Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-31940 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 25-1255406 | |
Entity Address, Address Line One | One North Shore Center, | |
Entity Address, Address Line Two | 12 Federal Street, | |
Entity Address, City or Town | Pittsburgh, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15212 | |
City Area Code | 800 | |
Local Phone Number | 555-5455 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 323,060,404 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | FNB CORP/PA/ | |
Entity Central Index Key | 0000037808 | |
Current Fiscal Year End Date | --12-31 | |
New York Stock Exchange | Common Stock, par value $0.01 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | FNB | |
Security Exchange Name | NYSE | |
New York Stock Exchange | Depositary Shares each representing 1/40th interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares each representing 1/40th interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E | |
Trading Symbol | FNBPrE | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and due from banks | $ 363 | $ 407 | |
Interest-bearing deposits with banks | 201 | 192 | |
Cash and Cash Equivalents | 564 | 599 | |
Securities available for sale (amortized cost of $3,111 and $3,275; allowance for credit losses of $0) | 3,194 | 3,289 | |
Debt securities held to maturity (fair value of $3,264 and $3,305; allowance for credit losses of $0) | 3,179 | 3,275 | |
Loans held for sale (includes $68 and $41 measured at fair value) | [1] | 82 | 51 |
Loans and leases, net of unearned income of $67 and $1 | 23,871 | 23,289 | |
Allowance for credit losses | (343) | (196) | |
Net Loans and Leases | 23,528 | 23,093 | |
Premises and equipment, net | 331 | 333 | |
Goodwill | 2,262 | 2,262 | |
Core deposit and other intangible assets, net | 64 | 67 | |
Bank owned life insurance | 545 | 544 | |
Other assets | 1,300 | 1,102 | |
Total Assets | 35,049 | 34,615 | |
Liabilities | |||
Non-interest-bearing demand | 6,511 | 6,384 | |
Interest-bearing demand | 11,009 | 11,049 | |
Savings | 2,664 | 2,625 | |
Certificates and other time deposits | 4,562 | 4,728 | |
Total Deposits | 24,746 | 24,786 | |
Short-term borrowings | 3,443 | 3,216 | |
Long-term borrowings | 1,633 | 1,340 | |
Other liabilities | 385 | 390 | |
Total Liabilities | 30,207 | 29,732 | |
Stockholders’ Equity | |||
Preferred stock - $0.01 par value; liquidation preference of $1,000 per share Authorized - 20,000,000 shares Issued - 110,877 shares | 107 | 107 | |
Common stock - $0.01 par value Authorized - 500,000,000 shares Issued - 327,258,519 and 327,242,364 shares | 3 | 3 | |
Additional paid-in capital | 4,075 | 4,067 | |
Retained earnings | 754 | 798 | |
Accumulated other comprehensive loss | (45) | (65) | |
Treasury stock – 4,584,328 and 2,227,804 shares at cost | (52) | (27) | |
Total Stockholders’ Equity | 4,842 | 4,883 | |
Total Liabilities and Stockholders’ Equity | $ 35,049 | $ 34,615 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 19. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | |
Statement of Financial Position [Abstract] | |||
Securities available for sale, amortized cost | $ 3,111,000,000 | $ 3,275,000,000 | |
Securities available for sale, allowance for credit losses | 0 | ||
Securities held to maturity, fair value | 3,264,000,000 | 3,305,000,000 | |
Securities held to maturity, allowance for credit losses | 60,000 | ||
Loans held for sale, fair value | [1] | 68,000,000 | 41,000,000 |
Unearned income on loans | $ 83,000,000 | $ 1,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 | |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |
Preferred stock, shares issued | 110,877 | 110,877 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, shares issued | 327,258,519 | 327,242,364 | |
Treasury stock, shares | 4,584,328 | 2,227,804 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 19. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Income | ||
Loans and leases, including fees | $ 266 | $ 269 |
Securities: | ||
Taxable | 31 | 33 |
Tax-exempt | 8 | 8 |
Other | 1 | 0 |
Total Interest Income | 306 | 310 |
Interest Expense | ||
Deposits | 49 | 50 |
Short-term borrowings | 14 | 26 |
Long-term borrowings | 11 | 3 |
Total Interest Expense | 74 | 79 |
Net Interest Income | 232 | 231 |
Provision for credit losses | 48 | 14 |
Net Interest Income After Provision for Credit Losses | 184 | 217 |
Non-Interest Income | ||
Service charges | 30 | 30 |
Trust services | 8 | 7 |
Insurance commissions and fees | 7 | 5 |
Securities commissions and fees | 5 | 4 |
Capital markets income | 11 | 6 |
Mortgage banking operations | (1) | 4 |
Dividends on non-marketable equity securities | 5 | 5 |
Bank owned life insurance | 3 | 3 |
Other | 1 | 1 |
Total Non-Interest Income | 69 | 65 |
Non-Interest Expense | ||
Salaries and employee benefits | 104 | 91 |
Net occupancy | 21 | 15 |
Equipment | 16 | 15 |
Amortization of intangibles | 3 | 4 |
Outside services | 17 | 15 |
FDIC insurance | 6 | 6 |
Bank shares and franchise taxes | 4 | 3 |
Other | 24 | 17 |
Total Non-Interest Expense | 195 | 166 |
Income Before Income Taxes | 58 | 116 |
Income taxes | 11 | 22 |
Net Income | 47 | 94 |
Preferred stock dividends | 2 | 2 |
Net Income Available to Common Stockholders | $ 45 | $ 92 |
Earnings per Common Share | ||
Basic (in USD per share) | $ 0.14 | $ 0.28 |
Diluted (in USD per share) | $ 0.14 | $ 0.28 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 47 | $ 94 |
Securities available for sale: | ||
Unrealized gains arising during the period, net of tax expense of $15 and $7 | 53 | 24 |
Derivative instruments: | ||
Unrealized losses arising during the period, net of tax benefit of $(10) and $(2) | (35) | |
Unrealized losses arising during the period, net of tax benefit of $(10) and $(2) | (6) | |
Reclassification adjustment for gains included in net income, net of tax expense of $0 and $0 | 1 | |
Reclassification adjustment for gains included in net income, net of tax expense of $0 and $0 | (1) | |
Pension and postretirement benefit obligations: | ||
Unrealized gains arising during the period, net of tax expense of $0 and $0 | 1 | 1 |
Other Comprehensive Income | 20 | 18 |
Comprehensive Income | $ 67 | $ 112 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gains (losses) arising during the period, tax expense | $ 15 | $ 7 |
Unrealized (losses) gains arising during the period, tax (benefit) expense | (10) | |
Unrealized (losses) gains arising during the period, tax (benefit) expense | (2) | |
Reclassification adjustment for (gains) losses included in net income, tax expense | 0 | |
Reclassification adjustment for (gains) losses included in net income, tax expense | 0 | |
Unrealized gains (losses) arising during the period, tax expense | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at beginning of period at Dec. 31, 2018 | $ 4,608 | $ 107 | $ 3 | $ 4,049 | $ 576 | $ (106) | $ (21) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 112 | 94 | 18 | ||||
Dividends declared: | |||||||
Preferred stock | (2) | (2) | |||||
Common stock | (39) | (39) | |||||
Issuance of common stock | (1) | 1 | (2) | ||||
Repurchase of common stock | (25) | (25) | |||||
Restricted stock compensation | 2 | 2 | |||||
Balance at end of period at Mar. 31, 2019 | 4,680 | 107 | 3 | 4,052 | 629 | (88) | (23) |
Balance at beginning of period at Dec. 31, 2019 | 4,883 | 107 | 3 | 4,067 | 798 | (65) | (27) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 67 | 47 | 20 | ||||
Dividends declared: | |||||||
Preferred stock | (2) | (2) | |||||
Common stock | (39) | (39) | |||||
Restricted stock compensation | 8 | 8 | |||||
Balance at end of period at Mar. 31, 2020 | $ 4,842 | $ 107 | $ 3 | $ 4,075 | $ 754 | $ (45) | $ (52) |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Preferred stock dividends per share (in USD per share) | $ 18.13 | $ 18.13 |
Common stock dividends per share (in USD per share) | $ 0.12 | $ 0.12 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Net income | $ 47 | $ 94 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 4 | 7 |
Provision for credit losses | 48 | 14 |
Deferred tax expense | 2 | 2 |
Loans originated for sale | (301) | (217) |
Loans sold | 275 | 206 |
Net gain on sale of loans | (5) | (4) |
Net change in: | ||
Interest receivable | 21 | (11) |
Interest payable | (2) | 3 |
Bank owned life insurance, excluding purchases | (2) | (1) |
Other, net | (292) | (76) |
Net cash flows (used in) provided by operating activities | (205) | 17 |
Investing Activities | ||
Net change in loans and leases, excluding sales | (500) | (467) |
Debt securities available for sale: | ||
Purchases | (54) | (175) |
Maturities | 215 | 142 |
Debt securities held to maturity: | ||
Purchases | (59) | (25) |
Maturities | 154 | 107 |
Increase in premises and equipment | (8) | (10) |
Net cash flows used in investing activities | (252) | (428) |
Financing Activities | ||
Demand (non-interest bearing and interest bearing) and savings accounts | 126 | 205 |
Time deposits | (166) | 224 |
Short-term borrowings | 228 | (18) |
Proceeds from issuance of long-term borrowings | 307 | 228 |
Repayment of long-term borrowings | (15) | (179) |
Repurchases of common stock | (25) | 0 |
Other, net | 8 | 1 |
Cash dividends paid: | ||
Preferred stock | (2) | (2) |
Common stock | (39) | (39) |
Net cash flows provided by financing activities | 422 | 420 |
Net (Decrease) Increase in Cash and Cash Equivalents | (35) | 9 |
Cash and cash equivalents at beginning of period | 599 | 488 |
Cash and Cash Equivalents at End of Period | $ 564 | $ 497 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NATURE OF OPERATIONS F.N.B. Corporation, headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. Our market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina. As of March 31, 2020 , we had 369 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina and Virginia. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements (unaudited) include subsidiaries in which we have a controlling financial interest. We own and operate FNBPA, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, Bank Capital Services, LLC and F.N.B. Capital Corporation, LLC, and include results for each of these entities in the accompanying Consolidated Financial Statements. Companies in which we hold more than a 50% voting equity interest, or a controlling financial interest, or are a VIE in which we have the power to direct the activities of an entity that most significantly impact the entity’s economic performance and has an obligation to absorb losses or the right to receive benefits from the VIE which could potentially be significant to the VIE are consolidated. VIEs in which we do not hold the power to direct the activities of the entity that most significantly impact the entity’s economic performance or does not have an obligation to absorb losses or the right to receive benefits from the VIE which could potentially be significant to the VIE are not consolidated. Investments in companies that are not consolidated are accounted for using the equity method when we have the ability to exert significant influence. Investments in private investment partnerships that are accounted for under the equity method or the cost method are included in other assets and our proportional interest in the equity investments’ earnings are included in other non-interest income. Investment interests accounted for under the cost and equity methods are periodically evaluated for impairment. The accompanying interim unaudited Consolidated Financial Statements include all adjustments that are necessary, in the opinion of management, to fairly reflect our financial position and results of operations in accordance with GAAP. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on our net income and stockholders’ equity. Events occurring subsequent to March 31, 2020 have been evaluated for potential recognition or disclosure in the Consolidated Financial Statements through the date of the filing of the Consolidated Financial Statements with the Securities and Exchange Commission. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The interim operating results are not necessarily indicative of operating results FNB expects for the full year. These interim unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in our 2019 Annual Report on Form 10-K filed with the SEC on February 27, 2020 . Use of Estimates Our accounting and reporting policies conform with GAAP. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements (unaudited). Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant changes include the ACL, accounting for loans acquired in a business combination prior to January 1, 2020, fair value of financial instruments, goodwill and other intangible assets, income taxes and deferred tax assets. Adoption of New Accounting Standards On January 1, 2020, we adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), which replaces the incurred credit loss impairment methodology with a methodology that reflects lifetime current expected credit losses (commonly referred to as CECL) for most financial assets measured at amortized cost, including loans, HTM debt securities, net investment in leases and certain off-balance sheet credit exposure. We adopted CECL using the modified retrospective method for financial assets measured at amortized cost, net investments in leases and off-balance sheet credit exposures. As a result, we recorded a reduction of $50.6 million in retained earnings as of January 1, 2020 for the cumulative effect of the adoption. The transition adjustment was primarily driven by longer duration commercial and consumer real estate loans. Results for reporting periods prior to January 1, 2020 continue to be reported in accordance with previously applicable GAAP. We used the prospective transition method for PCD financial assets that were previously classified as PCI and accounted for under ASC 310-30, including loans accounted for by analogy under ASC 310-30. In accordance with the transition guidance, we did not reassess whether PCI assets met the criteria for PCD assets nor did we reassess whether modifications to individual acquired financial assets previously accounted for in pools were TDRs as of the date of adoption. We discontinued the use of pools beyond transition accounting and account for these loans on an individual loan basis. After transition, loans previously accounted for in pools are grouped with other loans with similar risk characteristics for purposes of estimating expected credit losses. As a result, beginning in 2020 certain credit metrics and ratios which previously excluded PCI loans now include PCD loans. On January 1, 2020, the amortized cost basis of the PCD assets was adjusted to reflect the addition of an ACL for $50.3 million . The net noncredit discount, after the adjustment for the ACL, will be accreted into interest income at the loan’s effective interest rate over the remaining contractual life. We made an accounting policy election to write-off accrued interest receivable balances by reversing interest income in accordance with our non-accrual policies instead of measuring an ACL for accrued interest receivable. We do not hold any securities at adoption for which OTTI had been recognized prior to January 1, 2020. The following table illustrates the impact of the adoption of ASC 326: TABLE 1.1 January 1, 2020 (in millions) As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for credit losses on debt securities held-to-maturity States of the U.S. and political subdivisions (municipals) $ — $ — $ — Loans Commercial real estate $ 138 $ 60 $ 78 Commercial and industrial 65 53 12 Commercial leases 11 11 — Commercial other — 9 (9 ) Direct installment 24 13 11 Residential mortgages 32 22 10 Indirect installment 21 19 2 Consumer lines of credit 10 9 1 Allowance for credit losses on loans $ 301 $ 196 $ 105 Liabilities: Allowance for credit losses on off-balance sheet credit exposures $ 13 $ 3 $ 10 For a detailed description of our significant accounting policies, see Note 1 "Summary of Significant Accounting Policies" in our 2019 Annual Report on Form 10-K . The accounting policies presented below have been added or amended for newly material items or the adoption of new accounting standards. Debt Securities Debt securities comprise a significant portion of our Consolidated Balance Sheets. Such securities can be classified as trading, HTM or AFS. As of March 31, 2020 and December 31, 2019 , we did not hold any trading debt securities. Interest income on debt securities includes amortization of purchase premiums or accretion of discounts. Premiums and discounts on debt securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. A debt security is placed on non-accrual when principal or interest becomes greater than 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. HTM debt securities are securities that management has the positive intent and ability to hold until their maturity. Such securities are carried at amortized cost. Beginning in 2020, for certain HTM securities we have an expectation of zero expected credit losses. Based on a long history with no credit losses, high credit ratings, guarantees, and/or implied risk-free characteristics, we expect the nonpayment of our UST, Fannie Mae, Freddie Mac, FHLB, Ginnie Mae, and the SBA securities to be zero, and accordingly, have no ACL on those securities. We believe that these qualitative factors are indicators that historical credit loss information should be nominally impacted, if at all, by current conditions and reasonable and supportable forecasts. As such, we believe that without a change in these indicators, we may continue to assume zero credit losses on securities concluded to exhibit those factors. We also have a portfolio of HTM debt securities where we do not expect credit losses to be zero. This portfolio consists of high-grade municipal securities. To calculate the expected credit losses on these securities we group securities by major security type, rating and maturity and apply respective cumulative default rates from a third party data provider. The baseline credit loss estimate is adjusted using a qualitative approach to account for potential variability in probabilities of default data for current conditions and reasonable and supportable forecasts. Where available, expected credit losses take into consideration any enhancement a security has such as insurance or state aid. Debt securities that are not classified as trading or HTM are classified as AFS and are carried at fair value. AFS debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. Impairment may result from credit deterioration of the issuer or collateral underlying the security. In performing an assessment of whether any decline in fair value is due to a credit loss, all relevant information is considered at the individual security level. Beginning in 2020, for AFS debt securities in an unrealized loss position, we first determine whether we have the intent to sell, or it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If the criteria for intent or requirement to sell is met, the security’s amortized cost is written down to fair value and the write down is charged against the ACL with any incremental impairment reported in earnings in the Provision for Credit Losses line on the Consolidated Statements of Income. For AFS debt securities that do not meet the criteria for intent or requirement to sell, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In assessing whether a credit loss exists on an individual security, we first qualitatively evaluate each security to assess whether a potential credit loss exists. If as a result of this qualitative analysis we expect to get all of our principal back, then we conclude that the present value of expected cash flows equals or exceeds its amortized cost and no credit loss exists. If it was determined a potential credit loss exists, we compare the present value of cash flows expected to be collected with our amortized cost basis to determine if a credit loss exists and to measure its value. The credit loss is recorded through ACL, limited to the amount the fair value is less than the amortized cost basis. We have made an accounting policy election for each major security type of AFS debt securities to adjust the effective interest rate used to discount expected cash flows to consider the timing of expected cash flows resulting from expected prepayments. Impairment for noncredit-related factors is recorded in OCI, net of income taxes. Changes in the ACL are recorded as a provision for credit loss expense. Losses are charged against the ACL when an AFS debt security is not collectible or when we believe the criteria regarding the intent or requirement to sell is met. Loans and Leases Loans we intend to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, net of the ACL. Amortized cost primarily consists of the principal balances outstanding, deferred origination fees or costs and premiums or discounts on purchased loans. Interest income on loans is computed over the term of the loans using the effective interest method. Loan origination fees or costs, premiums or discounts are deferred and amortized over the term of the loan or loan commitment period as an adjustment to the related loan yield. Non-performing Loans We place loans on non-accrual status and discontinue interest accruals on loans generally when principal or interest is due and has remained unpaid for a certain number of days or when the full amount of principal and interest is due and has remained unpaid for a certain number of days, unless the loan is both well secured and in the process of collection. Commercial loans and leases are placed on non-accrual at 90 days, installment loans are placed on non-accrual at 120 days and residential mortgages and consumer lines of credit are generally placed on non-accrual at 180 days, though we may place a loan on non-accrual prior to these past due thresholds as warranted. When a loan is placed on non-accrual status, all unpaid accrued interest is reversed. Non-accrual loans may not be restored to accrual status until all delinquent principal and interest have been paid and the ultimate ability to collect the remaining principal and interest is reasonably assured. Loans are charged-off against the ACL and recoveries of amounts previously charged-off are credited to the ACL when realized. We considered a loan impaired when, based on current information and events, it is probable that we would be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment included payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. The impairment loss was measured by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral, less estimated selling costs, if the loan was collateral dependent. Prior to 2020, PCI loans were not classified as non-performing assets as the loans were considered to be performing. Beginning in 2020, PCI loans previously accounted for in pools are grouped with other loans with similar risk characteristics for purposes of estimating expected credit losses and non-performing classification. Troubled Debt Restructured Loans Debt restructurings or loan modifications for a borrower occur in the normal course of business and do not necessarily constitute TDRs. In general, the modification or restructuring of a debt constitutes a TDR, including reasonably expected TDR, if we for economic or legal reasons related to the borrower’s financial difficulties grant a concession to the borrower that we would not otherwise consider under current market conditions or once we have determined that a loan modification for a financially troubled borrower is the most appropriate strategy. Additionally, a loan designated as a TDR does not necessarily result in the automatic placement of the loan on non-accrual status. When the full collection of principal and interest is reasonably assured on a loan designated as a TDR and where the borrower would not otherwise meet the criteria for non-accrual status, we will continue to accrue interest on the loan. Prior to 2020, we did not consider a restructured acquired loan as a TDR if the loan was accounted for as a component of a pool. A TDR does not include short-term assistance to borrowers who are current at the time of a natural disaster or other extreme event (e.g. floods, hurricanes and pandemics). These borrowers are considered to not be experiencing financial difficulty at the time of modification, therefore not meeting the criteria for determining TDR status. For modifications of leases related to the effects of the COVID-19 pandemic and that do not result in a substantial increase in our rights as lessor or the obligations of the lessee, we elected to account for these lease concessions as though enforceable rights and obligations for those concessions existed in the original contracts. We will account for these concessions as if no changes were made to the lease contract. Allowance for Credit Losses on Loans and Leases We estimate the ACL on loans and leases using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts under the CECL methodology effective January 1, 2020. The ACL is measured on a collective (pool) basis when similar risk characteristics exist. Our portfolio segmentation is characterized by similarities in initial measurement, risk attributes, and the manner in which we monitor and assess credit risk and is comprised of commercial real estate, commercial and industrial, commercial leases, commercial - other, direct installment, residential mortgages, indirect installment and consumer lines of credit. The ACL on loans and leases represents our current estimate of lifetime credit losses inherent in our loan portfolio at the balance sheet date. In determining the ACL, we estimate expected future losses for the loan's entire contractual term adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications. The ACL is the sum of three components: quantitative (formulaic or pooled) reserves; asset specific / individual loan reserves; and qualitative (judgmental) reserves. Quantitative Component We use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD models as well as less complex estimation methods for smaller loan portfolios. • PD: This component model is used to estimate the likelihood that a borrower will cease making payments as agreed. The major contributors to this are the borrower credit attributes and macro-economic trends. • LGD: This component model is used to estimate the loss on a loan once a loan is in default. • EAD: Estimates the loan balance at the time the borrower stops making payments. For all term loans, an amortization based formulaic approach is used for account level EAD estimates. We calculate EAD using a portfolio specific method in each of our revolving product portfolios. Asset Specific / Individual Component Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. We have elected to apply the practical expedient to measure expected credit losses of a collateral dependent asset using the fair value of the collateral, less any costs to sell. Individual reserves are determined as follows: • For commercial loans in default which are greater than or equal to $1.0 million , individual reserves are determined based on an analysis of the present value of the loan's expected future cash flows, the loan's observable market value, or the fair value of the collateral less costs to sell. • For commercial and consumer loans in default which are below $1.0 million , an established LGD percentage is multiplied by the loan balance and the results are aggregated for purposes of measuring specific reserve impairment. Qualitative Component The ACL also includes identified qualitative factors related to idiosyncratic risk factors, changes in current economic conditions that may not be reflected in quantitatively derived results, and other relevant factors to ensure the ACL reflects our best estimate of current expected credit losses. While our reserve methodologies strive to reflect all relevant risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between estimates and actual outcomes. We provide additional reserves that are designed to provide coverage for losses attributable to such risks. The ACL also includes factors that may not be directly measured in the determination of individual or collective reserves. Such qualitative factors may include: • Lending policies and procedures, including changes in policies and underwriting standards and practices for collections, write-offs, and recoveries; • The experience, ability, and depth of lending, investment, collection, and other relevant personnel; • The quality of the institution’s credit review function; • Concentrations of credit or changes in the level of such concentration; • The effect of other external factors such as the regulatory, legal and technological environments; competition; and events such as natural disasters; and • Forecast uncertainty and imprecision. Liability for Credit Losses on Unfunded Lending-Related Commitments The liability for credit losses on lending-related commitments, such as letters of credit and unfunded loan commitments, is included in other liabilities on the consolidated balance sheets. Expected credit losses are estimated over the contractual period in which we are exposed to credit risk via a contractual obligation including home equity lines of credit. We do not reserve for other obligations which are unconditionally cancellable by us. The liability for credit losses on lending-related commitments is adjusted through other non-interest expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated useful life. Consistent with our estimation process on our loan and lease portfolio, we use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD models as well as less complex estimation methods for smaller portfolios. Purchased Credit Deteriorated Loans and Leases We have purchased loans and leases, some of which have experienced more than insignificant credit deterioration since origination. Beginning in 2020, we have established criteria to assess whether a purchased financial asset, or group of assets, should be accounted for as PCD on the acquisition date. The selection of which criteria to apply, or the addition of new criteria, to a specific acquisition will be based on the facts and circumstances at the time of review, as well as the availability of information supplied by the acquiree. Generally, more-than-insignificant deterioration in credit quality since origination would include risk ratings of special mention or below, inconsistency of loan payments, non-accrual status at the time of acquisition, loans modified in a TDR, in bankruptcy or supervisory for regulatory purposes. |
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
NEW ACCOUNTING STANDARDS | NEW ACCOUNTING STANDARDS The following table summarizes accounting pronouncements issued by the FASB that we recently adopted. TABLE 2.1 Standard Description Financial Statements Impact Credit Losses ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Financial Instruments-Credit Losses, (Topic 326): Targeted Transition Relief Codification Improvements to Topic 326, Financial Instruments - Credit Losses These Updates replace the current long-standing incurred loss impairment methodology with a methodology that reflects current expected credit losses (commonly referred to as CECL) for most financial assets measured at amortized cost and certain other instruments, including loans, HTM debt securities, net investments in leases and off-balance sheet credit exposures except for unconditionally cancellable commitments. CECL requires loss estimates for the remaining life of the financial asset at the time the asset is originated or acquired, considering historical experience, current conditions and reasonable and supportable forecasts. In addition, the Update will require the use of a modified AFS debt security impairment model and eliminate the current accounting for PCI loans and debt securities. On January 1, 2020, we adopted CECL using the modified retrospective method for financial assets measured at amortized cost, net investments in leases and off-balance sheet credit exposures. While these Updates change the measurement of the ACL, it does not change the credit risk of our lending portfolios or the ultimate losses in those portfolios. However, the CECL ACL methodology will produce higher volatility in the quarterly provision for credit losses than our prior reserve process. We created a cross-functional management steering group to govern implementation and the Audit and Risk Committees and the Board of Directors received regular updates. For financial assets measured at amortized cost we have implemented a new modeling platform and integrated other auxiliary models to support a calculation of expected credit losses under CECL. We have made decisions on segmentation, a reasonable and supportable forecast period, a reversion method and period and a historical loss forecast covering the remaining contractual life, adjusted for prepayments as well as other criteria. Based on our portfolio composition and forecasts of relatively stable macroeconomic conditions over the next two years at the adoption date, we recorded an overall ACL of $301 million. This reflected an increase on the originated portfolio of $55 million, primarily driven by our longer duration commercial and consumer real estate loans and a "gross-up" for PCI loans of $50 million. There is no capital impact related to the PCI loans at adoption. The impact for the adoption of CECL was a reduction to retained earnings of $51 million, which included an $10 million increase to the AULC. The impact upon adoption was dependent on the portfolio composition and credit quality, as well as historical experience, current conditions and forecasts of economic conditions and interest rates at the time of adoption. The impact to our AFS and HTM debt securities was immaterial. Model development, as well as the development of policies and procedures and, internal controls were complete at the time of adoption. |
SECURITIES
SECURITIES | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The amortized cost and fair value of AFS debt securities for the current period are as follows. There was no ACL in the AFS portfolio during the three months ended March 31, 2020 . Accrued interest receivable on AFS debt securities totaled $7.4 million at March 31, 2020 and is excluded from the estimate of credit losses and recorded separately in Other Assets in the Consolidated Balance Sheets. Accordingly, we have excluded accrued interest receivable from both the fair value and the amortized cost basis of AFS debt securities. TABLE 3.1 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities AFS: March 31, 2020 U.S. government agencies $ 140 $ — $ (1 ) $ 139 U.S. government-sponsored entities 200 3 — 203 Residential mortgage-backed securities: Agency mortgage-backed securities 1,235 34 — 1,269 Agency collateralized mortgage obligations 1,135 40 — 1,175 Commercial mortgage-backed securities 391 10 (3 ) 398 States of the U.S. and political subdivisions (municipals) 8 — — 8 Other debt securities 2 — — 2 Total debt securities AFS $ 3,111 $ 87 $ (4 ) $ 3,194 The amortized cost and fair value of debt securities AFS for December 31, 2019 are as follows: TABLE 3.2 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities AFS: December 31, 2019 U.S. government agencies $ 152 $ — $ (1 ) $ 151 U.S. government-sponsored entities 225 1 — 226 Residential mortgage-backed securities: Agency mortgage-backed securities 1,310 7 (3 ) 1,314 Agency collateralized mortgage obligations 1,234 10 (4 ) 1,240 Commercial mortgage-backed securities 341 6 (2 ) 345 States of the U.S. and political subdivisions (municipals) 11 — — 11 Other debt securities 2 — — 2 Total debt securities AFS $ 3,275 $ 24 $ (10 ) $ 3,289 The amortized cost and fair value of HTM debt securities for the current period are as follows. The ACL for the HTM municipal bond portfolio $0.06 million at March 31, 2020 . Accrued interest receivable on HTM debt securities totaled $12.8 million at March 31, 2020 and is excluded from the estimate of credit losses and recorded separately in Other Assets in the Consolidated Balance Sheets. TABLE 3.3 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities HTM: March 31, 2020 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 1 — — 1 U.S. government-sponsored entities 160 2 — 162 Residential mortgage-backed securities: Agency mortgage-backed securities 959 33 — 992 Agency collateralized mortgage obligations 682 22 — 704 Commercial mortgage-backed securities 268 3 (3 ) 268 States of the U.S. and political subdivisions (municipals) 1,108 29 (1 ) 1,136 Total debt securities HTM $ 3,179 $ 89 $ (4 ) $ 3,264 The amortized cost and fair value of HTM debt securities for December 31, 2019 are as follows: TABLE 3.4 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities HTM: December 31, 2019 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 1 — — 1 U.S. government-sponsored entities 175 — — 175 Residential mortgage-backed securities: Agency mortgage-backed securities 949 8 (2 ) 955 Agency collateralized mortgage obligations 721 5 (6 ) 720 Commercial mortgage-backed securities 308 3 (2 ) 309 States of the U.S. and political subdivisions (municipals) 1,120 26 (2 ) 1,144 Total debt securities HTM $ 3,275 $ 42 $ (12 ) $ 3,305 There were no significant gross gains or gross losses realized on securities during the three months ended March 31, 2020 or 2019 . As of March 31, 2020 , the amortized cost and fair value of debt securities, by contractual maturities, were as follows: TABLE 3.5 Available for Sale Held to Maturity (in millions) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 91 $ 92 $ 63 $ 64 Due after one year but within five years 120 122 110 111 Due after five years but within ten years 57 57 123 125 Due after ten years 82 81 974 1,000 350 352 1,270 1,300 Residential mortgage-backed securities: Agency mortgage-backed securities 1,235 1,269 959 992 Agency collateralized mortgage obligations 1,135 1,175 682 704 Commercial mortgage-backed securities 391 398 268 268 Total debt securities $ 3,111 $ 3,194 $ 3,179 $ 3,264 Maturities may differ from contractual terms because borrowers may have the right to call or prepay obligations with or without penalties. Periodic payments are received on residential mortgage-backed securities based on the payment patterns of the underlying collateral. Following is information relating to securities pledged: TABLE 3.6 (dollars in millions) March 31, December 31, Securities pledged (carrying value): To secure public deposits, trust deposits and for other purposes as required by law $ 4,555 $ 4,494 As collateral for short-term borrowings 263 285 Securities pledged as a percent of total securities 75.6 % 72.8 % At March 31, 2020 , there were no holdings of securities of any one issuer, other than U.S. government and its agencies, in any amount greater than 10% of stockholders’ equity. Following are summaries of the fair values of AFS debt securities in an unrealized loss position for which an ACL has not been recorded, segregated by surety type and length of continuous loss position: TABLE 3.7 Less than 12 Months 12 Months or More Total (dollars in millions) # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Debt Securities AFS March 31, 2020 U.S. government agencies 4 $ 38 $ — 15 $ 55 $ (1 ) 19 $ 93 $ (1 ) U.S. government-sponsored entities — — — — — — — — — Residential mortgage-backed securities: Agency mortgage-backed securities 2 14 — — — — 2 14 — Agency collateralized mortgage obligations — — — — — — — — — Commercial mortgage-backed securities 2 87 (3 ) — — — 2 87 (3 ) States of the U.S. and political subdivisions (municipals) — — — — — — — — — Other debt securities — — — 1 2 — 1 2 — Total 8 $ 139 $ (3 ) 16 $ 57 $ (1 ) 24 $ 196 $ (4 ) Less than 12 Months 12 Months or More Total (dollars in millions) # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Debt Securities AFS December 31, 2019 U.S. government agencies 5 $ 48 $ — 15 $ 61 $ (1 ) 20 $ 109 $ (1 ) U.S. government-sponsored entities — — — 6 130 — 6 130 — Residential mortgage-backed securities: Agency mortgage-backed securities 13 200 (1 ) 24 314 (2 ) 37 514 (3 ) Agency collateralized mortgage obligations 11 323 (1 ) 32 205 (3 ) 43 528 (4 ) Commercial mortgage-backed securities 3 114 (2 ) — — — 3 114 (2 ) Other debt securities — — — 1 2 — 1 2 — Total temporarily impaired debt securities AFS 32 $ 685 $ (4 ) 78 $ 712 $ (6 ) 110 $ 1,397 $ (10 ) We evaluated the AFS debt securities that were in an unrealized loss position at March 31, 2020. Based on the credit ratings and implied government guarantee for these securities, we concluded the loss position is temporary and due to the movement of interest rates. We do not intend to sell the AFS debt securities and it is not more likely than not that we will be required to sell the securities before the recovery of their amortized cost basis. Credit Quality Indicators We use credit ratings to help evaluate the credit quality of our HTM municipal bond portfolio. The ratings are updated quarterly with the last update on March 31, 2020 . The remainder of the HTM portfolio is backed by the UST, Fannie Mae, Freddie Mac, FHLB, Ginnie Mae, and the SBA and we have designated these securities as having zero expected credit losses, and therefore, are not subject to an estimate of expected credit loss under CECL. Our municipal bond portfolio with a carrying amount of $1.1 billion as of March 31, 2020 is highly rated with an average rating of AA and 100% of the portfolio rated A or better, while 99% have stand-alone ratings of A or better. All of the securities in the municipal portfolio are general obligation bonds. Geographically, municipal bonds support our primary footprint as 65% of the securities are from municipalities located in the primary states within which we conduct business. The average holding size of the securities in the municipal bond portfolio is $3.5 million . In addition to the strong stand-alone ratings, 63% of the municipalities have some formal credit enhancement insurance that strengthens the creditworthiness of their issue. Management reviews the credit profile of each issuer on a quarterly basis. The credit analysis on the municipal bond portfolio is completed on each bond using: • Bond’s credit rating; • Credit enhancements that improve the bond’s credit rating, for example insurance; and • Moody’s U.S. Bond Defaults and Recoveries, 1970-2017. By using these components, we derive the expected credit loss on the general obligation bond portfolio. We further refine the expected credit loss by factoring in economic forecast data using our C&I Non Manufacturing PD adjustment as derived through our assessment of the loan portfolio. For the quarter ending March 31, 2020 , we had a provision expense of $0.01 million , with no charge-offs or recoveries. The ACL as of March 31, 2020 was $0.06 million . No other portfolios had an ACL. At March 31, 2020 , there were no securities that were past due or on non-accrual. |
