Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | USB | |
Entity Registrant Name | US BANCORP \DE\ | |
Entity Central Index Key | 36,104 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,699,676,375 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Assets | |||
Cash and due from banks | $ 23,664 | $ 11,147 | |
Investment securities | |||
Held-to-maturity (fair value $43,406 and $43,493, respectively) | 42,873 | 43,590 | |
Available-for-sale ($840 and $1,018 pledged as collateral, respectively) | [1] | 67,155 | 61,997 |
Loans held for sale (including $5,572 and $3,110 of mortgage loans carried at fair value, respectively) | 5,575 | 3,184 | |
Loans | |||
Commercial | 93,201 | 88,402 | |
Commercial real estate | 43,468 | 42,137 | |
Residential mortgages | 56,229 | 53,496 | |
Credit card | 20,706 | 21,012 | |
Other retail | 53,664 | 51,206 | |
Total loans, excluding covered loans | 267,268 | 256,253 | |
Covered loans | 4,021 | 4,596 | |
Total loans | 271,289 | 260,849 | |
Less allowance for loan losses | (3,797) | (3,863) | |
Net loans | 267,492 | 256,986 | |
Premises and equipment | 2,449 | 2,513 | |
Goodwill | 9,357 | 9,361 | |
Other intangible assets | 2,887 | 3,350 | |
Other assets (including $295 and $121 of trading securities at fair value pledged as collateral, respectively) | [1] | 32,682 | 29,725 |
Total assets | 454,134 | 421,853 | |
Deposits | |||
Noninterest-bearing | 89,101 | 83,766 | |
Interest-bearing | [2] | 245,494 | 216,634 |
Total deposits | 334,595 | 300,400 | |
Short-term borrowings | 15,695 | 27,877 | |
Long-term debt | 37,978 | 32,078 | |
Other liabilities | 17,467 | 14,681 | |
Total liabilities | 405,735 | 375,036 | |
Shareholders' equity | |||
Preferred stock | 5,501 | 5,501 | |
Common stock, par value $0.01 a share - authorized: 4,000,000,000 shares; issued: 9/30/16 and 12/31/15 - 2,125,725,742 shares | 21 | 21 | |
Capital surplus | 8,429 | 8,376 | |
Retained earnings | 49,231 | 46,377 | |
Less cost of common stock in treasury: 9/30/16 - 420,896,586 shares; 12/31/15 - 380,534,801 shares | (14,844) | (13,125) | |
Accumulated other comprehensive income (loss) | (579) | (1,019) | |
Total U.S. Bancorp shareholders' equity | 47,759 | 46,131 | |
Noncontrolling interests | 640 | 686 | |
Total equity | 48,399 | 46,817 | |
Total liabilities and equity | $ 454,134 | $ 421,853 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | ||
[2] | Includes time deposits greater than $250,000 balances of $2.8 billion and $2.6 billion at September 30, 2016, and December 31, 2015, respectively. |
Consolidated Balance Sheet (Un3
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Held-to-maturity securities, Fair Value | $ 43,406 | $ 43,493 |
Securities, pledged as collateral | 840 | 1,000 |
Mortgage loans, carried at fair value | $ 5,572 | $ 3,110 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares-authorized (actual number of shares) | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued (actual number of shares) | 2,125,725,742 | 2,125,725,742 |
Treasury stock, shares (actual number of shares) | 420,896,586 | 380,534,801 |
Time deposits greater than 250,000 | $ 2,800 | $ 2,600 |
Available-for-Sale Securities [Member] | ||
Securities, pledged as collateral | 840 | 1,018 |
Trading Securities [Member] | ||
Securities, pledged as collateral | $ 295 | $ 121 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest Income | ||||
Loans | $ 2,731 | $ 2,520 | $ 8,039 | $ 7,476 |
Loans held for sale | 43 | 60 | 110 | 166 |
Investment securities | 515 | 502 | 1,555 | 1,502 |
Other interest income | 31 | 35 | 89 | 102 |
Total interest income | 3,320 | 3,117 | 9,793 | 9,246 |
Interest Expense | ||||
Deposits | 161 | 113 | 452 | 344 |
Short-term borrowings | 70 | 66 | 201 | 189 |
Long-term debt | 196 | 170 | 567 | 531 |
Total interest expense | 427 | 349 | 1,220 | 1,064 |
Net interest income | 2,893 | 2,768 | 8,573 | 8,182 |
Provision for credit losses | 325 | 282 | 982 | 827 |
Net interest income after provision for credit losses | 2,568 | 2,486 | 7,591 | 7,355 |
Noninterest Income | ||||
Credit and debit card revenue | 299 | 269 | 861 | 776 |
Corporate payment products revenue | 190 | 190 | 541 | 538 |
Merchant processing services | 412 | 400 | 1,188 | 1,154 |
ATM processing services | 87 | 81 | 251 | 239 |
Trust and investment management fees | 362 | 329 | 1,059 | 985 |
Deposit service charges | 192 | 185 | 539 | 520 |
Treasury management fees | 147 | 143 | 436 | 422 |
Commercial products revenue | 219 | 231 | 654 | 645 |
Mortgage banking revenue | 314 | 224 | 739 | 695 |
Investment products fees | 41 | 46 | 120 | 141 |
Securities gains (losses), net | ||||
Realized gains (losses), net | 12 | 19 | ||
Total other-than-temporary impairment | (2) | (1) | (4) | (1) |
Portion of other-than-temporary impairment recognized in other comprehensive income | 1 | |||
Total securities gains (losses), net | 10 | (1) | 16 | (1) |
Other | 172 | 229 | 742 | 638 |
Total noninterest income | 2,445 | 2,326 | 7,146 | 6,752 |
Noninterest Expense | ||||
Compensation | 1,329 | 1,225 | 3,855 | 3,600 |
Employee benefits | 280 | 285 | 858 | 895 |
Net occupancy and equipment | 250 | 251 | 741 | 745 |
Professional services | 127 | 115 | 346 | 298 |
Marketing and business development | 102 | 99 | 328 | 265 |
Technology and communications | 243 | 222 | 717 | 657 |
Postage, printing and supplies | 80 | 77 | 236 | 223 |
Other intangibles | 45 | 42 | 134 | 128 |
Other | 475 | 459 | 1,457 | 1,311 |
Total noninterest expense | 2,931 | 2,775 | 8,672 | 8,122 |
Income before income taxes | 2,082 | 2,037 | 6,065 | 5,985 |
Applicable income taxes | 566 | 534 | 1,612 | 1,541 |
Net income | 1,516 | 1,503 | 4,453 | 4,444 |
Net (income) loss attributable to noncontrolling interests | (14) | (14) | (43) | (41) |
Net income attributable to U.S. Bancorp | 1,502 | 1,489 | 4,410 | 4,403 |
Net income applicable to U.S. Bancorp common shareholders | $ 1,434 | $ 1,422 | $ 4,198 | $ 4,204 |
Earnings per common share | $ 0.84 | $ 0.81 | $ 2.44 | $ 2.38 |
Diluted earnings per common share | 0.84 | 0.81 | 2.43 | 2.36 |
Dividends declared per common share | $ 0.280 | $ 0.255 | $ 0.790 | $ 0.755 |
Average common shares outstanding | 1,710 | 1,758 | 1,724 | 1,770 |
Average diluted common shares outstanding | 1,716 | 1,766 | 1,730 | 1,778 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,516 | $ 1,503 | $ 4,453 | $ 4,444 |
Other Comprehensive Income (Loss) | ||||
Changes in unrealized gains and losses on securities available-for-sale | (105) | 202 | 716 | 54 |
Other-than-temporary impairment not recognized in earnings on securities available-for-sale | (1) | |||
Changes in unrealized gains and losses on derivative hedges | 31 | (38) | (152) | (61) |
Foreign currency translation | 6 | (28) | (30) | (3) |
Reclassification to earnings of realized gains and losses | 54 | 98 | 196 | 295 |
Income taxes related to other comprehensive income (loss) | (3) | (90) | (289) | (110) |
Total other comprehensive income (loss) | (17) | 144 | 440 | 175 |
Comprehensive income | 1,499 | 1,647 | 4,893 | 4,619 |
Comprehensive (income) loss attributable to noncontrolling interests | (14) | (14) | (43) | (41) |
Comprehensive income attributable to U.S. Bancorp | $ 1,485 | $ 1,633 | $ 4,850 | $ 4,578 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Preferred Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total U.S. Bancorp Shareholders' Equity [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2014 | $ 44,168 | $ 21 | $ 4,756 | $ 8,313 | $ 42,530 | $ (11,245) | $ (896) | $ 43,479 | $ 689 |
Shares, Beginning Balance at Dec. 31, 2014 | 1,786 | ||||||||
Net income (loss) | 4,444 | 4,403 | 4,403 | 41 | |||||
Other comprehensive income (loss) | 175 | 175 | 175 | ||||||
Preferred stock dividends | (182) | (182) | (182) | ||||||
Common stock dividends | (1,338) | (1,338) | (1,338) | ||||||
Issuance of common and treasury stock | 274 | (45) | 319 | 274 | |||||
Issuance of common and treasury stock, shares | 10 | ||||||||
Purchase of treasury stock | (1,830) | (1,830) | (1,830) | ||||||
Purchase of treasury stock, shares | (42) | ||||||||
Distributions to noncontrolling interests | (41) | (41) | |||||||
Net other changes in noncontrolling interests | 3 | 3 | |||||||
Stock option and restricted stock grants | 94 | 94 | 94 | ||||||
Ending Balance at Sep. 30, 2015 | 45,767 | $ 21 | 4,756 | 8,362 | 45,413 | (12,756) | (721) | 45,075 | 692 |
Shares, Ending Balance at Sep. 30, 2015 | 1,754 | ||||||||
Beginning Balance at Dec. 31, 2015 | 46,817 | $ 21 | 5,501 | 8,376 | 46,377 | (13,125) | (1,019) | 46,131 | 686 |
Shares, Beginning Balance at Dec. 31, 2015 | 1,745 | ||||||||
Net income (loss) | 4,453 | 4,410 | 4,410 | 43 | |||||
Other comprehensive income (loss) | 440 | 440 | 440 | ||||||
Preferred stock dividends | (201) | (201) | (201) | ||||||
Common stock dividends | (1,364) | (1,364) | (1,364) | ||||||
Issuance of common and treasury stock | 169 | (59) | 228 | 169 | |||||
Issuance of common and treasury stock, shares | 7 | ||||||||
Purchase of treasury stock | (1,947) | (1,947) | (1,947) | ||||||
Purchase of treasury stock, shares | (47) | ||||||||
Distributions to noncontrolling interests | (38) | (38) | |||||||
Purchase of noncontrolling interests | (40) | 1 | 9 | 10 | (50) | ||||
Net other changes in noncontrolling interests | (1) | (1) | |||||||
Stock option and restricted stock grants | 111 | 111 | 111 | ||||||
Ending Balance at Sep. 30, 2016 | $ 48,399 | $ 21 | $ 5,501 | $ 8,429 | $ 49,231 | $ (14,844) | $ (579) | $ 47,759 | $ 640 |
Shares, Ending Balance at Sep. 30, 2016 | 1,705 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities | ||
Net income attributable to U.S. Bancorp | $ 4,410 | $ 4,403 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | 982 | 827 |
Depreciation and amortization of premises and equipment | 219 | 230 |
Amortization of intangibles | 134 | 128 |
(Gain) loss on sale of loans held for sale | (753) | (753) |
(Gain) loss on sale of securities and other assets | (463) | (319) |
Loans originated for sale in the secondary market, net of repayments | (31,975) | (33,784) |
Proceeds from sales of loans held for sale | 30,033 | 34,343 |
Other, net | 651 | 1,176 |
Net cash provided by operating activities | 3,238 | 6,251 |
Investing Activities | ||
Proceeds from sales of available-for-sale investment securities | 8,171 | 282 |
Proceeds from maturities of held-to-maturity investment securities | 7,116 | 8,238 |
Proceeds from maturities of available-for-sale investment securities | 10,252 | 10,354 |
Purchases of held-to-maturity investment securities | (6,428) | (7,990) |
Purchases of available-for-sale investment securities | (22,897) | (14,931) |
Net increase in loans outstanding | (11,063) | (7,242) |
Proceeds from sales of loans | 1,782 | 1,372 |
Purchases of loans | (2,136) | (2,196) |
Other, net | (38) | (998) |
Net cash used in investing activities | (15,241) | (13,111) |
Financing Activities | ||
Net increase in deposits | 34,197 | 12,531 |
Net decrease in short-term borrowings | (12,182) | (2,978) |
Proceeds from issuance of long-term debt | 10,631 | 4,915 |
Principal payments or redemption of long-term debt | (4,806) | (4,782) |
Proceeds from issuance of common stock | 159 | 262 |
Repurchase of common stock | (1,902) | (1,781) |
Cash dividends paid on preferred stock | (206) | (182) |
Cash dividends paid on common stock | (1,331) | (1,329) |
Purchase of noncontrolling interests | (40) | |
Net cash provided by financing activities | 24,520 | 6,656 |
Change in cash and due from banks | 12,517 | (204) |
Cash and due from banks at beginning of period | 11,147 | 10,654 |
Cash and due from banks at end of period | $ 23,664 | $ 10,450 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. In the opinion of management of U.S. Bancorp (the “Company”), all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Certain amounts in prior periods have been reclassified to conform to the current presentation. Accounting policies for the lines of business are generally the same as those used in preparation of the consolidated financial statements with respect to activities specifically attributable to each business line. However, the preparation of business line results requires management to establish methodologies to allocate funding costs, expenses and other financial elements to each line of business. Table 11 “Line of Business Financial Performance” included in Management’s Discussion and Analysis provides details of segment results. This information is incorporated by reference into these Notes to Consolidated Financial Statements. |
Accounting Changes
Accounting Changes | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | Note 2 Accounting Changes Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued accounting guidance, originally effective for the Company on January 1, 2017, related to revenue recognition from contracts with customers. In August 2015, the FASB delayed the effective date of this guidance by one year, resulting in it becoming effective for the Company on January 1, 2018. This guidance amends certain currently existing revenue recognition accounting guidance and allows for either retrospective application to all periods presented or a modified retrospective approach where the guidance would only be applied to existing contracts in effect at the adoption date and new contracts going forward. The Company is currently evaluating the impact of this guidance under the modified retrospective approach and expects the adoption will not be material to its financial statements. Accounting for Leases In February 2016, the FASB issued accounting guidance, effective for the Company on January 1, 2019, related to the accounting for leases. This guidance will require lessees to recognize all leases on the Consolidated Balance Sheet as lease assets and lease liabilities, with lessor accounting being largely unchanged. This guidance also requires additional disclosures regarding leasing arrangements. The Company expects the adoption of this guidance will not be material to its financial statements. Financial Instruments — Credit Losses In June 2016, the FASB issued accounting guidance, effective for the Company on January 1, 2020, related to the impairment of financial instruments. This guidance changes existing impairment recognition to a model that is based on expected losses rather than incurred losses, which is intended to result in more timely recognition of credit losses. This guidance is also intended to reduce the complexity of current accounting guidance by decreasing the number of credit impairment models that entities use to account for debt instruments. The Company is currently evaluating the impact of this guidance on its financial statements. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3 Investment Securities The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows: September 30, 2016 December 31, 2015 Unrealized Losses Unrealized Losses (Dollars in Millions) Amortized Unrealized Other-than- Other (f) Fair Value Amortized Unrealized Other-than- Other (f) Fair Value Held-to-maturity (a) U.S. Treasury and agencies $ 4,767 $ 96 $ – $ (1 ) $ 4,862 $ 2,925 $ 14 $ – $ (20 ) $ 2,919 Mortgage-backed securities Residential Agency 38,062 453 – (23 ) 38,492 40,619 175 – (273 ) 40,521 Non-agency non-prime (d) 1 – – – 1 1 – – – 1 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 5 – – 5 – 6 – – 6 Other 8 3 – – 11 10 3 – – 13 Obligations of state and political subdivisions 8 1 – (1 ) 8 8 1 – (1 ) 8 Obligations of foreign governments 9 – – – 9 9 – – – 9 Other debt securities 18 – – – 18 18 – – (2 ) 16 Total held-to-maturity $ 42,873 $ 558 $ – $ (25 ) $ 43,406 $ 43,590 $ 199 $ – $ (296 ) $ 43,493 Available-for-sale (b) U.S. Treasury and agencies $ 14,454 $ 179 $ – $ (3 ) $ 14,630 $ 4,611 $ 12 $ – $ (27 ) $ 4,596 Mortgage-backed securities Residential Agency 44,904 582 – (53 ) 45,433 50,056 384 – (364 ) 50,076 Non-agency Prime (c) 257 6 (3 ) (1 ) 259 316 6 (3 ) (1 ) 318 Non-prime (d) 191 18 (3 ) – 206 221 20 (1 ) – 240 Commercial agency 16 – – – 16 52 – – – 52 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations 11 2 – – 13 16 3 – – 19 Other 516 8 – – 524 532 9 – – 541 Obligations of state and political subdivisions 5,232 152 – (8 ) 5,376 5,149 169 – (2 ) 5,316 Corporate debt securities 628 10 – (59 ) 579 677 3 – (70 ) 610 Perpetual preferred securities 36 17 – – 53 153 20 – (12 ) 161 Other investments 31 35 – – 66 34 34 – – 68 Total available-for-sale $ 66,276 $ 1,009 $ (6 ) $ (124 ) $ 67,155 $ 61,817 $ 660 $ (4 ) $ (476 ) $ 61,997 (a) Held-to-maturity investment securities are carried at historical cost or at fair value at the time of transfer from the available-for-sale to held-to-maturity category, adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment. (b) Available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity. (c) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). When the Company determines the designation, prime securities typically have a weighted-average credit score of 725 or higher and a loan-to-value of 80 percent or lower; however, other pool characteristics may result in designations that deviate from these credit score and loan-to-value thresholds. (d) Includes all securities not meeting the conditions to be designated as prime. (e) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. (f) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired. The weighted-average maturity of the available-for-sale investment securities was 4.2 years at September 30, 2016, compared with 4.7 years at December 31, 2015. The corresponding weighted-average yields were 2.09 percent and 2.21 percent, respectively. The weighted-average maturity of the held-to-maturity investment securities was 3.8 years at September 30, 2016, and 4.2 years at December 31, 2015. The corresponding weighted-average yields were 1.90 percent and 1.92 percent, respectively. For amortized cost, fair value and yield by maturity date of held-to-maturity and available-for-sale investment securities outstanding at September 30, 2016, refer to Table 4 included in Management’s Discussion and Analysis, which is incorporated by reference into these Notes to Consolidated Financial Statements. Investment securities with a fair value of $11.4 billion at September 30, 2016, and $13.1 billion at December 31, 2015, were pledged to secure public, private and trust deposits, repurchase agreements and for other purposes required by contractual obligation or law. Included in these amounts were securities where the Company and certain counterparties have agreements granting the counterparties the right to sell or pledge the securities. Investment securities securing these types of arrangements had a fair value of $840 million at September 30, 2016, and $1.0 billion at December 31, 2015. The following table provides information about the amount of interest income from taxable and non-taxable investment securities: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Taxable $ 467 $ 448 $ 1,403 $ 1,333 Non-taxable 48 54 152 169 Total interest income from investment securities $ 515 $ 502 $ 1,555 $ 1,502 The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Realized gains $ 12 $ – $ 31 $ 1 Realized losses – – (12 ) (1 ) Net realized gains (losses) $ 12 $ – $ 19 $ – Income tax (benefit) on net realized gains (losses) $ 4 $ – $ 7 $ – The Company conducts a regular assessment of its investment securities with unrealized losses to determine whether investment securities are other-than-temporarily impaired considering, among other factors, the nature of the investment securities, the credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows of underlying collateral, the existence of any government or agency guarantees, market conditions and whether the Company intends to sell or it is more likely than not the Company will be required to sell the investment securities. The Company determines other-than-temporary impairment recorded in earnings for debt securities not intended to be sold by estimating the future cash flows of each individual investment security, using market information where available, and discounting the cash flows at the original effective rate of the investment security. Other-than-temporary impairment recorded in other comprehensive income (loss) is measured as the difference between that discounted amount and the fair value of each investment security. The total amount of other-than-temporary impairment recorded was immaterial for the three and nine months ended September 30, 2016 and 2015. Changes in the credit losses on debt securities are summarized as follows: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Balance at beginning of period $ 79 $ 91 $ 84 $ 101 Additions to Credit Losses Due to Other-than-temporary Impairments Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized 2 1 3 1 Total other-than-temporary impairment on debt securities 2 1 3 1 Other Changes in Credit Losses Increases in expected cash flows – (1 ) (1 ) (3 ) Realized losses (a) (2 ) (3 ) (7 ) (11 ) Balance at end of period $ 79 $ 88 $ 79 $ 88 (a) Primarily represents principal losses allocated to mortgage and asset-backed securities in the Company’s portfolio under the terms of the securitization transaction documents. At September 30, 2016, certain investment securities had a fair value below amortized cost. The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at September 30, 2016: Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Value Unrealized Fair Unrealized Fair Value Unrealized Held-to-maturity U.S. Treasury and agencies $ 250 $ (1 ) $ – $ – $ 250 $ (1 ) Residential agency mortgage-backed securities 3,728 (7 ) 2,237 (16 ) 5,965 (23 ) Other asset-backed securities – – 5 – 5 – Obligations of state and political subdivisions – – 3 (1 ) 3 (1 ) Other debt securities – – 18 – 18 – Total held-to-maturity $ 3,978 $ (8 ) $ 2,263 $ (17 ) $ 6,241 $ (25 ) Available-for-sale U.S. Treasury and agencies $ 1,611 $ (3 ) $ – $ – $ 1,611 $ (3 ) Residential mortgage-backed securities Agency 9,743 (35 ) 2,885 (18 ) 12,628 (53 ) Non-agency (a) Prime (b) 48 – 91 (4 ) 139 (4 ) Non-prime (c) 19 – 12 (3 ) 31 (3 ) Commercial agency 10 – – – 10 – Other asset-backed securities – – 2 – 2 – Obligations of state and political subdivisions 687 (8 ) 2 – 689 (8 ) Corporate debt securities – – 437 (59 ) 437 (59 ) Total available-for-sale $ 12,118 $ (46 ) $ 3,429 $ (84 ) $ 15,547 $ (130 ) (a) The Company had $7 million of unrealized losses on residential non-agency mortgage-backed securities. Credit-related other-than-temporary impairment on these securities may occur if there is further deterioration in the underlying collateral pool performance. Borrower defaults may increase if economic conditions worsen. Additionally, deterioration in home prices may increase the severity of projected losses. (b) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (c) Includes all securities not meeting the conditions to be designated as prime. The Company does not consider these unrealized losses to be credit-related. These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. A substantial portion of investment securities that have unrealized losses are either corporate debt issued with high investment grade credit ratings or agency mortgage-backed securities. In general, the issuers of the investment securities are contractually prohibited from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At September 30, 2016, the Company had no plans to sell investment securities with unrealized losses, and believes it is more likely than not it would not be required to sell such investment securities before recovery of their amortized cost. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 4 Loans and Allowance for Credit Losses The composition of the loan portfolio, disaggregated by class and underlying specific portfolio type, was as follows: September 30, 2016 December 31, 2015 (Dollars in Millions) Amount Percent Amount Percent Commercial Commercial $ 87,851 32.4 % $ 83,116 31.9 % Lease financing 5,350 2.0 5,286 2.0 Total commercial 93,201 34.4 88,402 33.9 Commercial Real Estate Commercial mortgages 31,916 11.8 31,773 12.2 Construction and development 11,552 4.2 10,364 3.9 Total commercial real estate 43,468 16.0 42,137 16.1 Residential Mortgages Residential mortgages 42,846 15.8 40,425 15.5 Home equity loans, first liens 13,383 4.9 13,071 5.0 Total residential mortgages 56,229 20.7 53,496 20.5 Credit Card 20,706 7.6 21,012 8.1 Other Retail Retail leasing 6,076 2.2 5,232 2.0 Home equity and second mortgages 16,467 6.1 16,384 6.3 Revolving credit 3,247 1.2 3,354 1.3 Installment 7,983 2.9 7,030 2.7 Automobile 17,559 6.5 16,587 6.3 Student 2,332 .9 2,619 1.0 Total other retail 53,664 19.8 51,206 19.6 Total loans, excluding covered loans 267,268 98.5 256,253 98.2 Covered Loans 4,021 1.5 4,596 1.8 Total loans $ 271,289 100.0 % $ 260,849 100.0 % The Company had loans of $83.9 billion at September 30, 2016, and $78.1 billion at December 31, 2015, pledged at the Federal Home Loan Bank, and loans of $65.2 billion at September 30, 2016, and $63.4 billion at December 31, 2015, pledged at the Federal Reserve Bank. Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs. Net unearned interest and deferred fees and costs amounted to $626 million at September 30, 2016, and $550 million at December 31, 2015. All purchased loans and related indemnification assets are recorded at fair value at the date of purchase. The Company evaluates purchased loans for impairment at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans with evidence of credit deterioration since origination for which it is probable that all contractually required payments will not be collected are considered “purchased impaired loans.” All other purchased loans are considered “purchased nonimpaired loans.” Changes in the accretable balance for purchased impaired loans were as follows: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Balance at beginning of period $ 891 $ 1,076 $ 957 $ 1,309 Accretion (102 ) (91 ) (297 ) (289 ) Disposals (23 ) (32 ) (77 ) (102 ) Reclassifications from nonaccretable difference (a) 31 120 214 157 Other – 1 – (1 ) Balance at end of period $ 797 $ 1,074 $ 797 $ 1,074 (a) Primarily relates to changes in expected credit performance. Allowance for Credit Losses The allowance for credit losses is established for probable and estimable losses incurred in the Company’s loan and lease portfolio, including unfunded credit commitments, and includes certain amounts that do not represent loss exposure to the Company because those losses are recoverable under loss sharing agreements with the Federal Deposit Insurance Corporation (“FDIC”). The allowance for credit losses is increased through provisions charged to operating earnings and reduced by net charge-offs. Management evaluates the allowance each quarter to ensure it appropriately reserves for incurred losses. The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. In the migration analysis applied to risk rated loan portfolios, the Company currently examines up to a 15-year period of loss experience. For each loan type, this historical loss experience is adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices or economic conditions. The results of the analysis are evaluated quarterly to confirm an appropriate historical time frame is selected for each commercial loan type. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans, rather than the migration analysis. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, portfolio growth and historical losses, adjusted for current trends. The Company also considers the impacts of any loan modifications made to commercial lending segment loans and any subsequent payment defaults to its expectations of cash flows, principal balance, and current expectations about the borrower’s ability to pay in determining the allowance for credit losses. The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral less costs to sell. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed loan-to-value ratios when possible, portfolio growth and historical losses, adjusted for current trends. The Company also considers any modifications made to consumer lending segment loans including the impacts of any subsequent payment defaults since modification in determining the allowance for credit losses, such as the borrower’s ability to pay under the restructured terms, and the timing and amount of payments. The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered loans and reflects decreases in expected cash flows of those loans after the acquisition date. The provision for credit losses for covered loans considers the indemnification provided by the FDIC. In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, historical loss experience is also incorporated into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows. The Company’s methodology for determining the appropriate allowance for credit losses for each loan segment also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards, internal review and other relevant business practices; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments. The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments. Activity in the allowance for credit losses by portfolio class was as follows: Three Months Ended September 30, (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered Total 2016 Balance at beginning of period $ 1,473 $ 748 $ 544 $ 884 $ 643 $ 4,292 $ 37 $ 4,329 Add Provision for credit losses 90 34 (12 ) 178 37 327 (2 ) 325 Deduct Loans charged off 104 9 19 182 84 398 – 398 Less recoveries of loans charged off (17 ) (8 ) (7 ) (21 ) (30 ) (83 ) – (83 ) Net loans charged off 87 1 12 161 54 315 – 315 Other changes (a) – – – – – – (1 ) (1 ) Balance at end of period $ 1,476 $ 781 $ 520 $ 901 $ 626 $ 4,304 $ 34 $ 4,338 2015 Balance at beginning of period $ 1,180 $ 735 $ 737 $ 873 $ 752 $ 4,277 $ 49 $ 4,326 Add Provision for credit losses 114 (10 ) (24 ) 156 46 282 – 282 Deduct Loans charged off 91 2 31 171 77 372 – 372 Less recoveries of loans charged off (20 ) (13 ) (6 ) (18 ) (23 ) (80 ) – (80 ) Net loans charged off 71 (11 ) 25 153 54 292 – 292 Other changes (a) – – – – – – (10 ) (10 ) Balance at end of period $ 1,223 $ 736 $ 688 $ 876 $ 744 $ 4,267 $ 39 $ 4,306 (a) Includes net changes in credit losses to be reimbursed by the FDIC and reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset, and the impact of any loan sales. Nine Months Ended September 30, (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered Total 2016 Balance at beginning of period $ 1,287 $ 724 $ 631 $ 883 $ 743 $ 4,268 $ 38 $ 4,306 Add Provision for credit losses 438 53 (63 ) 514 42 984 (2 ) 982 Deduct Loans charged off 322 19 67 559 243 1,210 – 1,210 Less recoveries of loans charged off (73 ) (23 ) (19 ) (64 ) (84 ) (263 ) – (263 ) Net loans charged off 249 (4 ) 48 495 159 947 – 947 Other changes (a) – – – (1 ) – (1 ) (2 ) (3 ) Balance at end of period $ 1,476 $ 781 $ 520 $ 901 $ 626 $ 4,304 $ 34 $ 4,338 2015 Balance at beginning of period $ 1,146 $ 726 $ 787 $ 880 $ 771 $ 4,310 $ 65 $ 4,375 Add Provision for credit losses 234 (18 ) (6 ) 481 134 825 2 827 Deduct Loans charged off 230 16 113 543 233 1,135 – 1,135 Less recoveries of loans charged off (74 ) (44 ) (20 ) (58 ) (72 ) (268 ) – (268 ) Net loans charged off 156 (28 ) 93 485 161 867 – 867 Other changes (a) (1 ) – – – – (1 ) (28 ) (29 ) Balance at end of period $ 1,223 $ 736 $ 688 $ 876 $ 744 $ 4,267 $ 39 $ 4,306 (a) Includes net changes in credit losses to be reimbursed by the FDIC and reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset, and the impact of any loan sales. Additional detail of the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered Total Allowance Balance at September 30, 2016 Related to Loans individually evaluated for impairment (a) $ 56 $ 2 $ – $ – $ – $ 58 $ – $ 58 TDRs collectively evaluated for impairment 10 4 195 62 28 299 1 300 Other loans collectively evaluated for impairment 1,410 765 325 839 598 3,937 – 3,937 Loans acquired with deteriorated credit quality – 10 – – – 10 33 43 Total allowance for credit losses $ 1,476 $ 781 $ 520 $ 901 $ 626 $ 4,304 $ 34 $ 4,338 Allowance Balance at December 31, 2015 Related to Loans individually evaluated for impairment (a) $ 11 $ 2 $ – $ – $ – $ 13 $ – $ 13 TDRs collectively evaluated for impairment 10 7 236 57 33 343 2 345 Other loans collectively evaluated for impairment 1,266 703 395 826 710 3,900 – 3,900 Loans acquired with deteriorated credit quality – 12 – – – 12 36 48 Total allowance for credit losses $ 1,287 $ 724 $ 631 $ 883 $ 743 $ 4,268 $ 38 $ 4,306 (a) Represents the allowance for credit losses related to loans greater than $5 million classified as nonperforming or TDRs. Additional detail of loan balances by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered Total September 30, 2016 Loans individually evaluated for impairment (a) $ 600 $ 37 $ – $ – $ – $ 637 $ – $ 637 TDRs collectively evaluated for impairment 145 165 3,519 217 178 4,224 37 4,261 Other loans collectively evaluated for impairment 92,449 43,016 52,710 20,489 53,486 262,150 1,662 263,812 Loans acquired with deteriorated credit quality 7 250 – – – 257 2,322 2,579 Total loans $ 93,201 $ 43,468 $ 56,229 $ 20,706 $ 53,664 $ 267,268 $ 4,021 $ 271,289 December 31, 2015 Loans individually evaluated for impairment (a) $ 336 $ 41 $ 13 $ – $ – $ 390 $ – $ 390 TDRs collectively evaluated for impairment 138 235 4,241 210 211 5,035 35 5,070 Other loans collectively evaluated for impairment 87,927 41,566 49,241 20,802 50,995 250,531 2,059 252,590 Loans acquired with deteriorated credit quality 1 295 1 – – 297 2,502 2,799 Total loans $ 88,402 $ 42,137 $ 53,496 $ 21,012 $ 51,206 $ 256,253 $ 4,596 $ 260,849 (a) Represents loans greater than $5 million classified as nonperforming or TDRs. (b) Includes expected reimbursements from the FDIC under loss sharing agreements. Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company. For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period. Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual. Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due, and placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when they are behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged off. Credit cards are charged off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due; and revolving consumer lines are charged off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual. For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current. Covered loans not considered to be purchased impaired are evaluated for delinquency, nonaccrual status and charge-off consistent with the class of loan they would be included in had the loss share coverage not been in place. Generally, purchased impaired loans are considered accruing loans. However, the timing and amount of future cash flows for some loans is not reasonably estimable, and those loans are classified as nonaccrual loans with interest income not recognized until the timing and amount of the future cash flows can be reasonably estimated. The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming: Accruing (Dollars in Millions) Current 30-89 Days 90 Days or Nonperforming Total September 30, 2016 Commercial $ 92,414 $ 221 $ 49 $ 517 $ 93,201 Commercial real estate 43,320 36 7 105 43,468 Residential mortgages (a) 55,310 146 159 614 56,229 Credit card 20,209 264 229 4 20,706 Other retail 53,183 254 74 153 53,664 Total loans, excluding covered loans 264,436 921 518 1,393 267,268 Covered loans 3,729 55 230 7 4,021 Total loans $ 268,165 $ 976 $ 748 $ 1,400 $ 271,289 December 31, 2015 Commercial $ 87,863 $ 317 $ 48 $ 174 $ 88,402 Commercial real estate 41,907 89 14 127 42,137 Residential mortgages (a) 52,438 170 176 712 53,496 Credit card 20,532 243 228 9 21,012 Other retail 50,745 224 75 162 51,206 Total loans, excluding covered loans 253,485 1,043 541 1,184 256,253 Covered loans 4,236 62 290 8 4,596 Total loans $ 257,721 $ 1,105 $ 831 $ 1,192 $ 260,849 (a) At September 30, 2016, $307 million of loans 30–89 days past due and $2.4 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current, compared with $320 million and $2.9 billion at December 31, 2015, respectively. At September 30, 2016, the amount of foreclosed residential real estate held by the Company, and included in other real estate owned (“OREO”), was $229 million ($201 million excluding covered assets), compared with $282 million ($250 million excluding covered assets) at December 31, 2015. This excludes $397 million and $535 million at September 30, 2016 and December 31, 2015, respectively, of foreclosed residential real estate related to mortgage loans whose payments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. In addition, the amount of residential mortgage loans secured by residential real estate in the process of foreclosure at September 30, 2016 and December 31, 2015, was $2.2 billion and $2.6 billion, respectively, of which $1.6 billion and $1.9 billion, respectively, related to loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include: pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those that have a potential weakness deserving management’s close attention. Classified loans are those where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans. The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating: Criticized (Dollars in Millions) Pass Special Classified (a) Total Total September 30, 2016 Commercial (b) $ 89,289 $ 1,702 $ 2,210 $ 3,912 $ 93,201 Commercial real estate 42,204 512 752 1,264 43,468 Residential mortgages (c) 55,394 6 829 835 56,229 Credit card 20,474 – 232 232 20,706 Other retail 53,387 5 272 277 53,664 Total loans, excluding covered loans 260,748 2,225 4,295 6,520 267,268 Covered loans 3,946 – 75 75 4,021 Total loans $ 264,694 $ 2,225 $ 4,370 $ 6,595 $ 271,289 Total outstanding commitments $ 557,554 $ 4,805 $ 5,927 $ 10,732 $ 568,286 December 31, 2015 Commercial (b) $ 85,206 $ 1,629 $ 1,567 $ 3,196 $ 88,402 Commercial real estate 41,079 365 693 1,058 42,137 Residential mortgages (c) 52,548 2 946 948 53,496 Credit card 20,775 – 237 237 21,012 Other retail 50,899 6 301 307 51,206 Total loans, excluding covered loans 250,507 2,002 3,744 5,746 256,253 Covered loans 4,507 – 89 89 4,596 Total loans $ 255,014 $ 2,002 $ 3,833 $ 5,835 $ 260,849 Total outstanding commitments $ 539,614 $ 3,945 $ 4,845 $ 8,790 $ 548,404 (a) Classified rating on consumer loans primarily based on delinquency status. (b) At September 30, 2016, $1.4 billion of energy loans ($3.2 billion of total outstanding commitments) had a special mention or classified rating, compared with $1.1 billion of energy loans ($1.9 billion of total outstanding commitments) at December 31, 2015. (c) At September 30, 2016, $2.4 billion of GNMA loans 90 days or more past due and $1.3 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs were classified with a pass rating, compared with $2.9 billion and $1.9 billion at December 31, 2015, respectively. For all loan classes, a loan is considered to be impaired when, based on current events or information, it is probable the Company will be unable to collect all amounts due per the contractual terms of the loan agreement. Impaired loans include all nonaccrual and TDR loans. For all loan classes, interest income on TDR loans is recognized under the modified terms and conditions if the borrower has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Interest income is generally not recognized on other impaired loans until the loan is paid off. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. Factors used by the Company in determining whether all principal and interest payments due on commercial and commercial real estate loans will be collected and, therefore, whether those loans are impaired include, but are not limited to, the financial condition of the borrower, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on industry, geographic location and certain financial ratios. The evaluation of impairment on residential mortgages, credit card loans and other retail loans is primarily driven by delinquency status of individual loans or whether a loan has been modified, and considers any government guarantee where applicable. Individual covered loans, whose future losses are covered by loss sharing agreements with the FDIC that substantially reduce the risk of credit losses to the Company, are evaluated for impairment and accounted for in a manner consistent with the class of loan they would have been included in had the loss sharing coverage not been in place. A summary of impaired loans, which include all nonaccrual and TDR loans, by portfolio class was as follows: (Dollars in Millions) Period-end Unpaid Valuation Commitments September 30, 2016 Commercial $ 825 $ 1,354 $ 68 $ 378 Commercial real estate 379 790 8 1 Residential mortgages 2,363 2,952 165 – Credit card 217 217 62 – Other retail 281 457 30 3 Total loans, excluding GNMA and covered loans 4,065 5,770 333 382 Loans purchased from GNMA mortgage pools 1,344 1,344 31 – Covered loans 38 43 1 1 Total $ 5,447 $ 7,157 $ 365 $ 383 December 31, 2015 Commercial $ 520 $ 1,110 $ 25 $ 154 Commercial real estate 336 847 11 1 Residential mortgages 2,575 3,248 199 – Credit card 210 210 57 – Other retail 309 503 35 4 Total loans, excluding GNMA and covered loans 3,950 5,918 327 159 Loans purchased from GNMA mortgage pools 1,913 1,913 40 – Covered loans 39 48 2 1 Total $ 5,902 $ 7,879 $ 369 $ 160 (a) Substantially all loans classified as impaired at September 30, 2016 and December 31, 2015, had an associated allowance for credit losses. Additional information on impaired loans follows: 2016 2015 (Dollars in Millions) Average Interest Average Interest Three Months Ended September 30 Commercial $ 845 $ 2 $ 408 $ 3 Commercial real estate 334 6 388 3 Residential mortgages 2,381 30 2,669 31 Credit card 214 1 216 1 Other retail 287 3 329 3 Total loans, excluding GNMA and covered loans 4,061 42 4,010 41 Loans purchased from GNMA mortgage pools 1,458 23 2,040 24 Covered loans 38 – 42 – Total $ 5,557 $ 65 $ 6,092 $ 65 Nine Months Ended September 30 Commercial $ 786 $ 6 $ 351 $ 9 Commercial real estate 321 12 461 13 Residential mortgages 2,457 93 2,687 97 Credit card 212 3 224 4 Other retail 296 9 342 10 Total loans, excluding GNMA and covered loans 4,072 123 4,065 133 Loans purchased from GNMA mortgage pools 1,674 71 2,120 74 Covered loans 38 1 42 – Total $ 5,784 $ 195 $ 6,227 $ 207 Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in payments to be received. The Company recognizes interest on TDRs if the borrower complies with the revised terms and conditions as agreed upon with the Company and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles, which is generally six months or greater. To the extent a previous restructuring was insignificant, the Company considers the cumulative effect of past restructurings related to the receivable when determining whether a current restructuring is a TDR. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes. The following table provides a summary of loans modified as TDRs during the periods presented by portfolio class: 2016 2015 (Dollars in Millions) Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification Three Months Ended September 30 Commercial 638 $ 200 $ 169 381 $ 111 $ 102 Commercial real estate 26 225 223 35 24 23 Residential mortgages 700 81 87 381 48 47 Credit card 8,051 38 40 7,289 35 36 Other retail 593 9 9 690 19 19 Total loans, excluding GNMA and covered loans 10,008 553 528 8,776 237 227 Loans purchased from GNMA mortgage pools 2,609 317 308 1,986 244 245 Covered loans 15 3 3 4 1 1 Total loans 12,632 $ 873 $ 839 10,766 $ 482 $ 473 Nine Months Ended September 30 Commercial 1,734 $ 692 $ 567 1,170 $ 227 $ 223 Commercial real estate 70 242 240 89 64 62 Residential mortgages 1,192 129 136 1,820 234 232 Credit card 22,693 109 111 19,978 100 101 Other retail 1,669 27 28 1,974 42 42 Total loans, excluding GNMA and covered loans 27,358 1,199 1,082 25,031 667 660 Loans purchased from GNMA mortgage pools 6,978 770 761 5,960 732 731 Covered loans 35 6 6 13 4 4 Total loans 34,371 $ 1,975 $ 1,849 31,004 $ 1,403 $ 1,395 Residential mortgages, home equity and second mortgages, and loans purchased from GNMA mortgage pools in the table above include trial period arrangements offered to customers during the periods presented. The post-modification balances for these loans reflect the current outstanding balance until a permanent modification is made. In addition, the post-modification balances typically include capitalization of unpaid accrued interest and/or fees under the various modification programs. For those loans modified as TDRs during the third quarter of 2016, at September 30, 2016, 526 residential mortgages, 7 home equity and second mortgage loans and 510 loans purchased from GNMA mortgage pools with outstanding balances of $50 million, less than $1 million and $68 million, respectively, were in a trial period and have estimated post-modification balances of $64 million, less than $1 million and $67 million, respectively, assuming permanent modification occurs at the end of the trial period. The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case basis in connection with ongoing loan collection processes. For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate, which may not be deemed a market rate of interest. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may waive contractual principal. The Company classifies all of the above concessions as TDRs to the extent the Company determines that the borrower is experiencing financial difficulty. Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company participates in the U.S. Department of Treasury Home Affordable Modification Program (“HAMP”). HAMP gives qualifying homeowners an opportunity to permanently modify residential mortgage loans and achieve more affordable monthly payments, with the U.S. Department of Treasury compensating the Company for a portion of the reduction in monthly amounts due from borrowers participating in this program. The Company also modifies residential mortgage loans under Federal Housing Administration, Department of Veterans Affairs, or its own internal programs. Under these programs, the Company provides concessions to qualifying borrowers experiencing financial difficulties. The concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs and continues to report them as TDRs after the trial peri |
