Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-31940 | |
Entity Registrant Name | FNB CORP/PA/ | |
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 | 319,519,081 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
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 | Jun. 30, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and due from banks | $ 394 | $ 369 | |
Interest-bearing deposits with banks | 2,550 | 1,014 | |
Cash and Cash Equivalents | 2,944 | 1,383 | |
Debt securities available for sale (amortized cost of $3,068 and $3,380; allowance for credit losses of $0 and $0) | 3,126 | 3,463 | |
Debt securities held to maturity (fair value of $3,217 and $2,973; allowance for credit losses of $0 and $0 ) | 3,135 | 2,868 | |
Loans held for sale (includes $159 and $144 measured at fair value) | [1] | 177 | 154 |
Loans and leases, net of unearned income of $75 and $77 | 25,111 | 25,459 | |
Allowance for credit losses on loans and leases | (357) | (363) | |
Net Loans and Leases | 24,754 | 25,096 | |
Premises and equipment, net | 343 | 332 | |
Goodwill | 2,262 | 2,262 | |
Core deposit and other intangible assets, net | 48 | 54 | |
Bank owned life insurance | 549 | 549 | |
Other assets | 1,068 | 1,193 | |
Total Assets | 38,406 | 37,354 | |
Liabilities | |||
Non-interest-bearing demand | 10,198 | 9,042 | |
Interest-bearing demand | 13,657 | 13,157 | |
Savings | 3,413 | 3,261 | |
Certificates and other time deposits | 3,201 | 3,662 | |
Total Deposits | 30,469 | 29,122 | |
Short-term borrowings | 1,650 | 1,804 | |
Long-term borrowings | 888 | 1,095 | |
Other liabilities | 362 | 374 | |
Total Liabilities | 33,369 | 32,395 | |
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 - 329,369,589 and 328,057,368 shares | 3 | 3 | |
Additional paid-in capital | 4,101 | 4,087 | |
Retained earnings | 981 | 869 | |
Accumulated other comprehensive loss | (46) | (39) | |
Treasury stock – 9,904,433 and 6,427,839 shares at cost | (109) | (68) | |
Total Stockholders’ Equity | 5,037 | 4,959 | |
Total Liabilities and Stockholders’ Equity | $ 38,406 | $ 37,354 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 18. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | |
Statement of Financial Position [Abstract] | |||
Debt securities available for sale, amortized cost | $ 3,068,000,000 | $ 3,380,000,000 | |
Debt securities available for sale, allowance for credit losses | 0 | 0 | |
Debt securities held-to-maturity, fair value | 3,217,000,000 | 2,973,000,000 | |
Debt securities held to maturity, allowance for credit losses | 40,000 | 40,000 | |
Loans held for sale, fair value | [1] | 159,000,000 | 144,000,000 |
Unearned income on loans | $ 75,000,000 | $ 77,000,000 | |
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 (in shares) | 20,000,000 | 20,000,000 | |
Preferred stock, shares issued (in shares) | 110,877 | 110,877 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |
Common stock, shares issued (in shares) | 329,369,589 | 328,057,368 | |
Treasury stock, shares (in shares) | 9,904,433 | 6,427,839 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 18. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest Income | ||||
Loans and leases, including fees | $ 224 | $ 245 | $ 445 | $ 511 |
Securities: | ||||
Taxable | 21 | 28 | 43 | 59 |
Tax-exempt | 7 | 8 | 15 | 16 |
Other | 1 | 0 | 1 | 1 |
Total Interest Income | 253 | 281 | 504 | 587 |
Interest Expense | ||||
Deposits | 12 | 35 | 27 | 84 |
Short-term borrowings | 7 | 8 | 14 | 22 |
Long-term borrowings | 6 | 9 | 12 | 20 |
Total Interest Expense | 25 | 52 | 53 | 126 |
Net Interest Income | 228 | 229 | 451 | 461 |
Provision for credit losses | (1) | 30 | 5 | 78 |
Net Interest Income After Provision for Credit Losses | 229 | 199 | 446 | 383 |
Non-Interest Income | ||||
Service charges | 30 | 24 | 58 | 54 |
Trust services | 9 | 7 | 18 | 15 |
Insurance commissions and fees | 6 | 5 | 13 | 12 |
Securities commissions and fees | 6 | 3 | 12 | 8 |
Capital markets income | 7 | 13 | 15 | 24 |
Mortgage banking operations | 7 | 17 | 23 | 16 |
Dividends on non-marketable equity securities | 3 | 3 | 5 | 8 |
Bank owned life insurance | 5 | 4 | 8 | 7 |
Other | 7 | 1 | 11 | 2 |
Total Non-Interest Income | 80 | 77 | 163 | 146 |
Non-Interest Expense | ||||
Salaries and employee benefits | 102 | 94 | 209 | 198 |
Net occupancy | 16 | 14 | 32 | 35 |
Equipment | 17 | 16 | 34 | 32 |
Amortization of intangibles | 3 | 4 | 6 | 7 |
Outside services | 19 | 17 | 36 | 34 |
FDIC insurance | 4 | 5 | 9 | 11 |
Bank shares and franchise taxes | 4 | 4 | 8 | 8 |
Other | 17 | 22 | 33 | 46 |
Total Non-Interest Expense | 182 | 176 | 367 | 371 |
Income Before Income Taxes | 127 | 100 | 242 | 158 |
Income taxes | 25 | 16 | 47 | 27 |
Net Income | 102 | 84 | 195 | 131 |
Preferred stock dividends | 2 | 2 | 4 | 4 |
Net income available to common stockholders | $ 100 | $ 82 | $ 191 | $ 127 |
Earnings per Common Share | ||||
Basic (in dollars per share) | $ 0.31 | $ 0.25 | $ 0.60 | $ 0.39 |
Diluted (in dollars per share) | $ 0.31 | $ 0.25 | $ 0.59 | $ 0.39 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 102 | $ 84 | $ 195 | $ 131 |
Securities available for sale: | ||||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $1, $4, $(5) and $19 | 2 | 13 | (19) | 66 |
Derivative instruments: | ||||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $0, $(1), $1 and $(11) | 0 | (5) | 4 | (40) |
Reclassification adjustment for gains included in net income, net of tax expense of $1, $1, $2 and $1 | 3 | 2 | 7 | 3 |
Pension and postretirement benefit obligations: | ||||
Unrealized gains arising during the period, net of tax expense of $0, $0, $0 and $0 | 0 | 0 | 1 | 1 |
Other Comprehensive Income (Loss) | 5 | 10 | (7) | 30 |
Comprehensive Income | $ 107 | $ 94 | $ 188 | $ 161 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gains (losses) arising during the period, tax expense (benefit) | $ 1 | $ 4 | $ (5) | $ 19 |
Unrealized gains (losses) arising during the period, tax expense (benefit) | 0 | (1) | 1 | (11) |
Reclassification adjustment for gains included in net income, tax of expense | 1 | 1 | 2 | 1 |
Unrealized gains arising during the period, tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions | Total | Adoption of New Accounting Standard [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Adoption of New Accounting Standard [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at beginning of period at Dec. 31, 2019 | $ 4,883 | $ (50) | $ 107 | $ 3 | $ 4,067 | $ 798 | $ (50) | $ (65) | $ (27) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Comprehensive income | 161 | 131 | 30 | ||||||
Dividends declared: | |||||||||
Preferred stock | (4) | (4) | |||||||
Common stock | (79) | (79) | |||||||
Issuance of common stock | 0 | 3 | (3) | ||||||
Repurchase of common stock | (25) | (25) | |||||||
Restricted stock compensation | 11 | 11 | |||||||
Balance at end of period at Jun. 30, 2020 | 4,897 | 107 | 3 | 4,081 | 796 | (35) | (55) | ||
Balance at beginning of period at Mar. 31, 2020 | 4,842 | 107 | 3 | 4,075 | 754 | (45) | (52) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Comprehensive income | 94 | 84 | 10 | ||||||
Dividends declared: | |||||||||
Preferred stock | (2) | (2) | |||||||
Common stock | (40) | (40) | |||||||
Issuance of common stock | 0 | 3 | (3) | ||||||
Restricted stock compensation | 3 | 3 | |||||||
Balance at end of period at Jun. 30, 2020 | 4,897 | 107 | 3 | 4,081 | 796 | (35) | (55) | ||
Balance at beginning of period at Dec. 31, 2020 | 4,959 | 107 | 3 | 4,087 | 869 | (39) | (68) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Comprehensive income | 188 | 195 | (7) | ||||||
Dividends declared: | |||||||||
Preferred stock | (4) | (4) | |||||||
Common stock | (78) | (78) | |||||||
Issuance of common stock | (3) | 3 | (1) | (5) | |||||
Repurchase of common stock | (36) | (36) | |||||||
Restricted stock compensation | 11 | 11 | |||||||
Balance at end of period at Jun. 30, 2021 | 5,037 | 107 | 3 | 4,101 | 981 | (46) | (109) | ||
Balance at beginning of period at Mar. 31, 2021 | 4,974 | 107 | 3 | 4,099 | 921 | (51) | (105) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Comprehensive income | 107 | 102 | 5 | ||||||
Dividends declared: | |||||||||
Preferred stock | (2) | (2) | |||||||
Common stock | (39) | (39) | |||||||
Issuance of common stock | (3) | 2 | (1) | (4) | |||||
Balance at end of period at Jun. 30, 2021 | $ 5,037 | $ 107 | $ 3 | $ 4,101 | $ 981 | $ (46) | $ (109) |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Preferred stock dividends per share (in dollars per share) | $ 18.13 | $ 18.13 | $ 36.26 | $ 36.26 |
Common stock dividends per share (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.24 | $ 0.24 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net income | $ 195 | $ 131 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 2 | 5 |
Provision for credit losses | 5 | 78 |
Deferred tax expense (benefit) | 3 | (24) |
Loans originated for sale | (1,099) | (772) |
Loans sold | 1,107 | 727 |
Net gain on sale of loans | (32) | (12) |
Net change in: | ||
Interest receivable | 6 | 14 |
Interest payable | (2) | (2) |
Bank owned life insurance, excluding purchases | 1 | (4) |
Other, net | 114 | (299) |
Net cash flows provided by (used in) operating activities | 300 | (158) |
Investing Activities | ||
Net change in loans and leases, excluding sales and transfers | 381 | (2,778) |
Debt securities available for sale: | ||
Purchases | (854) | (425) |
Maturities/payments | 1,161 | 492 |
Debt securities held to maturity: | ||
Purchases | (725) | (86) |
Maturities/payments | 453 | 309 |
Increase in premises and equipment | (32) | (20) |
Other, net | 0 | 1 |
Net cash flows provided by (used in) investing activities | 384 | (2,507) |
Financing Activities | ||
Demand (non-interest bearing and interest bearing) and savings accounts | 1,807 | 4,071 |
Time deposits | (461) | (462) |
Short-term borrowings | (153) | (804) |
Proceeds from issuance of long-term borrowings | 12 | 314 |
Repayment of long-term borrowings | (218) | (25) |
Repurchase of common stock | (36) | (25) |
Cash dividends paid: | ||
Preferred stock | (4) | (4) |
Common stock | (78) | (79) |
Other, net | 8 | 11 |
Net cash flows provided by financing activities | 877 | 2,997 |
Net Increase in Cash and Cash Equivalents | 1,561 | 332 |
Cash and cash equivalents at beginning of period | 1,383 | 599 |
Cash and Cash Equivalents at End of Period | $ 2,944 | $ 931 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021, we had 338 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington D.C. and Virginia. We provide a full range of commercial banking, consumer banking and wealth management solutions through our subsidiary network which is led by our largest affiliate, FNBPA, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. Consumer banking provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. Wealth management services include asset management, private banking and insurance. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
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, F.N.B. Capital Corporation, LLC and Waubank Securities, LLC, and include results for each of these entities in the accompanying Consolidated Financial Statements. Companies in which we hold 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 have an obligation to absorb losses or the right to receive benefits which could potentially be significant to the VIE, are consolidated. For a voting interest entity, a controlling financial interest is generally where we hold more than 50% of the outstanding voting shares. 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 an obligation to absorb losses or the right to receive benefits 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 or the cost method when we do not 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 June 30, 2021 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 2020 Annual Report on Form 10-K filed with the SEC on February 25, 2021. 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, fair value of financial instruments, goodwill and other intangible assets, income taxes and deferred tax assets and litigation reserves, which are listed in the critical accounting estimates. For a detailed description of our significant accounting policies and critical accounting estimates, see Note 1, "Summary of Significant Accounting Policies" and the "Application of Critical Accounting Policies" section in the MD&A, both in our 2020 Annual Report on Form 10-K . |
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS | 6 Months Ended |
Jun. 30, 2021 | |
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 Reference Rate Reform ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU 2021-01, Reference Rate Reform (Topic 848): Scope These Updates provide temporary optional expedients and exceptions for applying GAAP to financial contracts, hedging relationships and other transactions affected by RRR if certain criteria are met. The following optional expedients, exceptions and elections are permitted for certain contracts that are modified because of RRR and meet certain scope guidance: • Contract modifications may be accounted for prospectively as a continuation of existing contracts rather than a new contract without remeasurement or reassessment of significant contract amendments • modifications of leases to be accounted for as a continuation of the existing contracts without reassessment of lease classification and discount rate or remeasurement of lease payments • to not reassess the original conclusion about whether a contract contains an embedded derivative that is clearly and closely related to the host contract • changes to critical terms of hedging relationships, on a hedge-by-hedge basis, without designation of the hedging relationship and various practical expedients and elections designed to allow hedge accounting to continue uninterrupted • modifications of certain derivatives modified to change the rate used for margining, discounting or contract price alignment. For securities affected by RRR that were classified as HTM before January 1, 2020, the Updates also allow an entity to make a one-time election to sell and/or transfer these securities to AFS or Trading. RRR Updates are effective for all entities from the beginning of an interim period that includes or is subsequent to March 12, 2020 and terminates on December 31, 2022 on a full retrospective or prospective basis. Although we do not expect RRR to have a material accounting impact on our consolidated financial position or results of operations, the Updates will ease the administrative burden in accounting for the effects of RRR. We adopted these updates on October 1, 2020 by retrospective application. The adoption did not have a material impact on our consolidated financial position or results of operations. We will continue to assess the impact of adoption through the termination date of these Updates on December 31, 2022. |
SECURITIES
SECURITIES | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The amortized cost and fair value of AFS debt securities are presented in the table below. There was no ACL in the AFS portfolio at June 30, 2021 and December 31, 2020. Accrued interest receivable on AFS debt securities totaled $6.3 million and $6.2 million at June 30, 2021 and December 31, 2020, respectively, and is excluded from the estimate of credit losses and assessed 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 Gross Gross Fair Debt Securities AFS: June 30, 2021 U.S. government agencies $ 165 $ 2 $ — $ 167 U.S. government-sponsored entities 160 1 (1) 160 Residential mortgage-backed securities: Agency mortgage-backed securities 1,187 29 — 1,216 Agency collateralized mortgage obligations 1,208 23 (5) 1,226 Commercial mortgage-backed securities 313 10 (1) 322 States of the U.S. and political subdivisions (municipals) 33 — — 33 Other debt securities 2 — — 2 Total debt securities AFS $ 3,068 $ 65 $ (7) $ 3,126 (in millions) Amortized Gross Gross Fair Debt Securities AFS: December 31, 2020 U.S. Treasury $ 600 $ — $ — $ 600 U.S. government agencies 172 — — 172 U.S. government-sponsored entities 160 1 — 161 Residential mortgage-backed securities: Agency mortgage-backed securities 959 35 — 994 Agency collateralized mortgage obligations 1,094 31 (1) 1,124 Commercial mortgage-backed securities 361 17 — 378 States of the U.S. and political subdivisions (municipals) 32 — — 32 Other debt securities 2 — — 2 Total debt securities AFS $ 3,380 $ 84 $ (1) $ 3,463 The amortized cost and fair value of HTM debt securities are presented in the table below. The ACL for the HTM municipal bond portfolio was $0.04 million at both June 30, 2021 and December 31, 2020. Accrued interest receivable on HTM debt securities totaled $12.2 million and $12.5 million at June 30, 2021 and December 31, 2020, respectively, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets. TABLE 3.2 (in millions) Amortized Gross Gross Fair Debt Securities HTM: June 30, 2021 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 1 — — 1 U.S. government-sponsored entities 40 — — 40 Residential mortgage-backed securities: Agency mortgage-backed securities 1,116 23 (1) 1,138 Agency collateralized mortgage obligations 626 12 (3) 635 Commercial mortgage-backed securities 299 6 (1) 304 States of the U.S. and political subdivisions (municipals) 1,052 46 — 1,098 Total debt securities HTM $ 3,135 $ 87 $ (5) $ 3,217 (in millions) Amortized Gross Gross Fair Debt Securities HTM: December 31, 2020 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 1 — — 1 U.S. government-sponsored entities 120 1 — 121 Residential mortgage-backed securities: Agency mortgage-backed securities 769 29 — 798 Agency collateralized mortgage obligations 562 17 — 579 Commercial mortgage-backed securities 307 10 — 317 States of the U.S. and political subdivisions (municipals) 1,108 48 — 1,156 Total debt securities HTM $ 2,868 $ 105 $ — $ 2,973 There were no significant gross gains or gross losses realized on securities during the six months ended June 30, 2021 or 2020. As of June 30, 2021, the amortized cost and fair value of debt securities, by contractual maturities, were as follows: TABLE 3.3 Available for Sale Held to Maturity (in millions) Amortized Fair Amortized Fair Due in one year or less $ 85 $ 86 $ 40 $ 40 Due after one year but within five years 95 94 22 22 Due after five years but within ten years 110 111 128 131 Due after ten years 70 71 904 947 360 362 1,094 1,140 Residential mortgage-backed securities: Agency mortgage-backed securities 1,187 1,216 1,116 1,138 Agency collateralized mortgage obligations 1,208 1,226 626 635 Commercial mortgage-backed securities 313 322 299 304 Total debt securities $ 3,068 $ 3,126 $ 3,135 $ 3,217 Actual maturities may differ from contractual terms because security issuers may have the right to call or prepay obligations with or without penalties. Periodic principal 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 3.4 (dollars in millions) June 30, December 31, Securities pledged (carrying value): To secure public deposits, trust deposits and for other purposes as required by law $ 5,338 $ 5,384 As collateral for short-term borrowings 403 402 Securities pledged as a percent of total securities 91.7 % 91.4 % At June 30, 2021, there were no holdings of securities of any one issuer, other than the 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 security type and length of continuous loss position: TABLE 3.5 Less than 12 Months 12 Months or More Total (dollars in millions) # Fair Unrealized # Fair Unrealized # Fair Unrealized Debt Securities AFS June 30, 2021 U.S. government agencies 1 $ — $ — 11 $ 22 $ — 12 $ 22 $ — U.S. government-sponsored entities 2 74 (1) — — — 2 74 (1) Residential mortgage-backed securities: Agency mortgage-backed securities 3 152 — — — — 3 152 — Agency collateralized mortgage obligations 12 493 (5) — — — 12 493 (5) Commercial mortgage-backed securities 2 37 (1) — — — 2 37 (1) States of the U.S. and political subdivisions (municipals) 4 10 — — — — 4 10 — Other debt securities — — — 1 2 — 1 2 — Total 24 $ 766 $ (7) 12 $ 24 $ — 36 $ 790 $ (7) Less than 12 Months 12 Months or More Total (dollars in millions) # Fair Unrealized # Fair Unrealized # Fair Unrealized Debt Securities AFS December 31, 2020 U.S. government agencies 1 $ 13 $ — 16 $ 69 $ — 17 $ 82 $ — U.S. government-sponsored entities 1 25 — — — — 1 25 — Residential mortgage-backed securities: Agency collateralized mortgage obligations 5 130 (1) — — — 5 130 (1) Other debt securities — — — 1 2 — 1 2 — Total 7 $ 168 $ (1) 17 $ 71 $ — 24 $ 239 $ (1) We evaluated the AFS debt securities that were in an unrealized loss position at June 30, 2021. Based on the credit ratings and implied government guarantee for these securities, we concluded the loss position is temporary and caused by the movement of interest rates and does not reflect any expected credit losses. 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 and the most recent financial information to help evaluate the credit quality of our credit-related AFS and HTM securities portfolios. Management reviews the credit profile of each issuer on a quarterly basis. Based on the nature of the issuers and current conditions, we have determined that securities backed by the UST, Fannie Mae, Freddie Mac, FHLB, Ginnie Mae, and the SBA have zero expected credit loss. Our municipal bond portfolio, with a carrying amount of $1.1 billion as of June 30, 2021 is highly rated with an average rating of AA and 100% of the portfolio having an A or better rating. All the securities in the municipal portfolio are general obligation bonds. Geographically, municipal bonds support our primary footprint as 64% 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, 61% of the municipal bonds have some formal credit enhancement (e.g., insurance) that strengthens the creditworthiness of the bond. The ACL on the HTM municipal bond portfolio is calculated on each bond using: • The bond’s underlying credit rating, time to maturity and exposure amount; • Credit enhancements that improve the bond’s credit rating (e.g., insurance); and • Moody’s U.S. Bond Defaults and Recoveries, 1970-2019 study. By using these components, we derive the expected credit loss on the HTM general obligation bond portfolio. We further refine the expected credit loss by factoring in economic forecast data using our Commercial and Industrial Non-Manufacturing loan portfolio forecast adjustment as derived through our assessment of the loan portfolio as a proxy for our municipal bond portfolio. For the year-to-date periods ending June 30, 2021 and 2020, we had no significant provision expense and no charge-offs or recoveries. The ACL on the HTM portfolio was $0.04 million as of both June 30, 2021 and December 31, 2020, respectively. No other securities portfolios had an ACL. At June 30, 2021 and December 31, 2020, there were no securities that were past due or on non-accrual. |
LOANS AND LEASES
LOANS AND LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