LOANS AND LEASES
LOANS AND LEASES | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
LOANS AND LEASES | LOANS AND LEASES The loan and lease portfolio categories are not materially different in the first quarter 2020, after the adoption of ASC 326, compared to year ended December 31, 2019. Accrued interest receivable on loans and leases, which totaled $60.9 million at March 31, 2020 , is excluded from the estimate of credit losses and recorded separately in Other Assets in the Consolidated Balance Sheets for both periods and not included in the tables below. Upon adoption of ASC 326, PCD assets were adjusted to reflect the addition of $50.3 million of the ACL with the remaining noncredit discount of $110.0 million included in the amortized cost. Prior period tables are included for reference and may not have a comparable table for the current year of adoption of ASC 326. Following is a summary of loans and leases, net of unearned income: TABLE 4.1 (in millions) Amortized Cost Loans and Leases March 31, 2020 Commercial real estate $ 9,126 Commercial and industrial 5,644 Commercial leases 444 Other 46 Total commercial loans and leases 15,260 Direct installment 1,880 Residential mortgages 3,444 Indirect installment 1,863 Consumer lines of credit 1,424 Total consumer loans 8,611 Total loans and leases, net of unearned income $ 23,871 (in millions) Total Loans and Leases December 31, 2019 Commercial real estate $ 8,960 Commercial and industrial 5,308 Commercial leases 432 Other 21 Total commercial loans and leases 14,721 Direct installment 1,821 Residential mortgages 3,374 Indirect installment 1,922 Consumer lines of credit 1,451 Total consumer loans 8,568 Total loans and leases, net of unearned income $ 23,289 The loans and leases portfolio categories are comprised of the following: • Commercial real estate includes both owner-occupied and non-owner-occupied loans secured by commercial properties; • Commercial and industrial includes loans to businesses that are not secured by real estate; • Commercial leases consist of leases for new or used equipment; • Other is comprised primarily of credit cards and mezzanine loans; • Direct installment is comprised of fixed-rate, closed-end consumer loans for personal, family or household use, such as home equity loans and automobile loans; • Residential mortgages consist of conventional and jumbo mortgage loans for 1-4 family properties; • Indirect installment is comprised of loans originated by approved third parties and underwritten by us, primarily automobile loans; and • Consumer lines of credit include home equity lines of credit and consumer lines of credit that are either unsecured or secured by collateral other than home equity. The loans and leases portfolio consists principally of loans to individuals and small- and medium-sized businesses within our primary market in seven states and the District of Columbia. Our primary market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina. The following table shows certain information relating to commercial real estate loans: TABLE 4.2 (dollars in millions) March 31, December 31, Commercial real estate: Percent owner-occupied 30.0 % 30.6 % Percent non-owner-occupied 70.0 % 69.4 % Credit Quality Management monitors the credit quality of our loan portfolio using several performance measures based on payment activity and borrower performance. Loans designated as non-performing are those that meet the same definition of non-accrual loans. During the first quarter 2020, the World Health Organization declared COVID-19 a pandemic. Subsequent to that declaration, the U.S. declared a national emergency concerning the COVID-19 contagion and certain states within our market footprint have likewise declared emergency conditions which have resulted in orders and guidelines which prohibited or imposed significant restriction on the operations of non-essential businesses. Interagency guidance was released to encourage bankers to work with their customers to provide some relief through loan modifications or other temporary concessions. For example, regulatory guidelines provide for loan modification programs designed to provide temporary relief for current borrowers affected by COVID-19 by enabling financial institutions to assume that borrowers that were current on payments at the outset of the COVID-19 crisis are not to be considered as experiencing financial difficulties at the time of the modification for purposes of determining TDR status, and thus no further TDR analysis is required for each such loan modification in the program. We have been working with borrowers during this quarter to provide them with certain relief that falls within this guidance and within our underwriting standards. Therefore, for any payment or interest deferrals and modifications relating to COVID-19 for borrowers who were in good standings before COVID-19, they are not included in any past due, non-accrual, or TDR data presented in the following tables. Following is a summary of non-performing assets: TABLE 4.3 (dollars in millions) March 31, December 31, Non-accrual loans $ 134 $ 81 Troubled debt restructurings — 22 Total non-performing loans 134 103 Other real estate owned 20 26 Total non-performing assets $ 154 $ 129 Asset quality ratios: Non-performing loans / total loans and leases 0.56 % 0.44 % Non-performing loans + OREO / total loans and leases + OREO 0.64 % 0.55 % Non-performing assets / total assets 0.44 % 0.37 % The carrying value of residential-secured consumer OREO held as a result of obtaining physical possession upon completion of a foreclosure or through completion of a deed in lieu of foreclosure amounted to $3.2 million at March 31, 2020 and $3.3 million at December 31, 2019 . The recorded investment of residential-secured consumer OREO for which formal foreclosure proceedings are in process at March 31, 2020 and December 31, 2019 totaled $10.7 million and $9.2 million , respectively. Approximately $40 million of commercial loans are collateral dependent at March 31, 2020. Repayment is expected to be substantially through the operation or sale of the collateral on the loan. These loans are primarily secured by business assets or commercial real estate. The following tables provide an analysis of the aging of loans by class. The current year does not have comparable prior year data due to the current year's adoption of ASC 326. TABLE 4.4 (in millions) 30-89 Days Past Due > 90 Days Past Due and Still Accruing Non- Accrual Total Past Due Current Total Loans and Leases Non-accrual with No ACL Loans and Leases March 31, 2020 Commercial real estate $ 29 $ — $ 67 $ 96 $ 9,030 $ 9,126 $ 13 Commercial and industrial 33 — 32 65 5,579 5,644 15 Commercial leases 2 — 2 4 440 444 — Other — — 1 1 45 46 — Total commercial loans and leases 64 — 102 166 15,094 15,260 28 Direct installment 8 1 10 19 1,861 1,880 — Residential mortgages 32 2 13 47 3,397 3,444 — Indirect installment 16 1 3 20 1,843 1,863 — Consumer lines of credit 10 2 6 18 1,406 1,424 — Total consumer loans 66 6 32 104 8,507 8,611 — Total loans and leases $ 130 $ 6 $ 134 $ 270 $ 23,601 $ 23,871 $ 28 (in millions) 30-89 Days Past Due > 90 Days Past Due and Still Accruing Non- Accrual Total Past Due Current Total Loans and Leases Originated Loans and Leases December 31, 2019 Commercial real estate $ 10 $ — $ 26 $ 36 $ 7,078 $ 7,114 Commercial and industrial 9 — 28 37 5,026 5,063 Commercial leases 5 — 1 6 426 432 Other — — 1 1 20 21 Total commercial loans and leases 24 — 56 80 12,550 12,630 Direct installment 7 1 7 15 1,743 1,758 Residential mortgages 12 2 8 22 2,973 2,995 Indirect installment 15 1 3 19 1,903 1,922 Consumer lines of credit 5 1 3 9 1,083 1,092 Total consumer loans 39 5 21 65 7,702 7,767 Total originated loans and leases $ 63 $ 5 $ 77 $ 145 $ 20,252 $ 20,397 (in millions) 30-89 Days Past Due > 90 Days Past Due and Still Accruing Non- Accrual Total Past Due (1) (2) Current (Discount) Premium Total Loans Loans Acquired in a Business Combination December 31, 2019 Commercial real estate $ 12 $ 28 $ 3 $ 43 $ 1,942 $ (139 ) $ 1,846 Commercial and industrial 2 3 — 5 259 (19 ) 245 Total commercial loans 14 31 3 48 2,201 (158 ) 2,091 Direct installment 3 — — 3 60 — 63 Residential mortgages 8 4 — 12 382 (15 ) 379 Consumer lines of credit 7 2 1 10 357 (8 ) 359 Total consumer loans 18 6 1 25 799 (23 ) 801 Total loans acquired in a business combination $ 32 $ 37 $ 4 $ 73 $ 3,000 $ (181 ) $ 2,892 (1) Prior to the adoption of ASC 326 on January 1, 2020, loans acquired in a business combination are considered performing upon acquisition, regardless of whether the customer was contractually delinquent, if we can reasonably estimate the timing and amount of expected cash flows on such loans. In these instances, we do not consider acquired contractually delinquent loans to be non-accrual or non-performing and continue to recognize interest income on these loans using the accretion method. Loans acquired in a business combination are considered non-accrual or non-performing when, due to credit deterioration or other factors, we determine we are no longer able to reasonably estimate the timing and amount of expected cash flows on such loans. We do not recognize interest income on loans acquired in a business combination considered non-accrual or non-performing. (2) Past due information for loans acquired in a business combination is based on the contractual balance outstanding at December 31, 2019 . We utilize the following categories to monitor credit quality within our commercial loan and lease portfolio: TABLE 4.5 Rating Category Definition Pass in general, the condition of the borrower and the performance of the loan is satisfactory or better Special Mention in general, the condition of the borrower has deteriorated, requiring an increased level of monitoring Substandard in general, the condition of the borrower has significantly deteriorated and the performance of the loan could further deteriorate if deficiencies are not corrected Doubtful in general, the condition of the borrower has significantly deteriorated and the collection in full of both principal and interest is highly questionable or improbable The use of these internally assigned credit quality categories within the commercial loan and lease portfolio permits management’s use of transition matrices to establish the basis for the reasonable and supportable forecast portion of the credit risk. Our internal credit risk grading system is based on past experiences with similarly graded loans and leases and conforms to regulatory categories. In general, loan and lease risk ratings within each category are reviewed on an ongoing basis according to our policy for each class of loans and leases. Each quarter, management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the commercial loan and lease portfolio. Loans and leases within the Pass credit category or that migrate toward the Pass credit category generally have a lower risk of loss compared to loans and leases that migrate toward the Substandard or Doubtful credit categories. Accordingly, management applies higher risk factors to Substandard and Doubtful credit categories. The following table summarizes designated loan rating category by loan class including term loans on an amortized cost basis by origination year: TABLE 4.6 (in millions) March 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total COMMERCIAL Commercial Real Estate: Risk Rating: Pass $ 329 $ 1,823 $ 1,363 $ 1,285 $ 1,117 $ 2,521 $ 182 $ 8,620 Special Mention — 6 26 44 53 144 3 276 Substandard — 3 13 23 45 140 6 230 Doubtful — — — — — — — — Total commercial real estate 329 1,832 1,402 1,352 1,215 2,805 191 9,126 Commercial and Industrial: Risk Rating: Pass 437 1,392 843 497 186 456 1,435 5,246 Special Mention 2 29 33 30 15 28 78 215 Substandard — 3 20 24 6 28 102 183 Doubtful — — — — — — — — Total commercial and industrial 439 1,424 896 551 207 512 1,615 5,644 Commercial Leases: Risk Rating: Pass 41 173 117 75 13 6 — 425 Special Mention 10 1 1 — — — — 12 Substandard — 2 2 1 1 1 — 7 Doubtful — — — — — — — — Total commercial leases 51 176 120 76 14 7 — 444 Other Commercial: Risk Rating: Pass 3 — — — — 5 38 46 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total other commercial 3 — — — — 5 38 46 Total commercial 822 3,432 2,418 1,979 1,436 3,329 1,844 15,260 (in millions) March 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total CONSUMER Direct Installment: Current 163 433 276 193 223 573 — 1,861 Past due — — 1 1 1 15 — 18 Total direct installment 163 433 277 194 224 588 — 1,879 Residential Mortgages: Current 201 891 521 559 431 797 2 3,402 Past due — 3 4 6 3 27 — 43 Total residential mortgages 201 894 525 565 434 824 2 3,445 Indirect Installment: Current 123 615 653 273 122 57 — 1,843 Past due — 5 6 4 3 2 — 20 Total indirect installment 123 620 659 277 125 59 — 1,863 Consumer Lines of Credit: Current 1 9 14 5 5 132 1,240 1,406 Past due — — — — 1 14 3 18 Total consumer lines of credit 1 9 14 5 6 146 1,243 1,424 Total consumer 488 1,956 1,475 1,041 789 1,617 1,245 8,611 Total loans and leases $ 1,310 $ 5,388 $ 3,893 $ 3,020 $ 2,225 $ 4,946 $ 3,089 $ 23,871 We use delinquency transition matrices within the consumer and other loan classes to establish the basis for the reasonable and supportable forecast portion of the credit risk. Each month, management analyzes payment and volume activity, Fair Isaac Corporation (FICO) scores and Debt-to-Income (DTI) scores and other external factors such as unemployment, to determine how consumer loans are performing. The following tables present a summary of our commercial loans and leases by credit quality category segregated by loans and leases originated and loans acquired: TABLE 4.7 Commercial Loan and Lease Credit Quality Categories (in millions) Pass Special Mention Substandard Doubtful Total Originated Loans and Leases December 31, 2019 Commercial real estate $ 6,821 $ 171 $ 121 $ 1 $ 7,114 Commercial and industrial 4,768 149 144 2 5,063 Commercial leases 423 3 6 — 432 Other 20 — 1 — 21 Total originated commercial loans and leases $ 12,032 $ 323 $ 272 $ 3 $ 12,630 Loans Acquired in a Business Combination December 31, 2019 Commercial real estate $ 1,603 $ 116 $ 127 $ — $ 1,846 Commercial and industrial 201 19 25 — 245 Total commercial loans acquired in a business combination $ 1,804 $ 135 $ 152 $ — $ 2,091 Following is a table showing consumer loans by payment status: TABLE 4.8 Consumer Loan Credit Quality by Payment Status (in millions) Performing Non- Performing Total Originated Loans December 31, 2019 Direct installment $ 1,745 $ 13 $ 1,758 Residential mortgages 2,978 17 2,995 Indirect installment 1,919 3 1,922 Consumer lines of credit 1,086 6 1,092 Total originated consumer loans $ 7,728 $ 39 $ 7,767 Loans Acquired in a Business Combination December 31, 2019 Direct installment $ 63 $ — $ 63 Residential mortgages 379 — 379 Consumer lines of credit 358 1 359 Total consumer loans acquired in a business combination $ 800 $ 1 $ 801 Prior to 2020, loans were designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan and lease contract was doubtful. Typically, we did not consider loans for impairment unless a sustained period of delinquency (i.e., 90 -plus days) was noted or there were subsequent events that impacted repayment probability (i.e., negative financial trends, bankruptcy filings, imminent foreclosure proceedings, etc.). Impairment was evaluated in the aggregate for consumer installment loans, residential mortgages, consumer lines of credit and commercial loan relationships less than $1.0 million based on loan segment loss given default. For commercial loan relationships greater than or equal to $1.0 million , a specific valuation ACL was allocated, if necessary, so that the loan was reported net, at the present value of estimated future cash flows using a market interest rate or at the fair value of collateral if repayment was expected solely from the sale of the collateral. Previously, interest income on impaired loans, except those classified as non-accrual, was recognized using the accrual method. Impaired loans, or portions thereof, were charged off when deemed uncollectible. Following is a summary of information pertaining to loans and leases considered to be impaired, by class of loan and lease: TABLE 4.9 (in millions) Unpaid Contractual Principal Balance Recorded Investment With No Specific Reserve Recorded Investment With Specific Reserve Total Recorded Investment Specific Reserve Average Recorded Investment At or for the Year Ended Commercial real estate $ 30 $ 25 $ 2 $ 27 $ 2 $ 26 Commercial and industrial 35 21 — 21 2 22 Commercial leases 1 1 — 1 — 1 Total commercial loans and leases 66 47 2 49 4 49 Direct installment 16 13 — 13 — 13 Residential mortgages 20 18 — 18 — 17 Indirect installment 5 3 — 3 — 3 Consumer lines of credit 7 5 — 5 — 5 Total consumer loans 48 39 — 39 — 38 Total $ 114 $ 86 $ 2 $ 88 $ 4 $ 87 During 2019, interest income continued to accrue on certain impaired loans and totaled approximately $1.4 million for the three months ended March 31, 2019 . Following is a summary of the ACL required for loans acquired in a business combination due to changes in credit quality subsequent to the acquisition date: TABLE 4.10 (in millions) December 31, Commercial real estate $ 4 Commercial and industrial — Total commercial loans 4 Direct installment 1 Residential mortgages 2 Total consumer loans 3 Total allowance for credit losses on loans acquired in a business combination $ 7 For some loans where the borrower is experiencing financial difficulty, the collateral used to secure the loan is expected to be the primary source of repayment, either through its operation or ultimate sale of the collateral. Troubled Debt Restructurings TDRs are loans whose contractual terms have been modified in a manner that grants a concession to a borrower experiencing financial difficulties. TDRs typically result from loss mitigation activities and could include the extension of a maturity date, interest rate reduction, principal forgiveness, deferral or decrease in payments for a period of time and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. As previously mentioned, we are working with borrowers and granting certain modifications through programs related to COVID-19 relief. Those modifications are not included in our TDR totals. Following is a summary of the composition of total TDRs: TABLE 4.11 (in millions) Total March 31, 2020 Accruing $ 64 Non-accrual 30 Total TDRs $ 94 December 31, 2019 Accruing $ 41 Non-accrual 15 Total TDRs $ 56 TDRs that are accruing and performing include loans that met the criteria for non-accrual of interest prior to restructuring for which we can reasonably estimate the timing and amount of the expected cash flows on such loans and for which we expect to fully collect the new carrying value of the loans. During the three months ended March 31, 2020 , we returned to accruing status $3.7 million in restructured residential mortgage loans that have consistently met their modified obligations for more than six months. TDRs that are on non-accrual are not placed on accruing status until all delinquent principal and interest have been paid and the ultimate collectability of the remaining principal and interest is reasonably assured. Some loan modifications classified as TDRs may not ultimately result in the full collection of principal and interest, as modified, and may result in potential incremental losses which are factored into the ACL. Commercial loans over $1.0 million whose terms have been modified in a TDR are generally placed on non-accrual, individually analyzed and measured based on the fair value of the underlying collateral. Our ACL included specific reserves for commercial TDRs and pooled reserves for individually analyzed loans under $1.0 million based on loan segment loss given default. Our ACL includes specific reserves for commercial TDRs of $1.1 million at March 31, 2020 and December 31, 2019 , respectively, and pooled reserves for individual loans of $3.1 million and $0.8 million for those same respective periods, based on loan segment loss given default. Upon default, the amount of the recorded investment in the TDR in excess of the fair value of the collateral, less estimated selling costs, is generally considered a confirmed loss and is charged-off against the ACL. All other classes of loans whose terms have been modified in a TDR are pooled and measured based on the loan segment loss given default. Our ACL included pooled reserves for these classes of loans of $4.9 million for March 31, 2020 and $4.1 million for December 31, 2019 . Upon default of an individual loan, our charge-off policy is followed for that class of loan. Following is a summary of TDR loans, by class: TABLE 4.12 Three Months Ended March 31, 2020 (dollars in millions) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate 5 $ 1 $ 1 Commercial and industrial 7 1 — Total commercial loans 12 2 1 Direct installment 19 2 2 Residential mortgages 14 1 1 Consumer lines of credit 15 — — Total consumer loans 48 3 3 Total 60 $ 5 $ 4 Three Months Ended March 31, 2019 (dollars in millions) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate 1 $ — $ — Commercial and industrial 12 1 1 Total commercial loans 13 1 1 Direct installment 18 1 1 Residential mortgages 3 — — Consumer lines of credit 8 — — Total consumer loans 29 1 1 Total 42 $ 2 $ 2 The year-to-date items in the above tables have been adjusted for loans that have been paid off and/or sold. Following is a summary of TDRs, by class, for which there was a payment default, excluding loans that have been paid off and/or sold. Default occurs when a loan is 90 days or more past due and is within 12 months of restructuring. TABLE 4.13 Three Months Ended (dollars in millions) Number of Contracts Recorded Investment Commercial real estate 10 $ 4 Commercial and industrial 2 — Total commercial loans 12 4 Direct installment 4 $ — Residential mortgages 1 — Consumer lines of credit — — Total consumer loans 5 — Total 17 $ 4 Following is a summary of originated TDRs, by class, for which there was a payment default, excluding loans that have been paid off and/or sold. TABLE 4.14 Three Months Ended (dollars in millions) Number of Contracts Recorded Investment Commercial real estate 1 $ — Total commercial loans 1 — Direct installment 2 — Residential mortgages 1 — Consumer lines of credit 2 — Total consumer loans 5 — Total 6 $ — Loans Acquired in a Business Combination Prior to January 1, 2020, all loans acquired in a business combination were initially recorded at fair value at the acquisition date with no associated ACL. Refer to the Loans Acquired in a Business Combination section in Note 1 to the Consolidated Financial Statements included in our 2019 Annual Report on Form 10-K for a discussion of ASC 310-20 and ASC 310-30 loans. The outstanding balance and the carrying amount of loans acquired in a business combination included in the Consolidated Balance Sheets are as follows: TABLE 4.15 (in millions) December 31, Accounted for under ASC 310-30: Outstanding balance $ 2,684 Carrying amount 2,461 Accounted for under ASC 310-20: Outstanding balance 436 Carrying amount 425 Total loans acquired in a business combination: Outstanding balance 3,120 Carrying amount 2,886 The outstanding balance is the undiscounted sum of all amounts owed under the loan, including amounts deemed principal, interest, fees, penalties and other, whether or not currently due and whether or not any such amounts have been charged-off. The carrying amount of PCI loans included in the table above totaled $1.5 million at December 31, 2019 , representing 0.05% carrying amount of total loans acquired in a business combination as of each date. The following table provides changes in accretable yield for all loans acquired in business combinations that are accounted for under ASC 310-30. Loans accounted for under ASC 310-20 are not included in this table. TABLE 4.16 Three Months Ended (in millions) 2019 Balance at beginning of period $ 605 Reduction due to unexpected early payoffs (20 ) Reclass from non-accretable difference to accretable yield 30 Disposals/transfers — Other — Accretion (50 ) Balance at end of period $ 565 Cash flows expected to be collected on loans acquired in business combinations are estimated quarterly by incorporating several key assumptions similar to the initial estimate of fair value. These key assumptions include PD and the amount of actual prepayments after the acquisition date. Prepayments affect the estimated life of the loans and could change the amount of interest income. In reforecasting future estimated cash flows, credit loss expectations are adjusted as necessary. Improved cash flow expectations for loans or pools are recorded first as a reversal of previously recorded impairment, if any, and then as an increase in prospective yield when all previously recorded impairment has been recaptured. Decreases in expected cash flows are recognized as impairment through a charge to provision for credit losses and credit to the ACL. The excess of cash flows expected to be collected at acquisition over recorded fair value is referred to as the accretable yield. The accretable yield is recognized into income over the remaining life of the loan, or pool of loans, using an effective yield method, since the timing and/or amount of cash flows expected to be collected can be reasonably estimated (the accretion model). The difference between the loan’s total scheduled principal and interest payments over all cash flows expected at acquisition is referred to as the non-accretable difference. The non-accretable difference represents contractually required principal and interest payments which we do not expect to collect. This reclassification was $30.0 million for the three months ended March 31, 2019 . The reclassification from the non-accretable difference to the accretable yield results in prospective yield adjustments on the loan pools. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Beginning January 1, 2020, the former incurred loss method was replaced with the current expected credit loss method to calculate the estimated loan loss. The ACL addresses credit losses expected in the existing loan and lease portfolio and is presented as a reserve against loans and leases on the Consolidated Balance Sheets. Loan and lease losses are charged off against the ACL, with recoveries of amounts previously charged off credited to the ACL. Provisions for credit losses are charged to operations based on management’s periodic evaluation of the appropriate level of the ACL. Included in Table 5.1 is the impact to the ACL from our CECL adoption on January 1, 2020. All prior periods are presented using the incurred loss method which was the accounting method in place at the time of the respective financial statements. Following is a summary of changes in the ACL, by loan and lease class: TABLE 5.1 (in millions) Balance at Beginning of Period Charge- Offs Recoveries Net Charge- Offs Provision for Credit Losses ASC 326 Adoption Impact Initial ACL on PCD Loans Balance at End of Period Three Months Ended March 31, 2020 Commercial real estate $ 60 $ (2 ) $ 4 $ 2 $ 12 $ 38 $ 40 $ 152 Commercial and industrial 53 (4 ) 1 (3 ) 26 8 4 88 Commercial leases 11 — — — 2 — — 13 Other 9 (1 ) — (1 ) 2 (9 ) — 1 Total commercial loans and leases 133 (7 ) 5 (2 ) 42 37 44 254 Direct installment 13 (1 ) — (1 ) 3 10 1 26 Residential mortgages 22 — — — (1 ) 6 4 31 Indirect installment 19 (3 ) 1 (2 ) 2 2 — 21 Consumer lines of credit 9 (1 ) — (1 ) 2 — 1 11 Total consumer loans 63 (5 ) 1 (4 ) 6 18 6 89 Total allowance for credit losses on loans and leases $ 196 $ (12 ) $ 6 $ (6 ) $ 48 $ 55 $ 50 $ 343 This expected loss model takes into consideration the expected losses over the life of the loan at the time the loan is originated versus the incurred loss model under the prior standard. At the time of the adoption, we recorded a one-time cumulative-effect adjustment of $50.6 million as a reduction to Retained Earnings. The ACL balance increased by $105 million and included a “gross-up" to PCI loan balances and the ACL of $50 million . Included in the CECL adoption impact was an increase to our AULC, bringing the AULC balance to $14 million . The model used to calculate the ACL is dependent on the portfolio composition and credit quality, as well as historical experience, current conditions and forecasts of economic conditions and interest rates. Specifically, the following considerations are incorporated into the ACL calculation: • a third-party macroeconomic forecast scenario; • a 24-month R&S forecast period for macroeconomic factors with a reversion to the historical mean on a straight-line basis over a 12-month period; and • the historical through the cycle mean was calculated using an expanded period to include a prior recessionary period. COVID-19 Impacts During March 2020, the broader economy experienced a significant deterioration in the macroeconomic environment driven by the COVID-19 pandemic resulting in notable adverse changes to forecasted economic variables utilized in our ACL modeling process. Based on these changes, we utilized a third-party pandemic recessionary macroeconomic forecast scenario for ACL modeling purposes. This scenario captured forecasted macroeconomic variables as of March 27, 2020 to ensure our ACL calculation considered the most recently available macroeconomic data in a quickly evolving environment at quarter-end. Macroeconomic variables that we utilized from this scenario include but are not limited to: (i) GDP, which reflects a contraction of up 6.7% from peak levels with a return to prior levels late in the R&S forecast period, (ii) the Dow Jones Industrial Average, which reflects a decline of up to 30% from peak levels and remains below peak levels throughout the R&S forecast period, (iii) unemployment, which reflects an increase over 50-year lows and averaging 7% over the R&S forecast period and (iv) the Volatility Index, which increases four-fold over prior low levels early in the R&S forecast period before stabilizing over the remaining R&S forecast period. The ACL of $343.3 million at March 31, 2020 increased $147.4 million , or 75.3% , from December 31, 2019 and reflects the Day 1 CECL adoption increase to the ACL of $105.3 million on January 1, 2020. Our ending ACL coverage ratio at March 31, 2020 was 1.44% . Total provision for credit losses for the three months ended March 31, 2020 was $47.8 million and included $38 million of incremental provision due to COVID-19 related macroeconomic conditions. Net charge-offs were $5.7 million during the three months ended March 31, 2020 , compared to $7.6 million during the three months ended March 31, 2019 , with the decrease primarily due to lower commercial charge-offs. Following is a summary of changes in the ACL, by loan and lease class: TABLE 5.2 (in millions) Balance at Beginning of Period Charge- Offs Recoveries Net Charge- Offs Provision for Credit Losses Balance at End of Period Three Months Ended March 31, 2019 Commercial real estate $ 55 $ (1 ) $ — $ (1 ) $ 3 $ 57 Commercial and industrial 49 (1 ) 1 — 3 52 Commercial leases 8 — — — — 8 Other 2 (1 ) — (1 ) 1 2 Total commercial loans and leases 114 (3 ) 1 (2 ) 7 119 Direct installment 14 (1 ) — (1 ) (1 ) 12 Residential mortgages 20 — — — (1 ) 19 Indirect installment 15 (3 ) 1 (2 ) 4 17 Consumer lines of credit 10 — — — — 10 Total consumer loans 59 (4 ) 1 (3 ) 2 58 Total allowance for credit losses on originated loans and leases 173 (7 ) 2 (5 ) 9 177 Purchased credit-impaired loans 1 — — — — 1 Other acquired loans 6 (3 ) — (3 ) 5 8 Total allowance for credit losses on acquired loans 7 (3 ) — (3 ) 5 9 Total allowance for credit losses $ 180 $ (10 ) $ 2 $ (8 ) $ 14 $ 186 Following is a summary of the individual and collective ACL and corresponding loan and lease balances by class: TABLE 5.3 Allowance for Credit Losses Loans and Leases Outstanding (in millions) Individually Evaluated for Impairment Collectively Evaluated for Impairment Loans and Leases Individually Evaluated for Impairment Collectively Evaluated for Impairment December 31, 2019 Commercial real estate $ 2 $ 58 $ 7,114 $ 13 $ 7,101 Commercial and industrial 2 51 5,063 17 5,046 Commercial leases — 11 432 — 432 Other — 2 21 — 21 Total commercial loans and leases 4 122 12,630 30 12,600 Direct installment — 13 1,758 — 1,758 Residential mortgages — 22 2,995 — 2,995 Indirect installment — 19 1,922 — 1,922 Consumer lines of credit — 9 1,092 — 1,092 Total consumer loans — 63 7,767 — 7,767 Total $ 4 $ 185 $ 20,397 $ 30 $ 20,367 The above table excludes loans acquired in a business combination that were pooled into groups of loans for evaluating impairment. |
LOAN SERVICING
LOAN SERVICING | 3 Months Ended |
Mar. 31, 2020 | |
Transfers and Servicing [Abstract] | |
LOAN SERVICING | LOAN SERVICING Mortgage Loan Servicing We retain the servicing rights on certain mortgage loans sold. The unpaid principal balance of mortgage loans serviced for others is listed below: TABLE 6.1 (in millions) March 31, December 31, 2019 Mortgage loans sold with servicing retained $ 4,711 $ 4,686 The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 6.2 Three Months Ended (in millions) 2020 2019 Mortgage loans sold with servicing retained $ 260 $ 177 Pretax gains resulting from above loan sales (1) 7 4 Mortgage servicing fees (1) 3 2 (1) Recorded in mortgage banking operations on the Consolidated Statements of Income. Following is a summary of activity relating to MSRs: TABLE 6.3 Three Months Ended (in millions) 2020 2019 Balance at beginning of period $ 42.6 $ 36.8 Additions 2.5 2.0 Payoffs and curtailments (1.9 ) (0.4 ) Impairment charge (7.7 ) (1.4 ) Amortization (0.6 ) (0.6 ) Balance at end of period $ 34.9 $ 36.4 Fair value, beginning of period $ 45.0 $ 41.1 Fair value, end of period 34.9 40.3 The fair value of MSRs is highly sensitive to changes in assumptions and is determined by estimating the present value of the asset’s future cash flows utilizing market-based prepayment rates, discount rates and other assumptions validated through comparison to trade information, industry surveys and with the use of independent third-party valuations. Changes in prepayment speed assumptions have the most significant impact on the fair value of MSRs. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of MSRs and as interest rates increase, mortgage loan prepayments decline, which results in an increase in the fair value of MSRs. Measurement of fair value is limited to the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different time. Following is a summary of the sensitivity of the fair value of MSRs to changes in key assumptions: TABLE 6.4 (dollars in millions) March 31, December 31, Weighted average life (months) 61.2 78.9 Constant prepayment rate (annualized) 14.7 % 10.6 % Discount rate 9.7 % 9.7 % Effect on fair value due to change in interest rates: +0.25% $ 2 $ 3 +0.50% 5 5 -0.25% (2 ) (3 ) -0.50% (4 ) (5 ) The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the changes in assumptions to fair value may not be linear. Also, in this table, the effects of an adverse variation in a particular assumption on the fair value of MSRs is calculated without changing any other assumptions, while in reality, changes in one factor may result in changing another, which may magnify or contract the effect of the change. We had a $9.2 million valuation allowance for MSRs as of March 31, 2020 , compared to $1.5 million at December 31, 2019 . |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS In performing our quarterly goodwill impairment assessment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors include, among other things, macroeconomic conditions, industry and market considerations, financial performance of the respective reporting unit and other relevant entity- and reporting-unit specific considerations. If we conclude it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative assessment is performed. If the quantitative assessment results in the fair value of the reporting unit exceeding its carrying value, goodwill of the reporting unit is considered not impaired; however, if the carrying value of the reporting unit exceeds its fair value an impairment charge is recorded for the excess, limited to the amount of goodwill assigned to a reporting unit. In connection with the preparation of the first quarter 2020 financial statements, we concluded that it was more likely than not that the fair value of our Community Banking reporting unit was below its carrying amount due to a sustained decline in bank stock valuations, which was primarily attributable to the systemic near-term uncertainty of COVID-19 and its full impact on the global economy causing an unprecedented shock in interest rates and equity valuations. Therefore, we performed a quantitative assessment of all three of our reporting units as of March 31, 2020 . Factors considered in the quantitative analysis included: (i) uncertainty due to the COVID-19 pandemic on our customers and our businesses; (ii) revisions to our 2020 annual operating plan due to the COVID-19 pandemic, which established revised expectations and priorities for the coming year in response to current market factors, such as lower revenue growth and net interest margin expectations; and (iii) increases in discount rates used to value reporting units. The March 31, 2020 quantitative assessment for our Community Banking reporting unit resulted in an excess fair value over its carrying amount of less than 10% . Based on the results of the quantitative impairment assessments, there were no impairments for the periods presented. Although not impaired, the fair value of our Community Banking reporting unit declined since the last annual assessment at October 2019. As margins for fair value over carrying amount decline, the risk of future impairment increases if any assumptions, estimates, or market factors change in the future. Other intangible assets are tested annually for impairment, and more frequently if events or changes in circumstances indicate the carrying value may not be recoverable. We completed this annual test in 2019 and determined that our other intangible assets are not impaired. There were no impairment indicators for other intangible assets as of March 31, 2020 . |
