1,229 | |
Prior | 3,386 | 2,412 | |
Revolvers | 836 | 897 | |
Revolvers Converted to Term | 0 | 0 | |
Total loans | 14,266 | 13,686 | |
Total gross charge-offs | |||
Financing receivable, year one originated, gross charge-offs | 0 | ||
Financing receivable, year two originated, gross charge-offs | 0 | ||
Financing receivable, year three originated, gross charge-offs | 0 | ||
Financing receivable, year four originated, gross charge-offs | 0 | ||
Financing receivable, year five originated, gross charge-offs | 3 | ||
Prior | 1 | ||
Revolvers | 0 | ||
Revolvers Converted to Term | 0 | ||
Total | 4 | ||
Business loans: | Commercial | Commercial mortgage: | Domestic | Pass | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [1] | 295 | 1,680 |
Financing receivable, year two originated, fiscal year before current fiscal year | [1] | 1,693 | 3,129 |
Financing receivable, year three, originated, two years before current fiscal year | [1] | 3,441 | 2,173 |
Financing receivable, year four, originated, three years before current fiscal year | [1] | 2,336 | 1,786 |
Financing receivable, year five, originated, four years before current fiscal year | [1] | 1,603 | 981 |
Prior | [1] | 3,034 | 2,271 |
Revolvers | [1] | 830 | 893 |
Revolvers Converted to Term | [1] | 0 | 0 |
Total loans | [1] | 13,232 | 12,913 |
Business loans: | Commercial | Commercial mortgage: | Domestic | Criticized | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [2] | 8 | 15 |
Financing receivable, year two originated, fiscal year before current fiscal year | [2] | 128 | 232 |
Financing receivable, year three, originated, two years before current fiscal year | [2] | 346 | 99 |
Financing receivable, year four, originated, three years before current fiscal year | [2] | 121 | 34 |
Financing receivable, year five, originated, four years before current fiscal year | [2] | 73 | 248 |
Prior | [2] | 352 | 141 |
Revolvers | [2] | 6 | 4 |
Revolvers Converted to Term | [2] | 0 | 0 |
Total loans | [2] | 1,034 | 773 |
Business loans: | Commercial | Lease financing | Domestic | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | 79 | 178 | |
Financing receivable, year two originated, fiscal year before current fiscal year | 245 | 327 | |
Financing receivable, year three, originated, two years before current fiscal year | 206 | 113 | |
Financing receivable, year four, originated, three years before current fiscal year | 106 | 50 | |
Financing receivable, year five, originated, four years before current fiscal year | 43 | 41 | |
Prior | 114 | 98 | |
Revolvers | 0 | 0 | |
Revolvers Converted to Term | 0 | 0 | |
Total loans | 793 | 807 | |
Business loans: | Commercial | Lease financing | Domestic | Pass | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [1] | 79 | 173 |
Financing receivable, year two originated, fiscal year before current fiscal year | [1] | 241 | 319 |
Financing receivable, year three, originated, two years before current fiscal year | [1] | 198 | 110 |
Financing receivable, year four, originated, three years before current fiscal year | [1] | 106 | 47 |
Financing receivable, year five, originated, four years before current fiscal year | [1] | 40 | 34 |
Prior | [1] | 105 | 94 |
Revolvers | [1] | 0 | 0 |
Revolvers Converted to Term | [1] | 0 | 0 |
Total loans | [1] | 769 | 777 |
Business loans: | Commercial | Lease financing | Domestic | Criticized | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [2] | 0 | 5 |
Financing receivable, year two originated, fiscal year before current fiscal year | [2] | 4 | 8 |
Financing receivable, year three, originated, two years before current fiscal year | [2] | 8 | 3 |
Financing receivable, year four, originated, three years before current fiscal year | [2] | 0 | 3 |
Financing receivable, year five, originated, four years before current fiscal year | [2] | 3 | 7 |
Prior | [2] | 9 | 4 |
Revolvers | [2] | 0 | 0 |
Revolvers Converted to Term | [2] | 0 | 0 |
Total loans | [2] | 24 | 30 |
Retail loans: | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | 53 | 279 | |
Financing receivable, year two originated, fiscal year before current fiscal year | 266 | 334 | |
Financing receivable, year three, originated, two years before current fiscal year | 327 | 396 | |
Financing receivable, year four, originated, three years before current fiscal year | 390 | 458 | |
Financing receivable, year five, originated, four years before current fiscal year | 452 | 135 | |
Prior | 552 | 436 | |
Revolvers | 2,012 | 2,085 | |
Revolvers Converted to Term | 64 | 61 | |
Total loans | 4,116 | 4,184 | |
Retail loans: | Residential mortgage | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | 49 | 256 | |
Financing receivable, year two originated, fiscal year before current fiscal year | 243 | 296 | |
Financing receivable, year three, originated, two years before current fiscal year | 292 | 374 | |
Financing receivable, year four, originated, three years before current fiscal year | 370 | 450 | |
Financing receivable, year five, originated, four years before current fiscal year | 443 | 131 | |
Prior | 492 | 382 | |
Revolvers | 0 | 0 | |
Revolvers Converted to Term | 0 | 0 | |
Total loans | 1,889 | 1,889 | |
Retail loans: | Residential mortgage | Pass | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [1] | 48 | 254 |
Financing receivable, year two originated, fiscal year before current fiscal year | [1] | 243 | 296 |
Financing receivable, year three, originated, two years before current fiscal year | [1] | 292 | 373 |
Financing receivable, year four, originated, three years before current fiscal year | [1] | 370 | 450 |
Financing receivable, year five, originated, four years before current fiscal year | [1] | 443 | 131 |
Prior | [1] | 470 | 360 |
Revolvers | [1] | 0 | 0 |
Revolvers Converted to Term | [1] | 0 | 0 |
Total loans | [1] | 1,866 | 1,864 |
Retail loans: | Residential mortgage | Criticized | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [2] | 1 | 2 |
Financing receivable, year two originated, fiscal year before current fiscal year | [2] | 0 | 0 |
Financing receivable, year three, originated, two years before current fiscal year | [2] | 0 | 1 |
Financing receivable, year four, originated, three years before current fiscal year | [2] | 0 | 0 |
Financing receivable, year five, originated, four years before current fiscal year | [2] | 0 | 0 |
Prior | [2] | 22 | 22 |
Revolvers | [2] | 0 | 0 |
Revolvers Converted to Term | [2] | 0 | 0 |
Total loans | [2] | 23 | 25 |
Retail loans: | Consumer | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | 4 | 23 | |
Financing receivable, year two originated, fiscal year before current fiscal year | 23 | 38 | |
Financing receivable, year three, originated, two years before current fiscal year | 35 | 22 | |
Financing receivable, year four, originated, three years before current fiscal year | 20 | 8 | |
Financing receivable, year five, originated, four years before current fiscal year | 9 | 4 | |
Prior | 60 | 54 | |
Revolvers | 2,012 | 2,085 | |
Revolvers Converted to Term | 64 | 61 | |
Total loans | 2,227 | 2,295 | |
Retail loans: | Consumer | Home equity | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Prior | 7 | 8 | |
Revolvers | 1,714 | 1,723 | |
Revolvers Converted to Term | 64 | 61 | |
