Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,814,544,208 | ||
Entity Common Stock, Shares Outstanding | 353,095,351 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of F.N.B. Corporation’s definitive proxy statement to be filed pursuant to Regulation 14A for the Annual Meeting of Stockholders to be held on May 10, 2022 are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14, of this Annual Report on Form 10-K. F.N.B. Corporation will file its definitive proxy statement with the Securities and Exchange Commission on or before April 15, 2022. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000037808 | ||
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 $0.01 per share | ||
Trading Symbol | FNB | ||
Security Exchange Name | NYSE | ||
New York Stock Exchange | Depositary Shares each representing 1/40th interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares each representing 1/40th interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E | ||
Trading Symbol | FNBPrE | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Ernst and Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Pittsburgh, PA |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and due from banks | $ 337 | $ 369 | |
Interest-bearing deposits with banks | 3,156 | 1,014 | |
Cash and Cash Equivalents | 3,493 | 1,383 | |
Debt securities available for sale (amortized cost of $3,416 and $3,380; allowance for credit losses of $0 and $0) | 3,426 | 3,463 | |
Debt securities held to maturity (fair value of $3,506 and $2,973; allowance for credit losses of $0 and $0) | 3,463 | 2,868 | |
Loans held for sale (includes $269 and $144 measured at fair value) | [1] | 295 | 154 |
Loans and leases, net of unearned income of $36 and $77 | 24,968 | 25,459 | |
Allowance for credit losses on loans and leases | (344) | (363) | |
Net Loans and Leases | 24,624 | 25,096 | |
Premises and equipment, net | 345 | 332 | |
Goodwill | 2,262 | 2,262 | |
Core deposit and other intangible assets, net | 42 | 54 | |
Bank owned life insurance | 546 | 549 | |
Other assets | 1,017 | 1,193 | |
Total Assets | 39,513 | 37,354 | |
Deposits: | |||
Non-interest-bearing demand | 10,789 | 9,042 | |
Interest-bearing demand | 14,409 | 13,157 | |
Savings | 3,669 | 3,261 | |
Certificates and other time deposits | 2,859 | 3,662 | |
Total Deposits | 31,726 | 29,122 | |
Short-term borrowings | 1,536 | 1,804 | |
Long-term borrowings | 682 | 1,095 | |
Other liabilities | 419 | 374 | |
Total Liabilities | 34,363 | 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 – 329,464,669 and 328,057,368 shares | 3 | 3 | |
Additional paid-in capital | 4,109 | 4,087 | |
Retained earnings | 1,110 | 869 | |
Accumulated other comprehensive loss | (62) | (39) | |
Treasury stock – 10,531,177 and 6,427,839 shares at cost | (117) | (68) | |
Total Stockholders’ Equity | 5,150 | 4,959 | |
Total Liabilities and Stockholders’ Equity | $ 39,513 | $ 37,354 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 25. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Financial Position [Abstract] | |||
Debt securities available for sale, amortized cost | $ 3,416,000,000 | $ 3,380,000,000 | |
Debt securities available for sale, allowance for credit losses | 0 | 0 | |
Debt securities held-to-maturity, fair value | 3,506,000,000 | 2,973,000,000 | |
Debt securities held to maturity, allowance for credit losses | 50,000 | 40,000 | |
Loans held for sale | [1] | 269,000,000 | 144,000,000 |
Unearned income on loans | $ 36,000,000 | $ 77,000,000 | |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 | |
Preferred stock, liquidation preference per share (USD 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 (USD per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |
Common stock, shares issued (in shares) | 329,464,669 | 328,057,368 | |
Treasury stock, shares (in shares) | 10,531,177 | 6,427,839 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 25. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Income | |||
Loans and leases, including fees | $ 886 | $ 990 | $ 1,085 |
Securities: | |||
Taxable | 86 | 106 | 126 |
Tax-exempt | 29 | 32 | 32 |
Other | 4 | 2 | 4 |
Total Interest Income | 1,005 | 1,130 | 1,247 |
Interest Expense | |||
Deposits | 47 | 133 | 217 |
Short-term borrowings | 27 | 38 | 80 |
Long-term borrowings | 24 | 37 | 33 |
Total Interest Expense | 98 | 208 | 330 |
Net Interest Income | 907 | 922 | 917 |
Provision (benefit) for credit losses | 1 | 123 | 44 |
Net Interest Income After Provision for Credit Losses | 906 | 799 | 873 |
Non-Interest Income | |||
Service charges | 122 | 108 | 124 |
Trust services | 37 | 31 | 28 |
Insurance commissions and fees | 25 | 24 | 20 |
Securities commissions and fees | 22 | 17 | 17 |
Capital markets income | 37 | 39 | 33 |
Mortgage banking operations | 37 | 50 | 32 |
Dividends on non-marketable equity securities | 9 | 14 | 19 |
Bank owned life insurance | 15 | 14 | 12 |
Loss on debt extinguishment | 0 | (17) | 0 |
Other | 26 | 14 | 9 |
Total Non-Interest Income | 330 | 294 | 294 |
Non-Interest Expense | |||
Salaries and employee benefits | 418 | 406 | 375 |
Net occupancy | 58 | 71 | 59 |
Equipment | 70 | 66 | 62 |
Amortization of intangibles | 12 | 13 | 14 |
Outside services | 71 | 69 | 64 |
Marketing | 14 | 13 | 13 |
FDIC insurance | 18 | 20 | 23 |
Bank shares and franchise taxes | 13 | 14 | 12 |
Merger-related | 2 | 0 | 0 |
Other | 57 | 78 | 74 |
Total Non-Interest Expense | 733 | 750 | 696 |
Income Before Income Taxes | 503 | 343 | 471 |
Income taxes | 98 | 57 | 84 |
Net Income | 405 | 286 | 387 |
Preferred stock dividends | 8 | 8 | 8 |
Net Income Available to Common Stockholders | 397 | 278 | 379 |
Net Income Available to Common Stockholders | $ 397 | $ 278 | $ 379 |
Earnings per Common Share | |||
Basic (USD per share) | $ 1.24 | $ 0.86 | $ 1.17 |
Diluted (USD per share) | $ 1.23 | $ 0.85 | $ 1.16 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 405 | $ 286 | $ 387 |
Securities available for sale: | |||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $(16), $15 and $16 | (57) | 54 | 57 |
Derivative instruments: | |||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $1, $(11) and $(5) | 4 | (40) | (17) |
Reclassification adjustment for gains (losses) included in net income, net of tax expense (benefit) of $4, $3 and $0 | 14 | 18 | (2) |
Pension and postretirement benefit obligations: | |||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $(5), $2 and $(1) | 16 | (6) | 3 |
Other Comprehensive Income (Loss) | (23) | 26 | 41 |
Comprehensive Income | $ 382 | $ 312 | $ 428 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gains (losses) arising during the period, tax expense (benefit) | $ (16) | $ 15 | $ 16 |
Unrealized gains (losses) arising during the period, tax expense (benefit) | 1 | (11) | (5) |
Reclassification adjustment for (gains) losses included in net income, tax of expense (benefit) | 4 | 3 | 0 |
Unrealized gains (losses) arising during the period, net of tax expense (benefit) | $ (5) | $ 2 | $ (1) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Adoption of New Accounting Standard | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsAdoption of New Accounting Standard | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance at beginning of period at Dec. 31, 2018 | $ 4,608 | $ 107 | $ 3 | $ 4,049 | $ 576 | $ (106) | $ (21) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Comprehensive income (loss) | 428 | 387 | 41 | ||||||
Dividends declared: | |||||||||
Preferred stock | (8) | (8) | |||||||
Common stock | (157) | (157) | |||||||
Issuance of common stock | 0 | 6 | (6) | ||||||
Restricted stock compensation | 12 | 12 | |||||||
Balance at end 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 (loss) | 312 | 286 | 26 | ||||||
Dividends declared: | |||||||||
Preferred stock | (8) | (8) | |||||||
Common stock | (157) | (157) | |||||||
Issuance of common stock | 1 | 4 | (3) | ||||||
Repurchase of common stock | (38) | (38) | |||||||
Restricted stock compensation | 16 | 16 | |||||||
Balance at end of period at Dec. 31, 2020 | 4,959 | 107 | 3 | 4,087 | 869 | (39) | (68) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Comprehensive income (loss) | 382 | 405 | (23) | ||||||
Dividends declared: | |||||||||
Preferred stock | (8) | (8) | |||||||
Common stock | (156) | (156) | |||||||
Issuance of common stock | (3) | 3 | (6) | ||||||
Repurchase of common stock | (43) | (43) | |||||||
Restricted stock compensation | 19 | 19 | |||||||
Balance at end of period at Dec. 31, 2021 | $ 5,150 | $ 107 | $ 3 | $ 4,109 | $ 1,110 | $ (62) | $ (117) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Preferred stock dividends per share (USD per share) | $ 72.52 | $ 72.52 | $ 72.52 |
Common stock dividends per share (USD per share) | $ 0.48 | $ 0.48 | $ 0.48 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income | $ 405 | $ 286 | $ 387 |
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities: | |||
Depreciation, amortization and accretion | 10 | (3) | 45 |
Provision for credit losses | 1 | 123 | 44 |
Deferred tax expense (benefit) | 15 | (18) | 33 |
Loans originated for sale | (2,034) | (1,886) | (1,481) |
Loans sold | 1,946 | 1,830 | 1,495 |
Net gain on sale of loans | (53) | (47) | (25) |
Net change in: | |||
Interest receivable | 14 | 19 | (8) |
Interest payable | (3) | (8) | 1 |
Bank owned life insurance, excluding purchases | 3 | (6) | (7) |
Other, net | 226 | (177) | (225) |
Net cash flows provided by operating activities | 530 | 113 | 259 |
Investing Activities | |||
Net change in loans and leases, excluding sales and transfers | 558 | (2,604) | (1,427) |
Debt securities available for sale: | |||
Purchases | (1,683) | (2,360) | (655) |
Maturities/payments | 1,634 | 2,244 | 770 |
Debt securities held to maturity: | |||
Purchases | (1,448) | (301) | (494) |
Maturities/payments | 844 | 703 | 468 |
Increase in premises and equipment | (58) | (41) | (46) |
Loans sold, not originated for sale | 0 | 537 | 262 |
Other, net | 0 | 0 | (9) |
Net cash flows used in investing activities | (153) | (1,822) | (1,131) |
Financing Activities | |||
Demand (non-interest-bearing and interest-bearing) and savings accounts | 3,406 | 5,402 | 1,873 |
Time deposits | (802) | (1,065) | (539) |
Short-term borrowings | (267) | (1,412) | (913) |
Proceeds from issuance of long-term borrowings | 25 | 328 | 954 |
Repayment of long-term borrowings | (438) | (574) | (239) |
Repurchases of common stock | (43) | (38) | 0 |
Cash dividends paid: | |||
Preferred stock | (8) | (8) | (8) |
Common stock | (156) | (157) | (157) |
Other, net | 16 | 17 | 12 |
Net cash flows provided by financing activities | 1,733 | 2,493 | 983 |
Net Increase in Cash and Cash Equivalents | 2,110 | 784 | 111 |
Cash and cash equivalents at beginning of year | 1,383 | 599 | 488 |
Cash and Cash Equivalents at End of Year | $ 3,493 | $ 1,383 | $ 599 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 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 December 31, 2021, we had 334 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 | 12 Months Ended |
Dec. 31, 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 include subsidiaries in which we have a controlling financial interest. We own and operate FNBPA, FNTC, First National Investment Services Company, LLC, FNBIA, FNIA, 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 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 the current period presentation. Such reclassifications had no impact on our net income and stockholders' equity. Events occurring subsequent to December 31, 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 SEC. 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. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant changes include the ACL, accounting for loans acquired in a business combination prior to January 1, 2020, fair value of financial instruments, goodwill and other intangible assets, income taxes and DTAs and litigation reserves. Adoption of New Accounting Standards Current Expected Credit Losses. On January 1, 2020, we adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), which replaces the incurred credit loss impairment methodology with a methodology that reflects lifetime current expected credit losses (commonly referred to as CECL) for most financial assets measured at amortized cost, including loans, HTM debt securities, net investment in leases and certain off-balance sheet credit exposure. We adopted CECL using the modified retrospective method for financial assets measured at amortized cost, net investments in leases and off-balance sheet credit exposures. As a result, we recorded a reduction of $50.6 million in retained earnings as of January 1, 2020 for the cumulative effect of the adoption. The transition adjustment was primarily driven by longer duration commercial and consumer real estate loans. 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 PCI (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. Results for reporting periods prior to January 1, 2020 continue to be reported in accordance with previously applicable GAAP. We used the prospective transition method for PCD financial assets that were previously classified as PCI and accounted for under ASC 310-30, including loans accounted for by analogy under ASC 310-30. In accordance with the transition guidance, we did not reassess whether PCI assets met the criteria for PCD assets nor did we reassess whether modifications to individual acquired financial assets previously accounted for in pools were TDRs as of the date of adoption. We discontinued the use of pools beyond transition accounting and account for these loans on an individual loan basis. After transition, loans previously accounted for in pools are grouped with other loans with similar risk characteristics for purposes of estimating expected credit losses. As a result, beginning in 2020 certain credit metrics and ratios which previously excluded PCI loans now include PCD loans. On January 1, 2020, the amortized cost basis of the PCD assets was adjusted to reflect the addition of an ACL for $50.3 million. The net noncredit discount, after the adjustment for the ACL, is accreted into interest income at the loan’s effective interest rate over the remaining contractual life. We made an accounting policy election to write-off accrued interest receivable balances by reversing interest income in accordance with our non-accrual policies instead of measuring an ACL for accrued interest receivable for all classes of financing receivables and major security types. We did not hold any securities at adoption for which OTTI had been recognized prior to January 1, 2020. Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), as amended, which provides optional guidance for a limited period of time to ease the potential burden in accounting for changes in financial reporting brought about by RRR for affected contractual modifications of floating rate financial instruments indexed to interbank offering rates and hedge accounting relationships. The expedients, exceptions and elections provided by RRR are permitted to be adopted any time through December 31, 2022 and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for certain optional expedients elected for certain hedging relationships existing as of December 31, 2022. In general, RRR provides, when certain criteria are met, optional expedients and exceptions regarding the accounting for contract modifications, hedging relationships and other transactions affected by RRR. It also allows for a one-time transfer or sale of qualifying HTM securities. We adopted RRR on October 1, 2020, and the guidance will be followed until the Update terminates on December 31, 2022. The adoption did not have a material impact on our consolidated financial position or results of operations. We have not yet elected certain optional expedients, exceptions and elections related to RRR, however, we plan to elect these provisions in the future. While RRR is not expected to have a material accounting impact on our consolidated financial position or results of operations, it will ease the administrative burden in accounting for future effects of RRR. Revenue from Contracts with Customers We earn certain revenues from contracts with customers. These revenues are recognized when control of the promised services is transferred to the customers in an amount that reflects the consideration we expect to be entitled to in an exchange for those services. In determining the appropriate revenue recognition for our contracts with customers, we consider whether the contract has commercial substance and is approved by both parties with identifiable contractual rights, payment terms, and the collectability of consideration is probable. Generally, we satisfy our performance obligations upon the completion of services at the amount to which we have the right to invoice or charge under contracts with an original expected duration of one year or less. We apply this guidance on a portfolio basis to contracts with similar characteristics and for which we believe the results would not differ materially from applying this guidance to individual contracts. Our services provided under contracts with customers are transferred at the point in time when the services are rendered. Generally, we do not defer incremental direct costs to obtain contracts with customers that would be amortized in one year or less under the practical expedient. These costs are recognized as expense, primarily salary and benefit expense, in the period incurred. Deposit Services . We recognize revenue on deposit services based on published fees for services provided. Demand and savings deposit customers have the right to cancel their depository arrangements and withdraw their deposited funds at any time without prior notice. When services involve deposited funds that can be retrieved by customers without penalties, we consider the service contract term to be day-to-day, where each day represents the renewal of the contract. The contract does not extend beyond the services performed and revenue is recognized at the end of the contract term (daily) as the performance obligation is satisfied. No deposit services fees exist for long-term deposit products beyond early withdrawal penalties, which are earned on these products at the time of early termination. Revenue from deposit services fees are reduced where we have a history of waived or reduced fees by customer request or due to a customer service issue, by historical experience, or another acceptable method in the same period as the related revenues. Revenues from deposit services are reported in the Consolidated Statements of Income as service charges and in the Community Banking segment as non-interest income. Wealth Management Services. Wealth advisory and trust services are provided on a month-to-month basis and invoiced as services are rendered. Fees are based on a fixed amount or a scale based on the level of services provided or assets under management. The customer has the right to terminate their services agreement at any time. We determine the value of services performed based on the fee schedule in effect at the time the services are performed. Revenues from wealth advisory and trust services are reported in the Consolidated Statements of Income as trust services and securities commissions and fees, and in the Wealth segment as non-interest income. Insurance Services. Insurance services include full-service insurance brokerage services offering numerous lines of commercial and personal insurance through major carriers to businesses and individuals within our geographic markets. We recognize revenue on insurance contracts in effect based on contractually specified commission payments on premiums that are paid by the customer to the insurance carrier. Contracts are cancellable at any time and we have no performance obligation to the customers beyond the time the insurance is placed into effect. Revenues from insurance services are reported in the Consolidated Statements of Income as insurance commissions and fees, and in the Insurance segment in the Business Segments footnote as non-interest income. Business Combinations Business combinations are accounted for by applying the acquisition method . Under the acquisition method, identifiable assets acquired and liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date, and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash items in transit and amounts due from the FRB and other depository institutions (including interest-bearing deposits). Debt Securities Debt securities can be classified as trading, HTM or AFS securities. As of December 31, 2021 and 2020, we did not hold any trading debt securities. Interest income on debt securities includes amortization of purchase premiums or accretion of discounts. Premiums and discounts on debt securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. A debt security is placed on non-accrual when principal or interest becomes greater than 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. HTM debt securities are securities that management has the positive intent and ability to hold until their maturity. Such securities are carried at amortized cost. For certain HTM securities we have an expectation of zero expected credit losses. Based on a long history with no credit losses, high credit ratings, guarantees, and/or implied risk-free characteristics, we expect the nonpayment of our UST, Fannie Mae, Freddie Mac, FHLB, Ginnie Mae and the SBA securities to be zero, and accordingly, have no ACL on those securities. We believe that these qualitative factors are indicators that historical credit loss information should be nominally impacted, if at all, by current conditions and R&S forecasts. As such, we believe that without a change in these indicators, we may continue to assume zero credit losses on securities concluded to exhibit those factors. We also have a portfolio of HTM debt securities where we do not expect credit losses to be zero. This portfolio consists of high-grade municipal securities. To calculate the expected credit losses on these securities we group securities by major security type, rating and maturity and apply respective cumulative default rates from a third party data provider. The baseline credit loss estimate is adjusted using a qualitative approach to account for potential variability in probabilities of default data for current conditions and R&S forecasts. Where available, expected credit losses take into consideration any enhancement a security has such as insurance, a guarantee or state aid. Debt securities that are not classified as trading or HTM are classified as AFS and are carried at fair value. AFS debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. Impairment may result from credit deterioration of the issuer or collateral underlying the security. In performing an assessment of whether any decline in fair value is due to a credit loss, all relevant information is considered at the individual security level. For AFS debt securities in an unrealized loss position, we first determine whether we have the intent to sell, or it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If the criteria for intent or requirement to sell is met, the security’s amortized cost is written down to fair value and the write down is charged against the ACL with any incremental impairment reported in earnings in the Provision for Credit Losses line on the Consolidated Statements of Income. For AFS debt securities that do not meet the criteria for intent or requirement to sell, we evaluate whether the decline in fair value has resulted from credit losses or other factors. We first qualitatively evaluate each security to assess whether a potential credit loss exists. If as a result of this qualitative analysis we expect to get all of our principal back, then we conclude that the present value of expected cash flows equals or exceeds its amortized cost and no credit loss exists. If it was determined a potential credit loss exists, we compare the present value of cash flows expected to be collected with our amortized cost basis. The credit loss is recorded through the ACL and limited to the amount the fair value is less than the amortized cost basis. We have made an accounting policy election for each major security type of AFS debt securities to adjust the effective interest rate used to discount expected cash flows to consider the timing of expected cash flows resulting from expected prepayments. Impairment for noncredit-related factors is recorded in OCI, net of income taxes. Changes in the ACL are recorded as a provision for credit loss expense. Losses are charged against the ACL when an AFS debt security is not collectible or when we believe the criteria regarding the intent or requirement to sell is met. Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold plus accrued interest. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party. The fair value of collateral either received from or provided to a third party is continually monitored and additional collateral is obtained or is requested to be returned to us as deemed appropriate. Derivative Instruments and Hedging Activities From time to time, we may enter into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. Foreign exchange derivatives are entered into to accommodate the needs of customers. All derivative instruments are carried at fair value on the Consolidated Balance Sheets as either an asset or liability. Accounting for the changes in fair value of a derivative is dependent upon whether it has been designated in a formal, qualifying hedging relationship. For derivatives in qualifying hedging relationships, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking each hedge transaction. Cash flows from hedging activities are classified in the same category as the items hedged. Beginning in the first quarter of 2019, we adopted ASU 2017-12 which provides targeted improvements to the hedge accounting model that more closely aligns the accounting and reporting for hedging relationships with risk management activities. In addition, ASU 2017-12 provides administrative relief by easing documentation requirements, simplifying the application of hedge accounting by expanding the application of the shortcut method, eliminating the separate measurement and reporting of hedge ineffectiveness and generally requiring the entire effect of the hedging instrument and the hedged item to be presented in the same income statement line item. We believe these changes provide users with more useful information about the effect of our risk management activities on the financial statements. Changes in fair value of a derivative instrument that has been designated and qualifies as a cash flow hedge, including any ineffectiveness, are recorded in AOCI, net of tax. Amounts are reclassified from AOCI to the Consolidated Statements of Income in the same line item used to present the earnings effect of the hedged item in the period or periods in which the hedged transaction affects earnings. At the hedge’s inception, a formal assessment is performed to determine whether changes in the fair values or cash flows of the derivative instruments have been highly effective in offsetting changes in fair values or cash flows of the hedged items and whether they are expected to be highly effective in the future. At each reporting period thereafter, a statistical regression or qualitative analysis is performed to evaluate hedge effectiveness. If it is determined a derivative instrument has not been or will not continue to be highly effective as a hedge, hedge accounting is discontinued. We also enter into interest rate swap agreements to meet the interest rate risk management needs of qualifying commercial loan customers. These agreements provide the customer the ability to convert from variable to fixed interest rates. We then enter into positions with a derivative counterparty in order to offset our exposure on the fixed components of the customer agreements. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. We seek to minimize counterparty credit risk by entering into transactions with only high-quality institutions and using collateral agreements and other contract provisions. These arrangements meet the definition of derivatives, but are not designated as qualifying hedging relationships. The interest rate swap agreement with the loan customer and with the counterparty 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. Loans Held for Sale and Loan Commitments Certain of our residential mortgage loans are originated or purchased for sale in the secondary mortgage loan market. We make an automatic election to account for all originated or purchased residential mortgage loans held for sale under the FVO. The FVO election is intended to better reflect the underlying economics and better facilitate the economic hedging of the loans. The FVO is applied on an instrument by instrument basis and is an irrevocable election. Additionally, with the election of the FVO, fees and costs associated with the origination and acquisition of residential mortgage loans held for sale are expensed as incurred, rather than deferred. Changes in fair value under the FVO are recorded in mortgage banking operations non-interest income on the Consolidated Statements of Income. Fair value is determined on the basis of rates obtained in the respective secondary market for the type of loan held for sale. Gain or loss on the sale of loans is recorded in mortgage banking operations non-interest income. Interest income on loans held for sale is recorded in interest income. We routinely issue IRLCs for residential mortgage loans that we intend to sell. These IRLCs are considered derivatives. We also enter into loan sale commitments to sell these loans when funded to mitigate the risk that the market value of residential mortgage loans may decline between the time the rate commitment is issued to the customer and the time we sell the loan. These loan sale commitments are also derivatives. Both types of derivatives are recorded at fair value on the Consolidated Balance Sheets with changes in fair value recorded in mortgage banking operations non-interest income. We also originate loans guaranteed by the SBA for the purchase of businesses, business startups, business expansion, equipment and working capital. All SBA loans are underwritten and documented as prescribed by the SBA. SBA loans originated with the intention to sell on the secondary market are classified as held for sale and carried at the lower of cost or fair value. At the time of the sale, we allocate the carrying value of the entire loan between the guaranteed portion sold and the unguaranteed portion retained based on their relative fair value which results in a discount recorded on the retained portion of the loan. The guaranteed portion is typically sold at a premium and the gain is recognized in other income for any net premium received in excess of the relative fair value of the portion of the loan transferred. The net carrying value of the retained portion of the loans is included in the appropriate commercial loan classification for disclosure purposes. Loans Loans we intend to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, net of the ACL. Amortized cost primarily consists of the principal balances outstanding, deferred origination fees or costs and premiums or discounts on purchased loans. Interest income on loans is computed over the term of the loans using the effective interest method. Loan origination fees or costs, premiums or discounts are deferred and amortized over the term of the loan or loan commitment period as an adjustment to the related loan yield. Non-performing Loans We place loans on non-accrual status and discontinue interest accruals on loans generally when principal or interest is due and has remained unpaid for a certain number of days, unless the loan is both well secured and in the process of collection. Commercial loans and leases are placed on non-accrual at 90 days, installment loans are placed on non-accrual at 120 days and residential mortgages and consumer lines of credit are generally placed on non-accrual at 180 days, though we may place a loan on non-accrual prior to these past due thresholds as warranted. When a loan is placed on non-accrual status, all unpaid accrued interest is reversed against interest income and the amortization of deferred fees and costs is suspended. Non-accrual loans may not be restored to accrual status until all delinquent principal and interest have been paid and the ultimate ability to collect the remaining principal and interest is reasonably assured. Loans are charged-off against the ACL and recoveries of amounts previously charged-off are credited to the ACL when realized. Prior to 2020, PCI loans were not classified as non-performing assets as the loans were considered to be performing. Beginning in 2020, PCI loans previously accounted for in pools are grouped with other loans with similar risk characteristics for purposes of estimating expected credit losses and non-performing classification. Troubled Debt Restructured Loans Debt restructurings or loan modifications for a borrower occur in the normal course of business and do not necessarily constitute TDRs. In general, the modification or restructuring of a debt constitutes a TDR, including reasonably expected TDR, if, for economic or legal reasons related to the borrower’s financial difficulties, we grant a concession to the borrower that we would not otherwise consider under current market conditions or once we have determined that a loan modification for a financially troubled borrower is the most appropriate strategy. Additionally, a loan designated as a TDR does not necessarily result in the automatic placement of the loan on non-accrual status. When the full collection of principal and interest is reasonably assured on a loan designated as a TDR and where the borrower would not otherwise meet the criteria for non-accrual status, we will continue to accrue interest on the loan. TDR classification does not include short-term assistance to borrowers who are current at the time of a natural disaster or other extreme event (e.g. floods, hurricanes and pandemics). These borrowers are considered to not be experiencing financial difficulty at the time of modification, therefore not meeting the criteria for determining TDR status. For modifications of leases related to the effects of the COVID-19 pandemic that do not result in a substantial increase in our rights as lessor or the obligations of the lessee, we elect to account for these lease concessions as though enforceable rights and obligations for those concessions existed in the original contracts. We account for these concessions as if no changes were made to the lease contract. Allowance for Credit Losses on Loans and Leases We estimate the ACL on loans and leases using relevant available information, from internal and external sources, relating to past events, current conditions, and R&S forecasts under the CECL methodology. The ACL is measured on a collective (pool) basis when similar risk characteristics exist. Our portfolio segmentation is characterized by similarities in initial measurement, risk attributes, and the manner in which we monitor and assess credit risk and is comprised of commercial real estate, commercial and industrial, commercial leases, commercial other, direct installment, residential mortgages, indirect installment and consumer lines of credit. The ACL on loans and leases represents our current estimate of lifetime credit losses in our loan portfolio at the balance sheet date. In determining the ACL, we estimate expected future losses for the loan's entire contractual term adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications. The ACL is the sum of three components: quantitative (formulaic or pooled) reserves; asset specific / individual loan reserves; and qualitative (judgmental) reserves. Quantitative Component We use a non-discounted cash flow factor-based approach to estimate expected credit losses that include component probability of default (PD)/loss given default (LGD)/exposure at default (EAD) models as well as less complex estimation methods for smaller loan portfolios. • PD: This component model is used to estimate the likelihood that a borrower will cease making payments as agreed. The major contributors to this are the borrower credit attributes and macro-economic trends. • LGD: This component model is used to estimate the loss on a loan once a loan is in default. • EAD: Estimates the loan balance at the time the borrower stops making payments. For all term loans, an amortization based formulaic approach is used for account level EAD estimates. We calculate EAD using a portfolio specific method in each of our revolving product portfolios. Asset Specific / Individual Component Loans that do not share risk characteristics are generally evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. We have elected to apply the practical expedient to measure expected credit losses of a collateral dependent asset using the fair value of the collateral, less any costs to sell. Individual reserves are determined as follows: • For commercial loans in default which are greater than or equal to $1.0 million, individual reserves are determined based on an analysis of the present value of the loan's expected future cash flows, the loan's observable market value, or the fair value of the collateral less costs to sell. • For commercial and consumer loans in default which are below $1.0 million, an established LGD percentage is multiplied by the loan balance and the results are aggregated for purposes of measuring specific reserve impairment. Qualitative Component The ACL also includes identified qualitative factors related to distinctive risk factors, changes in current economic conditions that may not be reflected in quantitatively derived results, and other relevant factors to ensure the ACL reflects our best estimate of CECL. While our reserve methodologies strive to reflect all relevant risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between estimates and actual outcomes. We provide additional reserves that are designed to provide coverage for losses attributable to such risks. The ACL also includes factors that may not be directly measured in the determination of individual or collective reserves. Such qualitative factors may include: • Lending policies and procedures, including changes in policies and underwriting standards and practices for collections, write-offs, and recoveries; • The experience, ability, and depth of lending, investment, collection, and other relevant personnel; • The quality of the institution’s credit review function; • Concentrations of credit or changes in the level of such concentration |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 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 re-measurement 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 re-measurement 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and December 31, 2020. Accrued interest receivable on AFS debt securities totaled $7.3 million and $6.2 million at December 31, 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: December 31, 2021 U.S. Treasury $ 205 $ — $ (1) $ 204 U.S. government agencies 154 1 — 155 U.S. government-sponsored entities 194 — (2) 192 Residential mortgage-backed securities: Agency mortgage-backed securities 1,342 19 (4) 1,357 Agency collateralized mortgage obligations 1,192 11 (17) 1,186 Commercial mortgage-backed securities 294 5 (2) 297 States of the U.S. and political subdivisions (municipals) 33 — — 33 Other debt securities 2 — — 2 Total debt securities AFS $ 3,416 $ 36 $ (26) $ 3,426 (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 $0.05 million and $0.04 million at December 31, 2021 and December 31, 2020, respectively. Accrued interest receivable on HTM debt securities totaled $12.3 million and $12.5 million at December 31, 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 HTM debt securities. TABLE 3.2 (in millions) Amortized Gross Gross Fair Debt Securities HTM: December 31, 2021 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 1 — — 1 Residential mortgage-backed securities: Agency mortgage-backed securities 1,191 15 (5) 1,201 Agency collateralized mortgage obligations 930 5 (12) 923 Commercial mortgage-backed securities 323 3 (2) 324 States of the U.S. and political subdivisions (municipals) 1,017 39 — 1,056 Total debt securities HTM $ 3,463 $ 62 $ (19) $ 3,506 (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 twelve months ended December 31, 2021, 2020 or 2019. As of December 31, 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 $ 45 $ 45 $ 1 $ 1 Due after one year but within five years 374 371 21 22 Due after five years but within ten years 96 97 142 144 Due after ten years 73 73 855 891 588 586 1,019 1,058 Residential mortgage-backed securities: Agency mortgage-backed securities 1,342 1,357 1,191 1,201 Agency collateralized mortgage obligations 1,192 1,186 930 923 Commercial mortgage-backed securities 294 297 323 324 Total debt securities $ 3,416 $ 3,426 $ 3,463 $ 3,506 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 December 31 2021 2020 (dollars in millions) Securities pledged (carrying value): To secure public deposits, trust deposits and for other purposes as required by law $ 5,660 $ 5,384 As collateral for short-term borrowings 392 402 Securities pledged as a percent of total securities 87.9 % 91.4 % 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 December 31, 2021 U.S. Treasury 3 $ 151 $ (1) — $ — $ — 3 $ 151 $ (1) U.S. government agencies 3 22 — 9 8 — 12 30 — U.S. government-sponsored entities 3 99 (1) 1 24 (1) 4 123 (2) Residential mortgage-backed securities: Agency mortgage-backed securities 13 599 (4) — — — 13 599 (4) Agency collateralized mortgage obligations 23 659 (15) 3 68 (2) 26 727 (17) Commercial mortgage-backed securities 5 125 (2) — — — 5 125 (2) States of the U.S. and political subdivisions (municipals) 10 24 — — — — 10 24 — Other debt securities — — — 1 2 — 1 2 — Total 60 $ 1,679 $ (23) 14 $ 102 $ (3) 74 $ 1,781 $ (26) 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 December 31, 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 $1.0 billion as of December 31, 2021 is highly rated with an average rating of AA and 100% of the portfolio having an A or better rating. All of the securities in the municipal portfolio are general obligation bonds. Geographically, municipal bonds support our primary footprint as 63% 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 $3.6 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, 1970-2020 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 December 31, 2021 and 2020, we had no significant provision expense and no charge-offs or recoveries. The ACL on the HTM portfolio was $0.05 million and $0.04 million as of December 31, 2021 and December 31, 2020, respectively. No other securities portfolios had an ACL. At December 31, 2021 and December 31, 2020, there were no securities that were past due or on non-accrual. |
Other Securities
Other Securities | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Other Securities | OTHER SECURITIES Following is a summary of non-marketable equity securities: TABLE 4.1 December 31 2021 2020 (in millions) Federal Home Loan Bank stock $ 122 $ 154 Federal Reserve Bank stock 123 124 Total non-marketable equity securities $ 245 $ 278 We are a member of the FHLB of Pittsburgh and the FRB of Cleveland. Both institutions require members to purchase and hold a specified minimum level of stock based upon their membership, level of borrowings, collateral balances or participation in other programs. The FHLB and FRB stock is restricted in that they can only be sold back to the respective institutions. These non-marketable equity securities are included in other assets on the Consolidated Balance Sheets. The investments are carried at cost and evaluated for impairment periodically based on the ultimate recoverability of the par value. We determined there was no impairment at December 31, 2021 and 2020. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans and Leases | LOANS AND LEASES Accrued interest receivable on loans and leases, which totaled $48.9 million at December 31, 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 following tables. Loans and Leases by Portfolio Segment Following is a summary of total loans and leases, net of unearned income: TABLE 5.1 December 31 2021 2020 (in millions) Commercial real estate $ 9,899 $ 9,731 Commercial and industrial 5,977 7,214 Commercial leases 495 485 Other 94 40 Total commercial loans and leases 16,465 17,470 Direct installment 2,376 2,020 Residential mortgages 3,654 3,433 Indirect installment 1,227 1,218 Consumer lines of credit 1,246 1,318 Total consumer loans 8,503 7,989 Total loans and leases, net of unearned income $ 24,968 $ 25,459 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 $30.0 million and $50.9 million at December 31, 2021 and December 31, 2020, respectively. 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, except for PPP loans that are 100% guaranteed by the SBA, which provides a reduced risk of loss to us on these loans. PPP loans are included in the commercial and industrial category and comprise $336.6 million and $2.2 billion of this category's outstanding balance at December 31, 2021 and December 31, 2020, respectively; • 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 5.2 December 31 2021 2020 (dollars in millions) Commercial real estate: Percent owner-occupied 28.8 % 28.1 % Percent non-owner-occupied 71.2 71.9 We have extended credit to certain directors and executive officers and their related interests. These related-party loans were made in the ordinary course of business under normal credit terms and do not involve more than a normal risk of collection. Following is a summary of the activity for these related-party loans during 2021: TABLE 5.3 (in millions) Balance at beginning of period $ 7 New loans 2 Repayments (3) Balance at end of period $ 6 Credit Quality We monitor 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 5.4 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 our 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, we analyze 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, we apply 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 5.5 December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total (in millions) COMMERCIAL Commercial Real Estate: Risk Rating: Pass $ 1,878 $ 1,782 $ 1,503 $ 830 $ 743 $ 2,171 $ 183 $ 9,090 Special Mention 15 21 89 105 107 175 9 521 Substandard — 15 28 45 45 152 3 288 Total commercial real estate 1,893 1,818 1,620 980 895 2,498 195 9,899 Commercial and Industrial: Risk Rating: Pass 1,663 833 731 386 184 296 1,509 5,602 Special Mention 8 12 18 7 37 42 52 176 Substandard 1 4 14 57 42 17 64 199 Total commercial and industrial 1,672 849 763 450 263 355 1,625 5,977 Commercial Leases: Risk Rating: Pass 182 109 98 53 39 1 — 482 Special Mention — 1 — 2 3 1 — 7 Substandard — 2 3 1 — — — 6 Total commercial leases 182 112 101 56 42 2 — 495 Other Commercial: Risk Rating: Pass 39 — — — — 3 52 94 Total other commercial 39 — — — — 3 52 94 Total commercial loans and leases 3,786 2,779 2,484 1,486 1,200 2,858 1,872 16,465 CONSUMER Direct Installment: Current 978 538 215 125 96 412 — 2,364 Past due — — 1 1 — 10 — 12 Total direct installment 978 538 216 126 96 422 — 2,376 Residential Mortgages: Current 1,280 932 392 152 212 652 — 3,620 Past due 1 1 1 3 3 25 — 34 Total residential mortgages 1,281 933 393 155 215 677 — 3,654 Indirect Installment: Current 516 262 157 178 64 35 — 1,212 Past due 6 3 2 2 1 1 — 15 Total indirect installment 522 265 159 180 65 36 — 1,227 Consumer Lines of Credit: Current 20 3 4 5 3 127 1,072 1,234 Past due — — — — — 10 2 12 Total consumer lines of credit 20 3 4 5 3 137 1,074 1,246 Total consumer loans 2,801 1,739 772 466 379 1,272 1,074 8,503 Total loans and leases $ 6,587 $ 4,518 $ 3,256 $ 1,952 $ 1,579 $ 4,130 $ 2,946 $ 24,968 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 loans and leases 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 loans 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 5.6 (in millions) 30-89 Days ≥ 90 Days Non- Total Current Total Non-accrual with No ACL December 31, 2021 Commercial real estate $ 11 $ — $ 48 $ 59 $ 9,840 $ 9,899 $ 20 Commercial and industrial 4 — 15 19 5,958 5,977 4 Commercial leases 1 — 1 2 493 495 — Other — — — — 94 94 — Total commercial loans and leases 16 — 64 80 16,385 16,465 24 Direct installment 5 — 7 12 2,364 2,376 — Residential mortgages 20 4 10 34 3,620 3,654 — Indirect installment 12 1 2 15 1,212 1,227 — Consumer lines of credit 6 1 5 12 1,234 1,246 — Total consumer loans 43 6 24 73 8,430 8,503 — Total loans and leases $ 59 $ 6 $ 88 $ 153 $ 24,815 $ 24,968 $ 24 (in millions) 30-89 Days > 90 Days 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 5.7 December 31 2021 2020 (dollars in millions) Non-accrual loans $ 88 $ 170 Total non-performing loans 88 170 Other real estate owned 8 10 Total non-performing assets $ 96 $ 180 Asset quality ratios: Non-performing loans / total loans and leases 0.35 % 0.67 % Non-performing assets + 90 days past due + OREO / total loans and leases + OREO 0.41 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 $1.6 million at December 31, 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 December 31, 2021 and December 31, 2020 totaled $4.3 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 $50.6 million of commercial loans are collateral dependent at December 31, 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 December 31, 2021, we had $21 million in loans that have been granted short-term modifications as a result of financial disruptions associated with the COVID-19 pandemic, compared to $397 million as of December 31, 2020 and $2.4 billion as of June 30, 2020, the highest point during the 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 5.8 December 31 2021 2020 (in millions) Accruing $ 60 $ 58 Non-accrual 32 33 Total TDRs $ 92 $ 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 2021, we returned to accruing status $7.4 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 $1.5 million at December 31, 2021, compared to $2.8 million at December 31, 2020, and pooled reserves for individual loans of $1.5 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 $3.9 million for December 31, 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 5.9 Year Ended December 31 2021 2020 (dollars in millions) Number Pre-Modification Post- Number Pre-Modification Post- Commercial real estate 25 $ 21 $ 20 30 $ 18 $ 8 Commercial and industrial 7 1 — 19 2 1 Other 1 — — 1 — — Total commercial loans 33 22 20 50 20 9 Direct installment 38 2 2 68 4 4 Residential mortgages 27 4 4 24 3 3 Consumer lines of credit 41 2 2 45 2 1 Total consumer loans 106 8 8 137 9 8 Total 139 $ 30 $ 28 187 $ 29 $ 17 The 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 5.10 Year Ended December 31 2021 2020 (dollars in millions) Number Recorded Number Recorded Commercial real estate — $ — 8 $ 3 Commercial and industrial 1 — 2 — Total commercial loans 1 — 10 3 Direct installment — — 12 — Residential mortgages 1 — 4 — Consumer lines of credit 1 — 4 — Total consumer loans 2 — 20 — Total 3 $ — 30 $ 3 Loans Acquired in a Business Combination |
Allowance for Credit Losses on
Allowance for Credit Losses on Loans and Leases | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses on Loans and Leases | ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES The ACL is maintained for 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 6.1 is the impact to the ACL from our CECL (ASC 326) adoption on January 1, 2020. 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 PCI (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. Following is a summary of changes in the ACL, by loan and lease class: TABLE 6.1 (in millions) Balance at Charge- Recoveries Net Provision Balance at Year Ended December 31, 2021 Commercial real estate $ 180.5 $ (8.8) $ 6.3 $ (2.5) $ (21.5) $ 156.5 Commercial and industrial 81.2 (15.7) 6.6 (9.1) 15.3 87.4 Commercial leases 17.3 (0.2) 0.9 0.7 (3.3) 14.7 Other 1.4 (2.3) 1.3 (1.0) 2.2 2.6 Total commercial loans and leases 280.4 (27.0) 15.1 (11.9) (7.3) 261.2 Direct installment 26.0 (1.4) 1.0 (0.4) 0.8 26.4 Residential mortgages 33.7 (1.0) 0.6 (0.4) (0.2) 33.1 Indirect installment 11.2 (3.1) 2.2 (0.9) 3.2 13.5 Consumer lines of credit 11.8 (1.7) 1.4 (0.3) (1.4) 10.1 Total consumer loans 82.7 (7.2) 5.2 (2.0) 2.4 83.1 Total allowance for credit losses on loans and leases 363.1 (34.2) 20.3 (13.9) (4.9) 344.3 Allowance for unfunded loan commitments 13.6 — — — 5.5 19.1 Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 376.7 $ (34.2) $ 20.3 $ (13.9) $ 0.6 $ 363.4 (in millions) Balance at Charge- Recoveries Net Provision ASC 326 Adoption Impact Initial ACL on PCD Loans Balance at Year Ended December 31, 2020 Commercial real estate $ 60 $ (31) $ 7 $ (24) $ 67 $ 38 $ 40 $ 181 Commercial and industrial 53 (32) 7 (25) 41 8 4 81 Commercial leases 11 (1) — (1) 7 — — 17 Other 9 (4) 1 (3) 4 (9) — 1 Total commercial loans and leases 133 (68) 15 (53) 119 37 44 280 Direct installment 13 (1) 1 — 2 10 1 26 Residential mortgages 22 (2) 1 (1) 3 6 4 34 Indirect installment 19 (8) 4 (4) (6) 2 — 11 Consumer lines of credit 9 (2) — (2) 4 — 1 12 Total consumer loans 63 (13) 6 (7) 3 18 6 83 Total allowance for credit losses on loans and leases 196 (81) 21 (60) 122 55 50 363 Allowance for unfunded loan commitments 3 — — — 1 10 — 14 Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 199 $ (81) $ 21 $ (60) $ 123 $ 65 $ 50 $ 377 Following is a summary of changes in the AULC by portfolio segment: TABLE 6.2 Year Ended December 31 2021 2020 (in millions) Balance at beginning of period $ 14 $ 3 Provision for unfunded loan commitments and letters of credit: Commercial portfolio 5 1 Consumer portfolio — — ASC 326 adoption impact: Commercial portfolio — 8 Consumer portfolio — 2 Balance at end of period $ 19 $ 14 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 December 31, 2021 and December 31, 2020, we utilized a third-party consensus macroeconomic forecast due to the improving macroeconomic environment. For our ACL calculation at December 31, 2021, the macroeconomic variables that we utilized included, but were not limited to: (i) the purchase only Housing Price Index, which reflects growth of 6.3% over our R&S forecast period, (ii) a Commercial Real Estate Price Index, which reflects growth of 13.0% over our R&S forecast period, (iii) S&P Volatility, which increases 15.2% in 2022 and 1.9% in 2023 and (iv) bankruptcies, which increase steadily over the R&S forecast period but average below historical levels. Macroeconomic variables that we utilized 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. While we have not changed our ACL modeling methodology, we continually assess our key macroeconomic variables and their correlation to our historical and expected portfolio performance. Beginning with the third quarter of 2021, we changed certain macroeconomic variables used for ACL modeling purposes as the new variables better correlate to our historical performance over the economic cycles. The ACL on loans and leases of $344.3 million at December 31, 2021 decreased $18.8 million, or 5.2%, from December 31, 2020 due to the improving macroeconomic environment and positive credit quality trends. Our ending ACL coverage ratio was 1.38% at December 31, 2021, compared to 1.43% at December 31, 2020. Total provision for credit losses on loans and leases for the year ended December 31, 2021 was a net benefit of $4.9 million, compared to expense of $121.8 million for the year ended December 31, 2020. Net charge-offs on loans and leases were $13.9 million during 2021, compared to $59.8 million during 2020, when the commercial charge-offs were elevated in those portfolios and industries most impacted by COVID-19, such as retail and hospitality-related commercial real estate. The AULC was $19.1 million at December 31, 2021 and included provision expense for unfunded loan commitments and letters of credit of $5.5 million for the year ended December 31, 2021. Following is a summary of changes in the ACL, by loan and lease class for 2019. We adopted CECL on January 1, 2020. TABLE 6.3 (in millions) Balance at Charge- Recoveries Net Provision Balance at Year Ended December 31, 2019 Commercial real estate $ 55 $ (4) $ 4 $ — $ 5 $ 60 Commercial and industrial 49 (10) 4 (6) 10 53 Commercial leases 8 — — — 3 11 Other 2 (3) — (3) 3 2 Total commercial loans and leases 114 (17) 8 (9) 21 126 Direct installment 14 (1) — (1) — 13 Residential mortgages 20 (2) — (2) 4 22 Indirect installment 15 (11) 4 (7) 11 19 Consumer lines of credit 10 (2) — (2) 1 9 Total consumer loans 59 (16) 4 (12) 16 63 Total allowance on originated loans and leases 173 (33) 12 (21) 37 189 Loans acquired in a business combination 7 (9) 2 (7) 7 7 Total allowance for credit losses on loans and leases $ 180 $ (42) $ 14 $ (28) $ 44 $ 196 |