OPERATING LEASES
OPERATING LEASES | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES We have operating leases primarily for certain branches, office space, land, and office equipment. Our operating leases expire at various dates through the year 2046 and generally include one or more options to renew. The exercise of lease renewal options is at our sole discretion. As of March 31, 2020 , we had operating lease right-of-use assets and operating lease liabilities of $123.8 million and $131.1 million , respectively. Our operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of March 31, 2020 , we have certain operating lease agreements, primarily for administrative office space, that have not yet commenced. At commencement, it is expected that these leases will add approximately $26 million in right-of-use assets and other liabilities. These operating leases will commence in 2020 with lease terms of 6 years to 16 years. The components of lease expense were as follows: TABLE 8.1 Three Months Ended (dollars in millions) 2020 2019 Operating lease cost $ 7 $ 7 Variable lease cost 1 1 Total lease cost $ 8 $ 8 Other information related to leases is as follows: TABLE 8.2 Three Months Ended (dollars in millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6 $ 7 Right-of-use assets obtained in exchange for lease obligations: Operating leases 4 1 Weighted average remaining lease term (years): Operating leases 9.64 8.86 Weighted average discount rate: Operating leases 2.9 % 3.1 % Maturities of operating lease liabilities were as follows: TABLE 8.3 (in millions) March 31, 2020 $ 19 2021 23 2022 18 2023 14 2024 13 Later years 66 Total lease payments 153 Less: imputed interest (22 ) Present value of lease liabilities $ 131 As a lessor we offer commercial leasing services to customers in need of new or used equipment primarily within our market areas of Pennsylvania, Ohio, Maryland, North Carolina, South Carolina and West Virginia. Additional information relating to commercial leasing is provided in Note 4, “Loans and Leases” in the Notes to Consolidated Financial Statements. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES We evaluate our interest in certain entities to determine if these entities meet the definition of a VIE and whether we are the primary beneficiary and required to consolidate the entity based on the variable interest we held both at inception and when there is a change in circumstances that requires a reconsideration. Unconsolidated VIEs The following tables provide a summary of the assets and liabilities included in our Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related to unconsolidated VIEs for which we hold an interest, but are not the primary beneficiary, to the VIE at March 31, 2020 and December 31, 2019 . TABLE 9.1 (in millions) Total Assets Total Liabilities Maximum Exposure to Loss March 31, 2020 Trust preferred securities $ 1 $ 66 $ — Affordable housing tax credit partnerships 117 47 117 Other investments 32 10 32 Total $ 150 $ 123 $ 149 December 31, 2019 Trust preferred securities $ 1 $ 66 $ — Affordable housing tax credit partnerships 120 60 120 Other investments 33 10 33 Total $ 154 $ 136 $ 153 Trust-Preferred Securities We have certain wholly-owned trusts whose assets, liabilities, equity, income and expenses are not included within our Consolidated Financial Statements. These trusts have been formed for the sole purpose of issuing TPS, from which the proceeds are then invested in our junior subordinated debentures, which are reflected in our Consolidated Balance Sheets as subordinated notes. The TPS are the obligations of the trusts, and as such, are not consolidated within our Consolidated Financial Statements. See the Borrowings footnote for additional information relating to our TPS. The following table provides a summary of our investments in unconsolidated subsidiaries as of March 31, 2020 : TABLE 9.2 (in millions) Investments in Unconsolidated Subsidiaries F.N.B. Statutory Trust II $ 22 Yadkin Valley Statutory Trust I 25 FNB Financial Services Capital Trust I 25 Total $ 72 Each issue of the junior subordinated debentures has an interest rate equal to the corresponding TPS distribution rate. We have the right to defer payment of interest on the debentures at any time, or from time-to-time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the related debentures. During any such extension period, distributions to the TPS will also be deferred and our ability to pay dividends on our common stock will be restricted. Periodic cash payments and payments upon liquidation or redemption with respect to TPS are guaranteed by us to the extent of funds held by the trusts. The guarantee ranks subordinate and junior in right of payment to all of our indebtedness to the same extent as the junior subordinated debt. The guarantee does not place a limitation on the amount of additional indebtedness that may be incurred by us. Affordable Housing Tax Credit Partnerships We make equity investments as a limited partner in various partnerships that sponsor affordable housing projects utilizing the LIHTC pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to support initiatives associated with the Community Reinvestment Act while earning a satisfactory return. The activities of these LIHTC partnerships include the development and operation of multi-family housing that is leased to qualifying residential tenants. These partnerships are generally located in communities where we have a banking presence and meet the definition of a VIE; however, we are not the primary beneficiary of the entities, as the general partner or managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses beyond our own equity investment. We record our investment in LIHTC partnerships as a component of other assets. We use the proportional amortization method to account for a majority of our investments in LIHTC partnerships. Investments that do not meet the requirements of the proportional amortization method are recognized using the equity method. Amortization related to investments under the proportional amortization method are recorded on a net basis as a component of the provision of income taxes on the Consolidated Statements of Income, while write-downs and losses related to investments under the equity method are included in non-interest expense. The following table presents the balances of our affordable housing tax credit investments and related unfunded commitments: TABLE 9.3 (in millions) March 31, December 31, Proportional amortization method investments included in other assets $ 66 $ 55 Equity method investments included in other assets 4 5 Total LIHTC investments included in other assets $ 70 $ 60 Unfunded LIHTC commitments $ 47 $ 60 The following table summarizes the impact of these LIHTC investments on specific line items of our Consolidated Statements of Income: TABLE 9.4 Three Months Ended (in millions) 2020 2019 Non-interest income: Amortization of tax credit investments under equity method, net of tax benefit $ — $ — Provision for income taxes: Amortization of LIHTC investments under proportional method $ 3 $ 2 Low-income housing tax credits (3 ) (2 ) Other tax benefits related to tax credit investments (1 ) — Total provision for income taxes $ (1 ) $ — Other Investments |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Following is a summary of short-term borrowings: TABLE 10.1 (in millions) March 31, December 31, Securities sold under repurchase agreements $ 261 $ 278 Federal Home Loan Bank advances 2,055 2,255 Federal funds purchased 1,020 575 Subordinated notes 107 108 Total short-term borrowings $ 3,443 $ 3,216 Borrowings with original maturities of one year or less are classified as short-term. Securities sold under repurchase agreements are comprised of customer repurchase agreements, which are sweep accounts with next day maturities utilized by larger commercial customers to earn interest on their funds. Securities are pledged to these customers in an amount at least equal to the outstanding balance. We did not have any short-term FHLB advances with overnight maturities as of March 31, 2020 or December 31, 2019 . At March 31, 2020 , $1.7 billion , or 80.5% , of the short-term FHLB advances were swapped to a fixed rate with maturities ranging from 2020 through 2024. This compares to $1.5 billion , or 64.5% , as of December 31, 2019 . Following is a summary of long-term borrowings: TABLE 10.2 (in millions) March 31, December 31, Federal Home Loan Bank advances $ 930 $ 935 Senior notes 298 — Subordinated notes 90 90 Junior subordinated debt 66 66 Other subordinated debt 249 249 Total long-term borrowings $ 1,633 $ 1,340 Our banking affiliate has available credit with the FHLB of $8.1 billion , of which $3.0 billion was utilized as of March 31, 2020 . These advances are secured by loans collateralized by residential mortgages, home equity lines of credit, commercial real estate and FHLB stock and are scheduled to mature in various amounts periodically through the year 2022 . Effective interest rates paid on the long-term advances ranged from 1.09% to 2.71% for the three months ended March 31, 2020 and 1.62% to 2.71% for the year ended December 31, 2019 . During the first quarter of 2020, we completed a debt offering in which we issued $300 million aggregate principal amount of senior notes due in 2023. The net proceeds of the debt offering after deducting underwriting discounts and commissions and offering costs were $297.9 million . These proceeds were used for general corporate purposes, which including investments at the holding company level, capital to support the growth of FNBPA, repurchase of our common shares and refinancing of outstanding indebtedness. The following table provides information relating to our senior debt and other subordinated debt as of March 31, 2020 . These debt issuances are fixed-rate, with the exception of the debt offering in 2019, which is fixed-to-floating rate after February 14, 2024, at which time the floating rate will be LIBOR plus 240 basis points . The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes. TABLE 10.3 (dollars in millions) Aggregate Principal Amount Issued Net Proceeds (2) Carrying Value Stated Maturity Date Interest Rate 2.20% Senior Notes due February 24, 2023 $ 300 $ 298 $ 298 2/24/2023 2.20 % 4.95% Fixed-To-Floating Rate Subordinated Notes due 2029 120 118 118 2/14/2029 4.95 % 4.875% Subordinated Notes due 2025 100 98 99 10/2/2025 4.88 % 7.625% Subordinated Notes due August 12, 2023 (1) 38 46 32 8/12/2023 7.63 % Total $ 558 $ 560 $ 547 (1) Assumed from YDKN and adjusted to fair value at the time of acquisition. (2) After deducting underwriting discounts and commissions and offering costs. For the debt assumed from YDKN, this is the fair value of the debt at the time of the acquisition. The junior subordinated debt is comprised of the debt securities issued by FNB in relation to our unconsolidated subsidiary trusts (collectively, the Trusts), which are unconsolidated variable interest entities, and are included on the Consolidated Balance Sheets in long-term borrowings. Since third-party investors are the primary beneficiaries, the Trusts are not consolidated in our Financial Statements. We record the distributions on the junior subordinated debt issued to the Trusts as interest expense. The following table provides information relating to the Trusts as of March 31, 2020 : TABLE 10.4 (dollars in millions) Trust Preferred Securities Common Securities Junior Subordinated Debt Stated Maturity Date Interest Rate Rate Reset Factor F.N.B. Statutory Trust II $ 22 $ 1 $ 22 6/15/2036 2.39 % LIBOR + 165 basis points (bps) Yadkin Valley Statutory Trust I 25 1 22 12/15/2037 2.06 % LIBOR + 132 bps FNB Financial Services Capital Trust I 25 1 22 9/30/2035 2.83 % LIBOR + 146 bps Total $ 72 $ 3 $ 66 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate risk, primarily by managing the amount, source, and duration of our assets and liabilities, and through the use of derivative instruments. Derivative instruments are used to reduce the effects that changes in interest rates may have on net income and cash flows. We also use derivative instruments to facilitate transactions on behalf of our customers. All derivatives are carried on the Consolidated Balance Sheets at fair value and do not take into account the effects of master netting arrangements we have with other financial institutions. Credit risk is included in the determination of the estimated fair value of derivatives. Derivative assets are reported in the Consolidated Balance Sheets in other assets and derivative liabilities are reported in the Consolidated Balance Sheets in other liabilities. Changes in fair value are recognized in earnings except for certain changes related to derivative instruments designated as part of a cash flow hedging relationship. The following table presents notional amounts and gross fair values of our derivative assets and derivative liabilities which are not offset in the Consolidated Balance Sheets: TABLE 11.1 March 31, 2020 December 31, 2019 Notional Fair Value Notional Fair Value (in millions) Amount Asset Liability Amount Asset Liability Gross Derivatives Subject to master netting arrangements: Interest rate contracts – designated $ 1,855 $ 4 $ — $ 1,655 $ 1 $ — Interest rate swaps – not designated 3,929 — 43 3,640 — 23 Total subject to master netting arrangements 5,784 4 43 5,295 1 23 Not subject to master netting arrangements: Interest rate swaps – not designated 3,929 391 — 3,640 149 1 Interest rate lock commitments – not designated 325 11 — 163 3 — Forward delivery commitments – not designated 336 — 6 195 1 1 Credit risk contracts – not designated 274 — 1 265 — — Total not subject to master netting arrangements 4,864 402 7 4,263 153 2 Total $ 10,648 $ 406 $ 50 $ 9,558 $ 154 $ 25 Certain derivative exchanges have enacted a rule change which in effect results in the legal characterization of variation margin payments for certain derivative contracts as settlement of the derivatives mark-to-market exposure and not collateral. Accordingly, we have changed our reporting of certain derivatives to record variation margin on trades cleared through these exchanges as settled. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument. Derivatives Designated as Hedging Instruments under GAAP Interest Rate Contracts. We entered into interest rate derivative agreements to modify the interest rate characteristics of certain commercial loans and certain of our FHLB advances from variable rate to fixed rate in order to reduce the impact of changes in future cash flows due to market interest rate changes. These agreements are designated as cash flow hedges, hedging the exposure to variability in expected future cash flows. The derivative’s gain or loss, including any ineffectiveness, is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same line item associated with the forecasted transaction when the forecasted transaction affects earnings. Prior to 2019, any ineffective portion of the gain or loss was reported in earnings immediately. The following table shows amounts reclassified from accumulated other comprehensive income: TABLE 11.2 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Three Months Ended Three Months Ended (in millions) 2020 2019 2020 2019 Derivatives in cash flow hedging relationships: Interest rate contracts $ (45 ) $ (8 ) Interest income (expense) $ (1 ) $ 1 The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships: TABLE 11.3 Three months ended March 31, 2020 2019 (in millions) Interest Income - Loans and Leases Interest Expense - Short-Term Borrowings Interest Income - Loans and Leases Interest Expense - Short-Term Borrowings Total amounts of income and expense line items presented in the Consolidated Statements of Income (the effects of cash flow hedges are included in these line items) $ 266 $ 14 $ 269 $ 26 The effects of cash flow hedging: Gain (loss) on cash flow hedging relationships — — — — Interest rate contracts — — — — Amount of gain (loss) reclassified from AOCI into net income — (1 ) — 1 Amount of gain (loss) reclassified from AOCI into income as a result of that a forecasted transaction is no longer probable of occurring — — — — As of March 31, 2020 , the maximum length of time over which forecasted interest cash flows are hedged is 4.6 years. In the twelve months that follow March 31, 2020 , we expect to reclassify from the amount currently reported in AOCI net derivative losses of $18.8 million ( $14.6 million net of tax), in association with interest on the hedged loans and FHLB advances. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to March 31, 2020 . There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness related to these cash flow hedges. Also, during the three months ended March 31, 2020 and 2019 , there were no gains or losses from cash flow hedge derivatives reclassified to earnings because it became probable that the original forecasted transactions would not occur. Derivatives Not Designated as Hedging Instruments under GAAP A description of interest rate swaps, interest rate lock commitments, forward delivery commitments and credit risk contracts can be found in Note 14 "Derivative Instruments and Hedging Activities" in the Consolidated Financial Statements included in our 2019 Annual Report on Form 10-K filed with the SEC on February 27, 2020 . The interest rate swap agreement with the loan customer and with the counterparty is reported at fair value in other assets and other liabilities on the Consolidated Balance Sheets with any resulting gain or loss recorded in current period earnings as other income or other expense. Risk participation agreements sold with notional amounts totaling $215.7 million as of March 31, 2020 have remaining terms ranging from three months to twenty years . Under these agreements, our maximum exposure assuming a customer defaults on their obligation to perform under certain derivative swap contracts with third parties would be $0.6 million at March 31, 2020 and $0.3 million at December 31, 2019 . The fair values of risk participation agreements purchased and sold were $0.2 million and $0.6 million , respectively, at March 31, 2020 and $0.1 million and $0.3 million , respectively at December 31, 2019 . The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income: TABLE 11.4 Three Months Ended (in millions) Consolidated Statements of Income Location 2020 2019 Interest rate swaps Non-interest income - other $ — $ — Interest rate lock commitments Mortgage banking operations — — Forward delivery contracts Mortgage banking operations (1 ) (1 ) Credit risk contracts Non-interest income - other — — Counterparty Credit Risk We are party to master netting arrangements with most of our swap derivative dealer counterparties. Collateral, usually marketable securities and/or cash, is exchanged between FNB and our counterparties, and is generally subject to thresholds and transfer minimums. For swap transactions that require central clearing, we post cash to our clearing agency. Collateral positions are settled or valued daily, and adjustments to amounts received and pledged by us are made as appropriate to maintain proper collateralization for these transactions. Certain master netting agreements contain provisions that, if violated, could cause the counterparties to request immediate settlement or demand full collateralization under the derivative instrument. If we had breached our agreements with our derivative counterparties we would be required to settle our obligations under the agreements at the termination value and would be required to pay an additional $0.3 million and $0.1 million as of March 31, 2020 and December 31, 2019 , respectively, in excess of amounts previously posted as collateral with the respective counterparty. The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the Consolidated Balance Sheets to the net amounts that would result in the event of offset: TABLE 11.5 Amount Not Offset in the Consolidated Balance Sheets (in millions) Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Net Amount March 31, 2020 Derivative Assets Interest rate contracts: Designated $ 4 $ 1 $ 3 $ — Total $ 4 $ 1 $ 3 $ — Derivative Liabilities Interest rate contracts: Not designated $ 43 $ 41 $ 2 $ — Total $ 43 $ 41 $ 2 $ — December 31, 2019 Derivative Assets Interest rate contracts: Designated $ 1 $ 1 $ — $ — Total $ 1 $ 1 $ — $ — Derivative Liabilities Interest rate contracts: Not designated $ 23 $ 23 $ — $ — Total $ 23 $ 23 $ — $ — |
COMMITMENTS, CREDIT RISK AND CO
COMMITMENTS, CREDIT RISK AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CREDIT RISK AND CONTINGENCIES | COMMITMENTS, CREDIT RISK AND CONTINGENCIES We have commitments to extend credit and standby letters of credit that involve certain elements of credit risk in excess of the amount stated in the Consolidated Balance Sheets. Our exposure to credit loss in the event of non-performance by the customer is represented by the contractual amount of those instruments. The credit risk associated with commitments to extend credit and standby letters of credit is essentially the same as that involved in extending loans and leases to customers and is subject to normal credit policies. Since many of these commitments expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. Following is a summary of off-balance sheet credit risk information: TABLE 12.1 (in millions) March 31, December 31, Commitments to extend credit $ 8,513 $ 8,089 Standby letters of credit 153 150 At March 31, 2020 , funding of 68.0% of the commitments to extend credit was dependent on the financial condition of the customer. We have the ability to withdraw such commitments at our discretion. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Based on management’s credit evaluation of the customer, collateral may be deemed necessary. Collateral requirements vary and may include accounts receivable, inventory, property, plant and equipment and income-producing commercial properties. Standby letters of credit are conditional commitments issued by us that may require payment at a future date. The credit risk involved in issuing letters of credit is actively monitored through review of the historical performance of our portfolios. We recorded an AULC that are not unconditionally cancellable of $13.9 million at March 31, 2020 , which is included in other liabilities on the Consolidated Balance Sheets. In addition to the above commitments, subordinated notes issued by FNB Financial Services, LP, a wholly-owned finance subsidiary, are fully and unconditionally guaranteed by FNB. These subordinated notes are included in the summaries of short-term borrowings and long-term borrowings in Note 10. Other Legal Proceedings In the ordinary course of business, we may assert claims in legal proceedings against another party or parties, and we are routinely named as defendants in, or made parties to, pending and potential legal actions. Also, as regulated entities, we are subject to governmental and regulatory examinations, information-gathering requests, and may be subject to investigations and proceedings (both formal and informal). Such threatened claims, litigation, investigations, regulatory and administrative proceedings typically entail matters that are considered incidental to the normal conduct of business. Claims for significant monetary damages may be asserted in many of these types of legal actions, while claims for disgorgement, restitution, penalties and/or other remedial actions or sanctions may be sought in regulatory matters. In these instances, if we determine that we have meritorious defenses, we will engage in an aggressive defense. However, if management determines, in consultation with counsel, that settlement of a matter is in the best interest of our Company and our shareholders, we may do so. It is inherently difficult to predict the eventual outcomes of such matters given their complexity and the particular facts and circumstances at issue in each of these matters. However, on the basis of current knowledge and understanding, and advice of counsel, we do not believe that judgments, sanctions, settlements or orders, if any, that may arise from these matters (either individually or in the aggregate, after giving effect to applicable reserves and insurance coverage) will have a material adverse effect on our financial position or liquidity, although they could have a material effect on net income in a given period. In view of the inherent unpredictability of outcomes in litigation and governmental and regulatory matters, particularly where (i) the damages sought are indeterminate, (ii) the proceedings are in the early stages, or (iii) the matters involve novel legal theories or a large number of parties, as a matter of course, there is considerable uncertainty surrounding the timing or ultimate resolution of litigation and governmental and regulatory matters, including a possible eventual loss, fine, penalty, business or adverse reputational impact, if any, associated with each such matter. In accordance with applicable accounting guidance, we establish accruals for litigation and governmental and regulatory matters when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. In such cases, there may be a possible exposure to loss in excess of any amounts accrued. We will continue to monitor such matters for developments that could affect the amount of the accrual, and will adjust the accrual amount as appropriate. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. We believe that our accruals for legal proceedings are appropriate and, in the aggregate, are not material to our consolidated financial position, although future accruals could have a material effect on net income in a given period. |
STOCK INCENTIVE PLANS
STOCK INCENTIVE PLANS | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK INCENTIVE PLANS | STOCK INCENTIVE PLANS Restricted Stock We issue restricted stock awards to key employees under our Incentive Compensation Plan (Plan). We issue time-based awards and performance-based awards under this Plan, both of which are based on a three -year vesting period. The grant date fair value of the time-based awards is equal to the price of our common stock on the grant date. The fair value of the performance-based awards is based on a Monte-Carlo simulation valuation of our common stock as of the grant date. The assumptions used for this valuation include stock price volatility, risk-free interest rate and dividend yield. We issued 571,932 performance-based restricted stock units during the three months ended March 31, 2020 . We didn't issue any restricted stock units during the three months ended March 31, 2019 . As of March 31, 2020 , we had available up to 1,618,526 shares of common stock to issue under this Plan. The unvested restricted stock unit awards are eligible to receive cash dividends or dividend equivalents which are ultimately used to purchase additional shares of stock and are subject to forfeiture if the requisite service period is not completed or the specified performance criteria are not met. These awards are subject to certain accelerated vesting provisions upon retirement, death, disability or in the event of a change of control as defined in the award agreements. The following table summarizes the activity relating to restricted stock units during the periods indicated: TABLE 13.1 Three Months Ended March 31, 2020 2019 Units Weighted Average Grant Price per Share Units Weighted Average Grant Price per Share Unvested units outstanding at beginning of period 2,858,357 $ 12.56 2,556,174 $ 13.51 Granted 1,988,225 6.95 — — Vested (1,717 ) 14.15 (295,616 ) 13.28 Forfeited/expired (11,362 ) 12.85 (10,442 ) 13.66 Dividend reinvestment 39,865 8.57 22,701 11.91 Unvested units outstanding at end of period 4,873,368 10.23 2,272,817 13.52 The following table provides certain information related to restricted stock units: TABLE 13.2 (in millions) Three Months Ended 2020 2019 Stock-based compensation expense $ 8 $ 2 Tax benefit related to stock-based compensation expense 2 — Fair value of units vested — 3 As of March 31, 2020 , there was $19.2 million of unrecognized compensation cost related to unvested restricted stock units, including $1.5 million that is subject to accelerated vesting under the Plan’s immediate vesting upon retirement. Stock-based compensation expense increased $6.4 million , or 271% , compared to the first quarter of 2019 due to a change in the timing of our annual stock grants from the second quarter to the first quarter. Additionally, we changed the retirement vesting provisions for certain 2020 awards that resulted in accelerated grant date expense recognition. These awards are not released until the three-year service period is complete or the specified performance criteria is met over the three-year period. The components of the restricted stock units as of March 31, 2020 are as follows: TABLE 13.3 (dollars in millions) Service- Based Units Performance- Based Units Total Unvested restricted stock units 3,352,088 1,521,280 4,873,368 Unrecognized compensation expense $ 15 $ 4 $ 19 Intrinsic value $ 25 $ 11 $ 36 Weighted average remaining life (in years) 2.22 1.72 2.06 Stock Options All outstanding stock options were assumed from acquisitions and are fully vested. Upon consummation of our acquisitions, all outstanding stock options issued by the acquired companies were converted into equivalent FNB stock options. We issue shares of treasury stock or authorized but unissued shares to satisfy stock options exercised. As of March 31, 2020 , we had 231,646 stock options outstanding and exercisable at a weighted average exercise price per share of $8.22 , compared to 422,501 stock options outstanding and exercisable at a weighted average exercise price per share of $8.00 as of March 31, 2019 . The intrinsic value of outstanding and exercisable stock options at March 31, 2020 was $0.1 million . The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the option exercise price. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Expense Federal and state income tax expense and the statutory tax rate and the actual effective tax rate consist of the following: TABLE 14.1 Three Months Ended (in millions) 2020 2019 Current income taxes: Federal taxes $ 7 $ 18 State taxes 2 2 Total current income taxes 9 20 Deferred income taxes: Federal taxes 2 2 State taxes — — Total deferred income taxes 2 2 Total income taxes $ 11 $ 22 Statutory tax rate 21.0 % 21.0 % Effective tax rate 18.8 % 19.3 % The effective tax rate for the three months ended March 31, 2020 and March 31, 2019 was lower than the statutory tax rate of 21% due to tax benefits resulting from tax-exempt income on investments and loans, tax credits and income from BOLI. The lower effective tax rate in the first quarter of 2020 is primarily due to lower pre-tax income levels. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and tax purposes. Deferred tax assets and liabilities are measured based on the enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. Net deferred tax assets were $32.1 million and $25.1 million at March 31, 2020 and December 31, 2019 , respectively. |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME The following table presents changes in AOCI, net of tax, by component: TABLE 15.1 (in millions) Unrealized Net Losses on Debt Securities Available for Sale Unrealized Net Gains (Losses) on Derivative Instruments Unrecognized Pension and Postretirement Obligations Total Three Months Ended March 31, 2020 Balance at beginning of period $ 11 $ (18 ) $ (58 ) $ (65 ) Other comprehensive (loss) income before reclassifications 53 (35 ) 1 19 Amounts reclassified from AOCI — 1 — 1 Net current period other comprehensive (loss) income 53 (34 ) 1 20 Balance at end of period $ 64 $ (52 ) $ (57 ) $ (45 ) The amounts reclassified from AOCI related to debt securities AFS are included in net securities gains on the Consolidated Statements of Income, while the amounts reclassified from AOCI related to derivative instruments are included in interest income on loans and leases on the Consolidated Statements of Income. The tax (benefit) expense amounts reclassified from AOCI in connection with the debt securities AFS and derivative instruments reclassifications are included in income taxes on the Consolidated Statements of Income. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding net of unvested shares of restricted stock. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding, adjusted for the dilutive effect of potential common shares issuable for stock options and restricted shares, as calculated using the treasury stock method. Diluted weighted average common shares for 2019 have also been adjusted for the dilutive effect of potential common shares issuable for warrants, which have all been exercised or forfeited during 2019. Adjustments to the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share. The following table sets forth the computation of basic and diluted earnings per common share: TABLE 16.1 Three Months Ended ( dollars in millions, except per share data) 2020 2019 Net income $ 47 $ 94 Less: Preferred stock dividends 2 2 Net income available to common stockholders $ 45 $ 92 Basic weighted average common shares outstanding 324,247,710 324,640,715 Net effect of dilutive stock options, warrants and restricted stock 1,797,472 1,188,119 Diluted weighted average common shares outstanding 326,045,182 325,828,834 Earnings per common share: Basic $ 0.14 $ 0.28 Diluted $ 0.14 $ 0.28 The following table shows the average shares excluded from the above calculation as their effect would have been anti-dilutive: TABLE 16.2 Three Months Ended 2020 2019 Average shares excluded from the diluted earnings per common share calculation 450 189 |
CASH FLOW INFORMATION
CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