Total loans | 1,785 | 1,792 | |
Total gross charge-offs | |||
Financing receivable, year one originated, gross charge-offs | 0 | ||
Financing receivable, year two originated, gross charge-offs | 0 | ||
Financing receivable, year three originated, gross charge-offs | 0 | ||
Financing receivable, year four originated, gross charge-offs | 0 | ||
Financing receivable, year five originated, gross charge-offs | 0 | ||
Prior | 0 | ||
Revolvers | 2 | ||
Revolvers Converted to Term | 0 | ||
Total | 2 | ||
Retail loans: | Consumer | Home equity | Pass | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [1] | 0 | 0 |
Financing receivable, year two originated, fiscal year before current fiscal year | [1] | 0 | 0 |
Financing receivable, year three, originated, two years before current fiscal year | [1] | 0 | 0 |
Financing receivable, year four, originated, three years before current fiscal year | [1] | 0 | 0 |
Financing receivable, year five, originated, four years before current fiscal year | [1] | 0 | 0 |
Prior | [1] | 7 | 8 |
Revolvers | [1] | 1,687 | 1,695 |
Revolvers Converted to Term | [1] | 61 | 59 |
Total loans | [1] | 1,755 | 1,762 |
Retail loans: | Consumer | Home equity | Criticized | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [2] | 0 | 0 |
Financing receivable, year two originated, fiscal year before current fiscal year | [2] | 0 | 0 |
Financing receivable, year three, originated, two years before current fiscal year | [2] | 0 | 0 |
Financing receivable, year four, originated, three years before current fiscal year | [2] | 0 | 0 |
Financing receivable, year five, originated, four years before current fiscal year | [2] | 0 | 0 |
Prior | [2] | 0 | 0 |
Revolvers | [2] | 27 | 28 |
Revolvers Converted to Term | [2] | 3 | 2 |
Total loans | [2] | 30 | 30 |
Retail loans: | Consumer | Other consumer | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | 4 | 23 | |
Financing receivable, year two originated, fiscal year before current fiscal year | 23 | 38 | |
Financing receivable, year three, originated, two years before current fiscal year | 35 | 22 | |
Financing receivable, year four, originated, three years before current fiscal year | 20 | 8 | |
Financing receivable, year five, originated, four years before current fiscal year | 9 | 4 | |
Prior | 53 | 46 | |
Revolvers | 298 | 362 | |
Revolvers Converted to Term | 0 | 0 | |
Total loans | 442 | 503 | |
Total gross charge-offs | |||
Financing receivable, year one originated, gross charge-offs | 0 | 0 | |
Financing receivable, year two originated, gross charge-offs | 0 | 0 | |
Financing receivable, year three originated, gross charge-offs | 0 | 0 | |
Financing receivable, year four originated, gross charge-offs | 0 | 0 | |
Financing receivable, year five originated, gross charge-offs | 0 | 1 | |
Prior | 1 | 0 | |
Revolvers | 0 | 0 | |
Revolvers Converted to Term | 0 | 0 | |
Total | 1 | 1 | |
Retail loans: | Consumer | Other consumer | Pass | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [1] | 4 | 23 |
Financing receivable, year two originated, fiscal year before current fiscal year | [1] | 23 | 38 |
Financing receivable, year three, originated, two years before current fiscal year | [1] | 35 | 22 |
Financing receivable, year four, originated, three years before current fiscal year | [1] | 20 | 8 |
Financing receivable, year five, originated, four years before current fiscal year | [1] | 9 | 4 |
Prior | [1] | 52 | 46 |
Revolvers | [1] | 297 | 362 |
Revolvers Converted to Term | [1] | 0 | 0 |
Total loans | [1] | 440 | $ 503 |
Retail loans: | Consumer | Other consumer | Criticized | |||
Loans by Credit Quality Indicator and Vintage Year | |||
Financing receivable, year one, originated, current fiscal year | [2] | 0 | |
Financing receivable, year two originated, fiscal year before current fiscal year | [2] | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | [2] | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | [2] | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | [2] | 0 | |
Prior | [2] | 1 | |
Revolvers | [2] | 1 | |
Revolvers Converted to Term | [2] | 0 | |
Total loans | [2] | $ 2 | |
[1] Includes all loans not included in the categories of special mention, substandard or nonaccrual. 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 2023 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 | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 728 | $ 661 | $ 661 |
Provision for credit losses | 14 | 30 | |
Balance at end of period | $ 728 | $ 693 | 728 |
As a percentage of total loans | 1.43% | 1.26% | |
Financing Receivable | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 688 | $ 610 | 610 |
Loan charge-offs | (21) | (12) | |
Recoveries on loans previously charged-off | 7 | 14 | |
Net loan (charge-offs) recoveries | (14) | 2 | |
Provision for credit losses | 17 | 29 | |
Balance at end of period | $ 691 | $ 641 | 688 |
As a percentage of total loans | 1.36% | 1.17% | |
Unused Commitments to Extend Credit | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 40 | $ 51 | 51 |
Provision for credit losses | (3) | 1 | |
Balance at end of period | 37 | 52 | 40 |
Business loans: | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 651 | 581 | 581 |
Provision for credit losses | 17 | 26 | |
Balance at end of period | $ 654 | $ 609 | 651 |
As a percentage of total loans | 1.40% | 1.20% | |
Business loans: | Financing Receivable | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 620 | $ 541 | 541 |
Loan charge-offs | (20) | (11) | |
Recoveries on loans previously charged-off | 6 | 13 | |
Net loan (charge-offs) recoveries | (14) | 2 | |
Provision for credit losses | 20 | 27 | |
Balance at end of period | $ 626 | $ 570 | 620 |
As a percentage of total loans | 1.34% | 1.12% | |
Business loans: | Unused Commitments to Extend Credit | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 31 | $ 40 | 40 |
Provision for credit losses | (3) | (1) | |
Balance at end of period | 28 | 39 | 31 |
Retail loans: | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 77 | 80 | 80 |
Provision for credit losses | (3) | 4 | |
Balance at end of period | $ 74 | $ 84 | 77 |
As a percentage of total loans | 1.82% | 2.04% | |
Retail loans: | Financing Receivable | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 68 | $ 69 | 69 |
Loan charge-offs | (1) | (1) | |
Recoveries on loans previously charged-off | 1 | 1 | |
Net loan (charge-offs) recoveries | 0 | 0 | |
Provision for credit losses | (3) | 2 | |
Balance at end of period | $ 65 | $ 71 | 68 |
As a percentage of total loans | 1.59% | 1.71% | |
Retail loans: | Unused Commitments to Extend Credit | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 9 | $ 11 | 11 |
Provision for credit losses | 0 | 2 | |
Balance at end of period | $ 9 | $ 13 | $ 9 |
Credit Quality And Allowance _7
Credit Quality And Allowance For Credit Losses (Nonaccrual Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual Loans with No Related Allowance | $ 105 | $ 109 | ||
Nonaccrual Loans with Related Allowance | 112 | 69 | ||
Total Nonaccrual Loans | 217 | 178 | ||
Interest income | 2 | $ 4 | ||
Business loans: | Commercial | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual Loans with No Related Allowance | 59 | 69 | ||
Nonaccrual Loans with Related Allowance | 112 | 69 | ||