LOANS AND LEASES | LOANS AND LEASES Accrued interest receivable on loans and leases, which totaled $56.9 million at June 30, 2021 and $62.9 million at December 31, 2020, is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets for both periods and not included in the tables below. Upon adoption of CECL on January 1, 2020, PCD assets were adjusted to reflect the addition of a $50.3 million ACL and a remaining noncredit discount of $110.0 million included in the amortized cost. The remaining noncredit discount was $39.3 million and $50.9 million at June 30, 2021 and December 31, 2020, respectively. Loans and Leases by Portfolio Segment Following is a summary of total loans and leases, net of unearned income: TABLE 4.1 (in millions) June 30, 2021 December 31, 2020 Commercial real estate $ 9,793 $ 9,731 Commercial and industrial 6,619 7,214 Commercial leases 477 485 Other 80 40 Total commercial loans and leases 16,969 17,470 Direct installment 2,145 2,020 Residential mortgages 3,505 3,433 Indirect installment 1,223 1,218 Consumer lines of credit 1,269 1,318 Total consumer loans 8,142 7,989 Total loans and leases, net of unearned income $ 25,111 $ 25,459 The loans and leases portfolio categories are comprised of the following types of loans, where in each case the LGD is dependent on the nature and value of the respective collateral: • Commercial real estate includes both owner-occupied and non-owner-occupied loans secured by commercial properties where operational cash flows on owner-occupied properties or rents received by our borrowers from their tenant(s) on both a property and global basis are the primary default risk drivers, including rents paid by stand-alone business customers for owner-occupied properties; • Commercial and industrial includes loans to businesses that are not secured by real estate where the borrower's leverage and cash flows from operations are the primary default risk drivers. PPP loans are included in the commercial and industrial category and comprise $1.6 billion and $2.2 billion of this category's outstanding balance at June 30, 2021 and December 31, 2020, respectively. The PPP loans are 100% guaranteed by the SBA, which provides a reduced risk of loss to us on these loans; • Commercial leases consist of leases for new or used equipment where the borrower's cash flow from operations is the primary default risk driver; • Other is comprised primarily of credit cards and mezzanine loans where the borrower's cash flow from operations is the primary default risk driver; • 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 where the primary default risk driver is the borrower's employment status and income; • Residential mortgages consist of conventional and jumbo mortgage loans for 1-4 family properties where the primary default risk driver is the borrower's employment status and income; • Indirect installment is comprised of loans originated by approved third parties and underwritten by us, primarily automobile loans where the primary default risk driver is the borrower's employment status and income; 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 where the primary default risk driver is the borrower's employment status and income. 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 occupancy information relating to commercial real estate loans: TABLE 4.2 (dollars in millions) June 30, December 31, Commercial real estate: Percent owner-occupied 28.0 % 28.1 % Percent non-owner-occupied 72.0 71.9 Credit Quality Management monitors the credit quality of our loan portfolio using several performance measures based on payment activity and borrower performance. We use an internal risk rating assigned to a commercial loan or lease at origination, summarized below. TABLE 4.3 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 a basis which is then impacted by quantitative inputs from our econometric model forecasts over the R&S period. 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 tables summarize the designated loan rating category by loan class including term loans on an amortized cost basis by origination year: TABLE 4.4 June 30, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total (in millions) COMMERCIAL Commercial Real Estate: Risk Rating: Pass $ 767 $ 1,822 $ 1,784 $ 1,008 $ 862 $ 2,556 $ 123 $ 8,922 Special Mention 16 13 34 118 134 173 4 492 Substandard — 8 34 42 58 234 3 379 Total commercial real estate 783 1,843 1,852 1,168 1,054 2,963 130 9,793 Commercial and Industrial: Risk Rating: Pass 1,494 1,529 848 463 251 332 1,243 6,160 Special Mention — 34 17 17 19 76 46 209 Substandard 3 8 20 60 42 27 90 250 Total commercial and industrial 1,497 1,571 885 540 312 435 1,379 6,619 Commercial Leases: Risk Rating: Pass 84 141 116 64 49 4 — 458 Special Mention — — — 2 3 2 — 7 Substandard — 6 3 2 1 — — 12 Total commercial leases 84 147 119 68 53 6 — 477 Other Commercial: Risk Rating: Pass 12 — — — — 3 64 79 Substandard — — — — — 1 — 1 Total other commercial 12 — — — — 4 64 80 Total commercial 2,376 3,561 2,856 1,776 1,419 3,408 1,573 16,969 CONSUMER Direct Installment: Current 450 630 267 159 117 507 — 2,130 Past due — 1 1 1 1 11 — 15 Total direct installment 450 631 268 160 118 518 — 2,145 Residential Mortgages: Current 695 1,022 503 194 275 778 1 3,468 Past due — 1 3 4 2 27 — 37 Total residential mortgages 695 1,023 506 198 277 805 1 3,505 Indirect Installment: Current 285 322 205 247 99 57 — 1,215 Past due — 2 2 2 1 1 — 8 Total indirect installment 285 324 207 249 100 58 — 1,223 Consumer Lines of Credit: Current 7 3 5 7 3 128 1,104 1,257 Past due — — — — — 10 2 12 Total consumer lines of credit 7 3 5 7 3 138 1,106 1,269 Total consumer 1,437 1,981 986 614 498 1,519 1,107 8,142 Total loans and leases $ 3,813 $ 5,542 $ 3,842 $ 2,390 $ 1,917 $ 4,927 $ 2,680 $ 25,111 December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total (in millions) COMMERCIAL Commercial Real Estate: Risk Rating: Pass $ 1,879 $ 1,854 $ 1,135 $ 927 $ 888 $ 1,911 $ 163 $ 8,757 Special Mention 9 30 80 158 70 163 4 514 Substandard 4 32 29 81 116 192 6 460 Total commercial real estate 1,892 1,916 1,244 1,166 1,074 2,266 173 9,731 Commercial and Industrial: Risk Rating: Pass 3,286 1,007 590 304 120 311 1,095 6,713 Special Mention 30 23 13 28 10 35 79 218 Substandard 8 26 65 44 6 37 97 283 Total commercial and industrial 3,324 1,056 668 376 136 383 1,271 7,214 Commercial Leases: Risk Rating: Pass 178 134 83 56 5 3 — 459 Special Mention 1 1 4 4 1 2 — 13 Substandard 7 2 2 1 1 — — 13 Total commercial leases 186 137 89 61 7 5 — 485 Other Commercial: Risk Rating: Pass — — — — — 4 35 39 Substandard — — — — — 1 — 1 Total other commercial — — — — — 5 35 40 Total commercial 5,402 3,109 2,001 1,603 1,217 2,659 1,479 17,470 CONSUMER Direct Installment: Current 706 337 200 143 171 442 1 2,000 Past due — 1 2 1 2 14 — 20 Total direct installment 706 338 202 144 173 456 1 2,020 Residential Mortgages: Current 1,079 707 283 378 330 603 1 3,381 Past due 1 5 7 4 6 29 — 52 Total residential mortgages 1,080 712 290 382 336 632 1 3,433 Indirect Installment: Current 372 260 332 147 67 27 — 1,205 Past due 1 3 4 2 2 1 — 13 Total indirect installment 373 263 336 149 69 28 — 1,218 Consumer Lines of Credit: Current 4 7 8 3 5 127 1,146 1,300 Past due — — — — — 15 3 18 Total consumer lines of credit 4 7 8 3 5 142 1,149 1,318 Total consumer 2,163 1,320 836 678 583 1,258 1,151 7,989 Total loans and leases $ 7,565 $ 4,429 $ 2,837 $ 2,281 $ 1,800 $ 3,917 $ 2,630 $ 25,459 We use delinquency transition matrices within the consumer and other loan classes to establish the basis for the R&S 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. Non-Performing and Past Due The following tables provide an analysis of the aging of loans by class. TABLE 4.5 (in millions) 30-89 Days > 90 Days Past Due and Still Accruing Non- Total Current Total Non-accrual with No ACL June 30, 2021 Commercial real estate $ 17 $ — $ 61 $ 78 $ 9,715 $ 9,793 $ 22 Commercial and industrial 4 — 31 35 6,584 6,619 13 Commercial leases 2 — 1 3 474 477 — Other — — 1 1 79 80 — Total commercial loans and leases 23 — 94 117 16,852 16,969 35 Direct installment 3 1 11 15 2,130 2,145 — Residential mortgages 17 5 15 37 3,468 3,505 — Indirect installment 6 — 2 8 1,215 1,223 — Consumer lines of credit 5 1 6 12 1,257 1,269 — Total consumer loans 31 7 34 72 8,070 8,142 — Total loans and leases $ 54 $ 7 $ 128 $ 189 $ 24,922 $ 25,111 $ 35 (in millions) 30-89 Days > 90 Days Past Due and Still Accruing Non- Total Current Total Non-accrual with No ACL December 31, 2020 Commercial real estate $ 13 $ — $ 85 $ 98 $ 9,633 $ 9,731 $ 36 Commercial and industrial 8 — 44 52 7,162 7,214 16 Commercial leases 2 — 2 4 481 485 — Other — — 1 1 39 40 — Total commercial loans and leases 23 — 132 155 17,315 17,470 52 Direct installment 7 2 11 20 2,000 2,020 — Residential mortgages 23 11 18 52 3,381 3,433 — Indirect installment 10 1 2 13 1,205 1,218 — Consumer lines of credit 9 2 7 18 1,300 1,318 — Total consumer loans 49 16 38 103 7,886 7,989 — Total loans and leases $ 72 $ 16 $ 170 $ 258 $ 25,201 $ 25,459 $ 52 Following is a summary of non-performing assets: TABLE 4.6 (dollars in millions) June 30, December 31, Non-accrual loans $ 128 $ 170 Total non-performing loans 128 170 Other real estate owned 9 10 Total non-performing assets $ 137 $ 180 Asset quality ratios: Non-performing loans / total loans and leases 0.51 % 0.67 % Non-performing assets + 90 days past due + OREO / total loans and leases + OREO 0.57 0.77 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 $1.3 million at June 30, 2021 and $2.5 million at December 31, 2020. The recorded investment of residential-secured consumer OREO for which formal foreclosure proceedings are in process at June 30, 2021 and December 31, 2020 totaled $5.7 million and $8.2 million, respectively. During 2020 and 2021, we extended the residential mortgage foreclosure moratorium beyond the requirements for government-backed loans, under the CARES Act, to all residential mortgage loan customers. Approximately $54 million of commercial loans are collateral dependent at June 30, 2021. 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. 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. Consistent with the CARES Act and interagency bank regulatory guidance which allows temporary relief for current borrowers affected by COVID-19, we are working with borrowers and granting certain modifications through programs related to COVID-19 relief. As of June 30, 2021, we had $170 million in loans that have been granted short-term modifications as a result of financial disruptions associated with the COVID-19 pandemic. Also, consistent with the CARES Act and the interagency bank regulatory guidelines, such modifications are not included in our TDR totals. Following is a summary of the composition of total TDRs: TABLE 4.7 (in millions) June 30, December 31, Accruing $ 57 $ 58 Non-accrual 38 33 Total TDRs $ 95 $ 91 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 six months ended June 30, 2021, we returned to accruing status $6.9 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 includes specific reserves for commercial TDRs of $1.4 million at June 30, 2021 compared to $2.8 million at December 31, 2020, and pooled reserves for individual loans of $2.3 million and $2.5 million for those same periods, respectively, based on loan segment LGD. 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 LGD. Our ACL included pooled reserves for these classes of loans of $3.7 million for June 30, 2021 and $4.1 million for December 31, 2020. 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, for loans that were modified during the periods indicated: TABLE 4.8 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (dollars in millions) Number Pre- Post- Number Pre- Post- Commercial real estate 9 $ 2 $ 2 19 $ 19 $ 19 Commercial and industrial 4 — — 5 — — Total commercial loans 13 2 2 24 19 19 Direct installment 9 — — 19 1 1 Residential mortgages 2 — — 3 — — Consumer lines of credit 15 1 1 25 2 2 Total consumer loans 26 1 1 47 3 3 Total 39 $ 3 $ 3 71 $ 22 $ 22 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (dollars in millions) Number Pre- Post- Number Pre- Post- Commercial real estate 11 $ 5 $ 5 16 $ 6 $ 5 Commercial and industrial 9 2 1 16 3 2 Other — — — 1 — — Total commercial loans 20 7 6 33 9 7 Direct installment 19 1 1 38 3 3 Residential mortgages 2 1 1 16 2 2 Consumer lines of credit 13 — — 28 1 1 Total consumer loans 34 2 2 82 6 6 Total 54 $ 9 $ 8 115 $ 15 $ 13 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 4.9 Three Months Ended Six Months Ended (dollars in millions) Number of Recorded Number of Recorded Commercial and industrial — $ — 1 $ — Total commercial loans — — 1 — Direct installment 1 — 1 — Residential mortgages — — 1 — Total consumer loans 1 — 2 — Total 1 $ — 3 $ — Three Months Ended Six Months Ended (dollars in millions) Number of Recorded Number of Recorded Commercial real estate 4 $ 1 8 $ 3 Commercial and industrial 1 — 2 — Total commercial loans 5 1 10 3 Direct installment 3 — 7 — Residential mortgages 1 — 2 — Consumer lines of credit 2 — 2 — Total consumer loans 6 — 11 — Total 11 $ 1 21 $ 3 |
ALLOWANCE FOR CREDIT LOSSES ON
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES | ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES Beginning January 1, 2020, the former incurred loss method was replaced with the CECL method to calculate estimated loan losses. The CECL model takes into consideration the expected credit losses over the expected life of the loan compared to the incurred loss model under the prior standard. At the time of CECL 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 purchased credit impaired (PCD under CECL) loan balances and the ACL of $50 million. Included in the CECL adoption impact was a Day 1 increase to our AULC of $10 million. 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 (ASC 326) adoption on January 1, 2020. Following is a summary of changes in the ACL, by loan and lease class: TABLE 5.1 (in millions) Balance at Charge- Recoveries Net Provision for Credit Losses Balance at Three Months Ended June 30, 2021 Commercial real estate $ 184 $ (5) $ 2 $ (3) $ (5) $ 176 Commercial and industrial 79 (1) 1 — 2 81 Commercial leases 17 — — — (1) 16 Other 1 (1) — (1) 1 1 Total commercial loans and leases 281 (7) 3 (4) (3) 274 Direct installment 26 — — — 1 27 Residential mortgages 32 — — — 1 33 Indirect installment 11 (1) 1 — 1 12 Consumer lines of credit 12 — — — (1) 11 Total consumer loans 81 (1) 1 — 2 83 Total allowance for credit losses on loans and leases 362 (8) 4 (4) (1) 357 Allowance for unfunded loan commitments 14 — — — — 14 Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 376 $ (8) $ 4 $ (4) $ (1) $ 371 Six Months Ended June 30, 2021 Commercial real estate $ 181 $ (6) $ 3 $ (3) $ (2) $ 176 Commercial and industrial 81 (9) 2 (7) 7 81 Commercial leases 17 — 1 1 (2) 16 Other 1 (2) 1 (1) 1 1 Total commercial loans and leases 280 (17) 7 (10) 4 274 Direct installment 26 — — — 1 27 Residential mortgages 34 — — — (1) 33 Indirect installment 11 (3) 2 (1) 2 12 Consumer lines of credit 12 — — — (1) 11 Total consumer loans 83 (3) 2 (1) 1 83 Total allowance for credit losses on loans and leases 363 (20) 9 (11) 5 357 Allowance for unfunded loan commitments 14 — — — — 14 Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 377 $ (20) $ 9 $ (11) $ 5 $ 371 (in millions) Balance at Charge- Recoveries Net Provision ASC 326 Adoption Impact Initial ACL on PCD Loans Balance at Three Months Ended June 30, 2020 Commercial real estate $ 152 $ (3) $ 1 $ (2) $ 13 $ — $ — $ 163 Commercial and industrial 88 (4) 1 (3) 13 — — 98 Commercial leases 13 — — — 4 — — 17 Other 1 (1) — (1) 1 — — 1 Total commercial loans and leases 254 (8) 2 (6) 31 — — 279 Direct installment 26 — — — (1) — — 25 Residential mortgages 31 — — — 2 — — 33 Indirect installment 21 (2) 1 (1) (3) — — 17 Consumer lines of credit 11 (1) — (1) 1 — — 11 Total consumer loans 89 (3) 1 (2) (1) — — 86 Total allowance for credit losses on loans and leases 343 (11) 3 (8) 30 — — 365 Allowance for unfunded loan commitments (1) 14 — — — 1 — — 15 Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 357 $ (11) $ 3 $ (8) $ 31 $ — $ — $ 380 Six Months Ended June 30, 2020 Commercial real estate $ 60 $ (5) $ 5 $ — $ 25 $ 38 $ 40 $ 163 Commercial and industrial 53 (8) 2 (6) 39 8 4 98 Commercial leases 11 — — — 6 — — 17 Other 9 (2) — (2) 3 (9) — 1 Total commercial loans and leases 133 (15) 7 (8) 73 37 44 279 Direct installment 13 (1) — (1) 2 10 1 25 Residential mortgages 22 — — — 1 6 4 33 Indirect installment 19 (5) 2 (3) (1) 2 — 17 Consumer lines of credit 9 (2) — (2) 3 — 1 11 Total consumer loans 63 (8) 2 (6) 5 18 6 86 Total allowance for credit losses on loans and leases 196 (23) 9 (14) 78 55 50 365 Allowance for unfunded loan commitments (1) 3 — — — 2 10 — 15 Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 199 $ (23) $ 9 $ (14) $ 80 $ 65 $ 50 $ 380 (1) The $1 million for the quarter and $2 million year-to-date provision for the AULC is included in other non-interest expense on the Consolidated Statements of Income. Following is a summary of changes in the AULC by portfolio segment: TABLE 5.2 Three Months Ended Six Months Ended 2021 2020 2021 2020 (in millions) Balance at beginning of period $ 14 $ 14 $ 14 $ 3 Provision for unfunded loan commitments and letters of credit: Commercial portfolio — — — — Consumer portfolio — — — — Other adjustments: Commercial portfolio — 1 — 2 ASC 326 adoption impact: Commercial portfolio — — — 8 Consumer portfolio — — — 2 Balance at end of period $ 14 $ 15 $ 14 $ 15 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 on the ACL Beginning in 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 scenario from the first quarter of 2020 through the third quarter of 2020 for ACL modeling purposes. At June 30, 2021 and December 31, 2020, we utilized a third-party consensus macroeconomic forecast due to the improving macroeconomic environment. Macroeconomic variables that we utilized from this scenario for our ACL calculation as of December 31, 2020 included, but were not limited to: (i) gross domestic product, which reflects growth of 4% in 2021, (ii) the Dow Jones Total Stock Market Index, which grows steadily throughout the R&S forecast period, (iii) unemployment, which steadily declines and averages 6% over the R&S forecast period and (iv) the Volatility Index, which remains stable over the R&S forecast period. For our ACL calculation at June 30, 2021, the macroeconomic variables that we utilized included, but were not limited to: (i) gross domestic product, which reflects growth of 8% in 2021 and 3% in 2022, (ii) the Dow Jones Total Stock Market Index, which remains relatively flat through the R&S forecast period, (iii) unemployment, which averages 4% over the R&S forecast period and (iv) the Volatility Index, which remains stable over the R&S forecast period. The ACL of $356.5 million at June 30, 2021 decreased $6.6 million, or 1.8%, from December 31, 2020 due to the improving macroeconomic environment and positive credit quality trends. Our ending ACL coverage ratio at June 30, 2021 was 1.42%, compared to 1.43% at December 31, 2020. Total provision for credit losses for the three months ended June 30, 2021 was a net benefit of $1.1 million. Net charge-offs were $3.8 million during the three months ended June 30, 2021, compared to $8.5 million during the three months ended June 30, 2020, reflecting COVID-19 impacts on certain segments of the loan portfolio. Total provision for credit losses for the six months ended June 30, 2021 was $4.8 million. Net charge-offs were $11.0 million during the six months ended June 30, 2021, compared to $14.2 million during the six months ended June 30, 2020. |
LOAN SERVICING
LOAN SERVICING | 6 Months Ended |
Jun. 30, 2021 | |
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) June 30, December 31, Mortgage loans sold with servicing retained $ 4,756 $ 4,653 The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 6.2 Three Months Ended Six Months Ended (in millions) 2021 2020 2021 2020 Mortgage loans sold with servicing retained $ 518 $ 416 $ 1,024 $ 676 Pretax net gains resulting from above loan sales (1) 11 15 26 22 Mortgage servicing fees (1) 3 3 6 6 (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 Six Months Ended (in millions) 2021 2020 2021 2020 Balance at beginning of period $ 38.6 $ 34.9 $ 35.6 $ 42.6 Additions 5.7 4.0 10.9 6.5 Payoffs and curtailments (3.5) (4.0) (7.6) (5.9) (Impairment charge) / recovery 0.3 (0.3) 2.8 (8.0) Amortization (0.6) (0.6) (1.2) (1.2) Balance at end of period $ 40.5 $ 34.0 $ 40.5 $ 34.0 Fair value, beginning of period $ 40.2 $ 34.9 $ 35.6 $ 45.0 Fair value, end of period 40.8 34.0 40.8 34.0 We had a $4.5 million valuation allowance for MSRs as of June 30, 2021, compared to $7.3 million at December 31, 2020. 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) June 30, December 31, Weighted average life (months) 70.5 66.6 Constant prepayment rate (annualized) 12.8 % 13.4 % Discount rate 9.5 % 9.5 % Effect on fair value due to change in interest rates: +0.25% $ 3 $ 2 +0.50% 5 4 -0.25% (3) (2) -0.50% (6) (3) 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. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
LEASES | LEASES We have operating leases primarily for certain branches, office space, land and office equipment. We have finance leases for certain branches. Our operating leases expire at various dates through the year 2046 and generally include one or more options to renew. Our finance leases expire at various dates through the year 2051 and generally include one or more options to renew. The exercise of lease renewal options is at our sole discretion. As of June 30, 2021, we had operating lease right-of-use assets operating lease liabilities Our operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of June 30, 2021, 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 $18.8 million in right-of-use assets and other liabilities. These operating leases are currently expected to commence in 2021 with lease terms up to 16 years. The components of lease expense were as follows: TABLE 7.1 Three Months Ended Six Months Ended (dollars in millions) 2021 2020 2021 2020 Operating lease cost $ 7 $ 6 $ 14 $ 13 Variable lease cost 1 1 2 2 Total lease cost $ 8 $ 7 $ 16 $ 15 Other information related to leases is as follows: TABLE 7.2 Six Months Ended (dollars in millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7 $ 13 Operating cash flows from finance leases $ — $ — Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2 $ 4 Finance leases $ 10 $ — Weighted average remaining lease term (years): Operating leases 9.36 9.59 Finance leases 24.34 0 Weighted average discount rate: Operating leases 2.6 % 2.9 % Finance leases 1.9 — Maturities of lease liabilities were as follows: TABLE 7.3 (in millions) Operating Leases Finance Leases Total Leases June 30, 2021 2021 $ 13 $ — $ 13 2022 22 — 22 2023 18 — 18 2024 16 — 16 2025 12 — 12 Later years 67 12 79 Total lease payments 148 12 160 Less: imputed interest (18) (2) (20) Present value of lease liabilities $ 130 $ 10 $ 140 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. |