Loan Servicing
Loan Servicing | 12 Months Ended |
Dec. 31, 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 7.1 December 31 2021 2020 (in millions) Mortgage loans sold with servicing retained $ 4,855 $ 4,653 The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 7.2 Year Ended December 31 2021 2020 2019 (in millions) Mortgage loans sold with servicing retained $ 1,762 $ 1,636 $ 1,381 Pretax net gains resulting from above loan sales (1) 43 70 32 Mortgage servicing fees (1) 12 12 11 (1) Recorded in mortgage banking operations on the Consolidated Statements of Income. Following is a summary of activity relating to MSRs: TABLE 7.3 Year Ended December 31 2021 2020 2019 (in millions) Balance at beginning of period $ 35.6 $ 42.6 $ 36.8 Additions 19.2 16.0 14.3 Payoffs and curtailments (12.8) (14.8) (5.0) (Impairment charge) / recovery 4.8 (5.8) (1.0) Amortization (2.4) (2.4) (2.5) Balance at end of period $ 44.4 $ 35.6 $ 42.6 Fair value, beginning of period $ 35.6 $ 45.2 $ 41.1 Fair value, end of period 46.0 35.6 45.2 We had a $2.5 million valuation allowance for MSRs as of December 31, 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 7.4 December 31 2021 2020 (dollars in millions) Weighted average life (months) 76.6 66.6 Constant prepayment rate (annualized) 11.2 % 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% (7) (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. SBA-Guaranteed Loan Servicing We retain the servicing rights on SBA-guaranteed loans sold to investors. The standard sale structure under the SBA Secondary Participation Guaranty Agreement provides for us to retain a portion of the cash flow from the interest payment received on the SBA guaranteed portion of the loan, which is commonly known as a servicing spread. The unpaid principal balance of SBA-guaranteed loans serviced for investors was as follows: TABLE 7.5 December 31 2021 2020 (in millions) SBA loans sold to investors with servicing retained $ 230 $ 217 The following table summarizes activity relating to SBA loans sold with servicing retained: TABLE 7.6 Year Ended December 31 2021 2020 2019 (in millions) SBA loans sold with servicing retained $ 64 $ 33 $ 23 Pretax gains resulting from above loan sales (1) 8 3 2 SBA servicing fees (1) 2 2 2 (1) Recorded in other non-interest income on the Consolidated Statements of Income. Following is a summary of the activity in SBA servicing rights: TABLE 7.7 Year Ended December 31 2021 2020 2019 (in millions) Balance at beginning of period $ 3 $ 3 $ 4 Additions 1 1 — Payoffs, curtailments and amortization (1) (1) (1) Balance at end of period $ 3 $ 3 $ 3 Fair value, beginning of period $ 3 $ 3 $ 4 Fair value, end of period 3 3 3 We had a valuation allowance for SBA servicing rights of $1.1 million as of December 31, 2021 and December 31, 2020. Following is a summary of key assumptions and the sensitivity of the SBA servicing rights to changes in these assumptions. The declines in fair values were immaterial in the scenarios presented. TABLE 7.8 December 31 2021 2020 (dollars in millions) Weighted average life (months) 42 38 Constant prepayment rate 14.8 % 17.8 % Discount rate 12.1 13.2 Decline in fair value due to change in interest rates: 1% adverse change $ (0.1) $ (0.1) 2% adverse change (0.2) (0.1) Decline in fair value due to change in constant prepayment rates: 10% adverse change (0.1) (0.1) 20% adverse change (0.2) (0.1) Other Loan Servicing The servicing asset for $0.5 billion in indirect auto loans sold in 2020 with servicing retained totaled $0.3 million at December 31, 2021, compared to $0.7 million at December 31, 2020. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | PREMISES AND EQUIPMENT Following is a summary of premises and equipment: TABLE 8.1 December 31 2021 2020 (in millions) Land $ 59 $ 57 Premises 229 231 Equipment 344 311 Finance leases 12 — 644 599 Accumulated depreciation (299) (267) Total premises and equipment, net $ 345 $ 332 Depreciation expense for premises and equipment is presented in the following table: TABLE 8.2 December 31 2021 2020 2019 (in millions) Depreciation expense for premises and equipment $ 46 $ 43 $ 42 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The following table shows a rollforward of goodwill by line of business: TABLE 9.1 (in millions) Community Wealth Insurance Total Balance at January 1, 2020 $ 2,231 $ 8 $ 23 $ 2,262 Goodwill (deductions) additions — — — — Balance at December 31, 2020 2,231 8 23 2,262 Goodwill (deductions) additions — — — — Balance at December 31, 2021 $ 2,231 $ 8 $ 23 $ 2,262 There were no changes to goodwill during 2021 and 2020. The following table shows a summary of core deposit intangibles and customer renewal lists: TABLE 9.2 (in millions) Core Customer Total December 31, 2021 Gross carrying amount $ 197 $ 18 $ 215 Accumulated amortization (160) (13) (173) Net carrying amount $ 37 $ 5 $ 42 December 31, 2020 Gross carrying amount $ 197 $ 18 $ 215 Accumulated amortization (149) (12) (161) Net carrying amount $ 48 $ 6 $ 54 Core deposit intangibles are being amortized primarily over 10 years using accelerated methods. Customer renewal lists are being amortized over their estimated useful lives, which range from eight The following table summarizes amortization expense recognized: TABLE 9.3 December 31 2021 2020 2019 (in millions) Amortization expense $ 12 $ 13 $ 14 Following is a summary of the expected amortization expense on finite-lived intangible assets, assuming no new additions, for each of the five years following December 31, 2021: TABLE 9.4 (in millions) 2022 $ 10 2023 10 2024 8 2025 7 2026 5 Total $ 40 Goodwill and other intangible assets are tested annually for impairment, and more frequently if events or changes in circumstances indicate the carrying value may not be recoverable. We completed this test in 2021 and 2020 and determined that our intangible assets are not impaired. |
Leases
Leases | 12 Months Ended |
Dec. 31, 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 December 31, 2021, we had operating lease right-of-use assets operating lease liabilities finance lease right-of-use assets finance lease liabilities Our operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 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 $69.2 million in right-of-use assets and $90.6 million in other liabilities. These operating leases are currently expected to commence in 2023 with lease terms of up to 16 years. These operating leases include the lease, with a related party, of the future new FNB headquarters building in Pittsburgh, Pennsylvania. The related party operating the lease is accounted for in a manner consistent with all other leases on the basis of the legally enforceable terms and conditions of the lease and represents a VIE for which we are not the primary beneficiary. The components of lease expense were as follows: TABLE 10.1 Twelve Months Ended (dollars in millions) 2021 2020 2019 Operating lease cost $ 29 $ 27 $ 27 Short-term lease cost 1 1 1 Variable lease cost 3 3 4 Total lease cost $ 33 $ 31 $ 32 Other information related to leases is as follows: TABLE 10.2 Twelve Months Ended (dollars in millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 27 $ 26 Operating cash flows from finance leases $ — $ — Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 23 $ 20 Finance leases $ 12 $ — Weighted average remaining lease term (years): Operating leases 9.83 9.45 Finance leases 23.09 0 Weighted average discount rate: Operating leases 2.4 % 2.6 % Finance leases 1.9 % — % Maturities of lease liabilities were as follows: TABLE 10.3 (in millions) Operating Leases Finance Leases Total Leases December 31, 2021 2022 $ 26 $ — $ 26 2023 22 — 22 2024 20 — 20 2025 15 — 15 2026 12 — 12 Later years 75 15 90 Total lease payments 170 15 185 Less: imputed interest (21) (3) (24) Present value of lease liabilities $ 149 $ 12 $ 161 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 5, “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 December 31, 2021, we had operating lease right-of-use assets operating lease liabilities finance lease right-of-use assets finance lease liabilities Our operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 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 $69.2 million in right-of-use assets and $90.6 million in other liabilities. These operating leases are currently expected to commence in 2023 with lease terms of up to 16 years. These operating leases include the lease, with a related party, of the future new FNB headquarters building in Pittsburgh, Pennsylvania. The related party operating the lease is accounted for in a manner consistent with all other leases on the basis of the legally enforceable terms and conditions of the lease and represents a VIE for which we are not the primary beneficiary. The components of lease expense were as follows: TABLE 10.1 Twelve Months Ended (dollars in millions) 2021 2020 2019 Operating lease cost $ 29 $ 27 $ 27 Short-term lease cost 1 1 1 Variable lease cost 3 3 4 Total lease cost $ 33 $ 31 $ 32 Other information related to leases is as follows: TABLE 10.2 Twelve Months Ended (dollars in millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 27 $ 26 Operating cash flows from finance leases $ — $ — Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 23 $ 20 Finance leases $ 12 $ — Weighted average remaining lease term (years): Operating leases 9.83 9.45 Finance leases 23.09 0 Weighted average discount rate: Operating leases 2.4 % 2.6 % Finance leases 1.9 % — % Maturities of lease liabilities were as follows: TABLE 10.3 (in millions) Operating Leases Finance Leases Total Leases December 31, 2021 2022 $ 26 $ — $ 26 2023 22 — 22 2024 20 — 20 2025 15 — 15 2026 12 — 12 Later years 75 15 90 Total lease payments 170 15 185 Less: imputed interest (21) (3) (24) Present value of lease liabilities $ 149 $ 12 $ 161 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 5, “Loans and Leases” in the Notes to Consolidated Financial Statements. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and December 31, 2020. TABLE 11.1 (in millions) Total Assets Total Liabilities Maximum Exposure to Loss December 31, 2021 Trust preferred securities (1) $ 1 $ 67 $ — Affordable housing tax credit partnerships 121 34 121 Other investments 28 6 28 Total $ 150 $ 107 $ 149 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. See the Borrowings footnote for additional information relating to our TPS. 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 CRA 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 is recorded on a net basis as a component of the provision for 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 11.2 December 31 2021 2020 (in millions) Proportional amortization method investments included in other assets $ 86 $ 71 Equity method investments included in other assets 1 3 Total LIHTC investments included in other assets $ 87 $ 74 Unfunded LIHTC commitments $ 34 $ 45 The following table summarizes the impact of these LIHTC investments on specific line items of our Consolidated Statements of Income: TABLE 11.3 Year Ended December 31 (in millions) 2021 2020 2019 Non-interest income: Amortization of tax credit investments under equity method, net of tax benefit $ 1 $ 1 $ 1 Provision for income taxes: Amortization of LIHTC investments under proportional method $ 13 $ 11 $ 8 Low-income housing tax credits (15) (12) (9) Other tax benefits related to tax credit investments (2) (2) (2) Total impact on provision for income taxes $ (4) $ (3) $ (3) Other Investments Other investments we also consider to be unconsolidated VIE’s include investments in SBIC's, Historic Tax Credit investments, and other equity method investments. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | DEPOSITS Following is a summary of deposits: TABLE 12.1 December 31 2021 2020 (in millions) Non-interest-bearing demand $ 10,789 $ 9,042 Interest-bearing demand 14,409 13,157 Savings 3,669 3,261 Certificates and other time deposits: Less than $100,000 1,540 1,895 $100,000 through $250,000 866 1,173 Greater than $250,000 453 594 Total certificates and other time deposits 2,859 3,662 Total deposits $ 31,726 $ 29,122 Following is a summary of the scheduled maturities of certificates and other time deposits for the years following December 31, 2021: TABLE 12.2 (in millions) 2022 $ 2,047 2023 440 2024 160 2025 103 2026 91 Later years 18 Total $ 2,859 |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | SHORT-TERM BORROWINGS Following is a summary of short-term borrowings: TABLE 13.1 December 31 2021 2020 (in millions) Securities sold under repurchase agreements $ 376 $ 403 Federal Home Loan Bank advances 1,030 1,280 Subordinated notes 130 121 Total short-term borrowings $ 1,536 $ 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 December 31, 2021 or December 31, 2020. At December 31, 2021, $1.0 billion, or 100.0%, of the short-term FHLB advances were swapped to fixed rates with maturities through 2024. This compares to $1.3 billion, or 100.0%, as of December 31, 2020. During 2020, we terminated hedges related to $225.0 million of higher-rate short-term FHLB borrowings, which resulted in hedge termination costs of $8.9 million reported in other non-interest income on the Consolidated Statements of Income. The following represents weighted average interest rates on short-term borrowings: TABLE 13.2 December 31 2021 2020 2019 Year-to-date average 1.61 % 1.53 % 2.24 % Period-end 1.61 1.57 1.76 |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | LONG-TERM BORROWINGS Following is a summary of long-term borrowings: TABLE 14.1 December 31 2021 2020 (in millions) Federal Home Loan Bank advances $ — $ 400 Senior notes 299 299 Subordinated notes 68 81 Junior subordinated debt 67 66 Other subordinated debt 248 249 Total long-term borrowings $ 682 $ 1,095 Scheduled annual maturities for the long-term borrowings for the years following December 31, 2021 are as follows: TABLE 14.2 (in millions) 2022 $ 18 2023 336 2024 3 2025 104 2026 6 Later years 215 Total $ 682 Federal Home Loan Bank advances Our banking affiliate has available credit with the FHLB of $8.6 billion, of which $1.0 billion was utilized and included in short-term borrowings as of December 31, 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 2022. Effective interest rates paid on the long-term advances held during the year ranged from 0.26% to 0.29% for the year ended December 31, 2021 and 0.30% to 0.34% for the year ended December 31, 2020. During 2020, we reduced higher-rate outstanding long-term FHLB borrowings by $490.0 million, which resulted in a loss on early debt extinguishment of $16.7 million reported in non-interest income on the Consolidated Statements of Income. Subordinated notes Subordinated notes are unsecured and subordinated to our other indebtedness. The subordinated notes mature in various amounts periodically through the year 2029. At December 31, 2021, all of the subordinated notes are redeemable by the holders prior to maturity at a discount equal to three TABLE 14.3 December 31 2021 2020 2019 Subordinated notes weighted average interest rate 3.12 % 3.23 % 3.33 % Junior subordinated debt The junior subordinated debt is comprised of the debt securities issued by FNB in relation to our three unconsolidated subsidiary trusts (collectively, the Trusts), which are unconsolidated VIEs and are included on the Consolidated Balance Sheets in long-term borrowings. One hundred percent of the common equity of each Trust is owned by FNB. The Trusts were formed for the purpose of issuing FNB-obligated mandatorily redeemable capital securities, or TPS to third-party investors. The proceeds from the sale of TPS and the issuance of common equity by the Trusts were invested in junior subordinated debt securities issued by FNB, which are the sole assets of each Trust. Since third-party investors are the primary beneficiaries, the Trusts are not consolidated in our Financial Statements. The Trusts pay dividends on the TPS at the same rate as the distributions paid by us on the junior subordinated debt held by the Trusts. F.N.B. Statutory Trust II was formed by us, and the other two statutory trusts were assumed through acquisitions. The acquired statutory trusts were adjusted to fair value in conjunction with the various acquisitions. We record the distributions on the junior subordinated debt issued to the Trusts as interest expense. The TPS are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated debt. The TPS are eligible for redemption, at any time, at our discretion. Under capital guidelines, the junior subordinated debt, net of our investments in the Trusts, is included in tier 2 capital. We have entered into agreements which, when taken collectively, fully and unconditionally guarantee the obligations under the TPS subject to the terms of each of the guarantees. The following table provides information relating to the Trusts as of December 31, 2021: TABLE 14.4 (dollars in millions) Trust Common Junior Stated Interest Rate Reset Factor F.N.B. Statutory Trust II $ 22 $ 1 $ 22 6/15/2036 1.85 % LIBOR + 165 basis points (bps) Yadkin Valley Statutory Trust I 25 1 22 12/15/2037 1.52 % LIBOR + 132 bps FNB Financial Services Capital Trust I 25 1 23 9/30/2035 1.68 % LIBOR + 146 bps Total $ 72 $ 3 $ 67 Other senior and subordinated debt During 2020, we completed a debt offering in which we issued $300 million aggregate principal amount of senior notes due in 2023. The net proceeds of the debt offering after deducting underwriting discounts and commissions and offering costs were $297.9 million. These proceeds were used for general corporate purposes, which included investments at the holding company level, capital to support the growth of FNBPA, repurchase of our common shares and refinancing of outstanding indebtedness. The following table provides information relating to our senior debt and other subordinated debt as of December 31, 2021. These debt issuances are fixed-rate, with the exception of the debt offering in 2019, which is fixed-to-floating rate after February 14, 2024, at which time the floating rate will be LIBOR plus 240 basis points, or an alternative rate that may replace LIBOR, as specified in the prospectus for this offering. The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes. TABLE 14.5 (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 120 118 119 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 30 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. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 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, which are recognized in other comprehensive income. 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 15.1 December 31 2021 2020 Notional Fair Value Notional Fair Value (in millions) Asset Liability Asset Liability Gross Derivatives Subject to master netting arrangements: Interest rate contracts – designated $ 2,080 $ 1 $ — $ 1,430 $ 3 $ — Interest rate swaps – not designated 5,547 2 20 4,791 — 37 Total subject to master netting arrangements 7,627 3 20 6,221 3 37 Not subject to master netting arrangements: Interest rate swaps – not designated 5,547 172 24 4,791 349 — Interest rate lock commitments – not designated 482 9 — 531 24 — Forward delivery commitments – not designated 502 1 1 500 — 2 Credit risk contracts – not designated 368 — — 437 — 1 Total not subject to master netting arrangements 6,899 182 25 6,259 373 3 Total $ 14,526 $ 185 $ 45 $ 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 OCI 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 15.2 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 Year Ended Year Ended (in millions) 2021 2020 2019 2021 2020 2019 Derivatives in cash flow hedging relationships: Interest rate contracts $ 5 $ (51) $ (22) Interest income (expense) $ (18) $ (14) $ 2 Other income — (9) — The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships: TABLE 15.3 Year Ended December 31, 2021 2020 2019 (in millions) Interest Income - Loans and Leases Interest Expense - Short-Term Borrowings 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) $ 886 $ 27 $ 990 $ 38 $ 1,085 $ 80 The effects of cash flow hedging: Gain (loss) on cash flow hedging Interest rate contracts: Amount of gain (loss) reclassified from AOCI into net income (1) 2 (20) (7) (16) (1) 3 Amount of gain (loss) reclassified — — — — — — (1) For 2020, the amount of loss reclassified from AOCI into net income relating to interest income on loans and leases included an $8.9 million loss reflected in other non-interest income. As of December 31, 2021, the maximum length of time over which forecasted interest cash flows are hedged is 3.8 years. In the twelve months that follow December 31, 2021, we expect to reclassify from the amount currently reported in AOCI net derivative losses of $9.8 million ($7.6 million net of tax), in association with interest on the hedged loans and FHLB advances. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to December 31, 2021. During the third quarter of 2020, we terminated $225.0 million of notional value of interest rate contracts - designated subject to master netting arrangements. 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 years ended December 31, 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 Interest Rate Swaps. We enter into interest rate swap agreements to meet the financing, interest rate and equity risk management needs of qualifying commercial loan customers. These agreements provide the customer the ability to convert from variable to fixed interest rates. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. Swap derivative transactions with customers are not subject to enforceable master netting arrangements and are generally secured by rights to non-financial collateral, such as real and personal property. We enter into positions with a derivative counterparty in order to offset our exposure on the fixed components of the customer interest rate swap agreements. We seek to minimize counterparty credit risk by entering into transactions only with high-quality financial dealer institutions. 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. Interest Rate Lock Commitments . IRLCs an agreement to extend credit to a mortgage loan borrower, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to funding. We are bound to fund the loan at a specified rate, regardless of whether interest rates have changed between the commitment date and the loan funding date, subject to the loan approval process. The borrower is not obligated to perform under the commitment. As such, outstanding IRLCs subject us to interest rate risk and related price risk during the period from the commitment to the borrower through the loan funding date, or commitment expiration. The IRLCs generally range between 30 to 270 days. The IRLCs 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 mortgage banking operations non-interest income. Forward Delivery Commitments . Forward delivery commitments on mortgage-backed securities are used to manage the interest rate and price risk of our IRLCs and mortgage loan held for sale inventory by fixing the forward sale price that will be realized upon sale of the mortgage loans into the secondary market. Historical commitment-to-closing ratios are considered to estimate the quantity of mortgage loans that will fund within the terms of the IRLCs. The forward delivery contracts 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 mortgage banking operations non-interest income. Credit Risk Contracts. We purchase and sell credit protection under risk participation agreements to share with other counterparties some of the credit exposure related to interest rate derivative contracts or to take on credit exposure to generate revenue. We will make/receive payments under these agreements if a customer defaults on their obligation to perform under certain derivative swap contracts. Risk participation agreements sold with notional amounts totaling $247.8 million as of December 31, 2021 have remaining terms ranging from seven months to nineteen 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 $0.2 million and $0.6 million at December 31, 2021 and 2020, respectively. The fair values of risk participation agreements purchased and sold were $0.1 million and $0.2 million, respectively, at December 31, 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 15.4 Year Ended December 31, (in millions) Consolidated Statements of Income Location 2021 2020 2019 Interest rate swaps Non-interest income - other $ — $ — $ — Interest rate lock commitments Mortgage banking operations — — — Forward delivery contracts Mortgage banking operations 2 (2) (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 $0.2 million and $0.3 million as of December 31, 2021 and 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 15.5 Amount Not Offset in the (in millions) Amount Financial Cash Net December 31, 2021 Derivative Assets Interest rate contracts: Designated $ 1 $ — $ 1 $ — Not designated 2 — 2 — Total $ 3 $ — $ 3 $ — Derivative Liabilities Interest rate contracts: Not designated $ 20 $ — $ 20 $ — Total $ 20 $ — $ 20 $ — 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 | 12 Months Ended |
