Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Entity Registrant Name | US BANCORP \DE\ | |
Document Period End Date | Mar. 31, 2022 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Smaller Reporting Company | false | |
Entity Emerging Growth Company | false | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity File Number | 1-6880 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 41-0255900 | |
Entity Interactive Data Current | Yes | |
Entity Address, Postal Zip Code | 55402 | |
Entity Address, City or Town | Minneapolis | |
Entity Address, State or Province | MN | |
Entity Address, Address Line One | 800 Nicollet Mall | |
City Area Code | 651 | |
Local Phone Number | 466-3000 | |
Entity Common Stock, Shares Outstanding | 1,485,740,142 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000036104 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Series A Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrA | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series B Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrH | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series K Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrP | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series L Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrQ | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series M Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrR | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series O Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrS | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series X [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB/24B | |
Title of 12(b) Security | Medium-Term Notes | |
Security Exchange Name | NYSE |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | ||
Assets | ||||
Cash and due from banks | $ 44,303 | $ 28,905 | ||
Held-to-maturity (fair value $40,572 and $41,812, respectively) | 43,654 | [1] | 41,858 | |
Available-for-sale ($855 and $557 pledged as collateral, respectively) | 123,593 | [1] | 132,963 | |
Loans held for sale (including $2,203 and $6,623 of mortgage loans carried at fair value, respectively) | 3,321 | 7,775 | ||
Loans | ||||
Total loans | 318,934 | 312,028 | ||
Less allowance for loan losses | (5,664) | (5,724) | ||
Net loans | 313,270 | 306,304 | ||
Premises and equipment | 3,207 | 3,305 | ||
Goodwill | 10,250 | 10,262 | ||
Other intangible assets | 4,194 | 3,738 | ||
Other assets (including $1,111 and $1,193 of trading securities at fair value pledged as collateral, respectively) | [2] | 40,725 | 38,174 | |
Total assets | 586,517 | 573,284 | ||
Deposits | ||||
Noninterest-bearing | 129,793 | 134,901 | ||
Interest-bearing | 331,753 | 321,182 | ||
Total deposits | 461,546 | 456,083 | ||
Short-term borrowings | 21,042 | 11,796 | ||
Long-term debt | 32,931 | 32,125 | ||
Other liabilities | 19,330 | 17,893 | ||
Total liabilities | 534,849 | 517,897 | ||
Shareholders' equity | ||||
Preferred stock | 6,808 | 6,371 | ||
Common stock, par value $0.01 a share—authorized: 4,000,000,000 shares; issued: 3/31/22 and 12/31/21—2,125,725,742 shares | 21 | 21 | ||
Capital surplus | 8,515 | 8,539 | ||
Retained earnings | 69,987 | 69,201 | ||
Less cost of common stock in treasury: 3/31/22 - 640,053,754 shares; 12/31/21—642,223,571 shares | (27,193) | (27,271) | ||
Accumulated other comprehensive income (loss) | (6,938) | (1,943) | ||
Total U.S. Bancorp shareholders' equity | 51,200 | 54,918 | ||
Noncontrolling interests | 468 | 469 | ||
Total equity | 51,668 | 55,387 | ||
Total liabilities and equity | 586,517 | 573,284 | ||
Commercial | ||||
Loans | ||||
Total loans | 117,470 | 112,023 | ||
Commercial real estate | ||||
Loans | ||||
Total loans | 39,191 | 39,053 | ||
Residential mortgages | ||||
Loans | ||||
Total loans | 78,487 | 76,493 | ||
Credit card | ||||
Loans | ||||
Total loans | 22,163 | 22,500 | ||
Other retail | ||||
Loans | ||||
Total loans | $ 61,623 | $ 61,959 | ||
[1] | The weighted-average maturity of total held-to-maturity investment securities was 7.4 years at December 31, 2021, with a corresponding weighted-average yield of 1.45 percent. The weighted-average maturity of total available-for-sale investment securities was 5.5 years at December 31, 2021, with a corresponding weighted-average yield of 1.73 percent. | |||
[2] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | ||
Held-to-maturity securities, Fair Value | $ 40,572 | [1] | $ 41,812 | |
Securities, pledged as collateral | 855 | 557 | ||
Mortgage loans, carried at fair value | $ 2,203 | $ 6,623 | ||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, share-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) | 640,053,754 | 642,223,571 | ||
Available-for-Sale Securities [Member] | ||||
Securities, pledged as collateral | [2] | $ 855 | $ 557 | |
Trading Assets, Excluding Debt and Equity Securities [Member] | ||||
Securities, pledged as collateral | [2] | $ 1,111 | $ 1,193 | |
[1] | The weighted-average maturity of total held-to-maturity investment securities was 7.4 years at December 31, 2021, with a corresponding weighted-average yield of 1.45 percent. The weighted-average maturity of total available-for-sale investment securities was 5.5 years at December 31, 2021, with a corresponding weighted-average yield of 1.73 percent. | |||
[2] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest Income | ||
Loans | $ 2,599 | $ 2,724 |
Loans held for sale | 60 | 67 |
Investment securities | 717 | 517 |
Other interest income | 42 | 33 |
Total interest income | 3,418 | 3,341 |
Interest Expense | ||
Deposits | 80 | 85 |
Short-term borrowings | 21 | 16 |
Long-term debt | 144 | 177 |
Total interest expense | 245 | 278 |
Net interest income | 3,173 | 3,063 |
Provision for credit losses | 112 | (827) |
Net interest income after provision for credit losses | 3,061 | 3,890 |
Noninterest Income | ||
Credit and debit card revenue | 338 | 336 |
Corporate payment products revenue | 158 | 126 |
Merchant processing services | 363 | 318 |
Trust and investment management fees | 500 | 444 |
Deposit service charges | 177 | 161 |
Treasury management fees | 156 | 147 |
Commercial products revenue | 266 | 280 |
Mortgage banking revenue | 200 | 299 |
Investment products fees | 62 | 55 |
Securities gains (losses), net | 18 | 25 |
Other | 158 | 190 |
Total noninterest income | 2,396 | 2,381 |
Noninterest Expense | ||
Compensation | 1,853 | 1,803 |
Employee benefits | 396 | 384 |
Net occupancy and equipment | 269 | 263 |
Professional services | 114 | 98 |
Marketing and business development | 80 | 48 |
Technology and communications | 349 | 359 |
Postage, printing and supplies | 72 | 69 |
Other intangibles | 47 | 38 |
Other | 322 | 317 |
Total noninterest expense | 3,502 | 3,379 |
Income before income taxes | 1,955 | 2,892 |
Applicable income taxes | 397 | 607 |
Net income | 1,558 | 2,285 |
Net (income) loss attributable to noncontrolling interests | (1) | (5) |
Net income attributable to U.S. Bancorp | 1,557 | 2,280 |
Net income applicable to U.S. Bancorp common shareholders | $ 1,466 | $ 2,175 |
Earnings per common share | $ 0.99 | $ 1.45 |
Diluted earnings per common share | $ 0.99 | $ 1.45 |
Average common shares outstanding | 1,485 | 1,502 |
Average diluted common shares outstanding | 1,486 | 1,503 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 1,558 | $ 2,285 | |
Other Comprehensive Income (Loss) | |||
Changes in unrealized gains (losses) on investment securities available-for-sale | (6,754) | (3,378) | |
Changes in unrealized gains (losses) on derivative hedges | 99 | ||
Foreign currency translation | [1] | 25 | |
Reclassification to earnings of realized (gains) losses | 67 | 18 | |
Income taxes related to other comprehensive income (loss) | 1,692 | 819 | |
Total other comprehensive income (loss) | (4,995) | (2,417) | |
Comprehensive income (loss) | (3,437) | (132) | |
Comprehensive (income) loss attributable to noncontrolling interests | (1) | (5) | |
Comprehensive income (loss) attributable to U.S. Bancorp | $ (3,438) | $ (137) | |
[1] | Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ 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, 2020 | $ 53,725 | $ 21 | $ 5,983 | $ 8,511 | $ 64,188 | $ (25,930) | $ 322 | $ 53,095 | $ 630 | |
Shares, Beginning Balance at Dec. 31, 2020 | 1,507 | |||||||||
Net income (loss) | 2,285 | 2,280 | 2,280 | 5 | ||||||
Other comprehensive income (loss) | (2,417) | (2,417) | (2,417) | |||||||
Preferred stock dividends | [1] | (90) | (90) | (90) | ||||||
Common stock dividends | (633) | (633) | (633) | |||||||
Issuance of preferred stock | 730 | 730 | 730 | |||||||
Call and redemption of preferred stock | (750) | (745) | (5) | (750) | ||||||
Issuance of common and treasury stock | 18 | (119) | 137 | 18 | ||||||
Issuance of common and treasury stock, shares | 3 | |||||||||
Purchase of treasury stock | (650) | (650) | (650) | |||||||
Purchase of treasury stock, shares | (13) | |||||||||
Distributions to noncontrolling interests | (5) | (5) | ||||||||
Stock option and restricted stock grants | 95 | 95 | 95 | |||||||
Shares, Ending Balance at Mar. 31, 2021 | 1,497 | |||||||||
Ending Balance at Mar. 31, 2021 | 52,308 | $ 21 | 5,968 | 8,487 | 65,740 | (26,443) | (2,095) | 51,678 | 630 | |
Beginning Balance at Dec. 31, 2021 | 55,387 | $ 21 | 6,371 | 8,539 | 69,201 | (27,271) | (1,943) | 54,918 | 469 | |
Shares, Beginning Balance at Dec. 31, 2021 | 1,484 | |||||||||
Net income (loss) | 1,558 | 1,557 | 1,557 | 1 | ||||||
Other comprehensive income (loss) | (4,995) | (4,995) | (4,995) | |||||||
Preferred stock dividends | [2] | (84) | (84) | (84) | ||||||
Common stock dividends | (687) | (687) | (687) | |||||||
Issuance of preferred stock | 437 | 437 | 437 | |||||||
Issuance of common and treasury stock | 16 | (116) | 132 | 16 | ||||||
Issuance of common and treasury stock, shares | 3 | |||||||||
Purchase of treasury stock | (54) | (54) | (54) | |||||||
Purchase of treasury stock, shares | (1) | |||||||||
Distributions to noncontrolling interests | (2) | (2) | ||||||||
Stock option and restricted stock grants | 92 | 92 | 92 | |||||||
Shares, Ending Balance at Mar. 31, 2022 | 1,486 | |||||||||
Ending Balance at Mar. 31, 2022 | $ 51,668 | $ 21 | $ 6,808 | $ 8,515 | $ 69,987 | $ (27,193) | $ (6,938) | $ 51,200 | $ 468 | |
[1] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series I, Series J, Series K, Series L and Series M Non-Cumulative Perpetual Preferred Stock of $875.00, $218.75, $406.25, $232.953, $662.50, $343.75, $234.375, and $202.778 respectively. | |||||||||
[2] | Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $875.00, $218.75, $662.50, $343.75, $234.375, $250.00, $231.25 and $206.25 respectively. |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Common stock dividends, share | $ 0.46 | $ 0.42 |
Series A [Member] | ||
Preferred stock dividends declared per share | 875 | 875 |
Series B [Member] | ||
Preferred stock dividends declared per share | 218.75 | 218.75 |
Series F [Member] | ||
Preferred stock dividends declared per share | 406.25 | |
Series I [Member] | ||
Preferred stock dividends declared per share | 232.953 | |
Series J [Member] | ||
Preferred stock dividends declared per share | 662.50 | 662.50 |
Series K [Member] | ||
Preferred stock dividends declared per share | 343.75 | 343.75 |
Series L [Member] | ||
Preferred stock dividends declared per share | 234.375 | 234.375 |
Series M [Member] | ||
Preferred stock dividends declared per share | 250 | $ 202.778 |
Series N [Member] | ||
Preferred stock dividends declared per share | 231.25 | |
Series O [Member] | ||
Preferred stock dividends declared per share | $ 206.25 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net income attributable to U.S. Bancorp | $ 1,557 | $ 2,280 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | 112 | (827) |
Depreciation and amortization of premises and equipment | 85 | 84 |
Amortization of intangibles | 47 | 38 |
(Gain) loss on sale of loans held for sale | 62 | (213) |
(Gain) loss on sale of securities and other assets | (42) | (66) |
Loans originated for sale, net of repayments | (9,827) | (20,928) |
Proceeds from sales of loans held for sale | 13,874 | 20,397 |
Other, net | 2,609 | 172 |
Net cash provided by operating activities | 8,477 | 937 |
Investing Activities | ||
Proceeds from sales of available-for-sale investment securities | 12,527 | 1,062 |
Proceeds from maturities of held-to-maturity investment securities | 1,173 | |
Proceeds from maturities of available-for-sale investment securities | 5,498 | 12,550 |
Purchases of held-to-maturity investment securities | (2,932) | |
Purchases of available-for-sale investment securities | (15,989) | (36,182) |
Net (increase) decrease in loans outstanding | (7,278) | 3,562 |
Proceeds from sales of loans | 1,309 | 1,062 |
Purchases of loans | (1,073) | (1,600) |
Net increase in securities purchased under agreements to resell | (147) | (26) |
Other, net | (452) | 106 |
Net cash used in investing activities | (7,364) | (19,466) |
Financing Activities | ||
Net increase in deposits | 5,463 | 3,991 |
Net increase in short-term borrowings | 9,246 | 332 |
Proceeds from issuance of long-term debt | 2,153 | 69 |
Principal payments or redemption of long-term debt | (1,118) | (3,830) |
Proceeds from issuance of preferred stock | 437 | 730 |
Proceeds from issuance of common stock | 15 | 17 |
Repurchase of preferred stock | (1,100) | (500) |
Repurchase of common stock | (54) | (646) |
Cash dividends paid on preferred stock | (70) | (76) |
Cash dividends paid on common stock | (687) | (637) |
Net cash provided by (used in) financing activities | 14,285 | (550) |
Change in cash and due from banks | 15,398 | (19,079) |
Cash and due from banks at beginning of period | 28,905 | 62,580 |
Cash and due from banks at end of period | $ 44,303 | $ 43,501 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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 Form 10-K |
Accounting Changes
Accounting Changes | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | Note 2 Accounting Changes Reference Interest Rate Transition Fair Value Hedging – Portfolio Layer Method In March 2022, the FASB issued accounting guidance, effective for the Company no later than January 1, 2023, related to fair value hedge accounting of portfolios of financial assets. This guidance expands the current last-of-layer non-prepayable Financial Instruments – Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued accounting guidance, effective for the Company no later than January 1, 2023, related to the recognition and measurement of troubled debt restructurings (“TDRs”) by creditors. This guidance removes the separate recognition and measurement requirements for TDRs by replacing them with a requirement for a company to apply existing accounting guidance to determine whether a modification results in a new loan or a continuation of an existing loan. This guidance also replaces existing TDR disclosures with similar but more expansive disclosures for certain modifications of receivables made to borrowers experiencing financial difficulty. Further, this guidance also requires companies to disclose current-period gross write-offs by year of origination for financing receivables. The guidance can be adopted on a prospective or modified retrospective basis. The Company expects the adoption of this guidance will not be material to its financial statements. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combinations | Note 3 Business Combinations In September 2021, the Company announced that it entered into a definitive agreement to acquire MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group (“MUFG”), for an expected purchase price of approximately $8.0 billion, including $5.5 billion in cash and approximately 44 million shares of the Company’s common stock. The transaction excludes the purchase of MUFG Union Bank’s Global Corporate & Investment Bank, certain middle and back office functions, and other assets. MUFG Union Bank currently has approximately 300 branches in California, Washington and Oregon and is expected to add approximately $105 billion in total assets, $58 billion of loans and $90 billion of deposits to the Company’s consolidated balance sheet. Closing of the transaction is subject to customary closing conditions, including regulatory approvals which are not within the Company’s control. The Company expects to close the transaction approximately 45 days after being granted U.S. regulatory approvals. At this time, it is uncertain whether such approvals will be received in time to allow for closing to occur in the first half of 2022; however, the parties continue to make significant progress in planning for closing and integration while awaiting regulatory approvals. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 4 Investment Securities The Company’s held-to-maturity available-for-sale The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity available-for-sale March 31, 2022 December 31, 2021 (Dollars in Millions) Amortized Unrealized Unrealized Fair Value Amortized Unrealized Unrealized Fair Value Held-to-maturity Residential agency mortgage-backed securities $ 43,654 $ – $ (3,082 ) $ 40,572 $ 41,858 $ 2 $ (48 ) $ 41,812 Total held-to-maturity $ 43,654 $ – $ (3,082 ) $ 40,572 $ 41,858 $ 2 $ (48 ) $ 41,812 Available-for-sale U.S. Treasury and agencies $ 27,653 $ 28 $ (1,331 ) $ 26,350 $ 36,648 $ 205 $ (244 ) $ 36,609 Mortgage-backed securities Residential agency 82,508 70 (3,586 ) 78,992 76,761 665 (347 ) 77,079 Commercial agency 8,769 – (806 ) 7,963 8,633 53 (201 ) 8,485 Asset-backed securities 4 3 – 7 62 4 – 66 Obligations of state and political subdivisions 10,701 148 (575 ) 10,274 10,130 607 (20 ) 10,717 Other 7 – – 7 7 – – 7 Total available-for-sale $ 129,642 $ 249 $ (6,298 ) $ 123,593 $ 132,241 $ 1,534 $ (812 ) $ 132,963 Investment securities with a fair value of $ billion at March 31, 2022, and $ billion at December 31, 2021, 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 $ million at March 31, 2022, and $ million at December 31, 2021. The following table provides information about the amount of interest income from taxable and non-taxable Three Months Ended (Dollars in Millions) 2022 2021 Taxable $ 646 $ 455 Non-taxable 71 62 Total interest income from investment securities $ 717 $ 517 The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale Three Months Ended (Dollars in Millions) 2022 2021 Realized gains $ 242 $ 25 Realized losses (224 ) – Net realized gains $ 18 $ 25 Income tax on net realized gains $ 4 $ 6 The Company conducts a regular assessment of its available-for-sale investment securities with unrealized losses to determine whether all or some portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. If the Company intends to sell or it is more likely than not the Company will be required to sell an investment security, the amortized cost of the security is written down to fair value. When evaluating credit losses, the Company considers various factors such as the nature of the investment security, the credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows of underlying collateral, the existence of any government or agency guarantees, and market conditions. The Company measures the allowance for credit losses using market information where available and discounting the cash flows at the original effective rate of the investment security. The allowance for credit losses is adjusted each period through earnings and can be subsequently recovered. The allowance for credit losses on the Company’s available-for-sale investment securities was immaterial at March 31, 2022 and December 31, 2021. At March 31, 2022, 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 available-for-sale Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury and agencies $ 18,851 $ (982 ) $ 3,784 $ (349 ) $ 22,635 $ (1,331 ) Residential agency mortgage-backed securities 66,323 (3,181 ) 5,090 (405 ) 71,413 (3,586 ) Commercial agency mortgage-backed securities 5,105 (414 ) 2,856 (392 ) 7,961 (806 ) Asset-backed securities – – 2 – 2 – Obligations of state and political subdivisions 4,378 (514 ) 222 (61 ) 4,600 (575 ) Other 4 – – – 4 – Total investment securities $ 94,661 $ (5,091 ) $ 11,954 $ (1,207 ) $ 106,615 $ (6,298 ) These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase of these available-for-sale During the three months ended March 31, 2022 and 2021, the Company did not purchase any investment securities that had more-than-insignificant credit deterioration. All of the Company’s held-to-maturity credit losses. Accordingly the Company does not expect to incur any credit losses on held-to-maturity The following table provides information about the amortized cost, fair value and yield by maturity date of the investment securities outstanding at March 31, 2022: (Dollars in Millions) Amortized Fair Value Weighted- Weighted- Held-to-maturity Mortgage-Backed Securities (a) Maturing in one year or less $ – $ – – – % Maturing after one year through five years – – – – Maturing after five years through ten years 30,703 28,569 9.5 1.58 Maturing after ten years 12,951 12,003 10.3 1.78 Total $ 43,654 $ 40,572 9.7 1.64 % Total held-to-maturity $ 43,654 $ 40,572 9.7 1.64 % Available-for-sale U.S. Treasury and Agencies Maturing in one year or less $ 2,226 $ 2,236 .5 1.97 % Maturing after one year through five years 3,246 3,086 4.7 1.36 Maturing after five years through ten years 19,476 18,644 7.7 1.88 Maturing after ten years 2,705 2,384 12.0 1.99 Total $ 27,653 $ 26,350 7.2 1.83 % Mortgage-Backed Securities (a) Maturing in one year or less $ 64 $ 65 .7 2.19 % Maturing after one year through five years 15,629 15,395 3.3 1.89 Maturing after five years through ten years 69,960 66,155 8.0 1.76 Maturing after ten years 5,624 5,340 10.4 2.09 Total $ 91,277 $ 86,955 7.3 1.80 % Asset-Backed Securities (a) Maturing in one year or less $ – $ – .5 2.69 % Maturing after one year through five years 2 3 3.0 1.91 Maturing after five years through ten years 2 2 6.0 2.13 Maturing after ten years – 2 13.0 2.41 Total $ 4 $ 7 4.1 2.00 % Obligations of State and Political Subdivisions (b) (c) Maturing in one year or less $ 409 $ 412 .4 4.74 % Maturing after one year through five years 3,046 3,120 4.0 4.34 Maturing after five years through ten years 3,326 3,335 6.5 3.83 Maturing after ten years 3,920 3,407 17.1 2.82 Total $ 10,701 $ 10,274 9.5 3.64 % Other Maturing in one year or less $ 7 $ 7 .1 2.07 % Maturing after one year through five years – – – – Maturing after five years through ten years – – – – Maturing after ten years – – – – Total $ 7 $ 7 .1 2.07 % Total available-for-sale $ 129,642 $ 123,593 7.5 1.96 % (a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated 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, and yield to maturity if the security is 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 the contractual maturity date for securities with a fair value equal to or below par. (d) The weighted-average maturity of total held-to-maturity available-for-sale (e) Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on 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 held-to-maturity. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 5 Loans and Allowance for Credit Losses The composition of the loan portfolio, disaggregated by class and underlying specific portfolio type, was as follows: March 31, 2022 December 31, 2021 (Dollars in Millions) Amount Percent Amount Percent Commercial Commercial $ 112,479 35.3 % $ 106,912 34.3 % Lease financing 4,991 1.6 5,111 1.6 Total commercial 117,470 36.9 112,023 35.9 Commercial Real Estate Commercial mortgages 29,501 9.3 28,757 9.2 Construction and development 9,690 3.0 10,296 3.3 Total commercial real estate 39,191 12.3 39,053 12.5 Residential Mortgages Residential mortgages 69,680 21.8 67,546 21.6 Home equity loans, first liens 8,807 2.8 8,947 2.9 Total residential mortgages 78,487 24.6 76,493 24.5 Credit Card 22,163 6.9 22,500 7.2 Other Retail Retail leasing 6,941 2.2 7,256 2.3 Home equity and second mortgages 10,457 3.3 10,446 3.4 Revolving credit 2,652 .8 2,750 .9 Installment 16,732 5.2 16,514 5.3 Automobile 24,724 7.8 24,866 8.0 Student 117 -- 127 -- Total other retail 61,623 19.3 61,959 19.9 Total loans $ 318,934 100.0 % $ 312,028 100.0 % The Company had loans of $91.8 billion at March 31, 2022, and $92.1 billion at December 31, 2021, pledged at the Federal Home Loan Bank, and loans of $79.7 billion at March 31, 2022, and $76.9 billion at December 31, 2021, pledged at the Federal Reserve Bank. Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded. Net unearned interest and deferred fees and costs amounted to $394 million at March 31, 2022 and $475 million at December 31, 2021. All purchased loans are recorded at fair value at the date of purchase. The Company evaluates purchased loans for more-than-insignificant deterioration at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans that have experienced more-than-insignificant deterioration from origination are considered purchased credit deteriorated loans. All other purchased loans are considered non-purchased Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, inclusive of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for credit losses on a quarterly basis. Multiple economic scenarios are considered over a three-year reasonable and supportable forecast period, which includes increasing consideration of historical loss experience over years two and three. These economic scenarios are constructed with interrelated projections of multiple economic variables, and loss estimates are produced that consider the historical correlation of those economic variables with credit losses. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for prepayments and characteristics of the current loan and lease portfolio, to estimate losses over the remaining life of the portfolio. The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, from better to worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consideration of economic forecast uncertainty. Final loss estimates also consider factors affecting credit losses not reflected in the scenarios, due to the unique aspects of current conditions and expectations. These factors may include, but are not limited to, loan servicing practices, regulatory guidance, and/or fiscal and monetary policy actions. The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rates, real estate prices, gross domestic product levels and corporate bonds spreads, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and available valuation information, consideration of end-of-term charged-off The allowance recorded for Troubled Debt Restructuring (“TDR”) 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. The expected cash flows on TDR loans consider subsequent payment defaults since modification, the borrower’s ability to pay under the restructured terms, and the timing and amount of payments. 