LEASES | LEASES We have operating leases primarily for certain branches, office space, land and office equipment. We have finance leases for certain branches. Our operating leases expire at various dates through the year 2046 and generally include one or more options to renew. Our finance leases expire at various dates through the year 2051 and generally include one or more options to renew. The exercise of lease renewal options is at our sole discretion. As of June 30, 2021, we had operating lease right-of-use assets operating lease liabilities Our operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of June 30, 2021, 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 $18.8 million in right-of-use assets and other liabilities. These operating leases are currently expected to commence in 2021 with lease terms up to 16 years. The components of lease expense were as follows: TABLE 7.1 Three Months Ended Six Months Ended (dollars in millions) 2021 2020 2021 2020 Operating lease cost $ 7 $ 6 $ 14 $ 13 Variable lease cost 1 1 2 2 Total lease cost $ 8 $ 7 $ 16 $ 15 Other information related to leases is as follows: TABLE 7.2 Six Months Ended (dollars in millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7 $ 13 Operating cash flows from finance leases $ — $ — Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2 $ 4 Finance leases $ 10 $ — Weighted average remaining lease term (years): Operating leases 9.36 9.59 Finance leases 24.34 0 Weighted average discount rate: Operating leases 2.6 % 2.9 % Finance leases 1.9 — Maturities of lease liabilities were as follows: TABLE 7.3 (in millions) Operating Leases Finance Leases Total Leases June 30, 2021 2021 $ 13 $ — $ 13 2022 22 — 22 2023 18 — 18 2024 16 — 16 2025 12 — 12 Later years 67 12 79 Total lease payments 148 12 160 Less: imputed interest (18) (2) (20) Present value of lease liabilities $ 130 $ 10 $ 140 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 | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIESWe 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 table provides a summary of the assets and liabilities included in our Consolidated Financial Statements, as well as the maximum exposure to losses, associated with our interests related to VIEs for which we hold an interest, but are not the primary beneficiary, at June 30, 2021 and December 31, 2020. TABLE 8.1 (in millions) Total Assets Total Liabilities Maximum Exposure to Loss June 30, 2021 Trust preferred securities (1) $ 1 $ 66 $ — Affordable housing tax credit partnerships 117 43 117 Other investments 25 4 25 Total $ 143 $ 113 $ 142 December 31, 2020 Trust preferred securities (1) $ 1 $ 66 $ — Affordable housing tax credit partnerships 119 45 119 Other investments 26 8 26 Total $ 146 $ 119 $ 145 (1) Represents our investment in unconsolidated subsidiaries. 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. For additional information relating to our TPS, see Note 9, “Borrowings” in the Notes to Consolidated Financial Statements. 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 8.2 (in millions) June 30, December 31, Proportional amortization method investments included in other assets $ 72 $ 71 Equity method investments included in other assets 2 3 Total LIHTC investments included in other assets $ 74 $ 74 Unfunded LIHTC commitments $ 43 $ 45 The following table summarizes the impact of these LIHTC investments on specific line items of our Consolidated Statements of Income: TABLE 8.3 Three Months Ended Six Months Ended (in millions) 2021 2020 2021 2020 Non-interest income: Amortization of tax credit investments under equity method, net of tax benefit $ 1 $ 1 $ 1 $ 1 Provision for income taxes: Amortization of LIHTC investments under proportional method $ 4 $ 3 $ 7 $ 6 Low-income housing tax credits (4) (3) (7) (6) Other tax benefits related to tax credit investments (1) (1) (2) (2) Total impact on provision for income taxes $ (1) $ (1) $ (2) $ (2) Other Investments Other investments we also consider to be unconsolidated VIE’s include investments in Small Business Investment Companies, Historic Tax Credit Investments, and other equity method investments. |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Following is a summary of short-term borrowings: TABLE 9.1 (in millions) June 30, December 31, Securities sold under repurchase agreements $ 393 $ 403 Federal Home Loan Bank advances 1,130 1,280 Subordinated notes 127 121 Total short-term borrowings $ 1,650 $ 1,804 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 June 30, 2021 or December 31, 2020. At June 30, 2021, $1.1 billion, or 100.0%, of the short-term FHLB advances were swapped to a fixed rate with maturities in 2021. This compares to $1.3 billion, or 100.0%, as of December 31, 2020. Following is a summary of long-term borrowings: TABLE 9.2 (in millions) June 30, December 31, Federal Home Loan Bank advances $ 200 $ 400 Senior notes 299 299 Subordinated notes 75 81 Junior subordinated debt 66 66 Other subordinated debt 248 249 Total long-term borrowings $ 888 $ 1,095 Our banking affiliate has available credit with the FHLB of $8.2 billion, of which $1.3 billion was utilized as of June 30, 2021. 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 2021. Effective interest rates paid on the long-term advances ranged from 0.26% to 0.29% for the six months ended June 30, 2021 and 0.30% to 0.34% for the year ended December 31, 2020. The following table provides information relating to our senior debt and other subordinated debt as of June 30, 2021. These debt issuances are fixed-rate, with the exception of the Subordinated Notes due in 2029, which are fixed-rate and become floating-rate after February 14, 2024. The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes. TABLE 9.3 (dollars in millions) Aggregate Principal Amount Issued Net Proceeds (2) Carrying Value Stated Maturity Date Interest 2.20% Senior Notes due February 24, 2023 $ 300 $ 298 $ 299 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 4.875 % 7.625% Subordinated Notes due August 12, 2023 (1) 38 46 31 8/12/2023 7.625 % Total $ 558 $ 560 $ 547 (1) Assumed from a prior acquisition 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 a prior acquisition, 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 VIEs, 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 June 30, 2021: TABLE 9.4 (dollars in millions) Trust Common Junior Stated Interest Rate Rate Reset Factor F.N.B. Statutory Trust II $ 22 $ 1 $ 22 6/15/2036 1.77 % LIBOR + 165 basis points (bps) Yadkin Valley Statutory Trust I 25 1 22 12/15/2037 1.44 % LIBOR + 132 bps FNB Financial Services Capital Trust I 25 1 22 9/30/2035 1.61 % LIBOR + 146 bps Total $ 72 $ 3 $ 66 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 6 Months Ended |
Jun. 30, 2021 | |
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 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 10.1 June 30, 2021 December 31, 2020 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 $ 1,180 $ 2 $ — $ 1,430 $ 3 $ — Interest rate swaps – not designated 5,033 2 27 4,791 — 37 Total subject to master netting arrangements 6,213 4 27 6,221 3 37 Not subject to master netting arrangements: Interest rate swaps – not designated 5,033 234 12 4,791 349 — Interest rate lock commitments – not designated 501 14 — 531 24 — Forward delivery commitments – not designated 509 — 1 500 — 2 Credit risk contracts – not designated 446 — 1 437 — 1 Total not subject to master netting arrangements 6,489 248 14 6,259 373 3 Total $ 12,702 $ 252 $ 41 $ 12,480 $ 376 $ 40 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. We adopted RRR on October 1, 2020, and the guidance will be followed until the Update terminates on December 31, 2022. As of October 16, 2020, we changed our valuation methodology to reflect changes made by central clearinghouses that changed the discounting methodology and interest calculation of cash migration from overnight index swap (OIS) to SOFR for U.S. dollar cleared interest rate swaps to better reflect prices obtainable in the markets in which we transact. Certain of these valuation methodology changes were applied to eligible hedging relationships. Accordingly, we have updated our hedge documentation to reflect the election of certain expedients and exceptions related to our cash flow hedging programs. The change in valuation methodology was applied prospectively as a change in accounting estimate and did not have a material impact on our consolidated financial position or results of operations. 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. The following table shows amounts reclassified from AOCI: TABLE 10.2 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 Six Months Ended Six Months Ended (in millions) 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate contracts $ 5 $ (51) Interest income (expense) $ (9) $ (4) The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships: TABLE 10.3 Six months ended June 30, 2021 2020 (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) $ 445 $ 14 $ 511 $ 22 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 (10) 1 (5) As of June 30, 2021, the maximum length of time over which forecasted interest cash flows are hedged is 3.4 years. In the twelve months that follow June 30, 2021, we expect to reclassify from the amount currently reported in AOCI net derivative losses of $17.7 million ($13.8 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 June 30, 2021. 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 six months ended June 30, 2021 and 2020, 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 15, "Derivative Instruments and Hedging Activities" in the Consolidated Financial Statements included in our 2020 Annual Report on Form 10-K filed with the SEC on February 25, 2021. Interest rate swap agreements with loan customers and with the offsetting counterparties are 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 $313.1 million as of June 30, 2021 have remaining terms ranging from one year 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 $0.4 million at June 30, 2021 and $0.6 million at December 31, 2020. The fair values of risk participation agreements purchased and sold were $0.1 million and $0.4 million, respectively, at June 30, 2021 and $0.2 million and $0.6 million, respectively at December 31, 2020. The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income: TABLE 10.4 Six Months Ended (in millions) Consolidated Statements of Income Location 2021 2020 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 $0.3 million as of June 30, 2021 and December 31, 2020, 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 10.5 Amount Not Offset in the (in millions) Net Amount Financial Cash Net June 30, 2021 Derivative Assets Interest rate contracts: Designated $ 2 $ — $ 2 $ — Not designated 2 — 2 — Total $ 4 $ — $ 4 $ — Derivative Liabilities Interest rate contracts: Not designated $ 27 $ — $ 27 $ — Total $ 27 $ — $ 27 $ — December 31, 2020 Derivative Assets Interest rate contracts: Designated $ 3 $ — $ 3 $ — Total $ 3 $ — $ 3 $ — Derivative Liabilities Interest rate contracts: Not designated $ 37 $ — $ 37 $ — Total $ 37 $ — $ 37 $ — |
COMMITMENTS, CREDIT RISK AND CO
COMMITMENTS, CREDIT RISK AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
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 11.1 (in millions) June 30, December 31, Commitments to extend credit $ 10,596 $ 9,285 Standby letters of credit 199 158 At June 30, 2021, funding of 72.9% 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. Our AULC for commitments that are not unconditionally cancellable, which is included in other liabilities on the Consolidated Balance Sheets, was $14.1 million at June 30, 2021. Additional information relating to the AULC is provided in Note 5, "Allowance for Credit Losses on Loans and Leases" in the Notes to Consolidated Financial Statements. 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 9, “Borrowings” in the Notes to Consolidated Financial Statements. 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 FNB 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 | 6 Months Ended |
Jun. 30, 2021 | |
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 1,102,607 and 1,988,225 restricted stock units during the six months ended June 30, 2021 and 2020, respectively, including 325,284 and 571,932 performance-based restricted stock units during those same periods, respectively. As of June 30, 2021, we had available up to 4,217,702 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 12.1 Six Months Ended June 30, 2021 2020 Units Weighted Units Weighted Unvested units outstanding at beginning of period 4,322,115 $ 9.46 2,858,357 $ 12.56 Granted 1,102,607 12.66 1,988,225 6.95 Net adjustment due to performance 327,256 11.84 — — Vested (1,229,683) 12.16 (591,880) 14.50 Forfeited/expired/canceled (75,132) 11.55 (159,760) 13.36 Dividend reinvestment 84,619 13.10 104,501 8.02 Unvested units outstanding at end of period 4,531,782 9.71 4,199,443 9.48 The following table provides certain information related to restricted stock units: TABLE 12.2 (in millions) Six Months Ended 2021 2020 Stock-based compensation expense $ 14 $ 11 Tax benefit related to stock-based compensation expense 3 2 Fair value of units vested 15 4 As of June 30, 2021, there was $14.3 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. The components of the restricted stock units as of June 30, 2021 are as follows: TABLE 12.3 (dollars in millions) Service- Performance- Total Unvested restricted stock units 2,980,437 1,551,345 4,531,782 Unrecognized compensation expense $ 12 $ 2 $ 14 Intrinsic value $ 37 $ 19 $ 56 Weighted average remaining life (in years) 2.02 1.08 1.70 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 June 30, 2021, we had 170,647 stock options outstanding and exercisable at a weighted average exercise price per share of $8.75, compared to 212,982 stock options outstanding and exercisable at a weighted average exercise price per share of $8.32 as of June 30, 2020. The intrinsic value of outstanding and exercisable stock options at June 30, 2021 was $0.6 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 | 6 Months Ended |
Jun. 30, 2021 | |
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 13.1 Three Months Ended Six Months Ended (dollars in millions) 2021 2020 2021 2020 Current income taxes: Federal taxes $ 19 $ 39 $ 40 $ 46 State taxes 1 3 3 5 Total current income taxes 20 42 43 51 Deferred income taxes: Federal taxes 4 (26) 3 (24) State taxes 1 — 1 — Total deferred income taxes 5 (26) 4 (24) Total income taxes $ 25 $ 16 $ 47 $ 27 Statutory tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effective tax rate 19.7 16.0 19.3 17.0 The effective tax rates for the six months ended June 30, 2021 and June 30, 2020 were lower than the statutory federal tax rate primarily due to tax benefits resulting from tax-exempt income on investments and loans, tax credits and income from BOLI. The lower tax effective tax rate in 2020 is primarily due to lower pre-tax income levels and the impact from renewable energy investment tax credits realized in the second quarter of 2020. 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 $50.0 million and $51.0 million at June 30, 2021 and December 31, 2020, respectively. |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME The following table presents changes in AOCI, net of tax, by component: TABLE 14.1 (in millions) Unrealized Unrealized Unrecognized Total Six Months Ended June 30, 2021 Balance at beginning of period $ 65 $ (40) $ (64) $ (39) Other comprehensive (loss) income before reclassifications (19) 4 1 (14) Amounts reclassified from AOCI — 7 — 7 Net current period other comprehensive (loss) income (19) 11 1 (7) Balance at end of period $ 46 $ (29) $ (63) $ (46) 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 in cash flow hedge programs are generally 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 | 6 Months Ended |
Jun. 30, 2021 | |
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. 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 15.1 Three Months Ended Six Months Ended ( dollars in millions, except per share data) 2021 2020 2021 2020 Net income $ 102 $ 84 $ 195 $ 131 Less: Preferred stock dividends 2 2 4 4 Net income available to common stockholders $ 100 $ 82 $ 191 $ 127 Basic weighted average common shares outstanding 319,599,352 323,304,237 320,283,480 323,775,973 Net effect of dilutive stock options, warrants and restricted stock 3,728,813 1,848,335 3,744,783 1,939,894 Diluted weighted average common shares outstanding 323,328,165 325,152,572 324,028,263 325,715,867 Earnings per common share: Basic $ 0.31 $ 0.25 $ 0.60 $ 0.39 Diluted $ 0.31 $ 0.25 $ 0.59 $ 0.39 The following table shows the average shares excluded from the above calculation as their effect would have been anti-dilutive: TABLE 15.2 Three Months Ended Six Months Ended 2021 2020 2021 2020 Average shares excluded from the diluted earnings per common share calculation — 40,778 — 15,301 |
CASH FLOW INFORMATION
CASH FLOW INFORMATION | 6 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
CASH FLOW INFORMATION | CASH FLOW INFORMATION Following is a summary of supplemental cash flow information: TABLE 16.1 Six Months Ended (in millions) 2021 2020 Interest paid on deposits and other borrowings $ 55 $ 129 Income taxes paid 38 — Transfers of loans to other real estate owned 2 1 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Jun. 30, 2021 | |
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 brokerage service 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 17.1 (in millions) Community Wealth Insurance Parent and Consolidated At or for the Three Months Ended June 30, 2021 Interest income $ 253 $ — $ — $ — $ 253 Interest expense 22 — — 3 25 Net interest income 231 — — (3) 228 Provision for credit losses (2) — — 1 (1) Non-interest income 60 15 7 (2) 80 Non-interest expense (1) 162 10 5 2 179 Amortization of intangibles 2 — 1 — 3 Income tax expense (benefit) 26 1 1 (3) 25 Net income (loss) 103 4 — (5) 102 Total assets 38,288 42 35 41 38,406 Total intangibles 2,273 9 28 — 2,310 At or for the Three Months Ended June 30, 2020 Interest income $ 280 $ — $ — $ 1 $ 281 Interest expense 46 — — 6 52 Net interest income 234 — — (5) 229 Provision for credit losses 30 — — — 30 Non-interest income 65 11 5 (4) 77 Non-interest expense (1) 157 8 4 3 172 Amortization of intangibles 3 — 1 — 4 Income tax expense (benefit) 17 — — (1) 16 Net income (loss) 92 3 — (11) 84 Total assets 37,598 33 36 54 37,721 Total intangibles 2,285 9 29 — 2,323 (1) Excludes amortization of intangibles, which is presented separately. (in millions) Community Wealth Insurance Parent and Consolidated At or for the Six Months Ended June 30, 2021 Interest income $ 504 $ — $ — $ — $ 504 Interest expense 47 — — 6 53 Net interest income 457 — — (6) 451 Provision for credit losses 4 — — 1 5 Non-interest income 123 30 13 (3) 163 Non-interest expense (1) 327 20 10 4 361 Amortization of intangibles 5 — 1 — 6 Income tax expense (benefit) 48 2 1 (4) 47 Net income (loss) 196 8 1 (10) 195 Total assets 38,288 42 35 41 38,406 Total intangibles 2,273 9 28 — 2,310 At or for the Six Months Ended June 30, 2020 Interest income $ 586 $ — $ — $ 1 $ 587 Interest expense 114 — — 12 126 Net interest income 472 — — (11) 461 Provision for credit losses 78 — — — 78 Non-interest income 117 24 11 (6) 146 Non-interest expense (1) 333 18 9 4 364 Amortization of intangibles 6 — 1 — 7 Income tax expense (benefit) 29 1 — (3) 27 Net income (loss) 143 5 1 (18) 131 Total assets 37,598 33 36 54 37,721 Total intangibles 2,285 9 29 — 2,323 (1) Excludes amortization of intangibles, which is presented separately. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Refer to Note 25 "Fair Value Measurements" to the Consolidated Financial Statements included in our 2020 Annual Report on Form 10-K filed with the SEC on February 25, 2021 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 18.1 (in millions) Level 1 Level 2 Level 3 Total June 30, 2021 Assets Measured at Fair Value Debt securities available for sale U.S. government agencies $ — $ 167 $ — $ 167 U.S. government-sponsored entities — 160 — 160 Residential mortgage-backed securities: Agency mortgage-backed securities — 1,216 — 1,216 Agency collateralized mortgage obligations — 1,226 — 1,226 Commercial mortgage-backed securities — 322 — 322 States of the U.S. and political subdivisions (municipals) — 33 — 33 Other debt securities — 2 — 2 Total debt securities available for sale — 3,126 — 3,126 Loans held for sale — 159 — 159 Derivative financial instruments Trading — 236 — 236 Not for trading — 2 14 16 Total derivative financial instruments — 238 14 252 Total assets measured at fair value on a recurring basis $ — $ 3,523 $ 14 $ 3,537 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 39 $ — $ 39 Not for trading — 2 — 2 Total derivative financial instruments — 41 — 41 Total liabilities measured at fair value on a recurring basis $ — $ 41 $ — $ 41 (in millions) Level 1 Level 2 Level 3 Total December 31, 2020 Assets Measured at Fair Value Debt securities available for sale U.S. Treasury $ 600 $ — $ — $ 600 U.S. government agencies — 172 — 172 U.S. government-sponsored entities — 161 — 161 Residential mortgage-backed securities: Agency mortgage-backed securities — 994 — 994 Agency collateralized mortgage obligations — 1,124 — 1,124 Commercial mortgage-backed securities — 378 — 378 States of the U.S. and political subdivisions (municipals) — 32 — 32 Other debt securities — 2 — 2 Total debt securities available for sale 600 2,863 — 3,463 Loans held for sale — 144 — 144 Derivative financial instruments Trading — 349 — 349 Not for trading — 3 24 27 Total derivative financial instruments — 352 24 376 Total assets measured at fair value on a recurring basis $ 600 $ 3,359 $ 24 $ 3,983 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 37 $ — $ 37 Not for trading — 3 — 3 Total derivative financial instruments — 40 — 40 Total liabilities measured at fair value on a recurring basis $ — $ 40 $ — $ 40 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 18.2 (in millions) Interest Total Six Months Ended June 30, 2021 Balance at beginning of period $ 24 $ 24 Purchases, issuances, sales and settlements: Issuances 14 14 Settlements (24) (24) Balance at end of period $ 14 $ 14 Year Ended December 31, 2020 Balance at beginning of period $ 3 $ 3 Purchases, issuances, sales and settlements: Issuances 24 24 Settlements (3) (3) Balance at end of period $ 24 $ 24 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 six months of 2021 or 2020. 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 25, "Fair Value Measurements" to the Consolidated Financial Statements included in 2020 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 18.3 (in millions) Level 1 Level 2 Level 3 Total June 30, 2021 Collateral dependent loans $ — $ — $ 9 $ 9 Other assets - MSRs — — 12 12 Other assets - SBA servicing asset — — 4 4 Other real estate owned — — 1 1 December 31, 2020 Collateral dependent loans $ — $ — $ 45 $ 45 Other assets - MSRs — — 36 36 Other assets - SBA servicing asset — — 3 3 Other real estate owned — — 3 3 The fair value amounts for collateral dependent loans and OREO in the table above were estimated at a date during the six months or twelve months ended June 30, 2021 and December 31, 2020, respectively. Consequently, the fair value information presented is not necessarily as of the period’s end. Collateral dependent loans measured or re-measured at fair value on a non-recurring basis during the six months ended June 30, 2021 had a carrying amount of $9.0 million, which includes an allocated ACL of $7.4 million. The ACL includes a provision applicable to the current period fair value measurements of $0.6 million, which was included in provision for credit losses for the six months ended June 30, 2021. MSRs measured at fair value on a non-recurring basis had a carrying value of $11.7 million, which included a valuation allowance of $4.5 million, as of June 30, 2021. The valuation allowance includes a recovery of $2.8 million included in earnings for the six months ended June 30, 2021. SBA servicing assets measured at fair value on a non-recurring basis had a carrying value of $3.4 million, which included a valuation allowance of $0.8 million, as of June 30, 2021. The valuation allowance includes a recovery of $0.3 million included in earnings for the six months ended June 30, 2021. OREO measured at fair value on a non-recurring basis during 2021 had a carrying amount of $0.6 million, which included a valuation allowance of $0.2 million, as of June 30, 2021. The valuation allowance includes a loss of $0.2 million, which was included in earnings for the six months ended June 30, 2021. Fair Value of Financial Instruments Refer to Note 25, "Fair Value Measurements" to the Consolidated Financial Statements included in our 2020 Annual Report on Form 10-K filed with the SEC on February 25, 2021 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 18.4 Fair Value Measurements (in millions) Carrying Fair Level 1 Level 2 Level 3 June 30, 2021 Financial Assets Cash and cash equivalents $ 2,944 $ 2,944 $ 2,944 $ — $ — Debt securities available for sale 3,126 3,126 — 3,126 — Debt securities held to maturity 3,135 3,217 1 3,216 — Net loans and leases, including loans held for sale 24,931 24,621 — 159 24,462 Loan servicing rights 44 45 — — 45 Derivative assets 252 252 — 238 14 Accrued interest receivable 83 83 83 — — Financial Liabilities Deposits 30,469 30,485 27,268 3,217 — Short-term borrowings 1,650 1,653 1,653 — — Long-term borrowings 888 906 — — 906 Derivative liabilities 41 41 — 41 — Accrued interest payable 11 11 11 — — December 31, 2020 Financial Assets Cash and cash equivalents $ 1,383 $ 1,383 $ 1,383 $ — $ — Debt securities available for sale 3,463 3,463 600 2,863 — Debt securities held to maturity 2,868 2,973 — 2,973 — Net loans and leases, including loans held for sale 25,250 25,012 — 144 24,868 Loan servicing rights 39 39 — — 39 Derivative assets 376 376 — 352 24 Accrued interest receivable 90 90 90 — — Financial Liabilities Deposits 29,122 29,158 25,460 3,698 — Short-term borrowings 1,804 1,809 1,809 — — Long-term borrowings 1,095 1,068 — — 1,068 Derivative liabilities 40 40 — 40 — Accrued interest payable 13 13 13 — — |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSPending Acquisition – Howard Bancorp, Inc.On July 12, 2021, the Corporation entered into a definitive merger agreement to acquire Howard, a bank holding company based in Baltimore, Maryland with approximately $2.6 billion in total assets. The transaction is valued at approximately $418 million. Under the terms of the merger agreement, Howard voting common shareholders will be entitled to receive 1.8 shares of the Corporation’s common stock for each share of Howard common stock. The Corporation expects to issue approximately 33.8 million shares of its common stock in exchange for approximately 18.8 million shares of Howard common stock. Howard’s banking affiliate, Howard Bank, will be merged into FNBPA. The transaction is expected to be completed in early 2022, pending satisfaction of customary closing conditions, including regulatory approvals and the approval of Howard's shareholders. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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, F.N.B. Capital Corporation, LLC and Waubank Securities, LLC, and include results for each of these entities in the accompanying Consolidated Financial Statements. Companies in which we hold 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 have an obligation to absorb losses or the right to receive benefits which could potentially be significant to the VIE, are consolidated. For a voting interest entity, a controlling financial interest is generally where we hold more than 50% of the outstanding voting shares. 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 an obligation to absorb losses or the right to receive benefits 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 or the cost method when we do not 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 June 30, 2021 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 2020 Annual Report on Form 10-K filed with the SEC on February 25, 2021. |