Dec. 31, 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 16.1 December 31 2021 2020 (in millions) Commitments to extend credit $ 11,228 $ 9,285 Standby letters of credit 194 158 At December 31, 2021, funding of 72.4% 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 $19.2 million and $13.7 million at December 31, 2021 and 2020, respectively. Additional information relating to the AULC is provided in Note 6, "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 Notes 13 and 14. 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, reimbursement, 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, settlement resolutions, regulatory actions, investigations, settlements or orders, if any, that have or 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 potentially 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, restitution, penalty, |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 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 1,113,314 and 2,004,895 restricted stock units during 2021 and 2020, respectively, including 325,284 and 571,932 performance-based restricted stock units during those same periods, respectively. As of December 31, 2021, we had available up to 4,125,588 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 17.1 2021 2020 2019 Units Weighted Units Weighted Units Weighted Unvested units outstanding at beginning of year 4,322,115 $ 9.46 2,858,357 $ 12.56 2,556,174 $ 13.51 Granted 1,113,314 12.65 2,004,895 6.95 1,182,197 10.94 Net adjustment due to performance 527,975 10.79 47,290 13.00 — — Vested (1,320,646) 12.07 (613,581) 14.41 (655,208) 13.15 Forfeited/expired/canceled (143,238) 10.65 (203,058) 12.54 (332,814) 12.72 Dividend reinvestment 181,266 12.17 228,212 8.14 108,008 11.84 Unvested units outstanding at end of year 4,680,786 9.71 4,322,115 9.46 2,858,357 12.56 The following table provides certain information related to restricted stock units: TABLE 17.2 Year Ended December 31 2021 2020 2019 (in millions) Stock-based compensation expense $ 21 $ 16 $ 12 Tax benefit related to stock-based compensation expense 4 3 2 Fair value of units vested 16 5 7 As of December 31, 2021, there was $9.0 million of unrecognized compensation cost related to unvested restricted stock units including $0.7 million that is subject to accelerated vesting under the Plan’s immediate vesting upon retirement. The components of the restricted stock units as of December 31, 2021 are as follows: TABLE 17.3 (dollars in millions) Service- Performance- Total Unvested restricted stock units 2,919,926 1,760,860 4,680,786 Unrecognized compensation expense $ 8 $ 1 $ 9 Intrinsic value $ 35 $ 21 $ 56 Weighted average remaining life (in years) 1.73 0.80 1.38 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. The following table summarizes the activity relating to stock options during the periods indicated: TABLE 17.4 2021 Weighted 2020 Weighted 2019 Weighted Options outstanding at beginning of year 196,086 $ 8.61 246,084 $ 8.14 458,354 $ 7.99 Exercised (28,168) 7.38 (33,945) 5.74 (183,566) 7.86 Forfeited/expired (591) 6.44 (16,053) 7.38 (28,704) 7.65 Options outstanding and exercisable at end of year 167,327 8.83 196,086 8.61 246,084 8.14 The following table summarizes information about stock options outstanding at December 31, 2021: TABLE 17.5 Range of Exercise Prices Options Weighted Average Weighted Average $3.57 - $5.36 9,439 0.23 $ 4.83 $5.37 - $8.05 39,549 1.12 6.91 $8.06 - $11.37 118,339 2.76 9.78 167,327 The intrinsic value of outstanding and exercisable stock options at December 31, 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. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans | RETIREMENT PLANS We sponsor the Retirement Income Plan (RIP), a qualified noncontributory defined benefit pension plan that has been frozen. The RIP covered employees who satisfied minimum age and length of service requirements. We also sponsor two supplemental non-qualified retirement plans that have been frozen. The ERISA Excess Retirement Plan provides retirement benefits equal to the difference, if any, between the maximum benefit allowable under the Internal Revenue Code and the amount that would be provided under the RIP, if no limits were applied. The Basic Retirement Plan (BRP) is applicable to certain officers whom the Board of Directors designates. Officers participating in the BRP receive a benefit based on a target benefit percentage based on years of service at retirement and a designated tier as determined by the Board of Directors. When a participant retires, the benefit under the BRP is a monthly benefit equal to the participant's aggregate target benefit percentage multiplied by the participant’s highest average monthly cash compensation, including bonuses, during five ten The following tables provide information relating to the accumulated benefit obligation, change in benefit obligation, change in plan assets, the plans’ funded status and the amount included in the Consolidated Balance Sheets for the qualified and non-qualified plans described above (collectively, the Plans): TABLE 18.1 December 31 2021 2020 Qualified Non-Qualified Total Qualified Non-Qualified Total (in millions) Accumulated benefit obligation $ 154 $ 18 $ 172 $ 167 $ 20 $ 187 Projected benefit obligation at beginning of year $ 167 $ 20 $ 187 $ 156 $ 19 $ 175 Interest cost 4 — 4 5 1 6 Actuarial loss (gain) (7) (1) (8) 15 2 17 Benefits paid (10) (1) (11) (9) (2) (11) Projected benefit obligation at end of year $ 154 $ 18 $ 172 $ 167 $ 20 $ 187 Fair value of plan assets at beginning of year $ 189 $ — $ 189 $ 173 $ — $ 173 Actual return on plan assets 22 — 22 20 — 20 Corporation contribution — 1 1 5 2 7 Benefits paid (10) (1) (11) (9) (2) (11) Fair value of plan assets at end of year $ 201 $ — $ 201 $ 189 $ — $ 189 Funded status of plans $ 47 $ (18) $ 29 $ 22 $ (20) $ 2 The unrecognized actuarial loss, prior service cost and net transition obligation are required to be recognized into earnings over the average remaining participant life due to the freezing of the RIP, which may, on a net basis, reduce future earnings. Actuarial assumptions used in the determination of the projected benefit obligation in the Plans are as follows: TABLE 18.2 Assumptions at December 31 2021 2020 Weighted average discount rate 2.72 % 2.31 % Rates of average increase in compensation levels 3.50 3.50 The discount rate assumption at December 31, 2021 and 2020 was determined using a yield-curve based approach. A yield curve was produced for a universe containing the majority of U.S.-issued Aa-graded corporate bonds, all of which were non-callable (or callable with make-whole provisions), and after excluding the 10% of the bonds with the highest and lowest yields. The discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments. The net periodic pension cost and OCI for the Plans included the following components: TABLE 18.3 Year Ended December 31 2021 2020 2019 (in millions) Interest cost $ 4 $ 6 $ 7 Expected return on plan assets (12) (13) (11) Actuarial loss amortization 3 3 2 Total pension cost (5) (4) (2) Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: Current year actuarial (gain) loss (18) 10 1 Amortization of actuarial loss (3) (3) (2) Total amount recognized in other comprehensive (loss) income (21) 7 (1) Total amount recognized in net periodic benefit cost (gain) and other comprehensive (loss) income $ (26) $ 3 $ (3) The plans have an actuarial measurement date of December 31. Actuarial assumptions used in the determination of the net periodic pension cost in the Plans are as follows: TABLE 18.4 Assumptions for the Year Ended December 31 2021 2020 2019 Weighted average discount rate 2.31 % 3.17 % 4.16 % Rates of increase in compensation levels 3.50 3.50 3.50 Expected long-term rate of return on assets 6.75 7.25 7.25 The expected long-term rate of return on plan assets has been established by considering historical and anticipated expected returns on the asset classes invested in by the pension trust and the allocation strategy currently in place among those classes. The expected long-term rate of return on plan assets was reduced to 6.75% effective January 1, 2021. The change in plan assets reflects benefits paid from the qualified pension plans of $9.9 million and $10.0 million for 2021 and 2020, respectively. We made contributions to the RIP of $5.0 million during both 2020 and 2019. We did not make a contribution to the RIP in 2021. For the non-qualified pension plans, the change in plan assets reflects benefits paid from and contributions made to the plans in the same amount. This amount represents the actual benefit payments paid from general assets of $1.4 million for 2021 and $1.5 million for 2020. The following table provides information regarding estimated future cash flows relating to the Plans at December 31, 2021: TABLE 18.5 (in millions) Expected employer contributions: 2022 $ 1 Expected benefit payments: 2022 10 2023 10 2024 11 2025 11 2026 10 2027 – 2031 51 The qualified pension plan contributions are deposited into a trust and the qualified benefit payments are made from trust assets. For the non-qualified plans, the contributions and the benefit payments are the same and reflect expected benefit amounts, which we pay from general assets. Our subsidiaries participate in a qualified 401(k) defined contribution plan under which employees may contribute a percentage of their salary. Employees are eligible to participate upon their first day of employment. Under this plan, we match 100% of the first 6% that the employee defers. Additionally, we may provide a performance-based company contribution of up to 3% if we exceed annual financial goals. Our contribution expense is presented in the following table: TABLE 18.6 Year Ended December 31 2021 2020 2019 (in millions) 401(k) contribution expense $ 19 $ 17 $ 15 We also sponsor an ERISA Excess Lost Match Plan for certain officers. This plan provides retirement benefits equal to the difference, if any, between the maximum benefit allowable under the Internal Revenue Code and the amount that would have been provided under the qualified 401(k) defined contribution plan, if no limits were applied. Pension Plan Investment Policy and Strategy Our investment strategy for the RIP is to diversify plan assets between a wide mix of securities within the equity and debt markets to allow the account the opportunity to meet the expected long-term rate of return requirements while minimizing short-term volatility. In this regard, the plan has targeted allocations within the equity securities category for domestic large cap, domestic mid cap, domestic small cap, real estate investment trusts, emerging market and international securities. Within the debt securities category, the plan has targeted allocation levels for U.S. Treasury, U.S. agency, domestic investment-grade bonds, high-yield bonds, inflation-protected securities and international bonds. The following table presents asset allocations for our pension plans as of December 31, 2021 and 2020, and the target allocation for 2022, by asset category: TABLE 18.7 Target Percentage of Plan Assets December 31 2022 2021 2020 Asset Category Equity securities 45 - 65 64 % 63 % Debt securities 30 - 50 33 36 Cash equivalents 0 - 10 3 1 At December 31, 2021 and 2020, equity securities included 367,500 and 450,000 shares, respectively, of our common stock, representing 2.2% and 2.1% of total plan assets at December 31, 2021 and 2020, respectively. Dividends received on our common stock held by the Plan were $0.2 million for both 2021 and 2020. The fair values of our pension plan assets by asset category are as follows: TABLE 18.8 (in millions) Level 1 Level 2 Level 3 Total December 31, 2021 Asset Class Cash $ 7 $ — $ — $ 7 Equity securities: F.N.B. Corporation 4 — — 4 Other large-cap U.S. financial services companies 3 — — 3 Other large-cap U.S. companies 67 — — 67 Other equity 1 — — 1 Mutual fund equity investments: U.S. equity index funds: U.S. small-cap equity index funds 5 — — 5 U.S. mid-cap equity index funds 6 — — 6 Non-U.S. equities growth fund 17 — — 17 U.S. equity funds: U.S. mid-cap 14 — — 14 U.S. small-cap 5 — — 5 Other 5 — — 5 Fixed income securities: U.S. government agencies — 44 — 44 Fixed income mutual funds: U.S. investment-grade fixed income securities 23 — — 23 Total $ 157 $ 44 $ — $ 201 (in millions) Level 1 Level 2 Level 3 Total December 31, 2020 Asset Class Cash $ 2 $ — $ — $ 2 Equity securities: F.N.B. Corporation 4 — — 4 Other large-cap U.S. financial services companies 3 — — 3 Other large-cap U.S. companies 60 — — 60 Other equity 1 — — 1 Mutual fund equity investments: U.S. equity index funds: U.S. small-cap equity index funds 5 — — 5 U.S. mid-cap equity index funds 6 — — 6 Non-U.S. equities growth fund 16 — — 16 U.S. equity funds: U.S. mid-cap 13 — — 13 U.S. small-cap 5 — — 5 Other 5 — — 5 Fixed income securities: U.S. government agencies — 45 — 45 Fixed income mutual funds: U.S. investment-grade fixed income securities 24 — — 24 Total $ 144 $ 45 $ — $ 189 The classifications for Level 1, Level 2 and Level 3 are discussed in Note 25, “Fair Value Measurements.” |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income Tax Expense Federal and state income tax expense consist of the following: TABLE 19.1 Year Ended December 31 2021 2020 2019 (in millions) Current income taxes: Federal taxes $ 79 $ 71 $ 47 State taxes 4 5 4 Total current income taxes 83 76 51 Deferred income taxes: Federal taxes 12 (20) 30 State taxes 3 1 3 Total deferred income taxes 15 (19) 33 Total income taxes $ 98 $ 57 $ 84 The following table provides a reconciliation between the statutory tax rate and the actual effective tax rate: TABLE 19.2 Year Ended December 31 2021 2020 2019 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 1.1 1.6 1.1 Tax-exempt interest (1.7) (2.8) (2.2) Cash surrender value on BOLI (0.5) (0.8) (0.5) Tax credits (3.2) (6.3) (4.2) Affordable housing cost amortization, net of tax benefits 2.2 2.5 1.4 Other items 0.7 1.5 1.1 Effective tax rate 19.6 % 16.7 % 17.7 % The effective tax rates in 2021, 2020 and 2019, respectively, were lower than the 21% statutory federal tax rate primarily due to the tax benefits resulting from renewable energy investment and historic tax credits, tax-exempt income on investments and loans and income from BOLI. For the years ended December 31, 2021, 2020 and 2019, we recognized net investment tax credits, under IRC section 48, of $0.0 million, $8.3 million and $7.9 million, respectively, using the flow-through method of accounting for income tax credits. 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. DTAs and DTLs 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. The following table presents the tax effects of significant temporary differences that give rise to federal and state DTAs and DTLs: TABLE 19.3 December 31 2021 2020 (in millions) Deferred tax assets: Allowance for credit losses $ 76 $ 80 Discounts on loans acquired in a business combination 8 16 Net operating loss/tax credit carryforwards 37 38 Deferred compensation 14 12 Securities impairments 1 1 Pension and other defined benefit plans — 2 Lease liability 36 30 Net unrealized securities losses 4 — Other 13 14 Total 189 193 Valuation allowance (34) (33) Total deferred tax assets 155 160 Deferred tax liabilities: Loan costs (6) (6) Depreciation (11) (12) Prepaid expenses (1) (1) Amortizable intangibles (11) (13) Pension and other defined benefit plans (4) — Lease financing (33) (32) Mortgage servicing rights (10) (8) Lease ROU asset (34) (28) Net unrealized securities gains — (7) Other (2) (2) Total deferred tax liabilities (112) (109) Net deferred tax assets $ 43 $ 51 We establish a valuation allowance when it is more likely than not that we will not be able to realize the benefit of the DTAs or when future deductibility is uncertain. Periodically, the valuation allowance is reviewed and adjusted based on management’s assessment of realizable DTAs. As of December 31, 2021, the valuation allowance of $33.7 million primarily includes unused federal and state net operating loss carryforwards expiring from 2022 to 2041 and $3.3 million of state tax credit carryforwards. We anticipate that neither the state net operating loss and state tax credit carryforwards nor the other net DTAs at certain of our subsidiaries will be utilized and, as such, have recorded a valuation allowance against the DTAs related to these items. As of December 31, 2021, we had approximately $17.2 million of federal net operating loss and built-in loss carryforwards and $2.4 million of state tax credit carryforwards, net of valuation allowances. The utilization of these tax attributes is subject to annual limitations under Section 382 of the Internal Revenue Code, or a similar state-level statute, which will cause the utilization of these attributes to be deferred over a number of years, not to exceed beyond 2036. We have determined that we will likely have sufficient taxable income in the years during which these tax attributes are available to be utilized and, consequently, have determined that no additional valuation allowance against the recorded DTA is warranted. Uncertain Tax Positions We account for uncertainties in income taxes in accordance with ASC 740, Income Taxes . At December 31, 2021 and 2020, we have approximately $2.7 million and $2.0 million, respectively, of unrecognized tax benefits related to uncertain tax positions. As of December 31, 2021, $2.5 million of these tax benefits would affect the effective tax rate if recognized. We recognize potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. To the extent interest is not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. We file numerous income tax returns in the U.S. federal jurisdiction and in several state jurisdictions. We are no longer subject to U.S. federal income tax examinations for years prior to 2018, with the exception of an outstanding refund request on an amended 2017 federal tax return filing. We are no longer subject to state income tax examinations for years prior to 2018, with the exception of an outstanding refund request on an amended 2017 state tax return filing. We anticipate that a reduction in the unrecognized tax benefit of up to $0.1 million may occur in the next twelve months from the expiration of statutes of limitations which would result in a reduction in income taxes. |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Other Comprehensive Income | OTHER COMPREHENSIVE INCOME The following table presents changes in AOCI, net of tax, by component: TABLE 20.1 (in millions) Unrealized Unrealized Unrecognized Total Year Ended December 31, 2021 Balance at beginning of period $ 65 $ (40) $ (64) $ (39) Other comprehensive (loss) income before reclassifications (57) 4 16 (37) Amounts reclassified from AOCI — 14 — 14 Net current period other comprehensive (loss) income (57) 18 16 (23) Balance at end of period $ 8 $ (22) $ (48) $ (62) 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 | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share: TABLE 21.1 Year Ended December 31 2021 2020 2019 (dollars in millions, except per share data) Net income $ 405 $ 286 $ 387 Less: Preferred stock dividends 8 8 8 Net income available to common stockholders $ 397 $ 278 $ 379 Basic weighted average common shares outstanding 319,791,100 323,368,639 324,938,720 Net effect of dilutive stock options, warrants and restricted stock 3,690,388 2,119,325 1,122,418 Diluted weighted average common shares outstanding 323,481,488 325,487,964 326,061,138 Earnings per common share: Basic $ 1.24 $ 0.86 $ 1.17 Diluted $ 1.23 $ 0.85 $ 1.16 The following table shows the average shares excluded from the above calculation as their effect would have been anti-dilutive: TABLE 21.2 Year Ended December 31 2021 2020 2019 Average shares excluded from the diluted earnings per common share calculation — 22,375 — |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Regulatory Matters | REGULATORY MATTERS FNB and FNBPA are subject to various regulatory capital requirements administered by the federal banking agencies. Quantitative measures established by regulators to ensure capital adequacy require FNB and FNBPA to maintain minimum amounts and ratios of total, tier 1 and CET1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of leverage ratio (as defined). Failure to meet minimum capital requirements could lead to initiation of certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our Consolidated Financial Statements, dividends and future business and corporate strategies. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, FNB and FNBPA must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. FNB’s and FNBPA’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. As of December 31, 2021, the most recent notification from the federal banking agencies categorized FNB and FNBPA as “well-capitalized” under the respective regulatory frameworks. There are no conditions or events since the notification which management believes have changed this categorization. Following are the capital ratios for FNB and FNBPA: TABLE 22.1 Actual Well-Capitalized Requirements (1) Minimum Capital (dollars in millions) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021 F.N.B. Corporation: Total capital $ 3,531 12.18 % $ 2,899 10.00 % $ 3,044 10.50 % Tier 1 capital 2,984 10.29 1,739 6.00 2,464 8.50 Common equity tier 1 2,877 9.92 n/a n/a 2,029 7.00 Leverage 2,984 7.99 n/a n/a 1,493 4.00 Risk-weighted assets 28,991 FNBPA: Total capital 3,695 12.77 2,893 10.00 3,038 10.50 Tier 1 capital 3,098 10.71 2,314 8.00 2,459 8.50 Common equity tier 1 3,018 10.43 1,880 6.50 2,025 7.00 Leverage 3,098 8.31 1,864 5.00 1,491 4.00 Risk-weighted assets 28,930 As of December 31, 2020 F.N.B. Corporation: Total capital $ 3,324 12.33 % $ 2,695 10.00 % $ 2,830 10.50 % Tier 1 capital 2,759 10.24 1,617 6.00 2,291 8.50 Common equity tier 1 2,652 9.84 n/a n/a 1,886 7.00 Leverage 2,759 7.83 n/a n/a 1,410 4.00 Risk-weighted assets 26,948 FNBPA: Total capital 3,400 12.64 2,690 10.00 2,825 10.50 Tier 1 capital 2,882 10.71 2,152 8.00 2,287 8.50 Common equity tier 1 2,802 10.42 1,749 6.50 1,883 7.00 Leverage 2,882 8.19 1,760 5.00 1,408 4.00 Risk-weighted assets 26,902 (1) Reflects the well-capitalized standard under Regulation Y for F.N.B. Corporation and the prompt corrective action framework for FNBPA. The FRB eliminated the reserve requirement for thousands of depository institutions, although FNBPA still maintains deposits with the FRB for various services such as check clearing. Certain limitations exist under applicable law and regulations by regulatory agencies regarding dividend distributions to a parent by our subsidiaries. As of December 31, 2021, our subsidiaries had $462.1 million of retained earnings available for distribution to us without prior regulatory approval. Under current FRB regulations, FNBPA is limited in the amount it may lend to non-bank affiliates, including FNB. Such loans must be secured by specified collateral. In addition, any such loans to a non-bank affiliate may not exceed 10% of FNBPA’s capital and surplus and the aggregate of loans to all such affiliates may not exceed 20% of FNBPA’s capital and surplus. The maximum amount that may be borrowed by FNB affiliates under these provisions was $717.2 million at December 31, 2021. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Information | CASH FLOW INFORMATION Following is a summary of supplemental cash flow information: TABLE 23.1 Year Ended December 31 2021 2020 2019 (in millions) Interest paid on deposits and other borrowings $ 101 $ 216 $ 329 Income taxes paid 74 57 40 Transfers of loans to other real estate owned 4 3 15 Loans transferred to held for sale from portfolio — 537 389 Loans transferred to portfolio from held for sale — — 110 We did not have any restricted cash as of December 31, 2021, 2020 or 2019. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 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 (under a third-party arrangement) 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 24.1 (in millions) Community Wealth Insurance Parent Consolidated At or for the Year Ended December 31, 2021 Interest income $ 1,003 $ — $ — $ 2 $ 1,005 Interest expense 86 — — 12 98 Net interest income 917 — — (10) 907 Provision for credit losses (1) — — 2 1 Non-interest income 251 61 24 (6) 330 Non-interest expense (1) 653 39 21 8 721 Amortization of intangibles 11 — 1 — 12 Income tax expense (benefit) 100 5 — (7) 98 Net income (loss) 405 17 2 (19) 405 Total assets 39,396 37 34 46 39,513 Total intangibles 2,268 9 27 — 2,304 At or for the Year Ended December 31, 2020 Interest income $ 1,129 $ — $ — $ 1 $ 1,130 Interest expense 188 — — 20 208 Net interest income 941 — — (19) 922 Provision for credit losses 123 — — — 123 Non-interest income 233 49 22 (10) 294 Non-interest expense (1) 675 35 19 8 737 Amortization of intangibles 12 — 1 — 13 Income tax expense (benefit) 61 3 — (7) 57 Net income (loss) 303 11 2 (30) 286 Total assets 37,245 38 35 36 37,354 Total intangibles 2,279 9 28 — 2,316 At or for the Year Ended December 31, 2019 Interest income $ 1,245 $ — $ — $ 2 $ 1,247 Interest expense 310 — — 20 330 Net interest income 935 — — (18) 917 Provision for credit losses 44 — — — 44 Non-interest income 237 46 20 (9) 294 Non-interest expense (1) 621 34 17 10 682 Amortization of intangibles 13 — 1 — 14 Income tax expense (benefit) 88 3 — (7) 84 Net income (loss) 406 9 2 (30) 387 Total assets 34,491 32 35 57 34,615 Total intangibles 2,291 10 28 — 2,329 (1) Excludes amortization of intangibles, which is presented separately . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We use fair value measurements to record fair value adjustments to certain financial assets and liabilities and to determine fair value disclosures. Securities AFS, mortgage loans held for sale accounted for under FVO and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets on a non-recurring basis, such as certain impaired loans, OREO and certain other assets. Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. In determining fair value, we use various valuation approaches, including market, income and cost approaches. We follow an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, which are developed based on market data obtained from independent sources. Unobservable inputs reflect our assumptions about the assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: TABLE 25.1 Measurement Definition Level 1 Valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2 Valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3 Valuation is derived from other valuation methodologies including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies we use for financial instruments recorded at fair value on either a recurring or non-recurring basis: Securities Available For Sale These securities are recorded at fair value on a recurring basis. At December 31, 2021, 100.0% of AFS securities used valuation methodologies involving market-based or market-derived information, collectively Level 1 and Level 2 measurements, to measure fair value. We closely monitor market conditions involving assets that have become less actively traded. If the fair value measurement is based upon recent observable market activity of such assets or comparable assets (other than forced or distressed transactions) that occur in sufficient volume, and do not require significant adjustment using unobservable inputs, those assets are classified as Level 1 or Level 2; if not, they are classified as Level 3. Making this assessment requires significant judgment. We use prices from independent pricing services and, to a lesser extent, indicative (non-binding) quotes from independent brokers, to measure the fair value of AFS securities. We validate prices received from pricing services or brokers using a variety of methods, including, but not limited to, comparison to secondary pricing services, corroboration of pricing by reference to other independent market data such as secondary broker quotes and relevant benchmark indices, and review of pricing information by corporate personnel familiar with market liquidity and other market-related conditions. Derivative Financial Instruments We determine fair value for derivatives using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects contractual terms of the derivative, including the period to maturity and uses observable market based inputs, including interest rate curves and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives and IRLCs utilize Level 3 inputs. Credit valuation estimates of current credit spreads are used to evaluate the likelihood of our default and the default of our counterparties. However, as of December 31, 2021 and 2020, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our non-IRLC derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The fair value of IRLCs is based upon the estimated fair value of the underlying mortgage loan, including the expected cash flows related to MSRs and the estimated percentage of IRLCs that will result in a closed mortgage loan, and is classified as Level 3. Loans Held For Sale Residential mortgage loans held for sale are carried at fair value under the FVO. Fair value for residential mortgage loans held for sale, when recorded, is based on independent quoted market prices and is classified as Level 2. SBA loans held for sale are carried under lower of cost or fair value, for which, periodically, it may be necessary to record non-recurring fair value adjustments. Fair value for SBA loans held for sale, when recorded, is based on independent quoted market prices and is classified as Level 2. Collateral Dependent Loans For commercial loans in default which are greater than or equal to $1.0 million, individual reserves are determined based on an analysis of the present value of the loan's expected future cash flows, the loan's observable market value, or the fair value of the collateral less costs to sell. For commercial and consumer loans in default which are below $1.0 million, an established LGD percentage is multiplied by the loan balance and the results are aggregated for purposes of measuring specific reserve. Collateral may be real estate and/or business assets including equipment, inventory and accounts receivable. We determine the fair value of real estate based on appraisals by licensed or certified appraisers. The value of business assets is generally based on amounts reported on the business’ financial statements. Management must rely on the financial statements prepared and certified by the borrower or their accountants in determining the value of these business assets on an ongoing basis, which may be subject to significant change over time. Based on the quality of information or statements provided, management may require the use of business asset appraisals and site-inspections to better value these assets. We may discount appraised and reported values based on management’s historical knowledge, changes in market conditions from the time of valuation or management’s knowledge of the borrower and the borrower’s business. Since not all valuation inputs are observable, we classify these non-recurring fair value determinations as Level 2 or Level 3 based on the lowest level of input that is significant to the fair value measurement. We review and evaluate these loans no less frequently than quarterly for additional write-down based on the same factors identified above. Other Real Estate Owned OREO is comprised principally of commercial and residential real estate properties obtained in partial or total satisfaction of loan obligations and these properties are subject to federal regulatory holding period requirements. OREO acquired in settlement of indebtedness is recorded at fair value less costs to sell. Subsequently, these assets are carried at the lower of carrying value or fair value less costs to sell. Accordingly, it may be necessary to record non-recurring fair value adjustments. Fair value is generally based upon appraisals by licensed or certified appraisers and other market information and is classified as Level 3. Other Assets - MSRs and SBA Servicing Assets We carry MSRs at the lower of cost or fair value, and therefore, they are subject to fair value measurements on a non-recurring basis. Since sales of MSRs tend to occur in private transactions and the precise terms and conditions of the sales are typically not readily available, there is a limited market to refer to in determining the fair value of MSRs. As such we rely primarily on a discounted cash flow model, incorporating assumptions about loan prepayment rates, discount rates, servicing costs and other economic factors, to estimate the fair value of our MSRs. We utilize a third-party vendor to perform the modeling to estimate the fair value of our MSRs. Since the valuation model uses significant unobservable inputs, we classify MSRs within Level 3. We retain the servicing rights on SBA-guaranteed loans sold to investors. The standard sale structure under the SBA Secondary Participation Guaranty Agreement provides for us to retain a portion of the cash flow from the interest payment received on the SBA guaranteed portion of the loan, which is commonly known as a servicing spread. We utilize a third-party vendor to perform the modeling to estimate the fair value of our SBA servicing asset. Since the valuation model uses significant unobservable inputs, we classify SBA servicing assets within Level 3. The following table presents the balances of assets and liabilities measured at fair value on a recurring basis: TABLE 25.2 (in millions) Level 1 Level 2 Level 3 Total December 31, 2021 Assets Measured at Fair Value Debt securities available for sale U.S. Treasury $ 204 $ — $ — $ 204 U.S. government agencies — 155 — 155 U.S. government-sponsored entities — 192 — 192 Residential mortgage-backed securities Agency mortgage-backed securities — 1,357 — 1,357 Agency collateralized mortgage obligations — 1,186 — 1,186 Commercial mortgage-backed securities — 297 — 297 States of the U.S. and political subdivisions (municipals) — 33 — 33 Other debt securities — 2 — 2 Total debt securities available for sale 204 3,222 — 3,426 Loans held for sale — 269 — 269 Derivative financial instruments Trading — 174 — 174 Not for trading — 2 9 11 Total derivative financial instruments — 176 9 185 Total assets measured at fair value on a recurring basis $ 204 $ 3,667 $ 9 $ 3,880 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 44 $ — $ 44 Not for trading — 1 — 1 Total derivative financial instruments — 45 — 45 Total liabilities measured at fair value on a recurring basis $ — $ 45 $ — $ 45 (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 25.3 (in millions) Interest Total Year Ended December 31, 2021 Balance at beginning of period $ 24 $ 24 Purchases, issuances, sales and settlements: Issuances 9 9 Settlements (24) (24) Balance at end of period $ 9 $ 9 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. See the “Securities Available for Sale” discussion within this footnote for information relating to determining Level 3 fair values. There were no transfers of assets or liabilities between the hierarchy levels during 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 previously described. 