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. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. For smaller commercial loans collectively evaluated for impairment, historical loss experience is also incorporated into the allowance methodology applied to this category of loans. The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above, are adjusted by management to consider the potential impact of other qualitative factors not captured in the quantitative model adjustments which include, but are not limited to the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio. The Company also assesses the credit risk associated with off-balance off-balance The results of the analysis are evaluated quarterly to confirm the estimates are appropriate for each specific loan portfolio, as well as the entire loan portfolio, as the entire allowance for credit losses is available for the entire loan portfolio. Activity in the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Balance at December 31, 2021 $1,849 $1,123 $565 $1,673 $ 945 $6,155 Add Provision for credit losses 19 (54 ) 29 78 40 112 Deduct Loans charged-off 55 1 5 158 61 280 Less recoveries of loans charged-off (23 ) (6 ) (11 ) (46 ) (32 ) (118 ) Net loan charge-offs (recoveries) 32 (5 ) (6 ) 112 29 162 Balance at March 31, 2022 $1,836 $1,074 $600 $1,639 $956 $6,105 Balance at December 31, 2020 $2,423 $1,544 $573 $2,355 $1,115 $8,010 Add Provision for credit losses (435 ) (19 ) (39 ) (259 ) (75 ) (827 ) Deduct Loans charged-off 86 10 5 190 83 374 Less recoveries of loans charged-off (30 ) (17 ) (10 ) (46 ) (48 ) (151 ) Net loan charge-offs (recoveries) 56 (7 ) (5 ) 144 35 223 Balance at March 31, 2021 $1,932 $1,532 $539 $1,952 $1,005 $6,960 The decrease in the allowance for credit losses from December 31, 2021 to March 31, 2022 reflected continued strong credit quality, partially offset by loan growth and increasing economic uncertainty. 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 portfolio 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 charged down if unsecured by collateral 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 1-4 charge-off 1-4 charged-off. charged-off 1-4 charged-off charged-off charge-off. 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 charged-off) 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 (b) Total March 31, 2022 Commercial $ 116,986 $ 234 $ 76 $ 174 $117,470 Commercial real estate 38,888 86 1 216 39,191 Residential mortgages (a) 78,028 105 140 214 78,487 Credit card 21,804 194 165 — 22,163 Other retail 61,157 237 68 161 61,623 Total loans $ 316,863 $ 856 $450 $ 765 $318,934 December 31, 2021 Commercial $ 111,270 $530 $49 $ 174 $112,023 Commercial real estate 38,678 80 11 284 39,053 Residential mortgages (a) 75,962 124 181 226 76,493 Credit card 22,142 193 165 — 22,500 Other retail 61,468 275 66 150 61,959 Total loans $ 309,520 $1,202 $472 $ 834 $312,028 (a) At March 31, 2022, $662 million of loans 30–89 days past due and $1.3 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 United States Department of Veterans Affairs, were classified as current, compared with $791 million and $1.5 billion at December 31, 2021, respectively. (b) Substantially all nonperforming loans at March 31, 2022 and December 31, 2021, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $3 million for the three months ended March 31, 2022 and 2021. At March 31, 2022, the amount of foreclosed residential real estate held by the Company, and included in other real estate owned (“OREO”), was $23 million, compared with $22 million at December 31, 2021. These amounts excluded $27 million and $22 million at March 31, 2022 and December 31, 2021, respectively, of foreclosed residential real estate related to mortgage loans whose payments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. In addition, the amount of residential mortgage loans secured by residential real estate in the process of foreclosure at March 31, 2022 and December 31, 2021, was $1.1 billion and $696 million, respectively, of which $876 million and $555 million, 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 United States Department of Veterans Affairs. The Company classifies its loan portfolio classes 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 loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans 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: March 31, 2022 December 31, 2021 Criticized Criticized (Dollars in Millions) Pass Special Mention Classified (a) Total Criticized Total Pass Special Mention Classified (a) Total Criticized Total Commercial Originated in 2022 $ 13,554 $ 8 $ 45 $ 53 $ 13,607 $ – $ – $ – $ – $ – Originated in 2021 47,131 378 283 661 47,792 51,155 387 287 674 51,829 Originated in 2020 11,779 38 312 350 12,129 14,091 304 133 437 14,528 Originated in 2019 8,761 24 99 123 8,884 10,159 151 54 205 10,364 Originated in 2018 4,475 11 44 55 4,530 5,122 3 36 39 5,161 Originated prior to 2018 4,251 17 49 66 4,317 4,923 30 81 111 5,034 Revolving 25,756 261 194 455 26,211 24,722 268 117 385 25,107 Total commercial 115,707 737 1,026 1,763 117,470 110,172 1,143 708 1,851 112,023 Commercial real estate Originated in 2022 3,170 110 185 295 3,465 – – – – – Originated in 2021 12,419 17 705 722 13,141 13,364 6 990 996 14,360 Originated in 2020 6,907 78 241 319 7,226 7,459 198 263 461 7,920 Originated in 2019 5,750 310 556 866 6,616 6,368 251 610 861 7,229 Originated in 2018 2,847 42 213 255 3,102 2,996 29 229 258 3,254 Originated prior to 2018 3,898 19 152 171 4,069 4,473 55 224 279 4,752 Revolving 1,530 – 42 42 1,572 1,494 1 43 44 1,538 Total commercial real estate 36,521 576 2,094 2,670 39,191 36,154 540 2,359 2,899 39,053 Residential mortgages (b) Originated in 2022 6,431 – – – 6,431 – – – – – Originated in 2021 29,721 – 4 4 29,725 29,882 – 3 3 29,885 Originated in 2020 14,850 – 10 10 14,860 15,948 1 8 9 15,957 Originated in 2019 6,154 – 23 23 6,177 6,938 – 36 36 6,974 Originated in 2018 2,553 – 20 20 2,573 2,889 – 30 30 2,919 Originated prior to 2018 18,407 – 313 313 18,720 20,415 – 342 342 20,757 Revolving 1 – – – 1 1 – – – 1 Total residential mortgages 78,117 – 370 370 78,487 76,073 1 419 420 76,493 Credit card (c) 21,998 – 165 165 22,163 22,335 – 165 165 22,500 Other retail Originated in 2022 4,644 – – – 4,644 – – – – – Originated in 2021 20,495 – 7 7 20,502 22,455 – 6 6 22,461 Originated in 2020 10,972 – 9 9 10,981 12,071 – 9 9 12,080 Originated in 2019 6,327 – 14 14 6,341 7,223 – 17 17 7,240 Originated in 2018 2,675 – 12 12 2,687 3,285 – 14 14 3,299 Originated prior to 2018 3,174 – 20 20 3,194 3,699 – 24 24 3,723 Revolving 12,644 – 127 127 12,771 12,532 – 112 112 12,644 Revolving converted to term 460 – 43 43 503 472 – 40 40 512 Total other retail 61,391 – 232 232 61,623 61,737 – 222 222 61,959 Total loans $313,734 $1,313 $3,887 $ 5,200 $318,934 $306,471 $1,684 $3,873 $ 5,557 $312,028 Total outstanding commitments $678,366 $2,372 $5,684 $8,056 $686,422 $662,363 $3,372 $5,684 $ 9,056 $671,419 Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. (a) Classified rating on consumer loans primarily based on delinquency status. (b) At March 31, 2022, $1.3 billion of GNMA loans 90 days or more past due and $978 million of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $1.5 billion and $1.1 billion at December 31, 2021, respectively. (c) All credit card loans are considered revolving loans. 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. The following table provides a summary of loans modified as TDRs for the periods presented by portfolio class: 2022 2021 Three Months Ended March 31 (Dollars in Millions) Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification Commercial 509 $ 38 $ 32 704 $ 75 $ 60 Commercial real estate 9 11 10 56 86 71 Residential mortgages 840 228 226 336 104 104 Credit card 9,339 50 50 5,786 33 34 Other retail 728 37 37 1,325 37 32 Total loans, excluding loans purchased from GNMA mortgage pools 11,425 364 355 8,207 335 301 Loans purchased from GNMA mortgage pools 390 55 55 559 87 89 Total loans 11,815 $ 419 $410 8,766 $ 422 $ 390 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. At March 31, 2022, 6 residential mortgages, 1 home equity and second mortgage loan and 99 loans purchased from GNMA mortgage pools with outstanding balances of less than $1 million, less than $1 million and $14 million, respectively, were in a trial period and have estimated post-modification balances of less than $1 million, less than $1 million and $15 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 For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments by providing loan concessions. These 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. The following table provides a summary of TDR loans that defaulted (fully or partially charged-off Three Months Ended March 31 (Dollars in Millions) 2022 2021 Number Amount Number Amount Commercial 214 $ 3 285 $ 16 Commercial real estate 3 1 7 5 Residential mortgages 34 3 15 2 Credit card 1,634 9 1,764 9 Other retail 83 1 280 5 Total loans, excluding loans purchased from GNMA mortgage pools 1,968 17 2,351 37 Loans purchased from GNMA mortgage pools 49 8 30 4 Total loans 2,017 $25 2,381 $ 41 In addition to the defaults in the table above, the Company had a total of 16 residential mortgage loans, home equity and second mortgage loans and loans purchased from GNMA mortgage pools for the three months ended March 31, 2022, where borrowers did not successfully complete the trial period arrangement and, therefore, are no longer eligible for a permanent modification under the applicable modification program. These loans had aggregate outstanding balances of $2 million for the three months ended March 31, 2022. As of March 31, 2022, the Company had $105 million of commitments to lend additional funds to borrowers whose terms of their outstanding owed balances have been modified in TDRs. |
Accounting for Transfers and Se
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | Note 6 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 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 7. 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. The Company also provides financial support primarily through the use of waivers of trust and investment management fees associated with various unconsolidated registered money market funds it manages. The Company provided $58 million and $47 million of support to the funds during the three months ended March 31, 2022 and 2021, 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 $113 million and $133 million for the three months ended March 31, 2022 and 2021, respectively. The Company also recognized $13 million and $37 million of investment tax credits for the three months ended March 31, 2022 and 2021, respectively. The Company recognized $102 million and $126 million of expenses related to all of these investments for the three months ended March 31, 2022 and 2021, respectively, of which $91 million and $92 million, respectively, were included in tax expense and the remaining amounts were 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) March 31, December 31, Investment carrying amount $ 5,106 $ 4,484 Unfunded capital and other commitments 2,331 1,890 Maximum exposure to loss 9,764 9,899 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 $41 million at March 31, 2022 and $40 million at December 31, 2021. The maximum exposure to loss related to these VIEs was $84 million at March 31, 2022 and December 31, 2021, 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 $74 million at March 31, 2022, compared with less than $1 million to $75 million at December 31, 2021. 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 March 31, 2022, approximately $4.9 billion of the Company’s assets and $3.3 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 $5.0 billion and $3.4 billion, respectively, at December 31, 2021. 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. 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 liquidity and remarketing arrangements to the program. As a result, the Company has consolidated the program’s entities. At March 31, 2022, $1.6 billion of available-for-sale investment securities and $1.2 billion of short-term borrowings on the Consolidated Balance Sheet were related to the tender option bond program, compared with $1.7 billion of available-for-sale investment securities and $1.2 billion of short-term borrowings at December 31, 2021. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Mortgage Servicing Rights | Note 7 Mortgage Servicing Rights The Company capitalizes MSRs as separate assets when loans are sold and servicing is retained. MSRs may also be purchased from others. The Company carries MSRs at fair value, with changes in the fair value recorded in earnings during the period in which they occur. The Company serviced $227.2 billion of residential mortgage loans for others at March 31, 2022, and $222.4 billion at December 31, 2021, including subserviced mortgages with no corresponding MSR asset. Included in mortgage banking revenue are the MSR fair value changes arising from market rate and model assumption changes, net of the value change in derivatives used to economically hedge MSRs. These changes resulted in a net loss of $29 million and $120 million for the three months ended March 31, 2022 and 2021, respectively. Loan servicing and ancillary fees, not including valuation changes, included in mortgage banking revenue were $185 million and $175 million for the three months ended March 31, 2022 and 2021, respectively. Changes in fair value of capitalized MSRs are summarized as follows: Three Months Ended March 31 (Dollars in Millions) 2022 2021 Balance at beginning of period $ 2,953 $ 2,210 Rights purchased 3 16 Rights capitalized 237 319 Rights sold (a) 1 — Changes in fair value of MSRs Due to fluctuations in market interest rates (b) 368 486 Due to revised assumptions or models (c) (27 ) (102 ) Other changes in fair value (d) (103 ) (142 ) Balance at end of period $ 3,432 $ 2,787 (a) MSRs sold include those having a negative fair value, resulting from the loans being severely delinquent. (b) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (c) Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes. (d) Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies. The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows: March 31, 2022 December 31, 2021 (Dollars in Millions) Down Down Down Up Up 50 bps Up Down Down Down Up Up Up MSR portfolio $ (485 ) $ (227 ) $ (109 ) $ 99 $ 189 $ 338 $ (636 ) $ (324 ) $ (160 ) $ 150 $ 287 $ 511 Derivative instrument hedges 485 224 106 (94 ) (180 ) (333 ) 614 309 152 (142 ) (278 ) (536 ) Net sensitivity $ — $ (3 ) $ (3 ) $ 5 $ 9 $ 5 $ (22 ) $ (15 ) $ (8 ) $ 8 $ 9 $ (25 ) 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 servicing portfolio is comprised of loans originated under state and local housing authority program guidelines which assist purchases by first-time or low- A summary of the Company’s MSRs and related characteristics by portfolio was as follows: March 31, 2022 December 31, 2021 (Dollars in Millions) HFA Government Conventional (d) Total HFA Government Conventional (d) Total Servicing portfolio (a) $ 41,430 $ 21,619 $ 160,611 $ 223,660 $ 40,652 $ 21,919 $ 156,382 $ 218,953 Fair value $ 628 $ 365 $ 2,439 $ 3,432 $ 527 $ 308 $ 2,118 $ 2,953 Value (bps) (b) 152 169 152 153 130 141 135 135 Weighted-average servicing fees (bps) 36 41 30 32 36 41 30 32 Multiple (value/servicing fees) 4.23 4.12 5.02 4.75 3.63 3.43 4.50 4.18 Weighted-average note rate 4.02 % 3.66 % 3.38 % 3.53 % 4.07 % 3.70 % 3.41 % 3.56 % Weighted-average age (in years) 3.8 6.0 3.3 3.7 3.8 5.9 3.3 3.7 Weighted-average expected prepayment (constant prepayment rate) 9.6 % 10.6 % 8.1 % 8.6 % 11.5 % 13.2 % 9.6 % 10.3 % Weighted-average expected life (in years) 7.5 6.5 7.5 7.4 6.5 5.6 6.9 6.7 Weighted-average option adjusted spread (c) 6.8 % 6.7 % 6.0 % 6.2 % 7.3 % 7.3 % 6.3 % 6.6 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Calculated as fair value divided by the servicing portfolio. (c) Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs. (d) Represents loans sold primarily to GSEs. |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Preferred Stock | Note 8 Preferred Stock At March 31, 2022 and December 31, 2021, 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: March 31, 2022 December 31, 2021 At December 31 (Dollars in Millions) Shares Issued and Outstanding Liquidation Preference Discount Carrying Amount Shares Issued and Outstanding Liquidation Preference Discount Carrying Amount 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 J 40,000 1,000 7 993 40,000 1,000 7 993 Series K 23,000 575 10 565 23,000 575 10 565 Series L 20,000 500 14 486 20,000 500 14 486 Series M 30,000 750 21 729 30,000 750 21 729 Series N 60,000 1,500 8 1,492 60,000 1,500 8 1,492 Series O 18,000 450 13 437 — — — — Total preferred stock (a) 243,510 $ 7,026 $ 218 $ 6,808 225,510 $ 6,576 $ 205 $ 6,371 (a) The par value of all shares issued and outstanding at March 31, 2022 and December 31, 2021, was $1.00 per share. During the first three months of 2022, the Company issued depositary shares representing an ownership interest in 18,000 shares of Series O Non-Cumulative |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 9 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 for the three months ended March 31, is as follows: (Dollars in Millions) Unrealized Gains (Losses) on Investment Securities Available-For- Sale Unrealized Gains (Losses) on Investment From Available- For-Sale Held-To-Maturity Unrealized Gains (Losses) on Derivative Hedges Unrealized Gains (Losses) on Retirement Plans Foreign Currency Translation Total 2022 Balance at beginning of period $ 540 $ (935 ) $ (85 ) $ (1,426 ) $ (37 ) $ (1,943 ) Changes in unrealized gains (losses) (6,754 ) — — — — (6,754 ) Foreign currency translation adjustment (a) — — — — — — Reclassification to earnings of realized (gains) losses (18 ) 42 11 32 — 67 Applicable income taxes 1,714 (11 ) (3 ) (8 ) — 1,692 Balance at end of period $ (4,518 ) $ (904 ) $ (77 ) $ (1,402 ) $ (37 ) $ (6,938 ) 2021 Balance at beginning of period $ 2,417 $ — $ (189 ) $ (1,842 ) $ (64 ) $ 322 Changes in unrealized gains (losses) (3,378 ) — 99 — — (3,279 ) Foreign currency translation adjustment (a) — — — — 25 25 Reclassification to earnings of realized (gains) losses (25 ) — 4 39 — 18 Applicable income taxes 861 — (26 ) (10 ) (6 ) 819 Balance at end of period $ (125 ) $ — $ (112 ) $ (1,813 ) $ (45 ) $ (2,095 ) (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 for the three months ended March 31, is as follows: Impact to Net Income Affected Line Item in the (Dollars in Millions) 2022 2021 Unrealized gains (losses) on investment securities available-for-sale Realized gains (losses) on sale of investment securities $ 18 $ 25 Securities gains (losses), net (5 ) (6 ) Applicable income taxes 13 19 Net-of-tax Unrealized gains (losses) on investment securities transferred from available-for-sale held-to-maturity Amortization of unrealized gains (42 ) — Interest income 11 — Applicable income taxes (31 ) — Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (11 ) (4 ) Interest expense 3 1 Applicable income taxes (8 ) (3 ) Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (32 ) (39 ) Other noninterest expense 8 10 Applicable income taxes (24 ) (29 ) Net-of-tax Total impact to net income $ (50 ) $ (13 ) |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10 Earnings Per Share The components of earnings per share were: Three Months Ended (Dollars and Shares in Millions, Except Per Share Data) 2022 2021 Net income attributable to U.S. Bancorp $ 1,557 $ 2,280 Preferred dividends (84 ) (90 ) Impact of preferred stock call (a) — (5 ) Earnings allocated to participating stock awards (7 ) (10 ) Net income applicable to U.S. Bancorp common shareholders $ 1,466 $ 2,175 Average common shares outstanding 1,485 1,502 Net effect of the exercise and assumed purchase of stock awards 1 1 Average diluted common shares outstanding 1,486 1,503 Earnings per common share $ .99 $ 1.45 Diluted earnings per common share $ .99 $ 1.45 (a) Represents stock issuance costs originally recorded in preferred stock upon issuance of the Company’s Series I Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. Options outstanding at March 31, 2021 to purchase 1 million common shares, were not included in the computation of diluted earnings per share for the three months ended March 31, 2021 because they were antidilutive. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Note 11 Employee Benefits The components of net periodic benefit cost for the Company’s retirement plans were: Three Months Ended March 31 Pension Plans Postretirement (Dollars in Millions) 2022 2021 2022 2021 Service cost $ 69 $ 66 $ — $ — Interest cost 61 55 — — Expected return on plan assets (119 ) (112 ) — — Prior service cost (credit) amortization (1 ) — — (1 ) Actuarial loss (gain) amortization 35 42 (2 ) (2 ) Net periodic benefit cost (a) $ 45 $ 51 $ (2 ) $ (3 ) (a) Service cost is included in employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 Income Taxes The components of income tax expense were: Three Months Ended (Dollars in Millions) 2022 2021 Federal Current $ 404 $ 353 Deferred (102 ) 130 Federal income tax 302 483 State Current 89 94 Deferred 6 30 State income tax 95 124 Total income tax provision $ 397 $ 607 A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows: Three Months Ended (Dollars in Millions) 2022 2021 Tax at statutory rate $ 411 $ 607 State income tax, at statutory rates, net of federal tax benefit 84 114 Tax effect of Tax credits and benefits, net of related expenses (106 ) (93 ) Tax-exempt (28 ) (28 ) Other items 36 7 Applicable income taxes $ 397 $ 607 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 March 31, 2022, federal tax examinations for all years ending through December 31, 2014 are completed and resolved. The Company’s tax returns for the years ended December 31, 2015, 2016, 2017 and 2018 are under examination by the Internal Revenue Service. The years open to examination by foreign, state and local government authorities vary by jurisdiction. The Company’s net deferred tax asset was $2.6 billion at March 31, 2022 and $785 million at December 31, 2021. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 13 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 These derivatives are interest rate swaps the Company uses to hedge the change in fair value related to interest rate changes of its underlying available-for-sale Cash Flow Hedges These derivatives are interest rate swaps the Company uses to hedge the forecasted cash flows from its underlying variable-rate debt. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) until the cash flows of the hedged items are realized. If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss). At March 31, 2022, the Company had $77 million (net-of-tax) of realized and unrealized losses on discontinued cash flow hedges recorded in other comprehensive income (loss), compared with (net-of-tax) (net-of-tax). derivatives held as cash flow hedges at March 31, 2022 and December 31, 2021. Net Investment Hedges The Company uses forward commitments to sell specified amounts of certain foreign currencies, and non-derivative non-derivative Other Derivative Positions The Company enters into free-standing derivatives to mitigate interest rate risk and for other risk management purposes. These derivatives include forward commitments to sell to-be-announced non-derivative The following table summarizes the asset and liability management derivative positions of the Company: March 31, 2022 December 31, 2021 Notional Value Fair Value Notional Value Fair Value (Dollars in Millions) Assets Liabilities Assets Liabilities Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 2,250 $ — $ — $ 12,350 $ — $ — Pay fixed/receive floating swaps 8,600 — — 16,650 — — Net investment hedges Foreign exchange forward contracts 807 — 7 793 — 4 Other economic hedges Interest rate contracts Futures and forwards Buy 16,432 54 179 9,322 10 16 Sell 12,509 193 60 29,348 25 27 Options Purchased 9,310 281 — 18,570 256 — Written 10,783 15 165 9,662 52 231 Receive fixed/pay floating swaps 10,829 — — 9,653 — — Pay fixed/receive floating swaps 13,666 — — 7,033 — — Foreign exchange forward contracts 647 1 5 735 2 6 Equity contracts 212 4 1 209 5 — Other (a) 2,753 5 100 1,792 — 125 Total $ 88,798 $ 553 $ 517 $ 116,117 $ 350 $ 409 (a) Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value and fair value of $1.8 billion and $95 million at March 31, 2022, respectively, compared to $1.8 billion and $125 million at December 31, 2021, respectively. In addition, includes short-term underwriting purchase and sale commitments with total notional values of $973 million at March 31, 2022, and $8 million at December 31, 2021. The following table summarizes the customer-related derivative positions of the Company: March 31, 2022 December 31, 2021 Notional Value Fair Value Notional Value Fair Value (Dollars in Millions) Assets Liabilities Assets Liabilities Interest rate contracts Receive fixed/pay floating swaps $ 189,323 $ 752 $ 2,028 $ 178,701 $ 2,007 $ 438 Pay fixed/receive floating swaps 181,909 831 341 174,176 134 670 Other (a) 17,471 1 3 16,267 1 2 Options Purchased 87,564 667 2 89,679 194 36 Written 84,177 2 649 85,211 36 176 Futures Buy 291 — — 3,607 — — Sell 5,185 — — 3,941 — — Foreign exchange rate contracts Forwards, spots and swaps 102,688 1,468 1,473 89,321 1,145 1,143 Options Purchased 910 25 — 805 19 — Written 910 — 25 805 — 19 Credit contracts 9,537 1 10 9,331 1 5 Total $ 679,965 $ 3,747 $ 4,531 $ 651,844 $ 3,537 $ 2,489 (a) Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes. 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) Gains (Losses) (Loss) Gains (Losses) from Other into Earnings (Dollars in Millions) 2022 2021 2022 2021 Asset and Liability Management Positions Cash flow hedges Interest rate contracts $ — $ 74 $ (8 ) $ (3 ) Net investment hedges Foreign exchange forward contracts (1 ) 7 — — Non-derivative 20 48 — — Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges. The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income for the three months ended March 31: Interest Income Interest Expense (Dollars in Millions) 2022 2021 2022 2021 Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded $ 3,418 $ 3,341 $ 245 $ 278 Asset and Liability Management Positions Fair value hedges Interest rate contract derivatives 517 (1 ) 72 55 Hedged items (518 ) 1 (71 ) (55 ) Cash flow hedges Interest rate contract derivatives — — 11 4 Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $11 million and $15 million into earnings during the three months ended March 31, 2022 and 2021, respectively, as a result of realized cash flows on discontinued cash flow hedges. No amounts were reclassified into earnings on discontinued cash flow hedges because it is probable the original hedged forecasted cash flows will not occur. The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities designated in fair value hedges: Carrying Amount of the Hedged Assets and Cumulative Hedging Adjustment (a) At December 31 (Dollars in Millions) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Line Item in the Consolidated Balance Sheet Available-for-sale $ 7,962 $ 16,445 $ (579 ) $ (26 ) Long-term debt 2,148 12,278 382 585 (a) The cumulative hedging adjustment related to discontinued hedging relationships on available-for-sale (40 The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions for the three months ended March 31: (Dollars in Millions) Location of Gains (Losses) Recognized in Earnings 2022 2021 Asset and Liability Management Positions Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue $ 223 $ 430 Purchased and written options Mortgage banking revenue (47 ) 12 Swaps Mortgage banking revenue (204 ) (390 ) Foreign exchange forward contracts Other noninterest income (3 ) (3 ) Equity contracts Compensation expense (2 ) 4 Other Other noninterest income (1 ) — Customer-Related Position s Interest rate contracts Swaps Commercial products revenue 17 27 Purchased and written options Commercial products revenue 4 (7 ) Futures Commercial products revenue 16 — Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 15 19 Credit contracts Commercial products revenue 5 2 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 derivative positions that are centrally cleared through clearinghouses, 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 generally 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 net liability thresholds and may be 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 March 31, 2022, was $1.2 billion. At March 31, 2022, the Company had $841 million of cash posted as collateral against this net liability position. |