CASH FLOW INFORMATION | CASH FLOW INFORMATION Following is a summary of supplemental cash flow information: TABLE 17.1 Three Months Ended 2020 2019 (in millions) Interest paid on deposits and other borrowings $ 75 $ 77 Transfers of loans to other real estate owned 1 2 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS We operate in three reportable segments: Community Banking, Wealth Management and Insurance. • The Community Banking segment provides commercial and consumer banking services. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, business credit, capital markets and lease financing. Consumer banking products and services include deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. • The Wealth Management segment provides a broad range of personal and corporate fiduciary services including the administration of decedent and trust estates. In addition, it offers various alternative products, including securities brokerage and investment advisory services, mutual funds and annuities. • The Insurance segment includes a full-service insurance agency offering all lines of commercial and personal insurance through major carriers. The Insurance segment also includes a reinsurer. The following tables provide financial information for these segments of FNB. The information provided under the caption “Parent and Other” represents operations not considered to be reportable segments and/or general operating expenses of FNB, and includes the parent company, other non-bank subsidiaries and eliminations and adjustments to reconcile to the Consolidated Financial Statements. TABLE 18.1 (in millions) Community Banking Wealth Management Insurance Parent and Other Consolidated At or for the Three Months Ended March 31, 2020 Interest income $ 306 $ — $ — $ — $ 306 Interest expense 68 — — 6 74 Net interest income 238 — — (6 ) 232 Provision for credit losses 48 — — — 48 Non-interest income 52 13 6 (2 ) 69 Non-interest expense (1) 176 10 5 1 192 Amortization of intangibles 3 — — — 3 Income tax expense (benefit) 12 1 — (2 ) 11 Net income (loss) 51 2 1 (7 ) 47 Total assets 34,933 34 36 46 35,049 Total intangibles 2,288 9 29 — 2,326 At or for the Three Months Ended March 31, 2019 Interest income $ 310 $ — $ — $ — $ 310 Interest expense 76 — — 3 79 Net interest income 234 — — (3 ) 231 Provision for credit losses 14 — — — 14 Non-interest income 51 11 5 (2 ) 65 Non-interest expense (1) 147 9 4 2 162 Amortization of intangibles 4 — — — 4 Income tax expense (benefit) 23 — — (1 ) 22 Net income (loss) 97 2 1 (6 ) 94 Total assets 33,598 27 25 45 33,695 Total intangibles 2,301 10 19 — 2,330 (1) Excludes amortization of intangibles, which is presented separately. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Refer to Note 24 "Fair Value Measurements" to the Consolidated Financial Statements included in our 2019 Annual Report on Form 10-K filed with the SEC on February 27, 2020 for a description of additional valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. The following table presents the balances of assets and liabilities measured at fair value on a recurring basis: TABLE 19.1 (in millions) Level 1 Level 2 Level 3 Total March 31, 2020 Assets Measured at Fair Value Debt securities available for sale U.S. government agencies $ — $ 139 $ — $ 139 U.S. government-sponsored entities — 203 — 203 Residential mortgage-backed securities: Agency mortgage-backed securities — 1,269 — 1,269 Agency collateralized mortgage obligations — 1,175 — 1,175 Commercial mortgage-backed securities — 398 — 398 States of the U.S. and political subdivisions (municipals) — 8 — 8 Other debt securities — 2 — 2 Total debt securities available for sale — 3,194 — 3,194 Loans held for sale — 68 — 68 Derivative financial instruments Trading — 391 — 391 Not for trading — 4 11 15 Total derivative financial instruments — 395 11 406 Total assets measured at fair value on a recurring basis $ — $ 3,657 $ 11 $ 3,668 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 43 $ — $ 43 Not for trading — 7 — 7 Total derivative financial instruments — 50 — 50 Total liabilities measured at fair value on a recurring basis $ — $ 50 $ — $ 50 (in millions) Level 1 Level 2 Level 3 Total December 31, 2019 Assets Measured at Fair Value Debt securities available for sale U.S. government agencies $ — $ 151 $ — $ 151 U.S. government-sponsored entities — 226 — 226 Residential mortgage-backed securities: Agency mortgage-backed securities — 1,314 — 1,314 Agency collateralized mortgage obligations — 1,240 — 1,240 Commercial mortgage-backed securities — 345 — 345 States of the U.S. and political subdivisions (municipals) — 11 — 11 Other debt securities — 2 — 2 Total debt securities available for sale — 3,289 — 3,289 Loans held for sale — 41 — 41 Derivative financial instruments Trading — 149 — 149 Not for trading — 2 3 5 Total derivative financial instruments — 151 3 154 Total assets measured at fair value on a recurring basis $ — $ 3,481 $ 3 $ 3,484 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 24 $ — $ 24 Not for trading — 1 — 1 Total derivative financial instruments — 25 — 25 Total liabilities measured at fair value on a recurring basis $ — $ 25 $ — $ 25 The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value: TABLE 19.2 (in millions) Interest Rate Lock Commitments Total Three Months Ended March 31, 2020 Balance at beginning of period $ 3 $ 3 Purchases, issuances, sales and settlements: Issuances 11 11 Settlements (3 ) (3 ) Balance at end of period $ 11 $ 11 Year Ended December 31, 2019 Balance at beginning of period $ 1 $ 1 Purchases, issuances, sales and settlements: Issuances 3 3 Settlements (1 ) (1 ) Balance at end of period $ 3 $ 3 We review fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation attributes may result in reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out of Level 3 at fair value at the beginning of the period in which the changes occur. There were no transfers of assets or liabilities between the hierarchy levels during the first three months of 2020 or 2019 . From time to time, we measure certain assets at fair value on a non-recurring basis. These adjustments to fair value usually result from the application of the lower of cost or fair value accounting or write-downs of individual assets. Valuation methodologies used to measure these fair value adjustments were described in Note 24 "Fair Value Measurements" to the Consolidated Financial Statements included in 2019 Annual Report on Form 10-K . For assets measured at fair value on a non-recurring basis still held at the Balance Sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios: TABLE 19.3 (in millions) Level 1 Level 2 Level 3 Total March 31, 2020 Collateral dependent loans $ — $ — $ 8 $ 8 Other real estate owned — — 8 8 Other assets - SBA servicing asset — — 3 3 Other assets - MSRs — — 33 33 December 31, 2019 Impaired loans $ — $ — $ 5 $ 5 Other real estate owned — — 4 4 Other assets - SBA servicing asset — — 3 3 Other assets - MSRs — — 30 30 Substantially all of the fair value amounts in the table above were estimated at a date during the three months or twelve months ended March 31, 2020 and December 31, 2019 , respectively. Consequently, the fair value information presented is not necessarily as of the period’s end. MSRs measured at fair value on a non-recurring basis of $42.6 million had a valuation allowance of $7.7 million , bringing the March 31, 2020 carrying value to $33.4 million . The valuation allowance includes a provision expense of $7.7 million included in earnings for the three months ended March 31, 2020 . Collateral dependent loans measured or re-measured at fair value on a non-recurring basis during the three months ended March 31, 2020 had a carrying amount of $7.6 million , which includes an allocated ACL of $5.7 million . The ACL includes a provision applicable to the current period fair value measurements of $2.8 million , which was included in provision for credit losses for the three months ended March 31, 2020 . OREO with a carrying amount of $8.6 million was written down to $7.8 million , resulting in a loss of $0.8 million , which was included in earnings for the three months ended March 31, 2020 . Fair Value of Financial Instruments Refer to Note 24 "Fair Value Measurements" to the Consolidated Financial Statements included in our 2019 Annual Report on Form 10-K filed with the SEC on February 27, 2020 for a description of methods and assumptions that were used to estimate the fair value of each financial instrument. The fair values of our financial instruments are as follows: TABLE 19.4 Fair Value Measurements (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 March 31, 2020 Financial Assets Cash and cash equivalents $ 564 $ 564 $ 564 $ — $ — Debt securities available for sale 3,194 3,194 — 3,194 — Debt securities held to maturity 3,179 3,264 — 3,264 — Net loans and leases, including loans held for sale 23,610 23,538 — 68 23,470 Loan servicing rights 38 38 — — 38 Derivative assets 406 406 — 395 11 Accrued interest receivable 88 88 88 — — Financial Liabilities Deposits 24,746 24,797 20,184 4,613 — Short-term borrowings 3,443 3,450 3,450 — — Long-term borrowings 1,633 1,620 — — 1,620 Derivative liabilities 50 50 — 50 — Accrued interest payable 19 19 19 — — December 31, 2019 Financial Assets Cash and cash equivalents $ 599 $ 599 $ 599 $ — $ — Debt securities available for sale 3,289 3,289 — 3,289 — Debt securities held to maturity 3,275 3,305 — 3,305 — Net loans and leases, including loans held for sale 23,144 22,930 — 41 22,889 Loan servicing rights 46 48 — — 48 Derivative assets 154 154 — 151 3 Accrued interest receivable 109 109 109 — — Financial Liabilities Deposits 24,786 24,797 20,058 4,739 — Short-term borrowings 3,216 3,219 3,219 — — Long-term borrowings 1,340 1,355 — — 1,355 Derivative liabilities 25 25 — 25 — Accrued interest payable 21 21 21 — — |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT Paycheck Protection Program activity The CARES Act included an allocation of $349 billion for loans to be issued by financial institutions through the SBA, utilizing the PPP. The Paycheck Protection Program and Health Care Enhancement Act (PPP/HCEA Act) was passed by Congress on April 23, 2020 and signed into law on April 24, 2020. The PPP/HCEA Act authorized an additional $310 billion of funding under the CARES Act for PPP loans. PPP loans are forgivable, in whole or in part, if the proceeds are used for payroll and other permitted purposes in accordance with the requirements of the PPP. These loans carry a fixed rate of 1.00% and a term of two years , if not forgiven, in whole or in part. Payments are deferred for the first six months of the loan. The loans are 100% guaranteed by the SBA. The SBA pays the originating bank a processing fee ranging from 1% to 5% , based on the size of the loan. This fee is recognized in interest income over the contractual life of the loan under the effective yield method. In addition, the FRB has implemented the PPPLF that is available to financial institutions participating in the PPP. We continue to explore our options as it relates to utilizing the PPPLF. As of May 5, 2020, we processed more than 18,000 PPP applications in various stages of funding for approximately $2.6 billion . Based on March 31, 2020, the PPP activity equates to approximately 11% of total loans and leases. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements (unaudited) include subsidiaries in which we have a controlling financial interest. We own and operate FNBPA, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, Bank Capital Services, LLC and F.N.B. Capital Corporation, LLC, and include results for each of these entities in the accompanying Consolidated Financial Statements. Companies in which we hold more than a 50% voting equity interest, or a controlling financial interest, or are a VIE in which we have the power to direct the activities of an entity that most significantly impact the entity’s economic performance and has an obligation to absorb losses or the right to receive benefits from the VIE which could potentially be significant to the VIE are consolidated. VIEs in which we do not hold the power to direct the activities of the entity that most significantly impact the entity’s economic performance or does not have an obligation to absorb losses or the right to receive benefits from the VIE which could potentially be significant to the VIE are not consolidated. Investments in companies that are not consolidated are accounted for using the equity method when we have the ability to exert significant influence. Investments in private investment partnerships that are accounted for under the equity method or the cost method are included in other assets and our proportional interest in the equity investments’ earnings are included in other non-interest income. Investment interests accounted for under the cost and equity methods are periodically evaluated for impairment. The accompanying interim unaudited Consolidated Financial Statements include all adjustments that are necessary, in the opinion of management, to fairly reflect our financial position and results of operations in accordance with GAAP. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on our net income and stockholders’ equity. Events occurring subsequent to March 31, 2020 have been evaluated for potential recognition or disclosure in the Consolidated Financial Statements through the date of the filing of the Consolidated Financial Statements with the Securities and Exchange Commission. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The interim operating results are not necessarily indicative of operating results FNB expects for the full year. These interim unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in our 2019 Annual Report on Form 10-K filed with the SEC on February 27, 2020 . |
Use of Estimates | Use of Estimates Our accounting and reporting policies conform with GAAP. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements (unaudited). Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant changes include the ACL, accounting for loans acquired in a business combination prior to January 1, 2020, fair value of financial instruments, goodwill and other intangible assets, income taxes and deferred tax assets. |
New Accounting Standards | Adoption of New Accounting Standards On January 1, 2020, we adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), which replaces the incurred credit loss impairment methodology with a methodology that reflects lifetime current expected credit losses (commonly referred to as CECL) for most financial assets measured at amortized cost, including loans, HTM debt securities, net investment in leases and certain off-balance sheet credit exposure. We adopted CECL using the modified retrospective method for financial assets measured at amortized cost, net investments in leases and off-balance sheet credit exposures. As a result, we recorded a reduction of $50.6 million in retained earnings as of January 1, 2020 for the cumulative effect of the adoption. The transition adjustment was primarily driven by longer duration commercial and consumer real estate loans. Results for reporting periods prior to January 1, 2020 continue to be reported in accordance with previously applicable GAAP. We used the prospective transition method for PCD financial assets that were previously classified as PCI and accounted for under ASC 310-30, including loans accounted for by analogy under ASC 310-30. In accordance with the transition guidance, we did not reassess whether PCI assets met the criteria for PCD assets nor did we reassess whether modifications to individual acquired financial assets previously accounted for in pools were TDRs as of the date of adoption. We discontinued the use of pools beyond transition accounting and account for these loans on an individual loan basis. After transition, loans previously accounted for in pools are grouped with other loans with similar risk characteristics for purposes of estimating expected credit losses. As a result, beginning in 2020 certain credit metrics and ratios which previously excluded PCI loans now include PCD loans. On January 1, 2020, the amortized cost basis of the PCD assets was adjusted to reflect the addition of an ACL for $50.3 million . The net noncredit discount, after the adjustment for the ACL, will be accreted into interest income at the loan’s effective interest rate over the remaining contractual life. We made an accounting policy election to write-off accrued interest receivable balances by reversing interest income in accordance with our non-accrual policies instead of measuring an ACL for accrued interest receivable. We do not hold any securities at adoption for which OTTI had been recognized prior to January 1, 2020. The following table illustrates the impact of the adoption of ASC 326: TABLE 1.1 January 1, 2020 (in millions) As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for credit losses on debt securities held-to-maturity States of the U.S. and political subdivisions (municipals) $ — $ — $ — Loans Commercial real estate $ 138 $ 60 $ 78 Commercial and industrial 65 53 12 Commercial leases 11 11 — Commercial other — 9 (9 ) Direct installment 24 13 11 Residential mortgages 32 22 10 Indirect installment 21 19 2 Consumer lines of credit 10 9 1 Allowance for credit losses on loans $ 301 $ 196 $ 105 Liabilities: Allowance for credit losses on off-balance sheet credit exposures $ 13 $ 3 $ 10 The following table summarizes accounting pronouncements issued by the FASB that we recently adopted. TABLE 2.1 Standard Description Financial Statements Impact Credit Losses ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Financial Instruments-Credit Losses, (Topic 326): Targeted Transition Relief Codification Improvements to Topic 326, Financial Instruments - Credit Losses These Updates replace the current long-standing incurred loss impairment methodology with a methodology that reflects current expected credit losses (commonly referred to as CECL) for most financial assets measured at amortized cost and certain other instruments, including loans, HTM debt securities, net investments in leases and off-balance sheet credit exposures except for unconditionally cancellable commitments. CECL requires loss estimates for the remaining life of the financial asset at the time the asset is originated or acquired, considering historical experience, current conditions and reasonable and supportable forecasts. In addition, the Update will require the use of a modified AFS debt security impairment model and eliminate the current accounting for PCI loans and debt securities. On January 1, 2020, we adopted CECL using the modified retrospective method for financial assets measured at amortized cost, net investments in leases and off-balance sheet credit exposures. While these Updates change the measurement of the ACL, it does not change the credit risk of our lending portfolios or the ultimate losses in those portfolios. However, the CECL ACL methodology will produce higher volatility in the quarterly provision for credit losses than our prior reserve process. We created a cross-functional management steering group to govern implementation and the Audit and Risk Committees and the Board of Directors received regular updates. For financial assets measured at amortized cost we have implemented a new modeling platform and integrated other auxiliary models to support a calculation of expected credit losses under CECL. We have made decisions on segmentation, a reasonable and supportable forecast period, a reversion method and period and a historical loss forecast covering the remaining contractual life, adjusted for prepayments as well as other criteria. Based on our portfolio composition and forecasts of relatively stable macroeconomic conditions over the next two years at the adoption date, we recorded an overall ACL of $301 million. This reflected an increase on the originated portfolio of $55 million, primarily driven by our longer duration commercial and consumer real estate loans and a "gross-up" for PCI loans of $50 million. There is no capital impact related to the PCI loans at adoption. The impact for the adoption of CECL was a reduction to retained earnings of $51 million, which included an $10 million increase to the AULC. The impact upon adoption was dependent on the portfolio composition and credit quality, as well as historical experience, current conditions and forecasts of economic conditions and interest rates at the time of adoption. The impact to our AFS and HTM debt securities was immaterial. Model development, as well as the development of policies and procedures and, internal controls were complete at the time of adoption. |
Debt Securities | Debt Securities Debt securities comprise a significant portion of our Consolidated Balance Sheets. Such securities can be classified as trading, HTM or AFS. As of March 31, 2020 and December 31, 2019 , we did not hold any trading debt securities. Interest income on debt securities includes amortization of purchase premiums or accretion of discounts. Premiums and discounts on debt securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. A debt security is placed on non-accrual when principal or interest becomes greater than 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. HTM debt securities are securities that management has the positive intent and ability to hold until their maturity. Such securities are carried at amortized cost. Beginning in 2020, for certain HTM securities we have an expectation of zero expected credit losses. Based on a long history with no credit losses, high credit ratings, guarantees, and/or implied risk-free characteristics, we expect the nonpayment of our UST, Fannie Mae, Freddie Mac, FHLB, Ginnie Mae, and the SBA securities to be zero, and accordingly, have no ACL on those securities. We believe that these qualitative factors are indicators that historical credit loss information should be nominally impacted, if at all, by current conditions and reasonable and supportable forecasts. As such, we believe that without a change in these indicators, we may continue to assume zero credit losses on securities concluded to exhibit those factors. We also have a portfolio of HTM debt securities where we do not expect credit losses to be zero. This portfolio consists of high-grade municipal securities. To calculate the expected credit losses on these securities we group securities by major security type, rating and maturity and apply respective cumulative default rates from a third party data provider. The baseline credit loss estimate is adjusted using a qualitative approach to account for potential variability in probabilities of default data for current conditions and reasonable and supportable forecasts. Where available, expected credit losses take into consideration any enhancement a security has such as insurance or state aid. Debt securities that are not classified as trading or HTM are classified as AFS and are carried at fair value. AFS debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. Impairment may result from credit deterioration of the issuer or collateral underlying the security. In performing an assessment of whether any decline in fair value is due to a credit loss, all relevant information is considered at the individual security level. Beginning in 2020, for AFS debt securities in an unrealized loss position, we first determine whether we have the intent to sell, or it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If the criteria for intent or requirement to sell is met, the security’s amortized cost is written down to fair value and the write down is charged against the ACL with any incremental impairment reported in earnings in the Provision for Credit Losses line on the Consolidated Statements of Income. For AFS debt securities that do not meet the criteria for intent or requirement to sell, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In assessing whether a credit loss exists on an individual security, we first qualitatively evaluate each security to assess whether a potential credit loss exists. If as a result of this qualitative analysis we expect to get all of our principal back, then we conclude that the present value of expected cash flows equals or exceeds its amortized cost and no credit loss exists. If it was determined a potential credit loss exists, we compare the present value of cash flows expected to be collected with our amortized cost basis to determine if a credit loss exists and to measure its value. The credit loss is recorded through ACL, limited to the amount the fair value is less than the amortized cost basis. We have made an accounting policy election for each major security type of AFS debt securities to adjust the effective interest rate used to discount expected cash flows to consider the timing of expected cash flows resulting from expected prepayments. Impairment for noncredit-related factors is recorded in OCI, net of income taxes. Changes in the ACL are recorded as a provision for credit loss expense. Losses are charged against the ACL when an AFS debt security is not collectible or when we believe the criteria regarding the intent or requirement to sell is met. |
Loans and Leases | Loans and Leases Loans we intend to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, net of the ACL. Amortized cost primarily consists of the principal balances outstanding, deferred origination fees or costs and premiums or discounts on purchased loans. Interest income on loans is computed over the term of the loans using the effective interest method. Loan origination fees or costs, premiums or discounts are deferred and amortized over the term of the loan or loan commitment period as an adjustment to the related loan yield. |
Non-performing Loans | Non-performing Loans We place loans on non-accrual status and discontinue interest accruals on loans generally when principal or interest is due and has remained unpaid for a certain number of days or when the full amount of principal and interest is due and has remained unpaid for a certain number of days, unless the loan is both well secured and in the process of collection. Commercial loans and leases are placed on non-accrual at 90 days, installment loans are placed on non-accrual at 120 days and residential mortgages and consumer lines of credit are generally placed on non-accrual at 180 days, though we may place a loan on non-accrual prior to these past due thresholds as warranted. When a loan is placed on non-accrual status, all unpaid accrued interest is reversed. Non-accrual loans may not be restored to accrual status until all delinquent principal and interest have been paid and the ultimate ability to collect the remaining principal and interest is reasonably assured. Loans are charged-off against the ACL and recoveries of amounts previously charged-off are credited to the ACL when realized. We considered a loan impaired when, based on current information and events, it is probable that we would be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment included payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. The impairment loss was measured by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral, less estimated selling costs, if the loan was collateral dependent. Prior to 2020, PCI loans were not classified as non-performing assets as the loans were considered to be performing. Beginning in 2020, PCI loans previously accounted for in pools are grouped with other loans with similar risk characteristics for purposes of estimating expected credit losses and non-performing classification. Troubled Debt Restructured Loans Debt restructurings or loan modifications for a borrower occur in the normal course of business and do not necessarily constitute TDRs. In general, the modification or restructuring of a debt constitutes a TDR, including reasonably expected TDR, if we for economic or legal reasons related to the borrower’s financial difficulties grant a concession to the borrower that we would not otherwise consider under current market conditions or once we have determined that a loan modification for a financially troubled borrower is the most appropriate strategy. Additionally, a loan designated as a TDR does not necessarily result in the automatic placement of the loan on non-accrual status. When the full collection of principal and interest is reasonably assured on a loan designated as a TDR and where the borrower would not otherwise meet the criteria for non-accrual status, we will continue to accrue interest on the loan. Prior to 2020, we did not consider a restructured acquired loan as a TDR if the loan was accounted for as a component of a pool. A TDR does not include short-term assistance to borrowers who are current at the time of a natural disaster or other extreme event (e.g. floods, hurricanes and pandemics). These borrowers are considered to not be experiencing financial difficulty at the time of modification, therefore not meeting the criteria for determining TDR status. For modifications of leases related to the effects of the COVID-19 pandemic and that do not result in a substantial increase in our rights as lessor or the obligations of the lessee, we elected to account for these lease concessions as though enforceable rights and obligations for those concessions existed in the original contracts. We will account for these concessions as if no changes were made to the lease contract. |
Allowance for Credit Losses on Loans and Leases | Allowance for Credit Losses on Loans and Leases We estimate the ACL on loans and leases using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts under the CECL methodology effective January 1, 2020. The ACL is measured on a collective (pool) basis when similar risk characteristics exist. Our portfolio segmentation is characterized by similarities in initial measurement, risk attributes, and the manner in which we monitor and assess credit risk and is comprised of commercial real estate, commercial and industrial, commercial leases, commercial - other, direct installment, residential mortgages, indirect installment and consumer lines of credit. The ACL on loans and leases represents our current estimate of lifetime credit losses inherent in our loan portfolio at the balance sheet date. In determining the ACL, we estimate expected future losses for the loan's entire contractual term adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications. The ACL is the sum of three components: quantitative (formulaic or pooled) reserves; asset specific / individual loan reserves; and qualitative (judgmental) reserves. Quantitative Component We use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD models as well as less complex estimation methods for smaller loan portfolios. • PD: This component model is used to estimate the likelihood that a borrower will cease making payments as agreed. The major contributors to this are the borrower credit attributes and macro-economic trends. • LGD: This component model is used to estimate the loss on a loan once a loan is in default. • EAD: Estimates the loan balance at the time the borrower stops making payments. For all term loans, an amortization based formulaic approach is used for account level EAD estimates. We calculate EAD using a portfolio specific method in each of our revolving product portfolios. Asset Specific / Individual Component Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. We have elected to apply the practical expedient to measure expected credit losses of a collateral dependent asset using the fair value of the collateral, less any costs to sell. Individual reserves are determined as follows: • For commercial loans in default which are greater than or equal to $1.0 million , individual reserves are determined based on an analysis of the present value of the loan's expected future cash flows, the loan's observable market value, or the fair value of the collateral less costs to sell. • For commercial and consumer loans in default which are below $1.0 million , an established LGD percentage is multiplied by the loan balance and the results are aggregated for purposes of measuring specific reserve impairment. Qualitative Component The ACL also includes identified qualitative factors related to idiosyncratic risk factors, changes in current economic conditions that may not be reflected in quantitatively derived results, and other relevant factors to ensure the ACL reflects our best estimate of current expected credit losses. While our reserve methodologies strive to reflect all relevant risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between estimates and actual outcomes. We provide additional reserves that are designed to provide coverage for losses attributable to such risks. The ACL also includes factors that may not be directly measured in the determination of individual or collective reserves. Such qualitative factors may include: • Lending policies and procedures, including changes in policies and underwriting standards and practices for collections, write-offs, and recoveries; • The experience, ability, and depth of lending, investment, collection, and other relevant personnel; • The quality of the institution’s credit review function; • Concentrations of credit or changes in the level of such concentration; • The effect of other external factors such as the regulatory, legal and technological environments; competition; and events such as natural disasters; and • Forecast uncertainty and imprecision. Liability for Credit Losses on Unfunded Lending-Related Commitments The liability for credit losses on lending-related commitments, such as letters of credit and unfunded loan commitments, is included in other liabilities on the consolidated balance sheets. Expected credit losses are estimated over the contractual period in which we are exposed to credit risk via a contractual obligation including home equity lines of credit. We do not reserve for other obligations which are unconditionally cancellable by us. The liability for credit losses on lending-related commitments is adjusted through other non-interest expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated useful life. Consistent with our estimation process on our loan and lease portfolio, we use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD models as well as less complex estimation methods for smaller portfolios. |
Purchased Credit Deteriorated Loans and Leases | Purchased Credit Deteriorated Loans and Leases We have purchased loans and leases, some of which have experienced more than insignificant credit deterioration since origination. Beginning in 2020, we have established criteria to assess whether a purchased financial asset, or group of assets, should be accounted for as PCD on the acquisition date. The selection of which criteria to apply, or the addition of new criteria, to a specific acquisition will be based on the facts and circumstances at the time of review, as well as the availability of information supplied by the acquiree. Generally, more-than-insignificant deterioration in credit quality since origination would include risk ratings of special mention or below, inconsistency of loan payments, non-accrual status at the time of acquisition, loans modified in a TDR, in bankruptcy or supervisory for regulatory purposes. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table illustrates the impact of the adoption of ASC 326: TABLE 1.1 January 1, 2020 (in millions) As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for credit losses on debt securities held-to-maturity States of the U.S. and political subdivisions (municipals) $ — $ — $ — Loans Commercial real estate $ 138 $ 60 $ 78 Commercial and industrial 65 53 12 Commercial leases 11 11 — Commercial other — 9 (9 ) Direct installment 24 13 11 Residential mortgages 32 22 10 Indirect installment 21 19 2 Consumer lines of credit 10 9 1 Allowance for credit losses on loans $ 301 $ 196 $ 105 Liabilities: Allowance for credit losses on off-balance sheet credit exposures $ 13 $ 3 $ 10 The following table summarizes accounting pronouncements issued by the FASB that we recently adopted. TABLE 2.1 Standard Description Financial Statements Impact Credit Losses ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Financial Instruments-Credit Losses, (Topic 326): Targeted Transition Relief Codification Improvements to Topic 326, Financial Instruments - Credit Losses These Updates replace the current long-standing incurred loss impairment methodology with a methodology that reflects current expected credit losses (commonly referred to as CECL) for most financial assets measured at amortized cost and certain other instruments, including loans, HTM debt securities, net investments in leases and off-balance sheet credit exposures except for unconditionally cancellable commitments. CECL requires loss estimates for the remaining life of the financial asset at the time the asset is originated or acquired, considering historical experience, current conditions and reasonable and supportable forecasts. In addition, the Update will require the use of a modified AFS debt security impairment model and eliminate the current accounting for PCI loans and debt securities. On January 1, 2020, we adopted CECL using the modified retrospective method for financial assets measured at amortized cost, net investments in leases and off-balance sheet credit exposures. While these Updates change the measurement of the ACL, it does not change the credit risk of our lending portfolios or the ultimate losses in those portfolios. However, the CECL ACL methodology will produce higher volatility in the quarterly provision for credit losses than our prior reserve process. We created a cross-functional management steering group to govern implementation and the Audit and Risk Committees and the Board of Directors received regular updates. For financial assets measured at amortized cost we have implemented a new modeling platform and integrated other auxiliary models to support a calculation of expected credit losses under CECL. We have made decisions on segmentation, a reasonable and supportable forecast period, a reversion method and period and a historical loss forecast covering the remaining contractual life, adjusted for prepayments as well as other criteria. Based on our portfolio composition and forecasts of relatively stable macroeconomic conditions over the next two years at the adoption date, we recorded an overall ACL of $301 million. This reflected an increase on the originated portfolio of $55 million, primarily driven by our longer duration commercial and consumer real estate loans and a "gross-up" for PCI loans of $50 million. There is no capital impact related to the PCI loans at adoption. The impact for the adoption of CECL was a reduction to retained earnings of $51 million, which included an $10 million increase to the AULC. The impact upon adoption was dependent on the portfolio composition and credit quality, as well as historical experience, current conditions and forecasts of economic conditions and interest rates at the time of adoption. The impact to our AFS and HTM debt securities was immaterial. Model development, as well as the development of policies and procedures and, internal controls were complete at the time of adoption. |
NEW ACCOUNTING STANDARDS (Table
NEW ACCOUNTING STANDARDS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table illustrates the impact of the adoption of ASC 326: TABLE 1.1 January 1, 2020 (in millions) As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for credit losses on debt securities held-to-maturity States of the U.S. and political subdivisions (municipals) $ — $ — $ — Loans Commercial real estate $ 138 $ 60 $ 78 Commercial and industrial 65 53 12 Commercial leases 11 11 — Commercial other — 9 (9 ) Direct installment 24 13 11 Residential mortgages 32 22 10 Indirect installment 21 19 2 Consumer lines of credit 10 9 1 Allowance for credit losses on loans $ 301 $ 196 $ 105 Liabilities: Allowance for credit losses on off-balance sheet credit exposures $ 13 $ 3 $ 10 The following table summarizes accounting pronouncements issued by the FASB that we recently adopted. TABLE 2.1 Standard Description Financial Statements Impact Credit Losses ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Financial Instruments-Credit Losses, (Topic 326): Targeted Transition Relief Codification Improvements to Topic 326, Financial Instruments - Credit Losses These Updates replace the current long-standing incurred loss impairment methodology with a methodology that reflects current expected credit losses (commonly referred to as CECL) for most financial assets measured at amortized cost and certain other instruments, including loans, HTM debt securities, net investments in leases and off-balance sheet credit exposures except for unconditionally cancellable commitments. CECL requires loss estimates for the remaining life of the financial asset at the time the asset is originated or acquired, considering historical experience, current conditions and reasonable and supportable forecasts. In addition, the Update will require the use of a modified AFS debt security impairment model and eliminate the current accounting for PCI loans and debt securities. On January 1, 2020, we adopted CECL using the modified retrospective method for financial assets measured at amortized cost, net investments in leases and off-balance sheet credit exposures. While these Updates change the measurement of the ACL, it does not change the credit risk of our lending portfolios or the ultimate losses in those portfolios. However, the CECL ACL methodology will produce higher volatility in the quarterly provision for credit losses than our prior reserve process. We created a cross-functional management steering group to govern implementation and the Audit and Risk Committees and the Board of Directors received regular updates. For financial assets measured at amortized cost we have implemented a new modeling platform and integrated other auxiliary models to support a calculation of expected credit losses under CECL. We have made decisions on segmentation, a reasonable and supportable forecast period, a reversion method and period and a historical loss forecast covering the remaining contractual life, adjusted for prepayments as well as other criteria. Based on our portfolio composition and forecasts of relatively stable macroeconomic conditions over the next two years at the adoption date, we recorded an overall ACL of $301 million. This reflected an increase on the originated portfolio of $55 million, primarily driven by our longer duration commercial and consumer real estate loans and a "gross-up" for PCI loans of $50 million. There is no capital impact related to the PCI loans at adoption. The impact for the adoption of CECL was a reduction to retained earnings of $51 million, which included an $10 million increase to the AULC. The impact upon adoption was dependent on the portfolio composition and credit quality, as well as historical experience, current conditions and forecasts of economic conditions and interest rates at the time of adoption. The impact to our AFS and HTM debt securities was immaterial. Model development, as well as the development of policies and procedures and, internal controls were complete at the time of adoption. |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Securities Available for Sale | The amortized cost and fair value of AFS debt securities for the current period are as follows. There was no ACL in the AFS portfolio during the three months ended March 31, 2020 . Accrued interest receivable on AFS debt securities totaled $7.4 million at March 31, 2020 and is excluded from the estimate of credit losses and recorded separately in Other Assets in the Consolidated Balance Sheets. Accordingly, we have excluded accrued interest receivable from both the fair value and the amortized cost basis of AFS debt securities. TABLE 3.1 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities AFS: March 31, 2020 U.S. government agencies $ 140 $ — $ (1 ) $ 139 U.S. government-sponsored entities 200 3 — 203 Residential mortgage-backed securities: Agency mortgage-backed securities 1,235 34 — 1,269 Agency collateralized mortgage obligations 1,135 40 — 1,175 Commercial mortgage-backed securities 391 10 (3 ) 398 States of the U.S. and political subdivisions (municipals) 8 — — 8 Other debt securities 2 — — 2 Total debt securities AFS $ 3,111 $ 87 $ (4 ) $ 3,194 The amortized cost and fair value of debt securities AFS for December 31, 2019 are as follows: TABLE 3.2 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities AFS: December 31, 2019 U.S. government agencies $ 152 $ — $ (1 ) $ 151 U.S. government-sponsored entities 225 1 — 226 Residential mortgage-backed securities: Agency mortgage-backed securities 1,310 7 (3 ) 1,314 Agency collateralized mortgage obligations 1,234 10 (4 ) 1,240 Commercial mortgage-backed securities 341 6 (2 ) 345 States of the U.S. and political subdivisions (municipals) 11 — — 11 Other debt securities 2 — — 2 Total debt securities AFS $ 3,275 $ 24 $ (10 ) $ 3,289 |