Accounting for Transfers and Se
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | Note 5 Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities The Company transfers financial assets in the normal course of business. The majority of the Company’s financial asset transfers are residential mortgage loan sales primarily to government-sponsored enterprises (“GSEs”), transfers of tax-advantaged investments, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales. In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. Guarantees provided to certain third parties in connection with the transfer of assets are further discussed in Note 15. For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on mortgage servicing rights (“MSRs”), refer to Note 6. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance sheet. Effective January 1, 2016, the Company adopted accounting guidance, issued by the FASB in February 2015, relating to the analysis required by organizations to evaluate whether they should consolidate certain legal entities. The adoption of this guidance did not have a material impact on the Company’s financial statements, and specifically excludes registered money market funds from the consolidation analysis. The Company provides financial support primarily through the use of waivers of management fees associated with various registered money market funds it manages, which are excluded from the consolidation analysis. The Company provided $9 million and $28 million of support to the funds during the three months ended September 30, 2016 and 2015, respectively, and $35 million and $86 million during the nine months ended September 30, 2016 and 2015, respectively. The Company is involved in various entities that are considered to be variable interest entities (“VIEs”). The Company’s investments in VIEs are primarily related to investments promoting affordable housing, community development and renewable energy sources. Some of these tax-advantaged investments support the Company’s regulatory compliance with the Community Reinvestment Act. The Company’s investments in these entities generate a return primarily through the realization of federal and state income tax credits, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits are recognized as a reduction of tax expense or, for investments qualifying as investment tax credits, as a reduction to the related investment asset. The Company recognized federal and state income tax credits related to its affordable housing and other tax-advantaged investments in tax expense of $172 million and $174 million for the three months ended September 30, 2016 and 2015, respectively, and $504 million and $512 million for the nine months ended September 30, 2016 and 2015, respectively. The Company also recognized $219 million and $340 million of investment tax credits for the three months ended September 30, 2016 and 2015, respectively, and $850 million and $624 million for the nine months ended September 30, 2016 and 2015, respectively. The Company recognized $169 million of expenses related to all of these investments for both the three months ended September 30, 2016 and 2015, of which $61 million and $67 million, respectively, was included in tax expense and the remainder was included in noninterest expense. The Company recognized $476 million and $471 million of expenses related to all of these investments for the nine months ended September 30, 2016 and 2015, respectively, of which $194 million and $198 million, respectively, was included in tax expense and the remainder was included in noninterest expense. The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits. The following table provides a summary of investments in community development and tax-advantaged VIEs that the Company has not consolidated: (Dollars in Millions) September 30, 2016 December 31, 2015 Investment carrying amount $ 5,175 $ 5,257 Unfunded capital and other commitments 2,664 2,499 Maximum exposure to loss 9,940 9,436 The Company also has noncontrolling financial investments in private investment funds and partnerships considered to be VIEs, which are not consolidated. The Company’s recorded investment in these entities, carried in other assets on the Consolidated Balance Sheet, was approximately $27 million at September 30, 2016, compared with $32 million at December 31, 2015. The maximum exposure to loss related to these VIEs was $51 million at September 30, 2016 and $47 million at December 31, 2015, representing the Company’s investment balance and its unfunded commitments to invest additional amounts. The Company’s individual net investments in unconsolidated VIEs, which exclude any unfunded capital commitments, ranged from less than $1 million to $42 million at September 30, 2016, compared with less than $1 million to $46 million at December 31, 2015. The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest. The Company sponsors entities to which it transfers its interests in tax-advantaged investments to third parties. At September 30, 2016, approximately $3.4 billion of the Company’s assets and $2.5 billion of its liabilities included on the Consolidated Balance Sheet were related to community development and tax-advantaged investment VIEs which the Company has consolidated, primarily related to these transfers. These amounts compared to $3.0 billion and $2.2 billion, respectively, at December 31, 2015. The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt and other liabilities. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or transferred to others with a guarantee. The Company also sponsors a conduit to which it previously transferred high-grade investment securities. The Company consolidates the conduit because of its ability to manage the activities of the conduit. At September 30, 2016, $27 million of the held-to-maturity investment securities on the Company’s Consolidated Balance Sheet were related to the conduit, compared with $28 million at December 31, 2015. In addition, the Company sponsors a municipal bond securities tender option bond program. The Company controls the activities of the program’s entities, is entitled to the residual returns and provides credit, liquidity and remarketing arrangements to the program. As a result, the Company has consolidated the program’s entities. At September 30, 2016, $1.1 billion of available-for-sale investment securities and $1.0 billion of short-term borrowings on the Consolidated Balance Sheet were related to the tender option bond program, compared with $2.3 billion of available-for-sale investment securities and $2.2 billion of short-term borrowings at December 31, 2015. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Mortgage Servicing Rights | Note 6 Mortgage Servicing Rights The Company serviced $232.1 billion of residential mortgage loans for others at September 30, 2016, and $231.8 billion at December 31, 2015, which include subserviced mortgages with no corresponding MSRs asset. The net impact included in mortgage banking revenue of fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs were net gains of $25 million and $12 million for the three months ended September 30, 2016 and 2015, respectively, and net losses of $7 million and net gains of $18 million for the nine months ended September 30, 2016 and 2015, respectively. Loan servicing and ancillary fees, not including valuation changes, included in mortgage banking revenue were $191 million and $182 million for the three months ended September 30, 2016 and 2015, respectively, and $562 million and $539 million for the nine months ended September 30, 2016 and 2015, respectively. Changes in fair value of capitalized MSRs are summarized as follows: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Balance at beginning of period $ 2,056 $ 2,481 $ 2,512 $ 2,338 Rights purchased 18 7 32 22 Rights capitalized 142 182 372 491 Changes in fair value of MSRs Due to fluctuations in market interest rates (a) 42 (168 ) (446 ) (127 ) Due to revised assumptions or models (b) – 7 – 9 Other changes in fair value (c) (127 ) (112 ) (339 ) (336 ) Balance at end of period $ 2,131 $ 2,397 $ 2,131 $ 2,397 (a) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (b) Includes changes in MSR value not caused by changes in market interest rates, such as changes in cost to service, ancillary income, and discount rate, as well as the impact of any model changes. (c) Primarily represents changes due to realization of expected cash flows over time (decay). The estimated sensitivity to changes in interest rates of the fair value of the MSRs portfolio and the related derivative instruments was as follows: September 30, 2016 December 31, 2015 (Dollars in Millions) Down Down Down Up Up Up Down Down Down Up Up Up MSR portfolio $ (576 ) $ (291 ) $ (148 ) $ 137 $ 259 $ 495 $ (598 ) $ (250 ) $ (114 ) $ 96 $ 176 $ 344 Derivative instrument hedges 542 281 140 (134 ) (264 ) (523 ) 475 226 107 (98 ) (192 ) (377 ) Net sensitivity $ (34 ) $ (10 ) $ (8 ) $ 3 $ (5 ) $ (28 ) $ (123 ) $ (24 ) $ (7 ) $ (2 ) $ (16 ) $ (33 ) The fair value of MSRs and their sensitivity to changes in interest rates is influenced by the mix of the servicing portfolio and characteristics of each segment of the portfolio. The Company’s servicing portfolio consists of the distinct portfolios of government-insured mortgages, conventional mortgages and Housing Finance Agency (“HFA”) mortgages. The servicing portfolios are predominantly comprised of fixed-rate agency loans with limited adjustable-rate or jumbo mortgage loans. The HFA division specializes in servicing loans made under state and local housing authority programs. These programs provide mortgages to low-income and moderate-income borrowers and are generally government-insured programs with a favorable rate subsidy, down payment and/or closing cost assistance. A summary of the Company’s MSRs and related characteristics by portfolio was as follows: September 30, 2016 December 31, 2015 (Dollars in Millions) HFA Government Conventional (c) Total HFA Government Conventional (c) Total Servicing portfolio (a) $ 32,757 $ 38,639 $ 158,251 $ 229,647 $ 26,492 $ 40,350 $ 162,533 $ 229,375 Fair value $ 357 $ 355 $ 1,419 $ 2,131 $ 297 $ 443 $ 1,772 $ 2,512 Value (bps) (b) 109 92 90 93 112 110 109 110 Weighted-average servicing fees (bps) 37 34 27 30 36 34 27 29 Multiple (value/servicing fees) 2.95 2.71 3.33 3.10 3.11 3.24 4.04 3.79 Weighted-average note rate 4.41 % 4.02 % 4.05 % 4.10 % 4.46 % 4.08 % 4.09 % 4.13 % Weighted-average age (in years) 2.9 3.9 3.8 3.7 3.1 3.6 3.4 3.4 Weighted-average expected prepayment (constant prepayment rate) 12.7 % 18.0 % 14.3 % 14.7 % 12.8 % 13.9 % 10.4 % 11.3 % Weighted-average expected life (in years) 6.1 4.6 5.2 5.2 6.1 5.7 6.6 6.4 Weighted-average discount rate 11.7 % 11.1 % 9.4 % 10.0 % 11.8 % 11.2 % 9.4 % 10.0 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Value is calculated as fair value divided by the servicing portfolio. (c) Represents loans sold primarily to GSEs. |
Preferred Stock
Preferred Stock | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Preferred Stock | Note 7 Preferred Stock At September 30, 2016 and December 31, 2015, the Company had authority to issue 50 million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: September 30, 2016 December 31, 2015 (Dollars in Millions) Shares Liquidation Discount Carrying Shares Liquidation Discount Carrying Series A 12,510 $ 1,251 $ 145 $ 1,106 12,510 $ 1,251 $ 145 $ 1,106 Series B 40,000 1,000 – 1,000 40,000 1,000 – 1,000 Series F 44,000 1,100 12 1,088 44,000 1,100 12 1,088 Series G 43,400 1,085 10 1,075 43,400 1,085 10 1,075 Series H 20,000 500 13 487 20,000 500 13 487 Series I 30,000 750 5 745 30,000 750 5 745 Total preferred stock (a) 189,910 $ 5,686 $ 185 $ 5,501 189,910 $ 5,686 $ 185 $ 5,501 (a) The par value of all shares issued and outstanding at September 30, 2016 and December 31, 2015, was $1.00 per share. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 8 Accumulated Other Comprehensive Income (Loss) Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows: Three Months Ended September 30, (Dollars in Millions) Unrealized Gains Unrealized Gains Available-For-Sale Unrealized Gains Unrealized Gains Foreign Total 2016 Balance at beginning of period $ 612 $ 31 $ (133 ) $ (1,006 ) $ (66 ) $ (562 ) Changes in unrealized gains and losses (105 ) – 31 – – (74 ) Foreign currency translation adjustment (a) – – – – 6 6 Reclassification to earnings of realized gains and losses (10 ) (5 ) 28 41 – 54 Applicable income taxes 44 1 (22 ) (16 ) (10 ) (3 ) Balance at end of period $ 541 $ 27 $ (96 ) $ (981 ) $ (70 ) $ (579 ) 2015 Balance at beginning of period $ 301 $ 43 $ (125 ) $ (1,037 ) $ (47 ) $ (865 ) Changes in unrealized gains and losses 202 – (38 ) – – 164 Foreign currency translation adjustment (a) – – – – (28 ) (28 ) Reclassification to earnings of realized gains and losses 1 (6 ) 48 55 – 98 Applicable income taxes (78 ) 2 (4 ) (21 ) 11 (90 ) Balance at end of period $ 426 $ 39 $ (119 ) $ (1,003 ) $ (64 ) $ (721 ) (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. Nine Months Ended September 30, (Dollars in Millions) Unrealized Gains Unrealized Gains Available-For-Sale Unrealized Gains Unrealized Gains Foreign Total 2016 Balance at beginning of period $ 111 $ 36 $ (67 ) $ (1,056 ) $ (43 ) $ (1,019 ) Changes in unrealized gains and losses 716 – (152 ) – – 564 Other-than-temporary impairment not recognized in earnings on securities available-for-sale (1 ) – – – – (1 ) Foreign currency translation adjustment (a) – – – – (30 ) (30 ) Reclassification to earnings of realized gains and losses (16 ) (14 ) 104 122 – 196 Applicable income taxes (269 ) 5 19 (47 ) 3 (289 ) Balance at end of period $ 541 $ 27 $ (96 ) $ (981 ) $ (70 ) $ (579 ) 2015 Balance at beginning of period $ 392 $ 52 $ (172 ) $ (1,106 ) $ (62 ) $ (896 ) Changes in unrealized gains and losses 54 – (61 ) – – (7 ) Foreign currency translation adjustment (a) – – – – (3 ) (3 ) Reclassification to earnings of realized gains and losses 1 (20 ) 147 167 – 295 Applicable income taxes (21 ) 7 (33 ) (64 ) 1 (110 ) Balance at end of period $ 426 $ 39 $ (119 ) $ (1,003 ) $ (64 ) $ (721 ) (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings, is as follows: Impact to Net Income Affected Line Item in the Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Millions) 2016 2015 2016 2015 Unrealized gains (losses) on securities available-for-sale Realized gains (losses) on sale of securities $ 12 $ – $ 19 $ – Total securities gains (losses), net Other-than-temporary impairment recognized in earnings (2 ) (1 ) (3 ) (1 ) 10 (1 ) 16 (1 ) Total before tax (4 ) – (6 ) – Applicable income taxes 6 (1 ) 10 (1 ) Net-of-tax Unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity Amortization of unrealized gains 5 6 14 20 Interest income (1 ) (2 ) (5 ) (7 ) Applicable income taxes 4 4 9 13 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (28 ) (48 ) (104 ) (147 ) Interest expense 11 19 40 57 Applicable income taxes (17 ) (29 ) (64 ) (90 ) Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (41 ) (55 ) (122 ) (167 ) Employee benefits expense 16 21 47 64 Applicable income taxes (25 ) (34 ) (75 ) (103 ) Net-of-tax Total impact to net income $ (32 ) $ (60 ) $ (120 ) $ (181 ) |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 9 Earnings Per Share The components of earnings per share were: Three Months Ended Nine Months Ended (Dollars and Shares in Millions, Except Per Share Data) 2016 2015 2016 2015 Net income attributable to U.S. Bancorp $ 1,502 $ 1,489 $ 4,410 $ 4,403 Preferred dividends (61 ) (62 ) (201 ) (182 ) Impact of the purchase of noncontrolling interests (a) – – 9 – Earnings allocated to participating stock awards (7 ) (5 ) (20 ) (17 ) Net income applicable to U.S. Bancorp common shareholders $ 1,434 $ 1,422 $ 4,198 $ 4,204 Average common shares outstanding 1,710 1,758 1,724 1,770 Net effect of the exercise and assumed purchase of stock awards 6 8 6 8 Average diluted common shares outstanding 1,716 1,766 1,730 1,778 Earnings per common share $ .84 $ .81 $ 2.44 $ 2.38 Diluted earnings per common share $ .84 $ .81 $ 2.43 $ 2.36 (a) Represents the difference between the carrying amount and amount paid by the Company to purchase third party investor holdings of the preferred stock of USB Realty Corp, a consolidated subsidiary of the Company. Options outstanding at September 30, 2016, to purchase 1 million common shares for the three months and nine months ended September 30, 2016, and outstanding at September 30, 2015, to purchase 1 million common shares for the three months and nine months ended September 30, 2015, were not included in the computation of diluted earnings per share because they were antidilutive. |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Note 10 Employee Benefits The components of net periodic benefit cost for the Company’s retirement plans were: Three Months Ended September 30, Nine Months Ended September 30, Pension Plans Postretirement Pension Plans Postretirement (Dollars in Millions) 2016 2015 2016 2015 2016 2015 2016 2015 Service cost $ 45 $ 47 $ – $ – $ 133 $ 141 $ – $ – Interest cost 53 49 – 1 158 146 2 3 Expected return on plan assets (66 ) (56 ) (1 ) – (198 ) (167 ) (1 ) (1 ) Prior service cost (credit) amortization (2 ) (2 ) – (1 ) (4 ) (4 ) (2 ) (2 ) Actuarial loss (gain) amortization 44 59 (1 ) (1 ) 131 176 (3 ) (3 ) Net periodic benefit cost $ 74 $ 97 $ (2 ) $ (1 ) $ 220 $ 292 $ (4 ) $ (3 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 Income Taxes The components of income tax expense were: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Federal Current $ 717 $ 556 $ 1,631 $ 1,355 Deferred (232 ) (114 ) (279 ) (81 ) Federal income tax 485 442 1,352 1,274 State Current 108 103 235 283 Deferred (27 ) (11 ) 25 (16 ) State income tax 81 92 260 267 Total income tax provision $ 566 $ 534 $ 1,612 $ 1,541 A reconciliation of expected income tax expense at the federal statutory rate of 35 percent to the Company’s applicable income tax expense follows: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Tax at statutory rate $ 729 $ 713 $ 2,123 $ 2,095 State income tax, at statutory rates, net of federal tax benefit 53 60 170 174 Tax effect of Tax credits and benefits, net of related expenses (183 ) (177 ) (523 ) (523 ) Tax-exempt income (49 ) (51 ) (148 ) (154 ) Noncontrolling interests (5 ) (5 ) (15 ) (15 ) Other items (a) 21 (6 ) 5 (36 ) Applicable income taxes $ 566 $ 534 $ 1,612 $ 1,541 (a) Includes the resolution of certain tax matters with taxing authorities in the first quarter of 2015. The Company’s income tax returns are subject to review and examination by federal, state, local and foreign government authorities. On an ongoing basis, numerous federal, state, local and foreign examinations are in progress and cover multiple tax years. As of September 30, 2016, the federal taxing authority has completed its examination of the Company through the fiscal year ended December 31, 2010. The years open to examination by foreign, state and local government authorities vary by jurisdiction. The Company’s net deferred tax liability was $1.2 billion at September 30, 2016, and $1.5 billion at December 31, 2015. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 12 Derivative Instruments In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value in other assets or in other liabilities. On the date the Company enters into a derivative contract, the derivative is designated as either a fair value hedge, cash flow hedge, net investment hedge, or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations (“free-standing derivative”). When a derivative is designated as a fair value, cash flow or net investment hedge, the Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s). Fair Value Hedges Cash Flow Hedges Net Investment Hedges Other Derivative Positions For additional information on the Company’s purpose for entering into derivative transactions and its overall risk management strategies, refer to “Management Discussion and Analysis — Use of Derivatives to Manage Interest Rate and Other Risks”, which is incorporated by reference into these Notes to Consolidated Financial Statements. The following table summarizes the asset and liability management derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted- In Years Notional Fair Weighted- In Years September 30, 2016 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 3,800 $ 133 3.89 $ – $ – – Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 500 – 1.33 6,625 176 4.78 Net investment hedges Foreign exchange forward contracts 1,222 8 .05 152 – .05 Other economic hedges Interest rate contracts Futures and forwards Buy 6,723 52 .07 156 1 .12 Sell 1,071 12 .15 8,048 43 .09 Options Purchased 2,200 – .06 – – – Written 3,277 67 .10 20 1 .09 Receive fixed/pay floating swaps 6,952 355 9.59 2,475 10 10.22 Pay fixed/receive floating swaps 47 – 7.95 4,333 341 9.22 Foreign exchange forward contracts 372 4 .04 3,426 25 .01 Equity contracts 64 1 .72 35 – .26 Credit contracts 1,413 1 3.05 3,302 3 3.06 Other (a) 285 2 .01 997 100 2.68 Total $ 27,926 $ 635 $ 29,569 $ 700 December 31, 2015 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 3,050 $ 73 4.43 $ – $ – – Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 1,772 7 9.22 5,009 146 1.13 Net investment hedges Foreign exchange forward contracts 1,140 4 .04 – – – Other economic hedges Interest rate contracts Futures and forwards Buy 3,812 17 .07 452 1 .06 Sell 3,201 12 .09 2,559 7 .12 Options Purchased 2,935 – .06 – – – Written 3,199 29 .10 5 1 .08 Receive fixed/pay floating swaps 3,733 42 9.98 4,748 18 10.18 Pay fixed/receive floating swaps 287 2 9.82 4,158 35 9.97 Foreign exchange forward contracts 3,023 13 .01 2,380 10 .03 Equity contracts 62 – .47 24 1 .82 Credit contracts 1,192 2 2.58 2,821 3 2.99 Other (a) 36 – .04 662 64 2.60 Total $ 27,442 $ 201 $ 22,818 $ 286 (a) Includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $285 million and $36 million at September 30, 2016 and December 31, 2015, respectively, and derivative liability swap agreements related to the sale of a portion of the Company’s Class B common shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted average remaining maturity of $712 million, $98 million and 3.75 years at September 30, 2016, respectively, compared to $626 million, $64 million and 2.75 years at December 31, 2015, respectively. The following table summarizes the customer-related derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted- Notional Fair Weighted- September 30, 2016 Interest rate contracts Receive fixed/pay floating swaps $ 56,962 $ 2,249 5.04 $ 14,464 $ 29 3.17 Pay fixed/receive floating swaps 11,835 29 2.81 59,866 2,385 5.01 Options Purchased 10,127 7 2.11 356 26 .89 Written 449 27 5.47 8,987 3 1.67 Futures Buy 3,540 1 1.41 4,701 – .82 Foreign exchange rate contracts Forwards, spots and swaps 24,249 690 .52 18,252 663 .65 Options Purchased 1,771 47 1.23 – – – Written – – – 1,771 47 1.23 Total $ 108,933 $ 3,050 $ 108,397 $ 3,153 December 31, 2015 Interest rate contracts Receive fixed/pay floating swaps $ 32,647 $ 1,097 5.69 $ 14,068 $ 54 4.71 Pay fixed/receive floating swaps 10,685 43 4.55 35,045 1,160 5.74 Options Purchased 8,705 10 2.61 146 1 2.23 Written 146 2 2.23 8,482 9 2.57 Futures Buy – – – 2,859 2 .84 Sell 45 – .97 – – – Foreign exchange rate contracts Forwards, spots and swaps 18,399 851 .59 17,959 830 .58 Options Purchased 1,485 43 1.19 – – – Written – – – 1,485 43 1.19 Total $ 72,112 $ 2,046 $ 80,044 $ 2,099 The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax): Three Months Ended September 30, Nine Months Ended September 30, Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) (Dollars in Millions) 2016 2015 2016 2015 2016 2015 2016 2015 Asset and Liability Management Positions Cash flow hedges Interest rate contracts (a) $ 20 $ (24 ) $ (17 ) $ (30 ) $ (93 ) $ (38 ) $ (64 ) $ (91 ) Net investment hedges Foreign exchange forward contracts – (1 ) – – (15 ) 79 – – Note: Ineffectiveness on cash flow and net investment hedges was not material for the three and nine months ended September 30, 2016 and 2015. (a) Gains (Losses) reclassified from other comprehensive income (loss) into interest expense. The table below shows the gains (losses) recognized in earnings for fair value hedges, other economic hedges and the customer-related positions: (Dollars in Millions) Location of Gains (Losses) Recognized in Earnings Three Months Nine Months 2016 2015 2016 2015 Asset and Liability Management Positions Fair value hedges (a) Interest rate contracts Other noninterest income $ (31 ) $ 52 $ 63 $ 44 Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue 21 (55 ) (34 ) 133 Purchased and written options Mortgage banking revenue 102 99 315 181 Receive fixed/pay floating swaps Mortgage banking revenue (134 ) 173 268 152 Pay fixed/receive floating swaps Mortgage banking revenue 113 (4 ) 111 (3 ) Foreign exchange forward contracts Commercial products revenue 9 17 (46 ) 103 Equity contracts Compensation expense 1 (1 ) – (2 ) Credit contracts Other noninterest income 1 – – 1 Other Other noninterest income – – (38 ) – Customer-Related Positions Interest rate contracts Receive fixed/pay floating swaps Other noninterest income (397 ) 540 1,326 640 Pay fixed/receive floating swaps Other noninterest income 417 (534 ) (1,289 ) (615 ) Purchased and written options Other noninterest income (4 ) 1 (3 ) 2 Futures Other noninterest income (4 ) 2 3 3 Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 21 19 61 56 Purchased and written options Commercial products revenue 1 – 3 1 (a) Gains (Losses) on items hedged by interest rate contracts included in noninterest income (expense), were $31 million and $(50) million for the three months ended September 30, 2016 and 2015, respectively, and $(61) million and $(43) million for the nine months ended September 30, 2016 and 2015, respectively. The ineffective portion was immaterial for the three and nine months ended September 30, 2016 and 2015. Derivatives are subject to credit risk associated with counterparties to the derivative contracts. The Company measures that credit risk using a credit valuation adjustment and includes it within the fair value of the derivative. The Company manages counterparty credit risk through diversification of its derivative positions among various counterparties, by entering into master netting arrangements and, where possible, by requiring collateral arrangements. A master netting arrangement allows two counterparties, who have multiple derivative contracts with each other, the ability to net settle amounts under all contracts, including any related collateral, through a single payment and in a single currency. Collateral arrangements require the counterparty to deliver collateral (typically cash or U.S. Treasury and agency securities) equal to the Company’s net derivative receivable, subject to minimum transfer and credit rating requirements. The Company’s collateral arrangements are predominately bilateral and, therefore, contain provisions that require collateralization of the Company’s net liability derivative positions. Required collateral coverage is based on certain net liability thresholds and contingent upon the Company’s credit rating from two of the nationally recognized statistical rating organizations. If the Company’s credit rating were to fall below credit ratings thresholds established in the collateral arrangements, the counterparties to the derivatives could request immediate additional collateral coverage up to and including full collateral coverage for derivatives in a net liability position. The aggregate fair value of all derivatives under collateral arrangements that were in a net liability position at September 30, 2016, was $1.6 billion. At September 30, 2016, the Company had $1.5 billion of cash posted as collateral against this net liability position. |
Netting Arrangements for Certai
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | Note 13 Netting Arrangements for Certain Financial Instruments and Securities Financing Activities The majority of the Company’s derivative portfolio consists of bilateral over-the-counter trades. However, current regulations require that certain interest rate swaps and forwards and credit contracts need to be centrally cleared through clearinghouses. In addition, a portion of the Company’s derivative positions are exchange-traded. These are predominately U.S. Treasury futures or options on U.S. Treasury futures. Of the Company’s $274.8 billion total notional amount of derivative positions at September 30, 2016, $122.6 billion related to those centrally cleared through clearinghouses and $11.7 billion related to those that were exchange-traded. Irrespective of how derivatives are traded, the Company’s derivative contracts include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 12 for further discussion of the Company’s derivatives, including collateral arrangements. As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet. Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities or residential agency mortgage-backed securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. At December 31, 2015, the Company had no outstanding securities loaned transactions. The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions: (Dollars in Millions) Overnight and Less Than 30-89 Days Total September 30, 2016 Repurchase agreements U.S. Treasury and agencies $ 39 $ – $ – $ 39 Residential agency mortgage-backed securities 714 54 25 793 Total repurchase agreements 753 54 25 832 Securities loaned Corporate debt securities 259 – – 259 Total securities loaned 259 – – 259 Gross amount of recognized liabilities $ 1,012 $ 54 $ 25 $ 1,091 December 31, 2015 Repurchase agreements U.S. Treasury and agencies $ 122 $ – $ – $ 122 Residential agency mortgage-backed securities 802 168 – 970 Gross amount of recognized liabilities $ 924 $ 168 $ – $ 1,092 The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all of these positions with the defaulting counterparty to be terminated and net settled with a single payment amount. The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties, excluding centrally cleared derivative contracts due to current uncertainty about the legal enforceability of netting arrangements with the clearinghouses. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions. The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default: Gross Recognized Gross Amounts Consolidated Net Amounts Consolidated Gross Amounts Not Offset on the Net Amount (Dollars in Millions) Financial Collateral September 30, 2016 Derivative assets (d) $ 2,341 $ (746 ) $ 1,595 $ (95 ) $ (11 ) $ 1,489 Reverse repurchase agreements 170 – 170 (39 ) (131 ) – Securities borrowed 895 – 895 (3 ) (864 ) 28 Total $ 3,406 $ (746 ) $ 2,660 $ (137 ) $ (1,006 ) $ 1,517 December 31, 2015 Derivative assets (d) $ 1,879 $ (807 ) $ 1,072 $ (82 ) $ – $ 990 Reverse repurchase agreements 106 – 106 (102 ) (4 ) – Securities borrowed 772 – 772 – (753 ) 19 Total $ 2,757 $ (807 ) $ 1,950 $ (184 ) $ (757 ) $ 1,009 (a) Includes $152 million and $165 million of cash collateral related payables that were netted against derivative assets at September 30, 2016 and December 31, 2015, respectively. (b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default. (c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults. (d) Excludes $1.3 billion and $368 million of derivative assets centrally cleared or otherwise not subject to netting arrangements at September 30, 2016 and December 31, 2015, respectively. Gross Recognized Gross Amounts Consolidated Net Amounts Consolidated Gross Amounts Not Offset on the Net Amount (Dollars in Millions) Financial Collateral September 30, 2016 Derivative liabilities (d) $ 1,888 $ (1,485 ) $ 403 $ (95 ) $ – $ 308 Repurchase agreements 832 – 832 (39 ) (793 ) – Securities loaned 259 – 259 (3 ) (253 ) 3 Total $ 2,979 $ (1,485 ) $ 1,494 $ (137 ) $ (1,046 ) $ 311 December 31, 2015 Derivative liabilities (d) $ 1,809 $ (1,283 ) $ 526 $ (82 ) $ – $ 444 Repurchase agreements 1,092 – 1,092 (102 ) (990 ) – Total $ 2,901 $ (1,283 ) $ 1,618 $ (184 ) $ (990 ) $ 444 (a) Includes $891 million and $641 million of cash collateral related receivables that were netted against derivative liabilities at September 30, 2016 and December 31, 2015, respectively. (b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default. (c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults. (d) Excludes $2.0 billion and $576 million of derivative liabilities centrally cleared or otherwise not subject to netting arrangements at September 30, 2016 and December 31, 2015, respectively. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | Note 14 Fair Values of Assets and Liabilities The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, MSRs and substantially all MLHFS are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are: • Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments, including certain perpetual preferred and corporate debt securities. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs, certain debt securities and certain derivative contracts. When the Company changes its valuation inputs for measuring financial assets and financial liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period in which the transfers occur. During the nine months ended September 30, 2016 and 2015, there were no transfers of financial assets or financial liabilities between the hierarchy levels. The Company has processes and controls in place to increase the reliability of estimates it makes in determining fair value measurements. Items quoted on an exchange are verified to the quoted price. Items provided by a third party pricing service are subject to price verification procedures as described in more detail in the specific valuation discussions below. For fair value measurements modeled internally, the Company’s valuation models are subject to the Company’s Model Risk Governance Policy and Program, as maintained by the Company’s risk management department. The purpose of model validation is to assess the accuracy of the models’ input, processing, and reporting components. All models are required to be independently reviewed and approved prior to being placed in use, and are subject to formal change control procedures. Under the Company’s Model Risk Governance Policy, models are required to be reviewed at least annually to ensure they are operating as intended. Inputs into the models are market observable inputs whenever available. When market observable inputs are not available, the inputs are developed based upon analysis of historical experience and evaluation of other relevant market data. Significant unobservable model inputs are subject to review by senior management in corporate functions, who are independent from the modeling. Significant unobservable model inputs are also compared to actual results, typically on a quarterly basis. Significant Level 3 fair value measurements are also subject to corporate-level review and are benchmarked to market transactions or other market data, when available. Additional discussion of processes and controls are provided in the valuation methodologies section that follows. The following section describes the valuation methodologies used by the Company to measure financial assets and liabilities at fair value and for estimating fair value for financial instruments not recorded at fair value as required under disclosure guidance related to the fair value of financial instruments. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the description includes information about the valuation models and key inputs to those models. During the nine months ended September 30, 2016 and 2015, there were no significant changes to the valuation techniques used by the Company to measure fair value. Cash and Due From Banks Federal Funds Sold and Securities Purchased Under Resale Agreements Investment Securities For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third party pricing service. The Company reviews the valuation methodologies utilized by the pricing service and, on a quarterly basis, reviews the security level prices provided by the pricing service against management’s expectation of fair value, based on changes in various benchmarks and market knowledge from recent trading activity. Additionally, each quarter, the Company validates the fair value provided by the pricing services by comparing them to recent observable market trades (where available), broker provided quotes, or other independent secondary pricing sources. Prices obtained from the pricing service are adjusted if they are found to be inconsistent with relevant market data. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, municipal securities, corporate debt securities, agency debt securities and certain perpetual preferred securities. The fair value of securities for which there are no market trades, or where trading is inactive as compared to normal market activity, are classified within Level 3 of the fair value hierarchy. The Company determines the fair value of these securities by using a discounted cash flow methodology and incorporating observable market information, where available. These valuations are modeled by a unit within the Company’s treasury department. The valuations use assumptions regarding housing prices, interest rates and borrower performance. Inputs are refined and updated at least quarterly to reflect market developments and actual performance. The primary valuation drivers of these securities are the prepayment rates, default rates and default severities associated with the underlying collateral, as well as the discount rate used to calculate the present value of the projected cash flows. Level 3 fair values, including the assumptions used, are subject to review by senior management in corporate functions, who are independent from the modeling. The fair value measurements are also compared to fair values provided by third party pricing services and broker provided quotes, where available. Securities classified within Level 3 include non-agency mortgage-backed securities, non-agency commercial mortgage-backed securities, certain asset-backed securities and certain corporate debt securities. Mortgage Loans Held For Sale Loans Mortgage Servicing Rights Derivatives The majority of derivatives held by the Company are executed over-the-counter and are valued using standard cash flow, Black-Derman-Toy and Monte Carlo valuation techniques. The models incorporate inputs, depending on the type of derivative, including interest rate curves, foreign exchange rates and volatility. In addition, all derivative values incorporate an assessment of the risk of counterparty nonperformance, measured based on the Company’s evaluation of credit risk as well as external assessments of credit risk, where available. The Company monitors and manages its nonperformance risk by considering its ability to net derivative positions under master netting arrangements, as well as collateral received or provided under collateral arrangements. Accordingly, the Company has elected to measure the fair value of derivatives, at a counterparty level, on a net basis. The majority of the derivatives are classified within Level 2 of the fair value hierarchy, as the significant inputs to the models, including nonperformance risk, are observable. However, certain derivative transactions are with counterparties where risk of nonperformance cannot be observed in the market and, therefore, the credit valuation adjustments result in these derivatives being classified within Level 3 of the fair value hierarchy. The credit valuation adjustments for nonperformance risk are determined by the Company’s treasury department using credit assumptions provided by the risk management department. The credit assumptions are compared to actual results quarterly and are recalibrated as appropriate. The Company also has other derivative contracts that are created through its operations, including commitments to purchase and originate mortgage loans and swap agreements executed in conjunction with the sale of a portion of its Class B common shares of Visa Inc. (the “Visa swaps”). The mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value, both of which are developed by the Company’s mortgage banking division. The closed loan percentages for the mortgage loan commitments are monitored on an on-going basis, as these percentages are also used for the Company’s economic hedging activities. The inherent MSR value for the commitments are generated by the same models used for the Company’s MSRs and thus are subject to the same processes and controls as described for the MSRs above. The Visa swaps require payments by either the Company or the purchaser of the Visa Inc. Class B common shares when there are changes in the conversion rate of the Visa Inc. Class B common shares to Visa Inc. Class A common shares, as well as quarterly payments to the purchaser based on specified terms of the agreements. Management reviews and updates the Visa swaps fair value in conjunction with its review of Visa related litigation contingencies, and the associated escrow funding. The fair value of the Visa swaps are calculated by the Company’s corporate development department using a discounted cash flow methodology which includes unobservable inputs about the timing and settlement amounts related to the resolution of certain Visa related litigation. The expected litigation resolution impacts the Visa Inc. Class B common share to Visa Inc. Class A common share conversion rate, as well as the ultimate termination date for the Visa swaps. Accordingly, the Visa swaps are classified within Level 3. Refer to Note 15 for further information on the Visa restructuring and related card association litigation. Other Financial Instruments Other financial instruments include cost method equity investments and certain community development and tax-advantaged related assets and liabilities. The majority of the Company’s cost method equity investments are in Federal Home Loan Bank and Federal Reserve Bank stock, for which the carrying amounts approximate fair value and are classified within Level 2. Investments in other equity and limited partnership funds are estimated using fund provided net asset values. These equity investments are classified within Level 3. The community development and tax-advantaged related asset balances primarily represent the underlying assets of consolidated community development and tax-advantaged entities. The community development and tax-advantaged related liabilities represent the underlying liabilities of the consolidated entities (included in long-term debt) and liabilities related to other third party interests (included in other liabilities). The carrying value of the community development and tax-advantaged related asset and other liability balances are a reasonable estimate of fair value and are classified within Level 3. Refer to Note 5 for further information on community development and tax-advantaged related assets and liabilities. Fair value is provided for disclosure purposes only. Deposit Liabilities The fair value of demand deposits, savings accounts and certain money market deposits is equal to the amount payable on demand. The fair value of fixed-rate certificates of deposit was estimated by discounting the contractual cash flow using current market rates. Deposit liabilities are classified within Level 2. Fair value is provided for disclosure purposes only. Short-term Borrowings Long-term Debt Loan Commitments, Letters of Credit and Guarantees Significant Unobservable Inputs of Level 3 Assets and Liabilities The following section provides information on the significant inputs used by the Company to determine the fair value measurements of Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. In addition, the following section includes a discussion of the sensitivity of the fair value measurements to changes in the significant inputs and a description of any interrelationships between these inputs for Level 3 assets and liabilities recorded at fair value on a recurring basis. The discussion below excludes nonrecurring fair value measurements of collateral value used for impairment measures for loans and OREO. These valuations utilize third party appraisal or broker price opinions, and are classified as Level 3 due to the significant judgment involved. Available-For-Sale Investment Securities The significant unobservable inputs used in the fair value measurement of the Company’s modeled Level 3 available-for-sale investment securities are prepayment rates, probability of default and loss severities associated with the underlying collateral, as well as the discount margin used to calculate the present value of the projected cash flows. Increases in prepayment rates for Level 3 securities will typically result in higher fair values, as increased prepayment rates accelerate the receipt of expected cash flows and reduce exposure to credit losses. Increases in the probability of default and loss severities will result in lower fair values, as these increases reduce expected cash flows. Discount margin is the Company’s estimate of the current market spread above the respective benchmark rate. Higher discount margin will result in lower fair values, as it reduces the present value of the expected cash flows. Prepayment rates generally move in the opposite direction of market interest rates. In the current environment, an increase in the probability of default will generally be accompanied with an increase in loss severity, as both are impacted by underlying collateral values. Discount margins are influenced by market expectations about the security’s collateral performance and, therefore, may directionally move with probability and severity of default; however, discount margins are also impacted by broader market forces, such as competing investment yields, sector liquidity, economic news, and other macroeconomic factors. The following table shows the significant valuation assumption ranges for Level 3 available-for-sale investment securities at September 30, 2016: Minimum Maximum Average Residential Prime Non-Agency Mortgage-Backed Securities (a) Estimated lifetime prepayment rates 6 % 19 % 14 % Lifetime probability of default rates – 6 4 Lifetime loss severity rates 15 65 35 Discount margin 2 6 4 Residential Non-Prime Non-Agency Mortgage-Backed Securities (b) Estimated lifetime prepayment rates 3 % 15 % 8 % Lifetime probability of default rates 4 12 7 Lifetime loss severity rates 15 75 51 Discount margin 2 10 4 Other Asset-Backed Securities Estimated lifetime prepayment rates 6 % 6 % 6 % Lifetime probability of default rates 5 5 5 Lifetime loss severity rates 40 40 40 Discount margin 6 6 6 (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. Mortgage Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are expected prepayments and the discount rate used to calculate the present value of the projected cash flows. Significant increases in either of these inputs in isolation would result in a significantly lower fair value measurement. Significant decreases in either of these inputs in isolation would result in a significantly higher fair value measurement. There is no direct interrelationship between prepayments and discount rate. Prepayment rates generally move in the opposite direction of market interest rates. Discount rates are generally impacted by changes in market return requirements. The following table shows the significant valuation assumption ranges for MSRs at September 30, 2016: Minimum Maximum Average Expected prepayment 12 % 20 % 15 % Discount rate 9 13 10 Derivatives The Company has two distinct Level 3 derivative portfolios: (i) the Company’s commitments to purchase and originate mortgage loans that meet the requirements of a derivative and (ii) the Company’s asset/liability and customer-related derivatives that are Level 3 due to unobservable inputs related to measurement of risk of nonperformance by the counterparty. In addition, the Company’s Visa swaps are classified within Level 3. The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to purchase and originate mortgage loans are the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. A significant increase in the rate of loans that close would result in a larger derivative asset or liability. A significant increase in the inherent MSR value would result in an increase in the derivative asset or a reduction in the derivative liability. Expected loan close rates and the inherent MSR values are directly impacted by changes in market rates and will generally move in the same direction as interest rates. The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at September 30, 2016: Minimum Maximum Average Expected loan close rate 17 % 99 % 77 % Inherent MSR value (basis points per loan) 46 192 112 The significant unobservable input used in the fair value measurement of certain of the Company’s asset/liability and customer-related derivatives is the credit valuation adjustment related to the risk of counterparty nonperformance. A significant increase in the credit valuation adjustment would result in a lower fair value measurement. A significant decrease in the credit valuation adjustment would result in a higher fair value measurement. The credit valuation adjustment is impacted by changes in the Company’s assessment of the counterparty’s credit position. At September 30, 2016, the minimum, maximum and average credit valuation adjustment as a percentage of the derivative contract fair value prior to adjustment was 0 percent, 98 percent and 4 percent, respectively. The significant unobservable inputs used in the fair value measurement of the Visa swaps are management’s estimate of the probability of certain litigation scenarios, and the timing of the resolution of the related litigation loss estimates in excess, or shortfall, of the Company’s proportional share of escrow funds. An increase in the loss estimate or a delay in the resolution of the related litigation would result in an increase in the derivative liability. A decrease in the loss estimate or an acceleration of the resolution of the related litigation would result in a decrease in the derivative liability. The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis: (Dollars in Millions) Level 1 Level 2 Level 3 Netting Total September 30, 2016 Available-for-sale securities U.S. Treasury and agencies $ 13,820 $ 810 $ – $ – $ 14,630 Mortgage-backed securities Residential Agency – 45,433 – – 45,433 Non-agency Prime (a) – – 259 – 259 Non-prime (b) – – 206 – 206 Commercial Agency – 16 – – 16 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 13 – – 13 Other – 522 2 – 524 Obligations of state and political subdivisions – 5,376 – – 5,376 Corporate debt securities 52 518 9 – 579 Perpetual preferred securities 27 26 – – 53 Other investments 36 30 – – 66 Total available-for-sale 13,935 52,744 476 – 67,155 Mortgage loans held for sale – 5,572 – – 5,572 Mortgage servicing rights – – 2,131 – 2,131 Derivative assets 1 2,578 1,106 (746 ) 2,939 Other assets 176 1,490 – – 1,666 Total $ 14,112 $ 62,384 $ 3,713 $ (746 ) $ 79,463 Derivative liabilities $ – $ 3,678 $ 175 $ (1,485 ) $ 2,368 Short-term borrowings (c) 210 898 – – 1,108 Total $ 210 $ 4,576 $ 175 $ (1,485 ) $ 3,476 December 31, 2015 Available-for-sale securities U.S. Treasury and agencies $ 3,708 $ 888 $ – $ – $ 4,596 Mortgage-backed securities Residential Agency – 50,076 – – 50,076 Non-agency Prime (a) – – 318 – 318 Non-prime (b) – – 240 – 240 Commercial Agency – 52 – – 52 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 19 – – 19 Other – 539 2 – 541 Obligations of state and political subdivisions – 5,316 – – 5,316 Corporate debt securities 102 499 9 – 610 Perpetual preferred securities 48 113 – – 161 Other investments 40 28 – – 68 Total available-for-sale 3,898 57,530 569 – 61,997 Mortgage loans held for sale – 3,110 – – 3,110 Mortgage servicing rights – – 2,512 – 2,512 Derivative assets – 1,632 615 (807 ) 1,440 Other assets 202 589 – – 791 Total $ 4,100 $ 62,861 $ 3,696 $ (807 ) $ 69,850 Derivative liabilities $ 2 $ 2,266 $ 117 $ (1,283 ) $ 1,102 Short-term borrowings (c) 122 645 – – 767 Total $ 124 $ 2,911 $ 117 $ (1,283 ) $ 1,869 (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. (c) Represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended September 30: (Dollars in Millions) Beginning Net Gains Net Gains Purchases Sales Principal Issuances Settlements End of Period Net Change in 2016 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 280 $ – $ – $ – $ – $ (21 ) $ – $ – $ 259 $ – Non-prime (b) 216 – (1 ) – – (9 ) – – 206 (1 ) Asset-backed securities Other 2 – – – – – – – 2 – Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 507 – (c) (1 ) (f) – – (30 ) – – 476 (1 ) Mortgage servicing rights 2,056 (85 ) (d) – 18 – – 142 (g) – 2,131 (85 ) (d) Net derivative assets and liabilities 1,080 84 (e) – – (2 ) – – (231 ) 931 16 (h) 2015 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 363 $ – $ – $ – $ – $ (25 ) $ – $ – $ 338 $ – Non-prime (b) 262 (1 ) 1 – – (11 ) – – 251 1 Asset-backed securities Other 58 2 (1 ) – – (3 ) – – 56 (1 ) Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 692 1 (i) – (f) – – (39 ) – – 654 – Mortgage servicing rights 2,481 (273 ) (d) – 7 – – 182 (g) – 2,397 (273 ) (d) Net derivative assets and liabilities 478 426 (j) – – (2 ) – – (219 ) 683 231 (k) (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. (c) Approximately $(1) million included in securities gain (losses) and $1 million included in interest income. (d) Included in mortgage banking revenue. (e) Approximately $(73) million included in other noninterest income and $157 million included in mortgage banking revenue. (f) Included in changes in unrealized gains and losses on securities available-for-sale. (g) Represents MSRs capitalized during the period. (h) Approximately $(81) million included in other noninterest income and $97 million included in mortgage banking revenue. (i) Included in interest income. (j) Approximately $274 million included in other noninterest income and $152 million included in mortgage banking revenue. (k) Approximately $159 million included in other noninterest income and $72 million included in mortgage banking revenue. The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30: (Dollars in Millions) Beginning Net Gains Net Gains Purchases Sales Principal Issuances Settlements End Net Change in 2016 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 318 $ (1 ) $ – $ – $ – $ (58 ) $ – $ – $ 259 $ – Non-prime (b) 240 (1 ) (4 ) – – (29 ) – – 206 (4 ) Asset-backed securities Other 2 – – – – – – – 2 – Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 569 (2 ) (c) (4 ) (f) – – (87 ) – – 476 (4 ) Mortgage servicing rights 2,512 (785 ) (d) – 32 – – 372 (g) – 2,131 (785 ) (d) Net derivative assets and liabilities 498 1,047 (e) – 1 (5 ) – – (610 ) 931 494 (h) 2015 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 405 $ – $ (2 ) $ – $ – $ (65 ) $ – $ – $ 338 $ (2 ) Non-prime (b) 280 (1 ) 1 – – (29 ) – – 251 1 Asset-backed securities Other 62 4 (1 ) – – (9 ) – – 56 (1 ) Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 756 3 (i) (2 ) (f) – – (103 ) – – 654 (2 ) Mortgage servicing rights 2,338 (454 ) (d) – 22 – – 491 (g) – 2,397 (454 ) (d) Net derivative assets and liabilities 574 725 (j) – – (7 ) – – (609 ) 683 203 (k) (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. (c) Approximately $(3) million included in securities gain (losses) and $1 million included in interest income. (d) Included in mortgage banking revenue. (e) Approximately $560 million included in other noninterest income and $487 million included in mortgage banking revenue. (f) Included in changes in unrealized gains and losses on securities available-for-sale. (g) Represents MSRs capitalized during the period. (h) Approximately $397 million included in other noninterest income and $97 million included in mortgage banking revenue. (i) Included in interest income. (j) Approximately $360 million included in other noninterest income and $365 million included in mortgage banking revenue. (k) Approximately $131 million included in other noninterest income and $72 million included in mortgage banking revenue. The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of lower-of-cost-or-fair value accounting or write-downs of individual assets. The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date: September 30, 2016 December 31, 2015 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 128 $ 128 $ – $ – $ 87 $ 87 Other assets (b) – – 54 54 – – 66 66 (a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition. The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Loans (a) $ 45 $ 99 $ 156 $ 139 Other assets (b) 6 10 25 29 (a) Represents write-downs of student loans held for sale based on non-binding quoted prices received for the portfolio, that were subsequently transferred to loans, and write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition. Fair Value Option The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity: September 30, 2016 December 31, 2015 (Dollars in Millions) Fair Aggregate Carrying Fair Aggregate Carrying Total loans $ 5,572 $ 5,368 $ 204 $ 3,110 $ 3,032 $ 78 Nonaccrual loans 3 4 (1 ) 5 7 (2 ) Loans 90 days or mor |
Guarantees and Contingent Liabi
Guarantees and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and Contingent Liabilities | Note 15 Guarantees and Contingent Liabilities Visa Restructuring and Card Association Litigation The Company’s payment services business issues credit and debit cards and acquires credit and debit card transactions through the Visa U.S.A. Inc. card association or its affiliates (collectively “Visa”). In 2007, Visa completed a restructuring and issued shares of Visa Inc. common stock to its financial institution members in contemplation of its initial public offering (“IPO”) completed in the first quarter of 2008 (the “Visa Reorganization”). As a part of the Visa Reorganization, the Company received its proportionate number of shares of Visa Inc. common stock, which were subsequently converted to Class B shares of Visa Inc. (“Class B shares”). Visa U.S.A. Inc. (“Visa U.S.A.”) and MasterCard International (collectively, the “Card Associations”) are defendants in antitrust lawsuits challenging the practices of the Card Associations (the “Visa Litigation”). Visa U.S.A. member banks have a contingent obligation to indemnify Visa Inc. under the Visa U.S.A. bylaws (which were modified at the time of the restructuring in October 2007) for potential losses arising from the Visa Litigation. The indemnification by the Visa U.S.A. member banks has no specific maximum amount. Using proceeds from its IPO and through reductions to the conversion ratio applicable to the Class B shares held by Visa U.S.A. member banks, Visa Inc. has funded an escrow account for the benefit of member financial institutions to fund their indemnification obligations associated with the Visa Litigation. The receivable related to the escrow account is classified in other liabilities as a direct offset to the related Visa Litigation contingent liability. On October 19, 2012, Visa signed a settlement agreement to resolve class action claims associated with the multi-district interchange litigation, the largest of the remaining Visa Litigation matters. The United States District Court for the Eastern District of New York approved the settlement, but that approval was appealed by certain class members. On June 30, 2016, the United States Court of Appeals for the Second Circuit reversed the approval of the settlement and remanded the case to the district court for further proceedings. At September 30, 2016, the carrying amount of the Company’s liability related to the Visa Litigation matters, net of its share of the escrow fundings, was $19 million. During the three and nine months ended September 30, 2016, the Company sold 0.2 million and 0.7 million, respectively, of its Class B shares. These sales, and any previous sales of its Class B shares, do not impact the Company’s liability for the Visa Litigation matters or the receivable related to the escrow account. Upon final settlement of the Visa Litigation, the remaining 5.7 million Class B shares held by the Company will be eligible for conversion to Class A shares of Visa Inc., which are publicly traded. The Class B shares are excluded from the Company’s financial instruments disclosures included in Note 14. Other Guarantees and Contingent Liabilities The following table is a summary of other guarantees and contingent liabilities of the Company at September 30, 2016: (Dollars in Millions) Collateral Carrying Maximum Standby letters of credit $ – $ 63 $ 12,326 Third party borrowing arrangements – – 13 Securities lending indemnifications 3,442 – 3,382 Asset sales – 105 5,799 (a) Merchant processing 552 57 96,919 Tender option bond program guarantee 1,051 – 1,028 Minimum revenue guarantees – – 9 Other – – 867 (a) The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans. Merchant Processing The Company, through its subsidiaries, provides merchant processing services. Under the rules of credit card associations, a merchant processor retains a contingent liability for credit card transactions processed. This contingent liability arises in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder’s favor. In this situation, the transaction is “charged-back” to the merchant and the disputed amount is credited or otherwise refunded to the cardholder. If the Company is unable to collect this amount from the merchant, it bears the loss for the amount of the refund paid to the cardholder. The Company currently processes card transactions in the United States, Canada, Europe and Mexico through wholly-owned subsidiaries and joint ventures with other financial institutions. In the event a merchant was unable to fulfill product or services subject to future delivery, such as airline tickets, the Company could become financially liable for refunding tickets purchased through the credit card associations under the charge-back provisions. Charge-back risk related to these merchants is evaluated in a manner similar to credit risk assessments and, as such, merchant processing contracts contain various provisions to protect the Company in the event of default. At September 30, 2016, the value of airline tickets purchased to be delivered at a future date was $6.7 billion. The Company held collateral of $427 million in escrow deposits, letters of credit and indemnities from financial institutions, and liens on various assets. Asset Sales The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representations and warranties to the GSEs in conjunction with these sales. These representations and warranties generally require the Company to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Company is unable to cure or refute a repurchase request, the Company is generally obligated to repurchase the loan or otherwise reimburse the counterparty for losses. At September 30, 2016, the Company had reserved $21 million for potential losses from representation and warranty obligations, compared with $30 million at December 31, 2015. The Company’s reserve reflects management’s best estimate of losses for representation and warranty obligations. The Company’s repurchase reserve is modeled at the loan level, taking into consideration the individual credit quality and borrower activity that has transpired since origination. The model applies credit quality and economic risk factors to derive a probability of default and potential repurchase that are based on the Company’s historical loss experience, and estimates loss severity based on expected collateral value. The Company also considers qualitative factors that may result in anticipated losses differing from historical loss trends. As of September 30, 2016 and December 31, 2015, the Company had $7 million and $12 million, respectively, of unresolved representation and warranty claims from the GSEs. The Company does not have a significant amount of unresolved claims from investors other than the GSEs. Litigation and Regulatory Matters The Company is subject to various litigation and regulatory matters that arise in the ordinary course of its business. The Company establishes reserves for such matters when potential losses become probable and can be reasonably estimated. The Company believes the ultimate resolution of existing legal and regulatory matters will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results from operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results from operations, potentially materially. Litigation Matters In the last several years, the Company and other large financial institutions have been sued in their capacity as trustee for residential mortgage–backed securities trusts. Among these lawsuits are actions originally brought in June 2014 by a group of institutional investors, including BlackRock and PIMCO funds, against six bank trustees, including the Company. The actions brought by these institutional investors against the Company are in their early stages and currently are pending in the Supreme Court of the State of New York, New York County, and in the United States District Court for the Southern District of New York. In these lawsuits, the investors allege that the Company’s banking subsidiary, U.S. Bank National Association, as trustee caused them to incur substantial losses by failing to enforce loan repurchase obligations and failing to abide by appropriate standards of care after events of default allegedly occurred. The plaintiffs seek monetary damages in an unspecified amount and also seek equitable relief. Regulatory Matters The Company is currently subject to examinations, inquiries and investigations by government agencies and bank regulators concerning mortgage-related practices, including those related to compliance with selling guidelines relating to residential home loans sold to GSEs, foreclosure-related expenses submitted to the Federal Housing Administration or GSEs for reimbursement, lender-placed insurance, and notices and filings in bankruptcy cases. The Company is also subject to ongoing examinations, inquiries and investigations by government agencies, bank regulators and law enforcement with respect to Bank Secrecy Act/anti-money laundering compliance program adequacy and effectiveness and sanctions compliance requirements as administered by the Office of Foreign Assets Control. The Company is cooperating with an investigation currently being conducted by the U.S. Attorney’s Office in Manhattan regarding its banking relationship with Scott Tucker, who has been indicted over the operation of an allegedly illegal payday lending business. Tucker, who is challenging his indictment, and his businesses maintained certain deposit accounts with U.S. Bank National Association. The U.S. Attorney’s Office has also requested information on aspects of the Company’s Bank Secrecy Act/anti-money laundering compliance program. The Company is continually subject to examinations, inquiries and investigations in areas of increasing regulatory scrutiny, such as compliance, risk management, third party risk management and consumer protection. The Company is cooperating fully with all pending examinations, inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. Remedies in these proceedings or settlements may include fines, penalties, restitution or alterations in the Company’s business practices (which may increase the Company’s operating expenses and decrease its revenue). In October 2015, the Company entered into a Consent Order with the Office of the Comptroller of the Currency (the “OCC”) concerning deficiencies in its Bank Secrecy Act/anti-money laundering compliance program, and requiring an ongoing review of that program. If the Company does not satisfactorily correct the identified deficiencies, it could be required to enter into further orders, pay fines or penalties or further modify its business practices. Some of the compliance program enhancements and other actions required by the Consent Order have already been, or are currently in the process of being, implemented, and are not expected to be material to the Company. In April 2011, the Company and certain other large financial institutions entered into Consent Orders with the OCC and the Board of Governors of the Federal Reserve System relating to residential mortgage servicing and foreclosure practices. In June 2015, the Company entered into an agreement to amend the 2011 Consent Order it had with the OCC. The OCC terminated the amended Consent Order in February 2016. Depending on the Company’s progress toward addressing the requirements of the 2011 Consent Order it has with the Board of Governors of the Federal Reserve System, the Company may be required to enter into further orders and settlements, pay additional fines or penalties, make restitution or further modify the Company’s business practices (which may increase the Company’s operating expenses and decrease its revenue). Outlook Due to their complex nature, it can be years before litigation and regulatory matters are resolved. The Company may be unable to develop an estimate or range of loss where matters are in early stages, there are significant factual or legal issues to be resolved, damages are unspecified or uncertain, or there is uncertainty as to a litigation class being certified or the outcome of pending motions, appeals or proceedings. For those litigation and regulatory matters where the Company has information to develop an estimate or range of loss, the Company believes the upper end of reasonably possible losses in aggregate, in excess of any reserves established for matters where a loss is considered probable, will not be material to its financial condition, results of operations or cash flows. The Company’s estimates are subject to significant judgment and uncertainties, and the matters underlying the estimates will change from time to time. Actual results may vary significantly from the current estimates. For additional information on the nature of the Company’s guarantees and contingent liabilities, refer to Note 23 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16 Subsequent Events The Company has evaluated the impact of events that have occurred subsequent to September 30, 2016 through the date the consolidated financial statements were filed with the United States Securities and Exchange Commission. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. In the opinion of management of U.S. Bancorp (the “Company”), all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Certain amounts in prior periods have been reclassified to conform to the current presentation. Accounting policies for the lines of business are generally the same as those used in preparation of the consolidated financial statements with respect to activities specifically attributable to each business line. However, the preparation of business line results requires management to establish methodologies to allocate funding costs, expenses and other financial elements to each line of business. Table 11 “Line of Business Financial Performance” included in Management’s Discussion and Analysis provides details of segment results. This information is incorporated by reference into these Notes to Consolidated Financial Statements. |
Accounting Changes | Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued accounting guidance, originally effective for the Company on January 1, 2017, related to revenue recognition from contracts with customers. In August 2015, the FASB delayed the effective date of this guidance by one year, resulting in it becoming effective for the Company on January 1, 2018. This guidance amends certain currently existing revenue recognition accounting guidance and allows for either retrospective application to all periods presented or a modified retrospective approach where the guidance would only be applied to existing contracts in effect at the adoption date and new contracts going forward. The Company is currently evaluating the impact of this guidance under the modified retrospective approach and expects the adoption will not be material to its financial statements. Accounting for Leases In February 2016, the FASB issued accounting guidance, effective for the Company on January 1, 2019, related to the accounting for leases. This guidance will require lessees to recognize all leases on the Consolidated Balance Sheet as lease assets and lease liabilities, with lessor accounting being largely unchanged. This guidance also requires additional disclosures regarding leasing arrangements. The Company expects the adoption of this guidance will not be material to its financial statements. Financial Instruments — Credit Losses In June 2016, the FASB issued accounting guidance, effective for the Company on January 1, 2020, related to the impairment of financial instruments. This guidance changes existing impairment recognition to a model that is based on expected losses rather than incurred losses, which is intended to result in more timely recognition of credit losses. This guidance is also intended to reduce the complexity of current accounting guidance by decreasing the number of credit impairment models that entities use to account for debt instruments. The Company is currently evaluating the impact of this guidance on its financial statements. |