Total Nonaccrual Loans | 171 | 138 | ||
Business loans: | Commercial | Domestic | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual Loans with No Related Allowance | 45 | 47 | ||
Nonaccrual Loans with Related Allowance | 43 | 28 | ||
Total Nonaccrual Loans | 88 | 75 | ||
Business loans: | Commercial | International | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual Loans with No Related Allowance | 3 | 3 | ||
Nonaccrual Loans with Related Allowance | 13 | 17 | ||
Total Nonaccrual Loans | 16 | 20 | ||
Retail loans: | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual Loans with No Related Allowance | 46 | 40 | ||
Nonaccrual Loans with Related Allowance | 0 | 0 | ||
Total Nonaccrual Loans | 46 | 40 | ||
Retail loans: | Consumer | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual Loans with No Related Allowance | 21 | |||
Nonaccrual Loans with Related Allowance | 0 | |||
Total Nonaccrual Loans | 23 | 21 | ||
Real estate construction | Business loans: | Commercial | Domestic | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Total Nonaccrual Loans | 0 | 2 | ||
Real estate construction | Commercial | Business loans: | Commercial | Domestic | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Total Nonaccrual Loans | [1] | 0 | 0 | |
Real estate construction | Other business lines | Business loans: | Commercial | Domestic | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual Loans with No Related Allowance | [2] | 2 | ||
Nonaccrual Loans with Related Allowance | [2] | 0 | ||
Total Nonaccrual Loans | [2] | 0 | 2 | |
Commercial mortgage: | Business loans: | Commercial | Domestic | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual Loans with No Related Allowance | 11 | 17 | ||
Nonaccrual Loans with Related Allowance | 56 | 24 | ||
Total Nonaccrual Loans | 67 | 41 | ||
Commercial mortgage: | Commercial | Business loans: | Commercial | Domestic | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual Loans with No Related Allowance | [1] | 0 | 0 | |
Nonaccrual Loans with Related Allowance | [1] | 18 | 18 | |
Total Nonaccrual Loans | [1] | 18 | 18 | |
Commercial mortgage: | Other business lines | Business loans: | Commercial | Domestic | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual Loans with No Related Allowance | [2] | 11 | 17 | |
Nonaccrual Loans with Related Allowance | [2] | 38 | 6 | |
Total Nonaccrual Loans | [2] | 49 | 23 | |
Residential mortgage | Retail loans: | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual Loans with No Related Allowance | 23 | 19 | ||
Nonaccrual Loans with Related Allowance | 0 | 0 | ||
Total Nonaccrual Loans | 23 | 19 | ||
Home equity | Retail loans: | Consumer | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual Loans with No Related Allowance | 23 | 21 | ||
Nonaccrual Loans with Related Allowance | 0 | 0 | ||
Total Nonaccrual Loans | 23 | 21 | ||
Other consumer | Retail loans: | Consumer | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Total Nonaccrual Loans | $ 0 | $ 0 | ||
[1] Primarily loans to real estate developers. Primarily loans secured by owner-occupied real estate. |
Credit Quality And Allowance _8
Credit Quality And Allowance For Credit Losses (Loan Modifications Made to Borrowers Experiencing Financial Difficulty) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | $ 127 | $ 16 | |
Percent of Total Class | 0.25% | 0.03% | |
Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1] | $ 115 | $ 10 |
Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 1 | 0 | |
Combination | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [2] | 11 | 6 |
Business loans: | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | $ 124 | $ 15 | |
Percent of Total Class | 0.27% | 0.03% | |
Business loans: | Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1] | $ 114 | $ 9 |
Business loans: | Term Extension | International | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1] | 1 | |
Business loans: | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 0 | 0 | |
Business loans: | Interest Rate Reduction | International | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 0 | ||
Business loans: | Combination | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [2] | 10 | 6 |
Business loans: | Combination | International | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [2] | 0 | |
Business loans: | Commercial | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | $ 118 | $ 8 | |
Percent of Total Class | 0.45% | 0.02% | |
Business loans: | Commercial | International | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | $ 1 | ||
Percent of Total Class | 0.13% | ||
Business loans: | Commercial | Commercial mortgage: | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | $ 5 | $ 7 | |
Percent of Total Class | 0.04% | 0.05% | |
Business loans: | Commercial | Commercial mortgage: | Other business lines | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [3] | $ 5 | $ 1 |
Percent of Total Class | [3] | 0.06% | 0.02% |
Business loans: | Commercial | Commercial mortgage: | Commercial | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [4] | $ 6 | |
Percent of Total Class | [4] | 0.11% | |
Business loans: | Commercial | Term Extension | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1] | $ 108 | $ 7 |
Business loans: | Commercial | Term Extension | Commercial mortgage: | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1] | 5 | 2 |
Business loans: | Commercial | Term Extension | Commercial mortgage: | Other business lines | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1],[3] | 5 | 1 |
Business loans: | Commercial | Term Extension | Commercial mortgage: | Commercial | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1],[4] | 1 | |
Business loans: | Commercial | Interest Rate Reduction | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 0 | 0 | |
Business loans: | Commercial | Interest Rate Reduction | Commercial mortgage: | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 0 | 0 | |
Business loans: | Commercial | Interest Rate Reduction | Commercial mortgage: | Other business lines | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [3] | 0 | 0 |
Business loans: | Commercial | Interest Rate Reduction | Commercial mortgage: | Commercial | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [4] | 0 | |
Business loans: | Commercial | Combination | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [2] | 10 | 1 |
Business loans: | Commercial | Combination | Commercial mortgage: | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [2] | 0 | 5 |
Business loans: | Commercial | Combination | Commercial mortgage: | Other business lines | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [2],[3] | 0 | 0 |
Business loans: | Commercial | Combination | Commercial mortgage: | Commercial | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [2],[4] | 5 | |
Retail loans: | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | $ 3 | $ 1 | |
Percent of Total Class | 0.05% | 0.02% | |
Retail loans: | Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1] | $ 1 | $ 1 |
Retail loans: | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 1 | 0 | |
Retail loans: | Combination | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [2] | 1 | 0 |