Netting Arrangements for Certai
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | 3 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | Note 14 Netting Arrangements for Certain Financial Instruments and Securities Financing Activities The Company’s derivative portfolio consists of bilateral over-the-counter trades, certain interest rate derivatives and credit contracts required to be centrally cleared through clearinghouses per current regulations, and exchange-traded positions which may include U.S. Treasury and Eurodollar futures or options on U.S. Treasury futures. Of the Company’s $768.8 billion total notional amount of derivative positions at March 31, 2022, $413.4 billion related to bilateral over-the-counter trades, $349.3 billion related to those centrally cleared through clearinghouses and $6.1 billion related to those that were exchange-traded. The Company’s derivative contracts typically 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 13 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, residential agency mortgage-backed securities or corporate debt securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer subsidiary. 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 following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions: (Dollars in Millions) Overnight and Continuous Less Than 30 Days 30-89 Days Greater Than 90 Days Total March 31, 2022 Repurchase agreements U.S. Treasury and agencies $ 499 $ – $ – $ – $ 499 Residential agency mortgage-backed securities 843 – – – 843 Corporate debt securities 537 – – – 537 Total repurchase agreements 1,879 – – – 1,879 Securities loaned Corporate debt securities 70 – – – 70 Total securities loaned 70 – – – 70 Gross amount of recognized liabilities $ 1,949 $ – $ – $ – $ 1,949 December 31, 2021 Repurchase agreements U.S. Treasury and agencies $ 378 $ – $ – $ – $ 378 Residential agency mortgage-backed securities 551 – – – 551 Corporate debt securities 646 – – – 646 Total repurchase agreements 1,575 – – – 1,575 Securities loaned Corporate debt securities 169 – – – 169 Total securities loaned 169 – – – 169 Gross amount of recognized liabilities $ 1,744 $ – $ – $ – $ 1,744 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. 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: (Dollars in Millions) Gross Recognized Assets Gross Amounts Offset on the Consolidated Balance Sheet (a) Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Net Amount Financial Instruments (b) Collateral Received (c) March 31, 2022 Derivative assets (d) $ 4,279 $ (2,313 ) $ 1,966 $ (168 ) $ (24 ) $ 1,774 Reverse repurchase agreements 506 – 506 (405 ) (101 ) – Securities borrowed 1,452 – 1,452 – (1,412 ) 40 Total $ 6,237 $ (2,313 ) $ 3,924 $ (573 ) $ (1,537 ) $ 1,814 December 31, 2021 Derivative assets (d) $ 3,830 $ (1,609 ) $ 2,221 $ (142 ) $ (106 ) $ 1,973 Reverse repurchase agreements 359 – 359 (249 ) (110 ) – Securities borrowed 1,868 – 1,868 – (1,818 ) 50 Total $ 6,057 $ (1,609 ) $ 4,448 $ (391 ) $ (2,034 ) $ 2,023 (a) Includes $1.1 billion and $528 million of cash collateral related payables that were netted against derivative assets at March 31, 2022 and December 31, 2021, 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 $21 million and $57 million at March 31, 2022 and December 31, 2021, respectively, of derivative assets not subject to netting arrangements. (Dollars in Millions) Gross Recognized Assets Gross Amounts Offset on the Consolidated Balance Sheet (a) Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Net Amount Financial Instruments (b) Collateral Received (c) March 31, 2022 Derivative liabilities (d) $ 4,908 $ (2,084 ) $ 2,824 $ (168 ) $ – $ 2,656 Repurchase agreements 1,879 – 1,879 (405 ) (1,474 ) – Securities loaned 70 – 70 – (69 ) 1 Total $ 6,857 $ (2,084 ) $ 4,773 $ (573 ) $ (1,543 ) $ 2,657 December 31, 2021 Derivative liabilities (d) $ 2,761 $ (1,589 ) $ 1,172 $ (142 ) $ – $ 1,030 Repurchase agreements 1,575 – 1,575 (249 ) (1,326 ) – Securities loaned 169 – 169 – (167 ) 2 Total $ 4,505 $ (1,589 ) $ 2,916 $ (391 ) $ (1,493 ) $ 1,032 (a) Includes $841 million and $508 million of cash collateral related receivables that were netted against derivative liabilities at March 31, 2022 and December 31, 2021, 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 $140 million and $137 million at March 31, 2022 and December 31, 2021, respectively, of derivative liabilities not subject to netting arrangements. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | Note 15 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 lower-of-cost-or-fair 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. • 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 and certain derivative contracts. Valuation Methodologies The valuation methodologies used by the Company to measure financial assets and liabilities at fair value are described below. 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 descriptions include information about the valuation models and key inputs to those models. During the three months ended March 31, 2022 and 2021, there were no significant changes to the valuation techniques used by the Company to measure fair value. Available-For-Sale When quoted market prices for identical securities are available in an active market, these prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities include U.S. Treasury and exchange-traded 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. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, obligations of state and political subdivisions and agency debt securities. Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue were net losses of million and Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology, and are classified within Level 3. The Company determines fair value of the MSRs by projecting future cash flows for different interest rate scenarios using prepayment rates and other assumptions, and discounts these cash flows using a risk adjusted rate based on option adjusted spread levels. There is minimal observable market activity for MSRs on comparable portfolios and, therefore, the determination of fair value requires significant management judgment. Refer to Note 7 for further information on MSR valuation assumptions. Derivatives The majority of derivatives held by the Company are executed over-the-counter 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 and preferred 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. The Visa swaps require payments by either the Company or the purchaser of the Visa Inc. Class B common and preferred shares when there are changes in the conversion rate of the Visa Inc. Class B common and preferred shares to Visa Inc. Class A common and preferred shares, respectively, 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 Inc. related litigation contingencies, and the associated escrow funding. 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 16 for further information on the Visa Inc. restructuring and related card association litigation. Significant Unobservable Inputs of Level 3 Assets and Liabilities The following section provides information to facilitate an understanding of the uncertainty in the fair value measurements for the Company’s Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. This section includes a description of the significant inputs used by the Company and a description of any interrelationships between these inputs. 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. Mortgage Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are expected prepayments and the option adjusted spread that is added to the risk-free rate to discount projected cash flows. Significant increases in either of these inputs in isolation would have resulted in a significantly lower fair value measurement. Significant decreases in either of these inputs in isolation would have resulted in a significantly higher fair value measurement. There is no direct interrelationship between prepayments and option adjusted spread. Prepayment rates generally move in the opposite direction of market interest rates. Option adjusted spread is generally impacted by changes in market return requirements. The following table shows the significant valuation assumption ranges for MSRs at March 31, 2022: Minimum Maximum Weighted- Expected prepayment 7 % 12 % 9 % Option adjusted spread 5 11 6 (a) Determined based on the relative fair value of the related mortgage loans serviced. 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 have resulted in a larger derivative asset or liability. A significant increase in the inherent MSR value would have resulted 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 March 31, 2022: Minimum Maximum Weighted- Expected loan close rate 6 % 100 % 82 % Inherent MSR value (basis points per loan) 38 207 110 (a) Determined based on the relative fair value of the related mortgage loans. 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 have resulted in a lower fair value measurement. A significant decrease in the credit valuation adjustment would have resulted in a higher fair value measurement. The credit valuation adjustment is impacted by changes in market rates, volatility, market implied credit spreads, and loss recovery rates, as well as the Company’s assessment of the counterparty’s credit position. At March 31, 2022, the minimum, maximum and weighted-average credit valuation adjustment as a percentage of the net fair value of the counterparty’s derivative contracts prior to adjustment was 0 percent, 798 percent and 2 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 occurring, 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 have resulted in an increase in the derivative liability. A decrease in the loss estimate or an acceleration of the resolution of the related litigation would have resulted 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 March 31, 2022 Available-for-sale U.S. Treasury and agencies $ 20,924 $ 5,426 $ – $ – $ 26,350 Mortgage-backed securities Residential agency – 78,992 – – 78,992 Commercial agency – 7,963 – – 7,963 Asset-backed securities – – 7 – 7 Obligations of state and political subdivisions – 10,273 1 – 10,274 Other – 7 – – 7 Total available-for-sale 20,924 102,661 8 – 123,593 Mortgage loans held for sale – 2,203 – – 2,203 Mortgage servicing rights – – 3,432 – 3,432 Derivative assets 5 3,385 910 (2,313 ) 1,987 Other assets 256 1,589 – – 1,845 Total $ 21,185 $ 109,838 $ 4,350 $ (2,313 ) $ 133,060 Derivative liabilities $ – $ 3,127 $ 1,921 $ (2,084 ) $ 2,964 Short-term borrowings and other liabilities (a) 215 1,429 – – 1,644 Total $ 215 $ 4,556 $ 1,921 $ (2,084 ) $ 4,608 December 31, 2021 Available-for-sale U.S. Treasury and agencies $ 30,917 $ 5,692 $ – $ – $ 36,609 Mortgage-backed securities Residential agenc y – 77,079 – – 77,079 Commercial agency – 8,485 – – 8,485 Asset-backed securities – 59 7 – 66 Obligations of state and political subdivisions – 10,716 1 – 10,717 Other – 7 – – 7 Total available-for-sale 30,917 102,038 8 – 132,963 Mortgage loans held for sale – 6,623 – – 6,623 Mortgage servicing rights – – 2,953 – 2,953 Derivative assets 8 2,490 1,389 (1,609 ) 2,278 Other assets 278 1,921 – – 2,199 Total $ 31,203 $ 113,072 $ 4,350 $ (1,609 ) $ 147,016 Derivative liabilities $ – $ 2,308 $ 590 $ (1,589 ) $ 1,309 Short-term borrowings and other liabilities (a) 209 1,837 – – 2,046 Total $ 209 $ 4,145 $ 590 $ (1,589 ) $ 3,355 Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $80 million and $79 million at March 31, 2022 and December 31, 2021, respectively. The Company has not recorded impairments or adjustments for observable price changes on these equity investments during the first three months of 2022 and 2021, or on a cumulative basis. (a) Primarily 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 March 31: (Dollars in Millions) Beginning Net Gains Purchases Sales Issuances Settlements End of Period Net Change Held at End of Period 2022 Available-for-sale Asset-backed securities $ 7 $ – $ – $ – $ – $ – $ 7 $ – Obligations of state and political subdivisions 1 – – – – – 1 – Total available-for-sale 8 – – – – – 8 – Mortgage servicing rights 2,953 238 (a) 3 1 237 (c) – 3,432 238 (a) Net derivative assets and liabilities 799 (1,867 ) (b) 11 (1 ) – $ 47 (1,011 ) (1,697 ) (d) 2021 Available-for-sale Asset-backed securities $ 7 $ – $ – $ – $ – $ – $ 7 $ – Obligations of state and political subdivisions 1 – – – – – 1 – Total available-for-sale 8 – – – – – 8 – Mortgage servicing rights 2,210 242 (a) 16 – 319 (c) – 2,787 242 (a) Net derivative assets and liabilities 2,326 (935 ) (e) 2 – – (237 ) 1,156 (900 ) (f) (a) Included in mortgage banking revenue. (b) Approximately $(83) million, $(1.8) billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (c) Represents MSRs capitalized during the period. (d) Approximately $(24) million, $(1.7) billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (e) Approximately $60 million included in mortgage banking revenue and $(995) million included in commercial products revenue. (f) Approximately $78 million included in mortgage banking revenue and $(978) million included in commercial products 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 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: March 31, 2022 December 31, 2021 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 28 $ 28 $ – $ – $ 59 $ 59 Other assets (b) – – 3 3 – – 77 77 (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 for the three months ended March 31: (Dollars in Millions) 2022 2021 Loans (a) $ 11 $ 31 Other assets (b) 1 1 (a) Represents 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: March 31, 2022 December 31, 2021 (Dollars in Millions) Fair Aggregate Carrying Fair Aggregate Carrying Total loans $ 2,203 $ 2,200 $ 3 $ 6,623 $ 6,453 $ 170 Nonaccrual loans 1 1 – 1 1 – Loans 90 days or more past due 2 2 – 2 2 – Fair Value of Financial Instruments The following section summarizes the estimated fair value for financial instruments accounted for at amortized cost as of March 31, 2022 and December 31, 2021. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, receivables and payables due in one year or less, insurance contracts, equity investments not accounted for at fair value, and deposits with no defined or contractual maturities are excluded. The estimated fair values of the Company’s financial instruments are shown in the table below: March 31, 2022 December 31, 2021 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 $ 44,303 $ 44,303 $ – $ – $ 44,303 $ 28,905 $ 28,905 $ – $ – $ 28,905 Federal funds sold and securities purchased under resale agreements 513 – 513 – 513 359 – 359 – 359 Investment securities held-to-maturity 43,654 – 40,572 – 40,572 41,858 – 41,812 – 41,812 Loans held for sale (a) 1,118 – – 1,118 1,118 1,152 – – 1,152 1,152 Loans 313,270 – – 311,120 311,120 306,304 – – 312,724 312,724 Other (b) 1,941 – 1,129 812 1,941 1,521 – 630 891 1,521 Financial Liabilities Time deposits 24,304 – 23,952 – 23,952 22,665 – 22,644 – 22,644 Short-term borrowings (c) 19,398 – 19,140 – 19,140 9,750 – 9,646 – 9,646 Long-term debt 32,931 – 32,228 – 32,228 32,125 – 32,547 – 32,547 Other (d) 3,797 – 1,151 2,646 3,797 3,862 – 1,170 2,692 3,862 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged (c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. (d) Includes operating lease liabilities and liabilities related to tax-advantaged The fair value of unfunded commitments, deferred non-yield non-yield |
Guarantees and Contingent Liabi
Guarantees and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and Contingent Liabilities | Note 16 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 Brands”) are defendants in antitrust lawsuits challenging the practices of the Card Brands (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. In October 2012, Visa signed a settlement agreement to resolve class action claims associated with the multidistrict interchange litigation pending in the United States District Court for the Eastern District of New York (the “Multi-District Litigation”). The U.S. Court of Appeals for the Second Circuit reversed the approval of that settlement and remanded the matter to the district court. Thereafter, the case was split into two putative class actions, one seeking damages (the “Damages Action”) and a separate class action seeking injunctive relief only (the “Injunctive Action”). In September 2018, Visa signed a new settlement agreement, superseding the original settlement agreement, to resolve the Damages Action. The Damages Action settlement was approved by the United States District Court for the Eastern District of New York, but is now on appeal. The Injunctive Action, which generally seeks changes to Visa rules, is still pending. Other Guarantees and Contingent Liabilities The following table is a summary of other guarantees and contingent liabilities of the Company at March 31, 2022: (Dollars in Millions) Collateral Carrying Maximum Standby letters of credit $ – $ 55 $ 9,705 Third party borrowing arrangements – – 6 Securities lending indemnifications 10,342 – 9,933 Asset sales – 85 7,382 (a) Merchant processing 968 106 121,205 Tender option bond program guarantee 1,615 – 1,488 Other – 21 1,331 (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 and Europe through wholly-owned subsidiaries. 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 the purchase price of such products or services 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 March 31, 2022, the value of airline tickets purchased to be delivered at a future date through card transactions processed by the Company was $7.7 billion. The Company held collateral of $714 million in escrow deposits, letters of credit and indemnities from financial institutions, and liens on various assets. In addition to specific collateral or other credit enhancements, the Company maintains a liability for its implied guarantees associated with future delivery. At March 31, 2022, the liability was $90 million primarily related to these airline processing arrangements. Asset Sales The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representations and warranties to 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 GSE for losses. At March 31, 2022, the Company had reserved $15 million for potential losses from representation and warranty obligations, compared with $18 million at December 31, 2021. 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 March 31, 2022 and December 31, 2021, the Company had $27 million and $19 million, respectively, of unresolved representation and warranty claims from GSEs. The Company does not have a significant amount of unresolved claims from investors other than 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 uncertainties inherent 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. Residential Mortgage-Backed Securities Litigation Starting in 2011, the Company and other large financial institutions have been sued in their capacity as trustee for residential mortgage–backed securities trusts. In the lawsuits brought against the Company, the investors allege that the Company’s banking subsidiary, U.S. Bank National Association (“U.S. Bank”), 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 in these matters seek monetary damages in unspecified amounts and most also seek equitable relief. Regulatory Matters The Company is continually subject to examinations, inquiries and investigations in areas of heightened regulatory scrutiny, such as compliance, risk management, third-party risk management and consumer protection. For example, the Consumer Financial Protection Bureau (“CFPB”) has been investigating certain of the Company’s consumer sales practices and is now considering a potential enforcement action. The Company is engaged in discussions with the CFPB on this matter and does not believe an enforcement action is warranted, but there can be no assurance that these discussions will result in a resolution. 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). 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 the range 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. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Business Segments | Note 17 Business Segments Within the Company, financial performance is measured by major lines of business based on the products and services provided to customers through its distribution channels. These operating segments are components of the Company about which financial information is prepared and is evaluated regularly by management in deciding how to allocate resources and assess performance. The Company has five reportable operating segments: Corporate and Commercial Banking Corporate and Commercial Banking offers lending, equipment finance and small-ticket non-profit Consumer and Business Banking Consumer and Business Banking delivers products and services through banking offices, telephone servicing and sales, on-line Wealth Management and Investment Services Wealth Management and Investment Services provides private banking, financial advisory services, investment management, retail brokerage services, insurance, trust, custody and fund servicing through four businesses: Wealth Management, Global Corporate Trust & Custody, U.S. Bancorp Asset Management and Fund Services. Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services, consumer lines of credit and merchant processing. Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to business segments, including most investments in tax-advantaged Basis of Presentation Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. The allowance for credit losses and related provision expense are allocated to the business segments according to the volume and credit quality of the loan balances managed, but with the impact of changes in economic forecasts recorded in Treasury and Corporate Support. Goodwill and other intangible assets are assigned to the business segments based on the mix of business of an entity acquired by the Company. Within the Company, capital levels are evaluated and managed centrally; however, capital is allocated to the business segments to support evaluation of business performance. Business segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. Generally, the determination of the amount of capital allocated to each business segment includes credit allocations following a Basel III regulatory framework. Interest income and expense is determined based on the assets and liabilities managed by the business segment. Because funding and asset/liability management is a central function, funds transfer-pricing methodologies are utilized to allocate a cost of funds used or credit for funds provided to all business segment assets and liabilities, respectively, using a matched funding concept. Also, each business unit is allocated the taxable-equivalent benefit of tax-exempt charge-off. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2022, certain organization and methodology changes were made and, accordingly, 2021 results were restated and presented on a comparable basis. Business segment results for the three months ended March 31 were as follows: Corporate and Commercial Consumer and Business Banking Wealth Management and (Dollars in Millions) 2022 2021 2022 2021 2022 2021 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 735 $ 719 $ 1,517 $ 1,505 $ 274 $ 268 Noninterest income 245 268 461 569 596 531 Total net revenue 980 987 1,978 2,074 870 799 Nointerest expense 419 409 1,405 1,344 587 494 Income (loss) before provision and income taxes 561 578 573 730 283 305 Provision for credit losses 3 (48 ) 49 (37 ) 8 5 Income (loss) before income taxes 558 626 524 767 275 300 Income taxes and taxable-equivalent adjustment 140 157 131 192 69 75 Net income (loss) 418 469 393 575 206 225 Net (income) loss attributable to noncontrolling interests – – – – – – Net income (loss) attributable to U.S. Bancorp $ 418 $ 469 $ 393 $ 575 $ 206 $ 225 Average Balance Sheet Loans $ 115,634 $ 101,927 $ 141,106 $ 141,719 $ 20,666 $ 16,846 Other earning assets 4,676 4,321 4,381 10,177 259 279 Goodwill 1,912 1,647 3,261 3,475 1,761 1,619 Other intangible assets 4 5 3,176 2,493 265 42 Assets 127,651 114,069 157,696 164,131 24,446 20,120 Noninterest-bearing deposits 62,285 56,281 32,094 32,861 27,350 21,338 Interest-bearing deposits 86,618 71,377 166,765 151,406 69,909 83,474 Total deposits 148,903 127,658 198,859 184,267 97,259 104,812 Total U.S. Bancorp shareholders’ equity 13,710 14,354 12,275 12,496 3,595 3,034 Payment Services Treasury and Corporate Support Consolidated Company (Dollars in Millions) 2022 2021 2022 2021 2022 2021 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 622 $ 629 $ 52 $ (32 ) $ 3,200 $ 3,089 Noninterest income 858 (a) 785 (a) 236 228 2,396 (b) 2,381 (b) Total net revenue 1,480 1,414 288 196 5,596 (c) 5,470 (c) Noninterest expense 854 805 237 327 3,502 3,379 Income (loss) before provision and income taxes 626 609 51 (131 ) 2,094 2,091 Provision for credit losses 130 (41 ) (78 ) (706 ) 112 (827 ) Income (loss) before income taxes 496 650 129 575 1,982 2,918 Income taxes and taxable-equivalent adjustment 124 163 (40 ) 46 424 633 Net income (loss) 372 487 169 529 1,558 2,285 Net (income) loss attributable to noncontrolling interests – – (1 ) (5 ) (1 ) (5 ) Net income (loss) attributable to U.S. Bancorp $ 372 $ 487 $ 168 $ 524 $ 1,557 $ 2,280 Average Balance Sheet Loans $ 31,740 $ 29,630 $ 3,820 $ 3,867 $ 312,966 $ 293,989 Other earning assets 1,023 5 206,532 188,940 216,871 203,722 Goodwill 3,325 3,173 – – 10,259 9,914 Other intangible assets 464 542 – – 3,909 3,082 Assets 38,540 35,091 229,069 215,323 577,402 548,734 Noninterest-bearing deposits 3,673 5,264 2,561 2,608 127,963 118,352 Interest-bearing deposits 160 132 2,761 1,623 326,213 308,012 Total deposits 3,833 5,396 5,322 4,231 454,176 426,364 Total U.S. Bancorp shareholders’ equity 8,019 7,658 15,867 15,187 53,466 52,729 (a) Presented net of related rewards and rebate costs and certain partner payments of $671 million and $535 million for the three months ended March 31, 2022 and 2021, respectively. (b) Includes revenue generated from certain contracts with customers of $1.9 billion and $1.7 billion for the three months ended March 31, 2022 and 2021, respectively. (c) The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangments, the Company recorded $204 million and $228 million of revenue for the three months ended March 31, 2022 and 2021, respectively, primarily consisting of interest income on sales-type and direct financing leases. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18 Subsequent Events The Company has evaluated the impact of events that have occurred subsequent to March 31, 2022 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) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q Form 10-K |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit LossesOriginated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded.All purchased loans are recorded at fair value at the date of purchase. The Company evaluates purchased loans for more-than-insignificant deterioration at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans that have experienced more-than-insignificant deterioration from origination are considered purchased credit deteriorated loans. All other purchased loans are considered non-purchased Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, inclusive of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for credit losses on a quarterly basis. Multiple economic scenarios are considered over a three-year reasonable and supportable forecast period, which includes increasing consideration of historical loss experience over years two and three. These economic scenarios are constructed with interrelated projections of multiple economic variables, and loss estimates are produced that consider the historical correlation of those economic variables with credit losses. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for prepayments and characteristics of the current loan and lease portfolio, to estimate losses over the remaining life of the portfolio. The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, from better to worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consideration of economic forecast uncertainty. Final loss estimates also consider factors affecting credit losses not reflected in the scenarios, due to the unique aspects of current conditions and expectations. These factors may include, but are not limited to, loan servicing practices, regulatory guidance, and/or fiscal and monetary policy actions. The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rates, real estate prices, gross domestic product levels and corporate bonds spreads, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and available valuation information, consideration of end-of-term charged-off The allowance recorded for Troubled Debt Restructuring (“TDR”) 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. The expected cash flows on TDR loans consider subsequent payment defaults since modification, the borrower’s ability to pay under the restructured terms, and the timing and amount of payments. 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. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. For smaller commercial loans collectively evaluated for impairment, historical loss experience is also incorporated into the allowance methodology applied to this category of loans. The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above, are adjusted by management to consider the potential impact of other qualitative factors not captured in the quantitative model adjustments which include, but are not limited to the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio. The Company also assesses the credit risk associated with off-balance off-balance The results of the analysis are evaluated quarterly to confirm the estimates are appropriate for each specific loan portfolio, as well as the entire loan portfolio, as the entire allowance for credit losses is available for the entire loan portfolio. 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. charged-off 1-4 charge-off 1-4 charged-off. charged-off 1-4 charged-off charged-off charge-off. charge-off charged-off) Troubled Debt Restructurings 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 For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments by providing loan concessions. These 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. |
Accounting Changes | Accounting Changes Reference Interest Rate Transition Fair Value Hedging – Portfolio Layer Method In March 2022, the FASB issued accounting guidance, effective for the Company no later than January 1, 2023, related to fair value hedge accounting of portfolios of financial assets. This guidance expands the current last-of-layer non-prepayable Financial Instruments – Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued accounting guidance, effective for the Company no later than January 1, 2023, related to the recognition and measurement of troubled debt restructurings (“TDRs”) by creditors. This guidance removes the separate recognition and measurement requirements for TDRs by replacing them with a requirement for a company to apply existing accounting guidance to determine whether a modification results in a new loan or a continuation of an existing loan. This guidance also replaces existing TDR disclosures with similar but more expansive disclosures for certain modifications of receivables made to borrowers experiencing financial difficulty. Further, this guidance also requires companies to disclose current-period gross write-offs by year of origination for financing receivables. The guidance can be adopted on a prospective or modified retrospective basis. The Company expects the adoption of this guidance will not be material to its financial statements. |
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. |
Variable Interest Entities | The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest.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 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. |
Netting Arrangements for Certain Financial Instruments | The Company’s derivative contracts typically 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 13 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, residential agency mortgage-backed securities or corporate debt securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer subsidiary. 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. 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 | 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 lower-of-cost-or-fair 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. • 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 and certain derivative contracts. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Available-for-Sale and Held-to-Maturity | The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity available-for-sale March 31, 2022 December 31, 2021 (Dollars in Millions) Amortized Unrealized Unrealized Fair Value Amortized Unrealized Unrealized Fair Value Held-to-maturity Residential agency mortgage-backed securities $ 43,654 $ – $ (3,082 ) $ 40,572 $ 41,858 $ 2 $ (48 ) $ 41,812 Total held-to-maturity $ 43,654 $ – $ (3,082 ) $ 40,572 $ 41,858 $ 2 $ (48 ) $ 41,812 Available-for-sale U.S. Treasury and agencies $ 27,653 $ 28 $ (1,331 ) $ 26,350 $ 36,648 $ 205 $ (244 ) $ 36,609 Mortgage-backed securities Residential agency 82,508 70 (3,586 ) 78,992 76,761 665 (347 ) 77,079 Commercial agency 8,769 – (806 ) 7,963 8,633 53 (201 ) 8,485 Asset-backed securities 4 3 – 7 62 4 – 66 Obligations of state and political subdivisions 10,701 148 (575 ) 10,274 10,130 607 (20 ) 10,717 Other 7 – – 7 7 – – 7 Total available-for-sale $ 129,642 $ 249 $ (6,298 ) $ 123,593 $ 132,241 $ 1,534 $ (812 ) $ 132,963 |
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 Three Months Ended (Dollars in Millions) 2022 2021 Taxable $ 646 $ 455 Non-taxable 71 62 Total interest income from investment securities $ 717 $ 517 |
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 Three Months Ended (Dollars in Millions) 2022 2021 Realized gains $ 242 $ 25 Realized losses (224 ) – Net realized gains $ 18 $ 25 Income tax on net realized gains $ 4 $ 6 |
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 available-for-sale Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury and agencies $ 18,851 $ (982 ) $ 3,784 $ (349 ) $ 22,635 $ (1,331 ) Residential agency mortgage-backed securities 66,323 (3,181 ) 5,090 (405 ) 71,413 (3,586 ) Commercial agency mortgage-backed securities 5,105 (414 ) 2,856 (392 ) 7,961 (806 ) Asset-backed securities – – 2 – 2 – Obligations of state and political subdivisions 4,378 (514 ) 222 (61 ) 4,600 (575 ) Other 4 – – – 4 – Total investment securities $ 94,661 $ (5,091 ) $ 11,954 $ (1,207 ) $ 106,615 $ (6,298 ) |
Investment Securities | The following table provides information about the amortized cost, fair value and yield by maturity date of the investment securities outstanding at March 31, 2022: (Dollars in Millions) Amortized Fair Value Weighted- Weighted- Held-to-maturity Mortgage-Backed Securities (a) Maturing in one year or less $ – $ – – – % Maturing after one year through five years – – – – Maturing after five years through ten years 30,703 28,569 9.5 1.58 Maturing after ten years 12,951 12,003 10.3 1.78 Total $ 43,654 $ 40,572 9.7 1.64 % Total held-to-maturity $ 43,654 $ 40,572 9.7 1.64 % Available-for-sale U.S. Treasury and Agencies Maturing in one year or less $ 2,226 $ 2,236 .5 1.97 % Maturing after one year through five years 3,246 3,086 4.7 1.36 Maturing after five years through ten years 19,476 18,644 7.7 1.88 Maturing after ten years 2,705 2,384 12.0 1.99 Total $ 27,653 $ 26,350 7.2 1.83 % Mortgage-Backed Securities (a) Maturing in one year or less $ 64 $ 65 .7 2.19 % Maturing after one year through five years 15,629 15,395 3.3 1.89 Maturing after five years through ten years 69,960 66,155 8.0 1.76 Maturing after ten years 5,624 5,340 10.4 2.09 Total $ 91,277 $ 86,955 7.3 1.80 % Asset-Backed Securities (a) Maturing in one year or less $ – $ – .5 2.69 % Maturing after one year through five years 2 3 3.0 1.91 Maturing after five years through ten years 2 2 6.0 2.13 Maturing after ten years – 2 13.0 2.41 Total $ 4 $ 7 4.1 2.00 % Obligations of State and Political Subdivisions (b) (c) Maturing in one year or less $ 409 $ 412 .4 4.74 % Maturing after one year through five years 3,046 3,120 4.0 4.34 Maturing after five years through ten years 3,326 3,335 6.5 3.83 Maturing after ten years 3,920 3,407 17.1 2.82 Total $ 10,701 $ 10,274 9.5 3.64 % Other Maturing in one year or less $ 7 $ 7 .1 2.07 % Maturing after one year through five years – – – – Maturing after five years through ten years – – – – Maturing after ten years – – – – Total $ 7 $ 7 .1 2.07 % Total available-for-sale $ 129,642 $ 123,593 7.5 1.96 % (a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated 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, and yield to maturity if the security is 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 the contractual maturity date for securities with a fair value equal to or below par. (d) The weighted-average maturity of total held-to-maturity available-for-sale (e) Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on 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 held-to-maturity. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Composition of Loan Portfolio | The composition of the loan portfolio, disaggregated by class and underlying specific portfolio type, was as follows: March 31, 2022 December 31, 2021 (Dollars in Millions) Amount Percent Amount Percent Commercial Commercial $ 112,479 35.3 % $ 106,912 34.3 % Lease financing 4,991 1.6 5,111 1.6 Total commercial 117,470 36.9 112,023 35.9 Commercial Real Estate Commercial mortgages 29,501 9.3 28,757 9.2 Construction and development 9,690 3.0 10,296 3.3 Total commercial real estate 39,191 12.3 39,053 12.5 Residential Mortgages Residential mortgages 69,680 21.8 67,546 21.6 Home equity loans, first liens 8,807 2.8 8,947 2.9 Total residential mortgages 78,487 24.6 76,493 24.5 Credit Card 22,163 6.9 22,500 7.2 Other Retail Retail leasing 6,941 2.2 7,256 2.3 Home equity and second mortgages 10,457 3.3 10,446 3.4 Revolving credit 2,652 .8 2,750 .9 Installment 16,732 5.2 16,514 5.3 Automobile 24,724 7.8 24,866 8.0 Student 117 -- 127 -- Total other retail 61,623 19.3 61,959 19.9 Total loans $ 318,934 100.0 % $ 312,028 100.0 % |
Activity in Allowance for Credit Losses by Portfolio Class | Activity in the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Balance at December 31, 2021 $1,849 $1,123 $565 $1,673 $ 945 $6,155 Add Provision for credit losses 19 (54 ) 29 78 40 112 Deduct Loans charged-off 55 1 5 158 61 280 Less recoveries of loans charged-off (23 ) (6 ) (11 ) (46 ) (32 ) (118 ) Net loan charge-offs (recoveries) 32 (5 ) (6 ) 112 29 162 Balance at March 31, 2022 $1,836 $1,074 $600 $1,639 $956 $6,105 Balance at December 31, 2020 $2,423 $1,544 $573 $2,355 $1,115 $8,010 Add Provision for credit losses (435 ) (19 ) (39 ) (259 ) (75 ) (827 ) Deduct Loans charged-off 86 10 5 190 83 374 Less recoveries of loans charged-off (30 ) (17 ) (10 ) (46 ) (48 ) (151 ) Net loan charge-offs (recoveries) 56 (7 ) (5 ) 144 35 223 Balance at March 31, 2021 $1,932 $1,532 $539 $1,952 $1,005 $6,960 |
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 (b) Total March 31, 2022 Commercial $ 116,986 $ 234 $ 76 $ 174 $117,470 Commercial real estate 38,888 86 1 216 39,191 Residential mortgages (a) 78,028 105 140 214 78,487 Credit card 21,804 194 165 — 22,163 Other retail 61,157 237 68 161 61,623 Total loans $ 316,863 $ 856 $450 $ 765 $318,934 December 31, 2021 Commercial $ 111,270 $530 $49 $ 174 $112,023 Commercial real estate 38,678 80 11 284 39,053 Residential mortgages (a) 75,962 124 181 226 76,493 Credit card 22,142 193 165 — 22,500 Other retail 61,468 275 66 150 61,959 Total loans $ 309,520 $1,202 $472 $ 834 $312,028 (a) At March 31, 2022, $662 million of loans 30–89 days past due and $1.3 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 United States Department of Veterans Affairs, were classified as current, compared with $791 million and $1.5 billion at December 31, 2021, respectively. (b) Substantially all nonperforming loans at March 31, 2022 and December 31, 2021, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $3 million for the three months ended March 31, 2022 and 2021. |
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: March 31, 2022 December 31, 2021 Criticized Criticized (Dollars in Millions) Pass Special Mention Classified (a) Total Criticized Total Pass Special Mention Classified (a) Total Criticized Total Commercial Originated in 2022 $ 13,554 $ 8 $ 45 $ 53 $ 13,607 $ – $ – $ – $ – $ – Originated in 2021 47,131 378 283 661 47,792 51,155 387 287 674 51,829 Originated in 2020 11,779 38 312 350 12,129 14,091 304 133 437 14,528 Originated in 2019 8,761 24 99 123 8,884 10,159 151 54 205 10,364 Originated in 2018 4,475 11 44 55 4,530 5,122 3 36 39 5,161 Originated prior to 2018 4,251 17 49 66 4,317 4,923 30 81 111 5,034 Revolving 25,756 261 194 455 26,211 24,722 268 117 385 25,107 Total commercial 115,707 737 1,026 1,763 117,470 110,172 1,143 708 1,851 112,023 Commercial real estate Originated in 2022 3,170 110 185 295 3,465 – – – – – Originated in 2021 12,419 17 705 722 13,141 13,364 6 990 996 14,360 Originated in 2020 6,907 78 241 319 7,226 7,459 198 263 461 7,920 Originated in 2019 5,750 310 556 866 6,616 6,368 251 610 861 7,229 Originated in 2018 2,847 42 213 255 3,102 2,996 29 229 258 3,254 Originated prior to 2018 3,898 19 152 171 4,069 4,473 55 224 279 4,752 Revolving 1,530 – 42 42 1,572 1,494 1 43 44 1,538 Total commercial real estate 36,521 576 2,094 2,670 39,191 36,154 540 2,359 2,899 39,053 Residential mortgages (b) Originated in 2022 6,431 – – – 6,431 – – – – – Originated in 2021 29,721 – 4 4 29,725 29,882 – 3 3 29,885 Originated in 2020 14,850 – 10 10 14,860 15,948 1 8 9 15,957 Originated in 2019 6,154 – 23 23 6,177 6,938 – 36 36 6,974 Originated in 2018 2,553 – 20 20 2,573 2,889 – 30 30 2,919 Originated prior to 2018 18,407 – 313 313 18,720 20,415 – 342 342 20,757 Revolving 1 – – – 1 1 – – – 1 Total residential mortgages 78,117 – 370 370 78,487 76,073 1 419 420 76,493 Credit card (c) 21,998 – 165 165 22,163 22,335 – 165 165 22,500 Other retail Originated in 2022 4,644 – – – 4,644 – – – – – Originated in 2021 20,495 – 7 7 20,502 22,455 – 6 6 22,461 Originated in 2020 10,972 – 9 9 10,981 12,071 – 9 9 12,080 Originated in 2019 6,327 – 14 14 6,341 7,223 – 17 17 7,240 Originated in 2018 2,675 – 12 12 2,687 3,285 – 14 14 3,299 Originated prior to 2018 3,174 – 20 20 3,194 3,699 – 24 24 3,723 Revolving 12,644 – 127 127 12,771 12,532 – 112 112 12,644 Revolving converted to term 460 – 43 43 503 472 – 40 40 512 Total other retail 61,391 – 232 232 61,623 61,737 – 222 222 61,959 Total loans $313,734 $1,313 $3,887 $ 5,200 $318,934 $306,471 $1,684 $3,873 $ 5,557 $312,028 Total outstanding commitments $678,366 $2,372 $5,684 $8,056 $686,422 $662,363 $3,372 $5,684 $ 9,056 $671,419 Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. (a) Classified rating on consumer loans primarily based on delinquency status. (b) At March 31, 2022, $1.3 billion of GNMA loans 90 days or more past due and $978 million of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $1.5 billion and $1.1 billion at December 31, 2021, respectively. (c) All credit card loans are considered revolving loans. |
Summary of Loans Modified as TDRs | The following table provides a summary of loans modified as TDRs for the periods presented by portfolio class: 2022 2021 Three Months Ended March 31 (Dollars in Millions) Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification Commercial 509 $ 38 $ 32 704 $ 75 $ 60 Commercial real estate 9 11 10 56 86 71 Residential mortgages 840 228 226 336 104 104 Credit card 9,339 50 50 5,786 33 34 Other retail 728 37 37 1,325 37 32 Total loans, excluding loans purchased from GNMA mortgage pools 11,425 364 355 8,207 335 301 Loans purchased from GNMA mortgage pools 390 55 55 559 87 89 Total loans 11,815 $ 419 $410 8,766 $ 422 $ 390 |
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 Three Months Ended March 31 (Dollars in Millions) 2022 2021 Number Amount Number Amount Commercial 214 $ 3 285 $ 16 Commercial real estate 3 1 7 5 Residential mortgages 34 3 15 2 Credit card 1,634 9 1,764 9 Other retail 83 1 280 5 Total loans, excluding loans purchased from GNMA mortgage pools 1,968 17 2,351 37 Loans purchased from GNMA mortgage pools 49 8 30 4 Total loans 2,017 $25 2,381 $ 41 |
Accounting for Transfers and _2
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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) March 31, December 31, Investment carrying amount $ 5,106 $ 4,484 Unfunded capital and other commitments 2,331 1,890 Maximum exposure to loss 9,764 9,899 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Changes in Fair Value of Capitalized MSRs | Changes in fair value of capitalized MSRs are summarized as follows: Three Months Ended March 31 (Dollars in Millions) 2022 2021 Balance at beginning of period $ 2,953 $ 2,210 Rights purchased 3 16 Rights capitalized 237 319 Rights sold (a) 1 — Changes in fair value of MSRs Due to fluctuations in market interest rates (b) 368 486 Due to revised assumptions or models (c) (27 ) (102 ) Other changes in fair value (d) (103 ) (142 ) Balance at end of period $ 3,432 $ 2,787 (a) MSRs sold include those having a negative fair value, resulting from the loans being severely delinquent. (b) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (c) Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes. (d) Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies. |
Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments | The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows: March 31, 2022 December 31, 2021 (Dollars in Millions) Down Down Down Up Up 50 bps Up Down Down Down Up Up Up MSR portfolio $ (485 ) $ (227 ) $ (109 ) $ 99 $ 189 $ 338 $ (636 ) $ (324 ) $ (160 ) $ 150 $ 287 $ 511 Derivative instrument hedges 485 224 106 (94 ) (180 ) (333 ) 614 309 152 (142 ) (278 ) (536 ) Net sensitivity $ — $ (3 ) $ (3 ) $ 5 $ 9 $ 5 $ (22 ) $ (15 ) $ (8 ) $ 8 $ 9 $ (25 ) |
MSRs and Related Characteristics by Portfolio | A summary of the Company’s MSRs and related characteristics by portfolio was as follows: March 31, 2022 December 31, 2021 (Dollars in Millions) HFA Government Conventional (d) Total HFA Government Conventional (d) Total Servicing portfolio (a) $ 41,430 $ 21,619 $ 160,611 $ 223,660 $ 40,652 $ 21,919 $ 156,382 $ 218,953 Fair value $ 628 $ 365 $ 2,439 $ 3,432 $ 527 $ 308 $ 2,118 $ 2,953 Value (bps) (b) 152 169 152 153 130 141 135 135 Weighted-average servicing fees (bps) 36 41 30 32 36 41 30 32 Multiple (value/servicing fees) 4.23 4.12 5.02 4.75 3.63 3.43 4.50 4.18 Weighted-average note rate 4.02 % 3.66 % 3.38 % 3.53 % 4.07 % 3.70 % 3.41 % 3.56 % Weighted-average age (in years) 3.8 6.0 3.3 3.7 3.8 5.9 3.3 3.7 Weighted-average expected prepayment (constant prepayment rate) 9.6 % 10.6 % 8.1 % 8.6 % 11.5 % 13.2 % 9.6 % 10.3 % Weighted-average expected life (in years) 7.5 6.5 7.5 7.4 6.5 5.6 6.9 6.7 Weighted-average option adjusted spread (c) 6.8 % 6.7 % 6.0 % 6.2 % 7.3 % 7.3 % 6.3 % 6.6 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Calculated as fair value divided by the servicing portfolio. (c) Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs. (d) Represents loans sold primarily to GSEs. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: March 31, 2022 December 31, 2021 At December 31 (Dollars in Millions) Shares Issued and Outstanding Liquidation Preference Discount Carrying Amount Shares Issued and Outstanding Liquidation Preference Discount Carrying Amount 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 J 40,000 1,000 7 993 40,000 1,000 7 993 Series K 23,000 575 10 565 23,000 575 10 565 Series L 20,000 500 14 486 20,000 500 14 486 Series M 30,000 750 21 729 30,000 750 21 729 Series N 60,000 1,500 8 1,492 60,000 1,500 8 1,492 Series O 18,000 450 13 437 — — — — Total preferred stock (a) 243,510 $ 7,026 $ 218 $ 6,808 225,510 $ 6,576 $ 205 $ 6,371 (a) The par value of all shares issued and outstanding at March 31, 2022 and December 31, 2021, was $1.00 per share. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 for the three months ended March 31, is as follows: (Dollars in Millions) Unrealized Gains (Losses) on Investment Securities Available-For- Sale Unrealized Gains (Losses) on Investment From Available- For-Sale Held-To-Maturity Unrealized Gains (Losses) on Derivative Hedges Unrealized Gains (Losses) on Retirement Plans Foreign Currency Translation Total 2022 Balance at beginning of period $ 540 $ (935 ) $ (85 ) $ (1,426 ) $ (37 ) $ (1,943 ) Changes in unrealized gains (losses) (6,754 ) — — — — (6,754 ) Foreign currency translation adjustment (a) — — — — — — Reclassification to earnings of realized (gains) losses (18 ) 42 11 32 — 67 Applicable income taxes 1,714 (11 ) (3 ) (8 ) — 1,692 Balance at end of period $ (4,518 ) $ (904 ) $ (77 ) $ (1,402 ) $ (37 ) $ (6,938 ) 2021 Balance at beginning of period $ 2,417 $ — $ (189 ) $ (1,842 ) $ (64 ) $ 322 Changes in unrealized gains (losses) (3,378 ) — 99 — — (3,279 ) Foreign currency translation adjustment (a) — — — — 25 25 Reclassification to earnings of realized (gains) losses (25 ) — 4 39 — 18 Applicable income taxes 861 — (26 ) (10 ) (6 ) 819 Balance at end of period $ (125 ) $ — $ (112 ) $ (1,813 ) $ (45 ) $ (2,095 ) (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 for the three months ended March 31, is as follows: Impact to Net Income Affected Line Item in the (Dollars in Millions) 2022 2021 Unrealized gains (losses) on investment securities available-for-sale Realized gains (losses) on sale of investment securities $ 18 $ 25 Securities gains (losses), net (5 ) (6 ) Applicable income taxes 13 19 Net-of-tax Unrealized gains (losses) on investment securities transferred from available-for-sale held-to-maturity Amortization of unrealized gains (42 ) — Interest income 11 — Applicable income taxes (31 ) — Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (11 ) (4 ) Interest expense 3 1 Applicable income taxes (8 ) (3 ) Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (32 ) (39 ) Other noninterest expense 8 10 Applicable income taxes (24 ) (29 ) Net-of-tax Total impact to net income $ (50 ) $ (13 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Components of Earnings Per Share | The components of earnings per share were: Three Months Ended (Dollars and Shares in Millions, Except Per Share Data) 2022 2021 Net income attributable to U.S. Bancorp $ 1,557 $ 2,280 Preferred dividends (84 ) (90 ) Impact of preferred stock call (a) — (5 ) Earnings allocated to participating stock awards (7 ) (10 ) Net income applicable to U.S. Bancorp common shareholders $ 1,466 $ 2,175 Average common shares outstanding 1,485 1,502 Net effect of the exercise and assumed purchase of stock awards 1 1 Average diluted common shares outstanding 1,486 1,503 Earnings per common share $ .99 $ 1.45 Diluted earnings per common share $ .99 $ 1.45 (a) Represents stock issuance costs originally recorded in preferred stock upon issuance of the Company’s Series I Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The components of net periodic benefit cost for the Company’s retirement plans were: Three Months Ended March 31 Pension Plans Postretirement (Dollars in Millions) 2022 2021 2022 2021 Service cost $ 69 $ 66 $ — $ — Interest cost 61 55 — — Expected return on plan assets (119 ) (112 ) — — Prior service cost (credit) amortization (1 ) — — (1 ) Actuarial loss (gain) amortization 35 42 (2 ) (2 ) Net periodic benefit cost (a) $ 45 $ 51 $ (2 ) $ (3 ) (a) Service cost is included in employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were: Three Months Ended (Dollars in Millions) 2022 2021 Federal Current $ 404 $ 353 Deferred (102 ) 130 Federal income tax 302 483 State Current 89 94 Deferred 6 30 State income tax 95 124 Total income tax provision $ 397 $ 607 |
Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 21 Percent to Company's Applicable Income Tax Expense | A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows: Three Months Ended (Dollars in Millions) 2022 2021 Tax at statutory rate $ 411 $ 607 State income tax, at statutory rates, net of federal tax benefit 84 114 Tax effect of Tax credits and benefits, net of related expenses (106 ) (93 ) Tax-exempt (28 ) (28 ) Other items 36 7 Applicable income taxes $ 397 $ 607 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: March 31, 2022 December 31, 2021 Notional Value Fair Value Notional Value Fair Value (Dollars in Millions) Assets Liabilities Assets Liabilities Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 2,250 $ — $ — $ 12,350 $ — $ — Pay fixed/receive floating swaps 8,600 — — 16,650 — — Net investment hedges Foreign exchange forward contracts 807 — 7 793 — 4 Other economic hedges Interest rate contracts Futures and forwards Buy 16,432 54 179 9,322 10 16 Sell 12,509 193 60 29,348 25 27 Options Purchased 9,310 281 — 18,570 256 — Written 10,783 15 165 9,662 52 231 Receive fixed/pay floating swaps 10,829 — — 9,653 — — Pay fixed/receive floating swaps 13,666 — — 7,033 — — Foreign exchange forward contracts 647 1 5 735 2 6 Equity contracts 212 4 1 209 5 — Other (a) 2,753 5 100 1,792 — 125 Total $ 88,798 $ 553 $ 517 $ 116,117 $ 350 $ 409 (a) Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value and fair value of $1.8 billion and $95 million at March 31, 2022, respectively, compared to $1.8 billion and $125 million at December 31, 2021, respectively. In addition, includes short-term underwriting purchase and sale commitments with total notional values of $973 million at March 31, 2022, and $8 million at December 31, 2021. |
Customer-Related Derivative Positions of Company | The following table summarizes the customer-related derivative positions of the Company: March 31, 2022 December 31, 2021 Notional Value Fair Value Notional Value Fair Value (Dollars in Millions) Assets Liabilities Assets Liabilities Interest rate contracts Receive fixed/pay floating swaps $ 189,323 $ 752 $ 2,028 $ 178,701 $ 2,007 $ 438 Pay fixed/receive floating swaps 181,909 831 341 174,176 134 670 Other (a) 17,471 1 3 16,267 1 2 Options Purchased 87,564 667 2 89,679 194 36 Written 84,177 2 649 85,211 36 176 Futures Buy 291 — — 3,607 — — Sell 5,185 — — 3,941 — — Foreign exchange rate contracts Forwards, spots and swaps 102,688 1,468 1,473 89,321 1,145 1,143 Options Purchased 910 25 — 805 19 — Written 910 — 25 805 — 19 Credit contracts 9,537 1 10 9,331 1 5 Total $ 679,965 $ 3,747 $ 4,531 $ 651,844 $ 3,537 $ 2,489 (a) Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes. |
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) Gains (Losses) (Loss) Gains (Losses) from Other into Earnings (Dollars in Millions) 2022 2021 2022 2021 Asset and Liability Management Positions Cash flow hedges Interest rate contracts $ — $ 74 $ (8 ) $ (3 ) Net investment hedges Foreign exchange forward contracts (1 ) 7 — — Non-derivative 20 48 — — Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges. |
Effect of Fair Value and Cash Flow Hedge Accounting Included in Interest Expense on Consolidated Statement of Income | The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income for the three months ended March 31: Interest Income Interest Expense (Dollars in Millions) 2022 2021 2022 2021 Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded $ 3,418 $ 3,341 $ 245 $ 278 Asset and Liability Management Positions Fair value hedges Interest rate contract derivatives 517 (1 ) 72 55 Hedged items (518 ) 1 (71 ) (55 ) Cash flow hedges Interest rate contract derivatives — — 11 4 Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $11 million and $15 million into earnings during the three months ended March 31, 2022 and 2021, respectively, as a result of realized cash flows on discontinued cash flow hedges. No amounts were reclassified into earnings on discontinued cash flow hedges because it is probable the original hedged forecasted cash flows will not occur. |
Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges | The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities designated in fair value hedges: Carrying Amount of the Hedged Assets and Cumulative Hedging Adjustment (a) At December 31 (Dollars in Millions) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Line Item in the Consolidated Balance Sheet Available-for-sale $ 7,962 $ 16,445 $ (579 ) $ (26 ) Long-term debt 2,148 12,278 382 585 (a) The cumulative hedging adjustment related to discontinued hedging relationships on available-for-sale (40 |
Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions | The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions for the three months ended March 31: (Dollars in Millions) Location of Gains (Losses) Recognized in Earnings 2022 2021 Asset and Liability Management Positions Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue $ 223 $ 430 Purchased and written options Mortgage banking revenue (47 ) 12 Swaps Mortgage banking revenue (204 ) (390 ) Foreign exchange forward contracts Other noninterest income (3 ) (3 ) Equity contracts Compensation expense (2 ) 4 Other Other noninterest income (1 ) — Customer-Related Position s Interest rate contracts Swaps Commercial products revenue 17 27 Purchased and written options Commercial products revenue 4 (7 ) Futures Commercial products revenue 16 — Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 15 19 Credit contracts Commercial products revenue 5 2 |
Netting Arrangements for Cert_2
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 Continuous Less Than 30 Days 30-89 Days Greater Than 90 Days Total March 31, 2022 Repurchase agreements U.S. Treasury and agencies $ 499 $ – $ – $ – $ 499 Residential agency mortgage-backed securities 843 – – – 843 Corporate debt securities 537 – – – 537 Total repurchase agreements 1,879 – – – 1,879 Securities loaned Corporate debt securities 70 – – – 70 Total securities loaned 70 – – – 70 Gross amount of recognized liabilities $ 1,949 $ – $ – $ – $ 1,949 December 31, 2021 Repurchase agreements U.S. Treasury and agencies $ 378 $ – $ – $ – $ 378 Residential agency mortgage-backed securities 551 – – – 551 Corporate debt securities 646 – – – 646 Total repurchase agreements 1,575 – – – 1,575 Securities loaned Corporate debt securities 169 – – – 169 Total securities loaned 169 – – – 169 Gross amount of recognized liabilities $ 1,744 $ – $ – $ – $ 1,744 |
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: (Dollars in Millions) Gross Recognized Assets Gross Amounts Offset on the Consolidated Balance Sheet (a) Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Net Amount Financial Instruments (b) Collateral Received (c) March 31, 2022 Derivative assets (d) $ 4,279 $ (2,313 ) $ 1,966 $ (168 ) $ (24 ) $ 1,774 Reverse repurchase agreements 506 – 506 (405 ) (101 ) – Securities borrowed 1,452 – 1,452 – (1,412 ) 40 Total $ 6,237 $ (2,313 ) $ 3,924 $ (573 ) $ (1,537 ) $ 1,814 December 31, 2021 Derivative assets (d) $ 3,830 $ (1,609 ) $ 2,221 $ (142 ) $ (106 ) $ 1,973 Reverse repurchase agreements 359 – 359 (249 ) (110 ) – Securities borrowed 1,868 – 1,868 – (1,818 ) 50 Total $ 6,057 $ (1,609 ) $ 4,448 $ (391 ) $ (2,034 ) $ 2,023 (a) Includes $1.1 billion and $528 million of cash collateral related payables that were netted against derivative assets at March 31, 2022 and December 31, 2021, 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 $21 million and $57 million at March 31, 2022 and December 31, 2021, respectively, of derivative assets not subject to netting arrangements. |
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default | (Dollars in Millions) Gross Recognized Assets Gross Amounts Offset on the Consolidated Balance Sheet (a) Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Net Amount Financial Instruments (b) Collateral Received (c) March 31, 2022 Derivative liabilities (d) $ 4,908 $ (2,084 ) $ 2,824 $ (168 ) $ – $ 2,656 Repurchase agreements 1,879 – 1,879 (405 ) (1,474 ) – Securities loaned 70 – 70 – (69 ) 1 Total $ 6,857 $ (2,084 ) $ 4,773 $ (573 ) $ (1,543 ) $ 2,657 December 31, 2021 Derivative liabilities (d) $ 2,761 $ (1,589 ) $ 1,172 $ (142 ) $ – $ 1,030 Repurchase agreements 1,575 – 1,575 (249 ) (1,326 ) – Securities loaned 169 – 169 – (167 ) 2 Total $ 4,505 $ (1,589 ) $ 2,916 $ (391 ) $ (1,493 ) $ 1,032 (a) Includes $841 million and $508 million of cash collateral related receivables that were netted against derivative liabilities at March 31, 2022 and December 31, 2021, 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 $140 million and $137 million at March 31, 2022 and December 31, 2021, respectively, of derivative liabilities not subject to netting arrangements. |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Valuation Assumption Ranges for MSRs | The following table shows the significant valuation assumption ranges for MSRs at March 31, 2022: Minimum Maximum Weighted- Expected prepayment 7 % 12 % 9 % Option adjusted spread 5 11 6 (a) Determined based on the relative fair value of the related mortgage loans serviced. |
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 March 31, 2022: Minimum Maximum Weighted- Expected loan close rate 6 % 100 % 82 % Inherent MSR value (basis points per loan) 38 207 110 (a) Determined based on the relative fair value of the related mortgage loans. |
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | (Dollars in Millions) Level 1 Level 2 Level 3 Netting Total March 31, 2022 Available-for-sale U.S. Treasury and agencies $ 20,924 $ 5,426 $ – $ – $ 26,350 Mortgage-backed securities Residential agency – 78,992 – – 78,992 Commercial agency – 7,963 – – 7,963 Asset-backed securities – – 7 – 7 Obligations of state and political subdivisions – 10,273 1 – 10,274 Other – 7 – – 7 Total available-for-sale 20,924 102,661 8 – 123,593 Mortgage loans held for sale – 2,203 – – 2,203 Mortgage servicing rights – – 3,432 – 3,432 Derivative assets 5 3,385 910 (2,313 ) 1,987 Other assets 256 1,589 – – 1,845 Total $ 21,185 $ 109,838 $ 4,350 $ (2,313 ) $ 133,060 Derivative liabilities $ – $ 3,127 $ 1,921 $ (2,084 ) $ 2,964 Short-term borrowings and other liabilities (a) 215 1,429 – – 1,644 Total $ 215 $ 4,556 $ 1,921 $ (2,084 ) $ 4,608 December 31, 2021 Available-for-sale U.S. Treasury and agencies $ 30,917 $ 5,692 $ – $ – $ 36,609 Mortgage-backed securities Residential agenc y – 77,079 – – 77,079 Commercial agency – 8,485 – – 8,485 Asset-backed securities – 59 7 – 66 Obligations of state and political subdivisions – 10,716 1 – 10,717 Other – 7 – – 7 Total available-for-sale 30,917 102,038 8 – 132,963 Mortgage loans held for sale – 6,623 – – 6,623 Mortgage servicing rights – – 2,953 – 2,953 Derivative assets 8 2,490 1,389 (1,609 ) 2,278 Other assets 278 1,921 – – 2,199 Total $ 31,203 $ 113,072 $ 4,350 $ (1,609 ) $ 147,016 Derivative liabilities $ – $ 2,308 $ 590 $ (1,589 ) $ 1,309 Short-term borrowings and other liabilities (a) 209 1,837 – – 2,046 Total $ 209 $ 4,145 $ 590 $ (1,589 ) $ 3,355 Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $80 million and $79 million at March 31, 2022 and December 31, 2021, respectively. The Company has not recorded impairments or adjustments for observable price changes on these equity investments during the first three months of 2022 and 2021, or on a cumulative basis. (a) Primarily 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 March 31: (Dollars in Millions) Beginning Net Gains Purchases Sales Issuances Settlements End of Period Net Change Held at End of Period 2022 Available-for-sale Asset-backed securities $ 7 $ – $ – $ – $ – $ – $ 7 $ – Obligations of state and political subdivisions 1 – – – – – 1 – Total available-for-sale 8 – – – – – 8 – Mortgage servicing rights 2,953 238 (a) 3 1 237 (c) – 3,432 238 (a) Net derivative assets and liabilities 799 (1,867 ) (b) 11 (1 ) – $ 47 (1,011 ) (1,697 ) (d) 2021 Available-for-sale Asset-backed securities $ 7 $ – $ – $ – $ – $ – $ 7 $ – Obligations of state and political subdivisions 1 – – – – – 1 – Total available-for-sale 8 – – – – – 8 – Mortgage servicing rights 2,210 242 (a) 16 – 319 (c) – 2,787 242 (a) Net derivative assets and liabilities 2,326 (935 ) (e) 2 – – (237 ) 1,156 (900 ) (f) (a) Included in mortgage banking revenue. (b) Approximately $(83) million, $(1.8) billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (c) Represents MSRs capitalized during the period. (d) Approximately $(24) million, $(1.7) billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (e) Approximately $60 million included in mortgage banking revenue and $(995) million included in commercial products revenue. (f) Approximately $78 million included in mortgage banking revenue and $(978) million included in commercial products 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: March 31, 2022 December 31, 2021 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 28 $ 28 $ – $ – $ 59 $ 59 Other assets (b) – – 3 3 – – 77 77 (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 for the three months ended March 31: (Dollars in Millions) 2022 2021 Loans (a) $ 11 $ 31 Other assets (b) 1 1 (a) Represents 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 | 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: March 31, 2022 December 31, 2021 (Dollars in Millions) Fair Aggregate Carrying Fair Aggregate Carrying Total loans $ 2,203 $ 2,200 $ 3 $ 6,623 $ 6,453 $ 170 Nonaccrual loans 1 1 – 1 1 – Loans 90 days or more past due 2 2 – 2 2 – |
Estimated Fair Values of Financial Instruments | The following section summarizes the estimated fair value for financial instruments accounted for at amortized cost as of March 31, 2022 and December 31, 2021. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, receivables and payables due in one year or less, insurance contracts, equity investments not accounted for at fair value, and deposits with no defined or contractual maturities are excluded. The estimated fair values of the Company’s financial instruments are shown in the table below: March 31, 2022 December 31, 2021 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 $ 44,303 $ 44,303 $ – $ – $ 44,303 $ 28,905 $ 28,905 $ – $ – $ 28,905 Federal funds sold and securities purchased under resale agreements 513 – 513 – 513 359 – 359 – 359 Investment securities held-to-maturity 43,654 – 40,572 – 40,572 41,858 – 41,812 – 41,812 Loans held for sale (a) 1,118 – – 1,118 1,118 1,152 – – 1,152 1,152 Loans 313,270 – – 311,120 311,120 306,304 – – 312,724 312,724 Other (b) 1,941 – 1,129 812 1,941 1,521 – 630 891 1,521 Financial Liabilities Time deposits 24,304 – 23,952 – 23,952 22,665 – 22,644 – 22,644 Short-term borrowings (c) 19,398 – 19,140 – 19,140 9,750 – 9,646 – 9,646 Long-term debt 32,931 – 32,228 – 32,228 32,125 – 32,547 – 32,547 Other (d) 3,797 – 1,151 2,646 3,797 3,862 – 1,170 2,692 3,862 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged (c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. (d) Includes operating lease liabilities and liabilities related to tax-advantaged |
Guarantees and Contingent Lia_2
Guarantees and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022: (Dollars in Millions) Collateral Carrying Maximum Standby letters of credit $ – $ 55 $ 9,705 Third party borrowing arrangements – – 6 Securities lending indemnifications 10,342 – 9,933 Asset sales – 85 7,382 (a) Merchant processing 968 106 121,205 Tender option bond program guarantee 1,615 – 1,488 Other – 21 1,331 (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. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Business Segments Reporting Information Details | Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2022, certain organization and methodology changes were made and, accordingly, 2021 results were restated and presented on a comparable basis. Business segment results for the three months ended March 31 were as follows: Corporate and Commercial Consumer and Business Banking Wealth Management and (Dollars in Millions) 2022 2021 2022 2021 2022 2021 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 735 $ 719 $ 1,517 $ 1,505 $ 274 $ 268 Noninterest income 245 268 461 569 596 531 Total net revenue 980 987 1,978 2,074 870 799 Nointerest expense 419 409 1,405 1,344 587 494 Income (loss) before provision and income taxes 561 578 573 730 283 305 Provision for credit losses 3 (48 ) 49 (37 ) 8 5 Income (loss) before income taxes 558 626 524 767 275 300 Income taxes and taxable-equivalent adjustment 140 157 131 192 69 75 Net income (loss) 418 469 393 575 206 225 Net (income) loss attributable to noncontrolling interests – – – – – – Net income (loss) attributable to U.S. Bancorp $ 418 $ 469 $ 393 $ 575 $ 206 $ 225 Average Balance Sheet Loans $ 115,634 $ 101,927 $ 141,106 $ 141,719 $ 20,666 $ 16,846 Other earning assets 4,676 4,321 4,381 10,177 259 279 Goodwill 1,912 1,647 3,261 3,475 1,761 1,619 Other intangible assets 4 5 3,176 2,493 265 42 Assets 127,651 114,069 157,696 164,131 24,446 20,120 Noninterest-bearing deposits 62,285 56,281 32,094 32,861 27,350 21,338 Interest-bearing deposits 86,618 71,377 166,765 151,406 69,909 83,474 Total deposits 148,903 127,658 198,859 184,267 97,259 104,812 Total U.S. Bancorp shareholders’ equity 13,710 14,354 12,275 12,496 3,595 3,034 Payment Services Treasury and Corporate Support Consolidated Company (Dollars in Millions) 2022 2021 2022 2021 2022 2021 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 622 $ 629 $ 52 $ (32 ) $ 3,200 $ 3,089 Noninterest income 858 (a) 785 (a) 236 228 2,396 (b) 2,381 (b) Total net revenue 1,480 1,414 288 196 5,596 (c) 5,470 (c) Noninterest expense 854 805 237 327 3,502 3,379 Income (loss) before provision and income taxes 626 609 51 (131 ) 2,094 2,091 Provision for credit losses 130 (41 ) (78 ) (706 ) 112 (827 ) Income (loss) before income taxes 496 650 129 575 1,982 2,918 Income taxes and taxable-equivalent adjustment 124 163 (40 ) 46 424 633 Net income (loss) 372 487 169 529 1,558 2,285 Net (income) loss attributable to noncontrolling interests – – (1 ) (5 ) (1 ) (5 ) Net income (loss) attributable to U.S. Bancorp $ 372 $ 487 $ 168 $ 524 $ 1,557 $ 2,280 Average Balance Sheet Loans $ 31,740 $ 29,630 $ 3,820 $ 3,867 $ 312,966 $ 293,989 Other earning assets 1,023 5 206,532 188,940 216,871 203,722 Goodwill 3,325 3,173 – – 10,259 9,914 Other intangible assets 464 542 – – 3,909 3,082 Assets 38,540 35,091 229,069 215,323 577,402 548,734 Noninterest-bearing deposits 3,673 5,264 2,561 2,608 127,963 118,352 Interest-bearing deposits 160 132 2,761 1,623 326,213 308,012 Total deposits 3,833 5,396 5,322 4,231 454,176 426,364 Total U.S. Bancorp shareholders’ equity 8,019 7,658 15,867 15,187 53,466 52,729 (a) Presented net of related rewards and rebate costs and certain partner payments of $671 million and $535 million for the three months ended March 31, 2022 and 2021, respectively. (b) Includes revenue generated from certain contracts with customers of $1.9 billion and $1.7 billion for the three months ended March 31, 2022 and 2021, respectively. (c) The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangments, the Company recorded $204 million and $228 million of revenue for the three months ended March 31, 2022 and 2021, respectively, primarily consisting of interest income on sales-type and direct financing leases. |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - MUFG Union Bank [Member] - Forecast [Member] $ in Billions | 6 Months Ended |
Jun. 30, 2022USD ($)Branchesshares | |
Business Acquisition [Line Items] | |
Business combination, Consideration transferred | $ 8 |
Payments to acquire businesses, gross | 5.5 |
Business combination, Recognized identifiable assets acquired and liabilities assumed, Assets | 105 |
Business combination, Recognized identifiable assets acquired and liabilities assumed, Financial liabilities | 58 |
Business combination, Recognized identifiable assets acquired and liabilities assumed, Deposits | $ 90 |
Number of branches acquired | Branches | 300 |
Common Stock [Member] | |
Business Acquisition [Line Items] | |
Business acquisition, Equity interest issued or issuable, Number of shares | shares | 44,000,000 |
Investment Securities - Availab
Investment Securities - Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Securities Available For Sale And Held To Maturity [Line Items] | |||
Held-to-maturity securities, Amortized Cost | $ 43,654 | [1] | $ 41,858 |
Held-to-maturity securities, Unrealized Gains | 2 | ||
Held-to-maturity securities, Unrealized Losses | (3,082) | (48) | |
Held-to-maturity securities, Fair Value | 40,572 | [1] | 41,812 |
Available-for-sale Securities, Amortized Cost | 129,642 | [1] | 132,241 |
Available-for-sale securities, Unrealized Gains | 249 | 1,534 | |
Available-for-sale securities, Unrealized Losses | (6,298) | (812) | |
Available-for-sale securities, Fair Value | 123,593 | [1] | 132,963 |
U.S. Treasury and Agencies [Member] | |||
Debt Securities Available For Sale And Held To Maturity [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 27,653 | 36,648 | |
Available-for-sale securities, Unrealized Gains | 28 | 205 | |
Available-for-sale securities, Unrealized Losses | (1,331) | (244) | |
Available-for-sale securities, Fair Value | 26,350 | 36,609 | |
Residential Mortgage-Backed Securities [Member] | Agency [Member] | |||
Debt Securities Available For Sale And Held To Maturity [Line Items] | |||
Held-to-maturity securities, Amortized Cost | 43,654 | 41,858 | |
Held-to-maturity securities, Unrealized Gains | 2 | ||
Held-to-maturity securities, Unrealized Losses | (3,082) | (48) | |
Held-to-maturity securities, Fair Value | 40,572 | 41,812 | |
Available-for-sale Securities, Amortized Cost | 82,508 | 76,761 | |
Available-for-sale securities, Unrealized Gains | 70 | 665 | |
Available-for-sale securities, Unrealized Losses | (3,586) | (347) | |
Available-for-sale securities, Fair Value | 78,992 | 77,079 | |
Commercial [Member] | Agency [Member] | |||
Debt Securities Available For Sale And Held To Maturity [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 8,769 | 8,633 | |
Available-for-sale securities, Unrealized Gains | 53 | ||
Available-for-sale securities, Unrealized Losses | (806) | (201) | |
Available-for-sale securities, Fair Value | 7,963 | 8,485 | |
Asset-Backed Securities [Member] | |||
Debt Securities Available For Sale And Held To Maturity [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 4 | [2] | 62 |
Available-for-sale securities, Unrealized Gains | 3 | 4 | |
Available-for-sale securities, Fair Value | 7 | [2] | 66 |
Obligations of State and Political Subdivisions [Member] | |||
Debt Securities Available For Sale And Held To Maturity [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 10,701 | [3],[4] | 10,130 |
Available-for-sale securities, Unrealized Gains | 148 | 607 | |
Available-for-sale securities, Unrealized Losses | (575) | (20) | |
Available-for-sale securities, Fair Value | 10,274 | [3],[4] | 10,717 |
Other [Member] | |||
Debt Securities Available For Sale And Held To Maturity [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 7 | 7 | |
Available-for-sale securities, Fair Value | $ 7 | $ 7 | |
[1] | The weighted-average maturity of total held-to-maturity investment securities was 7.4 years at December 31, 2021, with a corresponding weighted-average yield of 1.45 percent. The weighted-average maturity of total available-for-sale investment securities was 5.5 years at December 31, 2021, with a corresponding weighted-average yield of 1.73 percent. | ||
[2] | Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. | ||
[3] | 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, and yield to maturity if the security is purchased at par or a discount. | ||
[4] | 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 the contractual maturity date for securities with a fair value equal to or below par. |
Investment Securities - Amount
Investment Securities - Amount of Interest Income from Taxable and Non-Taxable Investment Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest Income, Securities, Operating, by Taxable Status [Abstract] | ||
Taxable | $ 646 | $ 455 |
Non-taxable | 71 | 62 |
Total interest income from investment securities | $ 717 | $ 517 |
Investment Securities - Amoun_2