Schedule of Amortized Cost and Fair Value of Securities Held to Maturity | The amortized cost and fair value of HTM debt securities for the current period are as follows. The ACL for the HTM municipal bond portfolio $0.06 million at March 31, 2020 . Accrued interest receivable on HTM debt securities totaled $12.8 million at March 31, 2020 and is excluded from the estimate of credit losses and recorded separately in Other Assets in the Consolidated Balance Sheets. TABLE 3.3 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities HTM: March 31, 2020 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 1 — — 1 U.S. government-sponsored entities 160 2 — 162 Residential mortgage-backed securities: Agency mortgage-backed securities 959 33 — 992 Agency collateralized mortgage obligations 682 22 — 704 Commercial mortgage-backed securities 268 3 (3 ) 268 States of the U.S. and political subdivisions (municipals) 1,108 29 (1 ) 1,136 Total debt securities HTM $ 3,179 $ 89 $ (4 ) $ 3,264 The amortized cost and fair value of HTM debt securities for December 31, 2019 are as follows: TABLE 3.4 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities HTM: December 31, 2019 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 1 — — 1 U.S. government-sponsored entities 175 — — 175 Residential mortgage-backed securities: Agency mortgage-backed securities 949 8 (2 ) 955 Agency collateralized mortgage obligations 721 5 (6 ) 720 Commercial mortgage-backed securities 308 3 (2 ) 309 States of the U.S. and political subdivisions (municipals) 1,120 26 (2 ) 1,144 Total debt securities HTM $ 3,275 $ 42 $ (12 ) $ 3,305 |
Amortized Cost and Fair Value of Securities, by Contractual Maturities | As of March 31, 2020 , the amortized cost and fair value of debt securities, by contractual maturities, were as follows: TABLE 3.5 Available for Sale Held to Maturity (in millions) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 91 $ 92 $ 63 $ 64 Due after one year but within five years 120 122 110 111 Due after five years but within ten years 57 57 123 125 Due after ten years 82 81 974 1,000 350 352 1,270 1,300 Residential mortgage-backed securities: Agency mortgage-backed securities 1,235 1,269 959 992 Agency collateralized mortgage obligations 1,135 1,175 682 704 Commercial mortgage-backed securities 391 398 268 268 Total debt securities $ 3,111 $ 3,194 $ 3,179 $ 3,264 |
Schedule of Securities Pledged as Collateral | Following is information relating to securities pledged: TABLE 3.6 (dollars in millions) March 31, December 31, Securities pledged (carrying value): To secure public deposits, trust deposits and for other purposes as required by law $ 4,555 $ 4,494 As collateral for short-term borrowings 263 285 Securities pledged as a percent of total securities 75.6 % 72.8 % |
Summaries of Fair Values and Unrealized Losses of Impaired Securities, Segregated by Length of Impairment | Following are summaries of the fair values of AFS debt securities in an unrealized loss position for which an ACL has not been recorded, segregated by surety type and length of continuous loss position: TABLE 3.7 Less than 12 Months 12 Months or More Total (dollars in millions) # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Debt Securities AFS March 31, 2020 U.S. government agencies 4 $ 38 $ — 15 $ 55 $ (1 ) 19 $ 93 $ (1 ) U.S. government-sponsored entities — — — — — — — — — Residential mortgage-backed securities: Agency mortgage-backed securities 2 14 — — — — 2 14 — Agency collateralized mortgage obligations — — — — — — — — — Commercial mortgage-backed securities 2 87 (3 ) — — — 2 87 (3 ) States of the U.S. and political subdivisions (municipals) — — — — — — — — — Other debt securities — — — 1 2 — 1 2 — Total 8 $ 139 $ (3 ) 16 $ 57 $ (1 ) 24 $ 196 $ (4 ) Less than 12 Months 12 Months or More Total (dollars in millions) # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Debt Securities AFS December 31, 2019 U.S. government agencies 5 $ 48 $ — 15 $ 61 $ (1 ) 20 $ 109 $ (1 ) U.S. government-sponsored entities — — — 6 130 — 6 130 — Residential mortgage-backed securities: Agency mortgage-backed securities 13 200 (1 ) 24 314 (2 ) 37 514 (3 ) Agency collateralized mortgage obligations 11 323 (1 ) 32 205 (3 ) 43 528 (4 ) Commercial mortgage-backed securities 3 114 (2 ) — — — 3 114 (2 ) Other debt securities — — — 1 2 — 1 2 — Total temporarily impaired debt securities AFS 32 $ 685 $ (4 ) 78 $ 712 $ (6 ) 110 $ 1,397 $ (10 ) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Summary of Loans and Leases, Net of Unearned Income | Following is a summary of loans and leases, net of unearned income: TABLE 4.1 (in millions) Amortized Cost Loans and Leases March 31, 2020 Commercial real estate $ 9,126 Commercial and industrial 5,644 Commercial leases 444 Other 46 Total commercial loans and leases 15,260 Direct installment 1,880 Residential mortgages 3,444 Indirect installment 1,863 Consumer lines of credit 1,424 Total consumer loans 8,611 Total loans and leases, net of unearned income $ 23,871 (in millions) Total Loans and Leases December 31, 2019 Commercial real estate $ 8,960 Commercial and industrial 5,308 Commercial leases 432 Other 21 Total commercial loans and leases 14,721 Direct installment 1,821 Residential mortgages 3,374 Indirect installment 1,922 Consumer lines of credit 1,451 Total consumer loans 8,568 Total loans and leases, net of unearned income $ 23,289 |
Certain Information Relating to Commercial Real Estate Loans | The following table shows certain information relating to commercial real estate loans: TABLE 4.2 (dollars in millions) March 31, December 31, Commercial real estate: Percent owner-occupied 30.0 % 30.6 % Percent non-owner-occupied 70.0 % 69.4 % |
Summary of Non-Performing Assets | Following is a summary of non-performing assets: TABLE 4.3 (dollars in millions) March 31, December 31, Non-accrual loans $ 134 $ 81 Troubled debt restructurings — 22 Total non-performing loans 134 103 Other real estate owned 20 26 Total non-performing assets $ 154 $ 129 Asset quality ratios: Non-performing loans / total loans and leases 0.56 % 0.44 % Non-performing loans + OREO / total loans and leases + OREO 0.64 % 0.55 % Non-performing assets / total assets 0.44 % 0.37 % |
Age Analysis of Past Due Loans, by Class | The following tables provide an analysis of the aging of loans by class. The current year does not have comparable prior year data due to the current year's adoption of ASC 326. TABLE 4.4 (in millions) 30-89 Days Past Due > 90 Days Past Due and Still Accruing Non- Accrual Total Past Due Current Total Loans and Leases Non-accrual with No ACL Loans and Leases March 31, 2020 Commercial real estate $ 29 $ — $ 67 $ 96 $ 9,030 $ 9,126 $ 13 Commercial and industrial 33 — 32 65 5,579 5,644 15 Commercial leases 2 — 2 4 440 444 — Other — — 1 1 45 46 — Total commercial loans and leases 64 — 102 166 15,094 15,260 28 Direct installment 8 1 10 19 1,861 1,880 — Residential mortgages 32 2 13 47 3,397 3,444 — Indirect installment 16 1 3 20 1,843 1,863 — Consumer lines of credit 10 2 6 18 1,406 1,424 — Total consumer loans 66 6 32 104 8,507 8,611 — Total loans and leases $ 130 $ 6 $ 134 $ 270 $ 23,601 $ 23,871 $ 28 (in millions) 30-89 Days Past Due > 90 Days Past Due and Still Accruing Non- Accrual Total Past Due Current Total Loans and Leases Originated Loans and Leases December 31, 2019 Commercial real estate $ 10 $ — $ 26 $ 36 $ 7,078 $ 7,114 Commercial and industrial 9 — 28 37 5,026 5,063 Commercial leases 5 — 1 6 426 432 Other — — 1 1 20 21 Total commercial loans and leases 24 — 56 80 12,550 12,630 Direct installment 7 1 7 15 1,743 1,758 Residential mortgages 12 2 8 22 2,973 2,995 Indirect installment 15 1 3 19 1,903 1,922 Consumer lines of credit 5 1 3 9 1,083 1,092 Total consumer loans 39 5 21 65 7,702 7,767 Total originated loans and leases $ 63 $ 5 $ 77 $ 145 $ 20,252 $ 20,397 (in millions) 30-89 Days Past Due > 90 Days Past Due and Still Accruing Non- Accrual Total Past Due (1) (2) Current (Discount) Premium Total Loans Loans Acquired in a Business Combination December 31, 2019 Commercial real estate $ 12 $ 28 $ 3 $ 43 $ 1,942 $ (139 ) $ 1,846 Commercial and industrial 2 3 — 5 259 (19 ) 245 Total commercial loans 14 31 3 48 2,201 (158 ) 2,091 Direct installment 3 — — 3 60 — 63 Residential mortgages 8 4 — 12 382 (15 ) 379 Consumer lines of credit 7 2 1 10 357 (8 ) 359 Total consumer loans 18 6 1 25 799 (23 ) 801 Total loans acquired in a business combination $ 32 $ 37 $ 4 $ 73 $ 3,000 $ (181 ) $ 2,892 (1) Prior to the adoption of ASC 326 on January 1, 2020, loans acquired in a business combination are considered performing upon acquisition, regardless of whether the customer was contractually delinquent, if we can reasonably estimate the timing and amount of expected cash flows on such loans. In these instances, we do not consider acquired contractually delinquent loans to be non-accrual or non-performing and continue to recognize interest income on these loans using the accretion method. Loans acquired in a business combination are considered non-accrual or non-performing when, due to credit deterioration or other factors, we determine we are no longer able to reasonably estimate the timing and amount of expected cash flows on such loans. We do not recognize interest income on loans acquired in a business combination considered non-accrual or non-performing. (2) Past due information for loans acquired in a business combination is based on the contractual balance outstanding at December 31, 2019 . |
Summary of Loan, Credit Quality Indicators | We utilize the following categories to monitor credit quality within our commercial loan and lease portfolio: TABLE 4.5 Rating Category Definition Pass in general, the condition of the borrower and the performance of the loan is satisfactory or better Special Mention in general, the condition of the borrower has deteriorated, requiring an increased level of monitoring Substandard in general, the condition of the borrower has significantly deteriorated and the performance of the loan could further deteriorate if deficiencies are not corrected Doubtful in general, the condition of the borrower has significantly deteriorated and the collection in full of both principal and interest is highly questionable or improbable |
Schedule of Financing Receivables, Originated Year | The following table summarizes designated loan rating category by loan class including term loans on an amortized cost basis by origination year: TABLE 4.6 (in millions) March 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total COMMERCIAL Commercial Real Estate: Risk Rating: Pass $ 329 $ 1,823 $ 1,363 $ 1,285 $ 1,117 $ 2,521 $ 182 $ 8,620 Special Mention — 6 26 44 53 144 3 276 Substandard — 3 13 23 45 140 6 230 Doubtful — — — — — — — — Total commercial real estate 329 1,832 1,402 1,352 1,215 2,805 191 9,126 Commercial and Industrial: Risk Rating: Pass 437 1,392 843 497 186 456 1,435 5,246 Special Mention 2 29 33 30 15 28 78 215 Substandard — 3 20 24 6 28 102 183 Doubtful — — — — — — — — Total commercial and industrial 439 1,424 896 551 207 512 1,615 5,644 Commercial Leases: Risk Rating: Pass 41 173 117 75 13 6 — 425 Special Mention 10 1 1 — — — — 12 Substandard — 2 2 1 1 1 — 7 Doubtful — — — — — — — — Total commercial leases 51 176 120 76 14 7 — 444 Other Commercial: Risk Rating: Pass 3 — — — — 5 38 46 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total other commercial 3 — — — — 5 38 46 Total commercial 822 3,432 2,418 1,979 1,436 3,329 1,844 15,260 (in millions) March 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total CONSUMER Direct Installment: Current 163 433 276 193 223 573 — 1,861 Past due — — 1 1 1 15 — 18 Total direct installment 163 433 277 194 224 588 — 1,879 Residential Mortgages: Current 201 891 521 559 431 797 2 3,402 Past due — 3 4 6 3 27 — 43 Total residential mortgages 201 894 525 565 434 824 2 3,445 Indirect Installment: Current 123 615 653 273 122 57 — 1,843 Past due — 5 6 4 3 2 — 20 Total indirect installment 123 620 659 277 125 59 — 1,863 Consumer Lines of Credit: Current 1 9 14 5 5 132 1,240 1,406 Past due — — — — 1 14 3 18 Total consumer lines of credit 1 9 14 5 6 146 1,243 1,424 Total consumer 488 1,956 1,475 1,041 789 1,617 1,245 8,611 Total loans and leases $ 1,310 $ 5,388 $ 3,893 $ 3,020 $ 2,225 $ 4,946 $ 3,089 $ 23,871 |
Summary of Credit Quality | The following tables present a summary of our commercial loans and leases by credit quality category segregated by loans and leases originated and loans acquired: TABLE 4.7 Commercial Loan and Lease Credit Quality Categories (in millions) Pass Special Mention Substandard Doubtful Total Originated Loans and Leases December 31, 2019 Commercial real estate $ 6,821 $ 171 $ 121 $ 1 $ 7,114 Commercial and industrial 4,768 149 144 2 5,063 Commercial leases 423 3 6 — 432 Other 20 — 1 — 21 Total originated commercial loans and leases $ 12,032 $ 323 $ 272 $ 3 $ 12,630 Loans Acquired in a Business Combination December 31, 2019 Commercial real estate $ 1,603 $ 116 $ 127 $ — $ 1,846 Commercial and industrial 201 19 25 — 245 Total commercial loans acquired in a business combination $ 1,804 $ 135 $ 152 $ — $ 2,091 |
Summary of Consumer Loans by Payment Status | Following is a table showing consumer loans by payment status: TABLE 4.8 Consumer Loan Credit Quality by Payment Status (in millions) Performing Non- Performing Total Originated Loans December 31, 2019 Direct installment $ 1,745 $ 13 $ 1,758 Residential mortgages 2,978 17 2,995 Indirect installment 1,919 3 1,922 Consumer lines of credit 1,086 6 1,092 Total originated consumer loans $ 7,728 $ 39 $ 7,767 Loans Acquired in a Business Combination December 31, 2019 Direct installment $ 63 $ — $ 63 Residential mortgages 379 — 379 Consumer lines of credit 358 1 359 Total consumer loans acquired in a business combination $ 800 $ 1 $ 801 |
Summary of Impaired Loans and Leases, by Class | Following is a summary of information pertaining to loans and leases considered to be impaired, by class of loan and lease: TABLE 4.9 (in millions) Unpaid Contractual Principal Balance Recorded Investment With No Specific Reserve Recorded Investment With Specific Reserve Total Recorded Investment Specific Reserve Average Recorded Investment At or for the Year Ended Commercial real estate $ 30 $ 25 $ 2 $ 27 $ 2 $ 26 Commercial and industrial 35 21 — 21 2 22 Commercial leases 1 1 — 1 — 1 Total commercial loans and leases 66 47 2 49 4 49 Direct installment 16 13 — 13 — 13 Residential mortgages 20 18 — 18 — 17 Indirect installment 5 3 — 3 — 3 Consumer lines of credit 7 5 — 5 — 5 Total consumer loans 48 39 — 39 — 38 Total $ 114 $ 86 $ 2 $ 88 $ 4 $ 87 |
Additional Allowance For Credit Losses Related To Loans Acquired In A Business Combination | Following is a summary of the ACL required for loans acquired in a business combination due to changes in credit quality subsequent to the acquisition date: TABLE 4.10 (in millions) December 31, Commercial real estate $ 4 Commercial and industrial — Total commercial loans 4 Direct installment 1 Residential mortgages 2 Total consumer loans 3 Total allowance for credit losses on loans acquired in a business combination $ 7 |
Summary of the composition of total TDRs | Following is a summary of the composition of total TDRs: TABLE 4.11 (in millions) Total March 31, 2020 Accruing $ 64 Non-accrual 30 Total TDRs $ 94 December 31, 2019 Accruing $ 41 Non-accrual 15 Total TDRs $ 56 |
Summary of Troubled Debt Restructurings by Class of Loans | Following is a summary of TDR loans, by class: TABLE 4.12 Three Months Ended March 31, 2020 (dollars in millions) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate 5 $ 1 $ 1 Commercial and industrial 7 1 — Total commercial loans 12 2 1 Direct installment 19 2 2 Residential mortgages 14 1 1 Consumer lines of credit 15 — — Total consumer loans 48 3 3 Total 60 $ 5 $ 4 Three Months Ended March 31, 2019 (dollars in millions) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate 1 $ — $ — Commercial and industrial 12 1 1 Total commercial loans 13 1 1 Direct installment 18 1 1 Residential mortgages 3 — — Consumer lines of credit 8 — — Total consumer loans 29 1 1 Total 42 $ 2 $ 2 |
Summary of Troubled Debt Restructurings by Class of Loans and Leases, Payment Default | Following is a summary of TDRs, by class, for which there was a payment default, excluding loans that have been paid off and/or sold. Default occurs when a loan is 90 days or more past due and is within 12 months of restructuring. TABLE 4.13 Three Months Ended (dollars in millions) Number of Contracts Recorded Investment Commercial real estate 10 $ 4 Commercial and industrial 2 — Total commercial loans 12 4 Direct installment 4 $ — Residential mortgages 1 — Consumer lines of credit — — Total consumer loans 5 — Total 17 $ 4 |
Summary of Originated Troubled Debt Restructurings by Class of Loans and Leases, Payment Default | Following is a summary of originated TDRs, by class, for which there was a payment default, excluding loans that have been paid off and/or sold. TABLE 4.14 Three Months Ended (dollars in millions) Number of Contracts Recorded Investment Commercial real estate 1 $ — Total commercial loans 1 — Direct installment 2 — Residential mortgages 1 — Consumer lines of credit 2 — Total consumer loans 5 — Total 6 $ — |
Summary of Outstanding Principal Balance and Carrying Amount of Acquired Loans Acquired In A Business Combination | The outstanding balance and the carrying amount of loans acquired in a business combination included in the Consolidated Balance Sheets are as follows: TABLE 4.15 (in millions) December 31, Accounted for under ASC 310-30: Outstanding balance $ 2,684 Carrying amount 2,461 Accounted for under ASC 310-20: Outstanding balance 436 Carrying amount 425 Total loans acquired in a business combination: Outstanding balance 3,120 Carrying amount 2,886 |
Schedule Of Changes In Accretable Yields Of Loans Acquired In A Business Combination | The following table provides changes in accretable yield for all loans acquired in business combinations that are accounted for under ASC 310-30. Loans accounted for under ASC 310-20 are not included in this table. TABLE 4.16 Three Months Ended (in millions) 2019 Balance at beginning of period $ 605 Reduction due to unexpected early payoffs (20 ) Reclass from non-accretable difference to accretable yield 30 Disposals/transfers — Other — Accretion (50 ) Balance at end of period $ 565 |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Summary of Changes in Allowance for Credit Losses by Loan and Lease Class | Following is a summary of changes in the ACL, by loan and lease class: TABLE 5.1 (in millions) Balance at Beginning of Period Charge- Offs Recoveries Net Charge- Offs Provision for Credit Losses ASC 326 Adoption Impact Initial ACL on PCD Loans Balance at End of Period Three Months Ended March 31, 2020 Commercial real estate $ 60 $ (2 ) $ 4 $ 2 $ 12 $ 38 $ 40 $ 152 Commercial and industrial 53 (4 ) 1 (3 ) 26 8 4 88 Commercial leases 11 — — — 2 — — 13 Other 9 (1 ) — (1 ) 2 (9 ) — 1 Total commercial loans and leases 133 (7 ) 5 (2 ) 42 37 44 254 Direct installment 13 (1 ) — (1 ) 3 10 1 26 Residential mortgages 22 — — — (1 ) 6 4 31 Indirect installment 19 (3 ) 1 (2 ) 2 2 — 21 Consumer lines of credit 9 (1 ) — (1 ) 2 — 1 11 Total consumer loans 63 (5 ) 1 (4 ) 6 18 6 89 Total allowance for credit losses on loans and leases $ 196 $ (12 ) $ 6 $ (6 ) $ 48 $ 55 $ 50 $ 343 Following is a summary of changes in the ACL, by loan and lease class: TABLE 5.2 (in millions) Balance at Beginning of Period Charge- Offs Recoveries Net Charge- Offs Provision for Credit Losses Balance at End of Period Three Months Ended March 31, 2019 Commercial real estate $ 55 $ (1 ) $ — $ (1 ) $ 3 $ 57 Commercial and industrial 49 (1 ) 1 — 3 52 Commercial leases 8 — — — — 8 Other 2 (1 ) — (1 ) 1 2 Total commercial loans and leases 114 (3 ) 1 (2 ) 7 119 Direct installment 14 (1 ) — (1 ) (1 ) 12 Residential mortgages 20 — — — (1 ) 19 Indirect installment 15 (3 ) 1 (2 ) 4 17 Consumer lines of credit 10 — — — — 10 Total consumer loans 59 (4 ) 1 (3 ) 2 58 Total allowance for credit losses on originated loans and leases 173 (7 ) 2 (5 ) 9 177 Purchased credit-impaired loans 1 — — — — 1 Other acquired loans 6 (3 ) — (3 ) 5 8 Total allowance for credit losses on acquired loans 7 (3 ) — (3 ) 5 9 Total allowance for credit losses $ 180 $ (10 ) $ 2 $ (8 ) $ 14 $ 186 |
Summary of Individual and Collective Allowance for Credit Losses and Loan and Lease Balances by Class | Following is a summary of the individual and collective ACL and corresponding loan and lease balances by class: TABLE 5.3 Allowance for Credit Losses Loans and Leases Outstanding (in millions) Individually Evaluated for Impairment Collectively Evaluated for Impairment Loans and Leases Individually Evaluated for Impairment Collectively Evaluated for Impairment December 31, 2019 Commercial real estate $ 2 $ 58 $ 7,114 $ 13 $ 7,101 Commercial and industrial 2 51 5,063 17 5,046 Commercial leases — 11 432 — 432 Other — 2 21 — 21 Total commercial loans and leases 4 122 12,630 30 12,600 Direct installment — 13 1,758 — 1,758 Residential mortgages — 22 2,995 — 2,995 Indirect installment — 19 1,922 — 1,922 Consumer lines of credit — 9 1,092 — 1,092 Total consumer loans — 63 7,767 — 7,767 Total $ 4 $ 185 $ 20,397 $ 30 $ 20,367 The above table excludes loans acquired in a business combination that were pooled into groups of loans for evaluating impairment. |
LOAN SERVICING (Tables)
LOAN SERVICING (Tables) - Mortgage Servicing Rights [Member] | 3 Months Ended |
Mar. 31, 2020 | |
Servicing Assets at Fair Value [Line Items] | |
Servicing Asset at Amortized Cost | The unpaid principal balance of mortgage loans serviced for others is listed below: TABLE 6.1 (in millions) March 31, December 31, 2019 Mortgage loans sold with servicing retained $ 4,711 $ 4,686 The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 6.2 Three Months Ended (in millions) 2020 2019 Mortgage loans sold with servicing retained $ 260 $ 177 Pretax gains resulting from above loan sales (1) 7 4 Mortgage servicing fees (1) 3 2 (1) Recorded in mortgage banking operations on the Consolidated Statements of Income. Following is a summary of activity relating to MSRs: TABLE 6.3 Three Months Ended (in millions) 2020 2019 Balance at beginning of period $ 42.6 $ 36.8 Additions 2.5 2.0 Payoffs and curtailments (1.9 ) (0.4 ) Impairment charge (7.7 ) (1.4 ) Amortization (0.6 ) (0.6 ) Balance at end of period $ 34.9 $ 36.4 Fair value, beginning of period $ 45.0 $ 41.1 Fair value, end of period 34.9 40.3 |
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | Following is a summary of the sensitivity of the fair value of MSRs to changes in key assumptions: TABLE 6.4 (dollars in millions) March 31, December 31, Weighted average life (months) 61.2 78.9 Constant prepayment rate (annualized) 14.7 % 10.6 % Discount rate 9.7 % 9.7 % Effect on fair value due to change in interest rates: +0.25% $ 2 $ 3 +0.50% 5 5 -0.25% (2 ) (3 ) -0.50% (4 ) (5 ) |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense were as follows: TABLE 8.1 Three Months Ended (dollars in millions) 2020 2019 Operating lease cost $ 7 $ 7 Variable lease cost 1 1 Total lease cost $ 8 $ 8 |
Leases, Other Information | Other information related to leases is as follows: TABLE 8.2 Three Months Ended (dollars in millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6 $ 7 Right-of-use assets obtained in exchange for lease obligations: Operating leases 4 1 Weighted average remaining lease term (years): Operating leases 9.64 8.86 Weighted average discount rate: Operating leases 2.9 % 3.1 % |
Lessor, Operating Lease, Payments to be Received, Maturity | Maturities of operating lease liabilities were as follows: TABLE 8.3 (in millions) March 31, 2020 $ 19 2021 23 2022 18 2023 14 2024 13 Later years 66 Total lease payments 153 Less: imputed interest (22 ) Present value of lease liabilities $ 131 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities, Assets and Liabilities | The following tables provide a summary of the assets and liabilities included in our Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related to unconsolidated VIEs for which we hold an interest, but are not the primary beneficiary, to the VIE at March 31, 2020 and December 31, 2019 . TABLE 9.1 (in millions) Total Assets Total Liabilities Maximum Exposure to Loss March 31, 2020 Trust preferred securities $ 1 $ 66 $ — Affordable housing tax credit partnerships 117 47 117 Other investments 32 10 32 Total $ 150 $ 123 $ 149 December 31, 2019 Trust preferred securities $ 1 $ 66 $ — Affordable housing tax credit partnerships 120 60 120 Other investments 33 10 33 Total $ 154 $ 136 $ 153 |
Schedule Of Investments In Unconsolidated Subsidiaries | The following table provides a summary of our investments in unconsolidated subsidiaries as of March 31, 2020 : TABLE 9.2 (in millions) Investments in Unconsolidated Subsidiaries F.N.B. Statutory Trust II $ 22 Yadkin Valley Statutory Trust I 25 FNB Financial Services Capital Trust I 25 Total $ 72 |
Low Income Housing Tax Credits, Balances Of Affordable Housing Tax Credit Investments And Related Unfunded Commitments | The following table presents the balances of our affordable housing tax credit investments and related unfunded commitments: TABLE 9.3 (in millions) March 31, December 31, Proportional amortization method investments included in other assets $ 66 $ 55 Equity method investments included in other assets 4 5 Total LIHTC investments included in other assets $ 70 $ 60 Unfunded LIHTC commitments $ 47 $ 60 |
Low Income Housing Tax Credits, Income Statement Effect | The following table summarizes the impact of these LIHTC investments on specific line items of our Consolidated Statements of Income: TABLE 9.4 Three Months Ended (in millions) 2020 2019 Non-interest income: Amortization of tax credit investments under equity method, net of tax benefit $ — $ — Provision for income taxes: Amortization of LIHTC investments under proportional method $ 3 $ 2 Low-income housing tax credits (3 ) (2 ) Other tax benefits related to tax credit investments (1 ) — Total provision for income taxes $ (1 ) $ — |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowings | Following is a summary of short-term borrowings: TABLE 10.1 (in millions) March 31, December 31, Securities sold under repurchase agreements $ 261 $ 278 Federal Home Loan Bank advances 2,055 2,255 Federal funds purchased 1,020 575 Subordinated notes 107 108 Total short-term borrowings $ 3,443 $ 3,216 |
Summary of Long-Term Borrowings | Following is a summary of long-term borrowings: TABLE 10.2 (in millions) March 31, December 31, Federal Home Loan Bank advances $ 930 $ 935 Senior notes 298 — Subordinated notes 90 90 Junior subordinated debt 66 66 Other subordinated debt 249 249 Total long-term borrowings $ 1,633 $ 1,340 |
Schedule of Subordinated Borrowing | The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes. TABLE 10.3 (dollars in millions) Aggregate Principal Amount Issued Net Proceeds (2) Carrying Value Stated Maturity Date Interest Rate 2.20% Senior Notes due February 24, 2023 $ 300 $ 298 $ 298 2/24/2023 2.20 % 4.95% Fixed-To-Floating Rate Subordinated Notes due 2029 120 118 118 2/14/2029 4.95 % 4.875% Subordinated Notes due 2025 100 98 99 10/2/2025 4.88 % 7.625% Subordinated Notes due August 12, 2023 (1) 38 46 32 8/12/2023 7.63 % Total $ 558 $ 560 $ 547 (1) Assumed from YDKN and adjusted to fair value at the time of acquisition. (2) After deducting underwriting discounts and commissions and offering costs. For the debt assumed from YDKN, this is the fair value of the debt at the time of the acquisition. |
Schedule of Junior Subordinated Debt Trusts | The following table provides information relating to the Trusts as of March 31, 2020 : TABLE 10.4 (dollars in millions) Trust Preferred Securities Common Securities Junior Subordinated Debt Stated Maturity Date Interest Rate Rate Reset Factor F.N.B. Statutory Trust II $ 22 $ 1 $ 22 6/15/2036 2.39 % LIBOR + 165 basis points (bps) Yadkin Valley Statutory Trust I 25 1 22 12/15/2037 2.06 % LIBOR + 132 bps FNB Financial Services Capital Trust I 25 1 22 9/30/2035 2.83 % LIBOR + 146 bps Total $ 72 $ 3 $ 66 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts and Gross Fair Values of Derivative Assets and Derivative Liabilities | The following table presents notional amounts and gross fair values of our derivative assets and derivative liabilities which are not offset in the Consolidated Balance Sheets: TABLE 11.1 March 31, 2020 December 31, 2019 Notional Fair Value Notional Fair Value (in millions) Amount Asset Liability Amount Asset Liability Gross Derivatives Subject to master netting arrangements: Interest rate contracts – designated $ 1,855 $ 4 $ — $ 1,655 $ 1 $ — Interest rate swaps – not designated 3,929 — 43 3,640 — 23 Total subject to master netting arrangements 5,784 4 43 5,295 1 23 Not subject to master netting arrangements: Interest rate swaps – not designated 3,929 391 — 3,640 149 1 Interest rate lock commitments – not designated 325 11 — 163 3 — Forward delivery commitments – not designated 336 — 6 195 1 1 Credit risk contracts – not designated 274 — 1 265 — — Total not subject to master netting arrangements 4,864 402 7 4,263 153 2 Total $ 10,648 $ 406 $ 50 $ 9,558 $ 154 $ 25 |
Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) | The following table shows amounts reclassified from accumulated other comprehensive income: TABLE 11.2 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Three Months Ended Three Months Ended (in millions) 2020 2019 2020 2019 Derivatives in cash flow hedging relationships: Interest rate contracts $ (45 ) $ (8 ) Interest income (expense) $ (1 ) $ 1 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships: TABLE 11.3 Three months ended March 31, 2020 2019 (in millions) Interest Income - Loans and Leases Interest Expense - Short-Term Borrowings Interest Income - Loans and Leases Interest Expense - Short-Term Borrowings Total amounts of income and expense line items presented in the Consolidated Statements of Income (the effects of cash flow hedges are included in these line items) $ 266 $ 14 $ 269 $ 26 The effects of cash flow hedging: Gain (loss) on cash flow hedging relationships — — — — Interest rate contracts — — — — Amount of gain (loss) reclassified from AOCI into net income — (1 ) — 1 Amount of gain (loss) reclassified from AOCI into income as a result of that a forecasted transaction is no longer probable of occurring — — — — |
Schedule of Derivative Financial Instruments on the Consolidated Statements of Income | The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income: TABLE 11.4 Three Months Ended (in millions) Consolidated Statements of Income Location 2020 2019 Interest rate swaps Non-interest income - other $ — $ — Interest rate lock commitments Mortgage banking operations — — Forward delivery contracts Mortgage banking operations (1 ) (1 ) Credit risk contracts Non-interest income - other — — |
Schedule of Offsetting Assets and Liabilities | The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the Consolidated Balance Sheets to the net amounts that would result in the event of offset: TABLE 11.5 Amount Not Offset in the Consolidated Balance Sheets (in millions) Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Net Amount March 31, 2020 Derivative Assets Interest rate contracts: Designated $ 4 $ 1 $ 3 $ — Total $ 4 $ 1 $ 3 $ — Derivative Liabilities Interest rate contracts: Not designated $ 43 $ 41 $ 2 $ — Total $ 43 $ 41 $ 2 $ — December 31, 2019 Derivative Assets Interest rate contracts: Designated $ 1 $ 1 $ — $ — Total $ 1 $ 1 $ — $ — Derivative Liabilities Interest rate contracts: Not designated $ 23 $ 23 $ — $ — Total $ 23 $ 23 $ — $ — |
COMMITMENTS, CREDIT RISK AND _2
COMMITMENTS, CREDIT RISK AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Off-Balance Sheet Credit Risk Information | Following is a summary of off-balance sheet credit risk information: TABLE 12.1 (in millions) March 31, December 31, Commitments to extend credit $ 8,513 $ 8,089 Standby letters of credit 153 150 |
STOCK INCENTIVE PLANS (Tables)
STOCK INCENTIVE PLANS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Activity Relating to Restricted Stock Units | The following table summarizes the activity relating to restricted stock units during the periods indicated: TABLE 13.1 Three Months Ended March 31, 2020 2019 Units Weighted Average Grant Price per Share Units Weighted Average Grant Price per Share Unvested units outstanding at beginning of period 2,858,357 $ 12.56 2,556,174 $ 13.51 Granted 1,988,225 6.95 — — Vested (1,717 ) 14.15 (295,616 ) 13.28 Forfeited/expired (11,362 ) 12.85 (10,442 ) 13.66 Dividend reinvestment 39,865 8.57 22,701 11.91 Unvested units outstanding at end of period 4,873,368 10.23 2,272,817 13.52 |
Schedule of Certain Information Related to Restricted Stock Units | The following table provides certain information related to restricted stock units: TABLE 13.2 (in millions) Three Months Ended 2020 2019 Stock-based compensation expense $ 8 $ 2 Tax benefit related to stock-based compensation expense 2 — Fair value of units vested — 3 |
Components of Restricted Stock Units | The components of the restricted stock units as of March 31, 2020 are as follows: TABLE 13.3 (dollars in millions) Service- Based Units Performance- Based Units Total Unvested restricted stock units 3,352,088 1,521,280 4,873,368 Unrecognized compensation expense $ 15 $ 4 $ 19 Intrinsic value $ 25 $ 11 $ 36 Weighted average remaining life (in years) 2.22 1.72 2.06 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Federal and state income tax expense and the statutory tax rate and the actual effective tax rate consist of the following: TABLE 14.1 Three Months Ended (in millions) 2020 2019 Current income taxes: Federal taxes $ 7 $ 18 State taxes 2 2 Total current income taxes 9 20 Deferred income taxes: Federal taxes 2 2 State taxes — — Total deferred income taxes 2 2 Total income taxes $ 11 $ 22 Statutory tax rate 21.0 % 21.0 % Effective tax rate 18.8 % 19.3 % |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Changes in AOCI, Net of Tax, by Component | The following table presents changes in AOCI, net of tax, by component: TABLE 15.1 (in millions) Unrealized Net Losses on Debt Securities Available for Sale Unrealized Net Gains (Losses) on Derivative Instruments Unrecognized Pension and Postretirement Obligations Total Three Months Ended March 31, 2020 Balance at beginning of period $ 11 $ (18 ) $ (58 ) $ (65 ) Other comprehensive (loss) income before reclassifications 53 (35 ) 1 19 Amounts reclassified from AOCI — 1 — 1 Net current period other comprehensive (loss) income 53 (34 ) 1 20 Balance at end of period $ 64 $ (52 ) $ (57 ) $ (45 ) |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: TABLE 16.1 Three Months Ended ( dollars in millions, except per share data) 2020 2019 Net income $ 47 $ 94 Less: Preferred stock dividends 2 2 Net income available to common stockholders $ 45 $ 92 Basic weighted average common shares outstanding 324,247,710 324,640,715 Net effect of dilutive stock options, warrants and restricted stock 1,797,472 1,188,119 Diluted weighted average common shares outstanding 326,045,182 325,828,834 Earnings per common share: Basic $ 0.14 $ 0.28 Diluted $ 0.14 $ 0.28 |
Schedule of Average Shares Excluded from Diluted Earnings Per Common Share Calculation | The following table shows the average shares excluded from the above calculation as their effect would have been anti-dilutive: TABLE 16.2 Three Months Ended 2020 2019 Average shares excluded from the diluted earnings per common share calculation 450 189 |
CASH FLOW INFORMATION (Tables)
CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Supplemental Cash Flow Information | Following is a summary of supplemental cash flow information: TABLE 17.1 Three Months Ended 2020 2019 (in millions) Interest paid on deposits and other borrowings $ 75 $ 77 Transfers of loans to other real estate owned 1 2 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Financial Information for Segments of FNB | The following tables provide financial information for these segments of FNB. The information provided under the caption “Parent and Other” represents operations not considered to be reportable segments and/or general operating expenses of FNB, and includes the parent company, other non-bank subsidiaries and eliminations and adjustments to reconcile to the Consolidated Financial Statements. TABLE 18.1 (in millions) Community Banking Wealth Management Insurance Parent and Other Consolidated At or for the Three Months Ended March 31, 2020 Interest income $ 306 $ — $ — $ — $ 306 Interest expense 68 — — 6 74 Net interest income 238 — — (6 ) 232 Provision for credit losses 48 — — — 48 Non-interest income 52 13 6 (2 ) 69 Non-interest expense (1) 176 10 5 1 192 Amortization of intangibles 3 — — — 3 Income tax expense (benefit) 12 1 — (2 ) 11 Net income (loss) 51 2 1 (7 ) 47 Total assets 34,933 34 36 46 35,049 Total intangibles 2,288 9 29 — 2,326 At or for the Three Months Ended March 31, 2019 Interest income $ 310 $ — $ — $ — $ 310 Interest expense 76 — — 3 79 Net interest income 234 — — (3 ) 231 Provision for credit losses 14 — — — 14 Non-interest income 51 11 5 (2 ) 65 Non-interest expense (1) 147 9 4 2 162 Amortization of intangibles 4 — — — 4 Income tax expense (benefit) 23 — — (1 ) 22 Net income (loss) 97 2 1 (6 ) 94 Total assets 33,598 27 25 45 33,695 Total intangibles 2,301 10 19 — 2,330 (1) Excludes amortization of intangibles, which is presented separately. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of assets and liabilities measured at fair value on a recurring basis: TABLE 19.1 (in millions) Level 1 Level 2 Level 3 Total March 31, 2020 Assets Measured at Fair Value Debt securities available for sale U.S. government agencies $ — $ 139 $ — $ 139 U.S. government-sponsored entities — 203 — 203 Residential mortgage-backed securities: Agency mortgage-backed securities — 1,269 — 1,269 Agency collateralized mortgage obligations — 1,175 — 1,175 Commercial mortgage-backed securities — 398 — 398 States of the U.S. and political subdivisions (municipals) — 8 — 8 Other debt securities — 2 — 2 Total debt securities available for sale — 3,194 — 3,194 Loans held for sale — 68 — 68 Derivative financial instruments Trading — 391 — 391 Not for trading — 4 11 15 Total derivative financial instruments — 395 11 406 Total assets measured at fair value on a recurring basis $ — $ 3,657 $ 11 $ 3,668 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 43 $ — $ 43 Not for trading — 7 — 7 Total derivative financial instruments — 50 — 50 Total liabilities measured at fair value on a recurring basis $ — $ 50 $ — $ 50 (in millions) Level 1 Level 2 Level 3 Total December 31, 2019 Assets Measured at Fair Value Debt securities available for sale U.S. government agencies $ — $ 151 $ — $ 151 U.S. government-sponsored entities — 226 — 226 Residential mortgage-backed securities: Agency mortgage-backed securities — 1,314 — 1,314 Agency collateralized mortgage obligations — 1,240 — 1,240 Commercial mortgage-backed securities — 345 — 345 States of the U.S. and political subdivisions (municipals) — 11 — 11 Other debt securities — 2 — 2 Total debt securities available for sale — 3,289 — 3,289 Loans held for sale — 41 — 41 Derivative financial instruments Trading — 149 — 149 Not for trading — 2 3 5 Total derivative financial instruments — 151 3 154 Total assets measured at fair value on a recurring basis $ — $ 3,481 $ 3 $ 3,484 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 24 $ — $ 24 Not for trading — 1 — 1 Total derivative financial instruments — 25 — 25 Total liabilities measured at fair value on a recurring basis $ — $ 25 $ — $ 25 |
Additional Information about Assets Measured at Fair Value on Recurring Basis | The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value: TABLE 19.2 (in millions) Interest Rate Lock Commitments Total Three Months Ended March 31, 2020 Balance at beginning of period $ 3 $ 3 Purchases, issuances, sales and settlements: Issuances 11 11 Settlements (3 ) (3 ) Balance at end of period $ 11 $ 11 Year Ended December 31, 2019 Balance at beginning of period $ 1 $ 1 Purchases, issuances, sales and settlements: Issuances 3 3 Settlements (1 ) (1 ) Balance at end of period $ 3 $ 3 |
Additional Information about Assets Measured at Fair Value on Non-Recurring Basis | For assets measured at fair value on a non-recurring basis still held at the Balance Sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios: TABLE 19.3 (in millions) Level 1 Level 2 Level 3 Total March 31, 2020 Collateral dependent loans $ — $ — $ 8 $ 8 Other real estate owned — — 8 8 Other assets - SBA servicing asset — — 3 3 Other assets - MSRs — — 33 33 December 31, 2019 Impaired loans $ — $ — $ 5 $ 5 Other real estate owned — — 4 4 Other assets - SBA servicing asset — — 3 3 Other assets - MSRs — — 30 30 |