Retail loans: | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | $ 3 | $ 1 | |
Percent of Total Class | 0.10% | 0.04% | |
Retail loans: | Consumer | Home equity | Other business lines | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | $ 3 | ||
Percent of Total Class | 0.12% | ||
Retail loans: | Consumer | Other consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | $ 1 | ||
Percent of Total Class | 0.10% | ||
Retail loans: | Consumer | Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1] | $ 1 | $ 1 |
Retail loans: | Consumer | Term Extension | Home equity | Other business lines | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1] | 1 | |
Retail loans: | Consumer | Term Extension | Other consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1] | 1 | |
Retail loans: | Consumer | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 1 | 0 | |
Retail loans: | Consumer | Interest Rate Reduction | Home equity | Other business lines | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 1 | ||
Retail loans: | Consumer | Interest Rate Reduction | Other consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 0 | ||
Retail loans: | Consumer | Combination | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [2] | 1 | 0 |
Retail loans: | Consumer | Combination | Home equity | Other business lines | Domestic | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [2] | $ 1 | |
Retail loans: | Consumer | Combination | Other consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [2] | $ 0 | |
[1] Represents loan balances where terms were extended or payments were delayed by a more than an insignificant time period, typically more than 180 days, at or above contractual interest rates. Relates to FDMs where more than one type of modification was made. For the three-month periods ended March 31, 2024 and 2023, this primarily related to modifications where the interest rate was reduced and the term was extended. Primarily loans secured by owner-occupied real estate. Primarily loans to real estate developers. |
Credit Quality And Allowance _9
Credit Quality And Allowance For Credit Losses (Financial Effect of Loan Modifications) (Details) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Weighted-Average Term Extension (in months) | 10 months 24 days | 1 year 5 months 27 days | |
Weighted-Average Interest Rate Reduction | (1.40%) | 0.27% | |
Business loans: | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Weighted-Average Term Extension (in months) | 9 months 22 days | 1 year 6 months 7 days | |
Weighted-Average Interest Rate Reduction | (1.11%) | 0.27% | |
Business loans: | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Weighted-Average Term Extension (in months) | 9 months 18 days | 1 year 5 months 27 days | |
Weighted-Average Interest Rate Reduction | (1.11%) | 0.25% | |
Business loans: | Commercial | International | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Weighted-Average Term Extension (in months) | 1 year 22 days | ||
Weighted-Average Interest Rate Reduction | 0% | ||
Retail loans: | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Weighted-Average Term Extension (in months) | 9 years 9 months 15 days | 9 months 29 days | |
Weighted-Average Interest Rate Reduction | 3.11% | 0% | |
Commercial mortgage: | Business loans: | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Weighted-Average Term Extension (in months) | 1 year 11 days | 1 year 6 months 11 days | |
Weighted-Average Interest Rate Reduction | 0% | 0.27% | |
Commercial mortgage: | Business loans: | Commercial | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Weighted-Average Term Extension (in months) | [1] | 1 year 9 months 7 days | |
Weighted-Average Interest Rate Reduction | [1] | 0.27% | |
Commercial mortgage: | Business loans: | Commercial | Other business lines | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Weighted-Average Term Extension (in months) | [2] | 1 year 11 days | 7 months 13 days |
Weighted-Average Interest Rate Reduction | [2] | 0% | 0% |
Home equity | Retail loans: | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Weighted-Average Term Extension (in months) | 9 years 9 months 15 days | 9 months 29 days | |
Weighted-Average Interest Rate Reduction | (3.11%) | ||
Consumer Loan | Retail loans: | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Weighted-Average Term Extension (in months) | 9 years 9 months 15 days | 9 months 29 days | |
Weighted-Average Interest Rate Reduction | 3.11% | 0% | |
[1] Primarily loans to real estate developers. Primarily loans secured by owner-occupied real estate. |
Derivative And Credit-Related_3
Derivative And Credit-Related Financial Instruments (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |||
Credit Derivatives [Line Items] | |||||||
Cash received as collateral for derivative assets | $ 120 | ||||||
Fair value of securities pledged as collateral for derivative assets | 77 | ||||||
Cash posted as collateral for derivative liabilities | 7 | ||||||
Net cash flow hedge income (loss) included in interest and fees on loans | (170) | $ (119) | |||||
De-designated Interest swaps | 7,000 | ||||||
Pre-tax loss | (52) | $ (26) | |||||
Amoritized Off Market Element | 41 | ||||||
Net Benefit of Swaps | 3 | $ 3 | |||||
Mark-to-Market Noninterest Income | (39) | (91) | |||||
Gain/loss on cash flow hedge de-designation | (27) | (68) | |||||
Price alignment income | 13 | 8 | |||||
Other non-interest income recognized from speculative position | 0 | 0 | |||||
Allowance for credit losses on lending-related commitments | 37 | 40 | 40 | ||||
Allowance for credit losses on lending-related commitments, amount related to unused commitments to extend credit | 35 | 38 | 38 | ||||
Risk participation agreements covering standby and commercial letters of credit | 73 | 85 | 85 | ||||
Standby and commercial letters of credit | 3,600 | ||||||
Carrying value of standby and commercial letters of credit included in accrued expenses and other liabilities | 34 | 34 | 34 | ||||
Deferred fees on standby and commercial letters of credit included in accrued expenses and other liabilities | 32 | 32 | 32 | ||||
Allowance for credit losses on lending-related commitments, amount related to standby and commercial letters of credit | 2 | 2 | 2 | ||||
Notional amount of derivative credit risk participation agreements | $ 1,000 | ||||||
Maximum estimated exposure to credit risk participation agreements assuming 100% default | 2 | 2 | |||||
Weighted average remaining maturity of credit risk participation agreements (in years) | 4 years 1 month 6 days | ||||||
Cash flow hedges, Balance at beginning of period, net of tax | $ (817) | [1] | (605) | $ (609) | [1] | (605) | $ (942) |
Other financial derivative liabilities | Visa Class B | |||||||
Credit Derivatives [Line Items] | |||||||
Derivative, underlying investment (in shares) | 780 | ||||||
Recurring | |||||||
Credit Derivatives [Line Items] | |||||||
Fair value of derivative liability | $ 1,311 | 1,322 | 1,322 | ||||
Level 3 | Recurring | |||||||
Credit Derivatives [Line Items] | |||||||
Fair value of derivative liability | 12 | $ 12 | $ 12 | ||||
Level 3 | Recurring | Other financial derivative liabilities | |||||||
Credit Derivatives [Line Items] | |||||||