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 25.4 (in millions) Level 1 Level 2 Level 3 Total December 31, 2021 Collateral dependent loans $ — $ — $ 20 $ 20 Other assets - MSRs — — 10 10 Other assets - SBA servicing asset — — 3 3 Other real estate owned — — 2 2 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 twelve months ended December 31, 2021 and 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 2021 had a carrying amount of $19.6 million which includes an allocated ACL of $10.0 million. The ACL includes a provision applicable to the current period fair value measurements of $0.5 million, which was included in provision for credit losses for 2021. MSRs measured at fair value on a non-recurring basis had a carrying value of $10.3 million, which included a valuation allowance of $2.5 million, as of December 31, 2021. The valuation allowance includes a recovery of $4.8 million included in earnings for 2021. SBA servicing assets measured at fair value on a non-recurring basis had a carrying value of $3.2 million, which included a valuation allowance of $1.1 million as of December 31, 2021. The valuation allowance includes a recovery of $0.1 million included in earnings for 2021. OREO measured at fair value on a non-recurring basis during 2021 had a carrying amount of $1.5 million which included a valuation allowance of $0.5 million, as of December 31, 2021. The valuation allowance includes a loss of $0.5 million, which was included in earnings for 2021. Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each financial instrument: Cash and Cash Equivalents, Accrued Interest Receivable and Accrued Interest Payable. For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities. For both securities AFS and securities HTM, fair value equals the quoted market price from an active market, if available, and is classified within Level 1. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities or pricing models, and is classified as Level 2. Where there is limited market activity or significant valuation inputs are unobservable, securities are classified within Level 3. Under current market conditions, assumptions used to determine the fair value of Level 3 securities have greater subjectivity due to the lack of observable market transactions. Loans and Leases. The fair value of fixed rate loans and leases is estimated by discounting the future cash flows using the current rates at which similar loans and leases would be made to borrowers with similar credit ratings and for the same remaining maturities less an illiquidity discount, as the fair value measurement represents an exit price from a market participants' viewpoint. The fair value of variable and adjustable rate loans and leases approximates the carrying amount. Due to the significant judgment involved in evaluating credit quality, loans and leases are classified within Level 3 of the fair value hierarchy. Loan Servicing Rights . For both MSRs and SBA servicing rights, both classified as Level 3 assets, fair value is determined using a discounted cash flow valuation method. These models use significant unobservable inputs including discount rates, prepayment rates and cost to service which have greater subjectivity due to the lack of observable market transactions. Derivative Assets and Liabilities. See the “Derivative Financial Instruments” discussion included within this footnote . Deposits. The estimated fair value of demand deposits, savings accounts and certain money market deposits is the amount payable on demand at the reporting date because of the customers’ ability to withdraw funds immediately. The fair value of fixed-maturity deposits is estimated by discounting future cash flows using rates currently offered for deposits of similar remaining maturities. Short-Term Borrowings. The carrying amounts for short-term borrowings approximate fair value for amounts that mature in 90 days or less. The fair value of subordinated notes is estimated by discounting future cash flows using rates currently offered. Long-Term Borrowings. The fair value of long-term borrowings is estimated by discounting future cash flows based on the market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. Loan Commitments and Standby Letters of Credit. Estimates of the fair value of these off-balance sheet items were not made because of the short-term nature of these arrangements and the credit standing of the counterparties. Also, unfunded loan commitments relate principally to variable rate commercial loans, typically are non-binding, and fees are not normally assessed on these balances. Nature of Estimates . Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise. Management believes that fair value estimates may not be comparable to other financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made. Further, because the disclosed fair value amounts were estimated as of the Balance Sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different. The fair values of our financial instruments are as follows: TABLE 25.5 Fair Value Measurements (in millions) Carrying Fair Level 1 Level 2 Level 3 December 31, 2021 Financial Assets Cash and cash equivalents $ 3,493 $ 3,493 $ 3,493 $ — $ — Debt securities available for sale 3,426 3,426 204 3,222 — Debt securities held to maturity 3,463 3,506 — 3,506 — Net loans and leases, including loans held for sale 24,919 24,518 — 269 24,249 Loan servicing rights 47 49 — — 49 Derivative assets 185 185 — 176 9 Accrued interest receivable 76 76 76 — — Financial Liabilities Deposits 31,726 31,725 28,867 2,858 — Short-term borrowings 1,536 1,536 1,536 — — Long-term borrowings 682 704 — — 704 Derivative liabilities 45 45 — 45 — Accrued interest payable 10 10 10 — — 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 — — |
Parent Company Financial Statem
Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Statements | PARENT COMPANY FINANCIAL STATEMENTS The following is condensed financial information of F.N.B. Corporation (parent company only). In this information, the parent company’s investments in subsidiaries are stated at cost plus equity in undistributed earnings of subsidiaries since acquisition. This information should be read in conjunction with the Consolidated Financial Statements. TABLE 26.1 Balance Sheets (in millions) December 31 2021 2020 Assets Cash and cash equivalents $ 295 $ 380 Other assets 15 10 Investment in bank subsidiary 5,246 5,064 Investments in and advances to non-bank subsidiaries 461 371 Total Assets $ 6,017 $ 5,825 Liabilities Other liabilities $ 41 $ 40 Advances from affiliates 197 197 Long-term borrowings 621 621 Subordinated notes: Short-term 7 7 Long-term 1 1 Total Liabilities 867 866 Stockholders’ Equity 5,150 4,959 Total Liabilities and Stockholders’ Equity $ 6,017 $ 5,825 TABLE 26.2 Statements of Income (in millions) Year Ended December 31 2021 2020 2019 Income Dividend income from subsidiaries: Bank $ 215 $ 300 $ 179 Non-bank 5 4 2 220 304 181 Interest income 13 6 — Total Income 233 310 181 Expenses Interest expense 25 25 19 Other expenses 17 18 18 Total Expenses 42 43 37 Income Before Taxes and Equity in Undistributed Income of Subsidiaries 191 267 144 Income tax benefit 7 7 7 198 274 151 Equity in undistributed income (loss) of subsidiaries: Bank 207 15 236 Non-bank — (3) — Net Income $ 405 $ 286 $ 387 TABLE 26.3 Statements of Cash Flows (in millions) Year Ended December 31 2021 2020 2019 Operating Activities Net income $ 405 $ 286 $ 387 Adjustments to reconcile net income to net cash flows from operating activities: Undistributed earnings from subsidiaries (207) (12) (236) Other, net (2) 13 2 Net cash flows provided by operating activities 196 287 153 Investing Activities Net increase in advances to subsidiaries (78) — — Payment for further investment in subsidiaries (12) (270) (47) Net cash flows used in investing activities (90) (270) (47) Financing Activities Decrease in long-term debt (2) (4) (77) Increase in long-term debt 2 302 121 Other, net (27) (21) 12 Cash dividends paid: Preferred stock (8) (8) (8) Common stock (156) (157) (157) Net cash flows provided by (used in) financing activities (191) 112 (109) Net Increase (Decrease) in Cash and Cash Equivalents (85) 129 (3) Cash and cash equivalents at beginning of year 380 251 254 Cash and Cash Equivalents at End of Year $ 295 $ 380 $ 251 Cash paid during the year for: Interest $ 25 $ 26 $ 20 |
Mergers and Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Mergers and Acquisitions | MERGERS AND ACQUISITIONS Howard Bancorp, Inc. On January 22, 2022, we completed our acquisition of Howard, a bank holding company headquartered in Baltimore City, Maryland. The acquisition enhances our presence in the Mid-Atlantic Region. Additionally, cost savings, efficiencies and other benefits are expected from the combined operations. On the acquisition date, Howard had assets with a net book value of approximately $2.4 billion, including $1.8 billion in loans, and deposits with a net book value of approximately $1.8 billion. The acquisition was valued at approximately $443 million and resulted in the issuance of 34,074,495 shares of our common stock in exchange for 18,930,329 shares of Howard common stock. We also acquired restricted stock units and the fully vested outstanding stock options of Howard. The merger will be accounted for in accordance with the acquisition method of accounting. Preliminary fair values for all assets and liabilities are not reported herein as we are undertaking a comprehensive review and determination of the fair values of the assets and liabilities of Howard to ensure that they conform to the measurement and reporting guidance set forth for the accounting for business combinations. Determining the fair value of assets and liabilities, especially in the loan portfolio, is a complex process involving significant judgment regarding estimates and assumptions used to calculate fair values. Accordingly, the initial accounting for the merger is not complete. Goodwill related to the transaction is expected to be recorded in the Community Banking business segment and will not be deductible for income tax purposes as the acquisition is accounted for as a tax-free exchange for tax purposes. We incurred merger expenses of $1.8 million related to the Howard acquisition for the year ended December 31, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include subsidiaries in which we have a controlling financial interest. We own and operate FNBPA, FNTC, First National Investment Services Company, LLC, FNBIA, FNIA, 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 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 the current period presentation. Such reclassifications had no impact on our net income and stockholders' equity. Events occurring subsequent to December 31, 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 SEC. |
Use of Estimates | Use of EstimatesOur 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. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant changes include the ACL, accounting for loans acquired in a business combination prior to January 1, 2020, fair value of financial instruments, goodwill and other intangible assets, income taxes and DTAs and litigation reserves. |
New Accounting Standards | Adoption of New Accounting Standards Current Expected Credit Losses. On January 1, 2020, we adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), which replaces the incurred credit loss impairment methodology with a methodology that reflects lifetime current expected credit losses (commonly referred to as CECL) for most financial assets measured at amortized cost, including loans, HTM debt securities, net investment in leases and certain off-balance sheet credit exposure. We adopted CECL using the modified retrospective method for financial assets measured at amortized cost, net investments in leases and off-balance sheet credit exposures. As a result, we recorded a reduction of $50.6 million in retained earnings as of January 1, 2020 for the cumulative effect of the adoption. The transition adjustment was primarily driven by longer duration commercial and consumer real estate loans. 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 PCI (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. Results for reporting periods prior to January 1, 2020 continue to be reported in accordance with previously applicable GAAP. We used the prospective transition method for PCD financial assets that were previously classified as PCI and accounted for under ASC 310-30, including loans accounted for by analogy under ASC 310-30. In accordance with the transition guidance, we did not reassess whether PCI assets met the criteria for PCD assets nor did we reassess whether modifications to individual acquired financial assets previously accounted for in pools were TDRs as of the date of adoption. We discontinued the use of pools beyond transition accounting and account for these loans on an individual loan basis. After transition, loans previously accounted for in pools are grouped with other loans with similar risk characteristics for purposes of estimating expected credit losses. As a result, beginning in 2020 certain credit metrics and ratios which previously excluded PCI loans now include PCD loans. On January 1, 2020, the amortized cost basis of the PCD assets was adjusted to reflect the addition of an ACL for $50.3 million. The net noncredit discount, after the adjustment for the ACL, is accreted into interest income at the loan’s effective interest rate over the remaining contractual life. We made an accounting policy election to write-off accrued interest receivable balances by reversing interest income in accordance with our non-accrual policies instead of measuring an ACL for accrued interest receivable for all classes of financing receivables and major security types. We did not hold any securities at adoption for which OTTI had been recognized prior to January 1, 2020. Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), as amended, which provides optional guidance for a limited period of time to ease the potential burden in accounting for changes in financial reporting brought about by RRR for affected contractual modifications of floating rate financial instruments indexed to interbank offering rates and hedge accounting relationships. The expedients, exceptions and elections provided by RRR are permitted to be adopted any time through December 31, 2022 and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for certain optional expedients elected for certain hedging relationships existing as of December 31, 2022. In general, RRR provides, when certain criteria are met, optional expedients and exceptions regarding the accounting for contract modifications, hedging relationships and other transactions affected by RRR. It also allows for a one-time transfer or sale of qualifying HTM securities. We adopted RRR on October 1, 2020, and the guidance will be followed until the Update terminates on December 31, 2022. The adoption did not have a material impact on our consolidated financial position or results of operations. We have not yet elected certain optional expedients, exceptions and elections related to RRR, however, we plan to elect these provisions in the future. While RRR is not expected to have a material accounting impact on our consolidated financial position or results of operations, it will ease the administrative burden in accounting for future effects of RRR. 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 re-measurement 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 re-measurement 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. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers We earn certain revenues from contracts with customers. These revenues are recognized when control of the promised services is transferred to the customers in an amount that reflects the consideration we expect to be entitled to in an exchange for those services. In determining the appropriate revenue recognition for our contracts with customers, we consider whether the contract has commercial substance and is approved by both parties with identifiable contractual rights, payment terms, and the collectability of consideration is probable. Generally, we satisfy our performance obligations upon the completion of services at the amount to which we have the right to invoice or charge under contracts with an original expected duration of one year or less. We apply this guidance on a portfolio basis to contracts with similar characteristics and for which we believe the results would not differ materially from applying this guidance to individual contracts. Our services provided under contracts with customers are transferred at the point in time when the services are rendered. Generally, we do not defer incremental direct costs to obtain contracts with customers that would be amortized in one year or less under the practical expedient. These costs are recognized as expense, primarily salary and benefit expense, in the period incurred. Deposit Services . We recognize revenue on deposit services based on published fees for services provided. Demand and savings deposit customers have the right to cancel their depository arrangements and withdraw their deposited funds at any time without prior notice. When services involve deposited funds that can be retrieved by customers without penalties, we consider the service contract term to be day-to-day, where each day represents the renewal of the contract. The contract does not extend beyond the services performed and revenue is recognized at the end of the contract term (daily) as the performance obligation is satisfied. No deposit services fees exist for long-term deposit products beyond early withdrawal penalties, which are earned on these products at the time of early termination. Revenue from deposit services fees are reduced where we have a history of waived or reduced fees by customer request or due to a customer service issue, by historical experience, or another acceptable method in the same period as the related revenues. Revenues from deposit services are reported in the Consolidated Statements of Income as service charges and in the Community Banking segment as non-interest income. Wealth Management Services. Wealth advisory and trust services are provided on a month-to-month basis and invoiced as services are rendered. Fees are based on a fixed amount or a scale based on the level of services provided or assets under management. The customer has the right to terminate their services agreement at any time. We determine the value of services performed based on the fee schedule in effect at the time the services are performed. Revenues from wealth advisory and trust services are reported in the Consolidated Statements of Income as trust services and securities commissions and fees, and in the Wealth segment as non-interest income. Insurance Services. Insurance services include full-service insurance brokerage services offering numerous lines of commercial and personal insurance through major carriers to businesses and individuals within our geographic markets. We recognize revenue on insurance contracts in effect based on contractually specified commission payments on premiums that are paid by the customer to the insurance carrier. Contracts are cancellable at any time and we have no performance obligation to the customers beyond the time the insurance is placed into effect. Revenues from insurance services are reported in the Consolidated Statements of Income as insurance commissions and fees, and in the Insurance segment in the Business Segments footnote as non-interest income. |
Business Combinations | Business Combinations Business combinations are accounted for by applying the acquisition method . Under the acquisition method, identifiable assets acquired and liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date, and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash items in transit and amounts due from the FRB and other depository institutions (including interest-bearing deposits). |
Debt Securities | Debt Securities Debt securities can be classified as trading, HTM or AFS securities. As of December 31, 2021 and 2020, we did not hold any trading debt securities. Interest income on debt securities includes amortization of purchase premiums or accretion of discounts. Premiums and discounts on debt securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. A debt security is placed on non-accrual when principal or interest becomes greater than 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. HTM debt securities are securities that management has the positive intent and ability to hold until their maturity. Such securities are carried at amortized cost. For certain HTM securities we have an expectation of zero expected credit losses. Based on a long history with no credit losses, high credit ratings, guarantees, and/or implied risk-free characteristics, we expect the nonpayment of our UST, Fannie Mae, Freddie Mac, FHLB, Ginnie Mae and the SBA securities to be zero, and accordingly, have no ACL on those securities. We believe that these qualitative factors are indicators that historical credit loss information should be nominally impacted, if at all, by current conditions and R&S forecasts. As such, we believe that without a change in these indicators, we may continue to assume zero credit losses on securities concluded to exhibit those factors. We also have a portfolio of HTM debt securities where we do not expect credit losses to be zero. This portfolio consists of high-grade municipal securities. To calculate the expected credit losses on these securities we group securities by major security type, rating and maturity and apply respective cumulative default rates from a third party data provider. The baseline credit loss estimate is adjusted using a qualitative approach to account for potential variability in probabilities of default data for current conditions and R&S forecasts. Where available, expected credit losses take into consideration any enhancement a security has such as insurance, a guarantee or state aid. Debt securities that are not classified as trading or HTM are classified as AFS and are carried at fair value. AFS debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. Impairment may result from credit deterioration of the issuer or collateral underlying the security. In performing an assessment of whether any decline in fair value is due to a credit loss, all relevant information is considered at the individual security level. For AFS debt securities in an unrealized loss position, we first determine whether we have the intent to sell, or it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If the criteria for intent or requirement to sell is met, the security’s amortized cost is written down to fair value and the write down is charged against the ACL with any incremental impairment reported in earnings in the Provision for Credit Losses line on the Consolidated Statements of Income. For AFS debt securities that do not meet the criteria for intent or requirement to sell, we evaluate whether the decline in fair value has resulted from credit losses or other factors. We first qualitatively evaluate each security to assess whether a potential credit loss exists. If as a result of this qualitative analysis we expect to get all of our principal back, then we conclude that the present value of expected cash flows equals or exceeds its amortized cost and no credit loss exists. If it was determined a potential credit loss exists, we compare the present value of cash flows expected to be collected with our amortized cost basis. The credit loss is recorded through the ACL and limited to the amount the fair value is less than the amortized cost basis. We have made an accounting policy election for each major security type of AFS debt securities to adjust the effective interest rate used to discount expected cash flows to consider the timing of expected cash flows resulting from expected prepayments. Impairment for noncredit-related factors is recorded in OCI, net of income taxes. Changes in the ACL are recorded as a provision for credit loss expense. Losses are charged against the ACL when an AFS debt security is not collectible or when we believe the criteria regarding the intent or requirement to sell is met. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold plus accrued interest. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party. The fair value of collateral either received from or provided to a third party is continually monitored and additional collateral is obtained or is requested to be returned to us as deemed appropriate. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities From time to time, we may enter into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. Foreign exchange derivatives are entered into to accommodate the needs of customers. All derivative instruments are carried at fair value on the Consolidated Balance Sheets as either an asset or liability. Accounting for the changes in fair value of a derivative is dependent upon whether it has been designated in a formal, qualifying hedging relationship. For derivatives in qualifying hedging relationships, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking each hedge transaction. Cash flows from hedging activities are classified in the same category as the items hedged. Beginning in the first quarter of 2019, we adopted ASU 2017-12 which provides targeted improvements to the hedge accounting model that more closely aligns the accounting and reporting for hedging relationships with risk management activities. In addition, ASU 2017-12 provides administrative relief by easing documentation requirements, simplifying the application of hedge accounting by expanding the application of the shortcut method, eliminating the separate measurement and reporting of hedge ineffectiveness and generally requiring the entire effect of the hedging instrument and the hedged item to be presented in the same income statement line item. We believe these changes provide users with more useful information about the effect of our risk management activities on the financial statements. Changes in fair value of a derivative instrument that has been designated and qualifies as a cash flow hedge, including any ineffectiveness, are recorded in AOCI, net of tax. Amounts are reclassified from AOCI to the Consolidated Statements of Income in the same line item used to present the earnings effect of the hedged item in the period or periods in which the hedged transaction affects earnings. At the hedge’s inception, a formal assessment is performed to determine whether changes in the fair values or cash flows of the derivative instruments have been highly effective in offsetting changes in fair values or cash flows of the hedged items and whether they are expected to be highly effective in the future. At each reporting period thereafter, a statistical regression or qualitative analysis is performed to evaluate hedge effectiveness. If it is determined a derivative instrument has not been or will not continue to be highly effective as a hedge, hedge accounting is discontinued. We also enter into interest rate swap agreements to meet the interest rate risk management needs of qualifying commercial loan customers. These agreements provide the customer the ability to convert from variable to fixed interest rates. We then enter into positions with a derivative counterparty in order to offset our exposure on the fixed components of the customer agreements. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. We seek to minimize counterparty credit risk by entering into transactions with only high-quality institutions and using collateral agreements and other contract provisions. These arrangements meet the definition of derivatives, but are not designated as qualifying hedging relationships. The interest rate swap agreement with the loan customer and with the counterparty 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. |