Loans and Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses is established for probable and estimable losses incurred in the Company’s loan and lease portfolio, including unfunded credit commitments, and includes certain amounts that do not represent loss exposure to the Company because those losses are recoverable under loss sharing agreements with the Federal Deposit Insurance Corporation (“FDIC”). The allowance for credit losses is increased through provisions charged to operating earnings and reduced by net charge-offs. Management evaluates the allowance each quarter to ensure it appropriately reserves for incurred losses. The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. In the migration analysis applied to risk rated loan portfolios, the Company currently examines up to a 15-year period of loss experience. For each loan type, this historical loss experience is adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices or economic conditions. The results of the analysis are evaluated quarterly to confirm an appropriate historical time frame is selected for each commercial loan type. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans, rather than the migration analysis. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, portfolio growth and historical losses, adjusted for current trends. The Company also considers the impacts of any loan modifications made to commercial lending segment loans and any subsequent payment defaults to its expectations of cash flows, principal balance, and current expectations about the borrower’s ability to pay in determining the allowance for credit losses. The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral less costs to sell. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed loan-to-value ratios when possible, portfolio growth and historical losses, adjusted for current trends. The Company also considers any modifications made to consumer lending segment loans including the impacts of any subsequent payment defaults since modification in determining the allowance for credit losses, such as the borrower’s ability to pay under the restructured terms, and the timing and amount of payments. The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered loans and reflects decreases in expected cash flows of those loans after the acquisition date. The provision for credit losses for covered loans considers the indemnification provided by the FDIC. In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, historical loss experience is also incorporated into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows. The Company’s methodology for determining the appropriate allowance for credit losses for each loan segment also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards, internal review and other relevant business practices; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments. The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments. Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company. For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period. Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual. Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due, and placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when they are behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged off. Credit cards are charged off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due; and revolving consumer lines are charged off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual. For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current. Covered loans not considered to be purchased impaired are evaluated for delinquency, nonaccrual status and charge-off consistent with the class of loan they would be included in had the loss share coverage not been in place. Generally, purchased impaired loans are considered accruing loans. However, the timing and amount of future cash flows for some loans is not reasonably estimable, and those loans are classified as nonaccrual loans with interest income not recognized until the timing and amount of the future cash flows can be reasonably estimated. The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include: pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those that have a potential weakness deserving management’s close attention. Classified loans are those where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans. For all loan classes, a loan is considered to be impaired when, based on current events or information, it is probable the Company will be unable to collect all amounts due per the contractual terms of the loan agreement. Impaired loans include all nonaccrual and TDR loans. For all loan classes, interest income on TDR loans is recognized under the modified terms and conditions if the borrower has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Interest income is generally not recognized on other impaired loans until the loan is paid off. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. Factors used by the Company in determining whether all principal and interest payments due on commercial and commercial real estate loans will be collected and, therefore, whether those loans are impaired include, but are not limited to, the financial condition of the borrower, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on industry, geographic location and certain financial ratios. The evaluation of impairment on residential mortgages, credit card loans and other retail loans is primarily driven by delinquency status of individual loans or whether a loan has been modified, and considers any government guarantee where applicable. Individual covered loans, whose future losses are covered by loss sharing agreements with the FDIC that substantially reduce the risk of credit losses to the Company, are evaluated for impairment and accounted for in a manner consistent with the class of loan they would have been included in had the loss sharing coverage not been in place. Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in payments to be received. The Company recognizes interest on TDRs if the borrower complies with the revised terms and conditions as agreed upon with the Company and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles, which is generally six months or greater. To the extent a previous restructuring was insignificant, the Company considers the cumulative effect of past restructurings related to the receivable when determining whether a current restructuring is a TDR. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes. The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case basis in connection with ongoing loan collection processes. For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate, which may not be deemed a market rate of interest. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may waive contractual principal. The Company classifies all of the above concessions as TDRs to the extent the Company determines that the borrower is experiencing financial difficulty. Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company participates in the U.S. Department of Treasury Home Affordable Modification Program (“HAMP”). HAMP gives qualifying homeowners an opportunity to permanently modify residential mortgage loans and achieve more affordable monthly payments, with the U.S. Department of Treasury compensating the Company for a portion of the reduction in monthly amounts due from borrowers participating in this program. The Company also modifies residential mortgage loans under Federal Housing Administration, Department of Veterans Affairs, or its own internal programs. Under these programs, the Company provides concessions to qualifying borrowers experiencing financial difficulties. The concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs and continues to report them as TDRs after the trial period. Credit card and other retail loan TDRs are generally part of distinct restructuring programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs. Modifications to loans in the covered segment are similar in nature to that described above for non-covered loans, and the evaluation and determination of TDR status is similar, except that acquired loans restructured after acquisition are not considered TDRs for accounting and disclosure purposes if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. Losses associated with the modification on covered loans, including the economic impact of interest rate reductions, are generally eligible for reimbursement under loss sharing agreements with the FDIC. Interest income is recognized on purchased impaired loans through accretion of the difference between the carrying amount of those loans and their expected cash flows. The initial determination of the fair value of the purchased loans includes the impact of expected credit losses and, therefore, no allowance for credit losses is recorded at the purchase date. To the extent credit deterioration occurs after the date of acquisition, the Company records an allowance for credit losses. |
Accounting for Transfers and Servicing of Financial Assets | In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on mortgage servicing rights (“MSRs”), refer to Note 6. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance sheet. |
Variable Interest Entities | The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits. The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest. The Company sponsors entities to which it transfers its interests in tax-advantaged investments to third parties. The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt and other liabilities. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or transferred to others with a guarantee. Effective January 1, 2016, the Company adopted accounting guidance, issued by the FASB in February 2015, relating to the analysis required by organizations to evaluate whether they should consolidate certain legal entities. The adoption of this guidance did not have a material impact on the Company’s financial statements, and specifically excludes registered money market funds from the consolidation analysis. The Company provides financial support primarily through the use of waivers of management fees associated with various registered money market funds it manages, which are excluded from the consolidation analysis. |
Netting Arrangements for Certain Financial Instruments | Irrespective of how derivatives are traded, the Company’s derivative contracts include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet. Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities or residential agency mortgage-backed securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all of these positions with the defaulting counterparty to be terminated and net settled with a single payment amount. The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties, excluding centrally cleared derivative contracts due to current uncertainty about the legal enforceability of netting arrangements with the clearinghouses. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions. |
Fair Values of Assets and Liabilities | The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, MSRs and substantially all MLHFS are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are: • Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments, including certain perpetual preferred and corporate debt securities. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs, certain debt securities and certain derivative contracts. When the Company changes its valuation inputs for measuring financial assets and financial liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period in which the transfers occur. The Company has processes and controls in place to increase the reliability of estimates it makes in determining fair value measurements. Items quoted on an exchange are verified to the quoted price. Items provided by a third party pricing service are subject to price verification procedures as described in more detail in the specific valuation discussions below. For fair value measurements modeled internally, the Company’s valuation models are subject to the Company’s Model Risk Governance Policy and Program, as maintained by the Company’s risk management department. The purpose of model validation is to assess the accuracy of the models’ input, processing, and reporting components. All models are required to be independently reviewed and approved prior to being placed in use, and are subject to formal change control procedures. Under the Company’s Model Risk Governance Policy, models are required to be reviewed at least annually to ensure they are operating as intended. Inputs into the models are market observable inputs whenever available. When market observable inputs are not available, the inputs are developed based upon analysis of historical experience and evaluation of other relevant market data. Significant unobservable model inputs are subject to review by senior management in corporate functions, who are independent from the modeling. Significant unobservable model inputs are also compared to actual results, typically on a quarterly basis. Significant Level 3 fair value measurements are also subject to corporate-level review and are benchmarked to market transactions or other market data, when available. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Line of Business Financial Performance | Table 11 Line of Business Financial Performance Wholesale Banking and Commercial Real Estate Consumer and Small Business Banking Three Months Ended September 30, (Dollars in Millions) 2016 2015 Percent 2016 2015 Percent Condensed Income Statement Net interest income (taxable-equivalent basis) $ 563 $ 507 11.0 % $ 1,203 $ 1,150 4.6 % Noninterest income 220 225 (2.2 ) 712 629 13.2 Securities gains (losses), net – – – – – – Total net revenue 783 732 7.0 1,915 1,779 7.6 Noninterest expense 348 329 5.8 1,275 1,247 2.2 Other intangibles 1 1 – 8 10 (20.0 ) Total noninterest expense 349 330 5.8 1,283 1,257 2.1 Income before provision and income taxes 434 402 8.0 632 522 21.1 Provision for credit losses 73 80 (8.8 ) 45 31 45.2 Income before income taxes 361 322 12.1 587 491 19.6 Income taxes and taxable-equivalent adjustment 131 117 12.0 214 179 19.6 Net income 230 205 12.2 373 312 19.6 Net (income) loss attributable to noncontrolling interests – – – – – – Net income attributable to U.S. Bancorp $ 230 $ 205 12.2 $ 373 $ 312 19.6 Average Balance Sheet Commercial $ 70,813 $ 64,984 9.0 % $ 10,546 $ 10,004 5.4 % Commercial real estate 21,476 20,587 4.3 18,300 17,857 2.5 Residential mortgages 8 8 – 53,933 49,924 8.0 Credit card – – – – – – Other retail 2 2 – 50,785 46,717 8.7 Total loans, excluding covered loans 92,299 85,581 7.8 133,564 124,502 7.3 Covered loans – – – 4,107 4,839 (15.1 ) Total loans 92,299 85,581 7.8 137,671 129,341 6.4 Goodwill 1,647 1,647 – 3,681 3,681 – Other intangible assets 16 20 (20.0 ) 2,270 2,661 (14.7 ) Assets 100,871 93,681 7.7 153,496 147,273 4.2 Noninterest-bearing deposits 36,624 36,929 (.8 ) 28,380 26,514 7.0 Interest checking 9,628 7,528 27.9 43,827 40,005 9.6 Savings products 44,288 28,855 53.5 57,777 54,161 6.7 Time deposits 13,490 13,827 (2.4 ) 14,280 15,439 (7.5 ) Total deposits 104,030 87,139 19.4 144,264 136,119 6.0 Total U.S. Bancorp shareholders’ equity 8,997 8,497 5.9 11,312 10,629 6.4 Wholesale Banking and Commercial Real Estate Consumer and Small Business Banking Nine Months Ended September 30, (Dollars in Millions) 2016 2015 Percent 2016 2015 Percent Condensed Income Statement Net interest income (taxable-equivalent basis) $ 1,638 $ 1,495 9.6 % $ 3,532 $ 3,410 3.6 % Noninterest income 676 670 .9 1,900 1,877 1.2 Securities gains (losses), net – – – – – – Total net revenue 2,314 2,165 6.9 5,432 5,287 2.7 Noninterest expense 1,047 986 6.2 3,704 3,616 2.4 Other intangibles 3 3 – 24 30 (20.0 ) Total noninterest expense 1,050 989 6.2 3,728 3,646 2.2 Income before provision and income taxes 1,264 1,176 7.5 1,704 1,641 3.8 Provision for credit losses 342 130 * 22 118 (81.4 ) Income before income taxes 922 1,046 (11.9 ) 1,682 1,523 10.4 Income taxes and taxable-equivalent adjustment 335 381 (12.1 ) 613 554 10.6 Net income 587 665 (11.7 ) 1,069 969 10.3 Net (income) loss attributable to noncontrolling interests – – – – – – Net income attributable to U.S. Bancorp $ 587 $ 665 (11.7 ) $ 1,069 $ 969 10.3 Average Balance Sheet Commercial $ 70,412 $ 63,828 10.3 % $ 10,367 $ 9,839 5.4 % Commercial real estate 21,099 20,519 2.8 18,143 17,902 1.3 Residential mortgages 7 8 (12.5 ) 53,127 49,678 6.9 Credit card – – – – – – Other retail 2 3 (33.3 ) 49,738 46,301 7.4 Total loans, excluding covered loans 91,520 84,358 8.5 131,375 123,720 6.2 Covered loans – – – 4,289 5,006 (14.3 ) Total loans 91,520 84,358 8.5 135,664 128,726 5.4 Goodwill 1,647 1,647 – 3,681 3,681 – Other intangible assets 17 21 (19.0 ) 2,393 2,573 (7.0 ) Assets 99,937 92,805 7.7 150,704 146,200 3.1 Noninterest-bearing deposits 36,498 35,742 2.1 27,111 25,539 6.2 Interest checking 8,202 7,563 8.4 43,175 39,672 8.8 Savings products 40,028 27,194 47.2 57,057 53,381 6.9 Time deposits 13,000 15,467 (16.0 ) 14,392 16,130 (10.8 ) Total deposits 97,728 85,966 13.7 141,735 134,722 5.2 Total U.S. Bancorp shareholders’ equity 8,927 8,261 8.1 11,138 10,944 1.8 * Not meaningful Wealth Management and Securities Services Payment Services Treasury and Corporate Support Consolidated Company 2016 2015 Percent 2016 2015 Percent 2016 2015 Percent 2016 2015 Percent $ 135 $ 90 50.0 % $ 538 $ 484 11.2 % $ 504 $ 590 (14.6 )% $ 2,943 $ 2,821 4.3 % 403 368 9.5 912 874 4.3 188 231 (18.6 ) 2,435 2,327 4.6 – – – – – – 10 (1 ) * 10 (1 ) * 538 458 17.5 1,450 1,358 6.8 702 820 (14.4 ) 5,388 5,147 4.7 383 355 7.9 679 635 6.9 201 167 20.4 2,886 2,733 5.6 6 7 (14.3 ) 30 24 25.0 – – – 45 42 7.1 389 362 7.5 709 659 7.6 201 167 20.4 2,931 2,775 5.6 149 96 55.2 741 699 6.0 501 653 (23.3 ) 2,457 2,372 3.6 (1 ) 1 * 208 180 15.6 – (10 ) * 325 282 15.2 150 95 57.9 533 519 2.7 501 663 (24.4 ) 2,132 2,090 2.0 55 35 57.1 194 189 2.6 22 67 (67.2 ) 616 587 4.9 95 60 58.3 339 330 2.7 479 596 (19.6 ) 1,516 1,503 .9 – – – (8 ) (8 ) – (6 ) (6 ) – (14 ) (14 ) – $ 95 $ 60 58.3 $ 331 $ 322 2.8 $ 473 $ 590 (19.8 ) $ 1,502 $ 1,489 .9 $ 2,892 $ 2,212 30.7 % $ 7,766 $ 7,239 7.3 % $ 352 $ 265 32.8 % $ 92,369 $ 84,704 9.0 % 513 570 (10.0 ) – – – 3,085 3,302 (6.6 ) 43,374 42,316 2.5 2,343 1,887 24.2 – – – – 12 * 56,284 51,831 8.6 – – – 20,628 17,944 15.0 – – – 20,628 17,944 15.0 1,549 1,544 .3 515 586 (12.1 ) – – – 52,851 48,849 8.2 7,297 6,213 17.4 28,909 25,769 12.2 3,437 3,579 (4.0 ) 265,506 245,644 8.1 – 1 * – – – 24 52 (53.8 ) 4,131 4,892 (15.6 ) 7,297 6,214 17.4 28,909 25,769 12.2 3,461 3,631 (4.7 ) 269,637 250,536 7.6 1,567 1,567 – 2,463 2,476 (.5 ) – – – 9,358 9,371 (.1 ) 99 123 (19.5 ) 494 381 29.7 – – – 2,879 3,185 (9.6 ) 10,382 9,117 13.9 34,733 31,585 10.0 138,381 128,783 7.5 437,863 410,439 6.7 13,825 14,922 (7.4 ) 954 851 12.1 2,238 1,724 29.8 82,021 80,940 1.3 9,967 8,703 14.5 – 618 * 34 34 – 63,456 56,888 11.5 37,961 34,227 10.9 98 92 6.5 492 483 1.9 140,616 117,818 19.4 3,777 3,775 .1 – – – 908 1,005 (9.7 ) 32,455 34,046 (4.7 ) 65,530 61,627 6.3 1,052 1,561 (32.6 ) 3,672 3,246 13.1 318,548 289,692 10.0 2,378 2,308 3.0 6,386 5,829 9.6 18,718 17,604 6.3 47,791 44,867 6.5 Wealth Management and Securities Services Payment Services Treasury and Corporate Support Consolidated Company 2016 2015 Percent 2016 2015 Percent 2016 2015 Percent 2016 2015 Percent $ 374 $ 252 48.4 % $ 1,578 $ 1,410 11.9 % $ 1,605 $ 1,776 (9.6 )% $ 8,727 $ 8,343 4.6 % 1,183 1,100 7.5 2,651 2,501 6.0 720 605 19.0 7,130 6,753 5.6 – – – – – – 16 (1 ) * 16 (1 ) * 1,557 1,352 15.2 4,229 3,911 8.1 2,341 2,380 (1.6 ) 15,873 15,095 5.2 1,110 1,056 5.1 1,991 1,892 5.2 686 444 54.5 8,538 7,994 6.8 18 21 (14.3 ) 89 74 20.3 – – – 134 128 4.7 1,128 1,077 4.7 2,080 1,966 5.8 686 444 54.5 8,672 8,122 6.8 429 275 56.0 2,149 1,945 10.5 1,655 1,936 (14.5 ) 7,201 6,973 3.3 (2 ) – * 615 585 5.1 5 (6 ) * 982 827 18.7 431 275 56.7 1,534 1,360 12.8 1,650 1,942 (15.0 ) 6,219 6,146 1.2 157 100 57.0 558 495 12.7 103 172 (40.1 ) 1,766 1,702 3.8 274 175 56.6 976 865 12.8 1,547 1,770 (12.6 ) 4,453 4,444 .2 – – – (25 ) (24 ) (4.2 ) (18 ) (17 ) (5.9 ) (43 ) (41 ) (4.9 ) $ 274 $ 175 56.6 $ 951 $ 841 13.1 $ 1,529 $ 1,753 (12.8 ) $ 4,410 $ 4,403 .2 $ 2,874 $ 2,254 27.5 % $ 7,438 $ 6,975 6.6 % $ 360 $ 271 32.8 % $ 91,451 $ 83,167 10.0 % 521 569 (8.4 ) – – – 3,159 3,486 (9.4 ) 42,922 42,476 1.1 2,200 1,760 25.0 – – – – 12 * 55,334 51,458 7.5 – – – 20,339 17,794 14.3 – – – 20,339 17,794 14.3 1,537 1,502 2.3 532 605 (12.1 ) – – – 51,809 48,411 7.0 7,132 6,085 17.2 28,309 25,374 11.6 3,519 3,769 (6.6 ) 261,855 243,306 7.6 – 1 * – – – 35 45 (22.2 ) 4,324 5,052 (14.4 ) 7,132 6,086 17.2 28,309 25,374 11.6 3,554 3,814 (6.8 ) 266,179 248,358 7.2 1,566 1,567 (.1 ) 2,467 2,477 (.4 ) – – – 9,361 9,372 (.1 ) 104 130 (20.0 ) 503 403 24.8 – – – 3,017 3,127 (3.5 ) 10,249 9,143 12.1 34,245 31,364 9.2 134,286 127,245 5.5 429,421 406,757 5.6 13,270 13,776 (3.7 ) 947 875 8.2 2,102 1,691 24.3 79,928 77,623 3.0 9,328 7,721 20.8 – 602 * 41 34 20.6 60,746 55,592 9.3 35,515 33,785 5.1 97 90 7.8 494 481 2.7 133,191 114,931 15.9 3,743 3,426 9.3 – – – 2,312 1,504 53.7 33,447 36,527 (8.4 ) 61,856 58,708 5.4 1,044 1,567 (33.4 ) 4,949 3,710 33.4 307,312 284,673 8.0 2,379 2,306 3.2 6,362 5,809 9.5 18,434 17,169 7.4 47,240 44,489 6.2 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Held-to-Maturity | The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows: September 30, 2016 December 31, 2015 Unrealized Losses Unrealized Losses (Dollars in Millions) Amortized Unrealized Other-than- Other (f) Fair Value Amortized Unrealized Other-than- Other (f) Fair Value Held-to-maturity (a) U.S. Treasury and agencies $ 4,767 $ 96 $ – $ (1 ) $ 4,862 $ 2,925 $ 14 $ – $ (20 ) $ 2,919 Mortgage-backed securities Residential Agency 38,062 453 – (23 ) 38,492 40,619 175 – (273 ) 40,521 Non-agency non-prime (d) 1 – – – 1 1 – – – 1 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 5 – – 5 – 6 – – 6 Other 8 3 – – 11 10 3 – – 13 Obligations of state and political subdivisions 8 1 – (1 ) 8 8 1 – (1 ) 8 Obligations of foreign governments 9 – – – 9 9 – – – 9 Other debt securities 18 – – – 18 18 – – (2 ) 16 Total held-to-maturity $ 42,873 $ 558 $ – $ (25 ) $ 43,406 $ 43,590 $ 199 $ – $ (296 ) $ 43,493 (a) Held-to-maturity investment securities are carried at historical cost or at fair value at the time of transfer from the available-for-sale to held-to-maturity category, adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment. (b) Available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity. (c) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). When the Company determines the designation, prime securities typically have a weighted-average credit score of 725 or higher and a loan-to-value of 80 percent or lower; however, other pool characteristics may result in designations that deviate from these credit score and loan-to-value thresholds. (d) Includes all securities not meeting the conditions to be designated as prime. (e) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. (f) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired. |
Investment Securities Available-for-Sale | The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows: September 30, 2016 December 31, 2015 Unrealized Losses Unrealized Losses (Dollars in Millions) Amortized Unrealized Other-than- Other (f) Fair Amortized Unrealized Other-than- Other (f) Fair Available-for-sale (b) U.S. Treasury and agencies $ 14,454 $ 179 - $ (3) $ 14,630 $ 4,611 $ 12 $ — $ (27 ) $ 4,596 Mortgage-backed securities Residential Agency 44,904 582 - (53) 45,433 50,056 384 — (364 ) 50,076 Non-agency Prime (c) 257 6 (3) (1) 259 316 6 (3 ) (1 ) 318 Non-prime (d) 191 18 (3) - 206 221 20 (1 ) — 240 Commercial agency 16 - - - 16 52 — — — 52 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations 11 2 - - 13 16 3 — — 19 Other 516 8 - - 524 532 9 — — 541 Obligations of state and political subdivisions 5,232 152 - (8) 5,376 5,149 169 — (2 ) 5,316 Corporate debt securities 628 10 - (59) 579 677 3 — (70 ) 610 Perpetual preferred securities 36 17 - - 53 153 20 — (12 ) 161 Other investments 31 35 - - 66 34 34 — — 68 Total available-for-sale $ 66,276 $ 1,009 $ (6) $ (124) $ 67,155 $ 61,817 $ 660 $ (4 ) $ (476 ) $ 61,997 (a) Held-to-maturity investment securities are carried at historical cost or at fair value at the time of transfer from the available-for-sale to held-to-maturity category, adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment. (b) Available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity. (c) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). When the Company determines the designation, prime securities typically have a weighted-average credit score of 725 or higher and a loan-to-value of 80 percent or lower; however, other pool characteristics may result in designations that deviate from these credit score and loan-to-value thresholds. (d) Includes all securities not meeting the conditions to be designated as prime. (e) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. (f) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired. |
Investment Securities | Table 4 Investment Securities Available-for-Sale Held-to-Maturity At September 30, 2016 (Dollars in Millions) Amortized Fair Value Weighted- Weighted- Amortized Fair Value Weighted- Weighted- U.S. Treasury and Agencies Maturing in one year or less $ 2,729 $ 2,731 .5 .88 % $ 424 $ 426 .7 .97 % Maturing after one year through five years 7,529 7,575 2.9 1.08 734 750 2.8 1.76 Maturing after five years through ten years 4,195 4,322 6.2 1.89 3,609 3,686 6.7 1.81 Maturing after ten years 1 2 10.9 4.15 – – – – Total $ 14,454 $ 14,630 3.4 1.28 % $ 4,767 $ 4,862 5.6 1.73 % Mortgage-Backed Securities (a) Maturing in one year or less $ 697 $ 703 .6 2.39 % $ 479 $ 481 .6 2.30 % Maturing after one year through five years 41,085 41,592 3.9 1.84 35,952 36,368 3.5 1.94 Maturing after five years through ten years 3,489 3,522 6.3 1.97 1,595 1,607 5.8 1.55 Maturing after ten years 97 97 12.5 1.74 37 37 12.2 1.42 Total $ 45,368 $ 45,914 4.1 1.85 % $ 38,063 $ 38,493 3.6 1.92 % Asset-Backed Securities (a) Maturing in one year or less $ 11 $ 13 .4 6.96 % $ – $ – .1 1.17 % Maturing after one year through five years 294 298 4.0 3.19 4 7 2.7 1.25 Maturing after five years through ten years 222 226 5.6 2.78 4 4 5.9 1.20 Maturing after ten years – – – – – 5 17.6 1.29 Total $ 527 $ 537 4.6 3.10 % $ 8 $ 16 4.2 1.23 % Obligations of State and Political Maturing in one year or less $ 2,175 $ 2,206 .4 7.10 % $ – $ – .4 7.58 % Maturing after one year through five years 674 713 2.4 6.40 1 1 2.7 8.15 Maturing after five years through ten years 1,743 1,810 8.2 5.17 7 7 9.1 2.60 Maturing after ten years 640 647 19.5 5.11 – – 10.2 8.07 Total $ 5,232 $ 5,376 5.6 6.12 % $ 8 $ 8 8.6 3.18 % Other Debt Securities Maturing in one year or less $ – $ – – – % $ 6 $ 6 .4 2.00 % Maturing after one year through five years – – – – 21 21 3.7 1.55 Maturing after five years through ten years – – – – – – – – Maturing after ten years 628 579 15.8 2.62 – – – – Total $ 628 $ 579 15.8 2.62 % $ 27 $ 27 3.0 1.65 % Other Investments $ 67 $ 119 5.2 5.89 % $ – $ – – — % Total investment securities (d) $ 66,276 $ 67,155 4.2 2.09 % $ 42,873 $ 43,406 3.8 1.90 % (a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities anticipating future prepayments. (b) Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, yield to maturity if purchased at par or a discount. (c) Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and contractual maturity for securities with a fair value equal to or below par. (d) The weighted-average maturity of the available-for-sale investment securities was 4.7 years at December 31, 2015, with a corresponding weighted-average yield of 2.21 percent. The weighted-average maturity of the held-to-maturity investment securities was 4.2 years at December 31, 2015, with a corresponding weighted-average yield of 1.92 percent. (e) Weighted-average yields are presented on a fully-taxable equivalent basis under a tax rate of 35 percent. Yields on available-for-sale and held-to-maturity investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Weighted-average yield and maturity calculations exclude equity securities that have no stated yield or maturity. September 30, 2016 December 31, 2015 (Dollars in Millions) Amortized Percent Amortized Percent U.S. Treasury and agencies $ 19,221 17.6 % $ 7,536 7.2 % Mortgage-backed securities 83,431 76.4 91,265 86.6 Asset-backed securities 535 .5 558 .5 Obligations of state and political subdivisions 5,240 4.8 5,157 4.9 Other debt securities and investments 722 .7 891 .8 Total investment securities $ 109,149 100.0 % $ 105,407 100.0 % |
Amount of Interest Income from Taxable and Non-Taxable Investment Securities | The following table provides information about the amount of interest income from taxable and non-taxable investment securities: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Taxable $ 467 $ 448 $ 1,403 $ 1,333 Non-taxable 48 54 152 169 Total interest income from investment securities $ 515 $ 502 $ 1,555 $ 1,502 |
Amount of Gross Gains and Losses Realized through Sales of Available-for-sale Investment Securities | The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Realized gains $ 12 $ – $ 31 $ 1 Realized losses – – (12 ) (1 ) Net realized gains (losses) $ 12 $ – $ 19 $ – Income tax (benefit) on net realized gains (losses) $ 4 $ – $ 7 $ – |
Changes in Credit Losses on Debt Securities | Changes in the credit losses on debt securities are summarized as follows: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Balance at beginning of period $ 79 $ 91 $ 84 $ 101 Additions to Credit Losses Due to Other-than-temporary Impairments Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized 2 1 3 1 Total other-than-temporary impairment on debt securities 2 1 3 1 Other Changes in Credit Losses Increases in expected cash flows – (1 ) (1 ) (3 ) Realized losses (a) (2 ) (3 ) (7 ) (11 ) Balance at end of period $ 79 $ 88 $ 79 $ 88 (a) Primarily represents principal losses allocated to mortgage and asset-backed securities in the Company’s portfolio under the terms of the securitization transaction documents. |
Gross Unrealized Losses and Fair Value of Company's Investment Securities | The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at September 30, 2016: Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Value Unrealized Fair Unrealized Fair Value Unrealized Held-to-maturity U.S. Treasury and agencies $ 250 $ (1 ) $ – $ – $ 250 $ (1 ) Residential agency mortgage-backed securities 3,728 (7 ) 2,237 (16 ) 5,965 (23 ) Other asset-backed securities – – 5 – 5 – Obligations of state and political subdivisions – – 3 (1 ) 3 (1 ) Other debt securities – – 18 – 18 – Total held-to-maturity $ 3,978 $ (8 ) $ 2,263 $ (17 ) $ 6,241 $ (25 ) Available-for-sale U.S. Treasury and agencies $ 1,611 $ (3 ) $ – $ – $ 1,611 $ (3 ) Residential mortgage-backed securities Agency 9,743 (35 ) 2,885 (18 ) 12,628 (53 ) Non-agency (a) Prime (b) 48 – 91 (4 ) 139 (4 ) Non-prime (c) 19 – 12 (3 ) 31 (3 ) Commercial agency 10 – – – 10 – Other asset-backed securities – – 2 – 2 – Obligations of state and political subdivisions 687 (8 ) 2 – 689 (8 ) Corporate debt securities – – 437 (59 ) 437 (59 ) Total available-for-sale $ 12,118 $ (46 ) $ 3,429 $ (84 ) $ 15,547 $ (130 ) (a) The Company had $7 million of unrealized losses on residential non-agency mortgage-backed securities. Credit-related other-than-temporary impairment on these securities may occur if there is further deterioration in the underlying collateral pool performance. Borrower defaults may increase if economic conditions worsen. Additionally, deterioration in home prices may increase the severity of projected losses. (b) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (c) Includes all securities not meeting the conditions to be designated as prime. |
Loans and Allowance for Credi27
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Composition of Loan Portfolio | The composition of the loan portfolio, disaggregated by class and underlying specific portfolio type, was as follows: September 30, 2016 December 31, 2015 (Dollars in Millions) Amount Percent Amount Percent Commercial Commercial $ 87,851 32.4 % $ 83,116 31.9 % Lease financing 5,350 2.0 5,286 2.0 Total commercial 93,201 34.4 88,402 33.9 Commercial Real Estate Commercial mortgages 31,916 11.8 31,773 12.2 Construction and development 11,552 4.2 10,364 3.9 Total commercial real estate 43,468 16.0 42,137 16.1 Residential Mortgages Residential mortgages 42,846 15.8 40,425 15.5 Home equity loans, first liens 13,383 4.9 13,071 5.0 Total residential mortgages 56,229 20.7 53,496 20.5 Credit Card 20,706 7.6 21,012 8.1 Other Retail Retail leasing 6,076 2.2 5,232 2.0 Home equity and second mortgages 16,467 6.1 16,384 6.3 Revolving credit 3,247 1.2 3,354 1.3 Installment 7,983 2.9 7,030 2.7 Automobile 17,559 6.5 16,587 6.3 Student 2,332 .9 2,619 1.0 Total other retail 53,664 19.8 51,206 19.6 Total loans, excluding covered loans 267,268 98.5 256,253 98.2 Covered Loans 4,021 1.5 4,596 1.8 Total loans $ 271,289 100.0 % $ 260,849 100.0 % |
Changes in Accretable Balance for Purchased Impaired Loans | Changes in the accretable balance for purchased impaired loans were as follows: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Balance at beginning of period $ 891 $ 1,076 $ 957 $ 1,309 Accretion (102 ) (91 ) (297 ) (289 ) Disposals (23 ) (32 ) (77 ) (102 ) Reclassifications from nonaccretable difference (a) 31 120 214 157 Other – 1 – (1 ) Balance at end of period $ 797 $ 1,074 $ 797 $ 1,074 (a) Primarily relates to changes in expected credit performance. |
Activity in Allowance for Credit Losses by Portfolio Class | Activity in the allowance for credit losses by portfolio class was as follows: Three Months Ended September 30, (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered Total 2016 Balance at beginning of period $ 1,473 $ 748 $ 544 $ 884 $ 643 $ 4,292 $ 37 $ 4,329 Add Provision for credit losses 90 34 (12 ) 178 37 327 (2 ) 325 Deduct Loans charged off 104 9 19 182 84 398 – 398 Less recoveries of loans charged off (17 ) (8 ) (7 ) (21 ) (30 ) (83 ) – (83 ) Net loans charged off 87 1 12 161 54 315 – 315 Other changes (a) – – – – – – (1 ) (1 ) Balance at end of period $ 1,476 $ 781 $ 520 $ 901 $ 626 $ 4,304 $ 34 $ 4,338 2015 Balance at beginning of period $ 1,180 $ 735 $ 737 $ 873 $ 752 $ 4,277 $ 49 $ 4,326 Add Provision for credit losses 114 (10 ) (24 ) 156 46 282 – 282 Deduct Loans charged off 91 2 31 171 77 372 – 372 Less recoveries of loans charged off (20 ) (13 ) (6 ) (18 ) (23 ) (80 ) – (80 ) Net loans charged off 71 (11 ) 25 153 54 292 – 292 Other changes (a) – – – – – – (10 ) (10 ) Balance at end of period $ 1,223 $ 736 $ 688 $ 876 $ 744 $ 4,267 $ 39 $ 4,306 (a) Includes net changes in credit losses to be reimbursed by the FDIC and reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset, and the impact of any loan sales. Nine Months Ended September 30, (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered Total 2016 Balance at beginning of period $ 1,287 $ 724 $ 631 $ 883 $ 743 $ 4,268 $ 38 $ 4,306 Add Provision for credit losses 438 53 (63 ) 514 42 984 (2 ) 982 Deduct Loans charged off 322 19 67 559 243 1,210 – 1,210 Less recoveries of loans charged off (73 ) (23 ) (19 ) (64 ) (84 ) (263 ) – (263 ) Net loans charged off 249 (4 ) 48 495 159 947 – 947 Other changes (a) – – – (1 ) – (1 ) (2 ) (3 ) Balance at end of period $ 1,476 $ 781 $ 520 $ 901 $ 626 $ 4,304 $ 34 $ 4,338 2015 Balance at beginning of period $ 1,146 $ 726 $ 787 $ 880 $ 771 $ 4,310 $ 65 $ 4,375 Add Provision for credit losses 234 (18 ) (6 ) 481 134 825 2 827 Deduct Loans charged off 230 16 113 543 233 1,135 – 1,135 Less recoveries of loans charged off (74 ) (44 ) (20 ) (58 ) (72 ) (268 ) – (268 ) Net loans charged off 156 (28 ) 93 485 161 867 – 867 Other changes (a) (1 ) – – – – (1 ) (28 ) (29 ) Balance at end of period $ 1,223 $ 736 $ 688 $ 876 $ 744 $ 4,267 $ 39 $ 4,306 (a) Includes net changes in credit losses to be reimbursed by the FDIC and reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset, and the impact of any loan sales. |
Additional Detail of Allowance for Credit Losses and Related Loan Balances by Portfolio Class | Additional detail of the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered Total Allowance Balance at September 30, 2016 Related to Loans individually evaluated for impairment (a) $ 56 $ 2 $ – $ – $ – $ 58 $ – $ 58 TDRs collectively evaluated for impairment 10 4 195 62 28 299 1 300 Other loans collectively evaluated for impairment 1,410 765 325 839 598 3,937 – 3,937 Loans acquired with deteriorated credit quality – 10 – – – 10 33 43 Total allowance for credit losses $ 1,476 $ 781 $ 520 $ 901 $ 626 $ 4,304 $ 34 $ 4,338 Allowance Balance at December 31, 2015 Related to Loans individually evaluated for impairment (a) $ 11 $ 2 $ – $ – $ – $ 13 $ – $ 13 TDRs collectively evaluated for impairment 10 7 236 57 33 343 2 345 Other loans collectively evaluated for impairment 1,266 703 395 826 710 3,900 – 3,900 Loans acquired with deteriorated credit quality – 12 – – – 12 36 48 Total allowance for credit losses $ 1,287 $ 724 $ 631 $ 883 $ 743 $ 4,268 $ 38 $ 4,306 (a) Represents the allowance for credit losses related to loans greater than $5 million classified as nonperforming or TDRs. Additional detail of loan balances by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered Total September 30, 2016 Loans individually evaluated for impairment (a) $ 600 $ 37 $ – $ – $ – $ 637 $ – $ 637 TDRs collectively evaluated for impairment 145 165 3,519 217 178 4,224 37 4,261 Other loans collectively evaluated for impairment 92,449 43,016 52,710 20,489 53,486 262,150 1,662 263,812 Loans acquired with deteriorated credit quality 7 250 – – – 257 2,322 2,579 Total loans $ 93,201 $ 43,468 $ 56,229 $ 20,706 $ 53,664 $ 267,268 $ 4,021 $ 271,289 December 31, 2015 Loans individually evaluated for impairment (a) $ 336 $ 41 $ 13 $ – $ – $ 390 $ – $ 390 TDRs collectively evaluated for impairment 138 235 4,241 210 211 5,035 35 5,070 Other loans collectively evaluated for impairment 87,927 41,566 49,241 20,802 50,995 250,531 2,059 252,590 Loans acquired with deteriorated credit quality 1 295 1 – – 297 2,502 2,799 Total loans $ 88,402 $ 42,137 $ 53,496 $ 21,012 $ 51,206 $ 256,253 $ 4,596 $ 260,849 (a) Represents loans greater than $5 million classified as nonperforming or TDRs. (b) Includes expected reimbursements from the FDIC under loss sharing agreements. |
Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming | The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming: Accruing (Dollars in Millions) Current 30-89 Days 90 Days or Nonperforming Total September 30, 2016 Commercial $ 92,414 $ 221 $ 49 $ 517 $ 93,201 Commercial real estate 43,320 36 7 105 43,468 Residential mortgages (a) 55,310 146 159 614 56,229 Credit card 20,209 264 229 4 20,706 Other retail 53,183 254 74 153 53,664 Total loans, excluding covered loans 264,436 921 518 1,393 267,268 Covered loans 3,729 55 230 7 4,021 Total loans $ 268,165 $ 976 $ 748 $ 1,400 $ 271,289 December 31, 2015 Commercial $ 87,863 $ 317 $ 48 $ 174 $ 88,402 Commercial real estate 41,907 89 14 127 42,137 Residential mortgages (a) 52,438 170 176 712 53,496 Credit card 20,532 243 228 9 21,012 Other retail 50,745 224 75 162 51,206 Total loans, excluding covered loans 253,485 1,043 541 1,184 256,253 Covered loans 4,236 62 290 8 4,596 Total loans $ 257,721 $ 1,105 $ 831 $ 1,192 $ 260,849 (a) At September 30, 2016, $307 million of loans 30–89 days past due and $2.4 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current, compared with $320 million and $2.9 billion at December 31, 2015, respectively. |
Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating | The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating: Criticized (Dollars in Millions) Pass Special Classified (a) Total Total September 30, 2016 Commercial (b) $ 89,289 $ 1,702 $ 2,210 $ 3,912 $ 93,201 Commercial real estate 42,204 512 752 1,264 43,468 Residential mortgages (c) 55,394 6 829 835 56,229 Credit card 20,474 – 232 232 20,706 Other retail 53,387 5 272 277 53,664 Total loans, excluding covered loans 260,748 2,225 4,295 6,520 267,268 Covered loans 3,946 – 75 75 4,021 Total loans $ 264,694 $ 2,225 $ 4,370 $ 6,595 $ 271,289 Total outstanding commitments $ 557,554 $ 4,805 $ 5,927 $ 10,732 $ 568,286 December 31, 2015 Commercial (b) $ 85,206 $ 1,629 $ 1,567 $ 3,196 $ 88,402 Commercial real estate 41,079 365 693 1,058 42,137 Residential mortgages (c) 52,548 2 946 948 53,496 Credit card 20,775 – 237 237 21,012 Other retail 50,899 6 301 307 51,206 Total loans, excluding covered loans 250,507 2,002 3,744 5,746 256,253 Covered loans 4,507 – 89 89 4,596 Total loans $ 255,014 $ 2,002 $ 3,833 $ 5,835 $ 260,849 Total outstanding commitments $ 539,614 $ 3,945 $ 4,845 $ 8,790 $ 548,404 (a) Classified rating on consumer loans primarily based on delinquency status. (b) At September 30, 2016, $1.4 billion of energy loans ($3.2 billion of total outstanding commitments) had a special mention or classified rating, compared with $1.1 billion of energy loans ($1.9 billion of total outstanding commitments) at December 31, 2015. (c) At September 30, 2016, $2.4 billion of GNMA loans 90 days or more past due and $1.3 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs were classified with a pass rating, compared with $2.9 billion and $1.9 billion at December 31, 2015, respectively. |
Summary of Impaired Loans, which Include Nonaccrual and TDR Loans, by Portfolio Class | A summary of impaired loans, which include all nonaccrual and TDR loans, by portfolio class was as follows: (Dollars in Millions) Period-end Unpaid Valuation Commitments September 30, 2016 Commercial $ 825 $ 1,354 $ 68 $ 378 Commercial real estate 379 790 8 1 Residential mortgages 2,363 2,952 165 – Credit card 217 217 62 – Other retail 281 457 30 3 Total loans, excluding GNMA and covered loans 4,065 5,770 333 382 Loans purchased from GNMA mortgage pools 1,344 1,344 31 – Covered loans 38 43 1 1 Total $ 5,447 $ 7,157 $ 365 $ 383 December 31, 2015 Commercial $ 520 $ 1,110 $ 25 $ 154 Commercial real estate 336 847 11 1 Residential mortgages 2,575 3,248 199 – Credit card 210 210 57 – Other retail 309 503 35 4 Total loans, excluding GNMA and covered loans 3,950 5,918 327 159 Loans purchased from GNMA mortgage pools 1,913 1,913 40 – Covered loans 39 48 2 1 Total $ 5,902 $ 7,879 $ 369 $ 160 (a) Substantially all loans classified as impaired at September 30, 2016 and December 31, 2015, had an associated allowance for credit losses. |
Impaired Loans Average Recorded Investment and Interest Income Recognized | Additional information on impaired loans follows: 2016 2015 (Dollars in Millions) Average Interest Average Interest Three Months Ended September 30 Commercial $ 845 $ 2 $ 408 $ 3 Commercial real estate 334 6 388 3 Residential mortgages 2,381 30 2,669 31 Credit card 214 1 216 1 Other retail 287 3 329 3 Total loans, excluding GNMA and covered loans 4,061 42 4,010 41 Loans purchased from GNMA mortgage pools 1,458 23 2,040 24 Covered loans 38 – 42 – Total $ 5,557 $ 65 $ 6,092 $ 65 Nine Months Ended September 30 Commercial $ 786 $ 6 $ 351 $ 9 Commercial real estate 321 12 461 13 Residential mortgages 2,457 93 2,687 97 Credit card 212 3 224 4 Other retail 296 9 342 10 Total loans, excluding GNMA and covered loans 4,072 123 4,065 133 Loans purchased from GNMA mortgage pools 1,674 71 2,120 74 Covered loans 38 1 42 – Total $ 5,784 $ 195 $ 6,227 $ 207 |
Summary of Loans Modified as TDRs | The following table provides a summary of loans modified as TDRs during the periods presented by portfolio class: 2016 2015 (Dollars in Millions) Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification Three Months Ended September 30 Commercial 638 $ 200 $ 169 381 $ 111 $ 102 Commercial real estate 26 225 223 35 24 23 Residential mortgages 700 81 87 381 48 47 Credit card 8,051 38 40 7,289 35 36 Other retail 593 9 9 690 19 19 Total loans, excluding GNMA and covered loans 10,008 553 528 8,776 237 227 Loans purchased from GNMA mortgage pools 2,609 317 308 1,986 244 245 Covered loans 15 3 3 4 1 1 Total loans 12,632 $ 873 $ 839 10,766 $ 482 $ 473 Nine Months Ended September 30 Commercial 1,734 $ 692 $ 567 1,170 $ 227 $ 223 Commercial real estate 70 242 240 89 64 62 Residential mortgages 1,192 129 136 1,820 234 232 Credit card 22,693 109 111 19,978 100 101 Other retail 1,669 27 28 1,974 42 42 Total loans, excluding GNMA and covered loans 27,358 1,199 1,082 25,031 667 660 Loans purchased from GNMA mortgage pools 6,978 770 761 5,960 732 731 Covered loans 35 6 6 13 4 4 Total loans 34,371 $ 1,975 $ 1,849 31,004 $ 1,403 $ 1,395 |
Summary of Loans Modified as TDRs in the Past Twelve Months that have Subsequently Defaulted | The following table provides a summary of TDR loans that defaulted (fully or partially charged-off or became 90 days or more past due) during the periods presented that were modified as TDRs within 12 months previous to default: 2016 2015 (Dollars in Millions) Number Amount Number Amount Three Months Ended September 30 Commercial 121 $ 4 95 $ 1 Commercial real estate 6 3 5 5 Residential mortgages 43 4 42 5 Credit card 1,617 7 1,576 7 Other retail 103 1 123 2 Total loans, excluding GNMA and covered loans 1,890 19 1,841 20 Loans purchased from GNMA mortgage pools 39 5 143 16 Covered loans 2 1 4 1 Total loans 1,931 $ 25 1,988 $ 37 Nine Months Ended September 30 Commercial 374 $ 15 408 $ 20 Commercial real estate 21 9 13 8 Residential mortgages 101 13 228 30 Credit card 4,822 21 4,597 22 Other retail 269 5 491 9 Total loans, excluding GNMA and covered loans 5,587 63 5,737 89 Loans purchased from GNMA mortgage pools 93 12 511 64 Covered loans 3 1 4 1 Total loans 5,683 $ 76 6,252 $ 154 |