Fair value of derivative liability | $ 12 | ||||||
[1] The Corporation expects to reclassify $391 million of losses, net of tax, from accumulated other comprehensive loss to earnings over the next twelve months if interest yield curves and notional amounts remain at March 31, 2024 levels. |
Derivative And Credit-Related_4
Derivative And Credit-Related Financial Instruments (Schedule Of Derivative Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | $ 71,394 | $ 70,737 |
Fair Value of Gross Derivative Assets | 961 | 1,019 | |
Fair Value of Gross Derivative Liabilities | 1,189 | 1,206 | |
Derivative asset, Netting adjustment - Offsetting derivative assets | (305) | (311) | |
Derivative liabilities, Netting adjustment - Offsetting derivative assets | (305) | (311) | |
Derivative assets, Netting adjustment - Cash collateral received | (116) | (143) | |
Derivative liabilities, Netting adjustment, Cash collateral posted | (8) | (13) | |
Net derivative assets included in the Consolidated Balance Sheets | [2] | 540 | 565 |
Net derivative liabilities included in the Consolidated Balance Sheets | [2] | 876 | 882 |
Derivative asset, securities pledged as collateral | (396) | (501) | |
Derivative liability, securities pledged as collateral | (77) | (4) | |
Net derivative assets after deducting amounts not offset in the Consolidated Balance Sheets | 144 | 64 | |
Net derivative liabilities after deducting amounts not offset in the Consolidated Balance Sheets | 799 | 878 | |
Credit valuation adjustments for counterparty credit risk | 2 | ||
Risk management purposes | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 32,319 | 31,710 |
Fair Value of Gross Derivative Assets | 1 | 1 | |
Fair Value of Gross Derivative Liabilities | 34 | 11 | |
Risk management purposes | Derivatives designated as hedging instruments | Fair value swaps - receive fixed/pay floating | Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 7,300 | 6,300 |
Fair Value of Gross Derivative Assets | 0 | 0 | |
Fair Value of Gross Derivative Liabilities | 1 | 0 | |
Risk management purposes | Derivatives designated as hedging instruments | Cash flow swaps - receive fixed/pay floating | Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1],[3] | 24,550 | 24,850 |
Fair Value of Gross Derivative Assets | [3] | 0 | 0 |
Fair Value of Gross Derivative Liabilities | [3] | 33 | 8 |
Risk management purposes | Derivatives designated as hedging instruments | Cash flow swaps - receive fixed/pay floating | Forward Starting Swap | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | 1,000 | 2,000 | |
Risk management purposes | Derivatives used as economic hedges | Spot, forwards and swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 469 | 560 |
Fair Value of Gross Derivative Assets | 1 | 1 | |
Fair Value of Gross Derivative Liabilities | 0 | 3 | |
Customer-initiated and other activities | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 39,075 | 39,027 |
Fair Value of Gross Derivative Assets | 960 | 1,018 | |
Fair Value of Gross Derivative Liabilities | 1,155 | 1,195 | |
Customer-initiated and other activities | Interest rate contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 22,438 | 22,470 |
Fair Value of Gross Derivative Assets | 222 | 225 | |
Fair Value of Gross Derivative Liabilities | 455 | 427 | |
Customer-initiated and other activities | Caps and floors written | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 1,636 | 1,577 |
Fair Value of Gross Derivative Assets | 0 | 0 | |
Fair Value of Gross Derivative Liabilities | 15 | 18 | |
Customer-initiated and other activities | Caps and floors purchased | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 1,636 | 1,577 |
Fair Value of Gross Derivative Assets | 15 | 18 | |
Fair Value of Gross Derivative Liabilities | 0 | 0 | |
Customer-initiated and other activities | Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 19,166 | 19,316 |
Fair Value of Gross Derivative Assets | 207 | 207 | |
Fair Value of Gross Derivative Liabilities | 440 | 409 | |
Customer-initiated and other activities | Energy contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 14,114 | 13,806 |
Fair Value of Gross Derivative Assets | 704 | 758 | |
Fair Value of Gross Derivative Liabilities | 674 | 736 | |
Customer-initiated and other activities | Caps and floors written | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 3,743 | 3,719 |
Fair Value of Gross Derivative Assets | 2 | 3 | |
Fair Value of Gross Derivative Liabilities | 255 | 291 | |
Customer-initiated and other activities | Caps and floors purchased | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 3,743 | 3,719 |
Fair Value of Gross Derivative Assets | 255 | 292 | |
Fair Value of Gross Derivative Liabilities | 1 | 3 | |
Customer-initiated and other activities | Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 6,628 | 6,368 |
Fair Value of Gross Derivative Assets | 447 | 463 | |
Fair Value of Gross Derivative Liabilities | 418 | 442 | |
Customer-initiated and other activities | Spot, forwards, options and swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 2,523 | 2,751 |
Fair Value of Gross Derivative Assets | 34 | 35 | |
Fair Value of Gross Derivative Liabilities | $ 26 | $ 32 | |
[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. Net derivative assets are included in accrued income and other assets and net derivative liabilities are included in accrued expenses and other liabilities on the Consolidated Balance Sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk of $2 million and $3 million at March 31, 2024 and December 31, 2023, respectively. March 31, 2024 included $1.0 billion of forward starting swaps that will become effective on their contractual start dates in 2024. |
Derivative and Credit-Related_5
Derivative and Credit-Related Financial Instruments (Schedule of the Effects of Fair Value Hedging on the Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Effects of fair value hedging on the Consolidated Statements o Comprehensive Income [Line Items] | |||
Total interest on medium- and long-term debt | [1] | $ 117 | $ 57 |
Swaps - fair value - receive fixed/pay floating | Risk management purposes | Interest rate swap | |||
Effects of fair value hedging on the Consolidated Statements o Comprehensive Income [Line Items] | |||
Hedged items | 81 | 41 | |
Derivatives designated as hedging instruments | $ 36 | $ 16 | |
[1] (a) 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) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Weighted Average Maturity And Interest Rates On Risk Management Cash Flow Swaps [Line Items] | |||
Notional/contract amount | [1] | $ 71,394 | $ 70,737 |
Risk management purposes | |||
Schedule of Weighted Average Maturity And Interest Rates On Risk Management Cash Flow Swaps [Line Items] | |||
Notional/contract amount | [1] | 32,319 | 31,710 |
Swaps - cash flow - receive fixed/pay floating rate | Risk management purposes | Forward Starting Swap | Derivatives designated as hedging instruments | |||
Schedule of Weighted Average Maturity And Interest Rates On Risk Management Cash Flow Swaps [Line Items] | |||
Notional/contract amount | $ 1,000 | $ 2,000 | |
Variable rate loans | Swaps - cash flow - receive fixed/pay floating rate | Risk management purposes | Cash flow swap | |||