Loans Held for Sale and Loan Commitments | Loans Held for Sale and Loan Commitments Certain of our residential mortgage loans are originated or purchased for sale in the secondary mortgage loan market. We make an automatic election to account for all originated or purchased residential mortgage loans held for sale under the FVO. The FVO election is intended to better reflect the underlying economics and better facilitate the economic hedging of the loans. The FVO is applied on an instrument by instrument basis and is an irrevocable election. Additionally, with the election of the FVO, fees and costs associated with the origination and acquisition of residential mortgage loans held for sale are expensed as incurred, rather than deferred. Changes in fair value under the FVO are recorded in mortgage banking operations non-interest income on the Consolidated Statements of Income. Fair value is determined on the basis of rates obtained in the respective secondary market for the type of loan held for sale. Gain or loss on the sale of loans is recorded in mortgage banking operations non-interest income. Interest income on loans held for sale is recorded in interest income. We routinely issue IRLCs for residential mortgage loans that we intend to sell. These IRLCs are considered derivatives. We also enter into loan sale commitments to sell these loans when funded to mitigate the risk that the market value of residential mortgage loans may decline between the time the rate commitment is issued to the customer and the time we sell the loan. These loan sale commitments are also derivatives. Both types of derivatives are recorded at fair value on the Consolidated Balance Sheets with changes in fair value recorded in mortgage banking operations non-interest income. We also originate loans guaranteed by the SBA for the purchase of businesses, business startups, business expansion, equipment and working capital. All SBA loans are underwritten and documented as prescribed by the SBA. SBA loans originated with the intention to sell on the secondary market are classified as held for sale and carried at the lower of cost or fair value. At the time of the sale, we allocate the carrying value of the entire loan between the guaranteed portion sold and the unguaranteed portion retained based on their relative fair value which results in a discount recorded on the retained portion of the loan. The guaranteed portion is typically sold at a premium and the gain is recognized in other income for any net premium received in excess of the relative fair value of the portion of the loan transferred. The net carrying value of the retained portion of the loans is included in the appropriate commercial loan classification for disclosure purposes. |
Loans | Loans Loans we intend to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, net of the ACL. Amortized cost primarily consists of the principal balances outstanding, deferred origination fees or costs and premiums or discounts on purchased loans. Interest income on loans is computed over the term of the loans using the effective interest method. Loan origination fees or costs, premiums or discounts are deferred and amortized over the term of the loan or loan commitment period as an adjustment to the related loan yield. |
Non-performing Loans | Non-performing Loans We place loans on non-accrual status and discontinue interest accruals on loans generally when principal or interest is due and has remained unpaid for a certain number of days, unless the loan is both well secured and in the process of collection. Commercial loans and leases are placed on non-accrual at 90 days, installment loans are placed on non-accrual at 120 days and residential mortgages and consumer lines of credit are generally placed on non-accrual at 180 days, though we may place a loan on non-accrual prior to these past due thresholds as warranted. When a loan is placed on non-accrual status, all unpaid accrued interest is reversed against interest income and the amortization of deferred fees and costs is suspended. Non-accrual loans may not be restored to accrual status until all delinquent principal and interest have been paid and the ultimate ability to collect the remaining principal and interest is reasonably assured. Loans are charged-off against the ACL and recoveries of amounts previously charged-off are credited to the ACL when realized. Prior to 2020, PCI loans were not classified as non-performing assets as the loans were considered to be performing. Beginning in 2020, PCI loans previously accounted for in pools are grouped with other loans with similar risk characteristics for purposes of estimating expected credit losses and non-performing classification. |
Troubled Debt Restructured Loans | Troubled Debt Restructured Loans Debt restructurings or loan modifications for a borrower occur in the normal course of business and do not necessarily constitute TDRs. In general, the modification or restructuring of a debt constitutes a TDR, including reasonably expected TDR, if, for economic or legal reasons related to the borrower’s financial difficulties, we grant a concession to the borrower that we would not otherwise consider under current market conditions or once we have determined that a loan modification for a financially troubled borrower is the most appropriate strategy. Additionally, a loan designated as a TDR does not necessarily result in the automatic placement of the loan on non-accrual status. When the full collection of principal and interest is reasonably assured on a loan designated as a TDR and where the borrower would not otherwise meet the criteria for non-accrual status, we will continue to accrue interest on the loan. TDR classification does not include short-term assistance to borrowers who are current at the time of a natural disaster or other extreme event (e.g. floods, hurricanes and pandemics). These borrowers are considered to not be experiencing financial difficulty at the time of modification, therefore not meeting the criteria for determining TDR status. For modifications of leases related to the effects of the COVID-19 pandemic that do not result in a substantial increase in our rights as lessor or the obligations of the lessee, we elect to account for these lease concessions as though enforceable rights and obligations for those concessions existed in the original contracts. We account for these concessions as if no changes were made to the lease contract. |
Allowance for Credit Losses on Loans and Leases | Allowance for Credit Losses on Loans and Leases We estimate the ACL on loans and leases using relevant available information, from internal and external sources, relating to past events, current conditions, and R&S forecasts under the CECL methodology. The ACL is measured on a collective (pool) basis when similar risk characteristics exist. Our portfolio segmentation is characterized by similarities in initial measurement, risk attributes, and the manner in which we monitor and assess credit risk and is comprised of commercial real estate, commercial and industrial, commercial leases, commercial other, direct installment, residential mortgages, indirect installment and consumer lines of credit. The ACL on loans and leases represents our current estimate of lifetime credit losses in our loan portfolio at the balance sheet date. In determining the ACL, we estimate expected future losses for the loan's entire contractual term adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications. The ACL is the sum of three components: quantitative (formulaic or pooled) reserves; asset specific / individual loan reserves; and qualitative (judgmental) reserves. Quantitative Component We use a non-discounted cash flow factor-based approach to estimate expected credit losses that include component probability of default (PD)/loss given default (LGD)/exposure at default (EAD) models as well as less complex estimation methods for smaller loan portfolios. • PD: This component model is used to estimate the likelihood that a borrower will cease making payments as agreed. The major contributors to this are the borrower credit attributes and macro-economic trends. • LGD: This component model is used to estimate the loss on a loan once a loan is in default. • EAD: Estimates the loan balance at the time the borrower stops making payments. For all term loans, an amortization based formulaic approach is used for account level EAD estimates. We calculate EAD using a portfolio specific method in each of our revolving product portfolios. Asset Specific / Individual Component Loans that do not share risk characteristics are generally evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. We have elected to apply the practical expedient to measure expected credit losses of a collateral dependent asset using the fair value of the collateral, less any costs to sell. Individual reserves are determined as follows: • For commercial loans in default which are greater than or equal to $1.0 million, individual reserves are determined based on an analysis of the present value of the loan's expected future cash flows, the loan's observable market value, or the fair value of the collateral less costs to sell. • For commercial and consumer loans in default which are below $1.0 million, an established LGD percentage is multiplied by the loan balance and the results are aggregated for purposes of measuring specific reserve impairment. Qualitative Component The ACL also includes identified qualitative factors related to distinctive risk factors, changes in current economic conditions that may not be reflected in quantitatively derived results, and other relevant factors to ensure the ACL reflects our best estimate of CECL. While our reserve methodologies strive to reflect all relevant risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between estimates and actual outcomes. We provide additional reserves that are designed to provide coverage for losses attributable to such risks. The ACL also includes factors that may not be directly measured in the determination of individual or collective reserves. Such qualitative factors may include: • Lending policies and procedures, including changes in policies and underwriting standards and practices for collections, write-offs, and recoveries; • The experience, ability, and depth of lending, investment, collection, and other relevant personnel; • The quality of the institution’s credit review function; • Concentrations of credit or changes in the level of such concentration; • The effect of other external factors such as the regulatory, legal and technological environments; competition; and events such as natural disasters and other relevant factors; and • Forecast uncertainty and imprecision. Prior to 2020, the ACL was established as losses were estimated to have occurred. Loan losses were charged-off against the ACL when management believed the uncollectability of a loan balance was confirmed. Subsequent recoveries, if any, were credited to the ACL. Allowances for impaired commercial loans over $1.0 million were generally determined based on collateral values or the present value of estimated cash flows. All other impaired loans were evaluated in the aggregate based on loan segment LGD. Changes in the ACL related to impaired loans were charged or credited to the provision for credit losses. Liability for Credit Losses on Unfunded Lending-Related Commitments The AULC is management's estimate of credit losses inherent in our unfunded loan commitments, such as commercial and industrial revolving loan facilities, commercial real estate construction projects, letters of credit and home equity lines of credit, and is included in other liabilities on the Consolidated Balance Sheets. The AULC is estimated over the contractual period in which we are exposed to credit risk for obligations which are not unconditionally cancellable by us. The AULC is adjusted through provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated useful life. Consistent with our estimation process on our loan and lease portfolio, we use a non-discounted cash flow factor-based approach to estimate expected credit losses that include component PD/LGD/EAD models as well as less complex estimation methods for smaller portfolios. |
Purchased Credit Deteriorated Loans and Leases | Purchased Credit Deteriorated Loans and Leases We have purchased loans and leases, some of which have experienced more than insignificant credit deterioration since origination. Beginning in 2020, we have established criteria to assess whether a purchased financial asset, or group of assets, should be accounted for as PCD on the acquisition date. The selection of which criteria to apply, or the addition of new criteria, to a specific acquisition will be based on the facts and circumstances at the time of review, as well as the availability of information supplied by the acquiree. Generally, more-than-insignificant deterioration in credit quality since origination would include risk ratings of special mention or below, inconsistency of loan payments, non-accrual status at the time of acquisition, or loans modified in a TDR, in bankruptcy or for regulatory purposes. PCD loans are recorded at the amount paid. The initial ACL is determined using the same methodology as other loans held for investment on a collective basis and is allocated to individual loans. The sum of the loan’s purchase price and the ACL becomes the initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized or accreted into interest income over the life of the loan. Subsequent changes to the ACL are recorded through the provision for credit losses. Prior to 2020, loans acquired in a business combination (impaired and non-impaired) were initially recorded at their acquisition-date fair values. Fair values were based on a discounted cash flow methodology that involved assumptions and judgments as to credit risk, default rates, loss severity, collateral values, discount rates, payment speeds, prepayment risk, and liquidity risk. The carryover of ACL related to loans acquired in a business combination was prohibited as any credit losses in the loans were included in the determination of the fair value of the loans at the acquisition date. The ACL on loans acquired in a business combination reflected only those losses incurred after acquisition and represents the present value of cash flows expected at acquisition that is no longer expected to be collected. At acquisition, we considered certain factors as indicators that an acquired loan has evidence of deterioration in credit quality and is therefore impaired. Any loans acquired in a business combination that were not individually impaired were pooled into groups of similar loans based on various factors including borrower type, loan purpose, and collateral type. For these pools, we used certain loan information, including outstanding principal balance, estimated expected losses, weighted average maturity, weighted average margin, and weighted average interest rate along with estimated prepayment rates, PD and LGD to estimate the expected cash flow for each loan pool. We believe analogizing to impaired loans was a more appropriate option to follow in accounting for discount accretion on nonimpaired loans acquired in a business combination other than revolving loans and therefore account for such loans in accordance with the guidance for impaired loans, excluding revolving loans. The excess of cash flows expected to be collected at acquisition over recorded fair value is referred to as the accretable yield. The accretable yield was recognized into income over the remaining life of the loan, or pool of loans, using an effective yield method, if the timing and/or amount of cash flows expected to be collected can be reasonably estimated (the accretion model). The difference between the loan’s total scheduled principal and interest payments over all cash flows expected at acquisition is referred to as the non-accretable difference. The non-accretable difference represents contractually required principal and interest payments which we do not expect to collect. Loans acquired in a business combination that met the criteria for non-accrual of interest prior to acquisition were considered performing upon acquisition, regardless of whether the customer was contractually delinquent, if we could reasonably estimate the timing and amount of expected cash flows on such loans. Accordingly, we did not consider contractually delinquent purchased credit impaired loans to be non-accrual or non-performing and we continued to recognize interest income on these loans using the accretion model. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the asset’s estimated useful life. Leasehold improvements are expensed over the lesser of the asset’s estimated useful life or the term of the lease including renewal periods when reasonably assured. Useful lives are dependent upon the nature and condition of the asset and range from 3 to 39 years. Maintenance and repairs are charged to expense as incurred, while major improvements are capitalized and amortized to expense over the identified useful life. |
Cloud Computing Arrangements | Cloud Computing Arrangements W e evaluate fees paid for cloud computing arrangements to determine if those arrangements include the purchase of or license to use software that should be accounted for separately as internal-use software. If a contract includes the purchase or license to use software that should be accounted for separately as internal-use software, the contract is amortized over the software’s identified useful life in amortization of intangibles. For contracts that do not include a software license, the contract is accounted for as a service contract with fees paid recorded in other non-interest expense. |
Other Real Estate Owned | Other Real Estate Owned OREO is comprised principally of commercial and residential real estate properties obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is included in other assets initially at fair value of the asset less estimated selling costs. Subsequent to acquisition, OREO is accounted for at the lower of amortized cost or fair value less estimated selling costs. Changes to the value subsequent to transfer are recorded in non-interest expense along with direct operating expenses. Gains or losses not previously recognized resulting from sales of OREO are recognized in non-interest income on the date of sale. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangible assets that have finite lives, such as core deposit intangibles, customer relationship intangibles and renewal lists, are amortized over their estimated useful lives and subject to periodic impairment testing. Core deposit intangibles are primarily amortized over ten years using accelerated methods. Customer renewal lists are amortized over their estimated useful lives which range from eight Goodwill and other intangibles are subject to impairment testing at the reporting unit level, which must be conducted at least annually. We perform impairment testing during the fourth quarter of each year, or more frequently if impairment indicators exist. We also continue to monitor other intangibles for impairment and to evaluate carrying amounts, as necessary. Quarterly, we perform a goodwill impairment assessment. We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors include, among other things, macroeconomic conditions, industry and market considerations, financial performance of the respective reporting unit and other relevant entity- and reporting-unit specific considerations. If we conclude it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative assessment is performed. If the quantitative assessment results in the fair value of the reporting unit exceeding its carrying value, goodwill of the reporting unit is considered not impaired; however, if the carrying value of the reporting unit exceeds its fair value an impairment charge is recorded for the excess, limited to the amount of goodwill assigned to a reporting unit. Determining the fair value of a reporting unit under the goodwill impairment test is judgmental and often involves the use of significant estimates and assumptions. Similarly, estimates and assumptions are used in determining the fair value of other intangible assets. Estimates of fair value are primarily determined using discounted cash flows, market comparisons and recent transactions. These approaches use significant estimates and assumptions including projected future cash flows, discount rates reflecting the market rate of return, projected growth rates and determination and evaluation of appropriate market comparables. |
Loan Servicing Rights | Loan Servicing Rights We have two primary classes of servicing rights, residential mortgage loan servicing and SBA-guaranteed loan servicing. We recognize the right to service residential mortgage loans and SBA-guaranteed loans for others as an asset whether we purchase the servicing rights or as a result from a sale of loans that we originated or purchased when the servicing is contractually separated from the underlying loan and retained by us. We initially record servicing rights at fair value in other assets on the Consolidated Balance Sheets. Subsequently, servicing rights are measured at the lower of cost or fair value. Servicing rights are amortized in proportion to, and over the period of, estimated net servicing income in mortgage banking operations non-interest income for residential mortgage loans and other non-interest income for SBA-guaranteed loans. The amount and timing of estimated future net cash flows are updated based on actual results and updated projections. MSRs are separated into pools based on common risk characteristics of the underlying loans and evaluated for impairment at least quarterly. SBA-guaranteed servicing rights are evaluated for impairment at least quarterly on an aggregate basis. Impairment, if any, is recognized when carrying value exceeds the fair value as determined by calculating the present value of expected net future cash flows. If impairment exists at the pool level for residential mortgage loans or on an aggregate basis for SBA-guaranteed loans, the servicing right is written down through a valuation allowance and is charged against mortgage banking operations non-interest income or other non-interest income, respectively. |
Bank-Owned Life Insurance (BOLI) | Bank Owned Life Insurance We have purchased life insurance policies on certain current and former directors, officers and employees for which the Corporation is the owner and beneficiary. These policies are recorded in the Consolidated Balance Sheets at their cash surrender value, or the amount that could be realized by surrendering the policies. Tax-exempt income from death benefits and changes in the net cash surrender value are recorded in BOLI non-interest income. |
Low Income Housing Tax Credit Partnerships | Low Income Housing Tax Credit Partnerships We invest in various affordable housing projects that qualify for LIHTCs. The net investments are recorded in other assets on the Consolidated Balance Sheets. These investments generate a return through the realization of federal tax credits. We use the proportional amortization method to account for a majority of our investments in these entities. LIHTCs that do not meet the requirements of the proportional amortization method are recognized using the equity method. |