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, fair value of financial instruments, goodwill and other intangible assets, income taxes and deferred tax assets and litigation reserves, which are listed in the critical accounting estimates. For a detailed description of our significant accounting policies and critical accounting estimates, see Note 1, "Summary of Significant Accounting Policies" and the "Application of Critical Accounting Policies" section in the MD&A, both in our 2020 Annual Report on Form 10-K . |
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 Reference Rate Reform ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU 2021-01, Reference Rate Reform (Topic 848): Scope These Updates provide temporary optional expedients and exceptions for applying GAAP to financial contracts, hedging relationships and other transactions affected by RRR if certain criteria are met. The following optional expedients, exceptions and elections are permitted for certain contracts that are modified because of RRR and meet certain scope guidance: • Contract modifications may be accounted for prospectively as a continuation of existing contracts rather than a new contract without remeasurement or reassessment of significant contract amendments • modifications of leases to be accounted for as a continuation of the existing contracts without reassessment of lease classification and discount rate or remeasurement of lease payments • to not reassess the original conclusion about whether a contract contains an embedded derivative that is clearly and closely related to the host contract • changes to critical terms of hedging relationships, on a hedge-by-hedge basis, without designation of the hedging relationship and various practical expedients and elections designed to allow hedge accounting to continue uninterrupted • modifications of certain derivatives modified to change the rate used for margining, discounting or contract price alignment. For securities affected by RRR that were classified as HTM before January 1, 2020, the Updates also allow an entity to make a one-time election to sell and/or transfer these securities to AFS or Trading. RRR Updates are effective for all entities from the beginning of an interim period that includes or is subsequent to March 12, 2020 and terminates on December 31, 2022 on a full retrospective or prospective basis. Although we do not expect RRR to have a material accounting impact on our consolidated financial position or results of operations, the Updates will ease the administrative burden in accounting for the effects of RRR. We adopted these updates on October 1, 2020 by retrospective application. The adoption did not have a material impact on our consolidated financial position or results of operations. We will continue to assess the impact of adoption through the termination date of these Updates on December 31, 2022. |
NEW ACCOUNTING STANDARDS (Table
NEW ACCOUNTING STANDARDS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table summarizes accounting pronouncements issued by the FASB that we recently adopted. TABLE 2.1 Standard Description Financial Statements Impact Reference Rate Reform ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU 2021-01, Reference Rate Reform (Topic 848): Scope These Updates provide temporary optional expedients and exceptions for applying GAAP to financial contracts, hedging relationships and other transactions affected by RRR if certain criteria are met. The following optional expedients, exceptions and elections are permitted for certain contracts that are modified because of RRR and meet certain scope guidance: • Contract modifications may be accounted for prospectively as a continuation of existing contracts rather than a new contract without remeasurement or reassessment of significant contract amendments • modifications of leases to be accounted for as a continuation of the existing contracts without reassessment of lease classification and discount rate or remeasurement of lease payments • to not reassess the original conclusion about whether a contract contains an embedded derivative that is clearly and closely related to the host contract • changes to critical terms of hedging relationships, on a hedge-by-hedge basis, without designation of the hedging relationship and various practical expedients and elections designed to allow hedge accounting to continue uninterrupted • modifications of certain derivatives modified to change the rate used for margining, discounting or contract price alignment. For securities affected by RRR that were classified as HTM before January 1, 2020, the Updates also allow an entity to make a one-time election to sell and/or transfer these securities to AFS or Trading. RRR Updates are effective for all entities from the beginning of an interim period that includes or is subsequent to March 12, 2020 and terminates on December 31, 2022 on a full retrospective or prospective basis. Although we do not expect RRR to have a material accounting impact on our consolidated financial position or results of operations, the Updates will ease the administrative burden in accounting for the effects of RRR. We adopted these updates on October 1, 2020 by retrospective application. The adoption did not have a material impact on our consolidated financial position or results of operations. We will continue to assess the impact of adoption through the termination date of these Updates on December 31, 2022. |
SECURITIES (Tables)
SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Securities Available for Sale | TABLE 3.1 (in millions) Amortized Gross Gross Fair Debt Securities AFS: June 30, 2021 U.S. government agencies $ 165 $ 2 $ — $ 167 U.S. government-sponsored entities 160 1 (1) 160 Residential mortgage-backed securities: Agency mortgage-backed securities 1,187 29 — 1,216 Agency collateralized mortgage obligations 1,208 23 (5) 1,226 Commercial mortgage-backed securities 313 10 (1) 322 States of the U.S. and political subdivisions (municipals) 33 — — 33 Other debt securities 2 — — 2 Total debt securities AFS $ 3,068 $ 65 $ (7) $ 3,126 (in millions) Amortized Gross Gross Fair Debt Securities AFS: December 31, 2020 U.S. Treasury $ 600 $ — $ — $ 600 U.S. government agencies 172 — — 172 U.S. government-sponsored entities 160 1 — 161 Residential mortgage-backed securities: Agency mortgage-backed securities 959 35 — 994 Agency collateralized mortgage obligations 1,094 31 (1) 1,124 Commercial mortgage-backed securities 361 17 — 378 States of the U.S. and political subdivisions (municipals) 32 — — 32 Other debt securities 2 — — 2 Total debt securities AFS $ 3,380 $ 84 $ (1) $ 3,463 |
Schedule of Amortized Cost and Fair Value of Securities Held to Maturity | TABLE 3.2 (in millions) Amortized Gross Gross Fair Debt Securities HTM: June 30, 2021 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 1 — — 1 U.S. government-sponsored entities 40 — — 40 Residential mortgage-backed securities: Agency mortgage-backed securities 1,116 23 (1) 1,138 Agency collateralized mortgage obligations 626 12 (3) 635 Commercial mortgage-backed securities 299 6 (1) 304 States of the U.S. and political subdivisions (municipals) 1,052 46 — 1,098 Total debt securities HTM $ 3,135 $ 87 $ (5) $ 3,217 (in millions) Amortized Gross Gross Fair Debt Securities HTM: December 31, 2020 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 1 — — 1 U.S. government-sponsored entities 120 1 — 121 Residential mortgage-backed securities: Agency mortgage-backed securities 769 29 — 798 Agency collateralized mortgage obligations 562 17 — 579 Commercial mortgage-backed securities 307 10 — 317 States of the U.S. and political subdivisions (municipals) 1,108 48 — 1,156 Total debt securities HTM $ 2,868 $ 105 $ — $ 2,973 |
Amortized Cost and Fair Value of Securities, by Contractual Maturities | As of June 30, 2021, the amortized cost and fair value of debt securities, by contractual maturities, were as follows: TABLE 3.3 Available for Sale Held to Maturity (in millions) Amortized Fair Amortized Fair Due in one year or less $ 85 $ 86 $ 40 $ 40 Due after one year but within five years 95 94 22 22 Due after five years but within ten years 110 111 128 131 Due after ten years 70 71 904 947 360 362 1,094 1,140 Residential mortgage-backed securities: Agency mortgage-backed securities 1,187 1,216 1,116 1,138 Agency collateralized mortgage obligations 1,208 1,226 626 635 Commercial mortgage-backed securities 313 322 299 304 Total debt securities $ 3,068 $ 3,126 $ 3,135 $ 3,217 |
Schedule of Securities Pledged as Collateral | Following is information relating to securities pledged: TABLE 3.4 (dollars in millions) June 30, December 31, Securities pledged (carrying value): To secure public deposits, trust deposits and for other purposes as required by law $ 5,338 $ 5,384 As collateral for short-term borrowings 403 402 Securities pledged as a percent of total securities 91.7 % 91.4 % |
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 security type and length of continuous loss position: TABLE 3.5 Less than 12 Months 12 Months or More Total (dollars in millions) # Fair Unrealized # Fair Unrealized # Fair Unrealized Debt Securities AFS June 30, 2021 U.S. government agencies 1 $ — $ — 11 $ 22 $ — 12 $ 22 $ — U.S. government-sponsored entities 2 74 (1) — — — 2 74 (1) Residential mortgage-backed securities: Agency mortgage-backed securities 3 152 — — — — 3 152 — Agency collateralized mortgage obligations 12 493 (5) — — — 12 493 (5) Commercial mortgage-backed securities 2 37 (1) — — — 2 37 (1) States of the U.S. and political subdivisions (municipals) 4 10 — — — — 4 10 — Other debt securities — — — 1 2 — 1 2 — Total 24 $ 766 $ (7) 12 $ 24 $ — 36 $ 790 $ (7) Less than 12 Months 12 Months or More Total (dollars in millions) # Fair Unrealized # Fair Unrealized # Fair Unrealized Debt Securities AFS December 31, 2020 U.S. government agencies 1 $ 13 $ — 16 $ 69 $ — 17 $ 82 $ — U.S. government-sponsored entities 1 25 — — — — 1 25 — Residential mortgage-backed securities: Agency collateralized mortgage obligations 5 130 (1) — — — 5 130 (1) Other debt securities — — — 1 2 — 1 2 — Total 7 $ 168 $ (1) 17 $ 71 $ — 24 $ 239 $ (1) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Summary of Loans and Leases, Net of Unearned Income | Following is a summary of total loans and leases, net of unearned income: TABLE 4.1 (in millions) June 30, 2021 December 31, 2020 Commercial real estate $ 9,793 $ 9,731 Commercial and industrial 6,619 7,214 Commercial leases 477 485 Other 80 40 Total commercial loans and leases 16,969 17,470 Direct installment 2,145 2,020 Residential mortgages 3,505 3,433 Indirect installment 1,223 1,218 Consumer lines of credit 1,269 1,318 Total consumer loans 8,142 7,989 Total loans and leases, net of unearned income $ 25,111 $ 25,459 |
Certain Information Relating to Commercial Real Estate Loans | The following table shows occupancy information relating to commercial real estate loans: TABLE 4.2 (dollars in millions) June 30, December 31, Commercial real estate: Percent owner-occupied 28.0 % 28.1 % Percent non-owner-occupied 72.0 71.9 |
Summary of Loan, Credit Quality Indicators | We use an internal risk rating assigned to a commercial loan or lease at origination, summarized below. TABLE 4.3 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 tables summarize the designated loan rating category by loan class including term loans on an amortized cost basis by origination year: TABLE 4.4 June 30, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total (in millions) COMMERCIAL Commercial Real Estate: Risk Rating: Pass $ 767 $ 1,822 $ 1,784 $ 1,008 $ 862 $ 2,556 $ 123 $ 8,922 Special Mention 16 13 34 118 134 173 4 492 Substandard — 8 34 42 58 234 3 379 Total commercial real estate 783 1,843 1,852 1,168 1,054 2,963 130 9,793 Commercial and Industrial: Risk Rating: Pass 1,494 1,529 848 463 251 332 1,243 6,160 Special Mention — 34 17 17 19 76 46 209 Substandard 3 8 20 60 42 27 90 250 Total commercial and industrial 1,497 1,571 885 540 312 435 1,379 6,619 Commercial Leases: Risk Rating: Pass 84 141 116 64 49 4 — 458 Special Mention — — — 2 3 2 — 7 Substandard — 6 3 2 1 — — 12 Total commercial leases 84 147 119 68 53 6 — 477 Other Commercial: Risk Rating: Pass 12 — — — — 3 64 79 Substandard — — — — — 1 — 1 Total other commercial 12 — — — — 4 64 80 Total commercial 2,376 3,561 2,856 1,776 1,419 3,408 1,573 16,969 CONSUMER Direct Installment: Current 450 630 267 159 117 507 — 2,130 Past due — 1 1 1 1 11 — 15 Total direct installment 450 631 268 160 118 518 — 2,145 Residential Mortgages: Current 695 1,022 503 194 275 778 1 3,468 Past due — 1 3 4 2 27 — 37 Total residential mortgages 695 1,023 506 198 277 805 1 3,505 Indirect Installment: Current 285 322 205 247 99 57 — 1,215 Past due — 2 2 2 1 1 — 8 Total indirect installment 285 324 207 249 100 58 — 1,223 Consumer Lines of Credit: Current 7 3 5 7 3 128 1,104 1,257 Past due — — — — — 10 2 12 Total consumer lines of credit 7 3 5 7 3 138 1,106 1,269 Total consumer 1,437 1,981 986 614 498 1,519 1,107 8,142 Total loans and leases $ 3,813 $ 5,542 $ 3,842 $ 2,390 $ 1,917 $ 4,927 $ 2,680 $ 25,111 December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total (in millions) COMMERCIAL Commercial Real Estate: Risk Rating: Pass $ 1,879 $ 1,854 $ 1,135 $ 927 $ 888 $ 1,911 $ 163 $ 8,757 Special Mention 9 30 80 158 70 163 4 514 Substandard 4 32 29 81 116 192 6 460 Total commercial real estate 1,892 1,916 1,244 1,166 1,074 2,266 173 9,731 Commercial and Industrial: Risk Rating: Pass 3,286 1,007 590 304 120 311 1,095 6,713 Special Mention 30 23 13 28 10 35 79 218 Substandard 8 26 65 44 6 37 97 283 Total commercial and industrial 3,324 1,056 668 376 136 383 1,271 7,214 Commercial Leases: Risk Rating: Pass 178 134 83 56 5 3 — 459 Special Mention 1 1 4 4 1 2 — 13 Substandard 7 2 2 1 1 — — 13 Total commercial leases 186 137 89 61 7 5 — 485 Other Commercial: Risk Rating: Pass — — — — — 4 35 39 Substandard — — — — — 1 — 1 Total other commercial — — — — — 5 35 40 Total commercial 5,402 3,109 2,001 1,603 1,217 2,659 1,479 17,470 CONSUMER Direct Installment: Current 706 337 200 143 171 442 1 2,000 Past due — 1 2 1 2 14 — 20 Total direct installment 706 338 202 144 173 456 1 2,020 Residential Mortgages: Current 1,079 707 283 378 330 603 1 3,381 Past due 1 5 7 4 6 29 — 52 Total residential mortgages 1,080 712 290 382 336 632 1 3,433 Indirect Installment: Current 372 260 332 147 67 27 — 1,205 Past due 1 3 4 2 2 1 — 13 Total indirect installment 373 263 336 149 69 28 — 1,218 Consumer Lines of Credit: Current 4 7 8 3 5 127 1,146 1,300 Past due — — — — — 15 3 18 Total consumer lines of credit 4 7 8 3 5 142 1,149 1,318 Total consumer 2,163 1,320 836 678 583 1,258 1,151 7,989 Total loans and leases $ 7,565 $ 4,429 $ 2,837 $ 2,281 $ 1,800 $ 3,917 $ 2,630 $ 25,459 |
Age Analysis of Past Due Loans, by Class | The following tables provide an analysis of the aging of loans by class. TABLE 4.5 (in millions) 30-89 Days > 90 Days Past Due and Still Accruing Non- Total Current Total Non-accrual with No ACL June 30, 2021 Commercial real estate $ 17 $ — $ 61 $ 78 $ 9,715 $ 9,793 $ 22 Commercial and industrial 4 — 31 35 6,584 6,619 13 Commercial leases 2 — 1 3 474 477 — Other — — 1 1 79 80 — Total commercial loans and leases 23 — 94 117 16,852 16,969 35 Direct installment 3 1 11 15 2,130 2,145 — Residential mortgages 17 5 15 37 3,468 3,505 — Indirect installment 6 — 2 8 1,215 1,223 — Consumer lines of credit 5 1 6 12 1,257 1,269 — Total consumer loans 31 7 34 72 8,070 8,142 — Total loans and leases $ 54 $ 7 $ 128 $ 189 $ 24,922 $ 25,111 $ 35 (in millions) 30-89 Days > 90 Days Past Due and Still Accruing Non- Total Current Total Non-accrual with No ACL December 31, 2020 Commercial real estate $ 13 $ — $ 85 $ 98 $ 9,633 $ 9,731 $ 36 Commercial and industrial 8 — 44 52 7,162 7,214 16 Commercial leases 2 — 2 4 481 485 — Other — — 1 1 39 40 — Total commercial loans and leases 23 — 132 155 17,315 17,470 52 Direct installment 7 2 11 20 2,000 2,020 — Residential mortgages 23 11 18 52 3,381 3,433 — Indirect installment 10 1 2 13 1,205 1,218 — Consumer lines of credit 9 2 7 18 1,300 1,318 — Total consumer loans 49 16 38 103 7,886 7,989 — Total loans and leases $ 72 $ 16 $ 170 $ 258 $ 25,201 $ 25,459 $ 52 |
Summary of Non-Performing Assets | Following is a summary of non-performing assets: TABLE 4.6 (dollars in millions) June 30, December 31, Non-accrual loans $ 128 $ 170 Total non-performing loans 128 170 Other real estate owned 9 10 Total non-performing assets $ 137 $ 180 Asset quality ratios: Non-performing loans / total loans and leases 0.51 % 0.67 % Non-performing assets + 90 days past due + OREO / total loans and leases + OREO 0.57 0.77 |
Summary of the Composition of Total TDRs | Following is a summary of the composition of total TDRs: TABLE 4.7 (in millions) June 30, December 31, Accruing $ 57 $ 58 Non-accrual 38 33 Total TDRs $ 95 $ 91 |
Summary of Troubled Debt Restructurings by Class of Loans | Following is a summary of TDR loans, by class, for loans that were modified during the periods indicated: TABLE 4.8 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (dollars in millions) Number Pre- Post- Number Pre- Post- Commercial real estate 9 $ 2 $ 2 19 $ 19 $ 19 Commercial and industrial 4 — — 5 — — Total commercial loans 13 2 2 24 19 19 Direct installment 9 — — 19 1 1 Residential mortgages 2 — — 3 — — Consumer lines of credit 15 1 1 25 2 2 Total consumer loans 26 1 1 47 3 3 Total 39 $ 3 $ 3 71 $ 22 $ 22 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (dollars in millions) Number Pre- Post- Number Pre- Post- Commercial real estate 11 $ 5 $ 5 16 $ 6 $ 5 Commercial and industrial 9 2 1 16 3 2 Other — — — 1 — — Total commercial loans 20 7 6 33 9 7 Direct installment 19 1 1 38 3 3 Residential mortgages 2 1 1 16 2 2 Consumer lines of credit 13 — — 28 1 1 Total consumer loans 34 2 2 82 6 6 Total 54 $ 9 $ 8 115 $ 15 $ 13 The year-to-date items in the above tables have been adjusted for loans that have been paid off and/or sold. |
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 4.9 Three Months Ended Six Months Ended (dollars in millions) Number of Recorded Number of Recorded Commercial and industrial — $ — 1 $ — Total commercial loans — — 1 — Direct installment 1 — 1 — Residential mortgages — — 1 — Total consumer loans 1 — 2 — Total 1 $ — 3 $ — Three Months Ended Six Months Ended (dollars in millions) Number of Recorded Number of Recorded Commercial real estate 4 $ 1 8 $ 3 Commercial and industrial 1 — 2 — Total commercial loans 5 1 10 3 Direct installment 3 — 7 — Residential mortgages 1 — 2 — Consumer lines of credit 2 — 2 — Total consumer loans 6 — 11 — Total 11 $ 1 21 $ 3 |
ALLOWANCE FOR CREDIT LOSSES O_2
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Charge- Recoveries Net Provision for Credit Losses Balance at Three Months Ended June 30, 2021 Commercial real estate $ 184 $ (5) $ 2 $ (3) $ (5) $ 176 Commercial and industrial 79 (1) 1 — 2 81 Commercial leases 17 — — — (1) 16 Other 1 (1) — (1) 1 1 Total commercial loans and leases 281 (7) 3 (4) (3) 274 Direct installment 26 — — — 1 27 Residential mortgages 32 — — — 1 33 Indirect installment 11 (1) 1 — 1 12 Consumer lines of credit 12 — — — (1) 11 Total consumer loans 81 (1) 1 — 2 83 Total allowance for credit losses on loans and leases 362 (8) 4 (4) (1) 357 Allowance for unfunded loan commitments 14 — — — — 14 Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 376 $ (8) $ 4 $ (4) $ (1) $ 371 Six Months Ended June 30, 2021 Commercial real estate $ 181 $ (6) $ 3 $ (3) $ (2) $ 176 Commercial and industrial 81 (9) 2 (7) 7 81 Commercial leases 17 — 1 1 (2) 16 Other 1 (2) 1 (1) 1 1 Total commercial loans and leases 280 (17) 7 (10) 4 274 Direct installment 26 — — — 1 27 Residential mortgages 34 — — — (1) 33 Indirect installment 11 (3) 2 (1) 2 12 Consumer lines of credit 12 — — — (1) 11 Total consumer loans 83 (3) 2 (1) 1 83 Total allowance for credit losses on loans and leases 363 (20) 9 (11) 5 357 Allowance for unfunded loan commitments 14 — — — — 14 Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 377 $ (20) $ 9 $ (11) $ 5 $ 371 (in millions) Balance at Charge- Recoveries Net Provision ASC 326 Adoption Impact Initial ACL on PCD Loans Balance at Three Months Ended June 30, 2020 Commercial real estate $ 152 $ (3) $ 1 $ (2) $ 13 $ — $ — $ 163 Commercial and industrial 88 (4) 1 (3) 13 — — 98 Commercial leases 13 — — — 4 — — 17 Other 1 (1) — (1) 1 — — 1 Total commercial loans and leases 254 (8) 2 (6) 31 — — 279 Direct installment 26 — — — (1) — — 25 Residential mortgages 31 — — — 2 — — 33 Indirect installment 21 (2) 1 (1) (3) — — 17 Consumer lines of credit 11 (1) — (1) 1 — — 11 Total consumer loans 89 (3) 1 (2) (1) — — 86 Total allowance for credit losses on loans and leases 343 (11) 3 (8) 30 — — 365 Allowance for unfunded loan commitments (1) 14 — — — 1 — — 15 Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 357 $ (11) $ 3 $ (8) $ 31 $ — $ — $ 380 Six Months Ended June 30, 2020 Commercial real estate $ 60 $ (5) $ 5 $ — $ 25 $ 38 $ 40 $ 163 Commercial and industrial 53 (8) 2 (6) 39 8 4 98 Commercial leases 11 — — — 6 — — 17 Other 9 (2) — (2) 3 (9) — 1 Total commercial loans and leases 133 (15) 7 (8) 73 37 44 279 Direct installment 13 (1) — (1) 2 10 1 25 Residential mortgages 22 — — — 1 6 4 33 Indirect installment 19 (5) 2 (3) (1) 2 — 17 Consumer lines of credit 9 (2) — (2) 3 — 1 11 Total consumer loans 63 (8) 2 (6) 5 18 6 86 Total allowance for credit losses on loans and leases 196 (23) 9 (14) 78 55 50 365 Allowance for unfunded loan commitments (1) 3 — — — 2 10 — 15 Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 199 $ (23) $ 9 $ (14) $ 80 $ 65 $ 50 $ 380 (1) The $1 million for the quarter and $2 million year-to-date provision for the AULC is included in other non-interest expense on the Consolidated Statements of Income. Following is a summary of changes in the AULC by portfolio segment: TABLE 5.2 Three Months Ended Six Months Ended 2021 2020 2021 2020 (in millions) Balance at beginning of period $ 14 $ 14 $ 14 $ 3 Provision for unfunded loan commitments and letters of credit: Commercial portfolio — — — — Consumer portfolio — — — — Other adjustments: Commercial portfolio — 1 — 2 ASC 326 adoption impact: Commercial portfolio — — — 8 Consumer portfolio — — — 2 Balance at end of period $ 14 $ 15 $ 14 $ 15 |
LOAN SERVICING (Tables)
LOAN SERVICING (Tables) - Mortgage Servicing Rights [Member] | 6 Months Ended |
Jun. 30, 2021 | |
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) June 30, December 31, Mortgage loans sold with servicing retained $ 4,756 $ 4,653 The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 6.2 Three Months Ended Six Months Ended (in millions) 2021 2020 2021 2020 Mortgage loans sold with servicing retained $ 518 $ 416 $ 1,024 $ 676 Pretax net gains resulting from above loan sales (1) 11 15 26 22 Mortgage servicing fees (1) 3 3 6 6 (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 Six Months Ended (in millions) 2021 2020 2021 2020 Balance at beginning of period $ 38.6 $ 34.9 $ 35.6 $ 42.6 Additions 5.7 4.0 10.9 6.5 Payoffs and curtailments (3.5) (4.0) (7.6) (5.9) (Impairment charge) / recovery 0.3 (0.3) 2.8 (8.0) Amortization (0.6) (0.6) (1.2) (1.2) Balance at end of period $ 40.5 $ 34.0 $ 40.5 $ 34.0 Fair value, beginning of period $ 40.2 $ 34.9 $ 35.6 $ 45.0 Fair value, end of period 40.8 34.0 40.8 34.0 |
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) June 30, December 31, Weighted average life (months) 70.5 66.6 Constant prepayment rate (annualized) 12.8 % 13.4 % Discount rate 9.5 % 9.5 % Effect on fair value due to change in interest rates: +0.25% $ 3 $ 2 +0.50% 5 4 -0.25% (3) (2) -0.50% (6) (3) |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense were as follows: TABLE 7.1 Three Months Ended Six Months Ended (dollars in millions) 2021 2020 2021 2020 Operating lease cost $ 7 $ 6 $ 14 $ 13 Variable lease cost 1 1 2 2 Total lease cost $ 8 $ 7 $ 16 $ 15 |