Schedule of Weighted Average Maturity And Interest Rates On Risk Management Cash Flow Swaps [Line Items] | |||
Receive rate | [2] | 2.47% | 2.43% |
Pay rate | [2],[3] | 5.36% | 5.38% |
[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. Excludes forward starting swaps not effective as of the period shown. March 31, 2024 excluded $1.0 billion of forward starting swaps. December 31, 2023 excluded $2.0 billion of forward starting swaps. Variable rates paid on receive fixed swaps designated as cash flow hedges are based on BSBY or Secured Overnight Financing Rate (SOFR) rates in effect at March 31, 2024 and December 31, 2023. |
Derivative And Credit-Related_7
Derivative And Credit-Related Financial Instruments (Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Fair Value Swaps) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Schedule of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps [Line Items] | ||||
Notional/contract amount | [1] | $ 71,394 | $ 70,737 | |
Risk management purposes | ||||
Schedule of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps [Line Items] | ||||
Notional/contract amount | [1] | 32,319 | 31,710 | |
Interest rate swap | Fair value swaps - receive fixed/pay floating | Risk management purposes | ||||
Schedule of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps [Line Items] | ||||
Fair value hedge, cumulative increase (decrease) | (93) | |||
Discounted fair value hedge, cumulative increase (decrease) | 2 | 3 | ||
Interest rate swap | Fair value swaps - receive fixed/pay floating | Risk management purposes | Long-term Debt | ||||
Schedule of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps [Line Items] | ||||
Carrying value of hedged items | [2] | $ 7,121 | $ 6,206 | |
Time to maturity (in years) | 3 years 6 months | 3 years 10 months 24 days | ||
Receive rate | [3] | 3.68% | 3.67% | |
Pay rate | [3] | 5.66% | 5.74% | |
[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. Included $(175) million and $(93) million of cumulative hedging adjustments at March 31, 2024 and December 31, 2023, respectively, which included $2 million and $3 million, respectively, of hedging adjustment on a discontinued hedging relationship. Floating rates paid on receive fixed swaps designated as fair value hedges are based on SOFR rates in effect at March 31, 2024 and December 31, 2023. |
Derivative And Credit-Related_8
Derivative And Credit-Related Financial Instruments (Schedule Of Net Gains Recognized In Income On Customer-Initiated Derivatives) (Details) - Customer-initiated and other activities - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net derivative gain recognized in income | $ 19 | $ 27 |
Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net derivative gain recognized in income | 5 | 5 |
Energy contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net derivative gain recognized in income | 3 | 8 |
Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net derivative gain recognized in income | $ 11 | $ 14 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Unused Commitments to Extend Credit | ||
Credit Related Financial Instrument [Line Items] | ||
Loss contingency, estimate of possible loss | $ 29,434 | $ 31,385 |
Commercial and other | Unused Commitments to Extend Credit | ||
Credit Related Financial Instrument [Line Items] | ||
Loss contingency, estimate of possible loss | 25,379 | 27,303 |
Bankcard, revolving credit and home equity loan commitments | Unused Commitments to Extend Credit | ||
Credit Related Financial Instrument [Line Items] | ||
Loss contingency, estimate of possible loss | 4,055 | 4,082 |
Standby letters of credit | ||
Credit Related Financial Instrument [Line Items] | ||
Loss contingency, estimate of possible loss | 3,587 | 3,586 |
Commercial letters of credit | ||
Credit Related Financial Instrument [Line Items] | ||
Loss contingency, estimate of possible loss | $ 43 | $ 48 |
Derivative And Credit-Relate_10
Derivative And Credit-Related Financial Instruments (Summary Of Internally Classified Watch List Letters Of Credit) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Total criticized standby and commercial letters of credit | $ 41 | $ 50 |
As a percentage of total outstanding standby and commercial letters of credit | 1.10% | 1.40% |
Variable Interest Entities (V_3
Variable Interest Entities (VIEs) (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Variable Interest Entity [Line Items] | ||
Unfunded commitments to fund tax credit entities | $ 218,000,000 | |
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 [Line Items] | ||
Exposure to loss as a result of involvement with VIEs | 511,000,000 | |
Other Tax Credit Entities | ||
Variable Interest Entity [Line Items] | ||
Exposure to loss as a result of involvement with VIEs | $ 1,000,000 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Provision for income taxes: | ||
Total provision for income taxes | $ 29 | $ 85 |
Other noninterest income | 23 | 16 |
Variable Interest Entity | ||
Provision for income taxes: | ||
Total provision for income taxes | (3) | (4) |
Other noninterest income | 1 | |
Low income housing tax credits | Variable Interest Entity | ||
Provision for income taxes: | ||
Amortization of investments | 19 | 17 |
Low income housing tax credits and other tax benefits related to tax credit entities | (17) | (16) |
Other tax benefits related to tax credit entities | Variable Interest Entity | ||
Provision for income taxes: | ||
Low income housing tax credits and other tax benefits related to tax credit entities | $ (5) | $ (5) |
Medium- And Long-Term Debt (Nar
Medium- And Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
Total FHLB borrowings | $ 4,000 | |
Potential future borrowings | 13,200 | |
Unamortized debt issuance cost | $ 12 | $ 6 |
Medium- And Long-Term Debt (Sch
Medium- And Long-Term Debt (Schedule Of Medium- And Long-Term Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | ||
Debt Instrument [Line Items] | |||
Medium- and long-term debt | $ 7,121 | $ 6,206 | |
Parent company | |||
Debt Instrument [Line Items] | |||
Medium- and long-term notes | 1,497 | 523 | |
Medium- and long-term debt | 1,735 | 764 | |
Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | 950 | 965 | |
Total FHLB advances: | 3,942 | 3,988 | |
Medium- and long-term debt | 5,386 | 5,442 | |
3.80% subordinated notes due 2026 | Parent company | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1] | $ 238 | 241 |
Stated interest rate | 3.80% | ||
Maturity year | 2026 | ||
4.00% notes due 2029 | Parent company | |||
Debt Instrument [Line Items] | |||
Medium- and long-term notes | [1] | $ 514 | 523 |
Stated interest rate | 4% | ||
Maturity year | 2029 | ||
5.982% Notes Due 2030 | Parent company | |||
Debt Instrument [Line Items] | |||
Medium- and long-term notes | [1] | $ 983 | 0 |
Stated interest rate | 5.982% | ||
Maturity year | 2030 | ||
4.00% subordinated notes due 2025 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1] | $ 337 | 337 |
Stated interest rate | 4% | ||
Maturity year | 2025 | ||
7.875% subordinated notes due 2026 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1] | $ 159 | 162 |
Stated interest rate | 7.875% | ||
Maturity year | 2026 | ||