Fair Values of Financial Instruments | The fair values of our financial instruments are as follows: TABLE 19.4 Fair Value Measurements (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 March 31, 2020 Financial Assets Cash and cash equivalents $ 564 $ 564 $ 564 $ — $ — Debt securities available for sale 3,194 3,194 — 3,194 — Debt securities held to maturity 3,179 3,264 — 3,264 — Net loans and leases, including loans held for sale 23,610 23,538 — 68 23,470 Loan servicing rights 38 38 — — 38 Derivative assets 406 406 — 395 11 Accrued interest receivable 88 88 88 — — Financial Liabilities Deposits 24,746 24,797 20,184 4,613 — Short-term borrowings 3,443 3,450 3,450 — — Long-term borrowings 1,633 1,620 — — 1,620 Derivative liabilities 50 50 — 50 — Accrued interest payable 19 19 19 — — December 31, 2019 Financial Assets Cash and cash equivalents $ 599 $ 599 $ 599 $ — $ — Debt securities available for sale 3,289 3,289 — 3,289 — Debt securities held to maturity 3,275 3,305 — 3,305 — Net loans and leases, including loans held for sale 23,144 22,930 — 41 22,889 Loan servicing rights 46 48 — — 48 Derivative assets 154 154 — 151 3 Accrued interest receivable 109 109 109 — — Financial Liabilities Deposits 24,786 24,797 20,058 4,739 — Short-term borrowings 3,216 3,219 3,219 — — Long-term borrowings 1,340 1,355 — — 1,355 Derivative liabilities 25 25 — 25 — Accrued interest payable 21 21 21 — — |
NATURE OF OPERATIONS (Detail)
NATURE OF OPERATIONS (Detail) | 3 Months Ended |
Mar. 31, 2020OfficeState | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states, Company operating financial services | State | 7 |
Number of banking offices | Office | 369 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) - USD ($) $ in Millions | Jan. 01, 2020 | Mar. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of new accounting principle in period of adoption | $ 50 | |
Initial ACL on PCD Loans | 50.3 | $ 50.3 |
Commercial Loan [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Threshold period past due for non-accrual loans | 90 days | |
Installment Loans [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Threshold period past due for non-accrual loans | 120 days | |
Residential Mortgages and Consumer Lines of Credit [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Threshold period past due for non-accrual loans | 180 days | |
Retained Earnings [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of new accounting principle in period of adoption | 50 | |
Retained Earnings [Member] | Accounting Standards Update 2016-13 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of new accounting principle in period of adoption | $ 50.6 | |
Minimum [Member] | Commercial Loan [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Financing receivable, individual reserves in default, threshold | $ 1 | |
Maximum [Member] | Commercial and Consumer Loans [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Financing receivable, individual reserves in default, threshold | $ 1 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impact of Adoption (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Securities held to maturity, allowance for credit losses | $ 60 | ||||
Allowance for credit loss | 343,000 | $ 196,000 | $ 196,000 | $ 186,000 | $ 180,000 |
Allowance for credit losses on off-balance sheet credit exposures | 3,000 | ||||
As Reported Under ASC 326 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 301,000 | ||||
Allowance for credit losses on off-balance sheet credit exposures | 13,000 | ||||
Impact of ASC 326 Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 105,000 | ||||
Allowance for credit losses on off-balance sheet credit exposures | 10,000 | ||||
States of the U.S. and Political Subdivisions (municipals) [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Securities held to maturity, allowance for credit losses | 60 | 0 | |||
States of the U.S. and Political Subdivisions (municipals) [Member] | As Reported Under ASC 326 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Securities held to maturity, allowance for credit losses | 0 | ||||
States of the U.S. and Political Subdivisions (municipals) [Member] | Impact of ASC 326 Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Securities held to maturity, allowance for credit losses | 0 | ||||
Commercial Real Estate [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 152,000 | 60,000 | 60,000 | ||
Commercial Real Estate [Member] | As Reported Under ASC 326 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 138,000 | ||||
Commercial Real Estate [Member] | Impact of ASC 326 Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 78,000 | ||||
Commercial and Industrial [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 88,000 | 53,000 | 53,000 | ||
Commercial and Industrial [Member] | As Reported Under ASC 326 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 65,000 | ||||
Commercial and Industrial [Member] | Impact of ASC 326 Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 12,000 | ||||
Commercial Leases [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 13,000 | 11,000 | 11,000 | ||
Commercial Leases [Member] | As Reported Under ASC 326 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 11,000 | ||||
Commercial Leases [Member] | Impact of ASC 326 Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 0 | ||||
Other [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 1,000 | 9,000 | 9,000 | ||
Other [Member] | As Reported Under ASC 326 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 0 | ||||
Other [Member] | Impact of ASC 326 Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | (9,000) | ||||
Direct Installment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 26,000 | 13,000 | 13,000 | ||
Direct Installment [Member] | As Reported Under ASC 326 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 24,000 | ||||
Direct Installment [Member] | Impact of ASC 326 Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 11,000 | ||||
Residential Mortgages [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 31,000 | 22,000 | 22,000 | ||
Residential Mortgages [Member] | As Reported Under ASC 326 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 32,000 | ||||
Residential Mortgages [Member] | Impact of ASC 326 Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 10,000 | ||||
Indirect Installment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 21,000 | 19,000 | 19,000 | ||
Indirect Installment [Member] | As Reported Under ASC 326 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 21,000 | ||||
Indirect Installment [Member] | Impact of ASC 326 Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 2,000 | ||||
Consumer Lines of Credit [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | $ 11,000 | 9,000 | $ 9,000 | ||
Consumer Lines of Credit [Member] | As Reported Under ASC 326 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 10,000 | ||||
Consumer Lines of Credit [Member] | Impact of ASC 326 Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | $ 1,000 |
NEW ACCOUNTING STANDARDS (Detai
NEW ACCOUNTING STANDARDS (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | $ 196 | $ 343 | $ 196 | $ 186 | $ 180 |
Financing receivable, allowance for credit loss, period increase (decrease) | 105.3 | $ 147.4 | |||
Adoption of new accounting standards | (50) | ||||
Accounting Standards Update 2016-13 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 301 | ||||
Retained Earnings [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adoption of new accounting standards | (50) | ||||
Retained Earnings [Member] | Accounting Standards Update 2016-13 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adoption of new accounting standards | (50.6) | ||||
Originated Loans And Leases [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | $ 177 | $ 173 | |||
Originated Loans And Leases [Member] | Accounting Standards Update 2016-13 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing receivable, allowance for credit loss, period increase (decrease) | 55 | ||||
Longer Duration Loans and Gross Up [Member] | Accounting Standards Update 2016-13 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing receivable, allowance for credit loss, period increase (decrease) | 50 | ||||
Unfunded Loan Commitment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | 14 | ||||
Financing receivable, allowance for credit loss, period increase (decrease) | $ 10 |
SECURITIES - Additional Informa
SECURITIES - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Jan. 01, 2020 | |
Schedule Of Securities [Line Items] | ||
Securities available for sale, allowance for credit losses | $ 0 | |
Securities held to maturity, allowance for credit losses | 60,000 | |
Municipal bond portfolio, value | $ 1,100,000,000 | |
Percentage of formal credit enhancement insurance of municipalities | 63.00% | |
Securities, held-to-maturity, provision expense | $ 10,000 | |
Municipal Bonds [Member] | Weighted Average [Member] | ||
Schedule Of Securities [Line Items] | ||
Average holding size of securities in bond portfolio | $ 3,500,000 | |
Municipal Bonds [Member] | Credit Concentration Risk [Member] | General Obligation Bonds [Member] | A Rating [Member] | Minimum [Member] | ||
Schedule Of Securities [Line Items] | ||
Percentage of portfolio | 100.00% | |
Municipal Bonds [Member] | Credit Concentration Risk [Member] | General Obligation Bonds [Member] | A Rating or Better [Member] | ||
Schedule Of Securities [Line Items] | ||
Percentage of portfolio | 99.00% | |
Municipal Bonds [Member] | Geographic Concentration Risk [Member] | Pennsylvania, Ohio and Maryland [Member] | ||
Schedule Of Securities [Line Items] | ||
Percentage of portfolio | 65.00% | |
Available-for-sale Debt Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Accrued investment income receivable | $ 7,400,000 | |
Municipal Portfolio [Member] | ||
Schedule Of Securities [Line Items] | ||
Securities held to maturity, allowance for credit losses | 60,000 | $ 0 |
Held-to-maturity Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Accrued investment income receivable | $ 12,800,000 |
SECURITIES - Amortized Cost and
SECURITIES - Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 3,111 | $ 3,275 |
Gross Unrealized Gains | 87 | 24 |
Gross Unrealized Losses | (4) | (10) |
Total securities available for sale, fair value | 3,194 | 3,289 |
US Government Agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 140 | 152 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (1) |
Total securities available for sale, fair value | 139 | 151 |
U.S. Government-Sponsored Entities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 200 | 225 |
Gross Unrealized Gains | 3 | 1 |
Gross Unrealized Losses | 0 | 0 |
Total securities available for sale, fair value | 203 | 226 |
Agency Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,235 | 1,310 |
Gross Unrealized Gains | 34 | 7 |
Gross Unrealized Losses | 0 | (3) |
Total securities available for sale, fair value | 1,269 | 1,314 |
Agency Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,135 | 1,234 |
Gross Unrealized Gains | 40 | 10 |
Gross Unrealized Losses | 0 | (4) |
Total securities available for sale, fair value | 1,175 | 1,240 |
Commercial Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 391 | 341 |
Gross Unrealized Gains | 10 | 6 |
Gross Unrealized Losses | (3) | (2) |
Total securities available for sale, fair value | 398 | 345 |
States of the U.S. and Political Subdivisions (municipals) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8 | 11 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Total securities available for sale, fair value | 8 | 11 |
Other Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2 | 2 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Total securities available for sale, fair value | $ 2 | $ 2 |
SECURITIES - Amortized Cost a_2
SECURITIES - Amortized Cost and Fair Value of Securities Held to Maturity (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | $ 3,179 | $ 3,275 |
Gross Unrealized Gains | 89 | 42 |
Gross Unrealized Losses | (4) | (12) |
Fair Value | 3,264 | 3,305 |
U.S. Treasury [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1 | 1 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1 | 1 |
US Government Agencies [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1 | 1 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1 | 1 |
U.S. Government-Sponsored Entities [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 160 | 175 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 162 | 175 |
Agency Mortgage-Backed Securities [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 959 | 949 |
Gross Unrealized Gains | 33 | 8 |
Gross Unrealized Losses | 0 | (2) |
Fair Value | 992 | 955 |
Agency Collateralized Mortgage Obligations [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 682 | 721 |
Gross Unrealized Gains | 22 | 5 |
Gross Unrealized Losses | 0 | (6) |
Fair Value | 704 | 720 |
Commercial Mortgage-Backed Securities [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 268 | 308 |
Gross Unrealized Gains | 3 | 3 |
Gross Unrealized Losses | (3) | (2) |
Fair Value | 268 | 309 |
States of the U.S. and Political Subdivisions (municipals) [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1,108 | 1,120 |
Gross Unrealized Gains | 29 | 26 |
Gross Unrealized Losses | (1) | (2) |
Fair Value | $ 1,136 | $ 1,144 |
SECURITIES - Amortized Cost a_3
SECURITIES - Amortized Cost and Fair Value of Securities, by Contractual Maturities (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Securities [Line Items] | ||
Available for sale, due in one year or less, amortized cost | $ 91 | |
Available for sale, due after one year but within five years, amortized cost | 120 | |
Available for sale, due after five years but within ten years, amortized cost | 57 | |
Available for sale, due after ten years, amortized cost | 82 | |
Available for sale, with contractual maturities, amortized cost | 350 | |
Amortized Cost | 3,111 | $ 3,275 |
Available for sale, due in one year or less, fair value | 92 | |
Available for sale, due after one year but within five years, fair value | 122 | |
Available for sale, due after five years but within ten years, fair value | 57 | |
Available for sale, due after ten years, fair value | 81 | |
Available for sale, with contractual maturities, fair value | 352 | |
Total securities available for sale, fair value | 3,194 | 3,289 |
Held to maturity, due in one year or less, amortized cost | 63 | |
Held to maturity, due after one year but within five years, amortized cost | 110 | |
Held to maturity, due after five years but within ten years, amortized cost | 123 | |
Held to maturity, due after ten years, amortized cost | 974 | |
Held to maturity, with contractual maturities, amortized cost | 1,270 | |
Amortized Cost | 3,179 | 3,275 |
Held to maturity, due in one year or less, fair value | 64 | |
Held to maturity, due after one year but within five years, fair value | 111 | |
Held to maturity, due after five years but within ten years, fair value | 125 | |
Held to maturity, due after ten years, fair value | 1,000 | |
Securities held to maturity, with contractual maturities, fair value | 1,300 | |
Held-to-maturity, fair value, net | 3,264 | 3,305 |
Agency Mortgage-Backed Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 1,235 | |
Amortized Cost | 1,235 | 1,310 |
Available for sale, fair value | 1,269 | |
Total securities available for sale, fair value | 1,269 | 1,314 |
Held-to-maturity, amortized cost | 959 | |
Amortized Cost | 959 | 949 |
Held-to-maturity, fair value | 992 | |
Held-to-maturity, fair value, net | 992 | 955 |
Agency Collateralized Mortgage Obligations [Member] | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 1,135 | |
Amortized Cost | 1,135 | 1,234 |
Available for sale, fair value | 1,175 | |
Total securities available for sale, fair value | 1,175 | 1,240 |
Held-to-maturity, amortized cost | 682 | |
Amortized Cost | 682 | 721 |
Held-to-maturity, fair value | 704 | |
Held-to-maturity, fair value, net | 704 | 720 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 391 | |
Amortized Cost | 391 | 341 |
Available for sale, fair value | 398 | |
Total securities available for sale, fair value | 398 | 345 |
Held-to-maturity, amortized cost | 268 | |
Amortized Cost | 268 | 308 |
Held-to-maturity, fair value | 268 | |
Held-to-maturity, fair value, net | $ 268 | $ 309 |
SECURITIES - Schedule of Securi
SECURITIES - Schedule of Securities Pledged as Collateral (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged (carrying value), to secure public deposits, trust deposits and for other purposes as required by law | $ 4,555 | $ 4,494 |
Securities pledged (carrying value), as collateral for short-term borrowings | $ 263 | $ 285 |
Securities pledged as a percent of total securities | 75.60% | 72.80% |
SECURITIES - Fair Values and Un
SECURITIES - Fair Values and Unrealized Losses of Impaired Securities, by Length of Impairment (Detail) $ in Millions | Mar. 31, 2020USD ($)Security | Dec. 31, 2019USD ($)Security |
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 8 | 32 |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 16 | 78 |
Number of temporarily impaired available for sale securities | Security | 24 | 110 |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 139 | $ 685 |
Temporarily impaired securities available for sale, 12 months or more, fair value | 57 | 712 |
Temporarily impaired securities available for sale, fair value, total | 196 | 1,397 |
Temporarily impaired securities available for sale, less than 12 months, unrealized losses | (3) | (4) |
Temporarily impaired securities available for sale, 12 months or more, unrealized losses | (1) | (6) |
Temporarily impaired securities available for sale, unrealized losses, total | $ (4) | $ (10) |
US Government Agencies [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 4 | 5 |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 15 | 15 |
Number of temporarily impaired available for sale securities | Security | 19 | 20 |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 38 | $ 48 |
Temporarily impaired securities available for sale, 12 months or more, fair value | 55 | 61 |
Temporarily impaired securities available for sale, fair value, total | 93 | 109 |
Temporarily impaired securities available for sale, less than 12 months, unrealized losses | 0 | 0 |
Temporarily impaired securities available for sale, 12 months or more, unrealized losses | (1) | (1) |
Temporarily impaired securities available for sale, unrealized losses, total | $ (1) | $ (1) |
U.S. Government-Sponsored Entities [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 0 | 0 |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 0 | 6 |
Number of temporarily impaired available for sale securities | Security | 0 | 6 |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 0 | $ 0 |
Temporarily impaired securities available for sale, 12 months or more, fair value | 0 | 130 |
Temporarily impaired securities available for sale, fair value, total | 0 | 130 |
Temporarily impaired securities available for sale, less than 12 months, unrealized losses | 0 | 0 |
Temporarily impaired securities available for sale, 12 months or more, unrealized losses | 0 | 0 |
Temporarily impaired securities available for sale, unrealized losses, total | $ 0 | $ 0 |
Agency Mortgage-Backed Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 2 | 13 |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 0 | 24 |
Number of temporarily impaired available for sale securities | Security | 2 | 37 |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 14 | $ 200 |
Temporarily impaired securities available for sale, 12 months or more, fair value | 0 | 314 |
Temporarily impaired securities available for sale, fair value, total | 14 | 514 |
Temporarily impaired securities available for sale, less than 12 months, unrealized losses | 0 | (1) |
Temporarily impaired securities available for sale, 12 months or more, unrealized losses | 0 | (2) |
Temporarily impaired securities available for sale, unrealized losses, total | $ 0 | $ (3) |
Agency Collateralized Mortgage Obligations [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 0 | 11 |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 0 | 32 |
Number of temporarily impaired available for sale securities | Security | 0 | 43 |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 0 | $ 323 |
Temporarily impaired securities available for sale, 12 months or more, fair value | 0 | 205 |
Temporarily impaired securities available for sale, fair value, total | 0 | 528 |
Temporarily impaired securities available for sale, less than 12 months, unrealized losses | 0 | (1) |
Temporarily impaired securities available for sale, 12 months or more, unrealized losses | 0 | (3) |
Temporarily impaired securities available for sale, unrealized losses, total | $ 0 | $ (4) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 2 | 3 |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 0 | 0 |
Number of temporarily impaired available for sale securities | Security | 2 | 3 |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 87 | $ 114 |
Temporarily impaired securities available for sale, 12 months or more, fair value | 0 | 0 |
Temporarily impaired securities available for sale, fair value, total | 87 | 114 |
Temporarily impaired securities available for sale, less than 12 months, unrealized losses | (3) | (2) |
Temporarily impaired securities available for sale, 12 months or more, unrealized losses | 0 | 0 |
Temporarily impaired securities available for sale, unrealized losses, total | $ (3) | $ (2) |
States of the U.S. and Political Subdivisions (municipals) [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 0 | |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 0 | |
Number of temporarily impaired available for sale securities | Security | 0 | |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 0 | |
Temporarily impaired securities available for sale, 12 months or more, fair value | 0 | |
Temporarily impaired securities available for sale, fair value, total | 0 | |
Temporarily impaired securities available for sale, less than 12 months, unrealized losses | 0 | |
Temporarily impaired securities available for sale, 12 months or more, unrealized losses | 0 | |
Temporarily impaired securities available for sale, unrealized losses, total | $ 0 | |
Other Debt Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 0 | 0 |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 1 | 1 |
Number of temporarily impaired available for sale securities | Security | 1 | 1 |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 0 | $ 0 |
Temporarily impaired securities available for sale, 12 months or more, fair value | 2 | 2 |
Temporarily impaired securities available for sale, fair value, total | 2 | 2 |
Temporarily impaired securities available for sale, less than 12 months, unrealized losses | 0 | 0 |
Temporarily impaired securities available for sale, 12 months or more, unrealized losses | 0 | 0 |
Temporarily impaired securities available for sale, unrealized losses, total | $ 0 | $ 0 |
LOANS AND LEASES - Additional I
LOANS AND LEASES - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accrued interest receivable | $ 60.9 | ||||
Purchased with credit deterioration included with allowance for credit losses, amount | $ 50.3 | 50.3 | |||
Purchased with credit deterioration, discount | $ 110 | ||||
Sustained period of delinquency for impairment evaluation | 90 days | ||||
Valuation for impairment of loans with pooled reserves | $ 1 | ||||
Interest income on impaired loans | $ 1.4 | ||||
Restructured loans returned to performing status | 3.7 | ||||
Total loan on allowance | $ 196 | 343 | 186 | $ 196 | $ 180 |
Pooled reserves for all other classes of loans | 4.9 | 4.1 | |||
Amortized cost loans and leases, carrying amount | $ 23,871 | 23,289 | |||
Reclassification from non-accretable difference | 30 | ||||
Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due period for loan to be in default | 12 months | ||||
Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due period for loan to be in default | 90 days | ||||
Residential Mortgages [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value of OREO through foreclosure | $ 3.2 | 3.3 | |||
Mortgage loans on real estate, foreclosure | 10.7 | $ 9.2 | |||
Purchased Credit Impaired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Amortized cost loans and leases, carrying amount | 1.5 | ||||
Purchased Credit Impaired Loans [Member] | Credit Concentration Risk [Member] | Acquired Loans Receivable [Member] | Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of portfolio | 0.05% | ||||
Commercial Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, collateral dependent | 40 | ||||
Minimum amount to allocate specific valuation allowance | 1 | ||||
Commercial Loan [Member] | Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Threshold for loans whose terms have been modified in a trouble debt restructuring, non accrual | 1 | ||||
Total Commercial Loans and Leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loan on allowance | 254 | 133 | |||
Amortized cost loans and leases, carrying amount | 15,260 | 14,721 | |||
Total Commercial Loans and Leases [Member] | Specific and Pooled Reserves for Commercial Troubled Debt Restructurings [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loan on allowance | 1 | ||||
Total Commercial Loans and Leases [Member] | Specific Reserves for Commercial Troubled Debt Restructurings [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loan on allowance | 1.1 | 1.1 | |||
Total Commercial Loans and Leases [Member] | Pooled Reserves For Commercial Troubled Debt Restructurings [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loan on allowance | $ 3.1 | $ 0.8 |
LOANS AND LEASES - Net of Unear
LOANS AND LEASES - Net of Unearned Income (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 23,871 | $ 23,289 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 9,126 | 8,960 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 5,644 | 5,308 |
Commercial Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 444 | 432 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 46 | 21 |
Total Commercial Loans and Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 15,260 | 14,721 |
Direct Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,880 | 1,821 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 3,444 | 3,374 |
Indirect Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,863 | 1,922 |
Consumer Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,424 | 1,451 |
Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 8,611 | $ 8,568 |
LOANS AND LEASES - Commercial R
LOANS AND LEASES - Commercial Real Estate Loans (Detail) - Loan Portfolio Diversification Risk [Member] - Commercial Real Estate Loans [Member] | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Owner-Occupied [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percent of total loans and leases | 30.00% | 30.60% |
Non-Owner-Occupied [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percent of total loans and leases | 70.00% | 69.40% |
LOANS AND LEASES - Non-Performi
LOANS AND LEASES - Non-Performing Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings | $ 94 | $ 56 |
Non-Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 134 | 81 |
Troubled debt restructurings | 0 | 22 |
Total non-performing loans | 134 | 103 |
Other real estate owned | 20 | 26 |
Total non-performing assets | $ 154 | $ 129 |
Non-performing loans / total loans and leases | 0.56% | 0.44% |
Non-performing loans OREO / total loans and leases OREO | 0.64% | 0.55% |
Non-performing assets / total assets | 0.44% | 0.37% |
LOANS AND LEASES - Age Analysis
LOANS AND LEASES - Age Analysis of Past Due Loans (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | $ 23,871 | $ 23,289 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 9,126 | 8,960 |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 5,644 | 5,308 |
Commercial Leases [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 444 | 432 |
Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 46 | 21 |
Total Commercial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 15,260 | 14,721 |
Direct Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 1,880 | 1,821 |
Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 3,444 | 3,374 |
Indirect Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 1,863 | 1,922 |
Consumer Lines of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 1,424 | 1,451 |
Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 8,611 | 8,568 |
Loans and Leases [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 270 | |
Non-accrual loans | 134 | |
Current | 23,601 | |
Total Loans and Leases | 23,871 | |
Non-accrual with No ACL | 28 | |
Loans and Leases [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 130 | |
Loans and Leases [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 6 | |
Loans and Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 96 | |
Non-accrual loans | 67 | |
Current | 9,030 | |
Total Loans and Leases | 9,126 | |
Non-accrual with No ACL | 13 | |
Loans and Leases [Member] | Commercial Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 29 | |
Loans and Leases [Member] | Commercial Real Estate [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Loans and Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 65 | |
Non-accrual loans | 32 | |
Current | 5,579 | |
Total Loans and Leases | 5,644 | |
Non-accrual with No ACL | 15 | |
Loans and Leases [Member] | Commercial and Industrial [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 33 | |
Loans and Leases [Member] | Commercial and Industrial [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Loans and Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 4 | |
Non-accrual loans | 2 | |
Current | 440 | |
Total Loans and Leases | 444 | |
Non-accrual with No ACL | 0 | |
Loans and Leases [Member] | Commercial Leases [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2 | |
Loans and Leases [Member] | Commercial Leases [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Loans and Leases [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | |
Non-accrual loans | 1 | |
Current | 45 | |
Total Loans and Leases | 46 | |
Non-accrual with No ACL | 0 | |
Loans and Leases [Member] | Other [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Loans and Leases [Member] | Other [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Loans and Leases [Member] | Total Commercial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 166 | |
Non-accrual loans | 102 | |
Current | 15,094 | |
Total Loans and Leases | 15,260 | |
Non-accrual with No ACL | 28 | |
Loans and Leases [Member] | Total Commercial Loans [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 64 | |
Loans and Leases [Member] | Total Commercial Loans [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Loans and Leases [Member] | Direct Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 19 | |
Non-accrual loans | 10 | |
Current | 1,861 | |
Total Loans and Leases | 1,880 | |
Non-accrual with No ACL | 0 | |
Loans and Leases [Member] | Direct Installment [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 8 | |
Loans and Leases [Member] | Direct Installment [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | |
Loans and Leases [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 47 | |
Non-accrual loans | 13 | |
Current | 3,397 | |
Total Loans and Leases | 3,444 | |
Non-accrual with No ACL | 0 | |
Loans and Leases [Member] | Residential Mortgages [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 32 | |
Loans and Leases [Member] | Residential Mortgages [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2 | |
Loans and Leases [Member] | Indirect Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 20 | |
Non-accrual loans | 3 | |
Current | 1,843 | |
Total Loans and Leases | 1,863 | |
Non-accrual with No ACL | 0 | |
Loans and Leases [Member] | Indirect Installment [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 16 | |
Loans and Leases [Member] | Indirect Installment [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | |
Loans and Leases [Member] | Consumer Lines of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 18 | |
Non-accrual loans | 6 | |
Current | 1,406 | |
Total Loans and Leases | 1,424 | |
Non-accrual with No ACL | 0 | |
Loans and Leases [Member] | Consumer Lines of Credit [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 10 | |
Loans and Leases [Member] | Consumer Lines of Credit [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2 | |
Loans and Leases [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 104 | |
Non-accrual loans | 32 | |
Current | 8,507 | |
Total Loans and Leases | 8,611 | |
Non-accrual with No ACL | 0 | |
Loans and Leases [Member] | Consumer Loan [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 66 | |
Loans and Leases [Member] | Consumer Loan [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 6 | |
Originated Loans And Leases [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 145 | |
Non-accrual loans | 77 | |
Current | 20,252 | |
Total Loans and Leases | 20,397 | |
Originated Loans And Leases [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 63 | |
Originated Loans And Leases [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 5 | |
Originated Loans And Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 36 | |
Non-accrual loans | 26 | |
Current | 7,078 | |
Total Loans and Leases | 7,114 | |
Originated Loans And Leases [Member] | Commercial Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 10 | |
Originated Loans And Leases [Member] | Commercial Real Estate [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Originated Loans And Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 37 | |
Non-accrual loans | 28 | |
Current | 5,026 | |
Total Loans and Leases | 5,063 | |
Originated Loans And Leases [Member] | Commercial and Industrial [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 9 | |
Originated Loans And Leases [Member] | Commercial and Industrial [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Originated Loans And Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 6 | |
Non-accrual loans | 1 | |
Current | 426 | |
Total Loans and Leases | 432 | |
Originated Loans And Leases [Member] | Commercial Leases [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 5 | |
Originated Loans And Leases [Member] | Commercial Leases [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Originated Loans And Leases [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | |
Non-accrual loans | 1 | |
Current | 20 | |
Total Loans and Leases | 21 | |
Originated Loans And Leases [Member] | Other [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Originated Loans And Leases [Member] | Other [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Originated Loans And Leases [Member] | Total Commercial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 80 | |
Non-accrual loans | 56 | |
Current | 12,550 | |
Total Loans and Leases | 12,630 | |
Originated Loans And Leases [Member] | Total Commercial Loans [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 24 | |
Originated Loans And Leases [Member] | Total Commercial Loans [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Originated Loans And Leases [Member] | Direct Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 15 | |
Non-accrual loans | 7 | |
Current | 1,743 | |
Total Loans and Leases | 1,758 | |
Originated Loans And Leases [Member] | Direct Installment [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 7 | |
Originated Loans And Leases [Member] | Direct Installment [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | |
Originated Loans And Leases [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 22 | |
Non-accrual loans | 8 | |
Current | 2,973 | |
Total Loans and Leases | 2,995 | |
Originated Loans And Leases [Member] | Residential Mortgages [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 12 | |
Originated Loans And Leases [Member] | Residential Mortgages [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2 | |
Originated Loans And Leases [Member] | Indirect Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 19 | |
Non-accrual loans | 3 | |
Current | 1,903 | |
Total Loans and Leases | 1,922 | |
Originated Loans And Leases [Member] | Indirect Installment [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 15 | |
Originated Loans And Leases [Member] | Indirect Installment [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | |
Originated Loans And Leases [Member] | Consumer Lines of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 9 | |
Non-accrual loans | 3 | |
Current | 1,083 | |
Total Loans and Leases | 1,092 | |
Originated Loans And Leases [Member] | Consumer Lines of Credit [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 5 | |
Originated Loans And Leases [Member] | Consumer Lines of Credit [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | |
Originated Loans And Leases [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 65 | |
Non-accrual loans | 21 | |
Current | 7,702 | |
Total Loans and Leases | 7,767 | |
Originated Loans And Leases [Member] | Consumer Loan [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 39 | |
Originated Loans And Leases [Member] | Consumer Loan [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 5 | |
Acquired Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 73 | |
Non-accrual loans | 4 | |
Current | 3,000 | |
(Discount) Premium | (181) | |
Total Loans and Leases | 2,892 | |
Acquired Loans [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 32 | |
Acquired Loans [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 37 | |
Acquired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 43 | |
Non-accrual loans | 3 | |
Current | 1,942 | |
(Discount) Premium | (139) | |
Total Loans and Leases | 1,846 | |
Acquired Loans [Member] | Commercial Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 12 | |
Acquired Loans [Member] | Commercial Real Estate [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 28 | |
Acquired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 5 | |
Non-accrual loans | 0 | |
Current | 259 | |
(Discount) Premium | (19) | |
Total Loans and Leases | 245 | |
Acquired Loans [Member] | Commercial and Industrial [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2 | |
Acquired Loans [Member] | Commercial and Industrial [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 3 | |
Acquired Loans [Member] | Total Commercial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 48 | |
Non-accrual loans | 3 | |
Current | 2,201 | |
(Discount) Premium | (158) | |
Total Loans and Leases | 2,091 | |
Acquired Loans [Member] | Total Commercial Loans [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 14 | |
Acquired Loans [Member] | Total Commercial Loans [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 31 | |
Acquired Loans [Member] | Direct Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 3 | |
Non-accrual loans | 0 | |
Current | 60 | |
(Discount) Premium | 0 | |
Total Loans and Leases | 63 | |
Acquired Loans [Member] | Direct Installment [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 3 | |
Acquired Loans [Member] | Direct Installment [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Acquired Loans [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 12 | |
Non-accrual loans | 0 | |
Current | 382 | |
(Discount) Premium | (15) | |
Total Loans and Leases | 379 | |
Acquired Loans [Member] | Residential Mortgages [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 8 | |
Acquired Loans [Member] | Residential Mortgages [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 4 | |
Acquired Loans [Member] | Consumer Lines of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 10 | |
Non-accrual loans | 1 | |
Current | 357 | |
(Discount) Premium | (8) | |
Total Loans and Leases | 359 | |
Acquired Loans [Member] | Consumer Lines of Credit [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 7 | |
Acquired Loans [Member] | Consumer Lines of Credit [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2 | |
Acquired Loans [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 25 | |
Non-accrual loans | 1 | |
Current | 799 | |
(Discount) Premium | (23) | |