Leases, Other Information | Other information related to leases is as follows: TABLE 7.2 Six Months Ended (dollars in millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7 $ 13 Operating cash flows from finance leases $ — $ — Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2 $ 4 Finance leases $ 10 $ — Weighted average remaining lease term (years): Operating leases 9.36 9.59 Finance leases 24.34 0 Weighted average discount rate: Operating leases 2.6 % 2.9 % Finance leases 1.9 — |
Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities were as follows: TABLE 7.3 (in millions) Operating Leases Finance Leases Total Leases June 30, 2021 2021 $ 13 $ — $ 13 2022 22 — 22 2023 18 — 18 2024 16 — 16 2025 12 — 12 Later years 67 12 79 Total lease payments 148 12 160 Less: imputed interest (18) (2) (20) Present value of lease liabilities $ 130 $ 10 $ 140 |
Finance Lease, Liability, Fiscal Year Maturity | Maturities of lease liabilities were as follows: TABLE 7.3 (in millions) Operating Leases Finance Leases Total Leases June 30, 2021 2021 $ 13 $ — $ 13 2022 22 — 22 2023 18 — 18 2024 16 — 16 2025 12 — 12 Later years 67 12 79 Total lease payments 148 12 160 Less: imputed interest (18) (2) (20) Present value of lease liabilities $ 130 $ 10 $ 140 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities, Assets and Liabilities | The following table provides a summary of the assets and liabilities included in our Consolidated Financial Statements, as well as the maximum exposure to losses, associated with our interests related to VIEs for which we hold an interest, but are not the primary beneficiary, at June 30, 2021 and December 31, 2020. TABLE 8.1 (in millions) Total Assets Total Liabilities Maximum Exposure to Loss June 30, 2021 Trust preferred securities (1) $ 1 $ 66 $ — Affordable housing tax credit partnerships 117 43 117 Other investments 25 4 25 Total $ 143 $ 113 $ 142 December 31, 2020 Trust preferred securities (1) $ 1 $ 66 $ — Affordable housing tax credit partnerships 119 45 119 Other investments 26 8 26 Total $ 146 $ 119 $ 145 (1) Represents our investment in unconsolidated subsidiaries. |
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 8.2 (in millions) June 30, December 31, Proportional amortization method investments included in other assets $ 72 $ 71 Equity method investments included in other assets 2 3 Total LIHTC investments included in other assets $ 74 $ 74 Unfunded LIHTC commitments $ 43 $ 45 |
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 8.3 Three Months Ended Six Months Ended (in millions) 2021 2020 2021 2020 Non-interest income: Amortization of tax credit investments under equity method, net of tax benefit $ 1 $ 1 $ 1 $ 1 Provision for income taxes: Amortization of LIHTC investments under proportional method $ 4 $ 3 $ 7 $ 6 Low-income housing tax credits (4) (3) (7) (6) Other tax benefits related to tax credit investments (1) (1) (2) (2) Total impact on provision for income taxes $ (1) $ (1) $ (2) $ (2) |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowings | Following is a summary of short-term borrowings: TABLE 9.1 (in millions) June 30, December 31, Securities sold under repurchase agreements $ 393 $ 403 Federal Home Loan Bank advances 1,130 1,280 Subordinated notes 127 121 Total short-term borrowings $ 1,650 $ 1,804 |
Summary of Long-Term Borrowings | Following is a summary of long-term borrowings: TABLE 9.2 (in millions) June 30, December 31, Federal Home Loan Bank advances $ 200 $ 400 Senior notes 299 299 Subordinated notes 75 81 Junior subordinated debt 66 66 Other subordinated debt 248 249 Total long-term borrowings $ 888 $ 1,095 |
Schedule of Other Subordinated Debt | The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes. TABLE 9.3 (dollars in millions) Aggregate Principal Amount Issued Net Proceeds (2) Carrying Value Stated Maturity Date Interest 2.20% Senior Notes due February 24, 2023 $ 300 $ 298 $ 299 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 4.875 % 7.625% Subordinated Notes due August 12, 2023 (1) 38 46 31 8/12/2023 7.625 % Total $ 558 $ 560 $ 547 (1) Assumed from a prior acquisition 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 a prior acquisition, 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 June 30, 2021: TABLE 9.4 (dollars in millions) Trust Common Junior Stated Interest Rate Rate Reset Factor F.N.B. Statutory Trust II $ 22 $ 1 $ 22 6/15/2036 1.77 % LIBOR + 165 basis points (bps) Yadkin Valley Statutory Trust I 25 1 22 12/15/2037 1.44 % LIBOR + 132 bps FNB Financial Services Capital Trust I 25 1 22 9/30/2035 1.61 % LIBOR + 146 bps Total $ 72 $ 3 $ 66 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 10.1 June 30, 2021 December 31, 2020 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 $ 1,180 $ 2 $ — $ 1,430 $ 3 $ — Interest rate swaps – not designated 5,033 2 27 4,791 — 37 Total subject to master netting arrangements 6,213 4 27 6,221 3 37 Not subject to master netting arrangements: Interest rate swaps – not designated 5,033 234 12 4,791 349 — Interest rate lock commitments – not designated 501 14 — 531 24 — Forward delivery commitments – not designated 509 — 1 500 — 2 Credit risk contracts – not designated 446 — 1 437 — 1 Total not subject to master netting arrangements 6,489 248 14 6,259 373 3 Total $ 12,702 $ 252 $ 41 $ 12,480 $ 376 $ 40 |
Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) | The following table shows amounts reclassified from AOCI: TABLE 10.2 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 Six Months Ended Six Months Ended (in millions) 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate contracts $ 5 $ (51) Interest income (expense) $ (9) $ (4) |
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 10.3 Six months ended June 30, 2021 2020 (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) $ 445 $ 14 $ 511 $ 22 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 (10) 1 (5) |
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 10.4 Six Months Ended (in millions) Consolidated Statements of Income Location 2021 2020 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 10.5 Amount Not Offset in the (in millions) Net Amount Financial Cash Net June 30, 2021 Derivative Assets Interest rate contracts: Designated $ 2 $ — $ 2 $ — Not designated 2 — 2 — Total $ 4 $ — $ 4 $ — Derivative Liabilities Interest rate contracts: Not designated $ 27 $ — $ 27 $ — Total $ 27 $ — $ 27 $ — December 31, 2020 Derivative Assets Interest rate contracts: Designated $ 3 $ — $ 3 $ — Total $ 3 $ — $ 3 $ — Derivative Liabilities Interest rate contracts: Not designated $ 37 $ — $ 37 $ — Total $ 37 $ — $ 37 $ — |
COMMITMENTS, CREDIT RISK AND _2
COMMITMENTS, CREDIT RISK AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 11.1 (in millions) June 30, December 31, Commitments to extend credit $ 10,596 $ 9,285 Standby letters of credit 199 158 |
STOCK INCENTIVE PLANS (Tables)
STOCK INCENTIVE PLANS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 12.1 Six Months Ended June 30, 2021 2020 Units Weighted Units Weighted Unvested units outstanding at beginning of period 4,322,115 $ 9.46 2,858,357 $ 12.56 Granted 1,102,607 12.66 1,988,225 6.95 Net adjustment due to performance 327,256 11.84 — — Vested (1,229,683) 12.16 (591,880) 14.50 Forfeited/expired/canceled (75,132) 11.55 (159,760) 13.36 Dividend reinvestment 84,619 13.10 104,501 8.02 Unvested units outstanding at end of period 4,531,782 9.71 4,199,443 9.48 |
Schedule of Certain Information Related to Restricted Stock Units | The following table provides certain information related to restricted stock units: TABLE 12.2 (in millions) Six Months Ended 2021 2020 Stock-based compensation expense $ 14 $ 11 Tax benefit related to stock-based compensation expense 3 2 Fair value of units vested 15 4 |
Components of Restricted Stock Units | The components of the restricted stock units as of June 30, 2021 are as follows: TABLE 12.3 (dollars in millions) Service- Performance- Total Unvested restricted stock units 2,980,437 1,551,345 4,531,782 Unrecognized compensation expense $ 12 $ 2 $ 14 Intrinsic value $ 37 $ 19 $ 56 Weighted average remaining life (in years) 2.02 1.08 1.70 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 13.1 Three Months Ended Six Months Ended (dollars in millions) 2021 2020 2021 2020 Current income taxes: Federal taxes $ 19 $ 39 $ 40 $ 46 State taxes 1 3 3 5 Total current income taxes 20 42 43 51 Deferred income taxes: Federal taxes 4 (26) 3 (24) State taxes 1 — 1 — Total deferred income taxes 5 (26) 4 (24) Total income taxes $ 25 $ 16 $ 47 $ 27 Statutory tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effective tax rate 19.7 16.0 19.3 17.0 |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Changes in AOCI, Net of Tax, by Component | The following table presents changes in AOCI, net of tax, by component: TABLE 14.1 (in millions) Unrealized Unrealized Unrecognized Total Six Months Ended June 30, 2021 Balance at beginning of period $ 65 $ (40) $ (64) $ (39) Other comprehensive (loss) income before reclassifications (19) 4 1 (14) Amounts reclassified from AOCI — 7 — 7 Net current period other comprehensive (loss) income (19) 11 1 (7) Balance at end of period $ 46 $ (29) $ (63) $ (46) |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 15.1 Three Months Ended Six Months Ended ( dollars in millions, except per share data) 2021 2020 2021 2020 Net income $ 102 $ 84 $ 195 $ 131 Less: Preferred stock dividends 2 2 4 4 Net income available to common stockholders $ 100 $ 82 $ 191 $ 127 Basic weighted average common shares outstanding 319,599,352 323,304,237 320,283,480 323,775,973 Net effect of dilutive stock options, warrants and restricted stock 3,728,813 1,848,335 3,744,783 1,939,894 Diluted weighted average common shares outstanding 323,328,165 325,152,572 324,028,263 325,715,867 Earnings per common share: Basic $ 0.31 $ 0.25 $ 0.60 $ 0.39 Diluted $ 0.31 $ 0.25 $ 0.59 $ 0.39 |
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 15.2 Three Months Ended Six Months Ended 2021 2020 2021 2020 Average shares excluded from the diluted earnings per common share calculation — 40,778 — 15,301 |
CASH FLOW INFORMATION (Tables)
CASH FLOW INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Supplemental Cash Flow Information | Following is a summary of supplemental cash flow information: TABLE 16.1 Six Months Ended (in millions) 2021 2020 Interest paid on deposits and other borrowings $ 55 $ 129 Income taxes paid 38 — Transfers of loans to other real estate owned 2 1 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 17.1 (in millions) Community Wealth Insurance Parent and Consolidated At or for the Three Months Ended June 30, 2021 Interest income $ 253 $ — $ — $ — $ 253 Interest expense 22 — — 3 25 Net interest income 231 — — (3) 228 Provision for credit losses (2) — — 1 (1) Non-interest income 60 15 7 (2) 80 Non-interest expense (1) 162 10 5 2 179 Amortization of intangibles 2 — 1 — 3 Income tax expense (benefit) 26 1 1 (3) 25 Net income (loss) 103 4 — (5) 102 Total assets 38,288 42 35 41 38,406 Total intangibles 2,273 9 28 — 2,310 At or for the Three Months Ended June 30, 2020 Interest income $ 280 $ — $ — $ 1 $ 281 Interest expense 46 — — 6 52 Net interest income 234 — — (5) 229 Provision for credit losses 30 — — — 30 Non-interest income 65 11 5 (4) 77 Non-interest expense (1) 157 8 4 3 172 Amortization of intangibles 3 — 1 — 4 Income tax expense (benefit) 17 — — (1) 16 Net income (loss) 92 3 — (11) 84 Total assets 37,598 33 36 54 37,721 Total intangibles 2,285 9 29 — 2,323 (1) Excludes amortization of intangibles, which is presented separately. (in millions) Community Wealth Insurance Parent and Consolidated At or for the Six Months Ended June 30, 2021 Interest income $ 504 $ — $ — $ — $ 504 Interest expense 47 — — 6 53 Net interest income 457 — — (6) 451 Provision for credit losses 4 — — 1 5 Non-interest income 123 30 13 (3) 163 Non-interest expense (1) 327 20 10 4 361 Amortization of intangibles 5 — 1 — 6 Income tax expense (benefit) 48 2 1 (4) 47 Net income (loss) 196 8 1 (10) 195 Total assets 38,288 42 35 41 38,406 Total intangibles 2,273 9 28 — 2,310 At or for the Six Months Ended June 30, 2020 Interest income $ 586 $ — $ — $ 1 $ 587 Interest expense 114 — — 12 126 Net interest income 472 — — (11) 461 Provision for credit losses 78 — — — 78 Non-interest income 117 24 11 (6) 146 Non-interest expense (1) 333 18 9 4 364 Amortization of intangibles 6 — 1 — 7 Income tax expense (benefit) 29 1 — (3) 27 Net income (loss) 143 5 1 (18) 131 Total assets 37,598 33 36 54 37,721 Total intangibles 2,285 9 29 — 2,323 (1) Excludes amortization of intangibles, which is presented separately. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 18.1 (in millions) Level 1 Level 2 Level 3 Total June 30, 2021 Assets Measured at Fair Value Debt securities available for sale U.S. government agencies $ — $ 167 $ — $ 167 U.S. government-sponsored entities — 160 — 160 Residential mortgage-backed securities: Agency mortgage-backed securities — 1,216 — 1,216 Agency collateralized mortgage obligations — 1,226 — 1,226 Commercial mortgage-backed securities — 322 — 322 States of the U.S. and political subdivisions (municipals) — 33 — 33 Other debt securities — 2 — 2 Total debt securities available for sale — 3,126 — 3,126 Loans held for sale — 159 — 159 Derivative financial instruments Trading — 236 — 236 Not for trading — 2 14 16 Total derivative financial instruments — 238 14 252 Total assets measured at fair value on a recurring basis $ — $ 3,523 $ 14 $ 3,537 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 39 $ — $ 39 Not for trading — 2 — 2 Total derivative financial instruments — 41 — 41 Total liabilities measured at fair value on a recurring basis $ — $ 41 $ — $ 41 (in millions) Level 1 Level 2 Level 3 Total December 31, 2020 Assets Measured at Fair Value Debt securities available for sale U.S. Treasury $ 600 $ — $ — $ 600 U.S. government agencies — 172 — 172 U.S. government-sponsored entities — 161 — 161 Residential mortgage-backed securities: Agency mortgage-backed securities — 994 — 994 Agency collateralized mortgage obligations — 1,124 — 1,124 Commercial mortgage-backed securities — 378 — 378 States of the U.S. and political subdivisions (municipals) — 32 — 32 Other debt securities — 2 — 2 Total debt securities available for sale 600 2,863 — 3,463 Loans held for sale — 144 — 144 Derivative financial instruments Trading — 349 — 349 Not for trading — 3 24 27 Total derivative financial instruments — 352 24 376 Total assets measured at fair value on a recurring basis $ 600 $ 3,359 $ 24 $ 3,983 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 37 $ — $ 37 Not for trading — 3 — 3 Total derivative financial instruments — 40 — 40 Total liabilities measured at fair value on a recurring basis $ — $ 40 $ — $ 40 |
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 18.2 (in millions) Interest Total Six Months Ended June 30, 2021 Balance at beginning of period $ 24 $ 24 Purchases, issuances, sales and settlements: Issuances 14 14 Settlements (24) (24) Balance at end of period $ 14 $ 14 Year Ended December 31, 2020 Balance at beginning of period $ 3 $ 3 Purchases, issuances, sales and settlements: Issuances 24 24 Settlements (3) (3) Balance at end of period $ 24 $ 24 |
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 18.3 (in millions) Level 1 Level 2 Level 3 Total June 30, 2021 Collateral dependent loans $ — $ — $ 9 $ 9 Other assets - MSRs — — 12 12 Other assets - SBA servicing asset — — 4 4 Other real estate owned — — 1 1 December 31, 2020 Collateral dependent loans $ — $ — $ 45 $ 45 Other assets - MSRs — — 36 36 Other assets - SBA servicing asset — — 3 3 Other real estate owned — — 3 3 |
Fair Values of Financial Instruments | The fair values of our financial instruments are as follows: TABLE 18.4 Fair Value Measurements (in millions) Carrying Fair Level 1 Level 2 Level 3 June 30, 2021 Financial Assets Cash and cash equivalents $ 2,944 $ 2,944 $ 2,944 $ — $ — Debt securities available for sale 3,126 3,126 — 3,126 — Debt securities held to maturity 3,135 3,217 1 3,216 — Net loans and leases, including loans held for sale 24,931 24,621 — 159 24,462 Loan servicing rights 44 45 — — 45 Derivative assets 252 252 — 238 14 Accrued interest receivable 83 83 83 — — Financial Liabilities Deposits 30,469 30,485 27,268 3,217 — Short-term borrowings 1,650 1,653 1,653 — — Long-term borrowings 888 906 — — 906 Derivative liabilities 41 41 — 41 — Accrued interest payable 11 11 11 — — December 31, 2020 Financial Assets Cash and cash equivalents $ 1,383 $ 1,383 $ 1,383 $ — $ — Debt securities available for sale 3,463 3,463 600 2,863 — Debt securities held to maturity 2,868 2,973 — 2,973 — Net loans and leases, including loans held for sale 25,250 25,012 — 144 24,868 Loan servicing rights 39 39 — — 39 Derivative assets 376 376 — 352 24 Accrued interest receivable 90 90 90 — — Financial Liabilities Deposits 29,122 29,158 25,460 3,698 — Short-term borrowings 1,804 1,809 1,809 — — Long-term borrowings 1,095 1,068 — — 1,068 Derivative liabilities 40 40 — 40 — Accrued interest payable 13 13 13 — — |
NATURE OF OPERATIONS (Detail)
NATURE OF OPERATIONS (Detail) | Jun. 30, 2021Statebank |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states, company operating financial services | State | 7 |
Number of banking offices | bank | 338 |
SECURITIES - Additional Informa
SECURITIES - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule Of Securities [Line Items] | ||
Debt securities available for sale, allowance for credit losses | $ 0 | $ 0 |
Debt securities held to maturity, allowance for credit losses | 40,000 | 40,000 |
Municipal bond portfolio, value | $ 1,100,000,000 | |
Percentage of formal credit enhancement insurance of municipalities | 61.00% | |
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 or Better [Member] | Minimum [Member] | ||
Schedule Of Securities [Line Items] | ||
Percentage of portfolio | 100.00% | |
Municipal Bonds [Member] | Geographic Concentration Risk [Member] | Pennsylvania, Ohio and Maryland [Member] | ||
Schedule Of Securities [Line Items] | ||
Percentage of portfolio | 64.00% | |
Available-for-sale Debt Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Accrued investment income receivable | $ 6,300,000 | 6,200,000 |
Municipal Portfolio [Member] | ||
Schedule Of Securities [Line Items] | ||
Debt securities held to maturity, allowance for credit losses | 40,000 | 40,000 |
Held-to-maturity Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Accrued investment income receivable | $ 12,200,000 | $ 12,500,000 |
SECURITIES - Amortized Cost and
SECURITIES - Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 3,068 | $ 3,380 |
Gross Unrealized Gains | 65 | 84 |
Gross Unrealized Losses | (7) | (1) |
Debt securities, available for sale | 3,126 | 3,463 |
U.S. Treasury [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 600 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Debt securities, available for sale | 600 | |
US Government Agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 165 | 172 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | 0 | 0 |
Debt securities, available for sale | 167 | 172 |
U.S. Government-Sponsored Entities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 160 | 160 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (1) | 0 |
Debt securities, available for sale | 160 | 161 |
Agency Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,187 | 959 |
Gross Unrealized Gains | 29 | 35 |
Gross Unrealized Losses | 0 | 0 |
Debt securities, available for sale | 1,216 | 994 |
Agency Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,208 | 1,094 |
Gross Unrealized Gains | 23 | 31 |
Gross Unrealized Losses | (5) | (1) |
Debt securities, available for sale | 1,226 | 1,124 |
Commercial Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 313 | 361 |
Gross Unrealized Gains | 10 | 17 |
Gross Unrealized Losses | (1) | 0 |
Debt securities, available for sale | 322 | 378 |
States of the U.S. and Political Subdivisions (municipals) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 33 | 32 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Debt securities, available for sale | 33 | 32 |
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 |
Debt securities, available for sale | $ 2 | $ 2 |
SECURITIES - Amortized Cost a_2
SECURITIES - Amortized Cost and Fair Value of Securities Held to Maturity (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | $ 3,135 | $ 2,868 |
Gross Unrealized Gains | 87 | 105 |
Gross Unrealized Losses | (5) | 0 |
Fair Value | 3,217 | 2,973 |
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 | 40 | 120 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 40 | 121 |
Agency Mortgage-Backed Securities [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1,116 | 769 |
Gross Unrealized Gains | 23 | 29 |
Gross Unrealized Losses | (1) | 0 |
Fair Value | 1,138 | 798 |
Agency Collateralized Mortgage Obligations [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 626 | 562 |
Gross Unrealized Gains | 12 | 17 |
Gross Unrealized Losses | (3) | 0 |
Fair Value | 635 | 579 |
Commercial Mortgage-Backed Securities [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 299 | 307 |
Gross Unrealized Gains | 6 | 10 |
Gross Unrealized Losses | (1) | 0 |
Fair Value | 304 | 317 |
States of the U.S. and Political Subdivisions (municipals) [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1,052 | 1,108 |
Gross Unrealized Gains | 46 | 48 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 1,098 | $ 1,156 |
SECURITIES - Amortized Cost a_3
SECURITIES - Amortized Cost and Fair Value of Securities, by Contractual Maturities (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Securities [Line Items] | ||
Available for sale, due in one year or less, amortized cost | $ 85 | |
Available for sale, due after one year but within five years, amortized cost | 95 | |
Available for sale, due after five years but within ten years, amortized cost | 110 | |
Available for sale, due after ten years, amortized cost | 70 | |
Available for sale, with contractual maturities, amortized cost | 360 | |
Amortized Cost | 3,068 | $ 3,380 |
Available for sale, due in one year or less, fair value | 86 | |
Available for sale, due after one year but within five years, fair value | 94 | |
Available for sale, due after five years but within ten years, fair value | 111 | |
Available for sale, due after ten years, fair value | 71 | |
Available for sale, with contractual maturities, fair value | 362 | |
Total securities available for sale, fair value | 3,126 | 3,463 |
Held to maturity, due in one year or less, amortized cost | 40 | |
Held to maturity, due after one year but within five years, amortized cost | 22 | |
Held to maturity, due after five years but within ten years, amortized cost | 128 | |
Held to maturity, due after ten years, amortized cost | 904 | |
Held to maturity, with contractual maturities, amortized cost | 1,094 | |
Amortized Cost | 3,135 | 2,868 |
Held to maturity, due in one year or less, fair value | 40 | |
Held to maturity, due after one year but within five years, fair value | 22 | |
Held to maturity, due after five years but within ten years, fair value | 131 | |
Held to maturity, due after ten years, fair value | 947 | |
Held to maturity, with contractual maturities, fair value | 1,140 | |
Held to maturity, fair value | 3,217 | 2,973 |
Agency Mortgage-Backed Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 1,187 | |
Amortized Cost | 1,187 | 959 |
Available for sale, fair value | 1,216 | |
Total securities available for sale, fair value | 1,216 | 994 |
Held to maturity, amortized cost | 1,116 | |
Amortized Cost | 1,116 | 769 |
Held to maturity, fair value | 1,138 | |
Held to maturity, fair value | 1,138 | 798 |
Agency Collateralized Mortgage Obligations [Member] | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 1,208 | |
Amortized Cost | 1,208 | 1,094 |
Available for sale, fair value | 1,226 | |
Total securities available for sale, fair value | 1,226 | 1,124 |
Held to maturity, amortized cost | 626 | |
Amortized Cost | 626 | 562 |
Held to maturity, fair value | 635 | |
Held to maturity, fair value | 635 | 579 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 313 | |
Amortized Cost | 313 | 361 |
Available for sale, fair value | 322 | |
Total securities available for sale, fair value | 322 | 378 |
Held to maturity, amortized cost | 299 | |
Amortized Cost | 299 | 307 |
Held to maturity, fair value | 304 | |
Held to maturity, fair value | $ 304 | $ 317 |
SECURITIES - Schedule of Securi