Leases, lessee | Leases We determine if an arrangement is, or contains, a lease at inception of the contract. As a lessee, we consider a contract to be, or contain, a lease if the contract conveys the right to control the use of an identified asset in exchange for consideration. We recognize in our Consolidated Balance Sheets the obligation to make lease payments and a right-of-use asset representing our right to use the underlying asset for the lease term. For an operating lease, the right-of-use asset and lease liability are included in other assets and other liabilities, respectively. Finance leases are included in premises and equipment, and other liabilities. We do not record leases with an initial term of 12 months or less on the Consolidated Balance Sheets, instead we recognize lease expense for these leases on a straight-line basis over the lease term. Right-of-use assets and liabilities are initially measured at the present value of lease payments over the lease term, discounted using the interest rate implicit in the lease at the commencement date. Right-of-use assets are adjusted for any lease payments made prior to lease commencement, lease incentives, and accrued rent. If the rate implicit in the lease cannot be readily determined, we discount the lease using our incremental borrowing rate which is derived by reference to FNB's secured borrowing rate. Our leases may include options to extend or terminate the lease. When it is reasonably certain that we will exercise such an option, the lease term includes those periods. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense for finance leases is recognized using the effective interest method. Certain of our lease agreements include variable rental payments based on a percentage of transactions and others include variable rental payments that periodically adjust to rates and charges stated in the agreements. Variable costs, such as maintenance expenses, property taxes, property insurance, transaction-based lease payments and index-based rate increases, are expensed as incurred. Right-of-use assets are reviewed for impairment when events or circumstances indicate that the carrying amount may not be recoverable. For operating leases, if deemed impaired, the right-of-use asset is written down and the remaining balance is subsequently amortized on a straight-line basis. |
Leases, lessor | As a lessor, when a lease meets certain criteria indicating that we effectively have transferred control of the underlying asset to the customer, the lease is classified as a sales-type lease. When a lease does not meet the criteria for a sales-type lease but meets the criteria of a direct financing lease, the lease is classified as a direct financing lease. When none of the required criteria for sales-type lease or direct-financing lease are met, the lease is classified as an operating lease. Both sales-type leases and direct financing leases are recognized as a net investment in the lease on the Consolidated Balance Sheets. The net investment comprises the lease receivable including any residual value of the underlying asset that is guaranteed by the customer or any other third party unrelated to us and the unguaranteed residual value of the underlying asset. Operating lease income is recognized over the lease term on a straight-line basis. We do not evaluate whether sales taxes and similar taxes imposed by a governmental authority on lease transactions and collected by us are our primary obligation as owner of the underlying leased asset and exclude from lease income all taxes collected. |
Income Taxes | Income Taxes We file a consolidated federal income tax return. The provision for federal and state income taxes is based on income reported on the Consolidated Financial Statements, rather than the amounts reported on the respective income tax returns. DTAs and DTLs are computed using tax rates expected to apply to taxable income in the years in which those assets and liabilities are expected to be realized. The effect on DTAs and DTLs resulting from a change in tax rates is recognized as income or expense in the period that the change in tax rates is enacted. We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments are applied in the calculation of certain tax credits and in the calculation of the deferred income tax expense or benefit associated with certain DTAs and DTLs. Significant changes to these estimates may result in an increase or decrease to our tax provision in a subsequent period. We recognize interest and/or penalties related to income tax matters in income tax expense. We assess the likelihood that we will be able to recover our DTAs. If recovery is not likely, we will increase our valuation allowance against the DTAs that are unlikely to be recovered by recording a provision for income taxes. We believe that we will ultimately recover the DTAs recorded on our Consolidated Balance Sheets. We periodically review the tax positions we take on our tax return and apply a more likely than not recognition threshold for all tax positions that are uncertain. The amount recognized in the Consolidated Financial Statements is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. |
Marketing Costs | Marketing CostsMarketing costs are generally expensed as incurred. |
Per Share Amounts | Per Share Amounts Earnings per common share is computed using net income available to common stockholders, which is net income adjusted for preferred stock dividends. 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, warrants and restricted shares, as calculated using the treasury stock method. Adjustments to net income available to common stockholders and the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share. The assumed proceeds from applying the treasury stock method when computing diluted earnings per share excludes the amount of excess tax benefits that would have been recognized in accumulated paid-in capital. |
Retirement Plans | Retirement Plans We sponsor retirement plans for our employees. The calculation of the obligations and related expenses under these plans requires use of actuarial valuation methods and assumptions. The plans utilize assumptions and methods including reflecting trust assets at their fair value for the qualified pension plans and recognizing the overfunded and underfunded status of the plans on our Consolidated Balance Sheets. Gains and losses, prior service costs and credits are recognized in AOCI, net of tax, until they are amortized, or immediately upon curtailment. |
Stock Based Compensation | Stock-Based Compensation Our stock-based compensation awards require the measurement and recognition of compensation expense, based on estimated fair values, for all stock-based awards, including stock options and restricted stock units, made to employees and stock awards made to directors. Generally, these restricted stock unit awards to employees vest over a three-year service period and the stock awards made to directors vest immediately. We are required to estimate the fair value of stock-based awards on the date of grant. For time-based awards, the value of the award is recognized as expense in our Consolidated Statements of Income over the shorter of requisite service periods or the period through the date that the employee first becomes eligible to retire. We granted restricted stock unit awards with multiple-conditions, both performance and market conditions. These awards are accounted for by considering the market condition in the grant date fair value and recognizing compensation expense over the service period based on the grant date fair value and the probability that the performance condition will be met. We account for forfeitures as they occur. |
New Accounting Standards (Table
New Accounting Standards (Tables) | 12 Months Ended |
Dec. 31, 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 re-measurement 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 re-measurement 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) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Securities Available for Sale | The amortized cost and fair value of AFS debt securities are presented in the table below. There was no ACL in the AFS portfolio at December 31, 2021 and December 31, 2020. Accrued interest receivable on AFS debt securities totaled $7.3 million and $6.2 million at December 31, 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: December 31, 2021 U.S. Treasury $ 205 $ — $ (1) $ 204 U.S. government agencies 154 1 — 155 U.S. government-sponsored entities 194 — (2) 192 Residential mortgage-backed securities: Agency mortgage-backed securities 1,342 19 (4) 1,357 Agency collateralized mortgage obligations 1,192 11 (17) 1,186 Commercial mortgage-backed securities 294 5 (2) 297 States of the U.S. and political subdivisions (municipals) 33 — — 33 Other debt securities 2 — — 2 Total debt securities AFS $ 3,416 $ 36 $ (26) $ 3,426 (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 | 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 $0.05 million and $0.04 million at December 31, 2021 and December 31, 2020, respectively. Accrued interest receivable on HTM debt securities totaled $12.3 million and $12.5 million at December 31, 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 HTM debt securities. TABLE 3.2 (in millions) Amortized Gross Gross Fair Debt Securities HTM: December 31, 2021 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 1 — — 1 Residential mortgage-backed securities: Agency mortgage-backed securities 1,191 15 (5) 1,201 Agency collateralized mortgage obligations 930 5 (12) 923 Commercial mortgage-backed securities 323 3 (2) 324 States of the U.S. and political subdivisions (municipals) 1,017 39 — 1,056 Total debt securities HTM $ 3,463 $ 62 $ (19) $ 3,506 (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 December 31, 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 $ 45 $ 45 $ 1 $ 1 Due after one year but within five years 374 371 21 22 Due after five years but within ten years 96 97 142 144 Due after ten years 73 73 855 891 588 586 1,019 1,058 Residential mortgage-backed securities: Agency mortgage-backed securities 1,342 1,357 1,191 1,201 Agency collateralized mortgage obligations 1,192 1,186 930 923 Commercial mortgage-backed securities 294 297 323 324 Total debt securities $ 3,416 $ 3,426 $ 3,463 $ 3,506 |
Schedule of Securities Pledged as Collateral | Following is information relating to securities pledged: TABLE 3.4 December 31 2021 2020 (dollars in millions) Securities pledged (carrying value): To secure public deposits, trust deposits and for other purposes as required by law $ 5,660 $ 5,384 As collateral for short-term borrowings 392 402 Securities pledged as a percent of total securities 87.9 % 91.4 % |
Summaries of Fair Values and Unrealized Losses of 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 December 31, 2021 U.S. Treasury 3 $ 151 $ (1) — $ — $ — 3 $ 151 $ (1) U.S. government agencies 3 22 — 9 8 — 12 30 — U.S. government-sponsored entities 3 99 (1) 1 24 (1) 4 123 (2) Residential mortgage-backed securities: Agency mortgage-backed securities 13 599 (4) — — — 13 599 (4) Agency collateralized mortgage obligations 23 659 (15) 3 68 (2) 26 727 (17) Commercial mortgage-backed securities 5 125 (2) — — — 5 125 (2) States of the U.S. and political subdivisions (municipals) 10 24 — — — — 10 24 — Other debt securities — — — 1 2 — 1 2 — Total 60 $ 1,679 $ (23) 14 $ 102 $ (3) 74 $ 1,781 $ (26) 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) |
Other Securities (Tables)
Other Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Other Securities | Following is a summary of non-marketable equity securities: TABLE 4.1 December 31 2021 2020 (in millions) Federal Home Loan Bank stock $ 122 $ 154 Federal Reserve Bank stock 123 124 Total non-marketable equity securities $ 245 $ 278 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 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 5.1 December 31 2021 2020 (in millions) Commercial real estate $ 9,899 $ 9,731 Commercial and industrial 5,977 7,214 Commercial leases 495 485 Other 94 40 Total commercial loans and leases 16,465 17,470 Direct installment 2,376 2,020 Residential mortgages 3,654 3,433 Indirect installment 1,227 1,218 Consumer lines of credit 1,246 1,318 Total consumer loans 8,503 7,989 Total loans and leases, net of unearned income $ 24,968 $ 25,459 |
Certain Information Relating to Commercial Real Estate Loans | The following table shows occupancy information relating to commercial real estate loans: TABLE 5.2 December 31 2021 2020 (dollars in millions) Commercial real estate: Percent owner-occupied 28.8 % 28.1 % Percent non-owner-occupied 71.2 71.9 |
Summary of Loans to Related Parties | Following is a summary of the activity for these related-party loans during 2021: TABLE 5.3 (in millions) Balance at beginning of period $ 7 New loans 2 Repayments (3) Balance at end of period $ 6 |
Summary of Loan, Credit Quality Indicators | We use an internal risk rating assigned to a commercial loan or lease at origination, summarized below. TABLE 5.4 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 5.5 December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total (in millions) COMMERCIAL Commercial Real Estate: Risk Rating: Pass $ 1,878 $ 1,782 $ 1,503 $ 830 $ 743 $ 2,171 $ 183 $ 9,090 Special Mention 15 21 89 105 107 175 9 521 Substandard — 15 28 45 45 152 3 288 Total commercial real estate 1,893 1,818 1,620 980 895 2,498 195 9,899 Commercial and Industrial: Risk Rating: Pass 1,663 833 731 386 184 296 1,509 5,602 Special Mention 8 12 18 7 37 42 52 176 Substandard 1 4 14 57 42 17 64 199 Total commercial and industrial 1,672 849 763 450 263 355 1,625 5,977 Commercial Leases: Risk Rating: Pass 182 109 98 53 39 1 — 482 Special Mention — 1 — 2 3 1 — 7 Substandard — 2 3 1 — — — 6 Total commercial leases 182 112 101 56 42 2 — 495 Other Commercial: Risk Rating: Pass 39 — — — — 3 52 94 Total other commercial 39 — — — — 3 52 94 Total commercial loans and leases 3,786 2,779 2,484 1,486 1,200 2,858 1,872 16,465 CONSUMER Direct Installment: Current 978 538 215 125 96 412 — 2,364 Past due — — 1 1 — 10 — 12 Total direct installment 978 538 216 126 96 422 — 2,376 Residential Mortgages: Current 1,280 932 392 152 212 652 — 3,620 Past due 1 1 1 3 3 25 — 34 Total residential mortgages 1,281 933 393 155 215 677 — 3,654 Indirect Installment: Current 516 262 157 178 64 35 — 1,212 Past due 6 3 2 2 1 1 — 15 Total indirect installment 522 265 159 180 65 36 — 1,227 Consumer Lines of Credit: Current 20 3 4 5 3 127 1,072 1,234 Past due — — — — — 10 2 12 Total consumer lines of credit 20 3 4 5 3 137 1,074 1,246 Total consumer loans 2,801 1,739 772 466 379 1,272 1,074 8,503 Total loans and leases $ 6,587 $ 4,518 $ 3,256 $ 1,952 $ 1,579 $ 4,130 $ 2,946 $ 24,968 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 loans and leases 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 loans 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 5.6 (in millions) 30-89 Days ≥ 90 Days Non- Total Current Total Non-accrual with No ACL December 31, 2021 Commercial real estate $ 11 $ — $ 48 $ 59 $ 9,840 $ 9,899 $ 20 Commercial and industrial 4 — 15 19 5,958 5,977 4 Commercial leases 1 — 1 2 493 495 — Other — — — — 94 94 — Total commercial loans and leases 16 — 64 80 16,385 16,465 24 Direct installment 5 — 7 12 2,364 2,376 — Residential mortgages 20 4 10 34 3,620 3,654 — Indirect installment 12 1 2 15 1,212 1,227 — Consumer lines of credit 6 1 5 12 1,234 1,246 — Total consumer loans 43 6 24 73 8,430 8,503 — Total loans and leases $ 59 $ 6 $ 88 $ 153 $ 24,815 $ 24,968 $ 24 (in millions) 30-89 Days > 90 Days 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 5.7 December 31 2021 2020 (dollars in millions) Non-accrual loans $ 88 $ 170 Total non-performing loans 88 170 Other real estate owned 8 10 Total non-performing assets $ 96 $ 180 Asset quality ratios: Non-performing loans / total loans and leases 0.35 % 0.67 % Non-performing assets + 90 days past due + OREO / total loans and leases + OREO 0.41 0.77 |
Summary of Composition of Total TDRs | Following is a summary of the composition of total TDRs: TABLE 5.8 December 31 2021 2020 (in millions) Accruing $ 60 $ 58 Non-accrual 32 33 Total TDRs $ 92 $ 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 5.9 Year Ended December 31 2021 2020 (dollars in millions) Number Pre-Modification Post- Number Pre-Modification Post- Commercial real estate 25 $ 21 $ 20 30 $ 18 $ 8 Commercial and industrial 7 1 — 19 2 1 Other 1 — — 1 — — Total commercial loans 33 22 20 50 20 9 Direct installment 38 2 2 68 4 4 Residential mortgages 27 4 4 24 3 3 Consumer lines of credit 41 2 2 45 2 1 Total consumer loans 106 8 8 137 9 8 Total 139 $ 30 $ 28 187 $ 29 $ 17 |
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 5.10 Year Ended December 31 2021 2020 (dollars in millions) Number Recorded Number Recorded Commercial real estate — $ — 8 $ 3 Commercial and industrial 1 — 2 — Total commercial loans 1 — 10 3 Direct installment — — 12 — Residential mortgages 1 — 4 — Consumer lines of credit 1 — 4 — Total consumer loans 2 — 20 — Total 3 $ — 30 $ 3 |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 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 6.1 (in millions) Balance at Charge- Recoveries Net Provision Balance at Year Ended December 31, 2021 Commercial real estate $ 180.5 $ (8.8) $ 6.3 $ (2.5) $ (21.5) $ 156.5 Commercial and industrial 81.2 (15.7) 6.6 (9.1) 15.3 87.4 Commercial leases 17.3 (0.2) 0.9 0.7 (3.3) 14.7 Other 1.4 (2.3) 1.3 (1.0) 2.2 2.6 Total commercial loans and leases 280.4 (27.0) 15.1 (11.9) (7.3) 261.2 Direct installment 26.0 (1.4) 1.0 (0.4) 0.8 26.4 Residential mortgages 33.7 (1.0) 0.6 (0.4) (0.2) 33.1 Indirect installment 11.2 (3.1) 2.2 (0.9) 3.2 13.5 Consumer lines of credit 11.8 (1.7) 1.4 (0.3) (1.4) 10.1 Total consumer loans 82.7 (7.2) 5.2 (2.0) 2.4 83.1 Total allowance for credit losses on loans and leases 363.1 (34.2) 20.3 (13.9) (4.9) 344.3 Allowance for unfunded loan commitments 13.6 — — — 5.5 19.1 Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 376.7 $ (34.2) $ 20.3 $ (13.9) $ 0.6 $ 363.4 (in millions) Balance at Charge- Recoveries Net Provision ASC 326 Adoption Impact Initial ACL on PCD Loans Balance at Year Ended December 31, 2020 Commercial real estate $ 60 $ (31) $ 7 $ (24) $ 67 $ 38 $ 40 $ 181 Commercial and industrial 53 (32) 7 (25) 41 8 4 81 Commercial leases 11 (1) — (1) 7 — — 17 Other 9 (4) 1 (3) 4 (9) — 1 Total commercial loans and leases 133 (68) 15 (53) 119 37 44 280 Direct installment 13 (1) 1 — 2 10 1 26 Residential mortgages 22 (2) 1 (1) 3 6 4 34 Indirect installment 19 (8) 4 (4) (6) 2 — 11 Consumer lines of credit 9 (2) — (2) 4 — 1 12 Total consumer loans 63 (13) 6 (7) 3 18 6 83 Total allowance for credit losses on loans and leases 196 (81) 21 (60) 122 55 50 363 Allowance for unfunded loan commitments 3 — — — 1 10 — 14 Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 199 $ (81) $ 21 $ (60) $ 123 $ 65 $ 50 $ 377 Following is a summary of changes in the AULC by portfolio segment: TABLE 6.2 Year Ended December 31 2021 2020 (in millions) Balance at beginning of period $ 14 $ 3 Provision for unfunded loan commitments and letters of credit: Commercial portfolio 5 1 Consumer portfolio — — ASC 326 adoption impact: Commercial portfolio — 8 Consumer portfolio — 2 Balance at end of period $ 19 $ 14 Following is a summary of changes in the ACL, by loan and lease class for 2019. We adopted CECL on January 1, 2020. TABLE 6.3 (in millions) Balance at Charge- Recoveries Net Provision Balance at Year Ended December 31, 2019 Commercial real estate $ 55 $ (4) $ 4 $ — $ 5 $ 60 Commercial and industrial 49 (10) 4 (6) 10 53 Commercial leases 8 — — — 3 11 Other 2 (3) — (3) 3 2 Total commercial loans and leases 114 (17) 8 (9) 21 126 Direct installment 14 (1) — (1) — 13 Residential mortgages 20 (2) — (2) 4 22 Indirect installment 15 (11) 4 (7) 11 19 Consumer lines of credit 10 (2) — (2) 1 9 Total consumer loans 59 (16) 4 (12) 16 63 Total allowance on originated loans and leases 173 (33) 12 (21) 37 189 Loans acquired in a business combination 7 (9) 2 (7) 7 7 Total allowance for credit losses on loans and leases $ 180 $ (42) $ 14 $ (28) $ 44 $ 196 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Mortgage Servicing Rights | |
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 7.1 December 31 2021 2020 (in millions) Mortgage loans sold with servicing retained $ 4,855 $ 4,653 The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 7.2 Year Ended December 31 2021 2020 2019 (in millions) Mortgage loans sold with servicing retained $ 1,762 $ 1,636 $ 1,381 Pretax net gains resulting from above loan sales (1) 43 70 32 Mortgage servicing fees (1) 12 12 11 (1) Recorded in mortgage banking operations on the Consolidated Statements of Income. Following is a summary of activity relating to MSRs: TABLE 7.3 Year Ended December 31 2021 2020 2019 (in millions) Balance at beginning of period $ 35.6 $ 42.6 $ 36.8 Additions 19.2 16.0 14.3 Payoffs and curtailments (12.8) (14.8) (5.0) (Impairment charge) / recovery 4.8 (5.8) (1.0) Amortization (2.4) (2.4) (2.5) Balance at end of period $ 44.4 $ 35.6 $ 42.6 Fair value, beginning of period $ 35.6 $ 45.2 $ 41.1 Fair value, end of period 46.0 35.6 45.2 |
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 7.4 December 31 2021 2020 (dollars in millions) Weighted average life (months) 76.6 66.6 Constant prepayment rate (annualized) 11.2 % 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% (7) (3) |
SBA-Guaranteed Loan Servicing | |
Servicing Assets at Fair Value [Line Items] | |
Servicing Asset at Amortized Cost | The unpaid principal balance of SBA-guaranteed loans serviced for investors was as follows: TABLE 7.5 December 31 2021 2020 (in millions) SBA loans sold to investors with servicing retained $ 230 $ 217 The following table summarizes activity relating to SBA loans sold with servicing retained: TABLE 7.6 Year Ended December 31 2021 2020 2019 (in millions) SBA loans sold with servicing retained $ 64 $ 33 $ 23 Pretax gains resulting from above loan sales (1) 8 3 2 SBA servicing fees (1) 2 2 2 (1) Recorded in other non-interest income on the Consolidated Statements of Income. Following is a summary of the activity in SBA servicing rights: TABLE 7.7 Year Ended December 31 2021 2020 2019 (in millions) Balance at beginning of period $ 3 $ 3 $ 4 Additions 1 1 — Payoffs, curtailments and amortization (1) (1) (1) Balance at end of period $ 3 $ 3 $ 3 Fair value, beginning of period $ 3 $ 3 $ 4 Fair value, end of period 3 3 3 |
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | Following is a summary of key assumptions and the sensitivity of the SBA servicing rights to changes in these assumptions. The declines in fair values were immaterial in the scenarios presented. TABLE 7.8 December 31 2021 2020 (dollars in millions) Weighted average life (months) 42 38 Constant prepayment rate 14.8 % 17.8 % Discount rate 12.1 13.2 Decline in fair value due to change in interest rates: 1% adverse change $ (0.1) $ (0.1) 2% adverse change (0.2) (0.1) Decline in fair value due to change in constant prepayment rates: 10% adverse change (0.1) (0.1) 20% adverse change (0.2) (0.1) |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | Following is a summary of premises and equipment: TABLE 8.1 December 31 2021 2020 (in millions) Land $ 59 $ 57 Premises 229 231 Equipment 344 311 Finance leases 12 — 644 599 Accumulated depreciation (299) (267) Total premises and equipment, net $ 345 $ 332 |
Depreciation Expense for Premises and Equipment | Depreciation expense for premises and equipment is presented in the following table: TABLE 8.2 December 31 2021 2020 2019 (in millions) Depreciation expense for premises and equipment $ 46 $ 43 $ 42 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Rollforward of Goodwill | The following table shows a rollforward of goodwill by line of business: TABLE 9.1 (in millions) Community Wealth Insurance Total Balance at January 1, 2020 $ 2,231 $ 8 $ 23 $ 2,262 Goodwill (deductions) additions — — — — Balance at December 31, 2020 2,231 8 23 2,262 Goodwill (deductions) additions — — — — Balance at December 31, 2021 $ 2,231 $ 8 $ 23 $ 2,262 |
Summary of Core Deposit Intangibles, Customer Renewal Lists and Mortgage Servicing Rights | The following table shows a summary of core deposit intangibles and customer renewal lists: TABLE 9.2 (in millions) Core Customer Total December 31, 2021 Gross carrying amount $ 197 $ 18 $ 215 Accumulated amortization (160) (13) (173) Net carrying amount $ 37 $ 5 $ 42 December 31, 2020 Gross carrying amount $ 197 $ 18 $ 215 Accumulated amortization (149) (12) (161) Net carrying amount $ 48 $ 6 $ 54 |
Schedule of Amortization Expense Recognized | The following table summarizes amortization expense recognized: TABLE 9.3 December 31 2021 2020 2019 (in millions) Amortization expense $ 12 $ 13 $ 14 |
Schedule of Expected Amortization Expenses on Finite-Lived Intangible Assets | Following is a summary of the expected amortization expense on finite-lived intangible assets, assuming no new additions, for each of the five years following December 31, 2021: TABLE 9.4 (in millions) 2022 $ 10 2023 10 2024 8 2025 7 2026 5 Total $ 40 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense were as follows: TABLE 10.1 Twelve Months Ended (dollars in millions) 2021 2020 2019 Operating lease cost $ 29 $ 27 $ 27 Short-term lease cost 1 1 1 Variable lease cost 3 3 4 Total lease cost $ 33 $ 31 $ 32 |
Leases, Other Information | Other information related to leases is as follows: TABLE 10.2 Twelve Months Ended (dollars in millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 27 $ 26 Operating cash flows from finance leases $ — $ — Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 23 $ 20 Finance leases $ 12 $ — Weighted average remaining lease term (years): Operating leases 9.83 9.45 Finance leases 23.09 0 Weighted average discount rate: Operating leases 2.4 % 2.6 % Finance leases 1.9 % — % |
Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities were as follows: TABLE 10.3 (in millions) Operating Leases Finance Leases Total Leases December 31, 2021 2022 $ 26 $ — $ 26 2023 22 — 22 2024 20 — 20 2025 15 — 15 2026 12 — 12 Later years 75 15 90 Total lease payments 170 15 185 Less: imputed interest (21) (3) (24) Present value of lease liabilities $ 149 $ 12 $ 161 |
Finance Lease, Liability, Fiscal Year Maturity | Maturities of lease liabilities were as follows: TABLE 10.3 (in millions) Operating Leases Finance Leases Total Leases December 31, 2021 2022 $ 26 $ — $ 26 2023 22 — 22 2024 20 — 20 2025 15 — 15 2026 12 — 12 Later years 75 15 90 Total lease payments 170 15 185 Less: imputed interest (21) (3) (24) Present value of lease liabilities $ 149 $ 12 $ 161 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and December 31, 2020. TABLE 11.1 (in millions) Total Assets Total Liabilities Maximum Exposure to Loss December 31, 2021 Trust preferred securities (1) $ 1 $ 67 $ — Affordable housing tax credit partnerships 121 34 121 Other investments 28 6 28 Total $ 150 $ 107 $ 149 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 11.2 December 31 2021 2020 (in millions) Proportional amortization method investments included in other assets $ 86 $ 71 Equity method investments included in other assets 1 3 Total LIHTC investments included in other assets $ 87 $ 74 Unfunded LIHTC commitments $ 34 $ 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 11.3 Year Ended December 31 (in millions) 2021 2020 2019 Non-interest income: Amortization of tax credit investments under equity method, net of tax benefit $ 1 $ 1 $ 1 Provision for income taxes: Amortization of LIHTC investments under proportional method $ 13 $ 11 $ 8 Low-income housing tax credits (15) (12) (9) Other tax benefits related to tax credit investments (2) (2) (2) Total impact on provision for income taxes $ (4) $ (3) $ (3) |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Summary of Deposits | Following is a summary of deposits: TABLE 12.1 December 31 2021 2020 (in millions) Non-interest-bearing demand $ 10,789 $ 9,042 Interest-bearing demand 14,409 13,157 Savings 3,669 3,261 Certificates and other time deposits: Less than $100,000 1,540 1,895 $100,000 through $250,000 866 1,173 Greater than $250,000 453 594 Total certificates and other time deposits 2,859 3,662 Total deposits $ 31,726 $ 29,122 |
Summary of Scheduled Maturities of Certificates and Other Time Deposits | Following is a summary of the scheduled maturities of certificates and other time deposits for the years following December 31, 2021: TABLE 12.2 (in millions) 2022 $ 2,047 2023 440 2024 160 2025 103 2026 91 Later years 18 Total $ 2,859 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowings | Following is a summary of short-term borrowings: TABLE 13.1 December 31 2021 2020 (in millions) Securities sold under repurchase agreements $ 376 $ 403 Federal Home Loan Bank advances 1,030 1,280 Subordinated notes 130 121 Total short-term borrowings $ 1,536 $ 1,804 |
Schedule of Weighted Average Interest Rates on Short-Term Borrowings | The following represents weighted average interest rates on short-term borrowings: TABLE 13.2 December 31 2021 2020 2019 Year-to-date average 1.61 % 1.53 % 2.24 % Period-end 1.61 1.57 1.76 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Borrowings | Following is a summary of long-term borrowings: TABLE 14.1 December 31 2021 2020 (in millions) Federal Home Loan Bank advances $ — $ 400 Senior notes 299 299 Subordinated notes 68 81 Junior subordinated debt 67 66 Other subordinated debt 248 249 Total long-term borrowings $ 682 $ 1,095 |