Carrying Amount of Covered Assets | The carrying amount of the covered assets consisted of purchased impaired loans, purchased nonimpaired loans and other assets as shown in the following table: September 30, 2016 December 31, 2015 (Dollars in Millions) Purchased Purchased Other Total Purchased Purchased Other Total Residential mortgage loans $ 2,322 $ 534 $ – $ 2,856 $ 2,502 $ 615 $ – $ 3,117 Other retail loans – 319 – 319 – 447 – 447 Losses reimbursable by the FDIC (a) – – 375 375 – – 517 517 Unamortized changes in FDIC asset (b) – – 471 471 – – 515 515 Covered loans 2,322 853 846 4,021 2,502 1,062 1,032 4,596 Foreclosed real estate – – 28 28 – – 32 32 Total covered assets $ 2,322 $ 853 $ 874 $ 4,049 $ 2,502 $ 1,062 $ 1,064 $ 4,628 (a) Relates to loss sharing agreements with remaining terms up to three years. (b) Represents decreases in expected reimbursements by the FDIC as a result of decreases in expected losses on the covered loans. These amounts are amortized as a reduction in interest income on covered loans over the shorter of the expected life of the respective covered loans or the remaining contractual term of the indemnification agreements. |
Accounting for Transfers and 28
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Investments in Community Development and Tax-advantaged VIEs | The following table provides a summary of investments in community development and tax-advantaged VIEs that the Company has not consolidated: (Dollars in Millions) September 30, 2016 December 31, 2015 Investment carrying amount $ 5,175 $ 5,257 Unfunded capital and other commitments 2,664 2,499 Maximum exposure to loss 9,940 9,436 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Changes in Fair Value of Capitalized MSRs | Changes in fair value of capitalized MSRs are summarized as follows: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Balance at beginning of period $ 2,056 $ 2,481 $ 2,512 $ 2,338 Rights purchased 18 7 32 22 Rights capitalized 142 182 372 491 Changes in fair value of MSRs Due to fluctuations in market interest rates (a) 42 (168 ) (446 ) (127 ) Due to revised assumptions or models (b) – 7 – 9 Other changes in fair value (c) (127 ) (112 ) (339 ) (336 ) Balance at end of period $ 2,131 $ 2,397 $ 2,131 $ 2,397 (a) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (b) Includes changes in MSR value not caused by changes in market interest rates, such as changes in cost to service, ancillary income, and discount rate, as well as the impact of any model changes. (c) Primarily represents changes due to realization of expected cash flows over time (decay). |
Sensitivity to Changes in Interest Rates of the Fair Value of MSRs Portfolio and Related Derivative Instruments | The estimated sensitivity to changes in interest rates of the fair value of the MSRs portfolio and the related derivative instruments was as follows: September 30, 2016 December 31, 2015 (Dollars in Millions) Down Down Down Up Up Up Down Down Down Up Up Up MSR portfolio $ (576 ) $ (291 ) $ (148 ) $ 137 $ 259 $ 495 $ (598 ) $ (250 ) $ (114 ) $ 96 $ 176 $ 344 Derivative instrument hedges 542 281 140 (134 ) (264 ) (523 ) 475 226 107 (98 ) (192 ) (377 ) Net sensitivity $ (34 ) $ (10 ) $ (8 ) $ 3 $ (5 ) $ (28 ) $ (123 ) $ (24 ) $ (7 ) $ (2 ) $ (16 ) $ (33 ) |
MSRs and Related Characteristics by Portfolio | A summary of the Company’s MSRs and related characteristics by portfolio was as follows: September 30, 2016 December 31, 2015 (Dollars in Millions) HFA Government Conventional (c) Total HFA Government Conventional (c) Total Servicing portfolio (a) $ 32,757 $ 38,639 $ 158,251 $ 229,647 $ 26,492 $ 40,350 $ 162,533 $ 229,375 Fair value $ 357 $ 355 $ 1,419 $ 2,131 $ 297 $ 443 $ 1,772 $ 2,512 Value (bps) (b) 109 92 90 93 112 110 109 110 Weighted-average servicing fees (bps) 37 34 27 30 36 34 27 29 Multiple (value/servicing fees) 2.95 2.71 3.33 3.10 3.11 3.24 4.04 3.79 Weighted-average note rate 4.41 % 4.02 % 4.05 % 4.10 % 4.46 % 4.08 % 4.09 % 4.13 % Weighted-average age (in years) 2.9 3.9 3.8 3.7 3.1 3.6 3.4 3.4 Weighted-average expected prepayment (constant prepayment rate) 12.7 % 18.0 % 14.3 % 14.7 % 12.8 % 13.9 % 10.4 % 11.3 % Weighted-average expected life (in years) 6.1 4.6 5.2 5.2 6.1 5.7 6.6 6.4 Weighted-average discount rate 11.7 % 11.1 % 9.4 % 10.0 % 11.8 % 11.2 % 9.4 % 10.0 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Value is calculated as fair value divided by the servicing portfolio. (c) Represents loans sold primarily to GSEs. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock | The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: September 30, 2016 December 31, 2015 (Dollars in Millions) Shares Liquidation Discount Carrying Shares Liquidation Discount Carrying Series A 12,510 $ 1,251 $ 145 $ 1,106 12,510 $ 1,251 $ 145 $ 1,106 Series B 40,000 1,000 – 1,000 40,000 1,000 – 1,000 Series F 44,000 1,100 12 1,088 44,000 1,100 12 1,088 Series G 43,400 1,085 10 1,075 43,400 1,085 10 1,075 Series H 20,000 500 13 487 20,000 500 13 487 Series I 30,000 750 5 745 30,000 750 5 745 Total preferred stock (a) 189,910 $ 5,686 $ 185 $ 5,501 189,910 $ 5,686 $ 185 $ 5,501 (a) The par value of all shares issued and outstanding at September 30, 2016 and December 31, 2015, was $1.00 per share. |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity | The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows: Three Months Ended September 30, (Dollars in Millions) Unrealized Gains Unrealized Gains Available-For-Sale Unrealized Gains Unrealized Gains Foreign Total 2016 Balance at beginning of period $ 612 $ 31 $ (133 ) $ (1,006 ) $ (66 ) $ (562 ) Changes in unrealized gains and losses (105 ) – 31 – – (74 ) Foreign currency translation adjustment (a) – – – – 6 6 Reclassification to earnings of realized gains and losses (10 ) (5 ) 28 41 – 54 Applicable income taxes 44 1 (22 ) (16 ) (10 ) (3 ) Balance at end of period $ 541 $ 27 $ (96 ) $ (981 ) $ (70 ) $ (579 ) 2015 Balance at beginning of period $ 301 $ 43 $ (125 ) $ (1,037 ) $ (47 ) $ (865 ) Changes in unrealized gains and losses 202 – (38 ) – – 164 Foreign currency translation adjustment (a) – – – – (28 ) (28 ) Reclassification to earnings of realized gains and losses 1 (6 ) 48 55 – 98 Applicable income taxes (78 ) 2 (4 ) (21 ) 11 (90 ) Balance at end of period $ 426 $ 39 $ (119 ) $ (1,003 ) $ (64 ) $ (721 ) (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. Nine Months Ended September 30, (Dollars in Millions) Unrealized Gains Unrealized Gains Available-For-Sale Unrealized Gains Unrealized Gains Foreign Total 2016 Balance at beginning of period $ 111 $ 36 $ (67 ) $ (1,056 ) $ (43 ) $ (1,019 ) Changes in unrealized gains and losses 716 – (152 ) – – 564 Other-than-temporary impairment not recognized in earnings on securities available-for-sale (1 ) – – – – (1 ) Foreign currency translation adjustment (a) – – – – (30 ) (30 ) Reclassification to earnings of realized gains and losses (16 ) (14 ) 104 122 – 196 Applicable income taxes (269 ) 5 19 (47 ) 3 (289 ) Balance at end of period $ 541 $ 27 $ (96 ) $ (981 ) $ (70 ) $ (579 ) 2015 Balance at beginning of period $ 392 $ 52 $ (172 ) $ (1,106 ) $ (62 ) $ (896 ) Changes in unrealized gains and losses 54 – (61 ) – – (7 ) Foreign currency translation adjustment (a) – – – – (3 ) (3 ) Reclassification to earnings of realized gains and losses 1 (20 ) 147 167 – 295 Applicable income taxes (21 ) 7 (33 ) (64 ) 1 (110 ) Balance at end of period $ 426 $ 39 $ (119 ) $ (1,003 ) $ (64 ) $ (721 ) (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. |
Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings | Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings, is as follows: Impact to Net Income Affected Line Item in the Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Millions) 2016 2015 2016 2015 Unrealized gains (losses) on securities available-for-sale Realized gains (losses) on sale of securities $ 12 $ – $ 19 $ – Total securities gains (losses), net Other-than-temporary impairment recognized in earnings (2 ) (1 ) (3 ) (1 ) 10 (1 ) 16 (1 ) Total before tax (4 ) – (6 ) – Applicable income taxes 6 (1 ) 10 (1 ) Net-of-tax Unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity Amortization of unrealized gains 5 6 14 20 Interest income (1 ) (2 ) (5 ) (7 ) Applicable income taxes 4 4 9 13 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (28 ) (48 ) (104 ) (147 ) Interest expense 11 19 40 57 Applicable income taxes (17 ) (29 ) (64 ) (90 ) Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (41 ) (55 ) (122 ) (167 ) Employee benefits expense 16 21 47 64 Applicable income taxes (25 ) (34 ) (75 ) (103 ) Net-of-tax Total impact to net income $ (32 ) $ (60 ) $ (120 ) $ (181 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Components of Earnings Per Share | The components of earnings per share were: Three Months Ended Nine Months Ended (Dollars and Shares in Millions, Except Per Share Data) 2016 2015 2016 2015 Net income attributable to U.S. Bancorp $ 1,502 $ 1,489 $ 4,410 $ 4,403 Preferred dividends (61 ) (62 ) (201 ) (182 ) Impact of the purchase of noncontrolling interests (a) – – 9 – Earnings allocated to participating stock awards (7 ) (5 ) (20 ) (17 ) Net income applicable to U.S. Bancorp common shareholders $ 1,434 $ 1,422 $ 4,198 $ 4,204 Average common shares outstanding 1,710 1,758 1,724 1,770 Net effect of the exercise and assumed purchase of stock awards 6 8 6 8 Average diluted common shares outstanding 1,716 1,766 1,730 1,778 Earnings per common share $ .84 $ .81 $ 2.44 $ 2.38 Diluted earnings per common share $ .84 $ .81 $ 2.43 $ 2.36 (a) Represents the difference between the carrying amount and amount paid by the Company to purchase third party investor holdings of the preferred stock of USB Realty Corp, a consolidated subsidiary of the Company. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the Company’s retirement plans were: Three Months Ended September 30, Nine Months Ended September 30, Pension Plans Postretirement Pension Plans Postretirement (Dollars in Millions) 2016 2015 2016 2015 2016 2015 2016 2015 Service cost $ 45 $ 47 $ – $ – $ 133 $ 141 $ – $ – Interest cost 53 49 – 1 158 146 2 3 Expected return on plan assets (66 ) (56 ) (1 ) – (198 ) (167 ) (1 ) (1 ) Prior service cost (credit) amortization (2 ) (2 ) – (1 ) (4 ) (4 ) (2 ) (2 ) Actuarial loss (gain) amortization 44 59 (1 ) (1 ) 131 176 (3 ) (3 ) Net periodic benefit cost $ 74 $ 97 $ (2 ) $ (1 ) $ 220 $ 292 $ (4 ) $ (3 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Federal Current $ 717 $ 556 $ 1,631 $ 1,355 Deferred (232 ) (114 ) (279 ) (81 ) Federal income tax 485 442 1,352 1,274 State Current 108 103 235 283 Deferred (27 ) (11 ) 25 (16 ) State income tax 81 92 260 267 Total income tax provision $ 566 $ 534 $ 1,612 $ 1,541 |
Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35 Percent to Company's Applicable Income Tax Expense | A reconciliation of expected income tax expense at the federal statutory rate of 35 percent to the Company’s applicable income tax expense follows: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Tax at statutory rate $ 729 $ 713 $ 2,123 $ 2,095 State income tax, at statutory rates, net of federal tax benefit 53 60 170 174 Tax effect of Tax credits and benefits, net of related expenses (183 ) (177 ) (523 ) (523 ) Tax-exempt income (49 ) (51 ) (148 ) (154 ) Noncontrolling interests (5 ) (5 ) (15 ) (15 ) Other items (a) 21 (6 ) 5 (36 ) Applicable income taxes $ 566 $ 534 $ 1,612 $ 1,541 (a) Includes the resolution of certain tax matters with taxing authorities in the first quarter of 2015. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Asset and Liability Management Derivative Positions of Company | The following table summarizes the asset and liability management derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted- In Years Notional Fair Weighted- In Years September 30, 2016 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 3,800 $ 133 3.89 $ – $ – – Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 500 – 1.33 6,625 176 4.78 Net investment hedges Foreign exchange forward contracts 1,222 8 .05 152 – .05 Other economic hedges Interest rate contracts Futures and forwards Buy 6,723 52 .07 156 1 .12 Sell 1,071 12 .15 8,048 43 .09 Options Purchased 2,200 – .06 – – – Written 3,277 67 .10 20 1 .09 Receive fixed/pay floating swaps 6,952 355 9.59 2,475 10 10.22 Pay fixed/receive floating swaps 47 – 7.95 4,333 341 9.22 Foreign exchange forward contracts 372 4 .04 3,426 25 .01 Equity contracts 64 1 .72 35 – .26 Credit contracts 1,413 1 3.05 3,302 3 3.06 Other (a) 285 2 .01 997 100 2.68 Total $ 27,926 $ 635 $ 29,569 $ 700 December 31, 2015 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 3,050 $ 73 4.43 $ – $ – – Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 1,772 7 9.22 5,009 146 1.13 Net investment hedges Foreign exchange forward contracts 1,140 4 .04 – – – Other economic hedges Interest rate contracts Futures and forwards Buy 3,812 17 .07 452 1 .06 Sell 3,201 12 .09 2,559 7 .12 Options Purchased 2,935 – .06 – – – Written 3,199 29 .10 5 1 .08 Receive fixed/pay floating swaps 3,733 42 9.98 4,748 18 10.18 Pay fixed/receive floating swaps 287 2 9.82 4,158 35 9.97 Foreign exchange forward contracts 3,023 13 .01 2,380 10 .03 Equity contracts 62 – .47 24 1 .82 Credit contracts 1,192 2 2.58 2,821 3 2.99 Other (a) 36 – .04 662 64 2.60 Total $ 27,442 $ 201 $ 22,818 $ 286 (a) Includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $285 million and $36 million at September 30, 2016 and December 31, 2015, respectively, and derivative liability swap agreements related to the sale of a portion of the Company’s Class B common shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted average remaining maturity of $712 million, $98 million and 3.75 years at September 30, 2016, respectively, compared to $626 million, $64 million and 2.75 years at December 31, 2015, respectively. |
Customer-Related Derivative Positions of Company | The following table summarizes the customer-related derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted- Notional Fair Weighted- September 30, 2016 Interest rate contracts Receive fixed/pay floating swaps $ 56,962 $ 2,249 5.04 $ 14,464 $ 29 3.17 Pay fixed/receive floating swaps 11,835 29 2.81 59,866 2,385 5.01 Options Purchased 10,127 7 2.11 356 26 .89 Written 449 27 5.47 8,987 3 1.67 Futures Buy 3,540 1 1.41 4,701 – .82 Foreign exchange rate contracts Forwards, spots and swaps 24,249 690 .52 18,252 663 .65 Options Purchased 1,771 47 1.23 – – – Written – – – 1,771 47 1.23 Total $ 108,933 $ 3,050 $ 108,397 $ 3,153 December 31, 2015 Interest rate contracts Receive fixed/pay floating swaps $ 32,647 $ 1,097 5.69 $ 14,068 $ 54 4.71 Pay fixed/receive floating swaps 10,685 43 4.55 35,045 1,160 5.74 Options Purchased 8,705 10 2.61 146 1 2.23 Written 146 2 2.23 8,482 9 2.57 Futures Buy – – – 2,859 2 .84 Sell 45 – .97 – – – Foreign exchange rate contracts Forwards, spots and swaps 18,399 851 .59 17,959 830 .58 Options Purchased 1,485 43 1.19 – – – Written – – – 1,485 43 1.19 Total $ 72,112 $ 2,046 $ 80,044 $ 2,099 |
Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax): Three Months Ended September 30, Nine Months Ended September 30, Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) (Dollars in Millions) 2016 2015 2016 2015 2016 2015 2016 2015 Asset and Liability Management Positions Cash flow hedges Interest rate contracts (a) $ 20 $ (24 ) $ (17 ) $ (30 ) $ (93 ) $ (38 ) $ (64 ) $ (91 ) Net investment hedges Foreign exchange forward contracts – (1 ) – – (15 ) 79 – – Note: Ineffectiveness on cash flow and net investment hedges was not material for the three and nine months ended September 30, 2016 and 2015. (a) Gains (Losses) reclassified from other comprehensive income (loss) into interest expense. |
Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions | The table below shows the gains (losses) recognized in earnings for fair value hedges, other economic hedges and the customer-related positions: (Dollars in Millions) Location of Gains (Losses) Recognized in Earnings Three Months Nine Months 2016 2015 2016 2015 Asset and Liability Management Positions Fair value hedges (a) Interest rate contracts Other noninterest income $ (31 ) $ 52 $ 63 $ 44 Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue 21 (55 ) (34 ) 133 Purchased and written options Mortgage banking revenue 102 99 315 181 Receive fixed/pay floating swaps Mortgage banking revenue (134 ) 173 268 152 Pay fixed/receive floating swaps Mortgage banking revenue 113 (4 ) 111 (3 ) Foreign exchange forward contracts Commercial products revenue 9 17 (46 ) 103 Equity contracts Compensation expense 1 (1 ) – (2 ) Credit contracts Other noninterest income 1 – – 1 Other Other noninterest income – – (38 ) – Customer-Related Positions Interest rate contracts Receive fixed/pay floating swaps Other noninterest income (397 ) 540 1,326 640 Pay fixed/receive floating swaps Other noninterest income 417 (534 ) (1,289 ) (615 ) Purchased and written options Other noninterest income (4 ) 1 (3 ) 2 Futures Other noninterest income (4 ) 2 3 3 Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 21 19 61 56 Purchased and written options Commercial products revenue 1 – 3 1 (a) Gains (Losses) on items hedged by interest rate contracts included in noninterest income (expense), were $31 million and $(50) million for the three months ended September 30, 2016 and 2015, respectively, and $(61) million and $(43) million for the nine months ended September 30, 2016 and 2015, respectively. The ineffective portion was immaterial for the three and nine months ended September 30, 2016 and 2015. |
Netting Arrangements for Cert36
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions | The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions: (Dollars in Millions) Overnight and Less Than 30-89 Days Total September 30, 2016 Repurchase agreements U.S. Treasury and agencies $ 39 $ – $ – $ 39 Residential agency mortgage-backed securities 714 54 25 793 Total repurchase agreements 753 54 25 832 Securities loaned Corporate debt securities 259 – – 259 Total securities loaned 259 – – 259 Gross amount of recognized liabilities $ 1,012 $ 54 $ 25 $ 1,091 December 31, 2015 Repurchase agreements U.S. Treasury and agencies $ 122 $ – $ – $ 122 Residential agency mortgage-backed securities 802 168 – 970 Gross amount of recognized liabilities $ 924 $ 168 $ – $ 1,092 |
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default | The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default: Gross Recognized Gross Amounts Consolidated Net Amounts Consolidated Gross Amounts Not Offset on the Net Amount (Dollars in Millions) Financial Collateral September 30, 2016 Derivative assets (d) $ 2,341 $ (746 ) $ 1,595 $ (95 ) $ (11 ) $ 1,489 Reverse repurchase agreements 170 – 170 (39 ) (131 ) – Securities borrowed 895 – 895 (3 ) (864 ) 28 Total $ 3,406 $ (746 ) $ 2,660 $ (137 ) $ (1,006 ) $ 1,517 December 31, 2015 Derivative assets (d) $ 1,879 $ (807 ) $ 1,072 $ (82 ) $ – $ 990 Reverse repurchase agreements 106 – 106 (102 ) (4 ) – Securities borrowed 772 – 772 – (753 ) 19 Total $ 2,757 $ (807 ) $ 1,950 $ (184 ) $ (757 ) $ 1,009 (a) Includes $152 million and $165 million of cash collateral related payables that were netted against derivative assets at September 30, 2016 and December 31, 2015, respectively. (b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default. (c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults. (d) Excludes $1.3 billion and $368 million of derivative assets centrally cleared or otherwise not subject to netting arrangements at September 30, 2016 and December 31, 2015, respectively. |
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default | Gross Recognized Gross Amounts Consolidated Net Amounts Consolidated Gross Amounts Not Offset on the Net Amount (Dollars in Millions) Financial Collateral September 30, 2016 Derivative liabilities (d) $ 1,888 $ (1,485 ) $ 403 $ (95 ) $ – $ 308 Repurchase agreements 832 – 832 (39 ) (793 ) – Securities loaned 259 – 259 (3 ) (253 ) 3 Total $ 2,979 $ (1,485 ) $ 1,494 $ (137 ) $ (1,046 ) $ 311 December 31, 2015 Derivative liabilities (d) $ 1,809 $ (1,283 ) $ 526 $ (82 ) $ – $ 444 Repurchase agreements 1,092 – 1,092 (102 ) (990 ) – Total $ 2,901 $ (1,283 ) $ 1,618 $ (184 ) $ (990 ) $ 444 (a) Includes $891 million and $641 million of cash collateral related receivables that were netted against derivative liabilities at September 30, 2016 and December 31, 2015, respectively. (b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default. (c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults. (d) Excludes $2.0 billion and $576 million of derivative liabilities centrally cleared or otherwise not subject to netting arrangements at September 30, 2016 and December 31, 2015, respectively. |
Fair Values of Assets and Lia37
Fair Values of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Valuation Assumption Ranges for Level 3 Available-for-Sale Investment Securities | The following table shows the significant valuation assumption ranges for Level 3 available-for-sale investment securities at September 30, 2016: Minimum Maximum Average Residential Prime Non-Agency Mortgage-Backed Securities (a) Estimated lifetime prepayment rates 6 % 19 % 14 % Lifetime probability of default rates – 6 4 Lifetime loss severity rates 15 65 35 Discount margin 2 6 4 Residential Non-Prime Non-Agency Mortgage-Backed Securities (b) Estimated lifetime prepayment rates 3 % 15 % 8 % Lifetime probability of default rates 4 12 7 Lifetime loss severity rates 15 75 51 Discount margin 2 10 4 Other Asset-Backed Securities Estimated lifetime prepayment rates 6 % 6 % 6 % Lifetime probability of default rates 5 5 5 Lifetime loss severity rates 40 40 40 Discount margin 6 6 6 (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. |
Valuation Assumption Ranges for MSRs | The following table shows the significant valuation assumption ranges for MSRs at September 30, 2016: Minimum Maximum Average Expected prepayment 12 % 20 % 15 % Discount rate 9 13 10 |
Valuation Assumption Ranges for Derivative Commitments | The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at September 30, 2016: Minimum Maximum Average Expected loan close rate 17 % 99 % 77 % Inherent MSR value (basis points per loan) 46 192 112 |
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis: (Dollars in Millions) Level 1 Level 2 Level 3 Netting Total September 30, 2016 Available-for-sale securities U.S. Treasury and agencies $ 13,820 $ 810 $ – $ – $ 14,630 Mortgage-backed securities Residential Agency – 45,433 – – 45,433 Non-agency Prime (a) – – 259 – 259 Non-prime (b) – – 206 – 206 Commercial Agency – 16 – – 16 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 13 – – 13 Other – 522 2 – 524 Obligations of state and political subdivisions – 5,376 – – 5,376 Corporate debt securities 52 518 9 – 579 Perpetual preferred securities 27 26 – – 53 Other investments 36 30 – – 66 Total available-for-sale 13,935 52,744 476 – 67,155 Mortgage loans held for sale – 5,572 – – 5,572 Mortgage servicing rights – – 2,131 – 2,131 Derivative assets 1 2,578 1,106 (746 ) 2,939 Other assets 176 1,490 – – 1,666 Total $ 14,112 $ 62,384 $ 3,713 $ (746 ) $ 79,463 Derivative liabilities $ – $ 3,678 $ 175 $ (1,485 ) $ 2,368 Short-term borrowings (c) 210 898 – – 1,108 Total $ 210 $ 4,576 $ 175 $ (1,485 ) $ 3,476 December 31, 2015 Available-for-sale securities U.S. Treasury and agencies $ 3,708 $ 888 $ – $ – $ 4,596 Mortgage-backed securities Residential Agency – 50,076 – – 50,076 Non-agency Prime (a) – – 318 – 318 Non-prime (b) – – 240 – 240 Commercial Agency – 52 – – 52 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 19 – – 19 Other – 539 2 – 541 Obligations of state and political subdivisions – 5,316 – – 5,316 Corporate debt securities 102 499 9 – 610 Perpetual preferred securities 48 113 – – 161 Other investments 40 28 – – 68 Total available-for-sale 3,898 57,530 569 – 61,997 Mortgage loans held for sale – 3,110 – – 3,110 Mortgage servicing rights – – 2,512 – 2,512 Derivative assets – 1,632 615 (807 ) 1,440 Other assets 202 589 – – 791 Total $ 4,100 $ 62,861 $ 3,696 $ (807 ) $ 69,850 Derivative liabilities $ 2 $ 2,266 $ 117 $ (1,283 ) $ 1,102 Short-term borrowings (c) 122 645 – – 767 Total $ 124 $ 2,911 $ 117 $ (1,283 ) $ 1,869 (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. (c) Represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. |
Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended September 30: (Dollars in Millions) Beginning Net Gains Net Gains Purchases Sales Principal Issuances Settlements End of Period Net Change in 2016 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 280 $ – $ – $ – $ – $ (21 ) $ – $ – $ 259 $ – Non-prime (b) 216 – (1 ) – – (9 ) – – 206 (1 ) Asset-backed securities Other 2 – – – – – – – 2 – Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 507 – (c) (1 ) (f) – – (30 ) – – 476 (1 ) Mortgage servicing rights 2,056 (85 ) (d) – 18 – – 142 (g) – 2,131 (85 ) (d) Net derivative assets and liabilities 1,080 84 (e) – – (2 ) – – (231 ) 931 16 (h) 2015 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 363 $ – $ – $ – $ – $ (25 ) $ – $ – $ 338 $ – Non-prime (b) 262 (1 ) 1 – – (11 ) – – 251 1 Asset-backed securities Other 58 2 (1 ) – – (3 ) – – 56 (1 ) Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 692 1 (i) – (f) – – (39 ) – – 654 – Mortgage servicing rights 2,481 (273 ) (d) – 7 – – 182 (g) – 2,397 (273 ) (d) Net derivative assets and liabilities 478 426 (j) – – (2 ) – – (219 ) 683 231 (k) (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. (c) Approximately $(1) million included in securities gain (losses) and $1 million included in interest income. (d) Included in mortgage banking revenue. (e) Approximately $(73) million included in other noninterest income and $157 million included in mortgage banking revenue. (f) Included in changes in unrealized gains and losses on securities available-for-sale. (g) Represents MSRs capitalized during the period. (h) Approximately $(81) million included in other noninterest income and $97 million included in mortgage banking revenue. (i) Included in interest income. (j) Approximately $274 million included in other noninterest income and $152 million included in mortgage banking revenue. (k) Approximately $159 million included in other noninterest income and $72 million included in mortgage banking revenue. The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30: (Dollars in Millions) Beginning Net Gains Net Gains Purchases Sales Principal Issuances Settlements End Net Change in 2016 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 318 $ (1 ) $ – $ – $ – $ (58 ) $ – $ – $ 259 $ – Non-prime (b) 240 (1 ) (4 ) – – (29 ) – – 206 (4 ) Asset-backed securities Other 2 – – – – – – – 2 – Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 569 (2 ) (c) (4 ) (f) – – (87 ) – – 476 (4 ) Mortgage servicing rights 2,512 (785 ) (d) – 32 – – 372 (g) – 2,131 (785 ) (d) Net derivative assets and liabilities 498 1,047 (e) – 1 (5 ) – – (610 ) 931 494 (h) 2015 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 405 $ – $ (2 ) $ – $ – $ (65 ) $ – $ – $ 338 $ (2 ) Non-prime (b) 280 (1 ) 1 – – (29 ) – – 251 1 Asset-backed securities Other 62 4 (1 ) – – (9 ) – – 56 (1 ) Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 756 3 (i) (2 ) (f) – – (103 ) – – 654 (2 ) Mortgage servicing rights 2,338 (454 ) (d) – 22 – – 491 (g) – 2,397 (454 ) (d) Net derivative assets and liabilities 574 725 (j) – – (7 ) – – (609 ) 683 203 (k) (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. (c) Approximately $(3) million included in securities gain (losses) and $1 million included in interest income. (d) Included in mortgage banking revenue. (e) Approximately $560 million included in other noninterest income and $487 million included in mortgage banking revenue. (f) Included in changes in unrealized gains and losses on securities available-for-sale. (g) Represents MSRs capitalized during the period. (h) Approximately $397 million included in other noninterest income and $97 million included in mortgage banking revenue. (i) Included in interest income. (j) Approximately $360 million included in other noninterest income and $365 million included in mortgage banking revenue. (k) Approximately $131 million included in other noninterest income and $72 million included in mortgage banking revenue. |
Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date: September 30, 2016 December 31, 2015 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 128 $ 128 $ – $ – $ 87 $ 87 Other assets (b) – – 54 54 – – 66 66 (a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition. |
Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios | The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios: Three Months Ended Nine Months Ended (Dollars in Millions) 2016 2015 2016 2015 Loans (a) $ 45 $ 99 $ 156 $ 139 Other assets (b) 6 10 25 29 (a) Represents write-downs of student loans held for sale based on non-binding quoted prices received for the portfolio, that were subsequently transferred to loans, and write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition. |
Differences Between Aggregate Fair Value Carrying Amount of MLHFS for which Fair Value Option has been Elected and Aggregate Unpaid Principal Amount Contractually Obligated to Receive at Maturity | Fair Value Option The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity: September 30, 2016 December 31, 2015 (Dollars in Millions) Fair Aggregate Carrying Fair Aggregate Carrying Total loans $ 5,572 $ 5,368 $ 204 $ 3,110 $ 3,032 $ 78 Nonaccrual loans 3 4 (1 ) 5 7 (2 ) Loans 90 days or more past due 1 1 – – – – |
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments are shown in the table below: September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Cash and due from banks $ 23,664 $ 23,664 $ – $ – $ 23,664 $ 11,147 $ 11,147 $ – $ – $ 11,147 Federal funds sold and securities purchased under resale agreements 209 – 209 – 209 169 – 169 – 169 Investment securities held-to-maturity 42,873 4,256 39,076 74 43,406 43,590 2,275 41,138 80 43,493 Loans held for sale (a) 3 – – 3 3 74 – – 74 74 Loans 267,492 – – 273,136 273,136 256,986 – – 259,823 259,823 Other financial instruments 2,332 – 920 1,420 2,340 2,311 – 921 1,398 2,319 Financial Liabilities Deposits 334,595 – 334,522 – 334,522 300,400 – 300,225 – 300,225 Short-term borrowings (b) 14,587 – 14,444 – 14,444 27,110 – 26,782 – 26,782 Long-term debt 37,978 – 38,847 – 38,847 32,078 – 32,412 – 32,412 Other liabilities 1,634 – – 1,634 1,634 1,353 – – 1,353 1,353 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. |
Guarantees and Contingent Lia38
Guarantees and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Other Guarantees and Contingent Liabilities | The following table is a summary of other guarantees and contingent liabilities of the Company at September 30, 2016: (Dollars in Millions) Collateral Carrying Maximum Standby letters of credit $ – $ 63 $ 12,326 Third party borrowing arrangements – – 13 Securities lending indemnifications 3,442 – 3,382 Asset sales – 105 5,799 (a) Merchant processing 552 57 96,919 Tender option bond program guarantee 1,051 – 1,028 Minimum revenue guarantees – – 9 Other – – 867 (a) The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans. |
Investment Securities - Investm
Investment Securities - Investment Securities (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | ||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, total, amortized cost | $ 66,276 | $ 61,817 | |
Available-for-sale securities | [1] | $ 67,155 | $ 61,997 |
Available-for-sale securities, total, weighted-average yield | 2.09% | 2.21% | |
Available-for-sale securities, total, weighted-average maturity in years | 4 years 2 months 12 days | 4 years 8 months 12 days | |
Held-to-maturity securities, total, amortized cost | $ 42,873 | $ 43,590 | |
Held-to-maturity securities, total, weighted-average maturity in years | 3 years 9 months 18 days | 4 years 2 months 12 days | |
Held-to-maturity securities, total, fair value | $ 43,406 | $ 43,493 | |
Held-to-maturity securities, total, weighted-average yield | 1.90% | 1.92% | |
Amortized Cost of Investment Securities | $ 109,149 | $ 105,407 | |
Amortized Cost of Investment Securities, Percentage | 100.00% | 100.00% | |
U.S. Treasury and Agencies [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 2,729 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 7,529 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 4,195 | ||
Available-for-sale securities, maturing after ten years, amortized cost | 1 | ||
Available-for-sale securities, total, amortized cost | 14,454 | $ 4,611 | |
Available-for-sale securities, maturing in one year or less, fair value | 2,731 | ||
Available-for-sale securities, maturing after one year through five years, fair value | 7,575 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | 4,322 | ||
Available-for-sale securities, maturing after ten years, fair value | 2 | ||
Available-for-sale securities | $ 14,630 | 4,596 | |
Available-for-sale securities, maturing in one year or less, weighted-average yield | 0.88% | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 6 months | ||
Available for sale securities, maturing after one year through five years, weighted-average yield | 1.08% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 2 years 10 months 24 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 1.89% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 6 years 2 months 12 days | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | 4.15% | ||
Available-for-sale securities, maturing after ten years, weighted -average maturity in years | 10 years 10 months 24 days | ||
Available-for-sale securities, total, weighted-average yield | 1.28% | ||
Available-for-sale securities, total, weighted-average maturity in years | 3 years 4 months 24 days | ||
Held-to-maturity securities, maturing in one year or less, amortized cost | $ 424 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 8 months 12 days | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 734 | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 2 years 9 months 18 days | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | $ 3,609 | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 6 years 8 months 12 days | ||
Held-to-maturity securities, total, amortized cost | $ 4,767 | 2,925 | |
Held-to-maturity securities, total, weighted-average maturity in years | 5 years 7 months 6 days | ||
Held-to-maturity securities, maturing in one year or less, fair value | $ 426 | ||
Held to maturity securities, maturing after one year through five years, fair value | 750 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | 3,686 | ||
Held-to-maturity securities, total, fair value | $ 4,862 | 2,919 | |
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 0.97% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 1.76% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 1.81% | ||
Held-to-maturity securities, total, weighted-average yield | 1.73% | ||
Amortized Cost of Investment Securities | $ 19,221 | $ 7,536 | |
Amortized Cost of Investment Securities, Percentage | 17.60% | 7.20% | |
Mortgage-Backed Securities [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 697 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 41,085 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 3,489 | ||
Available-for-sale securities, maturing after ten years, amortized cost | 97 | ||
Available-for-sale securities, total, amortized cost | 45,368 | ||
Available-for-sale securities, maturing in one year or less, fair value | 703 | ||
Available-for-sale securities, maturing after one year through five years, fair value | 41,592 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | 3,522 | ||
Available-for-sale securities, maturing after ten years, fair value | 97 | ||
Available-for-sale securities | $ 45,914 | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | 2.39% | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 7 months 6 days | ||
Available for sale securities, maturing after one year through five years, weighted-average yield | 1.84% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 3 years 10 months 24 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 1.97% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 6 years 3 months 18 days | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | 1.74% | ||
Available-for-sale securities, maturing after ten years, weighted -average maturity in years | 12 years 6 months | ||
Available-for-sale securities, total, weighted-average yield | 1.85% | ||
Available-for-sale securities, total, weighted-average maturity in years | 4 years 1 month 6 days | ||
Held-to-maturity securities, maturing in one year or less, amortized cost | $ 479 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 7 months 6 days | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 35,952 | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 3 years 6 months | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | $ 1,595 | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 5 years 9 months 18 days | ||
Held-to-maturity securities, maturing after ten years, amortized cost | $ 37 | ||
Held-to-maturity securities, maturing after ten years, weighted-average maturity in years | 12 years 2 months 12 days | ||
Held-to-maturity securities, total, amortized cost | $ 38,063 | ||
Held-to-maturity securities, total, weighted-average maturity in years | 3 years 7 months 6 days | ||
Held-to-maturity securities, maturing in one year or less, fair value | $ 481 | ||
Held to maturity securities, maturing after one year through five years, fair value | 36,368 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | 1,607 | ||
Held-to-maturity securities, maturing after ten years, fair value | 37 | ||
Held-to-maturity securities, total, fair value | $ 38,493 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 2.30% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 1.94% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 1.55% | ||
Held-to-maturity securities, maturing after ten years, weighted-average yield | 1.42% | ||
Held-to-maturity securities, total, weighted-average yield | 1.92% | ||
Amortized Cost of Investment Securities | $ 83,431 | $ 91,265 | |
Amortized Cost of Investment Securities, Percentage | 76.40% | 86.60% | |
Asset-Backed Securities [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 11 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 294 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 222 | ||
Available-for-sale securities, total, amortized cost | 527 | ||
Available-for-sale securities, maturing in one year or less, fair value | 13 | ||
Available-for-sale securities, maturing after one year through five years, fair value | 298 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | 226 | ||
Available-for-sale securities | $ 537 | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | 6.96% | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 4 months 24 days | ||
Available for sale securities, maturing after one year through five years, weighted-average yield | 3.19% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 4 years | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 2.78% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 5 years 7 months 6 days | ||
Available-for-sale securities, total, weighted-average yield | 3.10% | ||
Available-for-sale securities, total, weighted-average maturity in years | 4 years 7 months 6 days | ||
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 1 month 6 days | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 4 | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 2 years 8 months 12 days | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | $ 4 | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 5 years 10 months 24 days | ||
Held-to-maturity securities, maturing after ten years, weighted-average maturity in years | 17 years 7 months 6 days | ||
Held-to-maturity securities, total, amortized cost | $ 8 | ||
Held-to-maturity securities, total, weighted-average maturity in years | 4 years 2 months 12 days | ||
Held to maturity securities, maturing after one year through five years, fair value | $ 7 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | 4 | ||
Held-to-maturity securities, maturing after ten years, fair value | 5 | ||
Held-to-maturity securities, total, fair value | $ 16 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 1.17% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 1.25% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 1.20% | ||
Held-to-maturity securities, maturing after ten years, weighted-average yield | 1.29% | ||
Held-to-maturity securities, total, weighted-average yield | 1.23% | ||
Amortized Cost of Investment Securities | $ 535 | $ 558 | |
Amortized Cost of Investment Securities, Percentage | 0.50% | 0.50% | |
Obligations of State and Political Subdivisions [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 2,175 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 674 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 1,743 | ||