SECURITIES - Schedule of Securities Pledged as Collateral (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged (carrying value), to secure public deposits, trust deposits and for other purposes as required by law | $ 5,338 | $ 5,384 |
Securities pledged (carrying value), as collateral for short-term borrowings | $ 403 | $ 402 |
Securities pledged as a percent of total securities | 91.70% | 91.40% |
SECURITIES - Fair Values and Un
SECURITIES - Fair Values and Unrealized Losses of Impaired Securities, by Length of Impairment (Detail) $ in Millions | Jun. 30, 2021USD ($)Security | Dec. 31, 2020USD ($)Security |
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 24 | 7 |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 12 | 17 |
Number of temporarily impaired available for sale securities, total | Security | 36 | 24 |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 766 | $ 168 |
Temporarily impaired securities available for sale, 12 months or more, fair value | 24 | 71 |
Temporarily impaired securities available for sale, fair value, total | 790 | 239 |
Temporarily impaired securities available for sale, less than 12 months, unrealized losses | (7) | (1) |
Temporarily impaired securities available for sale, 12 months or more, unrealized losses | 0 | 0 |
Temporarily impaired securities available for sale, unrealized losses, total | $ (7) | $ (1) |
US Government Agencies [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 1 | 1 |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 11 | 16 |
Number of temporarily impaired available for sale securities, total | Security | 12 | 17 |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 0 | $ 13 |
Temporarily impaired securities available for sale, 12 months or more, fair value | 22 | 69 |
Temporarily impaired securities available for sale, fair value, total | 22 | 82 |
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 |
U.S. Government-Sponsored Entities [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 2 | 1 |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 0 | 0 |
Number of temporarily impaired available for sale securities, total | Security | 2 | 1 |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 74 | $ 25 |
Temporarily impaired securities available for sale, 12 months or more, fair value | 0 | 0 |
Temporarily impaired securities available for sale, fair value, total | 74 | 25 |
Temporarily impaired securities available for sale, less than 12 months, unrealized losses | (1) | 0 |
Temporarily impaired securities available for sale, 12 months or more, unrealized losses | 0 | 0 |
Temporarily impaired securities available for sale, unrealized losses, total | $ (1) | $ 0 |
Agency Mortgage-Backed Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 3 | |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 0 | |
Number of temporarily impaired available for sale securities, total | Security | 3 | |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 152 | |
Temporarily impaired securities available for sale, 12 months or more, fair value | 0 | |
Temporarily impaired securities available for sale, fair value, total | 152 | |
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 | |
Agency Collateralized Mortgage Obligations [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 12 | 5 |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 0 | 0 |
Number of temporarily impaired available for sale securities, total | Security | 12 | 5 |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 493 | $ 130 |
Temporarily impaired securities available for sale, 12 months or more, fair value | 0 | 0 |
Temporarily impaired securities available for sale, fair value, total | 493 | 130 |
Temporarily impaired securities available for sale, less than 12 months, unrealized losses | (5) | (1) |
Temporarily impaired securities available for sale, 12 months or more, unrealized losses | 0 | 0 |
Temporarily impaired securities available for sale, unrealized losses, total | $ (5) | $ (1) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of temporarily impaired available for sale securities, Less than 1 year | Security | 2 | |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 0 | |
Number of temporarily impaired available for sale securities, total | Security | 2 | |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 37 | |
Temporarily impaired securities available for sale, 12 months or more, fair value | 0 | |
Temporarily impaired securities available for sale, fair value, total | 37 | |
Temporarily impaired securities available for sale, less than 12 months, unrealized losses | (1) | |
Temporarily impaired securities available for sale, 12 months or more, unrealized losses | 0 | |
Temporarily impaired securities available for sale, unrealized losses, total | $ (1) | |
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 | 4 | |
Number of temporarily impaired available for sale securities, Greater than 1 year | Security | 0 | |
Number of temporarily impaired available for sale securities, total | Security | 4 | |
Temporarily impaired securities available for sale, less than 12 months, fair value | $ 10 | |
Temporarily impaired securities available for sale, 12 months or more, fair value | 0 | |
Temporarily impaired securities available for sale, fair value, total | 10 | |
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, total | 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) $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021USD ($)State | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accrued interest receivable | $ 56.9 | $ 62.9 | ||||
Purchased with credit deterioration included with allowance for credit losses, amount | 50.3 | |||||
Purchased with credit deterioration, discount | 110 | |||||
Discount remaining | $ 39.3 | 50.9 | ||||
Number of states, company operating financial services | State | 7 | |||||
Loans granted short-term modification due to COVID-19 | $ 170 | |||||
Restructured loans returned to performing status | 6.9 | |||||
Total loan on allowance | 357 | 363 | $ 362 | |||
Pooled reserves for all other classes of loans | $ 3.7 | 4.1 | ||||
Minimum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Past due period for loan to be in default | 90 days | |||||
Maximum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Past due period for loan to be in default | 12 months | |||||
SBA-Guaranteed Loan Servicing [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Guaranteed percentage | 100.00% | |||||
Residential Mortgages [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value of OREO through foreclosure | $ 1.3 | 2.5 | ||||
Mortgage loans on real estate, foreclosure | 5.7 | 8.2 | ||||
Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loan on allowance | 81 | 81 | 79 | $ 98 | $ 88 | $ 53 |
Commercial and Industrial [Member] | Paycheck Protection Program Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans to customers | 1,600 | 2,200 | ||||
Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, collateral dependent | 54 | |||||
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 | 274 | 280 | $ 281 | $ 279 | $ 254 | $ 133 |
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 | 1.4 | 2.8 | ||||
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 | $ 2.3 | $ 2.5 |
LOANS AND LEASES - Net of Unear
LOANS AND LEASES - Net of Unearned Income (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 25,111 | $ 25,459 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 9,793 | 9,731 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 6,619 | 7,214 |
Commercial Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 477 | 485 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 80 | 40 |
Total Commercial Loans and Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 16,969 | 17,470 |
Direct Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 2,145 | 2,020 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 3,505 | 3,433 |
Indirect Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,223 | 1,218 |
Consumer Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | 1,269 | 1,318 |
Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost loans and leases, carrying amount | $ 8,142 | $ 7,989 |
LOANS AND LEASES - Commercial R
LOANS AND LEASES - Commercial Real Estate Loans (Detail) - Loan Portfolio Diversification Risk [Member] - Commercial Real Estate Loans [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Owner-Occupied [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percent of total loans and leases | 28.00% | 28.10% |
Non-Owner-Occupied [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percent of total loans and leases | 72.00% | 71.90% |
LOANS AND LEASES - Origination
LOANS AND LEASES - Origination Year (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 3,813 | $ 7,565 |
Fiscal year before current fiscal year | 5,542 | 4,429 |
Two years before current fiscal year | 3,842 | 2,837 |
Three years before current fiscal year | 2,390 | 2,281 |
Four years before current fiscal year | 1,917 | 1,800 |
Prior | 4,927 | 3,917 |
Revolving Loans Amortized Cost Basis | 2,680 | 2,630 |
Total Loans and Leases | 25,111 | 25,459 |
Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 24,922 | 25,201 |
Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 189 | 258 |
Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 783 | 1,892 |
Fiscal year before current fiscal year | 1,843 | 1,916 |
Two years before current fiscal year | 1,852 | 1,244 |
Three years before current fiscal year | 1,168 | 1,166 |
Four years before current fiscal year | 1,054 | 1,074 |
Prior | 2,963 | 2,266 |
Revolving Loans Amortized Cost Basis | 130 | 173 |
Total Loans and Leases | 9,793 | 9,731 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 767 | 1,879 |
Fiscal year before current fiscal year | 1,822 | 1,854 |
Two years before current fiscal year | 1,784 | 1,135 |
Three years before current fiscal year | 1,008 | 927 |
Four years before current fiscal year | 862 | 888 |
Prior | 2,556 | 1,911 |
Revolving Loans Amortized Cost Basis | 123 | 163 |
Total Loans and Leases | 8,922 | 8,757 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 16 | 9 |
Fiscal year before current fiscal year | 13 | 30 |
Two years before current fiscal year | 34 | 80 |
Three years before current fiscal year | 118 | 158 |
Four years before current fiscal year | 134 | 70 |
Prior | 173 | 163 |
Revolving Loans Amortized Cost Basis | 4 | 4 |
Total Loans and Leases | 492 | 514 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 4 |
Fiscal year before current fiscal year | 8 | 32 |
Two years before current fiscal year | 34 | 29 |
Three years before current fiscal year | 42 | 81 |
Four years before current fiscal year | 58 | 116 |
Prior | 234 | 192 |
Revolving Loans Amortized Cost Basis | 3 | 6 |
Total Loans and Leases | 379 | 460 |
Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,497 | 3,324 |
Fiscal year before current fiscal year | 1,571 | 1,056 |
Two years before current fiscal year | 885 | 668 |
Three years before current fiscal year | 540 | 376 |
Four years before current fiscal year | 312 | 136 |
Prior | 435 | 383 |
Revolving Loans Amortized Cost Basis | 1,379 | 1,271 |
Total Loans and Leases | 6,619 | 7,214 |
Commercial and Industrial [Member] | Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 6,584 | 7,162 |
Commercial and Industrial [Member] | Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 35 | 52 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,494 | 3,286 |
Fiscal year before current fiscal year | 1,529 | 1,007 |
Two years before current fiscal year | 848 | 590 |
Three years before current fiscal year | 463 | 304 |
Four years before current fiscal year | 251 | 120 |
Prior | 332 | 311 |
Revolving Loans Amortized Cost Basis | 1,243 | 1,095 |
Total Loans and Leases | 6,160 | 6,713 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 30 |
Fiscal year before current fiscal year | 34 | 23 |
Two years before current fiscal year | 17 | 13 |
Three years before current fiscal year | 17 | 28 |
Four years before current fiscal year | 19 | 10 |
Prior | 76 | 35 |
Revolving Loans Amortized Cost Basis | 46 | 79 |
Total Loans and Leases | 209 | 218 |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 3 | 8 |
Fiscal year before current fiscal year | 8 | 26 |
Two years before current fiscal year | 20 | 65 |
Three years before current fiscal year | 60 | 44 |
Four years before current fiscal year | 42 | 6 |
Prior | 27 | 37 |
Revolving Loans Amortized Cost Basis | 90 | 97 |
Total Loans and Leases | 250 | 283 |
Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 84 | 186 |
Fiscal year before current fiscal year | 147 | 137 |
Two years before current fiscal year | 119 | 89 |
Three years before current fiscal year | 68 | 61 |
Four years before current fiscal year | 53 | 7 |
Prior | 6 | 5 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 477 | 485 |
Commercial Leases [Member] | Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 474 | 481 |
Commercial Leases [Member] | Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 3 | 4 |
Commercial Leases [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 84 | 178 |
Fiscal year before current fiscal year | 141 | 134 |
Two years before current fiscal year | 116 | 83 |
Three years before current fiscal year | 64 | 56 |
Four years before current fiscal year | 49 | 5 |
Prior | 4 | 3 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 458 | 459 |
Commercial Leases [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 1 |
Fiscal year before current fiscal year | 0 | 1 |
Two years before current fiscal year | 0 | 4 |
Three years before current fiscal year | 2 | 4 |
Four years before current fiscal year | 3 | 1 |
Prior | 2 | 2 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 7 | 13 |
Commercial Leases [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 7 |
Fiscal year before current fiscal year | 6 | 2 |
Two years before current fiscal year | 3 | 2 |
Three years before current fiscal year | 2 | 1 |
Four years before current fiscal year | 1 | 1 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 12 | 13 |
Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 12 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 4 | 5 |
Revolving Loans Amortized Cost Basis | 64 | 35 |
Total Loans and Leases | 80 | 40 |
Other [Member] | Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 79 | 39 |
Other [Member] | Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 1 | 1 |
Other [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 12 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 3 | 4 |
Revolving Loans Amortized Cost Basis | 64 | 35 |
Total Loans and Leases | 79 | 39 |
Other [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 1 | 1 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 1 | 1 |
Total Commercial Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,376 | 5,402 |
Fiscal year before current fiscal year | 3,561 | 3,109 |
Two years before current fiscal year | 2,856 | 2,001 |
Three years before current fiscal year | 1,776 | 1,603 |
Four years before current fiscal year | 1,419 | 1,217 |
Prior | 3,408 | 2,659 |
Revolving Loans Amortized Cost Basis | 1,573 | 1,479 |
Total Loans and Leases | 16,969 | 17,470 |
Total Commercial Loans [Member] | Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 16,852 | 17,315 |
Total Commercial Loans [Member] | Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 117 | 155 |
Direct Installment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 450 | 706 |
Fiscal year before current fiscal year | 631 | 338 |
Two years before current fiscal year | 268 | 202 |
Three years before current fiscal year | 160 | 144 |
Four years before current fiscal year | 118 | 173 |
Prior | 518 | 456 |
Revolving Loans Amortized Cost Basis | 0 | 1 |
Total Loans and Leases | 2,145 | 2,020 |
Direct Installment [Member] | Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 450 | 706 |
Fiscal year before current fiscal year | 630 | 337 |
Two years before current fiscal year | 267 | 200 |
Three years before current fiscal year | 159 | 143 |
Four years before current fiscal year | 117 | 171 |
Prior | 507 | 442 |
Revolving Loans Amortized Cost Basis | 0 | 1 |
Total Loans and Leases | 2,130 | 2,000 |
Direct Installment [Member] | Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 1 | 1 |
Two years before current fiscal year | 1 | 2 |
Three years before current fiscal year | 1 | 1 |
Four years before current fiscal year | 1 | 2 |
Prior | 11 | 14 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 15 | 20 |
Residential Mortgages [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 695 | 1,080 |
Fiscal year before current fiscal year | 1,023 | 712 |
Two years before current fiscal year | 506 | 290 |
Three years before current fiscal year | 198 | 382 |
Four years before current fiscal year | 277 | 336 |
Prior | 805 | 632 |
Revolving Loans Amortized Cost Basis | 1 | 1 |
Total Loans and Leases | 3,505 | 3,433 |
Residential Mortgages [Member] | Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 695 | 1,079 |
Fiscal year before current fiscal year | 1,022 | 707 |
Two years before current fiscal year | 503 | 283 |
Three years before current fiscal year | 194 | 378 |
Four years before current fiscal year | 275 | 330 |
Prior | 778 | 603 |
Revolving Loans Amortized Cost Basis | 1 | 1 |
Total Loans and Leases | 3,468 | 3,381 |
Residential Mortgages [Member] | Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 1 |
Fiscal year before current fiscal year | 1 | 5 |
Two years before current fiscal year | 3 | 7 |
Three years before current fiscal year | 4 | 4 |
Four years before current fiscal year | 2 | 6 |
Prior | 27 | 29 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 37 | 52 |
Indirect Installment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 285 | 373 |
Fiscal year before current fiscal year | 324 | 263 |
Two years before current fiscal year | 207 | 336 |
Three years before current fiscal year | 249 | 149 |
Four years before current fiscal year | 100 | 69 |
Prior | 58 | 28 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 1,223 | 1,218 |
Indirect Installment [Member] | Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 285 | 372 |
Fiscal year before current fiscal year | 322 | 260 |
Two years before current fiscal year | 205 | 332 |
Three years before current fiscal year | 247 | 147 |
Four years before current fiscal year | 99 | 67 |
Prior | 57 | 27 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 1,215 | 1,205 |
Indirect Installment [Member] | Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 1 |
Fiscal year before current fiscal year | 2 | 3 |
Two years before current fiscal year | 2 | 4 |
Three years before current fiscal year | 2 | 2 |
Four years before current fiscal year | 1 | 2 |
Prior | 1 | 1 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 8 | 13 |
Consumer Lines of Credit [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 7 | 4 |
Fiscal year before current fiscal year | 3 | 7 |
Two years before current fiscal year | 5 | 8 |
Three years before current fiscal year | 7 | 3 |
Four years before current fiscal year | 3 | 5 |
Prior | 138 | 142 |
Revolving Loans Amortized Cost Basis | 1,106 | 1,149 |
Total Loans and Leases | 1,269 | 1,318 |
Consumer Lines of Credit [Member] | Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 7 | 4 |
Fiscal year before current fiscal year | 3 | 7 |
Two years before current fiscal year | 5 | 8 |
Three years before current fiscal year | 7 | 3 |
Four years before current fiscal year | 3 | 5 |
Prior | 128 | 127 |
Revolving Loans Amortized Cost Basis | 1,104 | 1,146 |
Total Loans and Leases | 1,257 | 1,300 |
Consumer Lines of Credit [Member] | Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 10 | 15 |
Revolving Loans Amortized Cost Basis | 2 | 3 |
Total Loans and Leases | 12 | 18 |
Consumer Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,437 | 2,163 |
Fiscal year before current fiscal year | 1,981 | 1,320 |
Two years before current fiscal year | 986 | 836 |
Three years before current fiscal year | 614 | 678 |
Four years before current fiscal year | 498 | 583 |
Prior | 1,519 | 1,258 |
Revolving Loans Amortized Cost Basis | 1,107 | 1,151 |
Total Loans and Leases | 8,142 | 7,989 |
Consumer Loan [Member] | Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 8,070 | 7,886 |
Consumer Loan [Member] | Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | $ 72 | $ 103 |
LOANS AND LEASES - Age Analysis
LOANS AND LEASES - Age Analysis of Past Due Loans (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | $ 25,111 | $ 25,459 |
90 Days Past Due and Still Accruing | 7 | 16 |
Non-accrual loans | 128 | 170 |
Non-accrual with No ACL | 35 | 52 |
30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 54 | 72 |
Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 189 | 258 |
Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 24,922 | 25,201 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 9,793 | 9,731 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non-accrual loans | 61 | 85 |
Non-accrual with No ACL | 22 | 36 |
Commercial Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 17 | 13 |
Commercial Real Estate [Member] | Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 78 | 98 |
Commercial Real Estate [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 9,715 | 9,633 |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 6,619 | 7,214 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non-accrual loans | 31 | 44 |
Non-accrual with No ACL | 13 | 16 |
Commercial and Industrial [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 4 | 8 |
Commercial and Industrial [Member] | Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 35 | 52 |
Commercial and Industrial [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 6,584 | 7,162 |
Commercial Leases [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 477 | 485 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non-accrual loans | 1 | 2 |
Non-accrual with No ACL | 0 | 0 |
Commercial Leases [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 2 | 2 |
Commercial Leases [Member] | Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 3 | 4 |
Commercial Leases [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 474 | 481 |
Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 80 | 40 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non-accrual loans | 1 | 1 |
Non-accrual with No ACL | 0 | 0 |
Other [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 0 | 0 |
Other [Member] | Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 1 | 1 |
Other [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 79 | 39 |
Total Commercial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 16,969 | 17,470 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non-accrual loans | 94 | 132 |
Non-accrual with No ACL | 35 | 52 |
Total Commercial Loans [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 23 | 23 |
Total Commercial Loans [Member] | Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 117 | 155 |
Total Commercial Loans [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 16,852 | 17,315 |
Direct Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 2,145 | 2,020 |
90 Days Past Due and Still Accruing | 1 | 2 |
Non-accrual loans | 11 | 11 |
Non-accrual with No ACL | 0 | 0 |
Direct Installment [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 3 | 7 |
Direct Installment [Member] | Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 15 | 20 |
Direct Installment [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 2,130 | 2,000 |
Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 3,505 | 3,433 |
90 Days Past Due and Still Accruing | 5 | 11 |
Non-accrual loans | 15 | 18 |
Non-accrual with No ACL | 0 | 0 |
Residential Mortgages [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 17 | 23 |
Residential Mortgages [Member] | Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 37 | 52 |
Residential Mortgages [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 3,468 | 3,381 |
Indirect Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 1,223 | 1,218 |
90 Days Past Due and Still Accruing | 0 | 1 |
Non-accrual loans | 2 | 2 |
Non-accrual with No ACL | 0 | 0 |
Indirect Installment [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 6 | 10 |
Indirect Installment [Member] | Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 8 | 13 |
Indirect Installment [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 1,215 | 1,205 |
Consumer Lines of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 1,269 | 1,318 |