Investment Securities - Amount of Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract] | ||
Realized gains | $ 242 | $ 25 |
Realized losses | (224) | |
Net realized gains | 18 | 25 |
Income tax on net realized gains | $ 4 | $ 6 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of securities pledged | $ 21,000 | $ 30,700 |
Fair value of securities pledged as collateral where counterparty has right to repledge or resell | 855 | $ 557 |
Debt securities, Held to maturity, Allowance for credit loss | $ 0 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investment Securities (Detail) $ in Millions | Mar. 31, 2022USD ($) |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | $ 94,661 |
Unrealized Losses Less Than 12 Months | (5,091) |
Fair Value 12 Months or Greater | 11,954 |
Unrealized Losses 12 Months or Greater | (1,207) |
Fair Value Total | 106,615 |
Unrealized Losses Total | (6,298) |
U.S. Treasury and Agencies [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 18,851 |
Unrealized Losses Less Than 12 Months | (982) |
Fair Value 12 Months or Greater | 3,784 |
Unrealized Losses 12 Months or Greater | (349) |
Fair Value Total | 22,635 |
Unrealized Losses Total | (1,331) |
Residential Mortgage-Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 66,323 |
Unrealized Losses Less Than 12 Months | (3,181) |
Fair Value 12 Months or Greater | 5,090 |
Unrealized Losses 12 Months or Greater | (405) |
Fair Value Total | 71,413 |
Unrealized Losses Total | (3,586) |
Commercial Mortgage Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 5,105 |
Unrealized Losses Less Than 12 Months | (414) |
Fair Value 12 Months or Greater | 2,856 |
Unrealized Losses 12 Months or Greater | (392) |
Fair Value Total | 7,961 |
Unrealized Losses Total | (806) |
Asset-Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
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 Less Than 12 Months | 4,378 |
Unrealized Losses Less Than 12 Months | (514) |
Fair Value 12 Months or Greater | 222 |
Unrealized Losses 12 Months or Greater | (61) |
Fair Value Total | 4,600 |
Unrealized Losses Total | (575) |
Other [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 4 |
Fair Value Total | $ 4 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | |||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | $ 129,642 | [1] | $ 132,241 | |
Available-for-sale securities, total, fair value | $ 123,593 | [1] | $ 132,963 | |
Available-for-sale securities, total, weighted-average maturity in years | 7 years 6 months | [1] | 7 years 4 months 24 days | |
Available-for-sale securities, total, weighted-average yield | 1.96% | [1],[2] | 1.45% | |
Held-to-maturity securities, Amortized Cost | $ 43,654 | [1] | $ 41,858 | |
Held-to-maturity securities, total, fair value | $ 40,572 | [1] | $ 41,812 | |
Held-to-maturity securities, total, weighted-average maturity in years | [1] | 9 years 8 months 12 days | ||
Held-to-maturity securities, total, weighted-average yield | 1.64% | [1],[2] | 1.73% | |
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 | $ 2,226 | |||
Available-for-sale securities, maturing after one year through five years, amortized cost | 3,246 | |||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 19,476 | |||
Available-for-sale securities, maturing after ten years, amortized cost | 2,705 | |||
Available-for-sale securities, Amortized Cost | 27,653 | $ 36,648 | ||
Available-for-sale securities, maturing in one year or less, fair value | 2,236 | |||
Available-for-sale securities, maturing after one year through five years, fair value | 3,086 | |||
Available-for-sale securities, maturing after five years through ten years, fair value | 18,644 | |||
Available-for-sale securities, maturing after ten years, fair value | 2,384 | |||
Available-for-sale securities, total, fair value | $ 26,350 | 36,609 | ||
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 maturity in years | 4 years 8 months 12 days | |||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 7 years 8 months 12 days | |||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | 12 years | |||
Available-for-sale securities, total, weighted-average maturity in years | 7 years 2 months 12 days | |||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [2] | 1.97% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [2] | 1.36% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [2] | 1.88% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [2] | 1.99% | ||
Available-for-sale securities, total, weighted-average yield | [2] | 1.83% | ||
Mortgage-Backed Securities [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing in one year or less, amortized cost | [3] | $ 64 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | [3] | 15,629 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | [3] | 69,960 | ||
Available-for-sale securities, maturing after ten years, amortized cost | [3] | 5,624 | ||
Available-for-sale securities, Amortized Cost | [3] | 91,277 | ||
Available-for-sale securities, maturing in one year or less, fair value | [3] | 65 | ||
Available-for-sale securities, maturing after one year through five years, fair value | [3] | 15,395 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | [3] | 66,155 | ||
Available-for-sale securities, maturing after ten years, fair value | [3] | 5,340 | ||
Available-for-sale securities, total, fair value | [3] | $ 86,955 | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | [3] | 8 months 12 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | [3] | 3 years 3 months 18 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | [3] | 8 years | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | [3] | 10 years 4 months 24 days | ||
Available-for-sale securities, total, weighted-average maturity in years | [3] | 7 years 3 months 18 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [2],[3] | 2.19% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [2],[3] | 1.89% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [2],[3] | 1.76% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [2],[3] | 2.09% | ||
Available-for-sale securities, total, weighted-average yield | [2],[3] | 1.80% | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | [3] | $ 30,703 | ||
Held-to-maturity securities, maturing after ten years, amortized cost | [3] | 12,951 | ||
Held-to-maturity securities, Amortized Cost | [3] | 43,654 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | [3] | 28,569 | ||
Held-to-maturity securities, maturing after ten years, fair value | [3] | 12,003 | ||
Held-to-maturity securities, total, fair value | [3] | $ 40,572 | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | [3] | 9 years 6 months | ||
Held-to-maturity securities, maturing after ten years, weighted-average maturity in years | [3] | 10 days 7 hours | ||
Held-to-maturity securities, total, weighted-average maturity in years | [3] | 9 years 8 months 12 days | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | [2],[3] | 1.58% | ||
Held-to-maturity securities, maturing after ten years, weighted-average yield | [2],[3] | 1.78% | ||
Held-to-maturity securities, total, weighted-average yield | [2],[3] | 1.64% | ||
Asset-Backed Securities [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing after one year through five years, amortized cost | [3] | $ 2 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | [3] | 2 | ||
Available-for-sale securities, Amortized Cost | 4 | [3] | 62 | |
Available-for-sale securities, maturing after one year through five years, fair value | [3] | 3 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | [3] | 2 | ||
Available-for-sale securities, maturing after ten years, fair value | [3] | 2 | ||
Available-for-sale securities, total, fair value | $ 7 | [3] | 66 | |
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | [3] | 6 months | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | [3] | 3 years | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | [3] | 6 years | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | [3] | 13 years | ||
Available-for-sale securities, total, weighted-average maturity in years | [3] | 4 years 1 month 6 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [2],[3] | 2.69% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [2],[3] | 1.91% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [2],[3] | 2.13% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [2],[3] | 2.41% | ||
Available-for-sale securities, total, weighted-average yield | [2],[3] | 2.00% | ||
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 | [4],[5] | $ 409 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | [4],[5] | 3,046 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | [4],[5] | 3,326 | ||
Available-for-sale securities, maturing after ten years, amortized cost | [4],[5] | 3,920 | ||
Available-for-sale securities, Amortized Cost | 10,701 | [4],[5] | 10,130 | |
Available-for-sale securities, maturing in one year or less, fair value | [4],[5] | 412 | ||
Available-for-sale securities, maturing after one year through five years, fair value | [4],[5] | 3,120 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | [4],[5] | 3,335 | ||
Available-for-sale securities, maturing after ten years, fair value | [4],[5] | 3,407 | ||
Available-for-sale securities, total, fair value | $ 10,274 | [4],[5] | 10,717 | |
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | [4],[5] | 4 months 24 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | [4],[5] | 4 years | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | [4],[5] | 6 years 6 months | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | [4],[5] | 17 years 1 month 6 days | ||
Available-for-sale securities, total, weighted-average maturity in years | [4],[5] | 9 years 6 months | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [2],[4],[5] | 4.74% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [2],[4],[5] | 4.34% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [2],[4],[5] | 3.83% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [2],[4],[5] | 2.82% | ||
Available-for-sale securities, total, weighted-average yield | [2],[4],[5] | 3.64% | ||
Other [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 7 | |||
Available-for-sale securities, Amortized Cost | 7 | 7 | ||
Available-for-sale securities, maturing in one year or less, fair value | 7 | |||
Available-for-sale securities, total, fair value | $ 7 | $ 7 | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 1 month 6 days | |||
Available-for-sale securities, total, weighted-average maturity in years | 1 month 6 days | |||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [2] | 2.07% | ||
Available-for-sale securities, total, weighted-average yield | [2] | 2.07% | ||
[1] | The weighted-average maturity of total held-to-maturity investment securities was 7.4 years at December 31, 2021, with a corresponding weighted-average yield of 1.45 percent. The weighted-average maturity of total available-for-sale investment securities was 5.5 years at December 31, 2021, with a corresponding weighted-average yield of 1.73 percent. | |||
[2] | Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on 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. | |||
[3] | Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. | |||
[4] | 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, and yield to maturity if the security is purchased at par or a discount. | |||
[5] | 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 the contractual maturity date for securities with a fair value equal to or below par. |
Investment Securities - Amort_2
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | ||
Contractual Maturities of Investment Securities [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | |
Available for sale securities weighted average maturities | 7 years 6 months | [1] | 7 years 4 months 24 days |
Debt securities available for sale weighted average yield | 1.96% | [1],[2] | 1.45% |
Weighted average maturity of total held to maturity investment securities | 5 years 6 months | ||
Debt Securities, Held-to-Maturity, Weighted Average Yield | 1.64% | [1],[2] | 1.73% |
[1] | The weighted-average maturity of total held-to-maturity investment securities was 7.4 years at December 31, 2021, with a corresponding weighted-average yield of 1.45 percent. The weighted-average maturity of total available-for-sale investment securities was 5.5 years at December 31, 2021, with a corresponding weighted-average yield of 1.73 percent. | ||
[2] | Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on 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. |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 318,934 | $ 312,028 |
Loans, percentage | 100.00% | 100.00% |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 112,479 | $ 106,912 |
Loans, percentage | 35.30% | 34.30% |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 117,470 | $ 112,023 |
Loans, percentage | 36.90% | 35.90% |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 39,191 | $ 39,053 |
Loans, percentage | 12.30% | 12.50% |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 78,487 | $ 76,493 |
Loans, percentage | 24.60% | 24.50% |
Other Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 61,623 | $ 61,959 |
Loans, percentage | 19.30% | 19.90% |
Lease Financing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 4,991 | $ 5,111 |
Loans, percentage | 1.60% | 1.60% |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 29,501 | $ 28,757 |
Loans, percentage | 9.30% | 9.20% |
Construction and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 9,690 | $ 10,296 |
Loans, percentage | 3.00% | 3.30% |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 69,680 | $ 67,546 |
Loans, percentage | 21.80% | 21.60% |
Home Equity Loans, First Liens [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 8,807 | $ 8,947 |
Loans, percentage | 2.80% | 2.90% |
Credit Card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 22,163 | $ 22,500 |
Loans, percentage | 6.90% | 7.20% |
Retail Leasing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 6,941 | $ 7,256 |
Loans, percentage | 2.20% | 2.30% |
Home Equity and Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 10,457 | $ 10,446 |
Loans, percentage | 3.30% | 3.40% |
Revolving Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 2,652 | $ 2,750 |
Loans, percentage | 0.80% | 0.90% |
Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 16,732 | $ 16,514 |
Loans, percentage | 5.20% | 5.30% |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 24,724 | $ 24,866 |
Loans, percentage | 7.80% | 8.00% |
Student [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 117 | $ 127 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)SecurityLoanMortgageLoan | Dec. 31, 2021USD ($) | |
Loans and Allowance for Credit Losses [Line Items] | ||
Loans pledged at the Federal Home Loan Bank | $ 91,800 | $ 92,100 |
Loans pledged at the Federal Reserve Bank | 79,700 | 76,900 |
Unearned interest and deferred fees and costs on originated loans | 394 | 475 |
Foreclosed residential real estate property included in other real estate owned | 23 | 22 |
Foreclosed residential real estate related to mortgage loans whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs | 27 | 22 |
Residential mortgage loans secured by residential real estate in process of foreclosure | $ 1,100 | 696 |
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 | 16 | |
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 | $ 2 | |
Commitments to lend additional funds | 105 | |
Allowance For Individually Evaluated Loans | 5 | |
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 | $ 876 | $ 555 |
Home Equity and Second Mortgages [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Number of loans in trial period | SecurityLoan | 1 | |
Outstanding balance of loans in trial period | $ 1 | |
Estimated post-modification balance of loans in trial period | $ 1 | |
Residential Mortgages [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Number of loans in trial period | SecurityLoan | 6 | |
Outstanding balance of loans in trial period | $ 1 | |
Estimated post-modification balance of loans in trial period | $ 1 | |
Government National Mortgage Association [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Number of loans in trial period | SecurityLoan | 99 | |
Outstanding balance of loans in trial period | $ 14 | |
Estimated post-modification balance of loans in trial period | $ 15 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses by Portfolio Class (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | $ 6,155 | $ 8,010 |
Provision for credit losses | 112 | (827) |
Loans charged-off | 280 | 374 |
Less recoveries of loans charged-off | (118) | (151) |
Net loan charge-offs (recoveries) | 162 | 223 |
Balance at end of period | 6,105 | 6,960 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,849 | 2,423 |
Provision for credit losses | 19 | (435) |
Loans charged-off | 55 | 86 |
Less recoveries of loans charged-off | (23) | (30) |
Net loan charge-offs (recoveries) | 32 | 56 |
Balance at end of period | 1,836 | 1,932 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,123 | 1,544 |
Provision for credit losses | (54) | (19) |
Loans charged-off | 1 | 10 |
Less recoveries of loans charged-off | (6) | (17) |
Net loan charge-offs (recoveries) | (5) | (7) |
Balance at end of period | 1,074 | 1,532 |
Residential Mortgages [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 565 | 573 |
Provision for credit losses | 29 | (39) |
Loans charged-off | 5 | 5 |
Less recoveries of loans charged-off | (11) | (10) |
Net loan charge-offs (recoveries) | (6) | (5) |
Balance at end of period | 600 | 539 |
Other Retail [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 945 | 1,115 |
Provision for credit losses | 40 | (75) |
Loans charged-off | 61 | 83 |
Less recoveries of loans charged-off | (32) | (48) |
Net loan charge-offs (recoveries) | 29 | 35 |
Balance at end of period | 956 | 1,005 |
Credit Card [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,673 | 2,355 |
Provision for credit losses | 78 | (259) |
Loans charged-off | 158 | 190 |
Less recoveries of loans charged-off | (46) | (46) |
Net loan charge-offs (recoveries) | 112 | 144 |
Balance at end of period | $ 1,639 | $ 1,952 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 318,934 | $ 312,028 |
Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 316,863 | 309,520 |
Accruing 30-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 856 | 1,202 |
Accruing 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 450 | 472 |
Nonperforming [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 765 | 834 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 117,470 | 112,023 |
Commercial [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 116,986 | 111,270 |
Commercial [Member] | Accruing 30-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 234 | 530 |
Commercial [Member] | Accruing 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 76 | 49 |
Commercial [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 174 | 174 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 39,191 | 39,053 |
Commercial Real Estate [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 38,888 | 38,678 |
Commercial Real Estate [Member] | Accruing 30-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 86 | 80 |
Commercial Real Estate [Member] | Accruing 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1 | 11 |
Commercial Real Estate [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 216 | 284 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 78,487 | 76,493 |
Residential Mortgages [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 78,028 | 75,962 |
Residential Mortgages [Member] | Accruing 30-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 105 | 124 |
Residential Mortgages [Member] | Accruing 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 140 | 181 |
Residential Mortgages [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 214 | 226 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 61,623 | 61,959 |
Other Retail [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 61,157 | 61,468 |
Other Retail [Member] | Accruing 30-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 237 | 275 |
Other Retail [Member] | Accruing 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 68 | 66 |
Other Retail [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 161 | 150 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 22,163 | 22,500 |
Credit Card [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 21,804 | 22,142 |
Credit Card [Member] | Accruing 30-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 194 | 193 |
Credit Card [Member] | Accruing 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 165 | $ 165 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Parenthetical) (Detail) - Government National Mortgage Association [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans 30-89 days past due purchased from Government National Mortgage Association mortgage pools, classified as current | $ 662 | $ 791 | |
Loans 90 days or more past due purchased from Government National Mortgage Association mortgage pools, classified as current | 1,300 | $ 1,500 | |
Interest income on nonperforming loans | $ 3 | $ 3 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 318,934 | $ 312,028 |
Total outstanding commitments | 686,422 | 671,419 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 313,734 | 306,471 |
Total outstanding commitments | 678,366 | 662,363 |
Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,313 | 1,684 |
Total outstanding commitments | 2,372 | 3,372 |
Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,887 | 3,873 |
Total outstanding commitments | 5,684 | 5,684 |
Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,200 | 5,557 |
Total outstanding commitments | 8,056 | 9,056 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 13,607 | |
Originated in 2021 | 47,792 | 51,829 |
Originated in 2020 | 12,129 | 14,528 |
Originated in 2019 | 8,884 | 10,364 |
Originated in 2018 | 4,530 | 5,161 |
Originated prior to 2018 | 4,317 | 5,034 |
Revolving | 26,211 | 25,107 |
Total loans | 117,470 | 112,023 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 13,554 | |
Originated in 2021 | 47,131 | 51,155 |
Originated in 2020 | 11,779 | 14,091 |
Originated in 2019 | 8,761 | 10,159 |
Originated in 2018 | 4,475 | 5,122 |
Originated prior to 2018 | 4,251 | 4,923 |
Revolving | 25,756 | 24,722 |
Total loans | 115,707 | 110,172 |
Commercial [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 8 | |
Originated in 2021 | 378 | 387 |
Originated in 2020 | 38 | 304 |
Originated in 2019 | 24 | 151 |
Originated in 2018 | 11 | 3 |
Originated prior to 2018 | 17 | 30 |
Revolving | 261 | 268 |
Total loans | 737 | 1,143 |
Commercial [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 45 | |
Originated in 2021 | 283 | 287 |
Originated in 2020 | 312 | 133 |
Originated in 2019 | 99 | 54 |
Originated in 2018 | 44 | 36 |
Originated prior to 2018 | 49 | 81 |
Revolving | 194 | 117 |
Total loans | 1,026 | 708 |
Commercial [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 53 | |
Originated in 2021 | 661 | 674 |
Originated in 2020 | 350 | 437 |
Originated in 2019 | 123 | 205 |
Originated in 2018 | 55 | 39 |
Originated prior to 2018 | 66 | 111 |
Revolving | 455 | 385 |
Total loans | 1,763 | 1,851 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 3,465 | |
Originated in 2021 | 13,141 | 14,360 |
Originated in 2020 | 7,226 | 7,920 |
Originated in 2019 | 6,616 | 7,229 |
Originated in 2018 | 3,102 | 3,254 |
Originated prior to 2018 | 4,069 | 4,752 |
Revolving | 1,572 | 1,538 |
Total loans | 39,191 | 39,053 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 3,170 | |
Originated in 2021 | 12,419 | 13,364 |
Originated in 2020 | 6,907 | 7,459 |
Originated in 2019 | 5,750 | 6,368 |
Originated in 2018 | 2,847 | 2,996 |
Originated prior to 2018 | 3,898 | 4,473 |
Revolving | 1,530 | 1,494 |
Total loans | 36,521 | 36,154 |
Commercial Real Estate [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 110 | |
Originated in 2021 | 17 | 6 |
Originated in 2020 | 78 | 198 |
Originated in 2019 | 310 | 251 |
Originated in 2018 | 42 | 29 |
Originated prior to 2018 | 19 | 55 |
Revolving | 1 | |
Total loans | 576 | 540 |
Commercial Real Estate [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 185 | |
Originated in 2021 | 705 | 990 |
Originated in 2020 | 241 | 263 |
Originated in 2019 | 556 | 610 |
Originated in 2018 | 213 | 229 |
Originated prior to 2018 | 152 | 224 |
Revolving | 42 | 43 |
Total loans | 2,094 | 2,359 |
Commercial Real Estate [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 295 | |
Originated in 2021 | 722 | 996 |
Originated in 2020 | 319 | 461 |
Originated in 2019 | 866 | 861 |
Originated in 2018 | 255 | 258 |
Originated prior to 2018 | 171 | 279 |
Revolving | 42 | 44 |
Total loans | 2,670 | 2,899 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 6,431 | |
Originated in 2021 | 29,725 | 29,885 |
Originated in 2020 | 14,860 | 15,957 |
Originated in 2019 | 6,177 | 6,974 |
Originated in 2018 | 2,573 | 2,919 |
Originated prior to 2018 | 18,720 | 20,757 |
Revolving | 1 | 1 |
Total loans | 78,487 | 76,493 |
Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 6,431 | |
Originated in 2021 | 29,721 | 29,882 |
Originated in 2020 | 14,850 | 15,948 |
Originated in 2019 | 6,154 | 6,938 |
Originated in 2018 | 2,553 | 2,889 |
Originated prior to 2018 | 18,407 | 20,415 |
Revolving | 1 | 1 |
Total loans | 78,117 | 76,073 |
Residential Mortgages [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 1 | |
Total loans | 1 | |
Residential Mortgages [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 4 | 3 |
Originated in 2020 | 10 | 8 |
Originated in 2019 | 23 | 36 |
Originated in 2018 | 20 | 30 |
Originated prior to 2018 | 313 | 342 |
Total loans | 370 | 419 |
Residential Mortgages [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 4 | 3 |
Originated in 2020 | 10 | 9 |
Originated in 2019 | 23 | 36 |
Originated in 2018 | 20 | 30 |
Originated prior to 2018 | 313 | 342 |
Total loans | 370 | 420 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 4,644 | |
Originated in 2021 | 20,502 | 22,461 |
Originated in 2020 | 10,981 | 12,080 |
Originated in 2019 | 6,341 | 7,240 |
Originated in 2018 | 2,687 | 3,299 |
Originated prior to 2018 | 3,194 | 3,723 |
Revolving | 12,771 | 12,644 |