Available-for-sale securities, maturing after ten years, amortized cost | 640 | ||
Available-for-sale securities, total, amortized cost | 5,232 | $ 5,149 | |
Available-for-sale securities, maturing in one year or less, fair value | 2,206 | ||
Available-for-sale securities, maturing after one year through five years, fair value | 713 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | 1,810 | ||
Available-for-sale securities, maturing after ten years, fair value | 647 | ||
Available-for-sale securities | $ 5,376 | 5,316 | |
Available-for-sale securities, maturing in one year or less, weighted-average yield | 7.10% | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 4 months 24 days | ||
Available for sale securities, maturing after one year through five years, weighted-average yield | 6.40% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 2 years 4 months 24 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 5.17% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 8 years 2 months 12 days | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | 5.11% | ||
Available-for-sale securities, maturing after ten years, weighted -average maturity in years | 19 years 6 months | ||
Available-for-sale securities, total, weighted-average yield | 6.12% | ||
Available-for-sale securities, total, weighted-average maturity in years | 5 years 7 months 6 days | ||
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 4 months 24 days | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 1 | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 2 years 8 months 12 days | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | $ 7 | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 9 years 1 month 6 days | ||
Held-to-maturity securities, maturing after ten years, weighted-average maturity in years | 10 years 2 months 12 days | ||
Held-to-maturity securities, total, amortized cost | $ 8 | 8 | |
Held-to-maturity securities, total, weighted-average maturity in years | 8 years 7 months 6 days | ||
Held to maturity securities, maturing after one year through five years, fair value | $ 1 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | 7 | ||
Held-to-maturity securities, total, fair value | $ 8 | 8 | |
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 7.58% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 8.15% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 2.60% | ||
Held-to-maturity securities, maturing after ten years, weighted-average yield | 8.07% | ||
Held-to-maturity securities, total, weighted-average yield | 3.18% | ||
Amortized Cost of Investment Securities | $ 5,240 | $ 5,157 | |
Amortized Cost of Investment Securities, Percentage | 4.80% | 4.90% | |
Other Debt Securities and Obligations of Foreign Governments [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing after ten years, amortized cost | $ 628 | ||
Available-for-sale securities, total, amortized cost | 628 | ||
Available-for-sale securities, maturing after ten years, fair value | 579 | ||
Available-for-sale securities | $ 579 | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | 2.62% | ||
Available-for-sale securities, maturing after ten years, weighted -average maturity in years | 15 years 9 months 18 days | ||
Available-for-sale securities, total, weighted-average yield | 2.62% | ||
Available-for-sale securities, total, weighted-average maturity in years | 15 years 9 months 18 days | ||
Held-to-maturity securities, maturing in one year or less, amortized cost | $ 6 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 4 months 24 days | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 21 | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 3 years 8 months 12 days | ||
Held-to-maturity securities, total, amortized cost | $ 27 | ||
Held-to-maturity securities, total, weighted-average maturity in years | 3 years | ||
Held-to-maturity securities, maturing in one year or less, fair value | $ 6 | ||
Held to maturity securities, maturing after one year through five years, fair value | 21 | ||
Held-to-maturity securities, total, fair value | $ 27 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 2.00% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 1.55% | ||
Held-to-maturity securities, total, weighted-average yield | 1.65% | ||
Amortized Cost of Investment Securities | $ 722 | $ 891 | |
Amortized Cost of Investment Securities, Percentage | 0.70% | 0.80% | |
Other Investments Including Perpetual Preferred Securities [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, total, amortized cost | $ 67 | ||
Available-for-sale securities | $ 119 | ||
Available-for-sale securities, total, weighted-average yield | 5.89% | ||
Available-for-sale securities, total, weighted-average maturity in years | 5 years 2 months 12 days | ||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Investment Securities - Inves40
Investment Securities - Investment Securities (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Contractual Maturities of Investment Securities [Abstract] | ||
Federal statutory rate | 35.00% | |
Weighted-average maturity of available-for-sale investment securities | 4 years 2 months 12 days | 4 years 8 months 12 days |
Weighted-average yield of available-for-sale investment securities | 2.09% | 2.21% |
Weighted-average maturity of held-to-maturity investment securities | 3 years 9 months 18 days | 4 years 2 months 12 days |
Weighted-average yield of held-to-maturity investment securities | 1.90% | 1.92% |
Basis of Presentation - Line of
Basis of Presentation - Line of Business Financial Performance (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Income Statement | ||||
Net interest income (taxable-equivalent basis) | $ 2,943 | $ 2,821 | $ 8,727 | $ 8,343 |
Net interest income (taxable-equivalent basis), Percent change | 4.30% | 4.60% | ||
Noninterest income | $ 2,435 | 2,327 | $ 7,130 | 6,753 |
Noninterest income, Percent change | 4.60% | 5.60% | ||
Securities gains (losses), net | $ 10 | (1) | $ 16 | (1) |
Securities gains (losses), net, Percent change | 0.00% | 0.00% | ||
Total net revenue | $ 5,388 | 5,147 | $ 15,873 | 15,095 |
Total net revenue, Percent change | 4.70% | 5.20% | ||
Noninterest expense, Percent change | 5.60% | 6.80% | ||
Other intangibles, Percent change | 7.10% | 4.70% | ||
Total noninterest expense, Percent change | 5.60% | 6.80% | ||
Income before provision and income taxes, Percent change | 3.60% | 3.30% | ||
Provision for credit losses, Percent change | 15.20% | 18.70% | ||
Income before income taxes, Percent change | 2.00% | 1.20% | ||
Income taxes and taxable-equivalent adjustment, Percent change | 4.90% | 3.80% | ||
Net income, Percent change | 0.90% | 0.20% | ||
Net (income) loss attributable to noncontrolling interests, Percent change | (4.90%) | |||
Net income attributable to U.S. Bancorp, Percent change | 0.90% | 0.20% | ||
Noninterest expense | $ 2,886 | 2,733 | $ 8,538 | 7,994 |
Other intangibles | 45 | 42 | 134 | 128 |
Total noninterest expense | 2,931 | 2,775 | 8,672 | 8,122 |
Income before provision and income taxes | 2,457 | 2,372 | 7,201 | 6,973 |
Provision for credit losses | 325 | 282 | 982 | 827 |
Income before income taxes | 2,132 | 2,090 | 6,219 | 6,146 |
Income taxes and taxable-equivalent adjustment | 616 | 587 | 1,766 | 1,702 |
Net income | 1,516 | 1,503 | 4,453 | 4,444 |
Net (income) loss attributable to noncontrolling interests | (14) | (14) | (43) | (41) |
Net income attributable to U.S. Bancorp | 1,502 | 1,489 | 4,410 | 4,403 |
Average Balance Sheet | ||||
Commercial | $ 92,369 | 84,704 | $ 91,451 | 83,167 |
Commercial, Percent change | 9.00% | 10.00% | ||
Commercial real estate | $ 43,374 | 42,316 | $ 42,922 | 42,476 |
Commercial real estate, Percent change | 2.50% | 1.10% | ||
Residential mortgages | $ 56,284 | 51,831 | $ 55,334 | 51,458 |
Residential mortgages, Percent change | 8.60% | 7.50% | ||
Credit card | $ 20,628 | 17,944 | $ 20,339 | 17,794 |
Credit card, Percent change | 15.00% | 14.30% | ||
Other retail | $ 52,851 | 48,849 | $ 51,809 | 48,411 |
Other retail, Percent change | 8.20% | 7.00% | ||
Total loans, excluding covered loans | $ 265,506 | 245,644 | $ 261,855 | 243,306 |
Total loans, excluding covered loans, Percent change | 8.10% | 7.60% | ||
Covered loans | $ 4,131 | 4,892 | $ 4,324 | 5,052 |
Covered loans, Percent change | (15.60%) | (14.40%) | ||
Total loans | $ 269,637 | 250,536 | $ 266,179 | 248,358 |
Total loans, Percent change | 7.60% | 7.20% | ||
Goodwill, Percent change | (0.10%) | (0.10%) | ||
Other intangible assets, Percent change | (9.60%) | (3.50%) | ||
Assets, Percent change | 6.70% | 5.60% | ||
Noninterest-bearing deposits, Percent change | 1.30% | 3.00% | ||
Interest checking, Percent change | 11.50% | 9.30% | ||
Savings products, Percent change | 19.40% | 15.90% | ||
Time deposits, Percent change | (4.70%) | (8.40%) | ||
Total deposits, Percent change | 10.00% | 8.00% | ||
Total U.S. Bancorp shareholders' equity, Percent change | 6.50% | 6.20% | ||
Goodwill | $ 9,358 | 9,371 | $ 9,361 | 9,372 |
Other intangible assets | 2,879 | 3,185 | 3,017 | 3,127 |
Assets | 437,863 | 410,439 | 429,421 | 406,757 |
Noninterest-bearing deposits | 82,021 | 80,940 | 79,928 | 77,623 |
Interest checking | 63,456 | 56,888 | 60,746 | 55,592 |
Savings products | 140,616 | 117,818 | 133,191 | 114,931 |
Time deposits | 32,455 | 34,046 | 33,447 | 36,527 |
Total deposits | 318,548 | 289,692 | 307,312 | 284,673 |
Total U.S. Bancorp shareholders' equity | 47,791 | 44,867 | 47,240 | 44,489 |
Wholesale Banking and Commercial Real Estate [Member] | ||||
Condensed Income Statement | ||||
Net interest income (taxable-equivalent basis) | $ 563 | 507 | $ 1,638 | 1,495 |
Net interest income (taxable-equivalent basis), Percent change | 11.00% | 9.60% | ||
Noninterest income | $ 220 | 225 | $ 676 | 670 |
Noninterest income, Percent change | (2.20%) | 0.90% | ||
Securities gains (losses), net, Percent change | 0.00% | 0.00% | ||
Total net revenue | $ 783 | 732 | $ 2,314 | 2,165 |
Total net revenue, Percent change | 7.00% | 6.90% | ||
Noninterest expense, Percent change | 5.80% | 6.20% | ||
Total noninterest expense, Percent change | 5.80% | 6.20% | ||
Income before provision and income taxes, Percent change | 8.00% | 7.50% | ||
Provision for credit losses, Percent change | (8.80%) | |||
Income before income taxes, Percent change | 12.10% | (11.90%) | ||
Income taxes and taxable-equivalent adjustment, Percent change | 12.00% | (12.10%) | ||
Net income, Percent change | 12.20% | (11.70%) | ||
Net income attributable to U.S. Bancorp, Percent change | 12.20% | (11.70%) | ||
Noninterest expense | $ 348 | 329 | $ 1,047 | 986 |
Other intangibles | 1 | 1 | 3 | 3 |
Total noninterest expense | 349 | 330 | 1,050 | 989 |
Income before provision and income taxes | 434 | 402 | 1,264 | 1,176 |
Provision for credit losses | 73 | 80 | 342 | 130 |
Income before income taxes | 361 | 322 | 922 | 1,046 |
Income taxes and taxable-equivalent adjustment | 131 | 117 | 335 | 381 |
Net income | 230 | 205 | 587 | 665 |
Net income attributable to U.S. Bancorp | 230 | 205 | 587 | 665 |
Average Balance Sheet | ||||
Commercial | $ 70,813 | 64,984 | $ 70,412 | 63,828 |
Commercial, Percent change | 9.00% | 10.30% | ||
Commercial real estate | $ 21,476 | 20,587 | $ 21,099 | 20,519 |
Commercial real estate, Percent change | 4.30% | 2.80% | ||
Residential mortgages | $ 8 | 8 | $ 7 | 8 |
Residential mortgages, Percent change | (12.50%) | |||
Other retail | 2 | 2 | $ 2 | 3 |
Other retail, Percent change | (33.30%) | |||
Total loans, excluding covered loans | $ 92,299 | 85,581 | $ 91,520 | 84,358 |
Total loans, excluding covered loans, Percent change | 7.80% | 8.50% | ||
Total loans | $ 92,299 | 85,581 | $ 91,520 | 84,358 |
Total loans, Percent change | 7.80% | 8.50% | ||
Other intangible assets, Percent change | (20.00%) | (19.00%) | ||
Assets, Percent change | 7.70% | 7.70% | ||
Noninterest-bearing deposits, Percent change | (0.80%) | 2.10% | ||
Interest checking, Percent change | 27.90% | 8.40% | ||
Savings products, Percent change | 53.50% | 47.20% | ||
Time deposits, Percent change | (2.40%) | (16.00%) | ||
Total deposits, Percent change | 19.40% | 13.70% | ||
Total U.S. Bancorp shareholders' equity, Percent change | 5.90% | 8.10% | ||
Goodwill | $ 1,647 | 1,647 | $ 1,647 | 1,647 |
Other intangible assets | 16 | 20 | 17 | 21 |
Assets | 100,871 | 93,681 | 99,937 | 92,805 |
Noninterest-bearing deposits | 36,624 | 36,929 | 36,498 | 35,742 |
Interest checking | 9,628 | 7,528 | 8,202 | 7,563 |
Savings products | 44,288 | 28,855 | 40,028 | 27,194 |
Time deposits | 13,490 | 13,827 | 13,000 | 15,467 |
Total deposits | 104,030 | 87,139 | 97,728 | 85,966 |
Total U.S. Bancorp shareholders' equity | 8,997 | 8,497 | 8,927 | 8,261 |
Consumer and Small Business Banking [Member] | ||||
Condensed Income Statement | ||||
Net interest income (taxable-equivalent basis) | $ 1,203 | 1,150 | $ 3,532 | 3,410 |
Net interest income (taxable-equivalent basis), Percent change | 4.60% | 3.60% | ||
Noninterest income | $ 712 | 629 | $ 1,900 | 1,877 |
Noninterest income, Percent change | 13.20% | 1.20% | ||
Securities gains (losses), net, Percent change | 0.00% | 0.00% | ||
Total net revenue | $ 1,915 | 1,779 | $ 5,432 | 5,287 |
Total net revenue, Percent change | 7.60% | 2.70% | ||
Noninterest expense, Percent change | 2.20% | 2.40% | ||
Other intangibles, Percent change | (20.00%) | (20.00%) | ||
Total noninterest expense, Percent change | 2.10% | 2.20% | ||
Income before provision and income taxes, Percent change | 21.10% | 3.80% | ||
Provision for credit losses, Percent change | 45.20% | (81.40%) | ||
Income before income taxes, Percent change | 19.60% | 10.40% | ||
Income taxes and taxable-equivalent adjustment, Percent change | 19.60% | 10.60% | ||
Net income, Percent change | 19.60% | 10.30% | ||
Net income attributable to U.S. Bancorp, Percent change | 19.60% | 10.30% | ||
Noninterest expense | $ 1,275 | 1,247 | $ 3,704 | 3,616 |
Other intangibles | 8 | 10 | 24 | 30 |
Total noninterest expense | 1,283 | 1,257 | 3,728 | 3,646 |
Income before provision and income taxes | 632 | 522 | 1,704 | 1,641 |
Provision for credit losses | 45 | 31 | 22 | 118 |
Income before income taxes | 587 | 491 | 1,682 | 1,523 |
Income taxes and taxable-equivalent adjustment | 214 | 179 | 613 | 554 |
Net income | 373 | 312 | 1,069 | 969 |
Net income attributable to U.S. Bancorp | 373 | 312 | 1,069 | 969 |
Average Balance Sheet | ||||
Commercial | $ 10,546 | 10,004 | $ 10,367 | 9,839 |
Commercial, Percent change | 5.40% | 5.40% | ||
Commercial real estate | $ 18,300 | 17,857 | $ 18,143 | 17,902 |
Commercial real estate, Percent change | 2.50% | 1.30% | ||
Residential mortgages | $ 53,933 | 49,924 | $ 53,127 | 49,678 |
Residential mortgages, Percent change | 8.00% | 6.90% | ||
Other retail | $ 50,785 | 46,717 | $ 49,738 | 46,301 |
Other retail, Percent change | 8.70% | 7.40% | ||
Total loans, excluding covered loans | $ 133,564 | 124,502 | $ 131,375 | 123,720 |
Total loans, excluding covered loans, Percent change | 7.30% | 6.20% | ||
Covered loans | $ 4,107 | 4,839 | $ 4,289 | 5,006 |
Covered loans, Percent change | (15.10%) | (14.30%) | ||
Total loans | $ 137,671 | 129,341 | $ 135,664 | 128,726 |
Total loans, Percent change | 6.40% | 5.40% | ||
Other intangible assets, Percent change | (14.70%) | (7.00%) | ||
Assets, Percent change | 4.20% | 3.10% | ||
Noninterest-bearing deposits, Percent change | 7.00% | 6.20% | ||
Interest checking, Percent change | 9.60% | 8.80% | ||
Savings products, Percent change | 6.70% | 6.90% | ||
Time deposits, Percent change | (7.50%) | (10.80%) | ||
Total deposits, Percent change | 6.00% | 5.20% | ||
Total U.S. Bancorp shareholders' equity, Percent change | 6.40% | 1.80% | ||
Goodwill | $ 3,681 | 3,681 | $ 3,681 | 3,681 |
Other intangible assets | 2,270 | 2,661 | 2,393 | 2,573 |
Assets | 153,496 | 147,273 | 150,704 | 146,200 |
Noninterest-bearing deposits | 28,380 | 26,514 | 27,111 | 25,539 |
Interest checking | 43,827 | 40,005 | 43,175 | 39,672 |
Savings products | 57,777 | 54,161 | 57,057 | 53,381 |
Time deposits | 14,280 | 15,439 | 14,392 | 16,130 |
Total deposits | 144,264 | 136,119 | 141,735 | 134,722 |
Total U.S. Bancorp shareholders' equity | 11,312 | 10,629 | 11,138 | 10,944 |
Wealth Management and Securities Services [Member] | ||||
Condensed Income Statement | ||||
Net interest income (taxable-equivalent basis) | $ 135 | 90 | $ 374 | 252 |
Net interest income (taxable-equivalent basis), Percent change | 50.00% | 48.40% | ||
Noninterest income | $ 403 | 368 | $ 1,183 | 1,100 |
Noninterest income, Percent change | 9.50% | 7.50% | ||
Securities gains (losses), net, Percent change | 0.00% | 0.00% | ||
Total net revenue | $ 538 | 458 | $ 1,557 | 1,352 |
Total net revenue, Percent change | 17.50% | 15.20% | ||
Noninterest expense, Percent change | 7.90% | 5.10% | ||
Other intangibles, Percent change | (14.30%) | (14.30%) | ||
Total noninterest expense, Percent change | 7.50% | 4.70% | ||
Income before provision and income taxes, Percent change | 55.20% | 56.00% | ||
Income before income taxes, Percent change | 57.90% | 56.70% | ||
Income taxes and taxable-equivalent adjustment, Percent change | 57.10% | 57.00% | ||
Net income, Percent change | 58.30% | 56.60% | ||
Net income attributable to U.S. Bancorp, Percent change | 58.30% | 56.60% | ||
Noninterest expense | $ 383 | 355 | $ 1,110 | 1,056 |
Other intangibles | 6 | 7 | 18 | 21 |
Total noninterest expense | 389 | 362 | 1,128 | 1,077 |
Income before provision and income taxes | 149 | 96 | 429 | 275 |
Provision for credit losses | (1) | 1 | (2) | |
Income before income taxes | 150 | 95 | 431 | 275 |
Income taxes and taxable-equivalent adjustment | 55 | 35 | 157 | 100 |
Net income | 95 | 60 | 274 | 175 |
Net income attributable to U.S. Bancorp | 95 | 60 | 274 | 175 |
Average Balance Sheet | ||||
Commercial | $ 2,892 | 2,212 | $ 2,874 | 2,254 |
Commercial, Percent change | 30.70% | 27.50% | ||
Commercial real estate | $ 513 | 570 | $ 521 | 569 |
Commercial real estate, Percent change | (10.00%) | (8.40%) | ||
Residential mortgages | $ 2,343 | 1,887 | $ 2,200 | 1,760 |
Residential mortgages, Percent change | 24.20% | 25.00% | ||
Other retail | $ 1,549 | 1,544 | $ 1,537 | 1,502 |
Other retail, Percent change | 0.30% | 2.30% | ||
Total loans, excluding covered loans | $ 7,297 | 6,213 | $ 7,132 | 6,085 |
Total loans, excluding covered loans, Percent change | 17.40% | 17.20% | ||
Covered loans | 1 | 1 | ||
Total loans | $ 7,297 | 6,214 | $ 7,132 | 6,086 |
Total loans, Percent change | 17.40% | 17.20% | ||
Goodwill, Percent change | (0.10%) | |||
Other intangible assets, Percent change | (19.50%) | (20.00%) | ||
Assets, Percent change | 13.90% | 12.10% | ||
Noninterest-bearing deposits, Percent change | (7.40%) | (3.70%) | ||
Interest checking, Percent change | 14.50% | 20.80% | ||
Savings products, Percent change | 10.90% | 5.10% | ||
Time deposits, Percent change | 0.10% | 9.30% | ||
Total deposits, Percent change | 6.30% | 5.40% | ||
Total U.S. Bancorp shareholders' equity, Percent change | 3.00% | 3.20% | ||
Goodwill | $ 1,567 | 1,567 | $ 1,566 | 1,567 |
Other intangible assets | 99 | 123 | 104 | 130 |
Assets | 10,382 | 9,117 | 10,249 | 9,143 |
Noninterest-bearing deposits | 13,825 | 14,922 | 13,270 | 13,776 |
Interest checking | 9,967 | 8,703 | 9,328 | 7,721 |
Savings products | 37,961 | 34,227 | 35,515 | 33,785 |
Time deposits | 3,777 | 3,775 | 3,743 | 3,426 |
Total deposits | 65,530 | 61,627 | 61,856 | 58,708 |
Total U.S. Bancorp shareholders' equity | 2,378 | 2,308 | 2,379 | 2,306 |
Payment Services [Member] | ||||
Condensed Income Statement | ||||
Net interest income (taxable-equivalent basis) | $ 538 | 484 | $ 1,578 | 1,410 |
Net interest income (taxable-equivalent basis), Percent change | 11.20% | 11.90% | ||
Noninterest income | $ 912 | 874 | $ 2,651 | 2,501 |
Noninterest income, Percent change | 4.30% | 6.00% | ||
Securities gains (losses), net, Percent change | 0.00% | 0.00% | ||
Total net revenue | $ 1,450 | 1,358 | $ 4,229 | 3,911 |
Total net revenue, Percent change | 6.80% | 8.10% | ||
Noninterest expense, Percent change | 6.90% | 5.20% | ||
Other intangibles, Percent change | 25.00% | 20.30% | ||
Total noninterest expense, Percent change | 7.60% | 5.80% | ||
Income before provision and income taxes, Percent change | 6.00% | 10.50% | ||
Provision for credit losses, Percent change | 15.60% | 5.10% | ||
Income before income taxes, Percent change | 2.70% | 12.80% | ||
Income taxes and taxable-equivalent adjustment, Percent change | 2.60% | 12.70% | ||
Net income, Percent change | 2.70% | 12.80% | ||
Net (income) loss attributable to noncontrolling interests, Percent change | (4.20%) | |||
Net income attributable to U.S. Bancorp, Percent change | 2.80% | 13.10% | ||
Noninterest expense | $ 679 | 635 | $ 1,991 | 1,892 |
Other intangibles | 30 | 24 | 89 | 74 |
Total noninterest expense | 709 | 659 | 2,080 | 1,966 |
Income before provision and income taxes | 741 | 699 | 2,149 | 1,945 |
Provision for credit losses | 208 | 180 | 615 | 585 |
Income before income taxes | 533 | 519 | 1,534 | 1,360 |
Income taxes and taxable-equivalent adjustment | 194 | 189 | 558 | 495 |
Net income | 339 | 330 | 976 | 865 |
Net (income) loss attributable to noncontrolling interests | (8) | (8) | (25) | (24) |
Net income attributable to U.S. Bancorp | 331 | 322 | 951 | 841 |
Average Balance Sheet | ||||
Commercial | $ 7,766 | 7,239 | $ 7,438 | 6,975 |
Commercial, Percent change | 7.30% | 6.60% | ||
Credit card | $ 20,628 | 17,944 | $ 20,339 | 17,794 |
Credit card, Percent change | 15.00% | 14.30% | ||
Other retail | $ 515 | 586 | $ 532 | 605 |
Other retail, Percent change | (12.10%) | (12.10%) | ||
Total loans, excluding covered loans | $ 28,909 | 25,769 | $ 28,309 | 25,374 |
Total loans, excluding covered loans, Percent change | 12.20% | 11.60% | ||
Total loans | $ 28,909 | 25,769 | $ 28,309 | 25,374 |
Total loans, Percent change | 12.20% | 11.60% | ||
Goodwill, Percent change | (0.50%) | (0.40%) | ||
Other intangible assets, Percent change | 29.70% | 24.80% | ||
Assets, Percent change | 10.00% | 9.20% | ||
Noninterest-bearing deposits, Percent change | 12.10% | 8.20% | ||
Savings products, Percent change | 6.50% | 7.80% | ||
Total deposits, Percent change | (32.60%) | (33.40%) | ||
Total U.S. Bancorp shareholders' equity, Percent change | 9.60% | 9.50% | ||
Goodwill | $ 2,463 | 2,476 | $ 2,467 | 2,477 |
Other intangible assets | 494 | 381 | 503 | 403 |
Assets | 34,733 | 31,585 | 34,245 | 31,364 |
Noninterest-bearing deposits | 954 | 851 | 947 | 875 |
Interest checking | 618 | 602 | ||
Savings products | 98 | 92 | 97 | 90 |
Total deposits | 1,052 | 1,561 | 1,044 | 1,567 |
Total U.S. Bancorp shareholders' equity | 6,386 | 5,829 | 6,362 | 5,809 |
Treasury and Corporate Support [Member] | ||||
Condensed Income Statement | ||||
Net interest income (taxable-equivalent basis) | $ 504 | 590 | $ 1,605 | 1,776 |
Net interest income (taxable-equivalent basis), Percent change | (14.60%) | (9.60%) | ||
Noninterest income | $ 188 | 231 | $ 720 | 605 |
Noninterest income, Percent change | (18.60%) | 19.00% | ||
Securities gains (losses), net | $ 10 | (1) | $ 16 | (1) |
Securities gains (losses), net, Percent change | 0.00% | 0.00% | ||
Total net revenue | $ 702 | 820 | $ 2,341 | 2,380 |
Total net revenue, Percent change | (14.40%) | (1.60%) | ||
Noninterest expense, Percent change | 20.40% | 54.50% | ||
Total noninterest expense, Percent change | 20.40% | 54.50% | ||
Income before provision and income taxes, Percent change | (23.30%) | (14.50%) | ||
Income before income taxes, Percent change | (24.40%) | (15.00%) | ||
Income taxes and taxable-equivalent adjustment, Percent change | (67.20%) | (40.10%) | ||
Net income, Percent change | (19.60%) | (12.60%) | ||
Net (income) loss attributable to noncontrolling interests, Percent change | (5.90%) | |||
Net income attributable to U.S. Bancorp, Percent change | (19.80%) | (12.80%) | ||
Noninterest expense | $ 201 | 167 | $ 686 | 444 |
Total noninterest expense | 201 | 167 | 686 | 444 |
Income before provision and income taxes | 501 | 653 | 1,655 | 1,936 |
Provision for credit losses | (10) | 5 | (6) | |
Income before income taxes | 501 | 663 | 1,650 | 1,942 |
Income taxes and taxable-equivalent adjustment | 22 | 67 | 103 | 172 |
Net income | 479 | 596 | 1,547 | 1,770 |
Net (income) loss attributable to noncontrolling interests | (6) | (6) | (18) | (17) |
Net income attributable to U.S. Bancorp | 473 | 590 | 1,529 | 1,753 |
Average Balance Sheet | ||||
Commercial | $ 352 | 265 | $ 360 | 271 |
Commercial, Percent change | 32.80% | 32.80% | ||
Commercial real estate | $ 3,085 | 3,302 | $ 3,159 | 3,486 |
Commercial real estate, Percent change | (6.60%) | (9.40%) | ||
Residential mortgages | 12 | 12 | ||
Total loans, excluding covered loans | $ 3,437 | 3,579 | $ 3,519 | 3,769 |
Total loans, excluding covered loans, Percent change | (4.00%) | (6.60%) | ||
Covered loans | $ 24 | 52 | $ 35 | 45 |
Covered loans, Percent change | (53.80%) | (22.20%) | ||
Total loans | $ 3,461 | 3,631 | $ 3,554 | 3,814 |
Total loans, Percent change | (4.70%) | (6.80%) | ||
Assets, Percent change | 7.50% | 5.50% | ||
Noninterest-bearing deposits, Percent change | 29.80% | 24.30% | ||
Interest checking, Percent change | 20.60% | |||
Savings products, Percent change | 1.90% | 2.70% | ||
Time deposits, Percent change | (9.70%) | 53.70% | ||
Total deposits, Percent change | 13.10% | 33.40% | ||
Total U.S. Bancorp shareholders' equity, Percent change | 6.30% | 7.40% | ||
Assets | $ 138,381 | 128,783 | $ 134,286 | 127,245 |
Noninterest-bearing deposits | 2,238 | 1,724 | 2,102 | 1,691 |
Interest checking | 34 | 34 | 41 | 34 |
Savings products | 492 | 483 | 494 | 481 |
Time deposits | 908 | 1,005 | 2,312 | 1,504 |
Total deposits | 3,672 | 3,246 | 4,949 | 3,710 |
Total U.S. Bancorp shareholders' equity | $ 18,718 | $ 17,604 | $ 18,434 | $ 17,169 |
Investment Securities - Inves42
Investment Securities - Investment Securities Held-to-Maturity (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | $ 42,873 | $ 43,590 |
Held-to-maturity securities, Unrealized Gains | 558 | 199 |
Held-to-maturity securities, Unrealized Losses Other | (25) | (296) |
Held-to-maturity securities, Fair Value | 43,406 | 43,493 |
U.S. Treasury and Agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 4,767 | 2,925 |
Held-to-maturity securities, Unrealized Gains | 96 | 14 |
Held-to-maturity securities, Unrealized Losses Other | (1) | (20) |
Held-to-maturity securities, Fair Value | 4,862 | 2,919 |
Mortgage-Backed Securities Residential [Member] | Agency [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 38,062 | 40,619 |
Held-to-maturity securities, Unrealized Gains | 453 | 175 |
Held-to-maturity securities, Unrealized Losses Other | (23) | (273) |
Held-to-maturity securities, Fair Value | 38,492 | 40,521 |
Mortgage-Backed Securities Residential [Member] | Non-Agency Non-Prime [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 1 | 1 |
Held-to-maturity securities, Fair Value | 1 | 1 |
Asset-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 8 | |
Held-to-maturity securities, Fair Value | 16 | |
Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Unrealized Gains | 5 | 6 |
Held-to-maturity securities, Fair Value | 5 | 6 |
Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 8 | 10 |
Held-to-maturity securities, Unrealized Gains | 3 | 3 |
Held-to-maturity securities, Fair Value | 11 | 13 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 8 | 8 |
Held-to-maturity securities, Unrealized Gains | 1 | 1 |
Held-to-maturity securities, Unrealized Losses Other | (1) | (1) |
Held-to-maturity securities, Fair Value | 8 | 8 |
Obligations of Foreign Governments [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 9 | 9 |
Held-to-maturity securities, Fair Value | 9 | 9 |
Other Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 18 | 18 |
Held-to-maturity securities, Unrealized Losses Other | (2) | |
Held-to-maturity securities, Fair Value | $ 18 | $ 16 |
Investment Securities - Inves43
Investment Securities - Investment Securities Available-for-Sale (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | $ 66,276 | $ 61,817 | |
Available-for-sale securities, Unrealized Gains | 1,009 | 660 | |
Available-for-sale securities, Unrealized Losses Other-than-Temporary | (6) | (4) | |
Available-for-sale securities, Unrealized Losses Other | (124) | (476) | |
Available-for-sale securities, Fair Value | [1] | 67,155 | 61,997 |
U.S. Treasury and Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 14,454 | 4,611 | |
Available-for-sale securities, Unrealized Gains | 179 | 12 | |
Available-for-sale securities, Unrealized Losses Other | (3) | (27) | |
Available-for-sale securities, Fair Value | 14,630 | 4,596 | |
Mortgage-Backed Securities Residential [Member] | Agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 44,904 | 50,056 | |
Available-for-sale securities, Unrealized Gains | 582 | 384 | |
Available-for-sale securities, Unrealized Losses Other | (53) | (364) | |
Available-for-sale securities, Fair Value | 45,433 | 50,076 | |
Mortgage-Backed Securities Residential [Member] | Non-Agency Prime [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 257 | 316 | |
Available-for-sale securities, Unrealized Gains | 6 | 6 | |
Available-for-sale securities, Unrealized Losses Other-than-Temporary | (3) | (3) | |
Available-for-sale securities, Unrealized Losses Other | (1) | (1) | |
Available-for-sale securities, Fair Value | 259 | 318 | |
Mortgage-Backed Securities Residential [Member] | Non-Agency Non-Prime [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 191 | 221 | |
Available-for-sale securities, Unrealized Gains | 18 | 20 | |
Available-for-sale securities, Unrealized Losses Other-than-Temporary | (3) | (1) | |
Available-for-sale securities, Fair Value | 206 | 240 | |
Commercial [Member] | Agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 16 | 52 | |
Available-for-sale securities, Fair Value | 16 | 52 | |
Asset-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 527 | ||
Available-for-sale securities, Fair Value | 537 | ||
Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 11 | 16 | |
Available-for-sale securities, Unrealized Gains | 2 | 3 | |
Available-for-sale securities, Fair Value | 13 | 19 | |
Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 516 | 532 | |
Available-for-sale securities, Unrealized Gains | 8 | 9 | |
Available-for-sale securities, Fair Value | 524 | 541 | |
Obligations of State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 5,232 | 5,149 | |
Available-for-sale securities, Unrealized Gains | 152 | 169 | |
Available-for-sale securities, Unrealized Losses Other | (8) | (2) | |
Available-for-sale securities, Fair Value | 5,376 | 5,316 | |
Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 628 | 677 | |
Available-for-sale securities, Unrealized Gains | 10 | 3 | |
Available-for-sale securities, Unrealized Losses Other | (59) | (70) | |
Available-for-sale securities, Fair Value | 579 | 610 | |
Perpetual Preferred Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 36 | 153 | |
Available-for-sale securities, Unrealized Gains | 17 | 20 | |
Available-for-sale securities, Unrealized Losses Other | (12) | ||
Available-for-sale securities, Fair Value | 53 | 161 | |
Other Investment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 31 | 34 | |
Available-for-sale securities, Unrealized Gains | 35 | 34 | |
Available-for-sale securities, Fair Value | $ 66 | $ 68 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Investment Securities - Inves44
Investment Securities - Investment Securities Available-for-Sale (Parenthetical) (Detail) | Sep. 30, 2016CreditScore |
Investments, Debt and Equity Securities [Abstract] | |
Minimum weighted average credit score of prime securities | 725 |
Maximum loan-to-value of prime securities | 80.00% |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Weighted-average maturity of available-for-sale investment securities | 4 years 2 months 12 days | 4 years 8 months 12 days |
Weighted-average yields of available-for-sale investment securities | 2.09% | 2.21% |
Weighted-average maturity of held-to-maturity investment securities | 3 years 9 months 18 days | 4 years 2 months 12 days |
Weighted-average yields of held-to-maturity investment securities | 1.90% | 1.92% |
Fair value of securities pledged | $ 11,400 | $ 13,100 |
Fair value of securities pledged as collateral where counterparty has right to repledge or resell | $ 840 | $ 1,000 |
Investment Securities - Amount
Investment Securities - Amount of Interest Income from Taxable and Non-Taxable Investment Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest Income, Securities, Operating, by Taxable Status [Abstract] | ||||
Taxable | $ 467 | $ 448 | $ 1,403 | $ 1,333 |
Non-taxable | 48 | 54 | 152 | 169 |
Total interest income from investment securities | $ 515 | $ 502 | $ 1,555 | $ 1,502 |
Investment Securities - Amoun47
Investment Securities - Amount of Gross Gains and Losses Realized through Sales of Available-for-sale Investment Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments [Abstract] | |||
Realized gains | $ 12 | $ 31 | $ 1 |
Realized losses | (12) | $ (1) | |
Net realized gains (losses) | 12 | 19 | |
Income tax (benefit) on net realized gains (losses) | $ 4 | $ 7 |
Investment Securities - Changes
Investment Securities - Changes in Credit Losses on Debt Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Credit Losses on Debt Securities [RollForward] | ||||
Balance at beginning of period | $ 79 | $ 91 | $ 84 | $ 101 |
Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized | 2 | 1 | 3 | 1 |
Total other-than-temporary impairment on debt securities | 2 | 1 | 3 | 1 |
Increases in expected cash flows | (1) | (1) | (3) | |
Realized losses | (2) | (3) | (7) | (11) |
Balance at end of period | $ 79 | $ 88 | $ 79 | $ 88 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investment Securities (Detail) $ in Millions | Sep. 30, 2016USD ($) |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | $ 3,978 |
Unrealized Losses Less Than 12 Months | (8) |
Fair Value 12 Months or Greater | 2,263 |
Unrealized Losses 12 Months or Greater | (17) |
Fair Value Total | 6,241 |
Unrealized Losses Total | (25) |
Fair Value Less Than 12 Months | 12,118 |
Unrealized Losses Less Than 12 Months | (46) |
Fair Value 12 Months or Greater | 3,429 |
Unrealized Losses 12 Months or Greater | (84) |
Fair Value Total | 15,547 |
Unrealized Losses Total | (130) |
U.S. Treasury and Agencies [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 250 |
Unrealized Losses Less Than 12 Months | (1) |
Fair Value Total | 250 |
Unrealized Losses Total | (1) |
Fair Value Less Than 12 Months | 1,611 |
Unrealized Losses Less Than 12 Months | (3) |
Fair Value Total | 1,611 |
Unrealized Losses Total | (3) |
Mortgage-Backed Securities Residential [Member] | Agency [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 3,728 |
Unrealized Losses Less Than 12 Months | (7) |
Fair Value 12 Months or Greater | 2,237 |
Unrealized Losses 12 Months or Greater | (16) |
Fair Value Total | 5,965 |
Unrealized Losses Total | (23) |
Fair Value Less Than 12 Months | 9,743 |
Unrealized Losses Less Than 12 Months | (35) |
Fair Value 12 Months or Greater | 2,885 |
Unrealized Losses 12 Months or Greater | (18) |
Fair Value Total | 12,628 |
Unrealized Losses Total | (53) |
Mortgage-Backed Securities Residential [Member] | Non-Agency Prime [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 48 |
Fair Value 12 Months or Greater | 91 |
Unrealized Losses 12 Months or Greater | (4) |
Fair Value Total | 139 |
Unrealized Losses Total | (4) |
Mortgage-Backed Securities Residential [Member] | Non-Agency Non-Prime [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 19 |
Fair Value 12 Months or Greater | 12 |
Unrealized Losses 12 Months or Greater | (3) |
Fair Value Total | 31 |
Unrealized Losses Total | (3) |
Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 5 |
Fair Value Total | 5 |
Fair Value 12 Months or Greater | 2 |
Fair Value Total | 2 |
Obligations of State and Political Subdivisions [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 3 |
Unrealized Losses 12 Months or Greater | (1) |
Fair Value Total | 3 |
Unrealized Losses Total | (1) |
Fair Value Less Than 12 Months | 687 |
Unrealized Losses Less Than 12 Months | (8) |
Fair Value 12 Months or Greater | 2 |
Fair Value Total | 689 |
Unrealized Losses Total | (8) |
Other Debt Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 18 |
Fair Value Total | 18 |
Corporate Debt Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 437 |
Unrealized Losses 12 Months or Greater | (59) |
Fair Value Total | 437 |
Unrealized Losses Total | (59) |
Commercial [Member] | Agency [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 10 |
Fair Value Total | $ 10 |
Investment Securities - Gross50
Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investment Securities (Parenthetical) (Detail) $ in Millions | Sep. 30, 2016USD ($) |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |
Residential Non-Agency Mortgage-Backed Securities Unrealized Losses | $ 130 |
Non-Agency [Member] | Mortgage-Backed Securities Residential [Member] | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |
Residential Non-Agency Mortgage-Backed Securities Unrealized Losses | $ 7 |
Loans and Allowance for Credi51
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 267,268 | $ 256,253 |
Total loans | $ 271,289 | $ 260,849 |
Total loans, Percentage | 100.00% | 100.00% |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 87,851 | $ 83,116 |
Loans, excluding covered loans, percentage | 32.40% | 31.90% |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 93,201 | $ 88,402 |
Loans, excluding covered loans, percentage | 34.40% | 33.90% |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 43,468 | $ 42,137 |
Loans, excluding covered loans, percentage | 16.00% | 16.10% |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 56,229 | $ 53,496 |
Loans, excluding covered loans, percentage | 20.70% | 20.50% |
Other Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 53,664 | $ 51,206 |
Loans, excluding covered loans, percentage | 19.80% | 19.60% |
Lease Financing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 5,350 | $ 5,286 |
Loans, excluding covered loans, percentage | 2.00% | 2.00% |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 31,916 | $ 31,773 |
Loans, excluding covered loans, percentage | 11.80% | 12.20% |
Construction and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 11,552 | $ 10,364 |
Loans, excluding covered loans, percentage | 4.20% | 3.90% |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 42,846 | $ 40,425 |
Loans, excluding covered loans, percentage | 15.80% | 15.50% |
Home Equity Loans, First Liens [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 13,383 | $ 13,071 |
Loans, excluding covered loans, percentage | 4.90% | 5.00% |
Credit Card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 20,706 | $ 21,012 |
Loans, excluding covered loans, percentage | 7.60% | 8.10% |
Retail Leasing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 6,076 | $ 5,232 |
Loans, excluding covered loans, percentage | 2.20% | 2.00% |
Home Equity and Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 16,467 | $ 16,384 |
Loans, excluding covered loans, percentage | 6.10% | 6.30% |
Revolving Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 3,247 | $ 3,354 |
Loans, excluding covered loans, percentage | 1.20% | 1.30% |
Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 7,983 | $ 7,030 |
Loans, excluding covered loans, percentage | 2.90% | 2.70% |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 17,559 | $ 16,587 |
Loans, excluding covered loans, percentage | 6.50% | 6.30% |
Student [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 2,332 | $ 2,619 |
Loans, excluding covered loans, percentage | 0.90% | 1.00% |
Total Loans, Excluding Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 267,268 | $ 256,253 |
Loans, excluding covered loans, percentage | 98.50% | 98.20% |
Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 4,021 | $ 4,596 |
Total loans, Percentage | 1.50% | 1.80% |
Loans and Allowance for Credi52
Loans and Allowance for Credit Losses - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016USD ($)SecurityLoanMortgageLoan | Sep. 30, 2016USD ($)SecurityLoanMortgageLoan | Dec. 31, 2015USD ($) | |
Loans and Allowance for Credit Losses [Line Items] | |||
Loans pledged at the Federal Home Loan Bank | $ 83,900,000,000 | $ 83,900,000,000 | $ 78,100,000,000 |
Loans pledged at the Federal Reserve Bank | 65,200,000,000 | 65,200,000,000 | 63,400,000,000 |
Unearned interest and deferred fees and costs on originated loans | 626,000,000 | $ 626,000,000 | 550,000,000 |
Minimum period for non collection of principal and interest placed on nonaccrual status for commercial lending segment loans | 90 days | ||
Minimum period beyond which residential mortgages and other retail loans secured by 1-4 family properties are charged down to fair value of the collateral securing the loan less costs to sell | 180 days | ||
Minimum period beyond which revolving consumer lines and credit cards are charged off | 180 days | ||
Minimum period beyond which other retail loans not secured by 1-4 family properties are charged off | 120 days | ||
Foreclosed residential real estate property included in other real estate owned | 229,000,000 | $ 229,000,000 | 282,000,000 |