90 Days Past Due and Still Accruing | 1 | 2 |
Non-accrual loans | 6 | 7 |
Non-accrual with No ACL | 0 | 0 |
Consumer Lines of Credit [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 5 | 9 |
Consumer Lines of Credit [Member] | Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 12 | 18 |
Consumer Lines of Credit [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 1,257 | 1,300 |
Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 8,142 | 7,989 |
90 Days Past Due and Still Accruing | 7 | 16 |
Non-accrual loans | 34 | 38 |
Non-accrual with No ACL | 0 | 0 |
Consumer Loan [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 31 | 49 |
Consumer Loan [Member] | Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | 72 | 103 |
Consumer Loan [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, net of unearned income of $75 and $77 | $ 8,070 | $ 7,886 |
LOANS AND LEASES - Non-Performi
LOANS AND LEASES - Non-Performing Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 128 | $ 170 |
Non-Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 128 | 170 |
Total non-performing loans | 128 | 170 |
Other real estate owned | 9 | 10 |
Non Performing Assets | $ 137 | $ 180 |
Non-performing loans / total loans and leases | 0.51% | 0.67% |
Non-performing assets + 90 days past due + OREO / total loans and leases + OREO | 0.57% | 0.77% |
Past due | 90 days | 90 days |
LOANS AND LEASES - Summary of P
LOANS AND LEASES - Summary of Payment Status of TDRs (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | $ 95 | $ 91 |
Performing [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 57 | 58 |
Non-Accrual [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | $ 38 | $ 33 |
LOANS AND LEASES - Troubled Deb
LOANS AND LEASES - Troubled Debt Restructurings (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)Contract | Jun. 30, 2020USD ($)Contract | Jun. 30, 2021USD ($)Contract | Jun. 30, 2020USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 39 | 54 | 71 | 115 |
Pre- Modification Outstanding Recorded Investment | $ 3 | $ 9 | $ 22 | $ 15 |
Post- Modification Outstanding Recorded Investment | $ 3 | $ 8 | $ 22 | $ 13 |
Total Commercial Loans and Leases [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 13 | 20 | 24 | 33 |
Pre- Modification Outstanding Recorded Investment | $ 2 | $ 7 | $ 19 | $ 9 |
Post- Modification Outstanding Recorded Investment | $ 2 | $ 6 | $ 19 | $ 7 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 9 | 11 | 19 | 16 |
Pre- Modification Outstanding Recorded Investment | $ 2 | $ 5 | $ 19 | $ 6 |
Post- Modification Outstanding Recorded Investment | $ 2 | $ 5 | $ 19 | $ 5 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 4 | 9 | 5 | 16 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 2 | $ 0 | $ 3 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 1 | $ 0 | $ 2 |
Other [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 0 | 1 | ||
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 | 26 | 34 | 47 | 82 |
Pre- Modification Outstanding Recorded Investment | $ 1 | $ 2 | $ 3 | $ 6 |
Post- Modification Outstanding Recorded Investment | $ 1 | $ 2 | $ 3 | $ 6 |
Direct Installment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 9 | 19 | 19 | 38 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 1 | $ 1 | $ 3 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 1 | $ 1 | $ 3 |
Residential Mortgages [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 2 | 2 | 3 | 16 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 1 | $ 0 | $ 2 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 1 | $ 0 | $ 2 |
Consumer Lines of Credit [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 15 | 13 | 25 | 28 |
Pre- Modification Outstanding Recorded Investment | $ 1 | $ 0 | $ 2 | $ 1 |
Post- Modification Outstanding Recorded Investment | $ 1 | $ 0 | $ 2 | $ 1 |
LOANS AND LEASES - Originated T
LOANS AND LEASES - Originated Troubled Debt Restructurings, Payment Default (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)Contract | Jun. 30, 2020USD ($)Contract | Jun. 30, 2021USD ($)Contract | Jun. 30, 2020USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 11 | 3 | 21 |
Recorded Investment | $ | $ 0 | $ 1 | $ 0 | $ 3 |
Total Commercial Loans and Leases [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 0 | 5 | 1 | 10 |
Recorded Investment | $ | $ 0 | $ 1 | $ 0 | $ 3 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 4 | 8 | ||
Recorded Investment | $ | $ 1 | $ 3 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 0 | 1 | 1 | 2 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer Loan [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 6 | 2 | 11 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Direct Installment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 3 | 1 | 7 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Residential Mortgages [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 0 | 1 | 1 | 2 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer Lines of Credit [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 2 | 2 | ||
Recorded Investment | $ | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES O_3
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES - Narrative (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Stockholders' equity attributable to parent | $ 5,037 | $ 4,897 | $ 5,037 | $ 4,897 | $ 4,959 | $ 4,974 | $ 4,842 | $ 4,883 | |
Financing receivable, allowance for credit loss, period increase (decrease) | $ 105 | (6.6) | |||||||
Allowance for credit loss | $ 357 | $ 357 | $ 363 | 362 | |||||
Percentage of growth, gross domestic product | 4.00% | ||||||||
Percentage of unemployment | 4.00% | 4.00% | 6.00% | ||||||
Percentage of contraction, gross domestic product, current year | 8.00% | 8.00% | |||||||
Percentage of contraction, gross domestic product, next fiscal year | 3.00% | 3.00% | |||||||
Financing receivable, allowance for credit loss, period increase (decrease), percentage | (1.80%) | ||||||||
Financing receivable, allowance for credit loss, ratio | 1.42% | 1.42% | 1.43% | ||||||
Provision for credit losses | $ 1.1 | $ 4.8 | |||||||
Financing receivable, allowance for credit loss, write-off, after recovery | (3.8) | (8.5) | (11) | (14.2) | |||||
Allowance For Credit Losses on Loans and Leases [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Allowance for credit loss | 356.5 | 365 | 356.5 | 365 | $ 363 | 343 | 196 | ||
Financing receivable, allowance for credit loss, write-off, after recovery | (8) | (11) | (14) | ||||||
Impact of ASC 326 Adoption [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Stockholders' equity attributable to parent | (50) | ||||||||
Retained Earnings [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Stockholders' equity attributable to parent | $ 981 | $ 796 | $ 981 | $ 796 | $ 869 | $ 921 | $ 754 | 798 | |
Retained Earnings [Member] | Impact of ASC 326 Adoption [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Stockholders' equity attributable to parent | $ (50) | ||||||||
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | Impact of ASC 326 Adoption [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Stockholders' equity attributable to parent | (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] | |||||||||
Allowance for credit loss | $ 10 |
ALLOWANCE FOR CREDIT LOSSES O_4
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | $ 362 | $ 363 | ||
Charge- Offs | (8) | |||
Recoveries | 4 | |||
Net Charge- Offs | (3.8) | $ (8.5) | (11) | $ (14.2) |
Provision for Credit Losses | (1) | 30 | 5 | 78 |
Balance at End of Period | 357 | 357 | ||
Unfunded Loan Commitment [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 14 | 14 | 14 | 3 |
Charge- Offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net Charge- Offs | 0 | 0 | 0 | 0 |
Provision for Credit Losses | 0 | 1 | 0 | 2 |
Other adjustments: | 0 | 1 | 0 | 2 |
ASC 326 Adoption Impact | 10 | |||
Initial ACL on PCD Loans | 0 | |||
Balance at End of Period | 14 | 15 | 14 | 15 |
Unfunded Loan Commitment [Member] | Other Non-interest Expense | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for Credit Losses | 1 | 2 | ||
Commercial Real Estate [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 184 | 152 | 181 | 60 |
Charge- Offs | (5) | (3) | (6) | (5) |
Recoveries | 2 | 1 | 3 | 5 |
Net Charge- Offs | (3) | (2) | (3) | 0 |
Provision for Credit Losses | (5) | 13 | (2) | 25 |
ASC 326 Adoption Impact | 38 | |||
Initial ACL on PCD Loans | 40 | |||
Balance at End of Period | 176 | 163 | 176 | 163 |
Commercial and Industrial [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 79 | 88 | 81 | 53 |
Charge- Offs | (1) | (4) | (9) | (8) |
Recoveries | 1 | 1 | 2 | 2 |
Net Charge- Offs | 0 | (3) | (7) | (6) |
Provision for Credit Losses | 2 | 13 | 7 | 39 |
ASC 326 Adoption Impact | 8 | |||
Initial ACL on PCD Loans | 4 | |||
Balance at End of Period | 81 | 98 | 81 | 98 |
Commercial Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 17 | 13 | 17 | 11 |
Charge- Offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 1 | 0 |
Net Charge- Offs | 0 | 0 | 1 | 0 |
Provision for Credit Losses | (1) | 4 | (2) | 6 |
ASC 326 Adoption Impact | 0 | |||
Initial ACL on PCD Loans | 0 | |||
Balance at End of Period | 16 | 17 | 16 | 17 |
Other [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 1 | 1 | 1 | 9 |
Charge- Offs | (1) | (1) | (2) | (2) |
Recoveries | 0 | 0 | 1 | 0 |
Net Charge- Offs | (1) | (1) | (1) | (2) |
Provision for Credit Losses | 1 | 1 | 1 | 3 |
ASC 326 Adoption Impact | (9) | |||
Initial ACL on PCD Loans | 0 | |||
Balance at End of Period | 1 | 1 | 1 | 1 |
Total Commercial Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 281 | 254 | 280 | 133 |
Charge- Offs | (7) | (8) | (17) | (15) |
Recoveries | 3 | 2 | 7 | 7 |
Net Charge- Offs | (4) | (6) | (10) | (8) |
Provision for Credit Losses | (3) | 31 | 4 | 73 |
ASC 326 Adoption Impact | 37 | |||
Initial ACL on PCD Loans | 44 | |||
Balance at End of Period | 274 | 279 | 274 | 279 |
Total Commercial Loans and Leases [Member] | Unfunded Loan Commitment [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for Credit Losses | 0 | 0 | 0 | 0 |
ASC 326 Adoption Impact | 0 | 0 | 0 | 8 |
Direct Installment [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 26 | 26 | 26 | 13 |
Charge- Offs | 0 | 0 | 0 | (1) |
Recoveries | 0 | 0 | 0 | 0 |
Net Charge- Offs | 0 | 0 | 0 | (1) |
Provision for Credit Losses | 1 | (1) | 1 | 2 |
ASC 326 Adoption Impact | 10 | |||
Initial ACL on PCD Loans | 1 | |||
Balance at End of Period | 27 | 25 | 27 | 25 |
Residential Mortgages [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 32 | 31 | 34 | 22 |
Charge- Offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net Charge- Offs | 0 | 0 | 0 | 0 |
Provision for Credit Losses | 1 | 2 | (1) | 1 |
ASC 326 Adoption Impact | 6 | |||
Initial ACL on PCD Loans | 4 | |||
Balance at End of Period | 33 | 33 | 33 | 33 |
Indirect Installment [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 11 | 21 | 11 | 19 |
Charge- Offs | (1) | (2) | (3) | (5) |
Recoveries | 1 | 1 | 2 | 2 |
Net Charge- Offs | 0 | (1) | (1) | (3) |
Provision for Credit Losses | 1 | (3) | 2 | (1) |
ASC 326 Adoption Impact | 2 | |||
Initial ACL on PCD Loans | 0 | |||
Balance at End of Period | 12 | 17 | 12 | 17 |
Consumer Lines of Credit [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 12 | 11 | 12 | 9 |
Charge- Offs | 0 | (1) | 0 | (2) |
Recoveries | 0 | 0 | 0 | 0 |
Net Charge- Offs | 0 | (1) | 0 | (2) |
Provision for Credit Losses | (1) | 1 | (1) | 3 |
ASC 326 Adoption Impact | 0 | |||
Initial ACL on PCD Loans | 1 | |||
Balance at End of Period | 11 | 11 | 11 | 11 |
Consumer Lines of Credit [Member] | Unfunded Loan Commitment [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for Credit Losses | 0 | 0 | 0 | 0 |
ASC 326 Adoption Impact | 0 | 0 | 0 | 2 |
Consumer Loan [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 81 | 89 | 83 | 63 |
Charge- Offs | (1) | (3) | (3) | (8) |
Recoveries | 1 | 1 | 2 | 2 |
Net Charge- Offs | 0 | (2) | (1) | (6) |
Provision for Credit Losses | 2 | (1) | 1 | 5 |
ASC 326 Adoption Impact | 18 | |||
Initial ACL on PCD Loans | 6 | |||
Balance at End of Period | 83 | 86 | 83 | 86 |
Allowance For Credit Losses on Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 343 | 363 | 196 | |
Charge- Offs | (11) | (20) | (23) | |
Recoveries | 3 | 9 | 9 | |
Net Charge- Offs | (8) | (11) | (14) | |
Provision for Credit Losses | 30 | 5 | 78 | |
ASC 326 Adoption Impact | 55 | |||
Initial ACL on PCD Loans | 50 | |||
Balance at End of Period | 356.5 | 365 | 356.5 | 365 |
Allowance For Credit Losses on Loans and Leases and Unfunded Loans Commitments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 376 | 357 | 377 | 199 |
Charge- Offs | (8) | (11) | (20) | (23) |
Recoveries | 4 | 3 | 9 | 9 |
Net Charge- Offs | (4) | (8) | (11) | (14) |
Provision for Credit Losses | (1) | 31 | 5 | 80 |
ASC 326 Adoption Impact | 65 | |||
Initial ACL on PCD Loans | 50 | |||
Balance at End of Period | $ 371 | $ 380 | $ 371 | $ 380 |
LOAN SERVICING - Activity in MS
LOAN SERVICING - Activity in MSR (Detail) - Mortgage Servicing Rights [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Servicing Assets at Fair Value [Line Items] | |||||
Mortgage loans sold with servicing retained | $ 4,756 | $ 4,756 | $ 4,653 | ||
Mortgage loans sold with servicing retained | 518 | $ 416 | 1,024 | $ 676 | |
Pretax net gains resulting from above loan sales | 11 | 15 | 26 | 22 | |
Mortgage banking operations | 3 | 3 | 6 | 6 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||||
Balance at beginning of period | 38.6 | 34.9 | 35.6 | 42.6 | |
Additions | 5.7 | 4 | 10.9 | 6.5 | |
Payoffs and curtailments | (3.5) | (4) | (7.6) | (5.9) | |
(Impairment charge) / recovery | 0.3 | (0.3) | 2.8 | (8) | |
Amortization | (0.6) | (0.6) | (1.2) | (1.2) | |
Balance at end of period | 40.5 | 34 | 40.5 | 34 | |
Loan servicing rights, fair value, start | 40.2 | 34.9 | 35.6 | 45 | |
Loan servicing rights, fair value, end | 40.8 | $ 34 | 40.8 | $ 34 | |
Valuation allowance for servicing rights | $ 4.5 | $ 4.5 | $ 7.3 |
LOAN SERVICING - Sensitivity of
LOAN SERVICING - Sensitivity of Fair Value to Changes in key Assumptions (Detail) - Mortgage Servicing Rights [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
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) | 70 months 15 days | 66 months 17 days |
Constant prepayment rate (annualized) | 12.80% | 13.40% |
Discount rate | 9.50% | 9.50% |
Sensitivity analysis of fair value, change in interest rates, plus .25% | $ 3 | $ 2 |
Sensitivity analysis of fair value, change in interest rates, plus .50% | 5 | 4 |
Sensitivity analysis of fair value, change in interest rates, minus .25% | (3) | (2) |
Sensitivity analysis of fair value, change in interest rates, minus .50% | $ (6) | $ (3) |
LEASES (Details)
LEASES (Details) $ in Millions | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
Operating lease, right-of-use asset, statement of financial position [extensible enumeration] | Other assets |
Operating lease, liability, statement of financial position [extensible enumeration] | Other liabilities |
Operating lease, right-of-use asset | $ 121.9 |
Operating lease, liability | 130 |
Present value of lease liabilities | 9.6 |
Operating lease, lease not yet commenced, expense | $ 18.8 |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, lease not yet commenced, term of contract | 16 years |
LEASES - Lease Expense (Details
LEASES - Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 7 | $ 6 | $ 14 | $ 13 |
Variable lease cost | 1 | 1 | 2 | 2 |
Total lease cost | $ 8 | $ 7 | $ 16 | $ 15 |
LEASES - Other Information (Det
LEASES - Other Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 7 | $ 13 |
Operating cash flows from finance leases | 0 | 0 |
Operating lease, right-of-use assets obtained in exchange for lease obligations | 2 | 4 |
Finance lease, right-of-use assets obtained in exchange for lease obligations | $ 10 | $ 0 |
Operating lease, weighted average remaining lease term (in years) | 9 years 4 months 9 days | 9 years 7 months 2 days |
Finance lease, weighted average remaining lease term (in years) | 24 years 4 months 2 days | 0 years |
Operating lease, weighted average discount rate, percent | 2.60% | 2.90% |
Finance lease, weighted average discount rate, percent | 1.90% | 0.00% |
LEASES - Maturities (Details)
LEASES - Maturities (Details) $ in Millions | Jun. 30, 2021USD ($) |
Operating Leases | |
2021 | $ 13 |
2022 | 22 |
2023 | 18 |
2024 | 16 |
2025 | 12 |
Later years | 67 |
Total lease payments | 148 |
Less: imputed interest | (18) |
Present value of lease liabilities | 130 |
Finance Leases | |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
Later years | 12 |
Total lease payments | 12 |
Less: imputed interest | (2) |
Present value of lease liabilities | 9.6 |
Total Leases | |
2021 | 13 |
2022 | 22 |
2023 | 18 |
2024 | 16 |
2025 | 12 |
Later years | 79 |
Total lease payments | 160 |
Less: imputed interest | (20) |
Present value of lease liabilities | $ 140 |
VARIABLE INTEREST ENTITIES - As
VARIABLE INTEREST ENTITIES - Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Variable Interest Entity [Line Items] | |||
Assets | $ 38,406 | $ 37,354 | $ 37,721 |
Liabilities | 33,369 | 32,395 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 143 | 146 | |
Liabilities | 113 | 119 | |
Maximum Exposure to Loss | 142 | 145 | |
Trust Preferred Securities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 1 | 1 | |
Liabilities | 66 | 66 | |
Maximum Exposure to Loss | 0 | 0 | |
Affordable Housing Tax Credit Partnerships [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 117 | 119 | |
Liabilities | 43 | 45 | |
Maximum Exposure to Loss | 117 | 119 | |
Other Investments [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 25 | 26 | |
Liabilities | 4 | 8 | |
Maximum Exposure to Loss | $ 25 | $ 26 |
VARIABLE INTEREST ENTITIES - Tr
VARIABLE INTEREST ENTITIES - Trust-Preferred Securities (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Trust Preferred Securities [Member] | Maximum [Member] | |
Variable Interest Entity [Line Items] | |
Deferral period for payment of interest | 5 years |
VARIABLE INTEREST ENTITIES - Af
VARIABLE INTEREST ENTITIES - Affordable Housing Tax Credit Investments And Related Unfunded Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Proportional amortization method investments included in other assets | $ 72 | $ 71 |
Equity method investments included in other assets | 2 | 3 |
Total LIHTC investments included in other assets | 74 | 74 |
Unfunded LIHTC commitments | $ 43 | $ 45 |
VARIABLE INTEREST ENTITIES - In
VARIABLE INTEREST ENTITIES - Income Statement Effect (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Non-Interest Income | ||||
Amortization of tax credit investments under equity method, net of tax benefit | $ 1 | $ 1 | $ 1 | $ 1 |
Provision for income taxes: | ||||
Amortization of LIHTC investments under proportional method | 4 | 3 | 7 | 6 |
Low-income housing tax credits | (4) | (3) | (7) | (6) |
Other tax benefits related to tax credit investments | (1) | (1) | (2) | (2) |
Total impact on provision for income taxes | $ (1) | $ (1) | $ (2) | $ (2) |
BORROWINGS - Summary of Short-T
BORROWINGS - Summary of Short-Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $ 393 | $ 403 |
Federal Home Loan Bank advances | 1,130 | 1,280 |
Subordinated notes | 127 | 121 |
Total short-term borrowings | $ 1,650 | $ 1,804 |
BORROWINGS - Additional Informa
BORROWINGS - Additional Information (Detail) - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Short-term advances | $ 1.1 | $ 1.3 |
Short-term advances, percentage bearing fixed interest rate | 100.00% | 100.00% |
FHLB [Member] | ||
Debt Instrument [Line Items] | ||
Credit available with FHLB | $ 8.2 | |
Credit with FHLB utilized | $ 1.3 | |
Minimum [Member] | FHLB [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rates | 0.26% | 0.30% |
Maximum [Member] | FHLB [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rates | 0.29% | 0.34% |
BORROWINGS - Summary of Long-Te
BORROWINGS - Summary of Long-Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 200 | $ 400 |
Senior notes | 299 | 299 |
Subordinated notes | 75 | 81 |
Junior subordinated debt | 66 | 66 |
Other subordinated debt | 248 | 249 |
Total long-term borrowings | $ 888 | $ 1,095 |
BORROWINGS - Schedule of Subord
BORROWINGS - Schedule of Subordinated Debt (Details) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Debt Instrument [Line Items] | |
Aggregate Principal Amount Issued | $ 558,000,000 |
Net Proceeds | 560,000,000 |
Carrying Value | $ 547,000,000 |
2.20% Senior Notes due February 24, 2023 [Member] | |
Debt Instrument [Line Items] | |
Interest Rate | 2.20% |
Aggregate Principal Amount Issued | $ 300,000,000 |
Net Proceeds | 298,000,000 |
Carrying Value | $ 299,000,000 |
4.95% Fixed-To-Floating Rate Subordinated Notes due 2029 [Member] | |
Debt Instrument [Line Items] | |
Interest Rate | 4.95% |
Aggregate Principal Amount Issued | $ 120,000,000 |
Net Proceeds | 118,000,000 |
Carrying Value | $ 118,000,000 |
4.875% Subordinated Notes due 2025 [Member] | |
Debt Instrument [Line Items] | |
Interest Rate | 4.875% |
Aggregate Principal Amount Issued | $ 100,000,000 |
Net Proceeds | 98,000,000 |
Carrying Value | $ 99,000,000 |
7.625% Subordinated Notes due August 12, 2023 [Member] | Yadkin Financial Corporation (YDKN) [Member] | |
Debt Instrument [Line Items] | |
Interest Rate | 7.625% |
Aggregate Principal Amount Issued | $ 38,000,000 |
Net Proceeds | 46,000,000 |
Carrying Value | $ 31,000,000 |
BORROWINGS - Junior Subordinate
BORROWINGS - Junior Subordinated Debt Trusts (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 66 | $ 66 |
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 | 1.77% | |
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 | 1.44% | |
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 | 1.61% | |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 12,702 | $ 12,480 |
Derivative asset, not offset against collateral | 4 | 3 |
Derivative liability, not offset against collateral | 27 | 37 |
Derivative asset, not subject to master netting arrangement | 248 | 373 |
Derivative liability, not subject to master netting arrangement | 14 | 3 |
Fair value, asset | 252 | 376 |
Fair value, liability | 41 | 40 |
Interest rate contracts - designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not offset against collateral | 2 | 3 |
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 | 2 | 0 |
Derivative liability, not offset against collateral | 27 | 37 |
Derivative asset, not subject to master netting arrangement | 234 | 349 |
Derivative liability, not subject to master netting arrangement | 12 | 0 |
Interest rate lock commitments – not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not subject to master netting arrangement | 14 | 24 |
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 | 0 |
Derivative liability, not subject to master netting arrangement | 1 | 2 |
Credit risk contracts - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 313.1 | |
Derivative asset, not subject to master netting arrangement | 0 | 0 |
Derivative liability, not subject to master netting arrangement | 1 | 1 |
Subject to Master Netting Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 6,213 | 6,221 |
Subject to Master Netting Arrangements [Member] | Interest rate contracts - designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 1,180 | 1,430 |
Subject to Master Netting Arrangements [Member] | Interest rate swaps - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 5,033 | 4,791 |
Not Subject to Master Netting Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 6,489 | 6,259 |
Not Subject to Master Netting Arrangements [Member] | Interest rate swaps - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 5,033 | 4,791 |
Not Subject to Master Netting Arrangements [Member] | Interest rate lock commitments – not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 501 | 531 |
Not Subject to Master Netting Arrangements [Member] | Forward delivery commitments – not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 509 | 500 |
Not Subject to Master Netting Arrangements [Member] | Credit risk contracts - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 446 | $ 437 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Amounts Reclassified from AOCI (Detail) - Interest rate contracts [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ 5,000,000 | $ (51,000,000) |
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | 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 | $ (9,000,000) | $ (4,000,000) |