5.332 subordinated notes due 2033 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Subordinated notes | [1] | $ 454 | 466 |
Stated interest rate | 5.332% | ||
Maturity year | 2033 | ||
2.50% notes due 2024 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Medium- and long-term notes | [1] | $ 494 | 489 |
Stated interest rate | 2.50% | ||
Maturity year | 2024 | ||
5.07% advance due 2025 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Total FHLB advances: | [1] | $ 992 | 995 |
Stated interest rate | 5.07% | ||
Maturity year | 2025 | ||
4.79% advance due 2026 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Total FHLB advances: | [1] | $ 987 | 997 |
Stated interest rate | 4.79% | ||
Maturity year | 2026 | ||
4.49% advance due 2027 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Total FHLB advances: | [1] | $ 984 | 999 |
Stated interest rate | 4.49% | ||
Maturity year | 2027 | ||
4.49% advance due 2028 | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Total FHLB advances: | [1] | $ 979 | $ 997 |
Stated interest rate | 4.49% | ||
Maturity year | 2028 | ||
[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 | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Accumulated net unrealized losses on investment securities: | ||||
Balance at beginning of period, net of tax | $ (2,043) | $ (2,319) | ||
Net unrealized holding (losses) gains arising during the period | (268) | 309 | ||
Less: (Benefit) provision for income taxes | (69) | 73 | ||
Change in net unrealized losses on investment securities, net of tax | (199) | 236 | ||
Balance at end of period, net of tax | (2,242) | (2,083) | ||
Accumulated net losses on cash flow hedges: | ||||
Balance at beginning of period, net of tax | (605) | (942) | ||
Net cash flow hedge (losses) gains arising during the period | (451) | 316 | ||
Less: (Benefit) provision for income taxes | (109) | 74 | ||
Change in net cash flow hedge losses arising during the period, net of tax | (342) | 242 | ||
Net cash flow losses included in interest and fees on loans | (159) | (119) | ||
Amortization of unrealized losses related to de-designated derivatives | (12) | |||
Benefit plans, Less: Benefit for income taxes | (41) | (28) | ||
Reclassification adjustment for net cash flow hedge losses included in net income, net of tax | (130) | (91) | ||
Change in net cash flow hedge losses, net of tax | (212) | 333 | ||
Balance at end of period, net of tax | [1] | (817) | (609) | |
Accumulated defined benefit pension and other postretirement plans adjustment: | ||||
Balance at beginning of period, net of tax | (400) | (481) | ||
Amortization of actuarial net loss | 7 | 9 | ||
Amortization of prior service credit | (5) | (6) | ||
Total amounts recognized in other noninterest expenses | 2 | 3 | ||
Less: Provision for income taxes | 0 | 1 | ||
Adjustment for amounts recognized as components of net periodic benefit credit during the period, net of tax | 2 | 2 | ||
Change in defined benefit pension and other postretirement plans adjustment, net of tax | 2 | 2 | ||
Balance at end of period, net of tax | (398) | (479) | ||
Total accumulated other comprehensive loss at end of period, net of tax | (3,457) | $ (3,171) | $ (3,048) | |
Cash flow hedge loss to be reclassified within 12 months | $ 391 | |||
[1] The Corporation expects to reclassify $391 million of losses, net of tax, from accumulated other comprehensive loss to earnings over the next twelve months if interest yield curves and notional amounts remain at March 31, 2024 levels. |
Net Income Per Common Share (Ba
Net Income Per Common Share (Basic And Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 138 | $ 324 |
Income allocated to participating securities | 1 | 1 |
Preferred stock dividends | 6 | 6 |
Net income attributable to common shares | $ 131 | $ 317 |
Basic average common shares (in shares) | 132 | 131 |
Basic net income per common share (in dollars per share) | $ 0.99 | $ 2.41 |
Basic average common shares (in shares) | 132 | 131 |
Net effect of the assumed exercise of stock awards (in shares) | 1 | 1 |
Diluted average common shares (in shares) | 133 | 132 |
Diluted net income per common share (in dollars per share) | $ 0.98 | $ 2.39 |
Net Income Per Common Share (An
Net Income Per Common Share (Ant-Dilutive Schedule) (Details) - Stock Options - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Average outstanding options | 1,785 | 1,545 |
Minimum | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Range of exercise prices | $ 53.96 | $ 60.12 |
Maximum | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Range of exercise prices | $ 95.25 | $ 95.25 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Defined Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic defined benefit credit | $ (12) | $ (7) |
Qualified Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 8 | 8 |
Interest cost | 21 | 21 |
Expected return on plan assets | (45) | (41) |
Amortization of prior service credit | (3) | (4) |
Amortization of net loss | 6 | 8 |
Total other components of net benefit credit | (21) | (16) |
Net periodic defined benefit credit | (13) | (8) |
Non-Qualified Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 1 |
Interest cost | 2 | 2 |
Amortization of prior service credit | (2) | (2) |
Amortization of net loss | 1 | 1 |
Total other components of net benefit credit | 1 | 1 |
Net periodic defined benefit credit | 2 | 2 |
Postretirement Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected return on plan assets | (1) | (1) |
Net periodic defined benefit credit | $ (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 | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits | $ 7 | |
Tax-related interest and penalties payable | 1 | |
Net deferred tax assets | 1,200 | $ 1,000 |
Deferred Tax Assets, Other | 157 | |
Deferred tax assets, operating loss carryforwards, state and local | 2 | |
Deferred tax assets, federal valuation allowance | 5 | |
Deferred tax assets, state valuation allowance | $ 1 | $ 1 |
Minimum | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards, expiration date - federal | 2028 | |
Operating loss carryforwards, expiration date - state | 2024 | |
Maximum | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards, expiration date - federal | 2032 | |
Operating loss carryforwards, expiration date - state | 2042 |
Contingent Liabilities (Narrati
Contingent Liabilities (Narrative) (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Pending Litigation | Maximum | |
Loss Contingencies [Line Items] | |
Loss contingency, estimate of possible loss | $ 202 |
Strategic Lines of Business (Na
Strategic Lines of Business (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2024 segment | |
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 | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Earnings summary: | |||
Net interest income (expense) | $ 548 | $ 708 | |
Provision for credit losses | 14 | 30 | |
Noninterest income | 236 | 282 | |
Noninterest expenses | 603 | 551 | |
Provision (benefit) for income taxes | 29 | 85 | |
Net income (loss) | 138 | 324 | |
Net charge-offs (recoveries) | 14 | (2) | |
Selected average balances: | |||
Assets | 83,617 | 85,138 | |
Loans | 51,372 | 53,468 | |
Deposits | $ 65,310 | $ 67,833 | |