Revolving converted to term | 503 | 512 |
Total loans | 61,623 | 61,959 |
Other Retail [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2022 | 4,644 | |
Originated in 2021 | 20,495 | 22,455 |
Originated in 2020 | 10,972 | 12,071 |
Originated in 2019 | 6,327 | 7,223 |
Originated in 2018 | 2,675 | 3,285 |
Originated prior to 2018 | 3,174 | 3,699 |
Revolving | 12,644 | 12,532 |
Revolving converted to term | 460 | 472 |
Total loans | 61,391 | 61,737 |
Other Retail [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 7 | 6 |
Originated in 2020 | 9 | 9 |
Originated in 2019 | 14 | 17 |
Originated in 2018 | 12 | 14 |
Originated prior to 2018 | 20 | 24 |
Revolving | 127 | 112 |
Revolving converted to term | 43 | 40 |
Total loans | 232 | 222 |
Other Retail [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 7 | 6 |
Originated in 2020 | 9 | 9 |
Originated in 2019 | 14 | 17 |
Originated in 2018 | 12 | 14 |
Originated prior to 2018 | 20 | 24 |
Revolving | 127 | 112 |
Revolving converted to term | 43 | 40 |
Total loans | 232 | 222 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 22,163 | 22,500 |
Credit Card [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 21,998 | 22,335 |
Credit Card [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 165 | 165 |
Credit Card [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 165 | $ 165 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating (Parenthetical) (Detail) - Government National Mortgage Association [Member] - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Restructured GNMA loans,classified with a pass rating | $ 978 | $ 1,100 |
GNMA loans 90 days or more past due, classified with a pass rating | $ 1,300 | $ 1,500 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)SecurityLoan | Mar. 31, 2021USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 11,815 | 8,766 |
Pre-Modification Outstanding Loan Balance | $ 419 | $ 422 |
Post-Modification Outstanding Loan Balance | $ 410 | $ 390 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 509 | 704 |
Pre-Modification Outstanding Loan Balance | $ 38 | $ 75 |
Post-Modification Outstanding Loan Balance | $ 32 | $ 60 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 9 | 56 |
Pre-Modification Outstanding Loan Balance | $ 11 | $ 86 |
Post-Modification Outstanding Loan Balance | $ 10 | $ 71 |
Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 840 | 336 |
Pre-Modification Outstanding Loan Balance | $ 228 | $ 104 |
Post-Modification Outstanding Loan Balance | $ 226 | $ 104 |
Other Retail [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 728 | 1,325 |
Pre-Modification Outstanding Loan Balance | $ 37 | $ 37 |
Post-Modification Outstanding Loan Balance | $ 37 | $ 32 |
Credit Card [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 9,339 | 5,786 |
Pre-Modification Outstanding Loan Balance | $ 50 | $ 33 |
Post-Modification Outstanding Loan Balance | $ 50 | $ 34 |
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 11,425 | 8,207 |
Pre-Modification Outstanding Loan Balance | $ 364 | $ 335 |
Post-Modification Outstanding Loan Balance | $ 355 | $ 301 |
Government National Mortgage Association [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 390 | 559 |
Pre-Modification Outstanding Loan Balance | $ 55 | $ 87 |
Post-Modification Outstanding Loan Balance | $ 55 | $ 89 |
Loans and Allowance for Cred_11
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 | |
Mar. 31, 2022USD ($)SecurityLoan | Mar. 31, 2021USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 2,017 | 2,381 |
Amount Defaulted | $ | $ 25 | $ 41 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 214 | 285 |
Amount Defaulted | $ | $ 3 | $ 16 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 3 | 7 |
Amount Defaulted | $ | $ 1 | $ 5 |
Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 34 | 15 |
Amount Defaulted | $ | $ 3 | $ 2 |
Other Retail [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 83 | 280 |
Amount Defaulted | $ | $ 1 | $ 5 |
Credit Card [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 1,634 | 1,764 |
Amount Defaulted | $ | $ 9 | $ 9 |
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 1,968 | 2,351 |
Amount Defaulted | $ | $ 17 | $ 37 |
Government National Mortgage Association [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 49 | 30 |
Amount Defaulted | $ | $ 8 | $ 4 |
Accounting for Transfers and _3
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | $ 586,517 | $ 573,284 | |
Liabilities related to consolidated VIEs | 534,849 | 517,897 | |
Community Development And Tax Advantaged Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Federal and state income tax credits recognized in tax expense | 113 | $ 133 | |
Expense related to investments | 102 | 126 | |
Investment tax credits | 13 | 37 | |
Expenses related to investments recognized in tax expense | 91 | 92 | |
Financial Support Waived Fees [Member] | |||
Variable Interest Entity [Line Items] | |||
Financial or other support to money market funds | 58 | $ 47 | |
Variable Interest Entity Not Primary Beneficiary [Member] | Private Investment Funds and Partnerships [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 84 | 84 | |
Assets related to consolidated VIEs | 41 | 40 | |
Variable Interest Entity Not Primary Beneficiary [Member] | Community Development And Tax Advantaged Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 9,764 | 9,899 | |
Assets related to consolidated VIEs | 5,106 | 4,484 | |
Liabilities related to consolidated VIEs | 2,331 | 1,890 | |
Variable Interest Entity Not Primary Beneficiary [Member] | Minimum [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate amount of investments in unconsolidated VIEs | 1 | 1 | |
Variable Interest Entity Not Primary Beneficiary [Member] | Maximum [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate amount of investments in unconsolidated VIEs | 74 | 75 | |
Variable Interest Entity Primary Beneficiary [Member] | Community Development And Tax Advantaged Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | 4,900 | 5,000 | |
Liabilities related to consolidated VIEs | 3,300 | 3,400 | |
Variable Interest Entity Primary Beneficiary [Member] | Tender Option Bond Program [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | 1,600 | 1,700 | |
Liabilities related to consolidated VIEs | $ 1,200 | $ 1,200 |
Accounting for Transfers and _4
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Summary of Investments in Community Development and Tax-advantaged VIEs (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Investment carrying amount | $ 586,517 | $ 573,284 |
Unfunded capital and other commitments | 534,849 | 517,897 |
Variable Interest Entity Not Primary Beneficiary [Member] | Community Development And Tax Advantaged Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment carrying amount | 5,106 | 4,484 |
Unfunded capital and other commitments | 2,331 | 1,890 |
Maximum exposure to loss | $ 9,764 | $ 9,899 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset | $ 227,200 | $ 222,400 | |
Gain (Loss) on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs | (29) | $ 120 | |
Loan servicing and ancillary fees | $ 185 | $ 175 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Transfers and Servicing of Financial Assets [Abstract] | ||
Balance at beginning of period | $ 2,953 | $ 2,210 |
Rights purchased | 3 | 16 |
Rights capitalized | 237 | 319 |
Rights sold | 1 | |
Changes in fair value of MSRs | ||
Due to fluctuations in market interest rates | 368 | 486 |
Due to revised assumptions or models | (27) | (102) |
Other changes in fair value | (103) | (142) |
Balance at end of period | $ 3,432 | $ 2,787 |
Mortgage Servicing Rights - Sen
Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
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 | $ (485) | $ (636) |
Net fair value 50 basis points | (227) | (324) |
Net fair value 25 basis points | (109) | (160) |
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 | 485 | 614 |
Net fair value 50 basis points | 224 | 309 |
Net fair value 25 basis points | 106 | 152 |
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 | 0 | (22) |
Net fair value 50 basis points | (3) | (15) |
Net fair value 25 basis points | (3) | (8) |
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 | 338 | 511 |
Net fair value 50 basis points | 189 | 287 |
Net fair value 25 basis points | 99 | 150 |
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 | (333) | (536) |
Net fair value 50 basis points | (180) | (278) |
Net fair value 25 basis points | (94) | (142) |
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 | 5 | (25) |
Net fair value 50 basis points | 9 | 9 |
Net fair value 25 basis points | $ 5 | $ 8 |
Mortgage Servicing Rights - MSR
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022USD ($)MultipleBasisPoint | Dec. 31, 2021USD ($)BasisPointMultiple | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value | $ 3,432 | $ 2,953 | $ 2,787 | $ 2,210 |
Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | 223,660 | 218,953 | ||
Fair value | $ 3,432 | $ 2,953 | ||
Value (bps) | BasisPoint | 153 | 135 | ||
Weighted-average servicing fees (bps) | BasisPoint | 32 | 32 | ||
Multiple (value/servicing fees) | 4.75 | 4.18 | ||
Weighted-average note rate | 3.53% | 3.56% | ||
Weighted-average age (in years) | 3 years 8 months 12 days | 3 years 8 months 12 days | ||
Prepayment (constant prepayment rate) | 8.60% | 10.30% | ||
Weighted-average expected life (in years) | 7 years 4 months 24 days | 6 years 8 months 12 days | ||
Weighted-average option adjusted spread | 6.20% | 6.60% | ||
HFA [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 41,430 | $ 40,652 | ||
Fair value | $ 628 | $ 527 | ||
Value (bps) | BasisPoint | 152 | 130 | ||
Weighted-average servicing fees (bps) | BasisPoint | 36 | 36 | ||
Multiple (value/servicing fees) | Multiple | 4.23 | 3.63 | ||
Weighted-average note rate | 4.02% | 4.07% | ||
Weighted-average age (in years) | 3 years 9 months 18 days | 3 years 9 months 18 days | ||
Prepayment (constant prepayment rate) | 9.60% | 11.50% | ||
Weighted-average expected life (in years) | 7 years 6 months | 6 years 6 months | ||
Weighted-average option adjusted spread | 6.80% | 7.30% | ||
Government Insured [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 21,619 | $ 21,919 | ||
Fair value | $ 365 | $ 308 | ||
Value (bps) | BasisPoint | 169 | 141 | ||
Weighted-average servicing fees (bps) | BasisPoint | 41 | 41 | ||
Multiple (value/servicing fees) | Multiple | 4.12 | 3.43 | ||
Weighted-average note rate | 3.66% | 3.70% | ||
Weighted-average age (in years) | 6 years | 5 years 10 months 24 days | ||
Prepayment (constant prepayment rate) | 10.60% | 13.20% | ||
Weighted-average expected life (in years) | 6 years 6 months | 5 years 7 months 6 days | ||
Weighted-average option adjusted spread | 6.70% | 7.30% | ||
Conventional [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 160,611 | $ 156,382 | ||
Fair value | $ 2,439 | $ 2,118 | ||
Value (bps) | BasisPoint | 152 | 135 | ||
Weighted-average servicing fees (bps) | BasisPoint | 30 | 30 | ||
Multiple (value/servicing fees) | Multiple | 5.02 | 4.50 | ||
Weighted-average note rate | 3.38% | 3.41% | ||
Weighted-average age (in years) | 3 years 3 months 18 days | 3 years 3 months 18 days | ||
Prepayment (constant prepayment rate) | 8.10% | 9.60% | ||
Weighted-average expected life (in years) | 7 years 6 months | 6 years 10 months 24 days | ||
Weighted-average option adjusted spread | 6.00% | 6.30% |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Number of preferred stock shares authorized | 50,000,000 | 50,000,000 |
Series O Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 18,000 | |
Liquidation preference per share | $ 25,000 | |
Preferred stock dividend rate fixed percentage | 4.50% |
Preferred Stock - Number of Sha
Preferred Stock - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 243,510 | 225,510 |
Liquidation Preference | $ 7,026 | $ 6,576 |
Discount | 218 | 205 |
Carrying Amount | $ 6,808 | $ 6,371 |
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 J [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 40,000 | 40,000 |
Liquidation Preference | $ 1,000 | $ 1,000 |
Discount | 7 | 7 |
Carrying Amount | $ 993 | $ 993 |
Series K [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 23,000 | 23,000 |
Liquidation Preference | $ 575 | $ 575 |
Discount | 10 | 10 |
Carrying Amount | $ 565 | $ 565 |
Series L [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 20,000 | 20,000 |
Liquidation Preference | $ 500 | $ 500 |
Discount | 14 | 14 |
Carrying Amount | $ 486 | $ 486 |
Series M [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 30,000 | 30,000 |
Liquidation Preference | $ 750 | $ 750 |
Discount | 21 | 21 |
Carrying Amount | $ 729 | $ 729 |
Series N [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 60,000 | 60,000 |
Liquidation Preference | $ 1,500 | $ 1,500 |
Discount | 8 | 8 |
Carrying Amount | $ 1,492 | $ 1,492 |
Series O | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 18,000 | |
Liquidation Preference | $ 450 | |
Discount | 13 | |
Carrying Amount | $ 437 |
Preferred Stock - Number of S_2
Preferred Stock - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Parenthetical) (Detail) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Preferred stock, par value | $ 1 | $ 1 |
Accumulated Other Comprehensi_3
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 | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ (1,943) | $ 322 | |
Changes in unrealized gains (losses) | (6,754) | (3,378) | |
Changes in unrealized gains (losses) | 99 | ||
Changes in unrealized gains (losses) | (6,754) | (3,279) | |
Foreign currency translation adjustment | [1] | 25 | |
Reclassification to earnings of realized (gains) losses | 67 | 18 | |
Applicable income taxes | 1,692 | 819 | |
Balance at end of period | (6,938) | (2,095) | |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (37) | (64) | |
Foreign currency translation adjustment | [1] | 25 | |
Applicable income taxes | (6) | ||
Balance at end of period | (37) | (45) | |
Unrealized Gains (Losses) on Retirement Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1,426) | (1,842) | |
Reclassification to earnings of realized (gains) losses | 32 | 39 | |
Applicable income taxes | (8) | (10) | |
Balance at end of period | (1,402) | (1,813) | |
Unrealized Gains (Losses) on Derivative Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (85) | (189) | |
Changes in unrealized gains (losses) | 99 | ||
Reclassification to earnings of realized (gains) losses | 11 | 4 | |
Applicable income taxes | (3) | (26) | |
Balance at end of period | (77) | (112) | |
Unrealized Gains (Losses) on Investment Securities Transferred From Available For Sale to Held To Maturity [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (935) | ||
Reclassification to earnings of realized (gains) losses | 42 | ||
Applicable income taxes | (11) | ||
Balance at end of period | (904) | ||
Unrealized Gains (Losses) on Investment Securities Available-For-Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 540 | 2,417 | |
Changes in unrealized gains (losses) | (6,754) | (3,378) | |
Reclassification to earnings of realized (gains) losses | (18) | (25) | |
Applicable income taxes | 1,714 | 861 | |
Balance at end of period | $ (4,518) | $ (125) | |
[1] | Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. |
Accumulated Other Comprehensi_4
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gains (losses) on sale of investment securities | $ 18 | $ 25 |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income | 3,418 | 3,341 |
Realized gains (losses) on derivative hedges | (245) | (278) |
Actuarial gains (losses) and prior service cost (credit) amortization | (322) | (317) |
Applicable income taxes | (397) | (607) |
Net income | 1,558 | 2,285 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | (50) | (13) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Investment Securities Available-For-Sale [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gains (losses) on sale of investment securities | 18 | 25 |
Applicable income taxes | (5) | (6) |
Net income | 13 | 19 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Investment 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 | (42) | |
Applicable income taxes | 11 | |
Net income | (31) | |
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 | (11) | (4) |
Applicable income taxes | 3 | 1 |
Net income | (8) | (3) |
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 | (32) | (39) |
Applicable income taxes | 8 | 10 |
Net income | $ (24) | $ (29) |
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 | ||||
Mar. 31, 2022 | Mar. 31, 2021 | ||||
Earnings Per Share [Abstract] | |||||
Net income attributable to U.S. Bancorp | $ 1,557 | $ 2,280 | |||
Preferred dividends | (84) | [1] | (90) | [2] | |
Impact of preferred stock call | [3] | (5) | |||
Earnings allocated to participating stock awards | (7) | (10) | |||
Net income applicable to U.S. Bancorp common shareholders | $ 1,466 | $ 2,175 | |||
Average common shares outstanding | 1,485 | 1,502 | |||
Net effect of the exercise and assumed purchase of stock awards | 1 | 1 | |||
Average diluted common shares outstanding | 1,486 | 1,503 | |||
Earnings per common share | $ 0.99 | $ 1.45 | |||
Diluted earnings per common share | $ 0.99 | $ 1.45 | |||
[1] | Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $875.00, $218.75, $662.50, $343.75, $234.375, $250.00, $231.25 and $206.25 respectively. | ||||
[2] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series I, Series J, Series K, Series L and Series M Non-Cumulative Perpetual Preferred Stock of $875.00, $218.75, $406.25, $232.953, $662.50, $343.75, $234.375, and $202.778 respectively. | ||||
[3] | Represents stock issuance costs originally recorded in preferred stock upon issuance of the Company’s Series I Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) shares in Millions | 3 Months Ended |
Mar. 31, 2021shares | |
Stock Option [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Options outstanding of common shares | 1 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension Plans [Member] | ||
Components Of Net Periodic Benefit Cost | ||
Service cost | $ 69 | $ 66 |
Interest cost | 61 | 55 |
Expected return on plan assets | (119) | (112) |
Prior service cost (credit) and transition obligation (asset) amortization | (1) | |
Actuarial loss (gain) amortization | 35 | 42 |
Net periodic benefit cost | 45 | 51 |
Postretirement Welfare Plan [Member] | ||
Components Of Net Periodic Benefit Cost | ||
Prior service cost (credit) and transition obligation (asset) amortization | (1) | |
Actuarial loss (gain) amortization | (2) | (2) |
Net periodic benefit cost | $ (2) | $ (3) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Federal | ||
Current | $ 404 | $ 353 |
Deferred | (102) | 130 |
Federal income tax | 302 | 483 |
State | ||
Current | 89 | 94 |
Deferred | 6 | 30 |
State income tax | 95 | 124 |
Applicable income taxes | $ 397 | $ 607 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Income Taxes Additional Information [Abstract] | ||
Federal statutory rate | 21.00% | 21.00% |
Net deferred tax asset | $ 2,600 | $ 785 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 21 Percent to Company's Applicable Income Tax Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Tax at statutory rate | $ 411 | $ 607 |
State income tax, at statutory rates, net of federal tax benefit | 84 | 114 |
Tax credits and benefits, net of related expenses | (106) | (93) |
Tax-exempt income | (28) | (28) |
Other items | 36 | 7 |
Applicable income taxes | $ 397 | $ 607 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Realized and unrealized gains (losses) on derivatives classified as cash flow hedges recorded in other comprehensive income (loss) | $ (77) | $ (85) |
Fair value of derivatives under collateral agreements in a net liability position | 1,200 | |
Collateral posted by company netted against net liability position | 841 | |
Estimated gain to be reclassified from other comprehensive income (loss) into earnings | (27) | |
Derivative, Notional amount | 768,800 | |
Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Non-derivative debt instruments designated as net investment hedges | 1,300 | 1,300 |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional amount | $ 0 | $ 0 |
Derivative Instruments - Asset
Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Notional Value | $ 768,800 | |
Asset and Liability Management Positions [Member] | ||
Derivative [Line Items] | ||
Notional Value | 88,798 | $ 116,117 |
Fair Value, Assets | 553 | 350 |
Fair Value, Liabilities | 517 | 409 |
Asset and Liability Management Positions [Member] | Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value | 2,753 | 1,792 |
Fair Value, Assets | 5 | |
Fair Value, Liabilities | 100 | 125 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value | 10,829 | 9,653 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value | 13,666 | 7,033 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value | 16,432 | 9,322 |
Fair Value, Assets | 54 | 10 |
Fair Value, Liabilities | 179 | 16 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value | 12,509 | 29,348 |
Fair Value, Assets | 193 | 25 |
Fair Value, Liabilities | 60 | 27 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value | 9,310 | 18,570 |
Fair Value, Assets | 281 | 256 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value | 10,783 | 9,662 |
Fair Value, Assets | 15 | 52 |
Fair Value, Liabilities | 165 | 231 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value | 647 | 735 |
Fair Value, Assets | 1 | 2 |
Fair Value, Liabilities | 5 | 6 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Equity Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value | 212 | 209 |
Fair Value, Assets | 4 | 5 |
Fair Value, Liabilities | 1 | |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value | 2,250 | 12,350 |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value | 8,600 | 16,650 |
Asset and Liability Management Positions [Member] | Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value | 807 | 793 |
Fair Value, Liabilities | $ 7 | $ 4 |
Derivative Instruments - Asse_2
Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Parenthetical) (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Fair Value, Liabilities | $ 517 | $ 409 |
Swap [Member] | Visa Class B Shares [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | 1,800 | 1,800 |
Fair Value, Liabilities | 95 | 125 |
Underwriting Purchase and Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 973 | 8 |
Notional Value, Liabilities | $ 973 | $ 8 |
Derivative Instruments - Custom
Derivative Instruments - Customer-Related Derivative Positions of Company (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Notional Value | $ 768,800 | |
Customer-Related Positions [Member] | ||
Derivative [Line Items] | ||
Notional Value | 679,965 | $ 651,844 |
Fair Value, Assets | 3,747 | 3,537 |
Fair Value, Liabilities | 4,531 | 2,489 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value | 189,323 | 178,701 |
Fair Value, Assets | 752 | 2,007 |
Fair Value, Liabilities | 2,028 | 438 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value | 181,909 | 174,176 |
Fair Value, Assets | 831 | 134 |
Fair Value, Liabilities | 341 | 670 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value | 17,471 | 16,267 |
Fair Value, Assets | 1 | 1 |
Fair Value, Liabilities | 3 | 2 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value | 87,564 | 89,679 |
Fair Value, Assets | 667 | 194 |
Fair Value, Liabilities | 2 | 36 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value | 84,177 | 85,211 |
Fair Value, Assets | 2 | 36 |
Fair Value, Liabilities | 649 | 176 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Futures [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value | 291 | 3,607 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Futures [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value | 5,185 | 3,941 |
Customer-Related Positions [Member] | Foreign Exchange Rate Contracts [Member] | Forwards, Spots and Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value | 102,688 | 89,321 |
Fair Value, Assets | 1,468 | 1,145 |
Fair Value, Liabilities | 1,473 | 1,143 |
Customer-Related Positions [Member] | Foreign Exchange Option [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value | 910 | 805 |
Fair Value, Assets | 25 | 19 |
Customer-Related Positions [Member] | Foreign Exchange Option [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value | 910 | 805 |
Fair Value, Liabilities | 25 | 19 |
Customer-Related Positions [Member] | Credit Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value | 9,537 | 9,331 |
Fair Value, Assets | 1 | 1 |
Fair Value, Liabilities | $ 10 | $ 5 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | $ 74 | |
Derivative Instruments, Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | $ (8) | (3) |
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) | 7 |
Net Investment Hedges [Member] | Non Derivative Debt Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 20 | $ 48 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total amount of income line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded | $ 3,418 | $ 3,341 |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total amount of income line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded | 245 | 278 |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedged item | (518) | 1 |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedged item | (71) | (55) |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedge | 517 | (1) |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedge | 72 | 55 |
Asset and Liability Management Positions [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gains (Losses) Recognized in Earnings related to cash flow hedge | $ 11 | $ 4 |
Derivative Instruments - Effe_2
Derivative Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instrument Detail [Abstract] | ||
Gains (losses) recognized in earnings related discontinuance of cash flow hedges | $ 11 | $ 15 |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-Sale Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Amount of the Hedged Assets | $ 7,962 | $ 16,445 |
Cumulative hedging adjustment included in the carrying amount of the hedged assets | (579) | (26) |
Long-term Debt Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying amount of the hedged liabilities | 2,148 | 12,278 |