Foreclosed residential real estate property included in other real estate owned excluding covered assets | 201,000,000 | 201,000,000 | 250,000,000 |
Foreclosed residential real estate related to mortgage loans whose payments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs | 397,000,000 | 397,000,000 | 535,000,000 |
Residential mortgage loans secured by residential real estate in process of foreclosure | $ 2,200,000,000 | $ 2,200,000,000 | 2,600,000,000 |
Maximum restructuring period under credit card and other retail loan financial difficulty modifications | 60 months | ||
Number of residential mortgage loans, home equity and second mortgage loans, and GNMA loans where trial period was unsuccessful and no longer eligible for a permanent modification | MortgageLoan | 382 | 1,288 | |
Outstanding balance of residential mortgage loans, home equity and second mortgage loans, and GNMA loans where trial period was unsuccessful and no longer eligible for a permanent modification | $ 48,000,000 | $ 178,000,000 | |
Junior Lien [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Loans and lines in a junior lien position secured by 1-4 family properties placed on nonaccrual status | 120 days | ||
First Lien [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Loans and lines in a junior lien position placed on nonaccrual status when behind a first lien past due | 180 days | ||
Government National Mortgage Association [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Residential mortgage loans secured by residential real estate in process of foreclosure purchased from Government National Mortgage Association mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs | $ 1,600,000,000 | $ 1,600,000,000 | $ 1,900,000,000 |
Home Equity and Second Mortgages [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans in trial period | SecurityLoan | 7 | 7 | |
Home Equity and Second Mortgages [Member] | Maximum [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Outstanding balance of loans in trial period | $ 1,000,000 | $ 1,000,000 | |
Estimated post-modification balance of loans in trial period | 1,000,000 | $ 1,000,000 | |
Commercial Lending Segment [Member] | Maximum [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Period of loss experience | 15 years | ||
Commercial Lending Segment [Member] | Minimum [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Impairment loan threshold for allowance in which loans are individually analyzed | $ 5,000,000 | $ 5,000,000 | |
Residential Mortgages [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans in trial period | SecurityLoan | 526 | 526 | |
Outstanding balance of loans in trial period | $ 50,000,000 | $ 50,000,000 | |
Estimated post-modification balance of loans in trial period | $ 64,000,000 | $ 64,000,000 | |
Government National Mortgage Association [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans in trial period | SecurityLoan | 510 | 510 | |
Outstanding balance of loans in trial period | $ 68,000,000 | $ 68,000,000 | |
Estimated post-modification balance of loans in trial period | $ 67,000,000 | $ 67,000,000 |
Loans and Allowance for Credi53
Loans and Allowance for Credit Losses - Changes in Accretable Balance for Purchased Impaired Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Deteriorated Loans Transferred in [Abstract] | ||||
Balance at beginning of period | $ 891 | $ 1,076 | $ 957 | $ 1,309 |
Accretion | (102) | (91) | (297) | (289) |
Disposals | (23) | (32) | (77) | (102) |
Reclassifications from nonaccretable difference | 31 | 120 | 214 | 157 |
Other | 1 | (1) | ||
Balance at end of period | $ 797 | $ 1,074 | $ 797 | $ 1,074 |
Loans and Allowance for Credi54
Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses by Portfolio Class (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | $ 4,329 | $ 4,326 | $ 4,306 | $ 4,375 |
Provision for credit losses | 325 | 282 | 982 | 827 |
Loans charged off | 398 | 372 | 1,210 | 1,135 |
Less recoveries of loans charged off | (83) | (80) | (263) | (268) |
Net loans charged off | 315 | 292 | 947 | 867 |
Other changes | (1) | (10) | (3) | (29) |
Balance at end of period | 4,338 | 4,306 | 4,338 | 4,306 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 1,473 | 1,180 | 1,287 | 1,146 |
Provision for credit losses | 90 | 114 | 438 | 234 |
Loans charged off | 104 | 91 | 322 | 230 |
Less recoveries of loans charged off | (17) | (20) | (73) | (74) |
Net loans charged off | 87 | 71 | 249 | 156 |
Other changes | (1) | |||
Balance at end of period | 1,476 | 1,223 | 1,476 | 1,223 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 748 | 735 | 724 | 726 |
Provision for credit losses | 34 | (10) | 53 | (18) |
Loans charged off | 9 | 2 | 19 | 16 |
Less recoveries of loans charged off | (8) | (13) | (23) | (44) |
Net loans charged off | 1 | (11) | (4) | (28) |
Balance at end of period | 781 | 736 | 781 | 736 |
Residential Mortgages [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 544 | 737 | 631 | 787 |
Provision for credit losses | (12) | (24) | (63) | (6) |
Loans charged off | 19 | 31 | 67 | 113 |
Less recoveries of loans charged off | (7) | (6) | (19) | (20) |
Net loans charged off | 12 | 25 | 48 | 93 |
Balance at end of period | 520 | 688 | 520 | 688 |
Other Retail [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 643 | 752 | 743 | 771 |
Provision for credit losses | 37 | 46 | 42 | 134 |
Loans charged off | 84 | 77 | 243 | 233 |
Less recoveries of loans charged off | (30) | (23) | (84) | (72) |
Net loans charged off | 54 | 54 | 159 | 161 |
Balance at end of period | 626 | 744 | 626 | 744 |
Credit Card [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 884 | 873 | 883 | 880 |
Provision for credit losses | 178 | 156 | 514 | 481 |
Loans charged off | 182 | 171 | 559 | 543 |
Less recoveries of loans charged off | (21) | (18) | (64) | (58) |
Net loans charged off | 161 | 153 | 495 | 485 |
Other changes | (1) | |||
Balance at end of period | 901 | 876 | 901 | 876 |
Total Loans, Excluding Covered Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 4,292 | 4,277 | 4,268 | 4,310 |
Provision for credit losses | 327 | 282 | 984 | 825 |
Loans charged off | 398 | 372 | 1,210 | 1,135 |
Less recoveries of loans charged off | (83) | (80) | (263) | (268) |
Net loans charged off | 315 | 292 | 947 | 867 |
Other changes | (1) | (1) | ||
Balance at end of period | 4,304 | 4,267 | 4,304 | 4,267 |
Covered Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 37 | 49 | 38 | 65 |
Provision for credit losses | (2) | (2) | 2 | |
Other changes | (1) | (10) | (2) | (28) |
Balance at end of period | $ 34 | $ 39 | $ 34 | $ 39 |
Loans and Allowance for Credi55
Loans and Allowance for Credit Losses - Additional Detail of Allowance for Credit Losses and Related Loan Balances by Portfolio Class (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Allowance Balance at End of Period | ||||||
Loans individually evaluated for impairment | $ 58 | $ 13 | ||||
TDRs collectively evaluated for impairment | 300 | 345 | ||||
Other loans collectively evaluated for impairment | 3,937 | 3,900 | ||||
Loans acquired with deteriorated credit quality | 43 | 48 | ||||
Total allowance for credit losses | 4,338 | $ 4,329 | 4,306 | $ 4,306 | $ 4,326 | $ 4,375 |
Loan Balance at End of Period | ||||||
Loans individually evaluated for impairment | 637 | 390 | ||||
TDRs collectively evaluated for impairment | 4,261 | 5,070 | ||||
Other loans collectively evaluated for impairment | 263,812 | 252,590 | ||||
Loans acquired with deteriorated credit quality | 2,579 | 2,799 | ||||
Total loans | 267,268 | 256,253 | ||||
Total loans | 271,289 | 260,849 | ||||
Commercial [Member] | ||||||
Allowance Balance at End of Period | ||||||
Loans individually evaluated for impairment | 56 | 11 | ||||
TDRs collectively evaluated for impairment | 10 | 10 | ||||
Other loans collectively evaluated for impairment | 1,410 | 1,266 | ||||
Total allowance for credit losses | 1,476 | 1,473 | 1,287 | 1,223 | 1,180 | 1,146 |
Loan Balance at End of Period | ||||||
Loans individually evaluated for impairment | 600 | 336 | ||||
TDRs collectively evaluated for impairment | 145 | 138 | ||||
Other loans collectively evaluated for impairment | 92,449 | 87,927 | ||||
Loans acquired with deteriorated credit quality | 7 | 1 | ||||
Total loans | 93,201 | 88,402 | ||||
Commercial Real Estate [Member] | ||||||
Allowance Balance at End of Period | ||||||
Loans individually evaluated for impairment | 2 | 2 | ||||
TDRs collectively evaluated for impairment | 4 | 7 | ||||
Other loans collectively evaluated for impairment | 765 | 703 | ||||
Loans acquired with deteriorated credit quality | 10 | 12 | ||||
Total allowance for credit losses | 781 | 748 | 724 | 736 | 735 | 726 |
Loan Balance at End of Period | ||||||
Loans individually evaluated for impairment | 37 | 41 | ||||
TDRs collectively evaluated for impairment | 165 | 235 | ||||
Other loans collectively evaluated for impairment | 43,016 | 41,566 | ||||
Loans acquired with deteriorated credit quality | 250 | 295 | ||||
Total loans | 43,468 | 42,137 | ||||
Residential Mortgages [Member] | ||||||
Allowance Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 195 | 236 | ||||
Other loans collectively evaluated for impairment | 325 | 395 | ||||
Total allowance for credit losses | 520 | 544 | 631 | 688 | 737 | 787 |
Loan Balance at End of Period | ||||||
Loans individually evaluated for impairment | 13 | |||||
TDRs collectively evaluated for impairment | 3,519 | 4,241 | ||||
Other loans collectively evaluated for impairment | 52,710 | 49,241 | ||||
Loans acquired with deteriorated credit quality | 1 | |||||
Total loans | 56,229 | 53,496 | ||||
Other Retail [Member] | ||||||
Allowance Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 28 | 33 | ||||
Other loans collectively evaluated for impairment | 598 | 710 | ||||
Total allowance for credit losses | 626 | 643 | 743 | 744 | 752 | 771 |
Loan Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 178 | 211 | ||||
Other loans collectively evaluated for impairment | 53,486 | 50,995 | ||||
Total loans | 53,664 | 51,206 | ||||
Credit Card [Member] | ||||||
Allowance Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 62 | 57 | ||||
Other loans collectively evaluated for impairment | 839 | 826 | ||||
Total allowance for credit losses | 901 | 884 | 883 | 876 | 873 | 880 |
Loan Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 217 | 210 | ||||
Other loans collectively evaluated for impairment | 20,489 | 20,802 | ||||
Total loans | 20,706 | 21,012 | ||||
Total Loans, Excluding Covered Loans [Member] | ||||||
Allowance Balance at End of Period | ||||||
Loans individually evaluated for impairment | 58 | 13 | ||||
TDRs collectively evaluated for impairment | 299 | 343 | ||||
Other loans collectively evaluated for impairment | 3,937 | 3,900 | ||||
Loans acquired with deteriorated credit quality | 10 | 12 | ||||
Total allowance for credit losses | 4,304 | 4,292 | 4,268 | 4,267 | 4,277 | 4,310 |
Loan Balance at End of Period | ||||||
Loans individually evaluated for impairment | 637 | 390 | ||||
TDRs collectively evaluated for impairment | 4,224 | 5,035 | ||||
Other loans collectively evaluated for impairment | 262,150 | 250,531 | ||||
Loans acquired with deteriorated credit quality | 257 | 297 | ||||
Total loans | 267,268 | 256,253 | ||||
Covered Loans [Member] | ||||||
Allowance Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 1 | 2 | ||||
Loans acquired with deteriorated credit quality | 33 | 36 | ||||
Total allowance for credit losses | 34 | $ 37 | 38 | $ 39 | $ 49 | $ 65 |
Loan Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 37 | 35 | ||||
Other loans collectively evaluated for impairment | 1,662 | 2,059 | ||||
Loans acquired with deteriorated credit quality | 2,322 | 2,502 | ||||
Total loans | $ 4,021 | $ 4,596 |
Loans and Allowance for Credi56
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 268,165 | $ 257,721 |
Accruing 30-89 Days Past Due | 976 | 1,105 |
Accruing 90 Days or More Past Due | 748 | 831 |
Nonperforming | 1,400 | 1,192 |
Total loans, excluding covered loans | 267,268 | 256,253 |
Total loans | 271,289 | 260,849 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 92,414 | 87,863 |
Accruing 30-89 Days Past Due | 221 | 317 |
Accruing 90 Days or More Past Due | 49 | 48 |
Nonperforming | 517 | 174 |
Total loans, excluding covered loans | 93,201 | 88,402 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 43,320 | 41,907 |
Accruing 30-89 Days Past Due | 36 | 89 |
Accruing 90 Days or More Past Due | 7 | 14 |
Nonperforming | 105 | 127 |
Total loans, excluding covered loans | 43,468 | 42,137 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 55,310 | 52,438 |
Accruing 30-89 Days Past Due | 146 | 170 |
Accruing 90 Days or More Past Due | 159 | 176 |
Nonperforming | 614 | 712 |
Total loans, excluding covered loans | 56,229 | 53,496 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 53,183 | 50,745 |
Accruing 30-89 Days Past Due | 254 | 224 |
Accruing 90 Days or More Past Due | 74 | 75 |
Nonperforming | 153 | 162 |
Total loans, excluding covered loans | 53,664 | 51,206 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 20,209 | 20,532 |
Accruing 30-89 Days Past Due | 264 | 243 |
Accruing 90 Days or More Past Due | 229 | 228 |
Nonperforming | 4 | 9 |
Total loans, excluding covered loans | 20,706 | 21,012 |
Total Loans, Excluding Covered Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 264,436 | 253,485 |
Accruing 30-89 Days Past Due | 921 | 1,043 |
Accruing 90 Days or More Past Due | 518 | 541 |
Nonperforming | 1,393 | 1,184 |
Total loans, excluding covered loans | 267,268 | 256,253 |
Covered Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,729 | 4,236 |
Accruing 30-89 Days Past Due | 55 | 62 |
Accruing 90 Days or More Past Due | 230 | 290 |
Nonperforming | 7 | 8 |
Total loans | $ 4,021 | $ 4,596 |
Loans and Allowance for Credi57
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Parenthetical) (Detail) - Government National Mortgage Association [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 days past due purchased from Government National Mortgage Association mortgage pools whose payments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current | $ 307 | $ 320 |
Loans 90 days or more past due purchased from Government National Mortgage Association mortgage pools whose payments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current | $ 2,400 | $ 2,900 |
Loans and Allowance for Credi58
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | $ 267,268 | $ 256,253 |
Total loans | 271,289 | 260,849 |
Total outstanding commitments | 568,286 | 548,404 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 264,694 | 255,014 |
Total outstanding commitments | 557,554 | 539,614 |
Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,225 | 2,002 |
Total outstanding commitments | 4,805 | 3,945 |
Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,370 | 3,833 |
Total outstanding commitments | 5,927 | 4,845 |
Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,595 | 5,835 |
Total outstanding commitments | 10,732 | 8,790 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 93,201 | 88,402 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 89,289 | 85,206 |
Commercial [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 1,702 | 1,629 |
Commercial [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,210 | 1,567 |
Commercial [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 3,912 | 3,196 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 43,468 | 42,137 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 42,204 | 41,079 |
Commercial Real Estate [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 512 | 365 |
Commercial Real Estate [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 752 | 693 |
Commercial Real Estate [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 1,264 | 1,058 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 56,229 | 53,496 |
Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 55,394 | 52,548 |
Residential Mortgages [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 6 | 2 |
Residential Mortgages [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 829 | 946 |
Residential Mortgages [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 835 | 948 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 53,664 | 51,206 |
Other Retail [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 53,387 | 50,899 |
Other Retail [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 5 | 6 |
Other Retail [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 272 | 301 |
Other Retail [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 277 | 307 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 20,706 | 21,012 |
Credit Card [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 20,474 | 20,775 |
Credit Card [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 232 | 237 |
Credit Card [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 232 | 237 |
Total Loans, Excluding Covered Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 267,268 | 256,253 |
Total Loans, Excluding Covered Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 260,748 | 250,507 |
Total Loans, Excluding Covered Loans [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,225 | 2,002 |
Total Loans, Excluding Covered Loans [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 4,295 | 3,744 |
Total Loans, Excluding Covered Loans [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 6,520 | 5,746 |
Covered Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,021 | 4,596 |
Covered Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,946 | 4,507 |
Covered Loans [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 75 | 89 |
Covered Loans [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 75 | $ 89 |
Loans and Allowance for Credi59
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating (Parenthetical) (Detail) - USD ($) $ in Billions | Sep. 30, 2016 | Dec. 31, 2015 |
Energy Business Sector [Member] | Special Mention or Classified Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Energy loans | $ 1.4 | $ 1.1 |
Energy total outstanding commitments | 3.2 | 1.9 |
Trouble Debt Restructure [Member] | Government National Mortgage Association [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified with a pass rating | 1.3 | 1.9 |
GNMA loans 90 days or more past due whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified with a pass rating | $ 2.4 | $ 2.9 |
Loans and Allowance for Credi60
Loans and Allowance for Credit Losses - Summary of Impaired Loans, which Include Nonaccrual and TDR Loans, by Portfolio Class (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | $ 5,447 | $ 5,902 |
Unpaid Principal Balance | 7,157 | 7,879 |
Valuation Allowance | 365 | 369 |
Commitments to Lend Additional Funds | 383 | 160 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 825 | 520 |
Unpaid Principal Balance | 1,354 | 1,110 |
Valuation Allowance | 68 | 25 |
Commitments to Lend Additional Funds | 378 | 154 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 379 | 336 |
Unpaid Principal Balance | 790 | 847 |
Valuation Allowance | 8 | 11 |
Commitments to Lend Additional Funds | 1 | 1 |
Residential Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 2,363 | 2,575 |
Unpaid Principal Balance | 2,952 | 3,248 |
Valuation Allowance | 165 | 199 |
Other Retail [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 281 | 309 |
Unpaid Principal Balance | 457 | 503 |
Valuation Allowance | 30 | 35 |
Commitments to Lend Additional Funds | 3 | 4 |
Credit Card [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 217 | 210 |
Unpaid Principal Balance | 217 | 210 |
Valuation Allowance | 62 | 57 |
Total Loans, Excluding GNMA and Covered Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 4,065 | 3,950 |
Unpaid Principal Balance | 5,770 | 5,918 |
Valuation Allowance | 333 | 327 |
Commitments to Lend Additional Funds | 382 | 159 |
Covered Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 38 | 39 |
Unpaid Principal Balance | 43 | 48 |
Valuation Allowance | 1 | 2 |
Commitments to Lend Additional Funds | 1 | 1 |
Government National Mortgage Association [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 1,344 | 1,913 |
Unpaid Principal Balance | 1,344 | 1,913 |
Valuation Allowance | $ 31 | $ 40 |
Loans and Allowance for Credi61
Loans and Allowance for Credit Losses - Impaired Loans Average Recorded Investment and Interest Income Recognized (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 5,557 | $ 6,092 | $ 5,784 | $ 6,227 |
Interest Income Recognized | 65 | 65 | 195 | 207 |
Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 845 | 408 | 786 | 351 |
Interest Income Recognized | 2 | 3 | 6 | 9 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 334 | 388 | 321 | 461 |
Interest Income Recognized | 6 | 3 | 12 | 13 |
Residential Mortgages [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 2,381 | 2,669 | 2,457 | 2,687 |
Interest Income Recognized | 30 | 31 | 93 | 97 |
Other Retail [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 287 | 329 | 296 | 342 |
Interest Income Recognized | 3 | 3 | 9 | 10 |
Credit Card [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 214 | 216 | 212 | 224 |
Interest Income Recognized | 1 | 1 | 3 | 4 |
Total Loans, Excluding GNMA and Covered Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 4,061 | 4,010 | 4,072 | 4,065 |
Interest Income Recognized | 42 | 41 | 123 | 133 |
Covered Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 38 | 42 | 38 | 42 |
Interest Income Recognized | 1 | |||
Government National Mortgage Association [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 1,458 | 2,040 | 1,674 | 2,120 |
Interest Income Recognized | $ 23 | $ 24 | $ 71 | $ 74 |
Loans and Allowance for Credi62
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 12,632 | 10,766 | 34,371 | 31,004 |
Pre-Modification Outstanding Loan Balance | $ 873 | $ 482 | $ 1,975 | $ 1,403 |
Post-Modification Outstanding Loan Balance | $ 839 | $ 473 | $ 1,849 | $ 1,395 |
Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 638 | 381 | 1,734 | 1,170 |
Pre-Modification Outstanding Loan Balance | $ 200 | $ 111 | $ 692 | $ 227 |
Post-Modification Outstanding Loan Balance | $ 169 | $ 102 | $ 567 | $ 223 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 26 | 35 | 70 | 89 |
Pre-Modification Outstanding Loan Balance | $ 225 | $ 24 | $ 242 | $ 64 |
Post-Modification Outstanding Loan Balance | $ 223 | $ 23 | $ 240 | $ 62 |
Residential Mortgages [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 700 | 381 | 1,192 | 1,820 |
Pre-Modification Outstanding Loan Balance | $ 81 | $ 48 | $ 129 | $ 234 |
Post-Modification Outstanding Loan Balance | $ 87 | $ 47 | $ 136 | $ 232 |
Other Retail [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 593 | 690 | 1,669 | 1,974 |
Pre-Modification Outstanding Loan Balance | $ 9 | $ 19 | $ 27 | $ 42 |
Post-Modification Outstanding Loan Balance | $ 9 | $ 19 | $ 28 | $ 42 |
Credit Card [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 8,051 | 7,289 | 22,693 | 19,978 |
Pre-Modification Outstanding Loan Balance | $ 38 | $ 35 | $ 109 | $ 100 |
Post-Modification Outstanding Loan Balance | $ 40 | $ 36 | $ 111 | $ 101 |
Total Loans, Excluding GNMA and Covered Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 10,008 | 8,776 | 27,358 | 25,031 |
Pre-Modification Outstanding Loan Balance | $ 553 | $ 237 | $ 1,199 | $ 667 |
Post-Modification Outstanding Loan Balance | $ 528 | $ 227 | $ 1,082 | $ 660 |
Covered Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 15 | 4 | 35 | 13 |
Pre-Modification Outstanding Loan Balance | $ 3 | $ 1 | $ 6 | $ 4 |
Post-Modification Outstanding Loan Balance | $ 3 | $ 1 | $ 6 | $ 4 |
Government National Mortgage Association [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 2,609 | 1,986 | 6,978 | 5,960 |
Pre-Modification Outstanding Loan Balance | $ 317 | $ 244 | $ 770 | $ 732 |
Post-Modification Outstanding Loan Balance | $ 308 | $ 245 | $ 761 | $ 731 |
Loans and Allowance for Credi63
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs in the Past Twelve Months that have Subsequently Defaulted (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 1,931 | 1,988 | 5,683 | 6,252 |
Amount Defaulted | $ | $ 25 | $ 37 | $ 76 | $ 154 |
Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 121 | 95 | 374 | 408 |
Amount Defaulted | $ | $ 4 | $ 1 | $ 15 | $ 20 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 6 | 5 | 21 | 13 |
Amount Defaulted | $ | $ 3 | $ 5 | $ 9 | $ 8 |
Residential Mortgages [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 43 | 42 | 101 | 228 |
Amount Defaulted | $ | $ 4 | $ 5 | $ 13 | $ 30 |
Other Retail [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 103 | 123 | 269 | 491 |
Amount Defaulted | $ | $ 1 | $ 2 | $ 5 | $ 9 |
Credit Card [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 1,617 | 1,576 | 4,822 | 4,597 |
Amount Defaulted | $ | $ 7 | $ 7 | $ 21 | $ 22 |
Total Loans, Excluding GNMA and Covered Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 1,890 | 1,841 | 5,587 | 5,737 |
Amount Defaulted | $ | $ 19 | $ 20 | $ 63 | $ 89 |
Covered Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 2 | 4 | 3 | 4 |
Amount Defaulted | $ | $ 1 | $ 1 | $ 1 | $ 1 |
Government National Mortgage Association [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 39 | 143 | 93 | 511 |
Amount Defaulted | $ | $ 5 | $ 16 | $ 12 | $ 64 |
Loans and Allowance for Credi64
Loans and Allowance for Credit Losses - Carrying Amount of Covered Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Covered Assets [Line Items] | ||
Purchased Impaired Loans | $ 2,322 | $ 2,502 |
Purchased Nonimpaired Loans | 853 | 1,062 |
Other | 874 | 1,064 |
Covered loans | 4,021 | 4,596 |
Total Covered Assets | 4,049 | 4,628 |
Residential Mortgages [Member] | ||
Covered Assets [Line Items] | ||
Purchased Impaired Loans | 2,322 | 2,502 |
Purchased Nonimpaired Loans | 534 | 615 |
Covered loans | 2,856 | 3,117 |
Other Retail [Member] | ||
Covered Assets [Line Items] | ||
Purchased Nonimpaired Loans | 319 | 447 |
Covered loans | 319 | 447 |
Losses Reimbursable by FDIC [Member] | ||
Covered Assets [Line Items] | ||
Other | 375 | 517 |
Covered loans | 375 | 517 |
Unamortized Changes in FDIC Asset [Member] | ||
Covered Assets [Line Items] | ||
Other | 471 | 515 |
Covered loans | 471 | 515 |
Covered Loans [Member] | ||
Covered Assets [Line Items] | ||
Purchased Impaired Loans | 2,322 | 2,502 |
Purchased Nonimpaired Loans | 853 | 1,062 |
Other | 846 | 1,032 |
Covered loans | 4,021 | 4,596 |
Foreclosed Real Estate [Member] | ||
Covered Assets [Line Items] | ||
Other | 28 | 32 |
Total Covered Assets | $ 28 | $ 32 |
Loans and Allowance for Credi65
Loans and Allowance for Credit Losses - Carrying Amount of Covered Assets (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loss sharing agreement remaining term | 3 years |
Accounting for Transfers and 66
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Minimum [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Aggregate amount of investments in unconsolidated VIEs | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||
Maximum [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Aggregate amount of investments in unconsolidated VIEs | 42,000,000 | 42,000,000 | 46,000,000 | ||
Financial Support Waived Fees [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Financial or other support to money market funds | 9,000,000 | $ 28,000,000 | 35,000,000 | $ 86,000,000 | |
Private Investment Funds and Partnerships [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investment carrying amount | 27,000,000 | 27,000,000 | 32,000,000 | ||
Maximum exposure to loss | 51,000,000 | 51,000,000 | 47,000,000 | ||
Community Development and Tax Advantaged Investments [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Federal and state income tax credits recognized in tax expense | 172,000,000 | 174,000,000 | 504,000,000 | 512,000,000 | |
Expense related to investments | 169,000,000 | 169,000,000 | 476,000,000 | 471,000,000 | |
Investment tax credits | 219,000,000 | 340,000,000 | 850,000,000 | 624,000,000 | |
Expenses related to investments recognized in tax expense | 61,000,000 | $ 67,000,000 | 194,000,000 | $ 198,000,000 | |
Investment carrying amount | 5,175,000,000 | 5,175,000,000 | 5,257,000,000 | ||
Maximum exposure to loss | 9,940,000,000 | 9,940,000,000 | 9,436,000,000 | ||
Assets related to consolidated VIEs | 3,400,000,000 | 3,400,000,000 | 3,000,000,000 | ||
Liabilities related to consolidated VIEs | 2,500,000,000 | 2,500,000,000 | 2,200,000,000 | ||
Conduit [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets related to consolidated VIEs | 27,000,000 | 27,000,000 | 28,000,000 | ||
Tender Option Bond Program [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets related to consolidated VIEs | 1,100,000,000 | 1,100,000,000 | 2,300,000,000 | ||
Liabilities related to consolidated VIEs | $ 1,000,000,000 | $ 1,000,000,000 | $ 2,200,000,000 |
Accounting for Transfers and 67
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Summary of Investments in Community Development and Tax-advantaged VIEs (Detail) - Community Development and Tax Advantaged Investments [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Investment carrying amount | $ 5,175 | $ 5,257 |
Unfunded capital and other commitments | 2,664 | 2,499 |
Maximum exposure to loss | $ 9,940 | $ 9,436 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Transfers and Servicing of Financial Assets [Abstract] | |||||
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset | $ 232,100 | $ 232,100 | $ 231,800 | ||
Gain (Loss) on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs | 25 | $ 12 | (7) | $ 18 | |
Loan servicing and ancillary fees | $ 191 | $ 182 | $ 562 | $ 539 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Transfers and Servicing of Financial Assets [Abstract] | ||||
Balance at beginning of period | $ 2,056 | $ 2,481 | $ 2,512 | $ 2,338 |
Rights purchased | 18 | 7 | 32 | 22 |
Rights capitalized | 142 | 182 | 372 | 491 |
Changes in fair value of MSRs | ||||
Due to fluctuations in market interest rates | 42 | (168) | (446) | (127) |
Due to revised assumptions or models | 7 | 9 | ||
Other changes in fair value | (127) | (112) | (339) | (336) |
Balance at end of period | $ 2,131 | $ 2,397 | $ 2,131 | $ 2,397 |
Mortgage Servicing Rights - Sen
Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates of the Fair Value of MSRs Portfolio and Related Derivative Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Down Scenario [Member] | Mortgage Servicing Rights [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | $ (576) | $ (598) |
Net fair value 50 basis points | (291) | (250) |
Net fair value 25 basis points | (148) | (114) |
Down Scenario [Member] | Derivative [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | 542 | 475 |
Net fair value 50 basis points | 281 | 226 |
Net fair value 25 basis points | 140 | 107 |
Down Scenario [Member] | Net Sensitivity [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | (34) | (123) |
Net fair value 50 basis points | (10) | (24) |
Net fair value 25 basis points | (8) | (7) |
Up Scenario [Member] | Mortgage Servicing Rights [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | 495 | 344 |
Net fair value 50 basis points | 259 | 176 |
Net fair value 25 basis points | 137 | 96 |
Up Scenario [Member] | Derivative [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | (523) | (377) |
Net fair value 50 basis points | (264) | (192) |
Net fair value 25 basis points | (134) | (98) |
Up Scenario [Member] | Net Sensitivity [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | (28) | (33) |
Net fair value 50 basis points | (5) | (16) |
Net fair value 25 basis points | $ 3 | $ (2) |
Mortgage Servicing Rights - MSR
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016USD ($)BasisPointMultiple | Dec. 31, 2015USD ($)BasisPointMultiple | Jun. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Servicing Assets at Fair Value [Line Items] | ||||||
Fair value | $ 2,131 | $ 2,512 | $ 2,056 | $ 2,397 | $ 2,481 | $ 2,338 |
Mortgage Servicing Rights [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Servicing portfolio | 229,647 | 229,375 | ||||
Fair value | $ 2,131 | $ 2,512 | ||||
Value (bps) | BasisPoint | 93 | 110 | ||||
Weighted-average servicing fees (bps) | BasisPoint | 30 | 29 | ||||
Multiple (value/servicing fees) | Multiple | 3.10 | 3.79 | ||||
Weighted-average note rate | 4.10% | 4.13% | ||||
Weighted-average age (in years) | 3 years 8 months 12 days | 3 years 4 months 24 days | ||||
Weighted-average expected prepayment (constant prepayment rate) | 14.70% | 11.30% | ||||
Weighted-average expected life (in years) | 5 years 2 months 12 days | 6 years 4 months 24 days | ||||
Weighted-average discount rate | 10.00% | 10.00% | ||||
HFA [Member] | Mortgage Servicing Rights [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Servicing portfolio | $ 32,757 | $ 26,492 | ||||
Fair value | $ 357 | $ 297 | ||||
Value (bps) | BasisPoint | 109 | 112 | ||||
Weighted-average servicing fees (bps) | BasisPoint | 37 | 36 | ||||
Multiple (value/servicing fees) | Multiple | 2.95 | 3.11 | ||||
Weighted-average note rate | 4.41% | 4.46% | ||||
Weighted-average age (in years) | 2 years 10 months 24 days | 3 years 1 month 6 days | ||||
Weighted-average expected prepayment (constant prepayment rate) | 12.70% | 12.80% | ||||
Weighted-average expected life (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | ||||
Weighted-average discount rate | 11.70% | 11.80% | ||||
Government [Member] | Mortgage Servicing Rights [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Servicing portfolio | $ 38,639 | $ 40,350 | ||||
Fair value | $ 355 | $ 443 | ||||
Value (bps) | BasisPoint | 92 | 110 | ||||
Weighted-average servicing fees (bps) | BasisPoint | 34 | 34 | ||||
Multiple (value/servicing fees) | Multiple | 2.71 | 3.24 | ||||
Weighted-average note rate | 4.02% | 4.08% | ||||
Weighted-average age (in years) | 3 years 10 months 24 days | 3 years 7 months 6 days | ||||
Weighted-average expected prepayment (constant prepayment rate) | 18.00% | 13.90% | ||||
Weighted-average expected life (in years) | 4 years 7 months 6 days | 5 years 8 months 12 days | ||||
Weighted-average discount rate | 11.10% | 11.20% | ||||
Conventional [Member] | Mortgage Servicing Rights [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Servicing portfolio | $ 158,251 | $ 162,533 | ||||
Fair value | $ 1,419 | $ 1,772 | ||||
Value (bps) | BasisPoint | 90 | 109 | ||||
Weighted-average servicing fees (bps) | BasisPoint | 27 | 27 | ||||
Multiple (value/servicing fees) | Multiple | 3.33 | 4.04 | ||||
Weighted-average note rate | 4.05% | 4.09% | ||||
Weighted-average age (in years) | 3 years 9 months 18 days | 3 years 4 months 24 days | ||||
Weighted-average expected prepayment (constant prepayment rate) | 14.30% | 10.40% | ||||
Weighted-average expected life (in years) | 5 years 2 months 12 days | 6 years 7 months 6 days | ||||
Weighted-average discount rate | 9.40% | 9.40% |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) - shares | Sep. 30, 2016 | Dec. 31, 2015 |
Equity [Abstract] | ||
Number of preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock - Number of Sha
Preferred Stock - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 189,910 | 189,910 |
Liquidation Preference | $ 5,686 | $ 5,686 |
Discount | 185 | 185 |
Carrying Amount | $ 5,501 | $ 5,501 |
Series A [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 12,510 | 12,510 |
Liquidation Preference | $ 1,251 | $ 1,251 |
Discount | 145 | 145 |
Carrying Amount | $ 1,106 | $ 1,106 |
Series B [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 40,000 | 40,000 |
Liquidation Preference | $ 1,000 | $ 1,000 |
Carrying Amount | $ 1,000 | $ 1,000 |
Series F [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 44,000 | 44,000 |
Liquidation Preference | $ 1,100 | $ 1,100 |
Discount | 12 | 12 |
Carrying Amount | $ 1,088 | $ 1,088 |
Series G [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 43,400 | 43,400 |
Liquidation Preference | $ 1,085 | $ 1,085 |
Discount | 10 | 10 |
Carrying Amount | $ 1,075 | $ 1,075 |
Series H [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 20,000 | 20,000 |
Liquidation Preference | $ 500 | $ 500 |
Discount | 13 | 13 |
Carrying Amount | $ 487 | $ 487 |
Series I [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 30,000 | 30,000 |
Liquidation Preference | $ 750 | $ 750 |
Discount | 5 | 5 |
Carrying Amount | $ 745 | $ 745 |
Preferred Stock - Number of S74
Preferred Stock - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Parenthetical) (Detail) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Equity [Abstract] | ||
Preferred stock, par value | $ 1 | $ 1 |
Accumulated Other Comprehensi75
Accumulated Other Comprehensive Income (Loss) - Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ (562) | $ (865) | $ (1,019) | $ (896) |
Changes in unrealized gains and losses | (105) | 202 | 716 | 54 |
Changes in unrealized gains and losses | (74) | 164 | 564 | (7) |
Changes in unrealized gains and losses | 31 | (38) | (152) | (61) |
Other-than-temporary impairment not recognized in earnings on securities available-for-sale | (1) | |||
Foreign currency translation adjustment | 6 | (28) | (30) | (3) |
Reclassification to earnings of realized gains and losses | 54 | 98 | 196 | 295 |
Applicable income taxes | (3) | (90) | (289) | (110) |
Balance at end of period | (579) | (721) | (579) | (721) |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (66) | (47) | (43) | (62) |
Foreign currency translation adjustment | 6 | (28) | (30) | (3) |
Applicable income taxes | (10) | 11 | 3 | 1 |
Balance at end of period | (70) | (64) | (70) | (64) |
Unrealized Gains (Losses) on Retirement Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (1,006) | (1,037) | (1,056) | (1,106) |
Reclassification to earnings of realized gains and losses | 41 | 55 | 122 | 167 |
Applicable income taxes | (16) | (21) | (47) | (64) |
Balance at end of period | (981) | (1,003) | (981) | (1,003) |
Unrealized Gains (Losses) on Derivative Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (133) | (125) | (67) | (172) |
Changes in unrealized gains and losses | 31 | (38) | (152) | (61) |
Reclassification to earnings of realized gains and losses | 28 | 48 | 104 | 147 |
Applicable income taxes | (22) | (4) | 19 | (33) |
Balance at end of period | (96) | (119) | (96) | (119) |
Unrealized Gains (Losses) on Securities Transferred From Available For Sale to Held To Maturity [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 31 | 43 | 36 | 52 |
Reclassification to earnings of realized gains and losses | (5) | (6) | (14) | (20) |
Applicable income taxes | 1 | 2 | 5 | 7 |
Balance at end of period | 27 | 39 | 27 | 39 |
Unrealized Gains (Losses) on Securities Available-For-Sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 612 | 301 | 111 | 392 |
Changes in unrealized gains and losses | (105) | 202 | 716 | 54 |
Other-than-temporary impairment not recognized in earnings on securities available-for-sale | (1) | |||
Reclassification to earnings of realized gains and losses | (10) | 1 | (16) | 1 |
Applicable income taxes | 44 | (78) | (269) | (21) |
Balance at end of period | $ 541 | $ 426 | $ 541 | $ 426 |
Accumulated Other Comprehensi76
Accumulated Other Comprehensive Income (Loss) - Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized gains (losses) on sale of securities | $ 12 | $ 19 | ||
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income | 3,320 | $ 3,117 | 9,793 | $ 9,246 |
Realized gains (losses) on derivative hedges | 2,893 | 2,768 | 8,573 | 8,182 |
Actuarial gains (losses) and prior service cost (credit) amortization | (280) | (285) | (858) | (895) |
Total securities gains (losses), net | 10 | (1) | 16 | (1) |
Applicable income taxes | (566) | (534) | (1,612) | (1,541) |
Net income | 1,516 | 1,503 | 4,453 | 4,444 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | (32) | (60) | (120) | (181) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Securities Available-For-Sale [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized gains (losses) on sale of securities | 12 | 19 | ||
Other-than-temporary impairment recognized in earnings | (2) | (1) | (3) | (1) |
Total securities gains (losses), net | 10 | (1) | 16 | (1) |
Applicable income taxes | (4) | (6) | ||
Net income | 6 | (1) | 10 | (1) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Securities Transferred From Available For Sale to Held To Maturity [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income | 5 | 6 | 14 | 20 |
Applicable income taxes | (1) | (2) | (5) | (7) |
Net income | 4 | 4 | 9 | 13 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivative Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized gains (losses) on derivative hedges | (28) | (48) | (104) | (147) |
Applicable income taxes | 11 | 19 | 40 | 57 |
Net income | (17) | (29) | (64) | (90) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Retirement Plans [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Actuarial gains (losses) and prior service cost (credit) amortization | (41) | (55) | (122) | (167) |
Applicable income taxes | 16 | 21 | 47 | 64 |
Net income | $ (25) | $ (34) | $ (75) | $ (103) |
Earnings Per Share - Components
Earnings Per Share - Components of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to U.S. Bancorp | $ 1,502 | $ 1,489 | $ 4,410 | $ 4,403 |