Total Loans and Leases | 801 | |
Acquired Loans [Member] | Consumer Loan [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 18 | |
Acquired Loans [Member] | Consumer Loan [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 6 |
LOANS AND LEASES - Origination
LOANS AND LEASES - Origination Year (Details) $ in Millions | Mar. 31, 2020USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | $ 1,310 |
2019 | 5,388 |
2018 | 3,893 |
2017 | 3,020 |
2016 | 2,225 |
Prior | 4,946 |
Revolving Loans Amortized Cost Basis | 3,089 |
Total Loans and Leases | 23,871 |
Commercial Real Estate [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 329 |
2019 | 1,832 |
2018 | 1,402 |
2017 | 1,352 |
2016 | 1,215 |
Prior | 2,805 |
Revolving Loans Amortized Cost Basis | 191 |
Total Loans and Leases | 9,126 |
Commercial Real Estate [Member] | Pass [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 329 |
2019 | 1,823 |
2018 | 1,363 |
2017 | 1,285 |
2016 | 1,117 |
Prior | 2,521 |
Revolving Loans Amortized Cost Basis | 182 |
Total Loans and Leases | 8,620 |
Commercial Real Estate [Member] | Special Mention [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 6 |
2018 | 26 |
2017 | 44 |
2016 | 53 |
Prior | 144 |
Revolving Loans Amortized Cost Basis | 3 |
Total Loans and Leases | 276 |
Commercial Real Estate [Member] | Substandard [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 3 |
2018 | 13 |
2017 | 23 |
2016 | 45 |
Prior | 140 |
Revolving Loans Amortized Cost Basis | 6 |
Total Loans and Leases | 230 |
Commercial Real Estate [Member] | Doubtful [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 0 |
Commercial and Industrial [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 439 |
2019 | 1,424 |
2018 | 896 |
2017 | 551 |
2016 | 207 |
Prior | 512 |
Revolving Loans Amortized Cost Basis | 1,615 |
Total Loans and Leases | 5,644 |
Commercial and Industrial [Member] | Pass [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 437 |
2019 | 1,392 |
2018 | 843 |
2017 | 497 |
2016 | 186 |
Prior | 456 |
Revolving Loans Amortized Cost Basis | 1,435 |
Total Loans and Leases | 5,246 |
Commercial and Industrial [Member] | Special Mention [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 2 |
2019 | 29 |
2018 | 33 |
2017 | 30 |
2016 | 15 |
Prior | 28 |
Revolving Loans Amortized Cost Basis | 78 |
Total Loans and Leases | 215 |
Commercial and Industrial [Member] | Substandard [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 3 |
2018 | 20 |
2017 | 24 |
2016 | 6 |
Prior | 28 |
Revolving Loans Amortized Cost Basis | 102 |
Total Loans and Leases | 183 |
Commercial and Industrial [Member] | Doubtful [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 0 |
Commercial Leases [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 51 |
2019 | 176 |
2018 | 120 |
2017 | 76 |
2016 | 14 |
Prior | 7 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 444 |
Commercial Leases [Member] | Pass [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 41 |
2019 | 173 |
2018 | 117 |
2017 | 75 |
2016 | 13 |
Prior | 6 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 425 |
Commercial Leases [Member] | Special Mention [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 10 |
2019 | 1 |
2018 | 1 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 12 |
Commercial Leases [Member] | Substandard [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 2 |
2018 | 2 |
2017 | 1 |
2016 | 1 |
Prior | 1 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 7 |
Commercial Leases [Member] | Doubtful [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 0 |
Other [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 3 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 5 |
Revolving Loans Amortized Cost Basis | 38 |
Total Loans and Leases | 46 |
Other [Member] | Pass [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 3 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 5 |
Revolving Loans Amortized Cost Basis | 38 |
Total Loans and Leases | 46 |
Other [Member] | Special Mention [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 0 |
Other [Member] | Substandard [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 0 |
Other [Member] | Doubtful [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 0 |
Total Commercial Loans [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 822 |
2019 | 3,432 |
2018 | 2,418 |
2017 | 1,979 |
2016 | 1,436 |
Prior | 3,329 |
Revolving Loans Amortized Cost Basis | 1,844 |
Total Loans and Leases | 15,260 |
Direct Installment [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 163 |
2019 | 433 |
2018 | 277 |
2017 | 194 |
2016 | 224 |
Prior | 588 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 1,879 |
Direct Installment [Member] | Current [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 163 |
2019 | 433 |
2018 | 276 |
2017 | 193 |
2016 | 223 |
Prior | 573 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 1,861 |
Direct Installment [Member] | Past Due [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 1 |
2017 | 1 |
2016 | 1 |
Prior | 15 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 18 |
Residential Mortgages [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 201 |
2019 | 894 |
2018 | 525 |
2017 | 565 |
2016 | 434 |
Prior | 824 |
Revolving Loans Amortized Cost Basis | 2 |
Total Loans and Leases | 3,445 |
Residential Mortgages [Member] | Current [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 201 |
2019 | 891 |
2018 | 521 |
2017 | 559 |
2016 | 431 |
Prior | 797 |
Revolving Loans Amortized Cost Basis | 2 |
Total Loans and Leases | 3,402 |
Residential Mortgages [Member] | Past Due [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 3 |
2018 | 4 |
2017 | 6 |
2016 | 3 |
Prior | 27 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 43 |
Indirect Installment [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 123 |
2019 | 620 |
2018 | 659 |
2017 | 277 |
2016 | 125 |
Prior | 59 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 1,863 |
Indirect Installment [Member] | Current [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 123 |
2019 | 615 |
2018 | 653 |
2017 | 273 |
2016 | 122 |
Prior | 57 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 1,843 |
Indirect Installment [Member] | Past Due [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 5 |
2018 | 6 |
2017 | 4 |
2016 | 3 |
Prior | 2 |
Revolving Loans Amortized Cost Basis | 0 |
Total Loans and Leases | 20 |
Consumer Lines of Credit [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 1 |
2019 | 9 |
2018 | 14 |
2017 | 5 |
2016 | 6 |
Prior | 146 |
Revolving Loans Amortized Cost Basis | 1,243 |
Total Loans and Leases | 1,424 |
Consumer Lines of Credit [Member] | Current [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 1 |
2019 | 9 |
2018 | 14 |
2017 | 5 |
2016 | 5 |
Prior | 132 |
Revolving Loans Amortized Cost Basis | 1,240 |
Total Loans and Leases | 1,406 |
Consumer Lines of Credit [Member] | Past Due [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 1 |
Prior | 14 |
Revolving Loans Amortized Cost Basis | 3 |
Total Loans and Leases | 18 |
Consumer Loan [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 488 |
2019 | 1,956 |
2018 | 1,475 |
2017 | 1,041 |
2016 | 789 |
Prior | 1,617 |
Revolving Loans Amortized Cost Basis | 1,245 |
Total Loans and Leases | $ 8,611 |
LOANS AND LEASES - Commercial L
LOANS AND LEASES - Commercial Loans and Leases by Credit Quality (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 23,871 | $ 23,289 |
Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 9,126 | 8,960 |
Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 5,644 | 5,308 |
Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 444 | 432 |
Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 46 | 21 |
Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 15,260 | 14,721 |
Originated Loans And Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 20,397 | |
Originated Loans And Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 7,114 | |
Originated Loans And Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 5,063 | |
Originated Loans And Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 432 | |
Originated Loans And Leases [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 21 | |
Originated Loans And Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 12,630 | |
Acquired Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 2,892 | |
Acquired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,846 | |
Acquired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 245 | |
Acquired Loans [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 2,091 | |
Pass [Member] | Originated Loans And Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 6,821 | |
Pass [Member] | Originated Loans And Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 4,768 | |
Pass [Member] | Originated Loans And Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 423 | |
Pass [Member] | Originated Loans And Leases [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 20 | |
Pass [Member] | Originated Loans And Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 12,032 | |
Pass [Member] | Acquired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,603 | |
Pass [Member] | Acquired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 201 | |
Pass [Member] | Acquired Loans [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,804 | |
Special Mention [Member] | Originated Loans And Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 171 | |
Special Mention [Member] | Originated Loans And Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 149 | |
Special Mention [Member] | Originated Loans And Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 3 | |
Special Mention [Member] | Originated Loans And Leases [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 0 | |
Special Mention [Member] | Originated Loans And Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 323 | |
Special Mention [Member] | Acquired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 116 | |
Special Mention [Member] | Acquired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 19 | |
Special Mention [Member] | Acquired Loans [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 135 | |
Substandard [Member] | Originated Loans And Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 121 | |
Substandard [Member] | Originated Loans And Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 144 | |
Substandard [Member] | Originated Loans And Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 6 | |
Substandard [Member] | Originated Loans And Leases [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1 | |
Substandard [Member] | Originated Loans And Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 272 | |
Substandard [Member] | Acquired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 127 | |
Substandard [Member] | Acquired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 25 | |
Substandard [Member] | Acquired Loans [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 152 | |
Doubtful [Member] | Originated Loans And Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1 | |
Doubtful [Member] | Originated Loans And Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 2 | |
Doubtful [Member] | Originated Loans And Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 0 | |
Doubtful [Member] | Originated Loans And Leases [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 0 | |
Doubtful [Member] | Originated Loans And Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 3 | |
Doubtful [Member] | Acquired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 0 | |
Doubtful [Member] | Acquired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | 0 | |
Doubtful [Member] | Acquired Loans [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 0 |
LOANS AND LEASES - Consumer Loa
LOANS AND LEASES - Consumer Loans by Payment Status (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 23,871 | $ 23,289 |
Direct Installment [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,880 | 1,821 |
Residential Mortgages [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 3,444 | 3,374 |
Indirect Installment [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 1,863 | 1,922 |
Originated Loans And Leases [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 20,397 | |
Originated Loans And Leases [Member] | Direct Installment [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,758 | |
Originated Loans And Leases [Member] | Residential Mortgages [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 2,995 | |
Originated Loans And Leases [Member] | Indirect Installment [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,922 | |
Acquired Loans [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 2,892 | |
Acquired Loans [Member] | Direct Installment [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 63 | |
Acquired Loans [Member] | Residential Mortgages [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 379 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 7,767 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 7,728 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 39 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Direct Installment [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,758 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Direct Installment [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,745 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Direct Installment [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 13 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Residential Mortgages [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 2,995 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Residential Mortgages [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 2,978 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Residential Mortgages [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 17 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Indirect Installment [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,922 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Indirect Installment [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,919 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Indirect Installment [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 3 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Consumer Lines of Credit [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,092 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Consumer Lines of Credit [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,086 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | Consumer Lines of Credit [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 6 | |
Consumer Loan [Member] | Acquired Loans [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 801 | |
Consumer Loan [Member] | Acquired Loans [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 800 | |
Consumer Loan [Member] | Acquired Loans [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1 | |
Consumer Loan [Member] | Acquired Loans [Member] | Direct Installment [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 63 | |
Consumer Loan [Member] | Acquired Loans [Member] | Direct Installment [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 63 | |
Consumer Loan [Member] | Acquired Loans [Member] | Direct Installment [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 0 | |
Consumer Loan [Member] | Acquired Loans [Member] | Residential Mortgages [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 379 | |
Consumer Loan [Member] | Acquired Loans [Member] | Residential Mortgages [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 379 | |
Consumer Loan [Member] | Acquired Loans [Member] | Residential Mortgages [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 0 | |
Consumer Loan [Member] | Acquired Loans [Member] | Consumer Lines of Credit [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 359 | |
Consumer Loan [Member] | Acquired Loans [Member] | Consumer Lines of Credit [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | 358 | |
Consumer Loan [Member] | Acquired Loans [Member] | Consumer Lines of Credit [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 1 |
LOANS AND LEASES - Impaired Loa
LOANS AND LEASES - Impaired Loans and Lease (Detail) - Originated Loans And Leases [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Financial Receivables Impaired Or Restructured [Line Items] | |
Unpaid Contractual Principal Balance | $ 114 |
Recorded Investment With No Specific Reserve | 86 |
Recorded Investment With Specific Reserve | 2 |
Total Recorded Investment | 88 |
Specific Reserve | 4 |
Average Recorded Investment | 87 |
Commercial Real Estate [Member] | |
Financial Receivables Impaired Or Restructured [Line Items] | |
Unpaid Contractual Principal Balance | 30 |
Recorded Investment With No Specific Reserve | 25 |
Recorded Investment With Specific Reserve | 2 |
Total Recorded Investment | 27 |
Specific Reserve | 2 |
Average Recorded Investment | 26 |
Commercial and Industrial [Member] | |
Financial Receivables Impaired Or Restructured [Line Items] | |
Unpaid Contractual Principal Balance | 35 |
Recorded Investment With No Specific Reserve | 21 |
Recorded Investment With Specific Reserve | 0 |
Total Recorded Investment | 21 |
Specific Reserve | 2 |
Average Recorded Investment | 22 |
Commercial Leases [Member] | |
Financial Receivables Impaired Or Restructured [Line Items] | |
Unpaid Contractual Principal Balance | 1 |
Recorded Investment With No Specific Reserve | 1 |
Recorded Investment With Specific Reserve | 0 |
Total Recorded Investment | 1 |
Specific Reserve | 0 |
Average Recorded Investment | 1 |
Total Commercial Loans and Leases [Member] | |
Financial Receivables Impaired Or Restructured [Line Items] | |
Unpaid Contractual Principal Balance | 66 |
Recorded Investment With No Specific Reserve | 47 |
Recorded Investment With Specific Reserve | 2 |
Total Recorded Investment | 49 |
Specific Reserve | 4 |
Average Recorded Investment | 49 |
Direct Installment [Member] | |
Financial Receivables Impaired Or Restructured [Line Items] | |
Unpaid Contractual Principal Balance | 16 |
Recorded Investment With No Specific Reserve | 13 |
Recorded Investment With Specific Reserve | 0 |
Total Recorded Investment | 13 |
Specific Reserve | 0 |
Average Recorded Investment | 13 |
Residential Mortgages [Member] | |
Financial Receivables Impaired Or Restructured [Line Items] | |
Unpaid Contractual Principal Balance | 20 |
Recorded Investment With No Specific Reserve | 18 |
Recorded Investment With Specific Reserve | 0 |
Total Recorded Investment | 18 |
Specific Reserve | 0 |
Average Recorded Investment | 17 |
Indirect Installment [Member] | |
Financial Receivables Impaired Or Restructured [Line Items] | |
Unpaid Contractual Principal Balance | 5 |
Recorded Investment With No Specific Reserve | 3 |
Recorded Investment With Specific Reserve | 0 |
Total Recorded Investment | 3 |
Specific Reserve | 0 |
Average Recorded Investment | 3 |
Consumer Lines of Credit [Member] | |
Financial Receivables Impaired Or Restructured [Line Items] | |
Unpaid Contractual Principal Balance | 7 |
Recorded Investment With No Specific Reserve | 5 |
Recorded Investment With Specific Reserve | 0 |
Total Recorded Investment | 5 |
Specific Reserve | 0 |
Average Recorded Investment | 5 |
Consumer Loan [Member] | |
Financial Receivables Impaired Or Restructured [Line Items] | |
Unpaid Contractual Principal Balance | 48 |
Recorded Investment With No Specific Reserve | 39 |
Recorded Investment With Specific Reserve | 0 |
Total Recorded Investment | 39 |
Specific Reserve | 0 |
Average Recorded Investment | $ 38 |
LOANS AND LEASES - Additional A
LOANS AND LEASES - Additional Allowance for Credit Losses Relating to Acquired Loans (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | $ 343 | $ 196 | $ 196 | $ 186 | $ 180 |
Commercial Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 152 | 60 | 60 | ||
Commercial and Industrial [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 88 | 53 | 53 | ||
Total Commercial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 254 | 133 | |||
Direct Installment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 26 | 13 | 13 | ||
Consumer Loan [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 89 | 63 | |||
Residential Mortgages [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | $ 31 | $ 22 | 22 | ||
Loans Acquired in a Business Combination [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 7 | ||||
Loans Acquired in a Business Combination [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 4 | ||||
Loans Acquired in a Business Combination [Member] | Commercial and Industrial [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 0 | ||||
Loans Acquired in a Business Combination [Member] | Total Commercial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 4 | ||||
Loans Acquired in a Business Combination [Member] | Direct Installment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 1 | ||||
Loans Acquired in a Business Combination [Member] | Consumer Loan [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 3 | ||||
Loans Acquired in a Business Combination [Member] | Residential Mortgages [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | $ 2 |
LOANS AND LEASES - Summary of P
LOANS AND LEASES - Summary of Payment Status of TDRs (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | $ 94 | $ 56 |
Performing [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 64 | 41 |
Non-Performing [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 0 | 22 |
Non-Accrual [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | $ 30 | $ 15 |
LOANS AND LEASES - Troubled Deb
LOANS AND LEASES - Troubled Debt Restructurings (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)Contract | Mar. 31, 2019USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 60 | 42 |
Pre- Modification Outstanding Recorded Investment | $ 5 | $ 2 |
Post- Modification Outstanding Recorded Investment | $ 4 | $ 2 |
Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 5 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 1 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 1 | $ 0 |
Commercial and Industrial [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 7 | 12 |
Pre- Modification Outstanding Recorded Investment | $ 1 | $ 1 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 1 |
Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 12 | 13 |
Pre- Modification Outstanding Recorded Investment | $ 2 | $ 1 |
Post- Modification Outstanding Recorded Investment | $ 1 | $ 1 |
Direct Installment [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 19 | 18 |
Pre- Modification Outstanding Recorded Investment | $ 2 | $ 1 |
Post- Modification Outstanding Recorded Investment | $ 2 | $ 1 |
Residential Mortgages [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 14 | 3 |
Pre- Modification Outstanding Recorded Investment | $ 1 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 1 | $ 0 |
Consumer Lines of Credit [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 15 | 8 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer Loan [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 48 | 29 |
Pre- Modification Outstanding Recorded Investment | $ 3 | $ 1 |
Post- Modification Outstanding Recorded Investment | $ 3 | $ 1 |
LOANS AND LEASES - Originated T
LOANS AND LEASES - Originated Troubled Debt Restructurings, Payment Default (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)Contract | Mar. 31, 2019USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 17 | 6 |
Recorded Investment | $ | $ 4 | $ 0 |
Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 12 | 1 |
Recorded Investment | $ | $ 4 | $ 0 |
Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 10 | 1 |
Recorded Investment | $ | $ 4 | $ 0 |
Commercial and Industrial [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 2 | |
Recorded Investment | $ | $ 0 | |
Consumer Loan [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 5 | 5 |
Recorded Investment | $ | $ 0 | $ 0 |
Direct Installment [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 4 | 2 |
Recorded Investment | $ | $ 0 | $ 0 |
Residential Mortgages [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Recorded Investment | $ | $ 0 | $ 0 |
Consumer Lines of Credit [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 0 | 2 |
Recorded Investment | $ | $ 0 | $ 0 |
LOANS AND LEASES - Outstanding
LOANS AND LEASES - Outstanding Principal Balance and Carrying Amount of Loans Acquired in a Business Combination (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 23,871 | $ 23,289 |
Loans Acquired In A Business Combination Accounted For Under ASC 310-30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2,684 | |
Amortized cost loans and leases, carrying amount | 2,461 | |
Loans Acquired In A Business Combination Accounted For Under ASC 310-20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 436 | |
Amortized cost loans and leases, carrying amount | 425 | |
Loans Acquired In Business Combination Including Purchased Credit Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 3,120 | |
Amortized cost loans and leases, carrying amount | $ 2,886 |
LOANS AND LEASES - Change in Ac
LOANS AND LEASES - Change in Accretable Yield of Acquired Loans (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Balance at beginning of period | $ 605 |
Reduction due to unexpected early payoffs | (20) |
Reclass from non-accretable difference to accretable yield | 30 |
Disposals/transfers | 0 |
Other | 0 |
Accretion | (50) |
Balance at end of period | $ 565 |
ALLOWANCE FOR CREDIT LOSSES - C
ALLOWANCE FOR CREDIT LOSSES - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | $ 196 | $ 180 |
Charge- Offs | (12) | (10) |
Recoveries | 6 | 2 |
Net Charge- Offs | (6) | (8) |
Provision for Credit Losses | 48 | 14 |
ASC 326 Adoption Impact | 55 | |
Initial ACL on PCD Loans | 50 | |
Balance at End of Period | 343 | 186 |
Originated Loans And Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 173 | |
Charge- Offs | (7) | |
Recoveries | 2 | |
Net Charge- Offs | (5) | |
Provision for Credit Losses | 9 | |
Balance at End of Period | 177 | |
Acquired Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 7 | |
Charge- Offs | (3) | |
Recoveries | 0 | |
Net Charge- Offs | (3) | |
Provision for Credit Losses | 5 | |
Balance at End of Period | 9 | |
Commercial Real Estate [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 60 | |
Charge- Offs | (2) | |
Recoveries | 4 | |
Net Charge- Offs | 2 | |
Provision for Credit Losses | 12 | |
ASC 326 Adoption Impact | 38 | |
Initial ACL on PCD Loans | 40 | |
Balance at End of Period | 152 | |
Commercial Real Estate [Member] | Originated Loans And Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 55 | |
Charge- Offs | (1) | |
Recoveries | 0 | |
Net Charge- Offs | (1) | |
Provision for Credit Losses | 3 | |
Balance at End of Period | 57 | |
Commercial and Industrial [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 53 | |
Charge- Offs | (4) | |
Recoveries | 1 | |
Net Charge- Offs | (3) | |
Provision for Credit Losses | 26 | |
ASC 326 Adoption Impact | 8 | |
Initial ACL on PCD Loans | 4 | |
Balance at End of Period | 88 | |
Commercial and Industrial [Member] | Originated Loans And Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 49 | |
Charge- Offs | (1) | |
Recoveries | 1 | |
Net Charge- Offs | 0 | |
Provision for Credit Losses | 3 | |
Balance at End of Period | 52 | |
Commercial Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 11 | |
Charge- Offs | 0 | |
Recoveries | 0 | |
Net Charge- Offs | 0 | |
Provision for Credit Losses | 2 | |
ASC 326 Adoption Impact | 0 | |
Initial ACL on PCD Loans | 0 | |
Balance at End of Period | 13 | |
Commercial Leases [Member] | Originated Loans And Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 8 | |
Charge- Offs | 0 | |
Recoveries | 0 | |
Net Charge- Offs | 0 | |
Provision for Credit Losses | 0 | |
Balance at End of Period | 8 | |
Other [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 9 | |
Charge- Offs | (1) | |
Recoveries | 0 | |
Net Charge- Offs | (1) | |
Provision for Credit Losses | 2 | |
ASC 326 Adoption Impact | (9) | |
Initial ACL on PCD Loans | 0 | |
Balance at End of Period | 1 | |
Other [Member] | Originated Loans And Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 2 | |
Charge- Offs | (1) | |
Recoveries | 0 | |
Net Charge- Offs | (1) | |
Provision for Credit Losses | 1 | |
Balance at End of Period | 2 | |
Total Commercial Loans and Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 133 | |
Charge- Offs | (7) | |
Recoveries | 5 | |
Net Charge- Offs | (2) | |
Provision for Credit Losses | 42 | |
ASC 326 Adoption Impact | 37 | |
Initial ACL on PCD Loans | 44 | |
Balance at End of Period | 254 | |
Total Commercial Loans and Leases [Member] | Originated Loans And Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 114 | |
Charge- Offs | (3) | |
Recoveries | 1 | |
Net Charge- Offs | (2) | |
Provision for Credit Losses | 7 | |
Balance at End of Period | 119 | |
Direct Installment [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 13 | |
Charge- Offs | (1) | |
Recoveries | 0 | |
Net Charge- Offs | (1) | |
Provision for Credit Losses | 3 | |
ASC 326 Adoption Impact | 10 | |
Initial ACL on PCD Loans | 1 | |
Balance at End of Period | 26 | |
Direct Installment [Member] | Originated Loans And Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 14 | |
Charge- Offs | (1) | |
Recoveries | 0 | |
Net Charge- Offs | (1) | |
Provision for Credit Losses | (1) | |
Balance at End of Period | 12 | |
Residential Mortgages [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 22 | |
Charge- Offs | 0 | |
Recoveries | 0 | |
Net Charge- Offs | 0 | |
Provision for Credit Losses | (1) | |
ASC 326 Adoption Impact | 6 | |
Initial ACL on PCD Loans | 4 | |
Balance at End of Period | 31 | |
Residential Mortgages [Member] | Originated Loans And Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 20 | |
Charge- Offs | 0 | |
Recoveries | 0 | |
Net Charge- Offs | 0 | |
Provision for Credit Losses | (1) | |
Balance at End of Period | 19 | |
Indirect Installment [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 19 | |
Charge- Offs | (3) | |
Recoveries | 1 | |
Net Charge- Offs | (2) | |
Provision for Credit Losses | 2 | |
ASC 326 Adoption Impact | 2 | |
Initial ACL on PCD Loans | 0 | |
Balance at End of Period | 21 | |
Indirect Installment [Member] | Originated Loans And Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 15 | |
Charge- Offs | (3) | |
Recoveries | 1 | |
Net Charge- Offs | (2) | |
Provision for Credit Losses | 4 | |
Balance at End of Period | 17 | |
Consumer Lines of Credit [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 9 | |
Charge- Offs | (1) | |
Recoveries | 0 | |
Net Charge- Offs | (1) | |
Provision for Credit Losses | 2 | |
ASC 326 Adoption Impact | 0 | |
Initial ACL on PCD Loans | 1 | |
Balance at End of Period | 11 | |
Consumer Lines of Credit [Member] | Originated Loans And Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 10 | |
Charge- Offs | 0 | |
Recoveries | 0 | |
Net Charge- Offs | 0 | |
Provision for Credit Losses | 0 | |
Balance at End of Period | 10 | |
Consumer Loan [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 63 | |
Charge- Offs | (5) | |
Recoveries | 1 | |
Net Charge- Offs | (4) | |
Provision for Credit Losses | 6 | |
ASC 326 Adoption Impact | 18 | |
Initial ACL on PCD Loans | 6 | |
Balance at End of Period | $ 89 | |
Consumer Loan [Member] | Originated Loans And Leases [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 59 | |
Charge- Offs | (4) | |
Recoveries | 1 | |
Net Charge- Offs | (3) | |
Provision for Credit Losses | 2 | |
Balance at End of Period | 58 | |
Purchased Credit Impaired Loans [Member] | Acquired Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 1 | |
Charge- Offs | 0 | |
Recoveries | 0 | |
Net Charge- Offs | 0 | |
Provision for Credit Losses | 0 | |
Balance at End of Period | 1 | |
Other Acquired Loans [Member] | Acquired Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at Beginning of Period | 6 | |
Charge- Offs | (3) | |
Recoveries | 0 | |
Net Charge- Offs | (3) | |
Provision for Credit Losses | 5 | |
Balance at End of Period | $ 8 |
ALLOWANCE FOR CREDIT LOSSES - N
ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | $ 50 | ||||
Financing receivable, allowance for credit loss, period increase (decrease) | 105.3 | $ 147.4 | |||
Allowance for credit loss | 196 | 343 | $ 186 | $ 196 | $ 180 |
Allowance for credit loss, net | $ 343.3 | ||||
Financing receivable, allowance for credit loss, period increase (decrease), percentage | 75.30% | ||||
Financing receivable, allowance for credit loss, ratio | 1.44% | ||||
Provision for credit losses | $ 47.8 | ||||
Provision for credit losses, macroeconomic condition adjustment | 38 | ||||
Allowance for loan and lease losses, write-offs | $ 5.7 | $ 7.6 | |||
Retained Earnings [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | 50 | ||||
Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 301 | ||||
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | 50.6 | ||||
Longer Duration Loans and Gross Up [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing receivable, allowance for credit loss, period increase (decrease) | 50 | ||||
Unfunded Loan Commitment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing receivable, allowance for credit loss, period increase (decrease) | 10 | ||||
Allowance for credit loss | $ 14 |
ALLOWANCE FOR CREDIT LOSSES - I
ALLOWANCE FOR CREDIT LOSSES - Individual and Collective Allowance for Credit Losses (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Valuation Allowance [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 23,871 | $ 23,289 |
Commercial Real Estate [Member] | ||
Valuation Allowance [Line Items] | ||
Amortized cost loans and leases, carrying amount | 9,126 | 8,960 |
Commercial and Industrial [Member] | ||
Valuation Allowance [Line Items] | ||
Amortized cost loans and leases, carrying amount | 5,644 | 5,308 |
Commercial Leases [Member] | ||
Valuation Allowance [Line Items] | ||
Amortized cost loans and leases, carrying amount | 444 | 432 |
Other [Member] | ||
Valuation Allowance [Line Items] | ||
Amortized cost loans and leases, carrying amount | 46 | 21 |
Total Commercial Loans and Leases [Member] | ||
Valuation Allowance [Line Items] | ||
Amortized cost loans and leases, carrying amount | 15,260 | 14,721 |
Direct Installment [Member] | ||
Valuation Allowance [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,880 | 1,821 |
Residential Mortgages [Member] | ||
Valuation Allowance [Line Items] | ||
Amortized cost loans and leases, carrying amount | 3,444 | 3,374 |
Indirect Installment [Member] | ||
Valuation Allowance [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,863 | 1,922 |
Consumer Lines of Credit [Member] | ||
Valuation Allowance [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,424 | 1,451 |
Consumer Loan [Member] | ||
Valuation Allowance [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 8,611 | 8,568 |
Originated Loans And Leases [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 4 | |
Originated allowance, collectively evaluated for impairment | 185 | |
Amortized cost loans and leases, carrying amount | 20,397 | |
Originated loans and leases outstanding, individually evaluated for impairment | 30 | |
Originated loans and leases outstanding, collectively evaluated for impairment | 20,367 | |
Originated Loans And Leases [Member] | Commercial Real Estate [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 2 | |
Originated allowance, collectively evaluated for impairment | 58 | |
Amortized cost loans and leases, carrying amount | 7,114 | |
Originated loans and leases outstanding, individually evaluated for impairment | 13 | |
Originated loans and leases outstanding, collectively evaluated for impairment | 7,101 | |
Originated Loans And Leases [Member] | Commercial and Industrial [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 2 | |
Originated allowance, collectively evaluated for impairment | 51 | |
Amortized cost loans and leases, carrying amount | 5,063 | |
Originated loans and leases outstanding, individually evaluated for impairment | 17 | |
Originated loans and leases outstanding, collectively evaluated for impairment | 5,046 | |
Originated Loans And Leases [Member] | Commercial Leases [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | |
Originated allowance, collectively evaluated for impairment | 11 | |
Amortized cost loans and leases, carrying amount | 432 | |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | |
Originated loans and leases outstanding, collectively evaluated for impairment | 432 | |
Originated Loans And Leases [Member] | Other [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | |
Originated allowance, collectively evaluated for impairment | 2 | |
Amortized cost loans and leases, carrying amount | 21 | |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | |
Originated loans and leases outstanding, collectively evaluated for impairment | 21 | |
Originated Loans And Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 4 | |
Originated allowance, collectively evaluated for impairment | 122 | |
Amortized cost loans and leases, carrying amount | 12,630 | |
Originated loans and leases outstanding, individually evaluated for impairment | 30 | |
Originated loans and leases outstanding, collectively evaluated for impairment | 12,600 | |
Originated Loans And Leases [Member] | Direct Installment [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | |
Originated allowance, collectively evaluated for impairment | 13 | |
Amortized cost loans and leases, carrying amount | 1,758 | |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | |
Originated loans and leases outstanding, collectively evaluated for impairment | 1,758 | |
Originated Loans And Leases [Member] | Residential Mortgages [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | |
Originated allowance, collectively evaluated for impairment | 22 | |
Amortized cost loans and leases, carrying amount | 2,995 | |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | |
Originated loans and leases outstanding, collectively evaluated for impairment | 2,995 | |
Originated Loans And Leases [Member] | Indirect Installment [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | |
Originated allowance, collectively evaluated for impairment | 19 | |
Amortized cost loans and leases, carrying amount | 1,922 | |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | |
Originated loans and leases outstanding, collectively evaluated for impairment | 1,922 | |
Originated Loans And Leases [Member] | Consumer Lines of Credit [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | |
Originated allowance, collectively evaluated for impairment | 9 | |
Amortized cost loans and leases, carrying amount | 1,092 | |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | |
Originated loans and leases outstanding, collectively evaluated for impairment | 1,092 | |
Originated Loans And Leases [Member] | Consumer Loan [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | |
Originated allowance, collectively evaluated for impairment | 63 | |
Amortized cost loans and leases, carrying amount | 7,767 | |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | |
Originated loans and leases outstanding, collectively evaluated for impairment | $ 7,767 |
LOAN SERVICING - Activity in MS
LOAN SERVICING - Activity in MSR (Detail) - Mortgage Servicing Rights [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Servicing Assets at Fair Value [Line Items] | |||
Mortgage loans sold with servicing retained | $ 4,711 | $ 4,686 | |
Mortgage loans sold with servicing retained | 260 | $ 177 | |
Pretax gains resulting from above loan sales | 7 | 4 | |
Mortgage banking operations | 3 | 2 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Balance at beginning of period | 42.6 | 36.8 | |
Additions | 2.5 | 2 | |
Payoffs and curtailments | (1.9) | (0.4) | |
Impairment charge | (7.7) | (1.4) | |
Amortization | (0.6) | (0.6) | |
Balance at end of period | 34.9 | 36.4 | |
Loan servicing rights, fair value, start | 45 | 41.1 | |
Loan servicing rights, fair value, end | 34.9 | $ 40.3 | |
Valuation allowance for servicing rights | $ 9.2 | $ 1.5 |