Cumulative hedging adjustment included in the carrying amount of the hedged liabilities | $ 382 | $ 585 |
Derivative Instruments - Summ_3
Derivative Instruments - Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Long-term Debt Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative hedging adjustment related to discontinued hedging relationships | $ 509 | $ 640 |
Available-for-Sale Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative hedging adjustment asset related to discontinued hedging relationships | $ 40 | $ 6 |
Derivative Instruments - Summ_4
Derivative Instruments - Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Credit Contracts [Member] | Commercial Products Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | $ 5 | $ 2 |
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 | 15 | 19 |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Futures and Forwards [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | 223 | 430 |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Options [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | (47) | 12 |
Other Economic Hedges [Member] | Swaps [Member] | Mortgage Banking Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | (204) | (390) |
Other Economic Hedges [Member] | Equity Contracts [Member] | Compensation Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | (2) | 4 |
Other Economic Hedges [Member] | Other Derivatives [Member] | Other Noninterest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | (1) | |
Other Economic Hedges [Member] | Foreign Exchange Rate Contracts [Member] | Other Noninterest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | (3) | (3) |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Commercial Products Revenue [Member] | Options [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | 4 | (7) |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Commercial Products Revenue [Member] | Futures [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | 16 | |
Customer-Related Positions [Member] | Swaps [Member] | Commercial Products Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | $ 17 | $ 27 |
Netting Arrangements for Cert_3
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Detail) $ in Billions | Mar. 31, 2022USD ($) |
Derivative [Line Items] | |
Notional amount of derivative | $ 768.8 |
Over the Counter Trades [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 413.4 |
Exchange Cleared [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 349.3 |
Exchange Traded [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 6.1 |
Netting Arrangements for Cert_4
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 1,879 | $ 1,575 |
Securities loaned | 70 | 169 |
Gross amount of recognized liabilities | 1,949 | 1,744 |
Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,879 | 1,575 |
Securities loaned | 70 | 169 |
Gross amount of recognized liabilities | 1,949 | 1,744 |
U.S. Treasury and Agencies [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 499 | 378 |
U.S. Treasury and Agencies [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 499 | 378 |
Residential Mortgage-Backed Securities [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 843 | 551 |
Residential Mortgage-Backed Securities [Member] | Overnight and Continuous [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 843 | 551 |
Corporate Debt Securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 537 | 646 |
Securities loaned | 70 | 169 |
Corporate Debt Securities [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 537 | 646 |
Securities loaned | $ 70 | $ 169 |
Netting Arrangements for Cert_5
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Offsetting [Abstract] | ||
Derivative assets Gross Recognized Assets | $ 4,279 | $ 3,830 |
Reverse repurchase agreements Gross Recognized Assets | 506 | 359 |
Securities borrowed Gross Recognized Assets | 1,452 | 1,868 |
Total Gross Recognized Assets | 6,237 | 6,057 |
Derivative assets Gross amounts assets offset in consolidated balance sheet | (2,313) | (1,609) |
Total Gross amounts assets offset in consolidated balance sheet | (2,313) | (1,609) |
Derivative assets Net Amounts Presented in the Consolidated Balance Sheet | 1,966 | 2,221 |
Reverse repurchase agreements Net Amounts Presented in the Consolidated Balance Sheet | 506 | 359 |
Securities borrowed Net Amounts Presented in the Consolidated Balance Sheet | 1,452 | 1,868 |
Total Net Amounts Presented in the Consolidated Balance Sheet | 3,924 | 4,448 |
Derivative assets Gross financial instrument asset amounts not offset in consolidated balance sheet | (168) | (142) |
Reverse repurchase agreements Gross financial instrument asset amounts not offset in consolidated balance sheet | (405) | (249) |
Total Gross financial instrument asset amounts not offset in consolidated balance sheet | (573) | (391) |
Derivative assets Gross collateral received amounts not offset in consolidated balance sheet | (24) | (106) |
Reverse repurchase agreements Gross collateral received amounts not offset in consolidated balance sheet | (101) | (110) |
Securities borrowed Gross collateral received amounts not offset in consolidated balance sheet | (1,412) | (1,818) |
Total Gross collateral received amounts not offset in consolidated balance sheet | (1,537) | (2,034) |
Derivative assets Net Amount | 1,774 | 1,973 |
Securities borrowed Net Amount | 40 | 50 |
Total Net Amount Assets | $ 1,814 | $ 2,023 |
Netting Arrangements for Cert_6
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative assets | $ 1,100 | $ 528 |
Derivative assets not subject to netting arrangements | $ 21 | $ 57 |
Netting Arrangements for Cert_7
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Offsetting [Abstract] | ||
Derivative liabilities Gross recognized liabilities | $ 4,908 | $ 2,761 |
Repurchase agreements Gross recognized liabilities | 1,879 | 1,575 |
Securities loaned Gross recognized liabilities | 70 | 169 |
Total Gross recognized liabilities | 6,857 | 4,505 |
Derivative liabilities Gross amounts liabilities offset in consolidated balance sheet | (2,084) | (1,589) |
Total Gross amounts liabilities offset in consolidated balance sheet | (2,084) | (1,589) |
Derivative liabilities Net amounts liabilities presented in consolidated balance sheet | 2,824 | 1,172 |
Repurchase agreements Net amounts liabilities presented in consolidated balance sheet | 1,879 | 1,575 |
Securities loaned Net amounts liabilities presented in consolidated balance sheet | 70 | 169 |
Total Net amounts liabilities presented in consolidated balance sheet | 4,773 | 2,916 |
Derivative liabilities Gross financial instrument liability amounts not offset in consolidated balance sheet | (168) | (142) |
Repurchase agreements Gross financial instrument liability amounts not offset in consolidated balance sheet | (405) | (249) |
Total Gross financial instrument liability amounts not offset in consolidated balance sheet | (573) | (391) |
Repurchase agreements Gross collateral pledged amounts not offset in consolidated balance sheet | (1,474) | (1,326) |
Securities loaned Gross collateral pledged amounts not offset in consolidated balance sheet | (69) | (167) |
Total Gross collateral pledged amounts not offset in consolidated balance sheet | (1,543) | (1,493) |
Derivative liabilities Net Amount | 2,656 | 1,030 |
Securities loaned Net Amount | 1 | 2 |
Total Net Amount Liabilities | $ 2,657 | $ 1,032 |
Netting Arrangements for Cert_8
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative liabilities | $ 841 | $ 508 |
Derivative liabilities not subject to netting arrangements | $ 140 | $ 137 |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit | $ 504 | $ 495 | |
Other guarantees carrying value | 212 | $ 245 | |
Mortgage loans held for sale measured at fair value, net gain (loss) | $ (234) | $ (215) | |
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 | 798.00% | ||
Weighted Average [Member] | |||
Fair Value Disclosures [Abstract] | |||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 2.00% |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Detail) - Mortgage Servicing Rights [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 8.60% | 10.30% |
Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 7.00% | |
Option adjusted spread | 5.00% | |
Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 12.00% | |
Option adjusted spread | 11.00% | |
Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 9.00% | |
Option adjusted spread | 6.00% |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Detail) - Derivative Mortgage Loans Commitments [Member] | Mar. 31, 2022 |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 6.00% |
Inherent MSR value (basis points per loan) | 38.00% |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 100.00% |
Inherent MSR value (basis points per loan) | 207.00% |
Weighted Average [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 82.00% |
Inherent MSR value (basis points per loan) | 110.00% |
Fair Values of Assets and Lia_6
Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities netting | $ (2,084) | $ (1,589) | ||||
Derivative assets netting | (2,313) | (1,609) | ||||
Available-for-sale securities | 123,593 | [1] | 132,963 | |||
Mortgage loans held for sale | 2,203 | 6,623 | ||||
Mortgage servicing rights | 3,432 | 2,953 | $ 2,787 | $ 2,210 | ||
Asset-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 7 | [2] | 66 | |||
Other [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 7 | 7 | ||||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities total | 2,964 | 1,309 | ||||
Derivative assets total | 1,987 | 2,278 | ||||
Available-for-sale securities | 123,593 | 132,963 | ||||
Mortgage loans held for sale | 2,203 | 6,623 | ||||
Mortgage servicing rights | 3,432 | 2,953 | ||||
Other assets | 1,845 | 2,199 | ||||
Total | 133,060 | 147,016 | ||||
Short-term borrowings and other liabilities | [3] | 1,644 | 2,046 | |||
Total | 4,608 | 3,355 | ||||
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 | (2,084) | (1,589) | ||||
Derivative assets netting | (2,313) | (1,609) | ||||
Total | (2,313) | (1,609) | ||||
Total | (2,084) | (1,589) | ||||
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 | 26,350 | 36,609 | ||||
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 | 10,274 | 10,717 | ||||
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 78,992 | 77,079 | ||||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 7,963 | 8,485 | ||||
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 7 | 66 | ||||
Fair Value, Measurements, Recurring [Member] | Other [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 7 | 7 | ||||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets before netting | 5 | 8 | ||||
Available-for-sale securities | 20,924 | 30,917 | ||||
Other assets | 256 | 278 | ||||
Total | 21,185 | 31,203 | ||||
Short-term borrowings and other liabilities | [3] | 215 | 209 | |||
Total | 215 | 209 | ||||
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 | 20,924 | 30,917 | ||||
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 | 3,127 | 2,308 | ||||
Derivative assets before netting | 3,385 | 2,490 | ||||
Available-for-sale securities | 102,661 | 102,038 | ||||
Mortgage loans held for sale | 2,203 | 6,623 | ||||
Other assets | 1,589 | 1,921 | ||||
Total | 109,838 | 113,072 | ||||
Short-term borrowings and other liabilities | [3] | 1,429 | 1,837 | |||
Total | 4,556 | 4,145 | ||||
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 | 5,426 | 5,692 | ||||
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 | 10,273 | 10,716 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 78,992 | 77,079 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 7,963 | 8,485 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 59 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 7 | 7 | ||||
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 | 1,921 | 590 | ||||
Derivative assets before netting | 910 | 1,389 | ||||
Available-for-sale securities | 8 | 8 | ||||
Mortgage servicing rights | 3,432 | 2,953 | ||||
Total | 4,350 | 4,350 | ||||
Total | 1,921 | 590 | ||||
Level 3 [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 | 1 | 1 | ||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | $ 7 | $ 7 | ||||
[1] | The weighted-average maturity of total held-to-maturity investment securities was 7.4 years at December 31, 2021, with a corresponding weighted-average yield of 1.45 percent. The weighted-average maturity of total available-for-sale investment securities was 5.5 years at December 31, 2021, with a corresponding weighted-average yield of 1.73 percent. | |||||
[2] | Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. | |||||
[3] | Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. |
Fair Values of Assets and Lia_7
Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Equity investments without readily determinable fair values | $ 80 | $ 79 |
Fair Values of Assets and Lia_8
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Mortgage Servicing Rights [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning of Period Balance | $ 2,953 | $ 2,210 |
Net Gains (Losses) Included in Net Income | 238 | 242 |
Purchases | 3 | 16 |
Sales | 1 | |
Issuances | 237 | 319 |
End of Period Balance | 3,432 | 2,787 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | 238 | 242 |
Available-for-Sale Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning of Period Balance | 8 | 8 |
End of Period Balance | 8 | 8 |
Available-for-Sale Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning of Period Balance | 1 | 1 |
End of Period Balance | 1 | 1 |
Derivative [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning of Period Balance | 799 | 2,326 |
Net Gains (Losses) Included in Net Income | (1,867) | (935) |
Purchases | 11 | 2 |
Sales | (1) | |
Settlements | 47 | (237) |
End of Period Balance | (1,011) | 1,156 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (1,697) | (900) |
Asset-Backed Securities [Member] | Available-for-Sale Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning of Period Balance | 7 | 7 |
End of Period Balance | $ 7 | $ 7 |
Fair Values of Assets and Lia_9
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | $ (1) | |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | (1) | |
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 | (83) | $ 60 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | (24) | 78 |
Commercial Products 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 | (1,800) | (995) |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | $ (1,700) | $ (978) |
Fair Values of Assets and Li_10
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 28 | $ 59 |
Other assets | 3 | 77 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 28 | 59 |
Other assets | $ 3 | $ 77 |
Fair Values of Assets and Li_11
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Loans [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | ||
Losses recognized related to nonrecurring fair value measurements | $ 11 | $ 31 |
Other Assets [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | ||
Losses recognized related to nonrecurring fair value measurements | $ 1 | $ 1 |
Fair Values of Assets and Li_12
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Fair value carrying amount, total loans | $ 2,203 | $ 6,623 |
Fair value carrying amount, nonaccrual loans | 1 | 1 |
Fair value carrying amount, loans 90 days or more past due | 2 | 2 |
Aggregate unpaid principal, total loans | 2,200 | 6,453 |
Aggregate unpaid principal, nonaccrual loans | 1 | 1 |
Aggregate unpaid principal, loans 90 days or more past due | 2 | 2 |
Carrying amount over (under) unpaid principal, total loans | $ 3 | $ 170 |
Fair Values of Assets and Li_13
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | ||
Financial Assets | ||||
Cash and due from banks | $ 44,303 | $ 28,905 | ||
Investment securities held-to-maturity | 43,654 | [1] | 41,858 | |
Loans | 313,270 | 306,304 | ||
Financial Liabilities | ||||
Long-term debt | 32,931 | 32,125 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 44,303 | 28,905 | ||
Federal funds sold and securities purchased under resale agreements | 513 | 359 | ||
Investment securities held-to-maturity | 43,654 | 41,858 | ||
Loans held for sale | [2] | 1,118 | 1,152 | |
Loans | 313,270 | 306,304 | ||
Other | [3] | 1,941 | 1,521 | |
Financial Liabilities | ||||
Time deposits | 24,304 | 22,665 | ||
Short-term borrowings | [4] | 19,398 | 9,750 | |
Long-term debt | 32,931 | 32,125 | ||
Other | [5] | 3,797 | 3,862 | |
Fair Value [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 44,303 | 28,905 | ||
Federal funds sold and securities purchased under resale agreements | 513 | 359 | ||
Investment securities held-to-maturity | 40,572 | 41,812 | ||
Loans held for sale | [2] | 1,118 | 1,152 | |
Loans | 311,120 | 312,724 | ||
Other | [3] | 1,941 | 1,521 | |
Financial Liabilities | ||||
Time deposits | 23,952 | 22,644 | ||
Short-term borrowings | [4] | 19,140 | 9,646 | |
Long-term debt | 32,228 | 32,547 | ||
Other | [5] | 3,797 | 3,862 | |
Fair Value [Member] | Level 1 [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 44,303 | 28,905 | ||
Fair Value [Member] | Level 2 [Member] | ||||
Financial Assets | ||||
Federal funds sold and securities purchased under resale agreements | 513 | 359 | ||
Investment securities held-to-maturity | 40,572 | 41,812 | ||
Other | [3] | 1,129 | 630 | |
Financial Liabilities | ||||
Time deposits | 23,952 | 22,644 | ||
Short-term borrowings | [4] | 19,140 | 9,646 | |
Long-term debt | 32,228 | 32,547 | ||
Other | [5] | 1,151 | 1,170 | |
Fair Value [Member] | Level 3 [Member] | ||||
Financial Assets | ||||
Loans held for sale | [2] | 1,118 | 1,152 | |
Loans | 311,120 | 312,724 | ||
Other | [3] | 812 | 891 | |
Financial Liabilities | ||||
Other | [5] | $ 2,646 | $ 2,692 | |
[1] | The weighted-average maturity of total held-to-maturity investment securities was 7.4 years at December 31, 2021, with a corresponding weighted-average yield of 1.45 percent. The weighted-average maturity of total available-for-sale investment securities was 5.5 years at December 31, 2021, with a corresponding weighted-average yield of 1.73 percent. | |||
[2] | Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. | |||
[3] | Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged investments. | |||
[4] | Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. | |||
[5] | Includes operating lease liabilities and liabilities related to tax-advantaged investments. |
Guarantees and Contingent Lia_3
Guarantees and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Airline Processing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Value of airline tickets purchased to deliver at future date through card transactions | $ 7,700 | |
Representation and Warranty [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Carrying Amount | 15 | $ 18 |
Unresolved representation and warranty claims from GSEs | 27 | $ 19 |
Escrow Deposits Letters of Credit Indemnities [Member] | Airline Processing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Collateral Held | 714 | |
Merchant Escrow Deposits [Member] | Airline Processing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Carrying Amount | $ 90 |
Guarantees and Contingent Lia_4
Guarantees and Contingent Liabilities - Summary of Other Guarantees and Contingent Liabilities (Detail) $ in Millions | Mar. 31, 2022USD ($) | |
Standby Letters of Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Amount | $ 55 | |
Maximum Potential Future Payments | 9,705 | |
Third Party Borrowing Arrangements [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Future Payments | 6 | |
Securities Lending Indemnifications [Member] | ||
Guarantor Obligations [Line Items] | ||
Collateral Held | 10,342 | |
Maximum Potential Future Payments | 9,933 | |
Asset Sales [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Amount | 85 | |
Maximum Potential Future Payments | 7,382 | [1] |
Merchant Processing [Member] | ||
Guarantor Obligations [Line Items] | ||
Collateral Held | 968 | |
Carrying Amount | 106 | |
Maximum Potential Future Payments | 121,205 | |
Tender Option Bond Program Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Collateral Held | 1,615 | |
Maximum Potential Future Payments | 1,488 | |
Other Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Amount | 21 | |
Maximum Potential Future Payments | $ 1,331 | |
[1] | 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. |
Business Segments - Additional
Business Segments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lease revenue | $ 204 | $ 228 |
Payment Services [Member] | ||
Rewards and Rebate Costs and Certain Partner Payments Included in Noninterest Income | 671 | 535 |
Revenue generated from certain contracts with customers included in non-interest income | $ 1,900 | $ 1,700 |
Business Segments - Business Se
Business Segments - Business Segment Results (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Noninterest income | $ 2,396 | $ 2,381 |
Provision for credit losses | 112 | (827) |
Net income | 1,558 | 2,285 |
Net (income) loss attributable to noncontrolling interests | (1) | (5) |
Net income attributable to U.S. Bancorp | 1,557 | 2,280 |
Corporate and Commercial Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (taxable-equivalent basis) | 735 | 719 |
Noninterest income | 245 | 268 |
Total income | 980 | 987 |
Noninterest expense | 419 | 409 |
Income (loss) before provision and income taxes | 561 | 578 |
Provision for credit losses | 3 | (48) |
Income (loss) before income taxes | 558 | 626 |
Income taxes and taxable-equivalent adjustment | 140 | 157 |
Net income | 418 | 469 |
Net income attributable to U.S. Bancorp | 418 | 469 |
Loans | 115,634 | 101,927 |
Other earning assets | 4,676 | 4,321 |
Goodwill | 1,912 | 1,647 |
Other intangible assets | 4 | 5 |
Assets | 127,651 | 114,069 |
Noninterest-bearing deposits | 62,285 | 56,281 |
Interest-bearing deposits | 86,618 | 71,377 |
Total deposits | 148,903 | 127,658 |
Total U.S. Bancorp shareholders' equity | 13,710 | 14,354 |
Consumer and Business Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (taxable-equivalent basis) | 1,517 | 1,505 |
Noninterest income | 461 | 569 |
Total income | 1,978 | 2,074 |
Noninterest expense | 1,405 | 1,344 |
Income (loss) before provision and income taxes | 573 | 730 |
Provision for credit losses | 49 | (37) |
Income (loss) before income taxes | 524 | 767 |
Income taxes and taxable-equivalent adjustment | 131 | 192 |
Net income | 393 | 575 |
Net income attributable to U.S. Bancorp | 393 | 575 |
Loans | 141,106 | 141,719 |
Other earning assets | 4,381 | 10,177 |
Goodwill | 3,261 | 3,475 |
Other intangible assets | 3,176 | 2,493 |
Assets | 157,696 | 164,131 |
Noninterest-bearing deposits | 32,094 | 32,861 |
Interest-bearing deposits | 166,765 | 151,406 |
Total deposits | 198,859 | 184,267 |
Total U.S. Bancorp shareholders' equity | 12,275 | 12,496 |
Wealth Management and Investment Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (taxable-equivalent basis) | 274 | 268 |
Noninterest income | 596 | 531 |
Total income | 870 | 799 |
Noninterest expense | 587 | 494 |
Income (loss) before provision and income taxes | 283 | 305 |
Provision for credit losses | 8 | 5 |
Income (loss) before income taxes | 275 | 300 |
Income taxes and taxable-equivalent adjustment | 69 | 75 |
Net income | 206 | 225 |
Net income attributable to U.S. Bancorp | 206 | 225 |
Loans | 20,666 | 16,846 |
Other earning assets | 259 | 279 |
Goodwill | 1,761 | 1,619 |
Other intangible assets | 265 | 42 |
Assets | 24,446 | 20,120 |
Noninterest-bearing deposits | 27,350 | 21,338 |
Interest-bearing deposits | 69,909 | 83,474 |
Total deposits | 97,259 | 104,812 |
Total U.S. Bancorp shareholders' equity | 3,595 | 3,034 |
Payments Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (taxable-equivalent basis) | 622 | 629 |
Noninterest income | 858 | 785 |
Total income | 1,480 | 1,414 |
Noninterest expense | 854 | 805 |
Income (loss) before provision and income taxes | 626 | 609 |
Provision for credit losses | 130 | (41) |
Income (loss) before income taxes | 496 | 650 |
Income taxes and taxable-equivalent adjustment | 124 | 163 |
Net income | 372 | 487 |
Net income attributable to U.S. Bancorp | 372 | 487 |
Loans | 31,740 | 29,630 |
Other earning assets | 1,023 | 5 |
Goodwill | 3,325 | 3,173 |
Other intangible assets | 464 | 542 |
Assets | 38,540 | 35,091 |
Noninterest-bearing deposits | 3,673 | 5,264 |
Interest-bearing deposits | 160 | 132 |
Total deposits | 3,833 | 5,396 |
Total U.S. Bancorp shareholders' equity | 8,019 | 7,658 |
Treasury and Corporate Support [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (taxable-equivalent basis) | 52 | (32) |
Noninterest income | 236 | 228 |
Total income | 288 | 196 |
Noninterest expense | 237 | 327 |
Income (loss) before provision and income taxes | 51 | (131) |
Provision for credit losses | (78) | (706) |
Income (loss) before income taxes | 129 | 575 |
Income taxes and taxable-equivalent adjustment | (40) | 46 |
Net income | 169 | 529 |
Net (income) loss attributable to noncontrolling interests | (1) | (5) |
Net income attributable to U.S. Bancorp | 168 | 524 |
Loans | 3,820 | 3,867 |
Other earning assets | 206,532 | 188,940 |
Assets | 229,069 | 215,323 |
Noninterest-bearing deposits | 2,561 | 2,608 |
Interest-bearing deposits | 2,761 | 1,623 |
Total deposits | 5,322 | 4,231 |
Total U.S. Bancorp shareholders' equity | 15,867 | 15,187 |
Consolidated Company [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (taxable-equivalent basis) | 3,200 | 3,089 |
Noninterest income | 2,396 | 2,381 |
Total income | 5,596 | 5,470 |
Noninterest expense | 3,502 | 3,379 |
Income (loss) before provision and income taxes | 2,094 | 2,091 |
Provision for credit losses | 112 | (827) |
Income (loss) before income taxes | 1,982 | 2,918 |
Income taxes and taxable-equivalent adjustment | 424 | 633 |
Net income | 1,558 | 2,285 |
Net (income) loss attributable to noncontrolling interests | (1) | (5) |
Net income attributable to U.S. Bancorp | 1,557 | 2,280 |
Loans | 312,966 | 293,989 |
Other earning assets | 216,871 | 203,722 |
Goodwill | 10,259 | 9,914 |
Other intangible assets | 3,909 | 3,082 |
Assets | 577,402 | 548,734 |
Noninterest-bearing deposits | 127,963 | 118,352 |
Interest-bearing deposits | 326,213 | 308,012 |
Total deposits | 454,176 | 426,364 |
Total U.S. Bancorp shareholders' equity | $ 53,466 | $ 52,729 |