Preferred dividends | (61) | (62) | (201) | (182) |
Impact of the purchase of noncontrolling interests | 9 | |||
Earnings allocated to participating stock awards | (7) | (5) | (20) | (17) |
Net income applicable to U.S. Bancorp common shareholders | $ 1,434 | $ 1,422 | $ 4,198 | $ 4,204 |
Average common shares outstanding | 1,710 | 1,758 | 1,724 | 1,770 |
Net effect of the exercise and assumed purchase of stock awards | 6 | 8 | 6 | 8 |
Average diluted common shares outstanding | 1,716 | 1,766 | 1,730 | 1,778 |
Earnings per common share | $ 0.84 | $ 0.81 | $ 2.44 | $ 2.38 |
Diluted earnings per common share | $ 0.84 | $ 0.81 | $ 2.43 | $ 2.36 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options outstanding of common shares | 1 | 1 | 1 | 1 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 45 | $ 47 | $ 133 | $ 141 |
Interest cost | 53 | 49 | 158 | 146 |
Expected return on plan assets | (66) | (56) | (198) | (167) |
Prior service cost (credit) amortization | (2) | (2) | (4) | (4) |
Actuarial loss (gain) amortization | 44 | 59 | 131 | 176 |
Net periodic benefit cost | 74 | 97 | 220 | 292 |
Postretirement Welfare Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 1 | 2 | 3 | |
Expected return on plan assets | (1) | (1) | (1) | |
Prior service cost (credit) amortization | (1) | (2) | (2) | |
Actuarial loss (gain) amortization | (1) | (1) | (3) | (3) |
Net periodic benefit cost | $ (2) | $ (1) | $ (4) | $ (3) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Federal | ||||
Current | $ 717 | $ 556 | $ 1,631 | $ 1,355 |
Deferred | (232) | (114) | (279) | (81) |
Federal income tax | 485 | 442 | 1,352 | 1,274 |
State | ||||
Current | 108 | 103 | 235 | 283 |
Deferred | (27) | (11) | 25 | (16) |
State income tax | 81 | 92 | 260 | 267 |
Applicable income taxes | $ 566 | $ 534 | $ 1,612 | $ 1,541 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Billions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Income Taxes Additional Information [Abstract] | ||
Federal statutory rate | 35.00% | |
Net deferred tax liability | $ 1.2 | $ 1.5 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35 Percent to Company's Applicable Income Tax Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Tax at statutory rate | $ 729 | $ 713 | $ 2,123 | $ 2,095 |
State income tax, at statutory rates, net of federal tax benefit | 53 | 60 | 170 | 174 |
Tax credits and benefits, net of related expenses | (183) | (177) | (523) | (523) |
Tax-exempt income | (49) | (51) | (148) | (154) |
Noncontrolling interests | (5) | (5) | (15) | (15) |
Other items | 21 | (6) | 5 | (36) |
Applicable income taxes | $ 566 | $ 534 | $ 1,612 | $ 1,541 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||||
Realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss) | $ 96,000,000 | $ 67,000,000 | ||
Non-derivative debt instruments designated as net investment hedges | 0 | $ 0 | ||
Fair value of derivatives under collateral agreements in a net liability position | 1,600,000,000 | |||
Collateral posted by company netted against net liability position | 1,500,000,000 | |||
Forward commitments to sell mortgage loans | 9,100,000,000 | |||
Hedged mortgage loans held for sale | 4,000,000,000 | |||
Unfunded mortgage loan commitments | $ 6,000,000,000 | |||
Scenario, Forecast [Member] | ||||
Derivative [Line Items] | ||||
Estimated loss to be reclassified from other comprehensive income (loss) into earnings | $ 12,000,000 | $ 34,000,000 |
Derivative Instruments - Asset
Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 27,926 | $ 27,442 |
Fair Value, Assets | 635 | 201 |
Notional Value, Liabilities | 29,569 | 22,818 |
Fair Value, Liabilities | 700 | 286 |
Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 285 | $ 36 |
Fair Value, Assets | $ 2 | |
Derivative Asset Average Remaining Maturity Period | 4 days | 15 days |
Notional Value, Liabilities | $ 997 | $ 662 |
Fair Value, Liabilities | $ 100 | $ 64 |
Derivative Liability Average Remaining Maturity Period | 2 years 8 months 5 days | 2 years 7 months 6 days |
Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,800 | $ 3,050 |
Fair Value, Assets | $ 133 | $ 73 |
Derivative Asset Average Remaining Maturity Period | 3 years 10 months 21 days | 4 years 5 months 5 days |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 500 | $ 1,772 |
Fair Value, Assets | $ 7 | |
Derivative Asset Average Remaining Maturity Period | 1 year 3 months 29 days | 9 years 2 months 19 days |
Notional Value, Liabilities | $ 6,625 | $ 5,009 |
Fair Value, Liabilities | $ 176 | $ 146 |
Derivative Liability Average Remaining Maturity Period | 4 years 9 months 11 days | 1 year 1 month 17 days |
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,222 | $ 1,140 |
Fair Value, Assets | $ 8 | $ 4 |
Derivative Asset Average Remaining Maturity Period | 18 days | 15 days |
Notional Value, Liabilities | $ 152 | |
Derivative Liability Average Remaining Maturity Period | 18 days | |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 6,952 | $ 3,733 |
Fair Value, Assets | $ 355 | $ 42 |
Derivative Asset Average Remaining Maturity Period | 9 years 7 months 2 days | 9 years 11 months 23 days |
Notional Value, Liabilities | $ 2,475 | $ 4,748 |
Fair Value, Liabilities | $ 10 | $ 18 |
Derivative Liability Average Remaining Maturity Period | 10 years 2 months 19 days | 10 years 2 months 5 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 47 | $ 287 |
Fair Value, Assets | $ 2 | |
Derivative Asset Average Remaining Maturity Period | 7 years 11 months 12 days | 9 years 9 months 26 days |
Notional Value, Liabilities | $ 4,333 | $ 4,158 |
Fair Value, Liabilities | $ 341 | $ 35 |
Derivative Liability Average Remaining Maturity Period | 9 years 2 months 19 days | 9 years 11 months 19 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 6,723 | $ 3,812 |
Fair Value, Assets | $ 52 | $ 17 |
Derivative Asset Average Remaining Maturity Period | 26 days | 26 days |
Notional Value, Liabilities | $ 156 | $ 452 |
Fair Value, Liabilities | $ 1 | $ 1 |
Derivative Liability Average Remaining Maturity Period | 1 month 13 days | 22 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,071 | $ 3,201 |
Fair Value, Assets | $ 12 | $ 12 |
Derivative Asset Average Remaining Maturity Period | 1 month 24 days | 1 month 2 days |
Notional Value, Liabilities | $ 8,048 | $ 2,559 |
Fair Value, Liabilities | $ 43 | $ 7 |
Derivative Liability Average Remaining Maturity Period | 1 month 2 days | 1 month 13 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 2,200 | $ 2,935 |
Derivative Asset Average Remaining Maturity Period | 22 days | 22 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,277 | $ 3,199 |
Fair Value, Assets | $ 67 | $ 29 |
Derivative Asset Average Remaining Maturity Period | 1 month 6 days | 1 month 6 days |
Notional Value, Liabilities | $ 20 | $ 5 |
Fair Value, Liabilities | $ 1 | $ 1 |
Derivative Liability Average Remaining Maturity Period | 1 month 2 days | 29 days |
Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 372 | $ 3,023 |
Fair Value, Assets | $ 4 | $ 13 |
Derivative Asset Average Remaining Maturity Period | 15 days | 4 days |
Notional Value, Liabilities | $ 3,426 | $ 2,380 |
Fair Value, Liabilities | $ 25 | $ 10 |
Derivative Liability Average Remaining Maturity Period | 4 days | 11 days |
Other Economic Hedges [Member] | Equity Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 64 | $ 62 |
Fair Value, Assets | $ 1 | |
Derivative Asset Average Remaining Maturity Period | 8 months 19 days | 5 months 19 days |
Notional Value, Liabilities | $ 35 | $ 24 |
Fair Value, Liabilities | $ 1 | |
Derivative Liability Average Remaining Maturity Period | 3 months 4 days | 9 months 26 days |
Other Economic Hedges [Member] | Credit Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,413 | $ 1,192 |
Fair Value, Assets | $ 1 | $ 2 |
Derivative Asset Average Remaining Maturity Period | 3 years 6 months | 2 years 6 months 29 days |
Notional Value, Liabilities | $ 3,302 | $ 2,821 |
Fair Value, Liabilities | $ 3 | $ 3 |
Derivative Liability Average Remaining Maturity Period | 3 years 22 days | 2 years 11 months 27 days |
Derivative Instruments - Asse85
Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Parenthetical) (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 29,569 | $ 22,818 |
Fair Value, Liabilities | 700 | 286 |
Notional Value, Assets | 27,926 | 27,442 |
Underwriting Purchase and Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | 285 | 36 |
Notional Value, Assets | 285 | 36 |
Swap [Member] | Visa Class B Shares [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | 712 | 626 |
Fair Value, Liabilities | $ 98 | $ 64 |
Derivative Liability Average Remaining Maturity Period | 3 years 9 months | 2 years 9 months |
Derivative Instruments - Custom
Derivative Instruments - Customer-Related Derivative Positions of Company (Detail) - Customer-Related Positions [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 108,933 | $ 72,112 |
Fair Value, Assets | 3,050 | 2,046 |
Notional Value, Liabilities | 108,397 | 80,044 |
Fair Value, Liabilities | 3,153 | 2,099 |
Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 56,962 | 32,647 |
Fair Value, Assets | $ 2,249 | $ 1,097 |
Derivative Asset Average Remaining Maturity Period | 5 years 15 days | 5 years 8 months 9 days |
Notional Value, Liabilities | $ 14,464 | $ 14,068 |
Fair Value, Liabilities | $ 29 | $ 54 |
Derivative Liability Average Remaining Maturity Period | 3 years 2 months 1 day | 4 years 8 months 16 days |
Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 11,835 | $ 10,685 |
Fair Value, Assets | $ 29 | $ 43 |
Derivative Asset Average Remaining Maturity Period | 2 years 9 months 22 days | 4 years 6 months 18 days |
Notional Value, Liabilities | $ 59,866 | $ 35,045 |
Fair Value, Liabilities | $ 2,385 | $ 1,160 |
Derivative Liability Average Remaining Maturity Period | 5 years 4 days | 5 years 8 months 27 days |
Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 10,127 | $ 8,705 |
Fair Value, Assets | $ 7 | $ 10 |
Derivative Asset Average Remaining Maturity Period | 2 years 1 month 10 days | 2 years 7 months 10 days |
Notional Value, Liabilities | $ 356 | $ 146 |
Fair Value, Liabilities | $ 26 | $ 1 |
Derivative Liability Average Remaining Maturity Period | 10 months 21 days | 2 years 2 months 23 days |
Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 449 | $ 146 |
Fair Value, Assets | $ 27 | $ 2 |
Derivative Asset Average Remaining Maturity Period | 5 years 5 months 19 days | 2 years 2 months 23 days |
Notional Value, Liabilities | $ 8,987 | $ 8,482 |
Fair Value, Liabilities | $ 3 | $ 9 |
Derivative Liability Average Remaining Maturity Period | 1 year 8 months 1 day | 2 years 6 months 26 days |
Interest Rate Contracts [Member] | Futures [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,540 | |
Fair Value, Assets | $ 1 | |
Derivative Asset Average Remaining Maturity Period | 1 year 4 months 28 days | |
Notional Value, Liabilities | $ 4,701 | $ 2,859 |
Fair Value, Liabilities | $ 2 | |
Derivative Liability Average Remaining Maturity Period | 9 months 26 days | 10 months 2 days |
Interest Rate Contracts [Member] | Futures [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 45 | |
Derivative Asset Average Remaining Maturity Period | 11 months 19 days | |
Foreign Exchange Rate Contracts [Member] | Forwards, Spots and Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 24,249 | $ 18,399 |
Fair Value, Assets | $ 690 | $ 851 |
Derivative Asset Average Remaining Maturity Period | 6 months 7 days | 7 months 2 days |
Notional Value, Liabilities | $ 18,252 | $ 17,959 |
Fair Value, Liabilities | $ 663 | $ 830 |
Derivative Liability Average Remaining Maturity Period | 7 months 24 days | 6 months 29 days |
Foreign Exchange Option [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,771 | $ 1,485 |
Fair Value, Assets | $ 47 | $ 43 |
Derivative Asset Average Remaining Maturity Period | 1 year 2 months 23 days | 1 year 2 months 9 days |
Foreign Exchange Option [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 1,771 | $ 1,485 |
Fair Value, Liabilities | $ 47 | $ 43 |
Derivative Liability Average Remaining Maturity Period | 1 year 2 months 23 days | 1 year 2 months 9 days |
Derivative Instruments - Summar
Derivative Instruments - Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 20 | $ (24) | $ (93) | $ (38) |
Derivative Instruments, Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | $ (17) | (30) | (64) | (91) |
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (1) | $ (15) | $ 79 |
Derivative Instruments - Summ88
Derivative Instruments - Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Fair Value Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | $ (31) | $ 52 | $ 63 | $ 44 |
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Other Economic Hedges [Member] | Futures and Forwards [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 21 | (55) | (34) | 133 |
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Other Economic Hedges [Member] | Options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 102 | 99 | 315 | 181 |
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Other Economic Hedges [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | (134) | 173 | 268 | 152 |
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Other Economic Hedges [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 113 | (4) | 111 | (3) |
Asset and Liability Management Positions [Member] | Foreign Exchange Forward Contracts [Member] | Commercial Products Revenue [Member] | Other Economic Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 9 | 17 | (46) | 103 |
Asset and Liability Management Positions [Member] | Equity Contracts [Member] | Compensation Expense [Member] | Other Economic Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 1 | (1) | (2) | |
Asset and Liability Management Positions [Member] | Credit Contracts [Member] | Other Noninterest Income [Member] | Other Economic Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 1 | 1 | ||
Asset and Liability Management Positions [Member] | Other Derivatives [Member] | Other Noninterest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | (38) | |||
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | (4) | 1 | (3) | 2 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | (397) | 540 | 1,326 | 640 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 417 | (534) | (1,289) | (615) |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Futures [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | (4) | 2 | 3 | 3 |
Customer-Related Positions [Member] | Foreign Exchange Rate Contracts [Member] | Commercial Products Revenue [Member] | Forwards, Spots and Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 21 | $ 19 | 61 | 56 |
Customer-Related Positions [Member] | Foreign Exchange Option [Member] | Commercial Products Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | $ 1 | $ 3 | $ 1 |
Derivative Instruments - Summ89
Derivative Instruments - Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (losses) on items hedged by fair value hedges | $ 31 | $ (50) | $ (61) | $ (43) |
Netting Arrangements for Cert90
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Detail) $ in Billions | Sep. 30, 2016USD ($) |
Derivative [Line Items] | |
Notional amount of derivative | $ 274.8 |
Exchange Cleared [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 122.6 |
Exchange Traded [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 11.7 |
Netting Arrangements for Cert91
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 832 | $ 1,092 |
Securities loaned | 259 | |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 1,091 | |
Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 753 | 924 |
Securities loaned | 259 | |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 1,012 | |
Less Than 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 54 | 168 |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 54 | |
30-89 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 25 | |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 25 | |
U.S. Treasury and Agencies [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 39 | 122 |
U.S. Treasury and Agencies [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 39 | 122 |
Corporate Debt Securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 259 | |
Corporate Debt Securities [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 259 | |
Mortgage-Backed Securities Residential [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 793 | 970 |
Mortgage-Backed Securities Residential [Member] | Overnight and Continuous [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 714 | 802 |
Mortgage-Backed Securities Residential [Member] | Less Than 30 Days [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 54 | $ 168 |
Mortgage-Backed Securities Residential [Member] | 30-89 Days [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 25 |
Netting Arrangements for Cert92
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Offsetting [Abstract] | ||
Derivative assets Gross Recognized Assets | $ 2,341 | $ 1,879 |
Reverse repurchase agreements Gross Recognized Assets | 170 | 106 |
Securities borrowed Gross Recognized Assets | 895 | 772 |
Total Gross Recognized Assets | 3,406 | 2,757 |
Derivative assets Gross amounts assets offset in consolidated balance sheet | (746) | (807) |
Total Gross amounts assets offset in consolidated balance sheet | (746) | (807) |
Derivative assets Net Amounts Presented in the Consolidated Balance Sheet | 1,595 | 1,072 |
Reverse repurchase agreements Net Amounts Presented in the Consolidated Balance Sheet | 170 | 106 |
Securities borrowed Net Amounts Presented in the Consolidated Balance Sheet | 895 | 772 |
Total Net Amounts Presented in the Consolidated Balance Sheet | 2,660 | 1,950 |
Derivative assets Gross Amounts Not Offset Consolidated Balance Financial Instruments | (95) | (82) |
Reverse repurchase agreements Gross financial instrument asset amounts not offset in consolidated balance sheet | (39) | (102) |
Securities borrowed Gross financial instrument asset amounts not offset in consolidated balance sheet | (3) | |
Total Gross financial instrument asset amounts not offset in consolidated balance sheet | (137) | (184) |
Derivative assets Gross collateral received amounts not offset in consolidated balance sheet | (11) | |
Reverse repurchase agreements Gross collateral received amounts not offset in consolidated balance sheet | (131) | (4) |
Securities borrowed Gross collateral received amounts not offset in consolidated balance sheet | (864) | (753) |
Total Gross collateral received amounts not offset in consolidated balance sheet | (1,006) | (757) |
Derivative assets Net Amount | 1,489 | 990 |
Reverse repurchase agreements Net Amount | 0 | 0 |
Securities borrowed Net Amount | 28 | 19 |
Total Net Amount Assets | $ 1,517 | $ 1,009 |
Netting Arrangements for Cert93
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative assets | $ 152 | $ 165 |
Derivative assets not subject to netting arrangements | $ 1,300 | $ 368 |
Netting Arrangements for Cert94
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Offsetting [Abstract] | ||
Derivative liabilities Gross recognized liabilities | $ 1,888 | $ 1,809 |
Repurchase agreements Gross recognized liabilities | 832 | 1,092 |
Securities loaned Gross recognized liabilities | 259 | |
Total Gross recognized liabilities | 2,979 | 2,901 |
Derivative liabilities Gross amounts liabilities offset in consolidated balance sheet | (1,485) | (1,283) |
Total Gross amounts liabilities offset in consolidated balance sheet | (1,485) | (1,283) |
Derivative liabilities Net amounts liabilities presented in consolidated balance sheet | 403 | 526 |
Repurchase agreements Net amounts liabilities presented in consolidated balance sheet | 832 | 1,092 |
Securities loaned Net amounts liabilities presented in consolidated balance sheet | 259 | |
Total Net amounts liabilities presented in consolidated balance sheet | 1,494 | 1,618 |
Derivative liabilities Gross financial instrument liability amounts not offset in consolidated balance sheet | (95) | (82) |
Repurchase agreements Gross financial instrument liability amounts not offset in consolidated balance sheet | (39) | (102) |
Securities loaned Gross financial instruments not offset in consolidated balance sheet | (3) | |
Total Gross financial instrument liability amounts not offset in consolidated balance sheet | (137) | (184) |
Repurchase agreements Gross collateral pledged amounts not offset in consolidated balance sheet | (793) | (990) |
Securities loaned Gross collateral pledged amounts not offset in consolidated balance sheet | (253) | |
Total Gross collateral pledged amounts not offset in consolidated balance sheet | (1,046) | (990) |
Derivative liabilities Net Amount | 308 | 444 |
Repurchase agreements Net Amount | 0 | 0 |
Securities loaned Net Amount | 3 | |
Total Net Amount Liabilities | $ 311 | $ 444 |
Netting Arrangements for Cert95
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative liabilities | $ 891 | $ 641 |
Derivative liabilities not subject to netting arrangements | $ 2,000 | $ 576 |
Fair Values of Assets and Lia96
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||||
Fair value measurement transfers from one level to another | $ 0 | $ 0 | |||
Significant changes to the valuation techniques to measure fair value during the reporting period | No significant changes to the valuation techniques used by the Company to measure fair value. | ||||
Mortgage loans held for sale measured at fair value gain | $ 27,000,000 | $ 61,000,000 | $ 154,000,000 | $ 27,000,000 | |
Minimum [Member] | |||||
Fair Value Disclosures [Abstract] | |||||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 0.00% | ||||
Maximum [Member] | |||||
Fair Value Disclosures [Abstract] | |||||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 98.00% | ||||
Average [Member] | |||||
Fair Value Disclosures [Abstract] | |||||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 4.00% | ||||
Standby Letters Of Credit, Unfunded Commitments and Deferred Non-Yield Loan Fees [Member] | |||||
Fair Value Disclosures [Abstract] | |||||
Carrying value of guarantee obligations | 617,000,000 | $ 617,000,000 | $ 515,000,000 | ||
Other Guarantees [Member] | |||||
Fair Value Disclosures [Abstract] | |||||
Carrying value of guarantee obligations | $ 162,000,000 | $ 162,000,000 | $ 184,000,000 |
Fair Values of Assets and Lia97
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Level 3 Available -for-Sale Investment Securities (Detail) - Level 3 [Member] | 9 Months Ended |
Sep. 30, 2016 | |
Minimum [Member] | Non-Agency Prime [Member] | Mortgage-Backed Securities Residential [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 6.00% |
Lifetime loss severity rates | 15.00% |
Discount margin | 2.00% |
Minimum [Member] | Non-Agency Non-Prime [Member] | Mortgage-Backed Securities Residential [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 3.00% |
Lifetime probability of default rates | 4.00% |
Lifetime loss severity rates | 15.00% |
Discount margin | 2.00% |
Minimum [Member] | Asset-Backed Securities Other [Member] | Asset-Backed Securities [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 6.00% |
Lifetime probability of default rates | 5.00% |
Lifetime loss severity rates | 40.00% |
Discount margin | 6.00% |
Maximum [Member] | Non-Agency Prime [Member] | Mortgage-Backed Securities Residential [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 19.00% |
Lifetime probability of default rates | 6.00% |
Lifetime loss severity rates | 65.00% |
Discount margin | 6.00% |
Maximum [Member] | Non-Agency Non-Prime [Member] | Mortgage-Backed Securities Residential [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 15.00% |
Lifetime probability of default rates | 12.00% |
Lifetime loss severity rates | 75.00% |
Discount margin | 10.00% |
Maximum [Member] | Asset-Backed Securities Other [Member] | Asset-Backed Securities [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 6.00% |
Lifetime probability of default rates | 5.00% |
Lifetime loss severity rates | 40.00% |
Discount margin | 6.00% |
Average [Member] | Non-Agency Prime [Member] | Mortgage-Backed Securities Residential [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 14.00% |
Lifetime probability of default rates | 4.00% |
Lifetime loss severity rates | 35.00% |
Discount margin | 4.00% |
Average [Member] | Non-Agency Non-Prime [Member] | Mortgage-Backed Securities Residential [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 8.00% |
Lifetime probability of default rates | 7.00% |
Lifetime loss severity rates | 51.00% |
Discount margin | 4.00% |
Average [Member] | Asset-Backed Securities Other [Member] | Asset-Backed Securities [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 6.00% |
Lifetime probability of default rates | 5.00% |
Lifetime loss severity rates | 40.00% |
Discount margin | 6.00% |
Fair Values of Assets and Lia98
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Detail) - Mortgage Servicing Rights [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected prepayment | 14.70% | 11.30% |
Discount rate | 10.00% | 10.00% |
Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected prepayment | 12.00% | |
Discount rate | 9.00% | |
Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected prepayment | 20.00% | |
Discount rate | 13.00% | |
Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected prepayment | 15.00% | |
Discount rate | 10.00% |
Fair Values of Assets and Lia99
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Detail) - Derivative Mortgage Loans Commitments [Member] | Sep. 30, 2016 |
Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected loan close rate | 17.00% |
Inherent MSR value (basis points per loan) | 46.00% |
Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected loan close rate | 99.00% |
Inherent MSR value (basis points per loan) | 192.00% |
Average [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected loan close rate | 77.00% |
Inherent MSR value (basis points per loan) | 112.00% |
Fair Values of Assets and Li100
Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liabilities netting | $ (1,485) | $ (1,283) | |||||
Derivative liabilities total | 403 | 526 | |||||
Derivative assets netting | (746) | (807) | |||||
Derivative assets total | 1,595 | 1,072 | |||||
Available-for-sale securities | [1] | 67,155 | 61,997 | ||||
Mortgage loans held for sale | 5,572 | 3,110 | |||||
Mortgage servicing rights | 2,131 | $ 2,056 | 2,512 | $ 2,397 | $ 2,481 | $ 2,338 | |
Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liabilities total | 2,368 | 1,102 | |||||
Derivative assets total | 2,939 | 1,440 | |||||
Available-for-sale securities | 67,155 | 61,997 | |||||
Mortgage loans held for sale | 5,572 | 3,110 | |||||
Mortgage servicing rights | 2,131 | 2,512 | |||||
Other assets | 1,666 | 791 | |||||
Total | 79,463 | 69,850 | |||||
Short-term borrowings | 1,108 | 767 | |||||
Total | 3,476 | 1,869 | |||||
Fair Value, Measurements, Recurring [Member] | Netting and Collateral One [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liabilities netting | (1,485) | (1,283) | |||||
Derivative assets netting | (746) | (807) | |||||
Total | (746) | (807) | |||||
Total | (1,485) | (1,283) | |||||
Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 14,630 | 4,596 | |||||
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 5,376 | 5,316 | |||||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 579 | 610 | |||||
Fair Value, Measurements, Recurring [Member] | Perpetual Preferred Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 53 | 161 | |||||
Fair Value, Measurements, Recurring [Member] | Other Investment [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 66 | 68 | |||||
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Residential [Member] | Non-Agency Prime [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 259 | 318 | |||||
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Residential [Member] | Non-Agency Non-Prime [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 206 | 240 | |||||
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Residential [Member] | Agency [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 45,433 | 50,076 | |||||
Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 16 | 52 | |||||
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 13 | 19 | |||||
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 524 | 541 | |||||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liabilities before netting | 2 | ||||||
Derivative assets before netting | 1 | ||||||
Available-for-sale securities | 13,935 | 3,898 | |||||
Other assets | 176 | 202 | |||||
Total | 14,112 | 4,100 | |||||
Short-term borrowings | 210 | 122 | |||||
Total | 210 | 124 | |||||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 13,820 | 3,708 | |||||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 52 | 102 | |||||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Perpetual Preferred Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 27 | 48 | |||||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other Investment [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 36 | 40 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liabilities before netting | 3,678 | 2,266 | |||||
Derivative assets before netting | 2,578 | 1,632 | |||||
Available-for-sale securities | 52,744 | 57,530 | |||||
Mortgage loans held for sale | 5,572 | 3,110 | |||||
Other assets | 1,490 | 589 | |||||
Total | 62,384 | 62,861 | |||||
Short-term borrowings | 898 | 645 | |||||
Total | 4,576 | 2,911 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 810 | 888 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 5,376 | 5,316 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 518 | 499 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Perpetual Preferred Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 26 | 113 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Investment [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 30 | 28 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Residential [Member] | Agency [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 45,433 | 50,076 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 16 | 52 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 13 | 19 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 522 | 539 | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liabilities before netting | 175 | 117 | |||||
Derivative assets before netting | 1,106 | 615 | |||||
Available-for-sale securities | 476 | 569 | |||||
Mortgage servicing rights | 2,131 | 2,512 | |||||
Total | 3,713 | 3,696 | |||||
Total | 175 | 117 | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 9 | 9 | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Residential [Member] | Non-Agency Prime [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 259 | 318 | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Residential [Member] | Non-Agency Non-Prime [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 206 | 240 | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | $ 2 | $ 2 | |||||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Fair Values of Assets and Li101
Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Non-Agency Prime [Member] | Mortgage-Backed Securities Residential [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning of Period Balance | $ 280 | $ 363 | $ 318 | $ 405 |
Net Gains (Losses) Included in Net Income | (1) | |||
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (2) | |||
Sales | 0 | 0 | 0 | 0 |
Principal Payments | (21) | (25) | (58) | (65) |
Settlements | 0 | 0 | 0 | 0 |
End of Period Balance | 259 | 338 | 259 | 338 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (2) | |||
Non-Agency Non-Prime [Member] | Mortgage-Backed Securities Residential [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning of Period Balance | 216 | 262 | 240 | 280 |
Net Gains (Losses) Included in Net Income | (1) | (1) | (1) | |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (1) | 1 | (4) | 1 |
Sales | 0 | 0 | 0 | 0 |
Principal Payments | (9) | (11) | (29) | (29) |
Settlements | 0 | 0 | 0 | 0 |
End of Period Balance | 206 | 251 | 206 | 251 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (1) | 1 | (4) | 1 |
Corporate Debt Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning of Period Balance | 9 | 9 | 9 | 9 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
End of Period Balance | 9 | 9 | 9 | 9 |
Asset-Backed Securities Other [Member] | Asset-Backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning of Period Balance | 2 | 58 | 2 | 62 |
Net Gains (Losses) Included in Net Income | 2 | 4 | ||
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (1) | (1) | ||
Sales | 0 | 0 | 0 | 0 |
Principal Payments | (3) | (9) | ||
Settlements | 0 | 0 | 0 | 0 |
End of Period Balance | 2 | 56 | 2 | 56 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (1) | (1) | ||
Mortgage Servicing Rights [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning of Period Balance | 2,056 | 2,481 | 2,512 | 2,338 |
Net Gains (Losses) Included in Net Income | (85) | (273) | (785) | (454) |
Purchases | 18 | 7 | 32 | 22 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 142 | 182 | 372 | 491 |
Settlements | 0 | 0 | 0 | 0 |
End of Period Balance | 2,131 | 2,397 | 2,131 | 2,397 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (85) | (273) | (785) | (454) |
Available-for-Sale Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning of Period Balance | 507 | 692 | 569 | 756 |
Net Gains (Losses) Included in Net Income | 1 | (2) | 3 | |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (1) | (4) | (2) | |
Sales | 0 | 0 | 0 | 0 |
Principal Payments | (30) | (39) | (87) | (103) |
Settlements | 0 | 0 | 0 | 0 |
End of Period Balance | 476 | 654 | 476 | 654 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (1) | (4) | (2) | |
Derivative [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning of Period Balance | 1,080 | 478 | 498 | 574 |
Net Gains (Losses) Included in Net Income | 84 | 426 | 1,047 | 725 |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Purchases | 1 | |||
Sales | (2) | (2) | (5) | (7) |
Principal Payments | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (231) | (219) | (610) | (609) |
End of Period Balance | 931 | 683 | 931 | 683 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | $ 16 | $ 231 | $ 494 | $ 203 |
Fair Values of Assets and Li102
Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Noninterest Income [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net gains and (losses) on net derivative assets and liabilities included in net income | $ (73) | $ 274 | $ 560 | $ 360 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | (81) | 159 | 397 | 131 |
Mortgage Banking Revenue [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net gains and (losses) on net derivative assets and liabilities included in net income | 157 | 152 | 487 | 365 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | 97 | $ 72 | 97 | $ 72 |
Securities Gains Losses [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net gains and losses on available for sale securities included in net income | (1) | (3) | ||
Interest Income [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net gains and losses on available for sale securities included in net income | $ 1 | $ 1 |
Fair Values of Assets and Li103
Fair Values of Assets and Liabilities - Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 128 | $ 87 |
Other assets | 54 | 66 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 128 | 87 |
Other assets | $ 54 | $ 66 |
Fair Values of Assets and Li104
Fair Values of Assets and Liabilities - Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Loans Receivable [Member] | ||||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | ||||
Asset impairment charges | $ 45 | $ 99 | $ 156 | $ 139 |
Other Assets [Member] | ||||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | ||||
Asset impairment charges | $ 6 | $ 10 | $ 25 | $ 29 |
Fair Values of Assets and Li105
Fair Values of Assets and Liabilities - Differences Between Aggregate Fair Value Carrying Amount of MLHFS for which Fair Value Option has been Elected and Aggregate Unpaid Principal Amount Contractually Obligated to Receive at Maturity (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Fair value carrying amount, total loans | $ 5,572 | $ 3,110 |
Fair value carrying amount, nonaccrual loans | 3 | 5 |
Fair value carrying amount, loans 90 days or more past due | 1 | |
Aggregate unpaid principal, total loans | 5,368 | 3,032 |
Aggregate unpaid principal, nonaccrual loans | 4 | 7 |
Aggregate unpaid principal, loans 90 days or more past due | 1 | |
Carrying amount over (under) unpaid principal, total loans | 204 | 78 |
Carrying amount over (under) unpaid principal, nonaccrual loans | (1) | (2) |
Carrying amount over (under) unpaid principal, loans 90 days or more past due | $ 0 | $ 0 |
Fair Values of Assets and Li106
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Financial Assets | ||||
Cash and due from banks | $ 23,664 | $ 11,147 | $ 10,450 | $ 10,654 |
Investment securities held-to-maturity | 42,873 | 43,590 | ||
Financial Liabilities | ||||
Deposits | 334,595 | 300,400 | ||
Long-term debt | 37,978 | 32,078 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 23,664 | 11,147 | ||
Federal funds sold and securities purchased under resale agreements | 209 | 169 | ||
Investment securities held-to-maturity | 42,873 | 43,590 | ||
Loans held for sale | 3 | 74 | ||
Loans | 267,492 | 256,986 | ||
Other financial instruments | 2,332 | 2,311 | ||
Financial Liabilities | ||||
Deposits | 334,595 | 300,400 | ||
Short-term borrowings | 14,587 | 27,110 | ||
Long-term debt | 37,978 | 32,078 | ||
Other Liabilities | 1,634 | 1,353 | ||
Fair Value [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 23,664 | 11,147 | ||
Federal funds sold and securities purchased under resale agreements | 209 | 169 | ||
Investment securities held-to-maturity | 43,406 | 43,493 | ||
Loans held for sale | 3 | 74 | ||
Loans | 273,136 | 259,823 | ||
Other financial instruments | 2,340 | 2,319 | ||
Financial Liabilities | ||||
Deposits | 334,522 | 300,225 | ||
Short-term borrowings | 14,444 | 26,782 | ||
Long-term debt | 38,847 | 32,412 | ||
Other Liabilities | 1,634 | 1,353 | ||
Fair Value [Member] | Level 1 [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 23,664 | 11,147 | ||
Investment securities held-to-maturity | 4,256 | 2,275 | ||
Fair Value [Member] | Level 2 [Member] | ||||
Financial Assets | ||||
Federal funds sold and securities purchased under resale agreements | 209 | 169 | ||
Investment securities held-to-maturity | 39,076 | 41,138 | ||
Other financial instruments | 920 | 921 | ||
Financial Liabilities | ||||
Deposits | 334,522 | 300,225 | ||
Short-term borrowings | 14,444 | 26,782 | ||
Long-term debt | 38,847 | 32,412 | ||
Fair Value [Member] | Level 3 [Member] | ||||
Financial Assets | ||||
Investment securities held-to-maturity | 74 | 80 | ||
Loans held for sale | 3 | 74 | ||
Loans | 273,136 | 259,823 | ||
Other financial instruments | 1,420 | 1,398 | ||
Financial Liabilities | ||||
Other Liabilities | $ 1,634 | $ 1,353 |
Guarantees and Contingent Li107
Guarantees and Contingent Liabilities - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Liability related to remaining Visa Litigation, carrying amount | $ 19 | $ 19 | |
Merchant Processing [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Value of airline tickets purchased to deliver at future date | 6,700 | 6,700 | |
Company held collateral in escrow deposits, letters of credit and indemnities from financial institutions and liens on various assets | 427 | 427 | |
Asset Sales [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Representation and warranty reserve | 21 | 21 | $ 30 |
Unresolved representation and warranty claims from GSEs | $ 7 | $ 7 | $ 12 |
Visa Class B Shares [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Number of shares sold | 0.2 | 0.7 | |
Remaining shares held by the Company | 5.7 | 5.7 |
Guarantees and Contingent Li108
Guarantees and Contingent Liabilities - Summary of Other Guarantees and Contingent Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Standby Letters of Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Amount | $ 63 | |
Maximum Potential Future Payments | 12,326 | |
Third Party Borrowing Arrangements [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Future Payments | 13 | |
Securities Lending Indemnifications [Member] | ||
Guarantor Obligations [Line Items] | ||
Collateral Held | 3,442 | |
Maximum Potential Future Payments | 3,382 | |
Asset Sales [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Amount | 105 | |
Maximum Potential Future Payments | 5,799 | |
Merchant Processing [Member] | ||
Guarantor Obligations [Line Items] | ||
Collateral Held | 552 | |
Carrying Amount | 57 | |
Maximum Potential Future Payments | 96,919 | |
Tender Option Bond Program Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Collateral Held | 1,051 | |
Maximum Potential Future Payments | 1,028 | |
Minimum Revenue Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Future Payments | 9 | |
Other Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Amount | 162 | $ 184 |
Maximum Potential Future Payments | $ 867 |