Return on average assets | [1] | 0.66% | 1.54% |
Efficiency ratio | [2] | 76.91% | 55.53% |
Commercial Bank | |||
Earnings summary: | |||
Net interest income (expense) | $ 477 | $ 540 | |
Provision for credit losses | 16 | 26 | |
Noninterest income | 148 | 153 | |
Noninterest expenses | 275 | 251 | |
Provision (benefit) for income taxes | 56 | 90 | |
Net income (loss) | 278 | 326 | |
Net charge-offs (recoveries) | 14 | (2) | |
Selected average balances: | |||
Assets | 46,485 | 49,310 | |
Loans | 43,911 | 46,065 | |
Deposits | $ 32,212 | $ 36,767 | |
Return on average assets | [1] | 2.40% | 2.68% |
Efficiency ratio | [2] | 44.05% | 36.22% |
Retail Bank | |||
Earnings summary: | |||
Net interest income (expense) | $ 200 | $ 223 | |
Provision for credit losses | (1) | 7 | |
Noninterest income | 28 | 28 | |
Noninterest expenses | 182 | 165 | |
Provision (benefit) for income taxes | 8 | 19 | |
Net income (loss) | 39 | 60 | |
Net charge-offs (recoveries) | 0 | 0 | |
Selected average balances: | |||
Assets | 3,026 | 2,915 | |
Loans | 2,297 | 2,202 | |
Deposits | $ 24,384 | $ 25,156 | |
Return on average assets | [1] | 0.64% | 0.97% |
Efficiency ratio | [2] | 79.13% | 65.41% |
Wealth Management | |||
Earnings summary: | |||
Net interest income (expense) | $ 47 | $ 58 | |
Provision for credit losses | 1 | (3) | |
Noninterest income | 65 | 73 | |
Noninterest expenses | 96 | 107 | |
Provision (benefit) for income taxes | 2 | 6 | |
Net income (loss) | 13 | 21 | |
Net charge-offs (recoveries) | 0 | 0 | |
Selected average balances: | |||
Assets | 5,443 | 5,347 | |
Loans | 5,152 | 5,201 | |
Deposits | $ 3,900 | $ 4,716 | |
Return on average assets | [1] | 0.88% | 1.62% |
Efficiency ratio | [2] | 86.68% | 81.18% |
Finance | |||
Earnings summary: | |||
Net interest income (expense) | $ (217) | $ (133) | |
Provision for credit losses | 0 | 0 | |
Noninterest income | (11) | 23 | |
Noninterest expenses | 2 | 1 | |
Provision (benefit) for income taxes | (41) | (28) | |
Net income (loss) | (189) | (83) | |
Net charge-offs (recoveries) | 0 | 0 | |
Selected average balances: | |||
Assets | 19,057 | 20,941 | |
Loans | 0 | 0 | |
Deposits | 4,539 | 830 | |
Other | |||
Earnings summary: | |||
Net interest income (expense) | 41 | 20 | |
Provision for credit losses | (2) | 0 | |
Noninterest income | 6 | 5 | |
Noninterest expenses | 48 | 27 | |
Provision (benefit) for income taxes | 4 | (2) | |
Net income (loss) | (3) | 0 | |
Net charge-offs (recoveries) | 0 | 0 | |
Selected average balances: | |||
Assets | 9,606 | 6,625 | |
Loans | 12 | 0 | |
Deposits | $ 275 | $ 364 | |
[1] Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. |
Revenue From Contracts With C_3
Revenue From Contracts With Customers (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | $ 187 | $ 194 | |
Other sources of noninterest income | 49 | 88 | |
Total noninterest income | 236 | 282 | |
Commercial Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 97 | 96 | |
Other sources of noninterest income | 51 | 57 | |
Total noninterest income | 148 | 153 | |
Retail Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 26 | 27 | |
Other sources of noninterest income | 2 | 1 | |
Total noninterest income | 28 | 28 | |
Wealth Management | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 64 | 71 | |
Other sources of noninterest income | 1 | 2 | |
Total noninterest income | 65 | 73 | |
Finance & Other | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 0 | 0 | |
Other sources of noninterest income | (5) | 28 | |
Total noninterest income | (5) | 28 | |
Card fees | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 66 | 69 | |
Card fees | Commercial Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 55 | 58 | |
Card fees | Retail Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 10 | 10 | |
Card fees | Wealth Management | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 1 | 1 | |
Card fees | Finance & Other | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 0 | 0 | |
Fiduciary income | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 51 | 58 | |
Fiduciary income | Commercial Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 0 | 0 | |
Fiduciary income | Retail Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 0 | 0 | |
Fiduciary income | Wealth Management | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 51 | 58 | |
Fiduciary income | Finance & Other | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 0 | 0 | |
Service charges on deposit accounts | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 45 | 46 | |
Service charges on deposit accounts | Commercial Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 31 | 31 | |
Service charges on deposit accounts | Retail Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 13 | 14 | |
Service charges on deposit accounts | Wealth Management | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 1 | 1 | |
Service charges on deposit accounts | Finance & Other | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 0 | 0 | |
Commercial loan servicing fees | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [1] | 2 | 3 |
Commercial loan servicing fees | Commercial Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [1] | 2 | 3 |
Commercial loan servicing fees | Retail Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [1] | 0 | 0 |
Commercial loan servicing fees | Wealth Management | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [1] | 0 | 0 |
Commercial loan servicing fees | Finance & Other | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [1] | 0 | 0 |
Capital markets income | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [2] | 4 | 4 |
Capital markets income | Commercial Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [2] | 4 | 4 |
Capital markets income | Retail Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [2] | 0 | 0 |
Capital markets income | Wealth Management | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [2] | 0 | 0 |
Capital markets income | Finance & Other | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [2] | 0 | 0 |
Brokerage fees | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 10 | 8 | |
Brokerage fees | Commercial Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 0 | 0 | |
Brokerage fees | Retail Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 0 | 0 | |
Brokerage fees | Wealth Management | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 10 | 8 | |
Brokerage fees | Finance & Other | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | 0 | 0 | |
Other noninterest income | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [2] | 9 | 6 |
Other noninterest income | Commercial Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [2] | 5 | 0 |
Other noninterest income | Retail Bank | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [2] | 3 | 3 |
Other noninterest income | Wealth Management | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [2] | 1 | 3 |
Other noninterest income | Finance & Other | |||
Segment Reporting, Revenue Reconciling Item | |||
Total revenue from contracts with customers | [2] | $ 0 | $ 0 |
[1] Included in commercial lending fees on the Consolidated Statements of Comprehensive Income. Excludes derivative, warrant and other miscellaneous income. |