LOAN SERVICING - Sensitivity of
LOAN SERVICING - Sensitivity of Fair Value to Changes in key Assumptions (Detail) - Mortgage Servicing Rights [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Weighted average life (months) | 61 months 6 days | 78 months 27 days |
Constant prepayment rate (annualized) | 14.70% | 10.60% |
Discount rate | 9.70% | 9.70% |
Sensitivity analysis of fair value, change in interest rates, plus .25% | $ 2 | $ 3 |
Sensitivity analysis of fair value, change in interest rates, plus .50% | 5 | 5 |
Sensitivity analysis of fair value, change in interest rates, minus .25% | (2) | (3) |
Sensitivity analysis of fair value, change in interest rates, minus .50% | $ (4) | $ (5) |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) | 3 Months Ended |
Mar. 31, 2020Segment | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Number of reporting units | 3 |
Percentage of fair value in excess of carrying amount (less than) | 10.00% |
OPERATING LEASES (Details)
OPERATING LEASES (Details) $ in Millions | Mar. 31, 2020USD ($) |
Lessee, Lease, Description [Line Items] | |
Operating lease, right-of-use asset | $ 123.8 |
Operating lease, liability | 131.1 |
Operating lease, lease not yet commenced, expense | $ 26 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, lease not yet commenced, term of contract | 6 years |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, lease not yet commenced, term of contract | 16 years |
OPERATING LEASES - Lease Expens
OPERATING LEASES - Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 7 | $ 7 |
Variable lease cost | 1 | 1 |
Total lease cost | $ 8 | $ 8 |
OPERATING LEASES - Other Inform
OPERATING LEASES - Other Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease, Cash paid for amounts included in the measurement of lease liabilities, operating | $ 6 | $ 7 |
Operating lease, right-of-use assets obtained in exchange for lease obligations | $ 4 | $ 1 |
Operating lease, weighted average remaining lease term (in years) | 9 years 7 months 20 days | 8 years 10 months 9 days |
Operating lease, weighted average discount rate, percent | 2.90% | 3.10% |
OPERATING LEASES - Maturities (
OPERATING LEASES - Maturities (Details) $ in Millions | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 19 |
2021 | 23 |
2022 | 18 |
2023 | 14 |
2024 | 13 |
Later years | 66 |
Total lease payments | 153 |
Less: imputed interest | (22) |
Present value of lease liabilities | $ 131.1 |
VARIABLE INTEREST ENTITIES - As
VARIABLE INTEREST ENTITIES - Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Variable Interest Entity [Line Items] | |||
Assets | $ 35,049 | $ 34,615 | $ 33,695 |
Liabilities | 30,207 | 29,732 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 150 | 154 | |
Liabilities | 123 | 136 | |
Maximum Exposure to Loss | 149 | 153 | |
Variable Interest Entity, Primary Beneficiary [Member] | Trust Preferred Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 1 | 1 | |
Liabilities | 66 | 66 | |
Maximum Exposure to Loss | 0 | 0 | |
Variable Interest Entity, Primary Beneficiary [Member] | Affordable Housing Tax Credit Partnerships [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 117 | 120 | |
Liabilities | 47 | 60 | |
Maximum Exposure to Loss | 117 | 120 | |
Variable Interest Entity, Primary Beneficiary [Member] | Other Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 32 | 33 | |
Liabilities | 10 | 10 | |
Maximum Exposure to Loss | $ 32 | $ 33 |
VARIABLE INTEREST ENTITIES - Tr
VARIABLE INTEREST ENTITIES - Trust-Preferred Securities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Subsidiaries | $ 66 | $ 66 |
F.N.B. Statutory Trust II [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Subsidiaries | 22 | |
Yadkin Valley Statutory Trust I [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Subsidiaries | 22 | |
FNB Financial Services Capital Trust I [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Subsidiaries | 22 | |
Trust Preferred Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Subsidiaries | 72 | |
Trust Preferred Securities [Member] | F.N.B. Statutory Trust II [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Subsidiaries | 22 | |
Trust Preferred Securities [Member] | Yadkin Valley Statutory Trust I [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Subsidiaries | 25 | |
Trust Preferred Securities [Member] | FNB Financial Services Capital Trust I [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Subsidiaries | $ 25 |
VARIABLE INTEREST ENTITIES - A
VARIABLE INTEREST ENTITIES - Affordable Housing Tax Credit Investments And Related Unfunded Commitments (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Proportional amortization method investments included in other assets | $ 66 | $ 55 |
Equity method investments included in other assets | 4 | 5 |
Total LIHTC investments included in other assets | 70 | 60 |
Unfunded LIHTC commitments | $ 47 | $ 60 |
VARIABLE INTEREST ENTITIES - In
VARIABLE INTEREST ENTITIES - Income Statement Effect (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Non-Interest Income | ||
Amortization of tax credit investments under equity method, net of tax benefit | $ 0 | $ 0 |
Provision for income taxes: | ||
Amortization of LIHTC investments under proportional method | 3 | 2 |
Low-income housing tax credits | (3) | (2) |
Other tax benefits related to tax credit investments | (1) | 0 |
Amortization Method Qualified Affordable Housing Project Investments, Provision For Income Tax | $ (1) | $ 0 |
BORROWINGS - Summary of Short-T
BORROWINGS - Summary of Short-Term Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $ 261 | $ 278 |
Federal Home Loan Bank advances | 2,055 | 2,255 |
Federal funds purchased | 1,020 | 575 |
Subordinated notes | 107 | 108 |
Total short-term borrowings | $ 3,443 | $ 3,216 |
BORROWINGS - Additional Informa
BORROWINGS - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Short-term advances | $ 1,700 | $ 1,500 |
Short-term advances, percentage bearing fixed interest rate | 80.50% | 64.50% |
Long-term borrowings, face amount | $ 558 | |
Proceeds from debt, net of issuance costs | 560 | |
FHLB [Member] | ||
Debt Instrument [Line Items] | ||
Credit available with FHLB | 8,100 | |
Credit with FHLB utilized | $ 3,000 | |
Minimum [Member] | FHLB [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rates | 1.09% | 1.62% |
Maximum [Member] | FHLB [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rates | 2.71% | 2.71% |
2.20% Senior Notes due February 24, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings, face amount | $ 300 | |
Proceeds from debt, net of issuance costs | $ 297.9 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 240.00% |
BORROWINGS - Summary of Long-Te
BORROWINGS - Summary of Long-Term Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 930 | $ 935 |
Senior notes | 298 | 0 |
Subordinated notes | 90 | 90 |
Junior subordinated debt | 66 | 66 |
Other subordinated debt | 249 | 249 |
Total long-term borrowings | $ 1,633 | $ 1,340 |
BORROWINGS - Schedule of Subord
BORROWINGS - Schedule of Subordinated Debt (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |
Aggregate Principal Amount Issued | $ 558 |
Net Proceeds | 560 |
Carrying Value | 547 |
2.20% Senior Notes due February 24, 2023 [Member] | |
Debt Instrument [Line Items] | |
Aggregate Principal Amount Issued | 300 |
Net Proceeds | 297.9 |
Carrying Value | $ 298 |
Interest Rate | 2.20% |
4.95% Fixed-To-Floating Rate Subordinated Notes due 2029 [Member] | |
Debt Instrument [Line Items] | |
Aggregate Principal Amount Issued | $ 120 |
Net Proceeds | 118 |
Carrying Value | $ 118 |
Interest Rate | 4.95% |
4.875% Subordinated Notes due 2025 [Member] | |
Debt Instrument [Line Items] | |
Aggregate Principal Amount Issued | $ 100 |
Net Proceeds | 98 |
Carrying Value | $ 99 |
Interest Rate | 4.88% |
Yadkin Financial Corporation (YDKN) [Member] | 7.625% Subordinated Notes due August 12, 2023 [Member] | |
Debt Instrument [Line Items] | |
Aggregate Principal Amount Issued | $ 38 |
Net Proceeds | 46 |
Carrying Value | $ 32 |
Interest Rate | 7.63% |
BORROWINGS - Junior Subordinate
BORROWINGS - Junior Subordinated Debt Trusts (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 66 | $ 66 |
London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Basis spread on variable rate | 240.00% | |
Trust Preferred Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 72 | |
Common Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 3 | |
F.N.B. Statutory Trust II [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
Interest Rate | 2.39% | |
F.N.B. Statutory Trust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Basis spread on variable rate | 1.65% | |
F.N.B. Statutory Trust II [Member] | Trust Preferred Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
F.N.B. Statutory Trust II [Member] | Common Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
Yadkin Valley Statutory Trust I [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
Interest Rate | 2.06% | |
Yadkin Valley Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Basis spread on variable rate | 1.32% | |
Yadkin Valley Statutory Trust I [Member] | Trust Preferred Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 25 | |
Yadkin Valley Statutory Trust I [Member] | Common Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
FNB Financial Services Capital Trust I [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
Interest Rate | 2.83% | |
FNB Financial Services Capital Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Basis spread on variable rate | 1.46% | |
FNB Financial Services Capital Trust I [Member] | Trust Preferred Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 25 | |
FNB Financial Services Capital Trust I [Member] | Common Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 1 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts and Gross Fair Values (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 10,648 | $ 9,558 |
Derivative asset, not offset against collateral | 4 | 1 |
Derivative liability, not offset against collateral | 43 | 23 |
Derivative asset, not subject to master netting arrangement | 402 | 153 |
Derivative liability, not subject to master netting arrangement | 7 | 2 |
Fair value, asset | 406 | 154 |
Fair value, liability | 50 | 25 |
Interest rate contracts - designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not offset against collateral | 4 | 1 |
Derivative liability, not offset against collateral | 0 | 0 |
Interest rate swaps - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not offset against collateral | 0 | 0 |
Derivative liability, not offset against collateral | 43 | 23 |
Derivative asset, not subject to master netting arrangement | 391 | 149 |
Derivative liability, not subject to master netting arrangement | 0 | 1 |
Interest rate lock commitments – not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not subject to master netting arrangement | 11 | 3 |
Derivative liability, not subject to master netting arrangement | 0 | 0 |
Forward delivery commitments – not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not subject to master netting arrangement | 0 | 1 |
Derivative liability, not subject to master netting arrangement | 6 | 1 |
Credit risk contracts - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 215.7 | |
Derivative asset, not subject to master netting arrangement | 0 | 0 |
Derivative liability, not subject to master netting arrangement | 1 | 0 |
Subject to Master Netting Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 5,784 | 5,295 |
Subject to Master Netting Arrangements [Member] | Interest rate contracts - designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 1,855 | 1,655 |
Subject to Master Netting Arrangements [Member] | Interest rate swaps - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 3,929 | 3,640 |
Not Subject to Master Netting Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 4,864 | 4,263 |
Not Subject to Master Netting Arrangements [Member] | Interest rate swaps - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 3,929 | 3,640 |
Not Subject to Master Netting Arrangements [Member] | Interest rate lock commitments – not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 325 | 163 |
Not Subject to Master Netting Arrangements [Member] | Forward delivery commitments – not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 336 | 195 |
Not Subject to Master Netting Arrangements [Member] | Credit risk contracts - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 274 | $ 265 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Amounts Reclassified from AOCI (Detail) - Interest rate contracts [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ (45) | |
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ (8) | |
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | |
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | |
Interest Income (Expense) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Amount of Gain (Loss) Reclassified from AOCI into Income | $ (1) | |
Amount of Gain (Loss) Reclassified from AOCI into Income | $ 1 |
DERIVATIVE INSTRUMENTS AND HE_5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Cash Flow Hedging on Income Statement (Detail) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative [Line Items] | ||
Loans and leases, including fees | $ 266 | $ 269 |
Short-term borrowings | 14 | 26 |
Interest rate contracts [Member] | ||
Derivative [Line Items] | ||
Amount of gain (loss) reclassified from AOCI into net income | 0 | |
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | |
Interest Income - Loans and Leases [Member] | Interest rate contracts [Member] | ||
Derivative [Line Items] | ||
Amount of gain (loss) reclassified from AOCI into net income | 0 | |
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | |
Interest Expense - Short-Term Borrowings [Member] | Interest rate contracts [Member] | ||
Derivative [Line Items] | ||
Amount of gain (loss) reclassified from AOCI into net income | $ (1) | |
Amount of Gain (Loss) Reclassified from AOCI into Income | $ 1 |
DERIVATIVE INSTRUMENTS AND HE_6
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Notional amount | $ 10,648,000,000 | $ 9,558,000,000 | |
Additional amount in excess of posted collateral required in case of breached agreements | $ 300,000 | 100,000 | |
Interest rate contracts [Member] | |||
Derivative [Line Items] | |||
Maximum length of time hedged in interest rate cash flow hedge | 4 years 7 months 6 days | ||
Period to reclassification of cash flow hedge gain loss | 12 months | ||
Derivative gains to be reclassified within twelve months | $ 18,800,000 | ||
Derivative gains to be reclassified within twelve months, net of tax | 14,600,000 | ||
Derivative gain or loses excluded from assessment of hedge effectiveness | 0 | ||
Amount of gain (loss) reclassified from AOCI into net income | 0 | ||
Gains or losses from cash flow hedge derivatives reclassified to earnings | $ 0 | ||
Credit risk contracts - not designated [Member] | |||
Derivative [Line Items] | |||
Notional amount | 215,700,000 | ||
Maximum exposure under credit risk agreement assuming customer default | 600,000 | 300,000 | |
Credit risk derivatives, purchased at fair value | 200,000 | 100,000 | |
Credit risk derivatives, sold at fair value | $ 600,000 | $ 300,000 | |
Credit risk contracts - not designated [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Risk participation agreements, term | 3 months | ||
Credit risk contracts - not designated [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Risk participation agreements, term | 20 years |
DERIVATIVE INSTRUMENTS AND HE_7
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Derivative Financial Instruments on Income Statement (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Rate Swap [Member] | Non-interest income - other [Member] | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | $ 0 | $ 0 |
Interest Rate Lock Commitments [Member] | Mortgage banking operations [Member] | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | 0 | 0 |
Forward Delivery Contracts [Member] | Mortgage banking operations [Member] | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | (1) | (1) |
Credit Risk Contract [Member] | Non-interest income - other [Member] | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_8
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | $ 4 | $ 1 |
Financial Instruments | 1 | 1 |
Cash Collateral | 3 | 0 |
Net Amount | 0 | 0 |
Interest rate contracts - designated [Member] | ||
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | 4 | 1 |
Financial Instruments | 1 | 1 |
Cash Collateral | 3 | 0 |
Net Amount | 0 | 0 |
Interest rate swaps - not designated [Member] | ||
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_9
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | $ 43 | $ 23 |
Financial Instruments | 41 | 23 |
Cash Collateral | 2 | 0 |
Net Amount | 0 | 0 |
Interest rate contracts - designated [Member] | ||
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | 0 | 0 |
Interest rate swaps - not designated [Member] | ||
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | 43 | 23 |
Financial Instruments | 41 | 23 |
Cash Collateral | 2 | 0 |
Net Amount | $ 0 | $ 0 |
COMMITMENTS, CREDIT RISK AND _3
COMMITMENTS, CREDIT RISK AND CONTINGENCIES - Off-Balance Sheet Credit Risk (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Extended credit and standby letters of credit | $ 153 | $ 150 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Extended credit and standby letters of credit | $ 8,513 | $ 8,089 |
COMMITMENTS, CREDIT RISK AND _4
COMMITMENTS, CREDIT RISK AND CONTINGENCIES - Additional Information (Detail) $ in Millions | Mar. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Percentage of commitments to extend credit dependent upon the financial condition of the customers | 68.00% |
Allowance for credit losses on loan commitments that are not unconditionally cancellable | $ 13.9 |
STOCK INCENTIVE PLANS - Additio
STOCK INCENTIVE PLANS - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares available under incentive compensation plans (in shares) | 1,618,526 | |
Unrecognized compensation expense | $ 19 | |
Increase in stock compensation expense | $ 6.4 | |
Increase in stock compensation expense, percentage | 271.00% | |
Shares, options outstanding and exercisable (in shares) | 231,646 | 422,501 |
Weighted average exercise price, options outstanding (in USD per share) | $ 8.22 | $ 8 |
Intrinsic value of outstanding and exercisable stock options | $ 0.1 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period of units issued, years | 3 years | |
Restricted stock units issued (in shares) | 1,988,225 | 0 |
Unrecognized compensation expense | $ 19.2 | |
Amount subject to accelerated vesting under Incentive Compensation Plan | $ 1.5 | |
Performance period of units, years | 3 years | |
Performance-based Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 4 | |
Performance-based Units [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units issued (in shares) | 571,932 |
STOCK INCENTIVE PLANS - Restric
STOCK INCENTIVE PLANS - Restricted Stock Units Activity (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Shares, unvested units outstanding at end of period (in shares) | 4,873,368 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Shares, unvested units outstanding at beginning of period (in shares) | 2,858,357 | 2,556,174 |
Shares, granted (in shares) | 1,988,225 | 0 |
Shares, vested (in shares) | (1,717) | (295,616) |
Shares, forfeited/expired (in shares) | (11,362) | (10,442) |
Shares, dividend reinvestment (in shares) | 39,865 | 22,701 |
Shares, unvested units outstanding at end of period (in shares) | 4,873,368 | 2,272,817 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Weighted average grant price, invested units outstanding at beginning of period (in USD per share) | $ 12.56 | $ 13.51 |
Weighted average grant price, granted (in USD per share) | 6.95 | 0 |
Weighted average grant price, vested (in USD per share) | 14.15 | 13.28 |
Weighted average grant price, forfeited/expired (in USD per share) | 12.85 | 13.66 |
Weighted average grant price, dividend reinvestment (in USD per share) | 8.57 | 11.91 |
Weighted average grant price, invested units outstanding at end of period (in USD per share) | $ 10.23 | $ 13.52 |
STOCK INCENTIVE PLANS - Schedul
STOCK INCENTIVE PLANS - Schedule of Certain Information Related to Restricted Stock Units (Detail) - Restricted Stock [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 8 | $ 2 |
Tax benefit related to stock-based compensation expense | 2 | 0 |
Fair value of units vested | $ 0 | $ 3 |
STOCK INCENTIVE PLANS - Compone
STOCK INCENTIVE PLANS - Components of Restricted Stock Units (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units (in shares) | shares | 4,873,368 |
Unrecognized compensation expense | $ 19 |
Intrinsic value | $ 36 |
Weighted average remaining life (in years) | 2 years 21 days |
Service-Based Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units (in shares) | shares | 3,352,088 |
Unrecognized compensation expense | $ 15 |
Intrinsic value | $ 25 |
Weighted average remaining life (in years) | 2 years 2 months 19 days |
Performance-based Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units (in shares) | shares | 1,521,280 |
Unrecognized compensation expense | $ 4 |
Intrinsic value | $ 11 |
Weighted average remaining life (in years) | 1 year 8 months 19 days |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Current income taxes: Federal taxes | $ 7 | $ 18 |
Current income taxes: State taxes | 2 | 2 |
Total current income taxes | 9 | 20 |
Deferred income taxes: Federal taxes | 2 | 2 |
Deferred income taxes: State taxes | 0 | 0 |
Total deferred income taxes | 2 | 2 |
Income taxes | $ 11 | $ 22 |
Statutory tax rate | 21.00% | 21.00% |
Effective tax rate | 18.80% | 19.30% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 32.1 | $ 25.1 |
OTHER COMPREHENSIVE INCOME (Det
OTHER COMPREHENSIVE INCOME (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | $ 4,883 |
Other comprehensive (loss) income before reclassifications | 19 |
Amounts reclassified from AOCI | 1 |
Net current period other comprehensive (loss) income | 20 |
Balance at end of period | 4,842 |
Unrealized Net Losses on Debt Securities Available for Sale [Member] | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | 11 |
Other comprehensive (loss) income before reclassifications | 53 |
Amounts reclassified from AOCI | 0 |
Net current period other comprehensive (loss) income | 53 |
Balance at end of period | 64 |
Unrealized Net Gains (Losses) on Derivative Instruments [Member] | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | (18) |
Other comprehensive (loss) income before reclassifications | (35) |
Amounts reclassified from AOCI | 1 |
Net current period other comprehensive (loss) income | (34) |
Balance at end of period | (52) |
Unrecognized Pension and Postretirement Obligations [Member] | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | (58) |
Other comprehensive (loss) income before reclassifications | 1 |
Amounts reclassified from AOCI | 0 |
Net current period other comprehensive (loss) income | 1 |
Balance at end of period | (57) |
Accumulated Other Comprehensive Income (Loss) [Member] | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | (65) |
Balance at end of period | $ (45) |
EARNINGS PER COMMON SHARE - Com
EARNINGS PER COMMON SHARE - Computation of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income | $ 47 | $ 94 |
Less: Preferred stock dividends | 2 | 2 |
Net Income Available to Common Stockholders | $ 45 | $ 92 |
Basic weighted average common shares outstanding (in shares) | 324,247,710 | 324,640,715 |
Net effect of dilutive stock options, warrants and restricted stock (in shares) | 1,797,472 | 1,188,119 |
Diluted weighted average common shares outstanding (in shares) | 326,045,182 | 325,828,834 |
Earnings per common share: | ||
Basic (in USD per share) | $ 0.14 | $ 0.28 |
Diluted (in USD per share) | $ 0.14 | $ 0.28 |
EARNINGS PER COMMON SHARE - Ave
EARNINGS PER COMMON SHARE - Average Shares Excluded from Earnings Per Common Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Average shares excluded from the diluted earnings per common share calculation (in shares) | 450 | 189 |
CASH FLOW INFORMATION (Detail)
CASH FLOW INFORMATION (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid on deposits and other borrowings | $ 75 | $ 77 |
Transfers of loans to other real estate owned | $ 1 | $ 2 |
BUSINESS SEGMENTS - Additional
BUSINESS SEGMENTS - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
BUSINESS SEGMENTS - Financial I
BUSINESS SEGMENTS - Financial Information for Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 306 | $ 310 | |
Interest expense | 74 | 79 | |
Net Interest Income | 232 | 231 | |
Provision for credit losses | 48 | 14 | |
Non-interest income | 69 | 65 | |
Non-interest expense | 192 | 162 | |
Amortization of intangibles | 3 | 4 | |
Income tax expense (benefit) | 11 | 22 | |
Net income (loss) | 47 | 94 | |
Total assets | 35,049 | 33,695 | $ 34,615 |
Total intangibles | 2,326 | 2,330 | |
Operating Segments [Member] | Community Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 306 | 310 | |
Interest expense | 68 | 76 | |
Net Interest Income | 238 | 234 | |
Provision for credit losses | 48 | 14 | |
Non-interest income | 52 | 51 | |
Non-interest expense | 176 | 147 | |
Amortization of intangibles | 3 | 4 | |
Income tax expense (benefit) | 12 | 23 | |
Net income (loss) | 51 | 97 | |
Total assets | 34,933 | 33,598 | |
Total intangibles | 2,288 | 2,301 | |
Operating Segments [Member] | Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | 0 | |
Interest expense | 0 | 0 | |
Net Interest Income | 0 | 0 | |
Provision for credit losses | 0 | 0 | |
Non-interest income | 13 | 11 | |
Non-interest expense | 10 | 9 | |
Amortization of intangibles | 0 | 0 | |
Income tax expense (benefit) | 1 | 0 | |
Net income (loss) | 2 | 2 | |
Total assets | 34 | 27 | |
Total intangibles | 9 | 10 | |
Operating Segments [Member] | Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | 0 | |
Interest expense | 0 | 0 | |
Net Interest Income | 0 | 0 | |
Provision for credit losses | 0 | 0 | |
Non-interest income | 6 | 5 | |
Non-interest expense | 5 | 4 | |
Amortization of intangibles | 0 | 0 | |
Income tax expense (benefit) | 0 | 0 | |
Net income (loss) | 1 | 1 | |
Total assets | 36 | 25 | |
Total intangibles | 29 | 19 | |
Parent and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | 0 | |
Interest expense | 6 | 3 | |
Net Interest Income | (6) | (3) | |
Provision for credit losses | 0 | 0 | |
Non-interest income | (2) | (2) | |
Non-interest expense | 1 | 2 | |
Amortization of intangibles | 0 | 0 | |
Income tax expense (benefit) | (2) | (1) | |
Net income (loss) | (7) | (6) | |
Total assets | 46 | 45 | |
Total intangibles | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities on Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | $ 3,194 | $ 3,289 | |
Loans held for sale | [1] | 68 | 41 |
Derivative assets | 406 | 154 | |
Derivative liabilities | 50 | 25 | |
US Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 139 | 151 | |
U.S. Government-Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 203 | 226 | |
Agency Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,175 | 1,240 | |
Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 398 | 345 | |
States of the U.S. and Political Subdivisions (municipals) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 8 | 11 | |
Other Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 2 | 2 | |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 3,194 | 3,289 | |
Derivative assets | 395 | 151 | |
Derivative liabilities | 50 | 25 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Derivative assets | 11 | 3 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 3,194 | 3,289 | |
Loans held for sale | 68 | 41 | |
Derivative assets | 406 | 154 | |
Assets measured at fair value on a recurring basis, Total | 3,668 | 3,484 | |
Derivative liabilities | 50 | 25 | |
Liabilities measured at fair value on a recurring basis, Total | 50 | 25 | |
Fair Value, Recurring [Member] | Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 43 | 24 | |
Fair Value, Recurring [Member] | Not for Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 7 | 1 | |
Fair Value, Recurring [Member] | Trading Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 391 | 149 | |
Fair Value, Recurring [Member] | Non Trading Account Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 15 | 5 | |
Fair Value, Recurring [Member] | US Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 139 | 151 | |
Fair Value, Recurring [Member] | U.S. Government-Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 203 | 226 | |
Fair Value, Recurring [Member] | Agency Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,269 | 1,314 | |
Fair Value, Recurring [Member] | Agency Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,175 | 1,240 | |
Fair Value, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 398 | 345 | |
Fair Value, Recurring [Member] | States of the U.S. and Political Subdivisions (municipals) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 8 | 11 | |
Fair Value, Recurring [Member] | Other Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 2 | 2 | |
Fair Value, Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Derivative assets | 0 | 0 | |
Assets measured at fair value on a recurring basis, Total | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Liabilities measured at fair value on a recurring basis, Total | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Not for Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Trading Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Non Trading Account Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | US Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | U.S. Government-Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Agency Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Agency Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | States of the U.S. and Political Subdivisions (municipals) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Other Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 3,194 | 3,289 | |
Loans held for sale | 68 | 41 | |
Derivative assets | 395 | 151 | |
Assets measured at fair value on a recurring basis, Total | 3,657 | 3,481 | |
Derivative liabilities | 50 | 25 | |
Liabilities measured at fair value on a recurring basis, Total | 50 | 25 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 43 | 24 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Not for Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 7 | 1 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Trading Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 391 | 149 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Non Trading Account Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 4 | 2 | |
Fair Value, Recurring [Member] | Level 2 [Member] | US Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 139 | 151 | |
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. Government-Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 203 | 226 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Agency Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,269 | 1,314 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Agency Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,175 | 1,240 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 398 | 345 | |
Fair Value, Recurring [Member] | Level 2 [Member] | States of the U.S. and Political Subdivisions (municipals) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 8 | 11 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Other Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 2 | 2 | |
Fair Value, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Derivative assets | 11 | 3 | |
Assets measured at fair value on a recurring basis, Total | 11 | 3 | |
Derivative liabilities | 0 | 0 | |
Liabilities measured at fair value on a recurring basis, Total | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Not for Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Trading Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Non Trading Account Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 11 | 3 | |
Fair Value, Recurring [Member] | Level 3 [Member] | US Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | U.S. Government-Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Agency Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Agency Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | States of the U.S. and Political Subdivisions (municipals) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Other Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | $ 0 | $ 0 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 19. |
FAIR VALUE MEASUREMENTS - Rollf
FAIR VALUE MEASUREMENTS - Rollforward on Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 3,000 | $ 1,000 |
Purchases, issuances, sales and settlements: | ||
Issuances | 11,000 | 3,000 |
Settlements | (3,000) | (1,000) |
Balance at end of period | 11,000 | 3,000 |
Interest Rate Lock Commitments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 3,000 | 1,000 |
Purchases, issuances, sales and settlements: | ||
Issuances | 11,000 | 3,000 |
Settlements | (3,000) | (1,000) |
Balance at end of period | $ 11,000 | $ 3,000 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Fair Value Measurements Disclosure [Line Items] | |||
Transfer of assets and liabilities between the hierarchy levels | $ 0 | $ 0 | |
Allocated allowance for loan losses | 5,700,000 | ||
Provision for fair value measurements included in allowance for loan losses | 2,800,000 | ||
Carrying amount of OREO | 8,600,000 | ||
Written down of OREO | 7,800,000 | ||
Loss from OREO included in earnings | 800,000 | ||
Fair Value, Nonrecurring [Member] | |||
Fair Value Measurements Disclosure [Line Items] | |||
Impaired loans, carrying amount | 7,600,000 | ||
Allocated allowance for loan losses | $ 5,000,000 | ||
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value Measurements Disclosure [Line Items] | |||
Servicing asset, gross | 42,600,000 | ||
Valuation allowance for impairment of recognized servicing assets, additions for expenses | (7,700,000) | ||
Servicing asset | $ 33,400,000 |
FAIR VALUE MEASUREMENTS - Add_2
FAIR VALUE MEASUREMENTS - Additional Information on Non-Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | $ 5.7 | |||
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights, fair value | 0 | $ 0 | ||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights, fair value | 0 | 0 | ||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights, fair value | 38 | 48 | ||
Fair Value, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 8 | |||
Impaired loans | 5 | |||
Other real estate owned | 8 | 4 | ||
Fair Value, Nonrecurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 0 | |||
Impaired loans | 0 | |||
Other real estate owned | 0 | 0 | ||
Fair Value, Nonrecurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 0 | |||
Impaired loans | 0 | |||
Other real estate owned | 0 | 0 | ||
Fair Value, Nonrecurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 8 | |||
Impaired loans | 5 | |||
Other real estate owned | 8 | 4 | ||
SBA-Guaranteed Loan Servicing [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights, fair value | 3 | 3 | ||
SBA-Guaranteed Loan Servicing [Member] | Fair Value, Nonrecurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights, fair value | 0 | 0 | ||
SBA-Guaranteed Loan Servicing [Member] | Fair Value, Nonrecurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights, fair value | 0 | 0 | ||
SBA-Guaranteed Loan Servicing [Member] | Fair Value, Nonrecurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights, fair value | 3 | 3 | ||
Mortgage Servicing Rights [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights, fair value | 34.9 | 45 | $ 40.3 | $ 41.1 |
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights, fair value | 33 | 30 | ||
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights, fair value | 0 | 0 | ||
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights, fair value | 0 | 0 | ||
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights, fair value | $ 33 | $ 30 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 564 | $ 599 |
Debt securities available for sale | 3,194 | 3,289 |
Securities held to maturity | 3,179 | 3,275 |
Securities held to maturity, fair value | 3,264 | 3,305 |
Net loans and leases | 23,528 | 23,093 |
Derivative assets | 406 | 154 |
Deposits | 24,746 | 24,786 |
Short-term borrowings | 3,443 | 3,216 |
Long-term borrowings | 1,633 | 1,340 |
Long-term borrowings, fair value | 547 | |
Derivative liabilities | 50 | 25 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 564 | 599 |
Debt securities available for sale | 3,194 | 3,289 |
Securities held to maturity | 3,179 | 3,275 |
Net loans and leases | 23,610 | 23,144 |
Loan servicing rights | 38 | 46 |
Derivative assets | 406 | 154 |
Accrued interest receivable | 88 | 109 |
Deposits | 24,746 | 24,786 |
Short-term borrowings | 3,443 | 3,216 |
Long-term borrowings | 1,633 | 1,340 |
Derivative liabilities | 50 | 25 |
Accrued interest payable | 19 | 21 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 564 | 599 |
Debt securities available for sale | 3,194 | 3,289 |
Securities held to maturity, fair value | 3,264 | 3,305 |
Net loans and leases, fair value | 23,538 | 22,930 |
Loan servicing rights, fair value | 38 | 48 |
Derivative assets | 406 | 154 |
Accrued interest receivable | 88 | 109 |
Deposits, fair value | 24,797 | 24,797 |
Short-term borrowings, fair value | 3,450 | 3,219 |
Long-term borrowings, fair value | 1,620 | 1,355 |
Derivative liabilities | 50 | 25 |
Accrued interest payable | 19 | 21 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 564 | 599 |
Debt securities available for sale | 0 | 0 |
Securities held to maturity, fair value | 0 | 0 |
Net loans and leases, fair value | 0 | 0 |
Loan servicing rights, fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Accrued interest receivable | 88 | 109 |
Deposits, fair value | 20,184 | 20,058 |
Short-term borrowings, fair value | 3,450 | 3,219 |
Long-term borrowings, fair value | 0 | 0 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | 19 | 21 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Debt securities available for sale | 3,194 | 3,289 |
Securities held to maturity, fair value | 3,264 | 3,305 |
Net loans and leases, fair value | 68 | 41 |
Loan servicing rights, fair value | 0 | 0 |
Derivative assets | 395 | 151 |
Accrued interest receivable | 0 | 0 |
Deposits, fair value | 4,613 | 4,739 |
Short-term borrowings, fair value | 0 | 0 |
Long-term borrowings, fair value | 0 | 0 |
Derivative liabilities | 50 | 25 |
Accrued interest payable | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Debt securities available for sale | 0 | 0 |
Securities held to maturity, fair value | 0 | 0 |
Net loans and leases, fair value | 23,470 | 22,889 |
Loan servicing rights, fair value | 38 | 48 |
Derivative assets | 11 | 3 |
Accrued interest receivable | 0 | 0 |
Deposits, fair value | 0 | 0 |
Short-term borrowings, fair value | 0 | 0 |
Long-term borrowings, fair value | 1,620 | 1,355 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) application in Thousands, $ in Billions | Apr. 24, 2020USD ($) | May 05, 2020USD ($)application | Mar. 31, 2020 |
Subsequent Event [Line Items] | |||
Percentage of total loans and leases | 11.00% | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Allocation balance | $ 349 | ||
Additional authorized amount | $ 310 | ||
Number of applications processed | application | 18 | ||
Number of applications processed, amount | $ 2.6 | ||
SBA-Guaranteed Loan Servicing [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Fixed interest rate | 1.00% | ||
Term | 2 years | ||
Initial payment deferral period | 6 months | ||
Guaranteed percentage | 100.00% | ||
Minimum [Member] | SBA-Guaranteed Loan Servicing [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Processing fee paid by the SBA | 1.00% | ||
Maximum [Member] | SBA-Guaranteed Loan Servicing [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Processing fee paid by the SBA | 5.00% |