DERIVATIVE INSTRUMENTS AND HE_5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Cash Flow Hedging on Income Statement (Detail) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative [Line Items] | ||||
Interest Income - Loans and Leases | $ 224,000,000 | $ 245,000,000 | $ 445,000,000 | $ 511,000,000 |
Interest Expense - Short-Term Borrowings | $ 7,000,000 | $ 8,000,000 | 14,000,000 | 22,000,000 |
Interest rate contracts [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into net income | 0 | 0 | ||
Interest Income - Loans and Leases [Member] | Interest rate contracts [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into net income | 1,000,000 | 1,000,000 | ||
Interest Expense - Short-Term Borrowings [Member] | Interest rate contracts [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into net income | $ (10,000,000) | $ (5,000,000) |
DERIVATIVE INSTRUMENTS AND HE_6
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Notional amount | $ 12,702,000,000 | $ 12,480,000,000 | |
Additional amount in excess of posted collateral required in case of breached agreements | $ 300,000 | 300,000 | |
Interest rate contracts [Member] | |||
Derivative [Line Items] | |||
Maximum length of time hedged in interest rate cash flow hedge | 3 years 4 months 24 days | ||
Period to reclassification of cash flow hedge gain loss | 12 months | ||
Derivative gains to be reclassified within twelve months | $ 17,700,000 | ||
Derivative gains to be reclassified within twelve months, net of tax | 13,800,000 | ||
Derivative gain or losses excluded from assessment of hedge effectiveness | 0 | ||
Amount of gain (loss) reclassified from AOCI into net income | 0 | $ 0 | |
Credit risk contracts - not designated [Member] | |||
Derivative [Line Items] | |||
Notional amount | 313,100,000 | ||
Maximum exposure under credit risk agreement assuming customer default | 400,000 | 600,000 | |
Credit risk derivatives, purchased at fair value | 100,000 | 200,000 | |
Credit risk derivatives, sold at fair value | $ 400,000 | $ 600,000 | |
Credit risk contracts - not designated [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Risk participation agreements, term | 1 year | ||
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 | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | $ 4 | $ 3 |
Financial Instruments | 0 | 0 |
Cash Collateral | 4 | 3 |
Net Amount | 0 | 0 |
Interest rate contracts - designated [Member] | ||
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | 2 | 3 |
Financial Instruments | 0 | 0 |
Cash Collateral | 2 | 3 |
Net Amount | 0 | 0 |
Interest rate swaps - not designated [Member] | ||
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | 2 | $ 0 |
Financial Instruments | 0 | |
Cash Collateral | 2 | |
Net Amount | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_9
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | $ 27 | $ 37 |
Financial Instruments | 0 | 0 |
Cash Collateral | 27 | 37 |
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 | 27 | 37 |
Financial Instruments | 0 | 0 |
Cash Collateral | 27 | 37 |
Net Amount | $ 0 | $ 0 |
COMMITMENTS, CREDIT RISK AND _3
COMMITMENTS, CREDIT RISK AND CONTINGENCIES - Off-Balance Sheet Credit Risk (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Extended credit and standby letters of credit | $ 199 | $ 158 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Extended credit and standby letters of credit | $ 10,596 | $ 9,285 |
COMMITMENTS, CREDIT RISK AND _4
COMMITMENTS, CREDIT RISK AND CONTINGENCIES - Additional Information (Detail) $ in Millions | Jun. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Percentage of commitments to extend credit dependent upon the financial condition of the customers | 72.90% |
Allowance for credit losses on loan commitments that are not unconditionally cancellable | $ 14.1 |
STOCK INCENTIVE PLANS - Additio
STOCK INCENTIVE PLANS - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares available up to (in shares) | 4,217,702 | |
Unrecognized compensation expense | $ 14 | |
Shares, options outstanding and exercisable (in shares) | 170,647 | 212,982 |
Weighted average exercise price, options outstanding (in dollars per share) | $ 8.75 | $ 8.32 |
Intrinsic value of outstanding and exercisable stock options | $ 0.6 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period of units issued, years | 3 years | |
Restricted stock awards issued (in shares) | 1,102,607 | 1,988,225 |
Unrecognized compensation expense | $ 14.3 | |
Amount subject to accelerated vesting under Incentive Compensation Plan | 1.5 | |
Performance-based Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 2 | |
Performance-based Units [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards issued (in shares) | 325,284 | 571,932 |
STOCK INCENTIVE PLANS - Restric
STOCK INCENTIVE PLANS - Restricted Stock Units Activity (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
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) | 4,531,782 | |
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) | 4,322,115 | 2,858,357 |
Shares, granted (in shares) | 1,102,607 | 1,988,225 |
Shares, net adjustment due to performance (in shares) | 327,256 | 0 |
Shares, vested (in shares) | (1,229,683) | (591,880) |
Shares, forfeited/expired (in shares) | (75,132) | (159,760) |
Shares, dividend reinvestment (in shares) | 84,619 | 104,501 |
Shares, unvested units outstanding at end of period (in shares) | 4,531,782 | 4,199,443 |
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 dollars per share) | $ 9.46 | $ 12.56 |
Weighted average grant price, granted (in dollars per share) | 12.66 | 6.95 |
Weighted average grant price, net adjusted due to performance (in dollars per share) | 11.84 | 0 |
Weighted average grant price, vested (in dollars per share) | 12.16 | 14.50 |
Weighted average grant price, forfeited/expired/canceled (in dollars per share) | 11.55 | 13.36 |
Weighted average grant price, dividend reinvestment (in dollars per share) | 13.10 | 8.02 |
Weighted average grant price, invested units outstanding at end of period (in dollars per share) | $ 9.71 | $ 9.48 |
STOCK INCENTIVE PLANS - Schedul
STOCK INCENTIVE PLANS - Schedule of Certain Information Related to Restricted Stock Units (Detail) - Restricted Stock [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 14 | $ 11 |
Tax benefit related to stock-based compensation expense | 3 | 2 |
Fair value of units vested | $ 15 | $ 4 |
STOCK INCENTIVE PLANS - Compone
STOCK INCENTIVE PLANS - Components of Restricted Stock Units (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units (in shares) | shares | 4,531,782 |
Unrecognized compensation expense | $ 14 |
Intrinsic value | $ 56 |
Weighted average remaining life (in years) | 1 year 8 months 12 days |
Service-Based Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units (in shares) | shares | 2,980,437 |
Unrecognized compensation expense | $ 12 |
Intrinsic value | $ 37 |
Weighted average remaining life (in years) | 2 years 7 days |
Performance-based Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units (in shares) | shares | 1,551,345 |
Unrecognized compensation expense | $ 2 |
Intrinsic value | $ 19 |
Weighted average remaining life (in years) | 1 year 29 days |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Current income taxes: Federal taxes | $ 19 | $ 39 | $ 40 | $ 46 |
Current income taxes: State taxes | 1 | 3 | 3 | 5 |
Total current income taxes | 20 | 42 | 43 | 51 |
Deferred income taxes: Federal taxes | 4 | (26) | 3 | (24) |
Deferred income taxes: State taxes | 1 | 0 | 1 | 0 |
Total deferred income taxes | 5 | (26) | 4 | (24) |
Income taxes | $ 25 | $ 16 | $ 47 | $ 27 |
Statutory tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Effective tax rate | 19.70% | 16.00% | 19.30% | 17.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 50 | $ 51 |
OTHER COMPREHENSIVE INCOME (Det
OTHER COMPREHENSIVE INCOME (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 4,974 | $ 4,842 | $ 4,959 | $ 4,883 |
Other comprehensive (loss) income before reclassifications | (14) | |||
Amounts reclassified from AOCI | 7 | |||
Other Comprehensive Income (Loss) | 5 | 10 | (7) | 30 |
Balance at end of period | 5,037 | 4,897 | 5,037 | 4,897 |
Unrealized Net Gains (Losses) on Debt Securities Available for Sale [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 65 | |||
Other comprehensive (loss) income before reclassifications | (19) | |||
Amounts reclassified from AOCI | 0 | |||
Other Comprehensive Income (Loss) | (19) | |||
Balance at end of period | 46 | 46 | ||
Unrealized Net Gains (Losses) on Derivative Instruments [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (40) | |||
Other comprehensive (loss) income before reclassifications | 4 | |||
Amounts reclassified from AOCI | 7 | |||
Other Comprehensive Income (Loss) | 11 | |||
Balance at end of period | (29) | (29) | ||
Unrecognized Pension and Postretirement Obligations [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (64) | |||
Other comprehensive (loss) income before reclassifications | 1 | |||
Amounts reclassified from AOCI | 0 | |||
Other Comprehensive Income (Loss) | 1 | |||
Balance at end of period | (63) | (63) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (51) | (45) | (39) | (65) |
Balance at end of period | $ (46) | $ (35) | $ (46) | $ (35) |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 102 | $ 84 | $ 195 | $ 131 |
Less: Preferred stock dividends | 2 | 2 | 4 | 4 |
Net income available to common stockholders | 100 | 82 | 191 | 127 |
Net income available to common stockholders | $ 100 | $ 82 | $ 191 | $ 127 |
Basic weighted average common shares outstanding (in shares) | 319,599,352 | 323,304,237 | 320,283,480 | 323,775,973 |
Net effect of dilutive stock options, warrants and restricted stock (in shares) | 3,728,813 | 1,848,335 | 3,744,783 | 1,939,894 |
Diluted weighted average common shares outstanding (in shares) | 323,328,165 | 325,152,572 | 324,028,263 | 325,715,867 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.31 | $ 0.25 | $ 0.60 | $ 0.39 |
Diluted (in dollars per share) | $ 0.31 | $ 0.25 | $ 0.59 | $ 0.39 |
EARNINGS PER COMMON SHARE - Ave
EARNINGS PER COMMON SHARE - Average Shares Excluded from Earnings Per Common Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Average shares excluded from the diluted earnings per common share calculation (in shares) | 0 | 40,778 | 0 | 15,301 |
CASH FLOW INFORMATION (Detail)
CASH FLOW INFORMATION (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid on deposits and other borrowings | $ 55 | $ 129 |
Income taxes paid | 38 | 0 |
Transfers of loans to other real estate owned | $ 2 | $ 1 |
BUSINESS SEGMENTS - Additional
BUSINESS SEGMENTS - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2021Segment | |
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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 253 | $ 281 | $ 504 | $ 587 | |
Interest expense | 25 | 52 | 53 | 126 | |
Net Interest Income | 228 | 229 | 451 | 461 | |
Provision for credit losses | (1) | 30 | 5 | 78 | |
Non-interest income | 80 | 77 | 163 | 146 | |
Non-interest expense | 179 | 172 | 361 | 364 | |
Amortization of intangibles | 3 | 4 | 6 | 7 | |
Income tax expense (benefit) | 25 | 16 | 47 | 27 | |
Net income (loss) | 102 | 84 | 195 | 131 | |
Total assets | 38,406 | 37,721 | 38,406 | 37,721 | $ 37,354 |
Total intangibles | 2,310 | 2,323 | 2,310 | 2,323 | |
Operating Segments [Member] | Community Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 253 | 280 | 504 | 586 | |
Interest expense | 22 | 46 | 47 | 114 | |
Net Interest Income | 231 | 234 | 457 | 472 | |
Provision for credit losses | (2) | 30 | 4 | 78 | |
Non-interest income | 60 | 65 | 123 | 117 | |
Non-interest expense | 162 | 157 | 327 | 333 | |
Amortization of intangibles | 2 | 3 | 5 | 6 | |
Income tax expense (benefit) | 26 | 17 | 48 | 29 | |
Net income (loss) | 103 | 92 | 196 | 143 | |
Total assets | 38,288 | 37,598 | 38,288 | 37,598 | |
Total intangibles | 2,273 | 2,285 | 2,273 | 2,285 | |
Operating Segments [Member] | Wealth Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net Interest Income | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Non-interest income | 15 | 11 | 30 | 24 | |
Non-interest expense | 10 | 8 | 20 | 18 | |
Amortization of intangibles | 0 | 0 | 0 | 0 | |
Income tax expense (benefit) | 1 | 0 | 2 | 1 | |
Net income (loss) | 4 | 3 | 8 | 5 | |
Total assets | 42 | 33 | 42 | 33 | |
Total intangibles | 9 | 9 | 9 | 9 | |
Operating Segments [Member] | Insurance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net Interest Income | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Non-interest income | 7 | 5 | 13 | 11 | |
Non-interest expense | 5 | 4 | 10 | 9 | |
Amortization of intangibles | 1 | 1 | 1 | 1 | |
Income tax expense (benefit) | 1 | 0 | 1 | 0 | |
Net income (loss) | 0 | 0 | 1 | 1 | |
Total assets | 35 | 36 | 35 | 36 | |
Total intangibles | 28 | 29 | 28 | 29 | |
Parent and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 0 | 1 | 0 | 1 | |
Interest expense | 3 | 6 | 6 | 12 | |
Net Interest Income | (3) | (5) | (6) | (11) | |
Provision for credit losses | 1 | 0 | 1 | 0 | |
Non-interest income | (2) | (4) | (3) | (6) | |
Non-interest expense | 2 | 3 | 4 | 4 | |
Amortization of intangibles | 0 | 0 | 0 | 0 | |
Income tax expense (benefit) | (3) | (1) | (4) | (3) | |
Net income (loss) | (5) | (11) | (10) | (18) | |
Total assets | 41 | 54 | 41 | 54 | |
Total intangibles | $ 0 | $ 0 | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available for sale | $ 3,126 | $ 3,463 | |
Loans held for sale | [1] | 159 | 144 |
Derivative assets | 252 | 376 | |
Derivative liabilities | 41 | 40 | |
U.S. Treasury [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available for sale | 600 | ||
US Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available for sale | 167 | 172 | |
U.S. Government-Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available for sale | 160 | 161 | |
Agency Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available for sale | 1,226 | 1,124 | |
Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available for sale | 322 | 378 | |
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 | 33 | 32 | |
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 | 600 | |
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 | 3,126 | 2,863 | |
Derivative assets | 238 | 352 | |
Derivative liabilities | 41 | 40 | |
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 | 14 | 24 | |
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 | 3,126 | 3,463 | |
Loans held for sale | 159 | 144 | |
Derivative assets | 252 | 376 | |
Total assets measured at fair value on a recurring basis | 3,537 | 3,983 | |
Derivative liabilities | 41 | 40 | |
Total liabilities measured at fair value on a recurring basis | 41 | 40 | |
Fair Value, Recurring [Member] | U.S. Treasury [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available for sale | 600 | ||
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 | 167 | 172 | |
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 | 160 | 161 | |
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 | 1,216 | 994 | |
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 | 1,226 | 1,124 | |
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 | 322 | 378 | |
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 | 33 | 32 | |
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] | Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 39 | 37 | |
Fair Value, Recurring [Member] | Not for Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 2 | 3 | |
Fair Value, Recurring [Member] | Trading Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 236 | 349 | |
Fair Value, Recurring [Member] | Non Trading Account Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 16 | 27 | |
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 | 600 | |
Loans held for sale | 0 | 0 | |
Derivative assets | 0 | 0 | |
Total assets measured at fair value on a recurring basis | 0 | 600 | |
Derivative liabilities | 0 | 0 | |
Total liabilities measured at fair value on a recurring basis | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | U.S. Treasury [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available for sale | 600 | ||
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 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 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available for sale | 3,126 | 2,863 | |
Loans held for sale | 159 | 144 | |
Derivative assets | 238 | 352 | |
Total assets measured at fair value on a recurring basis | 3,523 | 3,359 | |
Derivative liabilities | 41 | 40 | |
Total liabilities measured at fair value on a recurring basis | 41 | 40 | |
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. Treasury [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available for sale | 0 | ||
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 | 167 | 172 | |
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 | 160 | 161 | |
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 | 1,216 | 994 | |
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 | 1,226 | 1,124 | |
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 | 322 | 378 | |
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 | 33 | 32 | |
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 2 [Member] | Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 39 | 37 | |
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 | 2 | 3 | |
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 | 236 | 349 | |
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 | 2 | 3 | |
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 | 14 | 24 | |
Total assets measured at fair value on a recurring basis | 14 | 24 | |
Derivative liabilities | 0 | 0 | |
Total liabilities measured at fair value on a recurring basis | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | U.S. Treasury [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available for sale | 0 | ||
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 | |
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 | $ 14 | $ 24 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 18. |
FAIR VALUE MEASUREMENTS - Rollf
FAIR VALUE MEASUREMENTS - Rollforward on Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 24 | $ 3 |
Purchases, issuances, sales and settlements: | ||
Issuances | 14 | 24 |
Settlements | (24) | (3) |
Balance at end of period | 14 | 24 |
Interest Rate Lock Commitments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 24 | 3 |
Purchases, issuances, sales and settlements: | ||
Issuances | 14 | 24 |
Settlements | (24) | (3) |
Balance at end of period | $ 14 | $ 24 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value Measurements Disclosure [Line Items] | ||
Transfer of equity security to non-marketable equity securities, included in other assets | $ 0 | $ 0 |
Collateral dependent loans, allowance for credit loss | 7,400,000 | |
Provision for fair value measurements included in allowance for loan losses | 600,000 | |
Carrying amount of OREO | 600,000 | |
Valuation allowance of OREO | 200,000 | |
Loss from OREO included in earnings | 200,000 | |
Fair Value, Nonrecurring [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Collateral dependent loans carrying value | 9,000,000 | |
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Servicing asset | 11,700,000 | |
Valuation allowance for impairment of recognized servicing assets, additions (deductions) for expenses (recoveries) | 4,500,000 | |
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Provision Expense [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Valuation allowance for impairment of recognized servicing assets, provision recovery | 2,800,000 | |
SBA-Guaranteed Loan Servicing [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Servicing asset | 3,400,000 | |
Valuation allowance for impairment of recognized servicing assets, additions (deductions) for expenses (recoveries) | 800,000 | |
Valuation allowance for impairment of recognized servicing assets, provision recovery | $ 300,000 |
FAIR VALUE MEASUREMENTS - Add_2
FAIR VALUE MEASUREMENTS - Additional Information on Non-Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other asset | $ 0 | $ 0 | ||||
Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other asset | 0 | 0 | ||||
Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other asset | 45 | 39 | ||||
Fair Value, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Collateral dependent loans | 9 | 45 | ||||
Other real estate owned | 1 | 3 | ||||
Fair Value, Nonrecurring [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Collateral dependent loans | 0 | 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 | 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 | 9 | 45 | ||||
Other real estate owned | 1 | 3 | ||||
Mortgage Servicing Rights [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other asset | 40.8 | $ 40.2 | 35.6 | $ 34 | $ 34.9 | $ 45 |
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other asset | 12 | 36 | ||||
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other asset | 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] | ||||||
Other asset | 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] | ||||||
Other asset | 12 | 36 | ||||
SBA-Guaranteed Loan Servicing [Member] | Fair Value, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other asset | 4 | 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] | ||||||
Other asset | 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] | ||||||
Other asset | 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] | ||||||
Other asset | $ 4 | $ 3 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Instruments (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available for sale | $ 3,126 | $ 3,463 |
Securities held to maturity | 3,217 | 2,973 |
Derivative assets | 252 | 376 |
Long-term borrowings | 547 | |
Derivative liabilities | 41 | 40 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 2,944 | 1,383 |
Debt securities, available for sale | 3,126 | 3,463 |
Securities held to maturity | 3,135 | 2,868 |
Net loans and leases | 24,931 | 25,250 |
Loan servicing rights | 44 | 39 |
Derivative assets | 252 | 376 |
Accrued interest receivable | 83 | 90 |
Deposits | 30,469 | 29,122 |
Short-term borrowings | 1,650 | 1,804 |
Long-term borrowings | 888 | 1,095 |
Derivative liabilities | 41 | 40 |
Accrued interest payable | 11 | 13 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 2,944 | 1,383 |
Debt securities, available for sale | 3,126 | 3,463 |
Securities held to maturity | 3,217 | 2,973 |
Net loans and leases | 24,621 | 25,012 |
Loan servicing rights | 45 | 39 |
Derivative assets | 252 | 376 |
Accrued interest receivable | 83 | 90 |
Deposits | 30,485 | 29,158 |
Short-term borrowings | 1,653 | 1,809 |
Long-term borrowings | 906 | 1,068 |
Derivative liabilities | 41 | 40 |
Accrued interest payable | 11 | 13 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 2,944 | 1,383 |
Debt securities, available for sale | 0 | 600 |
Securities held to maturity | 1 | 0 |
Net loans and leases | 0 | 0 |
Loan servicing rights | 0 | 0 |
Derivative assets | 0 | 0 |
Accrued interest receivable | 83 | 90 |
Deposits | 27,268 | 25,460 |
Short-term borrowings | 1,653 | 1,809 |
Long-term borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | 11 | 13 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Debt securities, available for sale | 3,126 | 2,863 |
Securities held to maturity | 3,216 | 2,973 |
Net loans and leases | 159 | 144 |
Loan servicing rights | 0 | 0 |
Derivative assets | 238 | 352 |
Accrued interest receivable | 0 | 0 |
Deposits | 3,217 | 3,698 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Derivative liabilities | 41 | 40 |
Accrued interest payable | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Debt securities, available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Net loans and leases | 24,462 | 24,868 |
Loan servicing rights | 45 | 39 |
Derivative assets | 14 | 24 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 906 | 1,068 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - Subsequent Event [Member] - Howard Bancorp, Inc. [Member] shares in Millions, $ in Millions | Jul. 12, 2021USD ($)shares |
Subsequent Event [Line Items] | |
Total assets | $ | $ 2,600 |
Value of acquisition | $ | $ 418 |
Common Stock [Member] | |
Subsequent Event [Line Items] | |
Conversion rate | 1.8 |
Entity shares issued per acquiree share (in shares) | shares | 33.8 |
Entity shares converted per acquirer share (in shares) | shares | 18.8 |