Scheduled Annual Maturities for Long-Term Borrowings | Scheduled annual maturities for the long-term borrowings for the years following December 31, 2021 are as follows: TABLE 14.2 (in millions) 2022 $ 18 2023 336 2024 3 2025 104 2026 6 Later years 215 Total $ 682 |
Schedule of Weighted Average Interest Rate on Subordinated Notes | The weighted average interest rate on the subordinated notes are presented in the following table: TABLE 14.3 December 31 2021 2020 2019 Subordinated notes weighted average interest rate 3.12 % 3.23 % 3.33 % |
Schedule of Junior Subordinated Debt Trusts | The following table provides information relating to the Trusts as of December 31, 2021: TABLE 14.4 (dollars in millions) Trust Common Junior Stated Interest Rate Reset Factor F.N.B. Statutory Trust II $ 22 $ 1 $ 22 6/15/2036 1.85 % LIBOR + 165 basis points (bps) Yadkin Valley Statutory Trust I 25 1 22 12/15/2037 1.52 % LIBOR + 132 bps FNB Financial Services Capital Trust I 25 1 23 9/30/2035 1.68 % LIBOR + 146 bps Total $ 72 $ 3 $ 67 |
Schedule of Other Subordinated Debt | The following table provides information relating to our senior debt and other subordinated debt as of December 31, 2021. These debt issuances are fixed-rate, with the exception of the debt offering in 2019, which is fixed-to-floating rate after February 14, 2024, at which time the floating rate will be LIBOR plus 240 basis points, or an alternative rate that may replace LIBOR, as specified in the prospectus for this offering. The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes. TABLE 14.5 (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 120 118 119 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 30 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. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 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 15.1 December 31 2021 2020 Notional Fair Value Notional Fair Value (in millions) Asset Liability Asset Liability Gross Derivatives Subject to master netting arrangements: Interest rate contracts – designated $ 2,080 $ 1 $ — $ 1,430 $ 3 $ — Interest rate swaps – not designated 5,547 2 20 4,791 — 37 Total subject to master netting arrangements 7,627 3 20 6,221 3 37 Not subject to master netting arrangements: Interest rate swaps – not designated 5,547 172 24 4,791 349 — Interest rate lock commitments – not designated 482 9 — 531 24 — Forward delivery commitments – not designated 502 1 1 500 — 2 Credit risk contracts – not designated 368 — — 437 — 1 Total not subject to master netting arrangements 6,899 182 25 6,259 373 3 Total $ 14,526 $ 185 $ 45 $ 12,480 $ 376 $ 40 |
Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) | The following table shows amounts reclassified from AOCI: TABLE 15.2 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 Year Ended Year Ended (in millions) 2021 2020 2019 2021 2020 2019 Derivatives in cash flow hedging relationships: Interest rate contracts $ 5 $ (51) $ (22) Interest income (expense) $ (18) $ (14) $ 2 Other income — (9) — |
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 15.3 Year Ended December 31, 2021 2020 2019 (in millions) Interest Income - Loans and Leases Interest Expense - Short-Term Borrowings 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) $ 886 $ 27 $ 990 $ 38 $ 1,085 $ 80 The effects of cash flow hedging: Gain (loss) on cash flow hedging Interest rate contracts: Amount of gain (loss) reclassified from AOCI into net income (1) 2 (20) (7) (16) (1) 3 Amount of gain (loss) reclassified — — — — — — (1) For 2020, the amount of loss reclassified from AOCI into net income relating to interest income on loans and leases included an $8.9 million loss reflected in other non-interest income. |
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 15.4 Year Ended December 31, (in millions) Consolidated Statements of Income Location 2021 2020 2019 Interest rate swaps Non-interest income - other $ — $ — $ — Interest rate lock commitments Mortgage banking operations — — — Forward delivery contracts Mortgage banking operations 2 (2) (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 15.5 Amount Not Offset in the (in millions) Amount Financial Cash Net December 31, 2021 Derivative Assets Interest rate contracts: Designated $ 1 $ — $ 1 $ — Not designated 2 — 2 — Total $ 3 $ — $ 3 $ — Derivative Liabilities Interest rate contracts: Not designated $ 20 $ — $ 20 $ — Total $ 20 $ — $ 20 $ — 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) | 12 Months Ended |
Dec. 31, 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 16.1 December 31 2021 2020 (in millions) Commitments to extend credit $ 11,228 $ 9,285 Standby letters of credit 194 158 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 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 17.1 2021 2020 2019 Units Weighted Units Weighted Units Weighted Unvested units outstanding at beginning of year 4,322,115 $ 9.46 2,858,357 $ 12.56 2,556,174 $ 13.51 Granted 1,113,314 12.65 2,004,895 6.95 1,182,197 10.94 Net adjustment due to performance 527,975 10.79 47,290 13.00 — — Vested (1,320,646) 12.07 (613,581) 14.41 (655,208) 13.15 Forfeited/expired/canceled (143,238) 10.65 (203,058) 12.54 (332,814) 12.72 Dividend reinvestment 181,266 12.17 228,212 8.14 108,008 11.84 Unvested units outstanding at end of year 4,680,786 9.71 4,322,115 9.46 2,858,357 12.56 |
Schedule of Certain Information Related to Restricted Stock Units | The following table provides certain information related to restricted stock units: TABLE 17.2 Year Ended December 31 2021 2020 2019 (in millions) Stock-based compensation expense $ 21 $ 16 $ 12 Tax benefit related to stock-based compensation expense 4 3 2 Fair value of units vested 16 5 7 |
Components of Restricted Stock Units | The components of the restricted stock units as of December 31, 2021 are as follows: TABLE 17.3 (dollars in millions) Service- Performance- Total Unvested restricted stock units 2,919,926 1,760,860 4,680,786 Unrecognized compensation expense $ 8 $ 1 $ 9 Intrinsic value $ 35 $ 21 $ 56 Weighted average remaining life (in years) 1.73 0.80 1.38 |
Summary of Activity Related to Stock Options Units | The following table summarizes the activity relating to stock options during the periods indicated: TABLE 17.4 2021 Weighted 2020 Weighted 2019 Weighted Options outstanding at beginning of year 196,086 $ 8.61 246,084 $ 8.14 458,354 $ 7.99 Exercised (28,168) 7.38 (33,945) 5.74 (183,566) 7.86 Forfeited/expired (591) 6.44 (16,053) 7.38 (28,704) 7.65 Options outstanding and exercisable at end of year 167,327 8.83 196,086 8.61 246,084 8.14 |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2021: TABLE 17.5 Range of Exercise Prices Options Weighted Average Weighted Average $3.57 - $5.36 9,439 0.23 $ 4.83 $5.37 - $8.05 39,549 1.12 6.91 $8.06 - $11.37 118,339 2.76 9.78 167,327 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Accumulated Benefit Obligation, Change in Benefit Obligation, Change in Plan Assets, Plans' Funded Status and Amount Included in Consolidated Balance Sheets | The following tables provide information relating to the accumulated benefit obligation, change in benefit obligation, change in plan assets, the plans’ funded status and the amount included in the Consolidated Balance Sheets for the qualified and non-qualified plans described above (collectively, the Plans): TABLE 18.1 December 31 2021 2020 Qualified Non-Qualified Total Qualified Non-Qualified Total (in millions) Accumulated benefit obligation $ 154 $ 18 $ 172 $ 167 $ 20 $ 187 Projected benefit obligation at beginning of year $ 167 $ 20 $ 187 $ 156 $ 19 $ 175 Interest cost 4 — 4 5 1 6 Actuarial loss (gain) (7) (1) (8) 15 2 17 Benefits paid (10) (1) (11) (9) (2) (11) Projected benefit obligation at end of year $ 154 $ 18 $ 172 $ 167 $ 20 $ 187 Fair value of plan assets at beginning of year $ 189 $ — $ 189 $ 173 $ — $ 173 Actual return on plan assets 22 — 22 20 — 20 Corporation contribution — 1 1 5 2 7 Benefits paid (10) (1) (11) (9) (2) (11) Fair value of plan assets at end of year $ 201 $ — $ 201 $ 189 $ — $ 189 Funded status of plans $ 47 $ (18) $ 29 $ 22 $ (20) $ 2 |
Schedule of Actuarial Assumptions Used in Determination of Projected Benefit Obligation | Actuarial assumptions used in the determination of the projected benefit obligation in the Plans are as follows: TABLE 18.2 Assumptions at December 31 2021 2020 Weighted average discount rate 2.72 % 2.31 % Rates of average increase in compensation levels 3.50 3.50 |
Schedule of Net Periodic Pension Cost and Other Comprehensive Income | The net periodic pension cost and OCI for the Plans included the following components: TABLE 18.3 Year Ended December 31 2021 2020 2019 (in millions) Interest cost $ 4 $ 6 $ 7 Expected return on plan assets (12) (13) (11) Actuarial loss amortization 3 3 2 Total pension cost (5) (4) (2) Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: Current year actuarial (gain) loss (18) 10 1 Amortization of actuarial loss (3) (3) (2) Total amount recognized in other comprehensive (loss) income (21) 7 (1) Total amount recognized in net periodic benefit cost (gain) and other comprehensive (loss) income $ (26) $ 3 $ (3) |
Schedule of Actuarial Assumptions Used in Determination of Net Periodic Pension Cost | The plans have an actuarial measurement date of December 31. Actuarial assumptions used in the determination of the net periodic pension cost in the Plans are as follows: TABLE 18.4 Assumptions for the Year Ended December 31 2021 2020 2019 Weighted average discount rate 2.31 % 3.17 % 4.16 % Rates of increase in compensation levels 3.50 3.50 3.50 Expected long-term rate of return on assets 6.75 7.25 7.25 |
Schedule of Estimated Future Cash Flows | The following table provides information regarding estimated future cash flows relating to the Plans at December 31, 2021: TABLE 18.5 (in millions) Expected employer contributions: 2022 $ 1 Expected benefit payments: 2022 10 2023 10 2024 11 2025 11 2026 10 2027 – 2031 51 |
Schedule of Contribution Expense | Our contribution expense is presented in the following table: TABLE 18.6 Year Ended December 31 2021 2020 2019 (in millions) 401(k) contribution expense $ 19 $ 17 $ 15 |
Schedule of Asset Allocations for Pension Plans | The following table presents asset allocations for our pension plans as of December 31, 2021 and 2020, and the target allocation for 2022, by asset category: TABLE 18.7 Target Percentage of Plan Assets December 31 2022 2021 2020 Asset Category Equity securities 45 - 65 64 % 63 % Debt securities 30 - 50 33 36 Cash equivalents 0 - 10 3 1 |
Schedule of Fair Values of Pension Plan Assets by Asset Category | The fair values of our pension plan assets by asset category are as follows: TABLE 18.8 (in millions) Level 1 Level 2 Level 3 Total December 31, 2021 Asset Class Cash $ 7 $ — $ — $ 7 Equity securities: F.N.B. Corporation 4 — — 4 Other large-cap U.S. financial services companies 3 — — 3 Other large-cap U.S. companies 67 — — 67 Other equity 1 — — 1 Mutual fund equity investments: U.S. equity index funds: U.S. small-cap equity index funds 5 — — 5 U.S. mid-cap equity index funds 6 — — 6 Non-U.S. equities growth fund 17 — — 17 U.S. equity funds: U.S. mid-cap 14 — — 14 U.S. small-cap 5 — — 5 Other 5 — — 5 Fixed income securities: U.S. government agencies — 44 — 44 Fixed income mutual funds: U.S. investment-grade fixed income securities 23 — — 23 Total $ 157 $ 44 $ — $ 201 (in millions) Level 1 Level 2 Level 3 Total December 31, 2020 Asset Class Cash $ 2 $ — $ — $ 2 Equity securities: F.N.B. Corporation 4 — — 4 Other large-cap U.S. financial services companies 3 — — 3 Other large-cap U.S. companies 60 — — 60 Other equity 1 — — 1 Mutual fund equity investments: U.S. equity index funds: U.S. small-cap equity index funds 5 — — 5 U.S. mid-cap equity index funds 6 — — 6 Non-U.S. equities growth fund 16 — — 16 U.S. equity funds: U.S. mid-cap 13 — — 13 U.S. small-cap 5 — — 5 Other 5 — — 5 Fixed income securities: U.S. government agencies — 45 — 45 Fixed income mutual funds: U.S. investment-grade fixed income securities 24 — — 24 Total $ 144 $ 45 $ — $ 189 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense Allocated Based on Separate Tax Return Basis | Federal and state income tax expense consist of the following: TABLE 19.1 Year Ended December 31 2021 2020 2019 (in millions) Current income taxes: Federal taxes $ 79 $ 71 $ 47 State taxes 4 5 4 Total current income taxes 83 76 51 Deferred income taxes: Federal taxes 12 (20) 30 State taxes 3 1 3 Total deferred income taxes 15 (19) 33 Total income taxes $ 98 $ 57 $ 84 |
Summary of Reconciliation Between the Statutory Tax Rate and Actual Effective Tax Rate | The following table provides a reconciliation between the statutory tax rate and the actual effective tax rate: TABLE 19.2 Year Ended December 31 2021 2020 2019 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 1.1 1.6 1.1 Tax-exempt interest (1.7) (2.8) (2.2) Cash surrender value on BOLI (0.5) (0.8) (0.5) Tax credits (3.2) (6.3) (4.2) Affordable housing cost amortization, net of tax benefits 2.2 2.5 1.4 Other items 0.7 1.5 1.1 Effective tax rate 19.6 % 16.7 % 17.7 % |
Summary of Deferred Tax Assets and Liabilities from Tax Effects of Temporary Differences | The following table presents the tax effects of significant temporary differences that give rise to federal and state DTAs and DTLs: TABLE 19.3 December 31 2021 2020 (in millions) Deferred tax assets: Allowance for credit losses $ 76 $ 80 Discounts on loans acquired in a business combination 8 16 Net operating loss/tax credit carryforwards 37 38 Deferred compensation 14 12 Securities impairments 1 1 Pension and other defined benefit plans — 2 Lease liability 36 30 Net unrealized securities losses 4 — Other 13 14 Total 189 193 Valuation allowance (34) (33) Total deferred tax assets 155 160 Deferred tax liabilities: Loan costs (6) (6) Depreciation (11) (12) Prepaid expenses (1) (1) Amortizable intangibles (11) (13) Pension and other defined benefit plans (4) — Lease financing (33) (32) Mortgage servicing rights (10) (8) Lease ROU asset (34) (28) Net unrealized securities gains — (7) Other (2) (2) Total deferred tax liabilities (112) (109) Net deferred tax assets $ 43 $ 51 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Changes in AOCI, net of tax, by component | The following table presents changes in AOCI, net of tax, by component: TABLE 20.1 (in millions) Unrealized Unrealized Unrecognized Total Year Ended December 31, 2021 Balance at beginning of period $ 65 $ (40) $ (64) $ (39) Other comprehensive (loss) income before reclassifications (57) 4 16 (37) Amounts reclassified from AOCI — 14 — 14 Net current period other comprehensive (loss) income (57) 18 16 (23) Balance at end of period $ 8 $ (22) $ (48) $ (62) |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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 21.1 Year Ended December 31 2021 2020 2019 (dollars in millions, except per share data) Net income $ 405 $ 286 $ 387 Less: Preferred stock dividends 8 8 8 Net income available to common stockholders $ 397 $ 278 $ 379 Basic weighted average common shares outstanding 319,791,100 323,368,639 324,938,720 Net effect of dilutive stock options, warrants and restricted stock 3,690,388 2,119,325 1,122,418 Diluted weighted average common shares outstanding 323,481,488 325,487,964 326,061,138 Earnings per common share: Basic $ 1.24 $ 0.86 $ 1.17 Diluted $ 1.23 $ 0.85 $ 1.16 |
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 21.2 Year Ended December 31 2021 2020 2019 Average shares excluded from the diluted earnings per common share calculation — 22,375 — |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Schedule of Capital Ratios | Following are the capital ratios for FNB and FNBPA: TABLE 22.1 Actual Well-Capitalized Requirements (1) Minimum Capital (dollars in millions) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021 F.N.B. Corporation: Total capital $ 3,531 12.18 % $ 2,899 10.00 % $ 3,044 10.50 % Tier 1 capital 2,984 10.29 1,739 6.00 2,464 8.50 Common equity tier 1 2,877 9.92 n/a n/a 2,029 7.00 Leverage 2,984 7.99 n/a n/a 1,493 4.00 Risk-weighted assets 28,991 FNBPA: Total capital 3,695 12.77 2,893 10.00 3,038 10.50 Tier 1 capital 3,098 10.71 2,314 8.00 2,459 8.50 Common equity tier 1 3,018 10.43 1,880 6.50 2,025 7.00 Leverage 3,098 8.31 1,864 5.00 1,491 4.00 Risk-weighted assets 28,930 As of December 31, 2020 F.N.B. Corporation: Total capital $ 3,324 12.33 % $ 2,695 10.00 % $ 2,830 10.50 % Tier 1 capital 2,759 10.24 1,617 6.00 2,291 8.50 Common equity tier 1 2,652 9.84 n/a n/a 1,886 7.00 Leverage 2,759 7.83 n/a n/a 1,410 4.00 Risk-weighted assets 26,948 FNBPA: Total capital 3,400 12.64 2,690 10.00 2,825 10.50 Tier 1 capital 2,882 10.71 2,152 8.00 2,287 8.50 Common equity tier 1 2,802 10.42 1,749 6.50 1,883 7.00 Leverage 2,882 8.19 1,760 5.00 1,408 4.00 Risk-weighted assets 26,902 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Cash Flow Information | Following is a summary of supplemental cash flow information: TABLE 23.1 Year Ended December 31 2021 2020 2019 (in millions) Interest paid on deposits and other borrowings $ 101 $ 216 $ 329 Income taxes paid 74 57 40 Transfers of loans to other real estate owned 4 3 15 Loans transferred to held for sale from portfolio — 537 389 Loans transferred to portfolio from held for sale — — 110 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 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 24.1 (in millions) Community Wealth Insurance Parent Consolidated At or for the Year Ended December 31, 2021 Interest income $ 1,003 $ — $ — $ 2 $ 1,005 Interest expense 86 — — 12 98 Net interest income 917 — — (10) 907 Provision for credit losses (1) — — 2 1 Non-interest income 251 61 24 (6) 330 Non-interest expense (1) 653 39 21 8 721 Amortization of intangibles 11 — 1 — 12 Income tax expense (benefit) 100 5 — (7) 98 Net income (loss) 405 17 2 (19) 405 Total assets 39,396 37 34 46 39,513 Total intangibles 2,268 9 27 — 2,304 At or for the Year Ended December 31, 2020 Interest income $ 1,129 $ — $ — $ 1 $ 1,130 Interest expense 188 — — 20 208 Net interest income 941 — — (19) 922 Provision for credit losses 123 — — — 123 Non-interest income 233 49 22 (10) 294 Non-interest expense (1) 675 35 19 8 737 Amortization of intangibles 12 — 1 — 13 Income tax expense (benefit) 61 3 — (7) 57 Net income (loss) 303 11 2 (30) 286 Total assets 37,245 38 35 36 37,354 Total intangibles 2,279 9 28 — 2,316 At or for the Year Ended December 31, 2019 Interest income $ 1,245 $ — $ — $ 2 $ 1,247 Interest expense 310 — — 20 330 Net interest income 935 — — (18) 917 Provision for credit losses 44 — — — 44 Non-interest income 237 46 20 (9) 294 Non-interest expense (1) 621 34 17 10 682 Amortization of intangibles 13 — 1 — 14 Income tax expense (benefit) 88 3 — (7) 84 Net income (loss) 406 9 2 (30) 387 Total assets 34,491 32 35 57 34,615 Total intangibles 2,291 10 28 — 2,329 (1) Excludes amortization of intangibles, which is presented separately . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement Inputs and Valuation Techniques | The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: TABLE 25.1 Measurement Definition Level 1 Valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2 Valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3 Valuation is derived from other valuation methodologies including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. |
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 25.2 (in millions) Level 1 Level 2 Level 3 Total December 31, 2021 Assets Measured at Fair Value Debt securities available for sale U.S. Treasury $ 204 $ — $ — $ 204 U.S. government agencies — 155 — 155 U.S. government-sponsored entities — 192 — 192 Residential mortgage-backed securities Agency mortgage-backed securities — 1,357 — 1,357 Agency collateralized mortgage obligations — 1,186 — 1,186 Commercial mortgage-backed securities — 297 — 297 States of the U.S. and political subdivisions (municipals) — 33 — 33 Other debt securities — 2 — 2 Total debt securities available for sale 204 3,222 — 3,426 Loans held for sale — 269 — 269 Derivative financial instruments Trading — 174 — 174 Not for trading — 2 9 11 Total derivative financial instruments — 176 9 185 Total assets measured at fair value on a recurring basis $ 204 $ 3,667 $ 9 $ 3,880 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 44 $ — $ 44 Not for trading — 1 — 1 Total derivative financial instruments — 45 — 45 Total liabilities measured at fair value on a recurring basis $ — $ 45 $ — $ 45 (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 25.3 (in millions) Interest Total Year Ended December 31, 2021 Balance at beginning of period $ 24 $ 24 Purchases, issuances, sales and settlements: Issuances 9 9 Settlements (24) (24) Balance at end of period $ 9 $ 9 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 25.4 (in millions) Level 1 Level 2 Level 3 Total December 31, 2021 Collateral dependent loans $ — $ — $ 20 $ 20 Other assets - MSRs — — 10 10 Other assets - SBA servicing asset — — 3 3 Other real estate owned — — 2 2 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 25.5 Fair Value Measurements (in millions) Carrying Fair Level 1 Level 2 Level 3 December 31, 2021 Financial Assets Cash and cash equivalents $ 3,493 $ 3,493 $ 3,493 $ — $ — Debt securities available for sale 3,426 3,426 204 3,222 — Debt securities held to maturity 3,463 3,506 — 3,506 — Net loans and leases, including loans held for sale 24,919 24,518 — 269 24,249 Loan servicing rights 47 49 — — 49 Derivative assets 185 185 — 176 9 Accrued interest receivable 76 76 76 — — Financial Liabilities Deposits 31,726 31,725 28,867 2,858 — Short-term borrowings 1,536 1,536 1,536 — — Long-term borrowings 682 704 — — 704 Derivative liabilities 45 45 — 45 — Accrued interest payable 10 10 10 — — 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 — — |
Parent Company Financial Stat_2
Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Consolidated Balance Sheet of Parent Company Only | Balance Sheets (in millions) December 31 2021 2020 Assets Cash and cash equivalents $ 295 $ 380 Other assets 15 10 Investment in bank subsidiary 5,246 5,064 Investments in and advances to non-bank subsidiaries 461 371 Total Assets $ 6,017 $ 5,825 Liabilities Other liabilities $ 41 $ 40 Advances from affiliates 197 197 Long-term borrowings 621 621 Subordinated notes: Short-term 7 7 Long-term 1 1 Total Liabilities 867 866 Stockholders’ Equity 5,150 4,959 Total Liabilities and Stockholders’ Equity $ 6,017 $ 5,825 |
Statements of Income of Parent Company Only | Statements of Income (in millions) Year Ended December 31 2021 2020 2019 Income Dividend income from subsidiaries: Bank $ 215 $ 300 $ 179 Non-bank 5 4 2 220 304 181 Interest income 13 6 — Total Income 233 310 181 Expenses Interest expense 25 25 19 Other expenses 17 18 18 Total Expenses 42 43 37 Income Before Taxes and Equity in Undistributed Income of Subsidiaries 191 267 144 Income tax benefit 7 7 7 198 274 151 Equity in undistributed income (loss) of subsidiaries: Bank 207 15 236 Non-bank — (3) — Net Income $ 405 $ 286 $ 387 |
Statements of Cash Flows of Parent Company Only | Statements of Cash Flows (in millions) Year Ended December 31 2021 2020 2019 Operating Activities Net income $ 405 $ 286 $ 387 Adjustments to reconcile net income to net cash flows from operating activities: Undistributed earnings from subsidiaries (207) (12) (236) Other, net (2) 13 2 Net cash flows provided by operating activities 196 287 153 Investing Activities Net increase in advances to subsidiaries (78) — — Payment for further investment in subsidiaries (12) (270) (47) Net cash flows used in investing activities (90) (270) (47) Financing Activities Decrease in long-term debt (2) (4) (77) Increase in long-term debt 2 302 121 Other, net (27) (21) 12 Cash dividends paid: Preferred stock (8) (8) (8) Common stock (156) (157) (157) Net cash flows provided by (used in) financing activities (191) 112 (109) Net Increase (Decrease) in Cash and Cash Equivalents (85) 129 (3) Cash and cash equivalents at beginning of year 380 251 254 Cash and Cash Equivalents at End of Year $ 295 $ 380 $ 251 Cash paid during the year for: Interest $ 25 $ 26 $ 20 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | Dec. 31, 2021bankstate |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states, company operating financial services | state | 7 |
Number of banking offices | bank | 334 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | |||||
Increase (decrease) in stockholders' equity attributable to parent | $ 5,150 | $ 4,959 | $ 4,883 | $ 4,608 | |
Financing receivable, allowance for credit loss, period increase (decrease) | $ 105 | ||||
Allowance for credit loss | $ 344 | 363 | |||
Initial ACL on PCD Loans | 50.3 | ||||
Allowances for impaired commercial loans | 1 | ||||
Core deposit intangibles amortization period, years | 10 years | ||||
Largest amount recognized in the financial statement of tax benefit threshold, minimum | 50.00% | ||||
Retained Earnings | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Increase (decrease) in stockholders' equity attributable to parent | $ 1,110 | $ 869 | 798 | $ 576 | |
Accounting Standards Update 2016-13 | Longer duration loans and gross up | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Financing receivable, allowance for credit loss, period increase (decrease) | 50 | ||||
Accounting Standards Update 2016-13 | Unfunded loan commitment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Allowance for credit loss | 10 | ||||
Impact of ASC 326 Adoption | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Increase (decrease) in stockholders' equity attributable to parent | (50) | ||||
Impact of ASC 326 Adoption | Retained Earnings | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Increase (decrease) in stockholders' equity attributable to parent | $ (50) | ||||
Impact of ASC 326 Adoption | Accounting Standards Update 2016-13 | Retained Earnings | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Increase (decrease) in stockholders' equity attributable to parent | $ (50.6) | ||||
Restricted Stock Units (RSUs) | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Vesting period of awards issued, years | 3 years | ||||
Commercial Loan | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Threshold period past due for non-accrual loans | 90 days | ||||
Installment Loans | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Threshold period past due for non-accrual loans | 120 days | ||||
Residential Mortgages and Consumer Lines of Credit | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Threshold period past due for non-accrual loans | 180 days | ||||
Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Useful life of the asset, years | 3 years | ||||
Estimated useful life of intangibles, years | 8 years | ||||
Minimum | Commercial Loan | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Financing receivable, individual reserves in default, threshold | $ 1 | ||||
Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Useful life of the asset, years | 39 years | ||||
Estimated useful life of intangibles, years | 13 years | ||||
Maximum | Commercial and Consumer Loans | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Financing receivable, individual reserves in default, threshold | $ 1 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 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 | 50,000 | 40,000 |
Municipal bond portfolio, value | $ 1,000,000,000 | |
Percentage of formal credit enhancement insurance of municipalities | 61.00% | |
Available-for-sale debt securities | ||
Schedule Of Securities [Line Items] | ||
Accrued investment income receivable | $ 7,300,000 | 6,200,000 |
States of the U.S. and political subdivisions (municipals) | ||
Schedule Of Securities [Line Items] | ||
Debt securities held to maturity, allowance for credit losses | 50,000 | 40,000 |
Held-to-maturity securities | ||
Schedule Of Securities [Line Items] | ||
Accrued investment income receivable | 12,300,000 | $ 12,500,000 |
Municipal Bonds | Weighted Average | ||
Schedule Of Securities [Line Items] | ||
Average holding size of securities in bond portfolio | $ 3,600,000 | |
Municipal Bonds | Credit Concentration Risk | General Obligation Bonds | A Rating or Better | Minimum | ||
Schedule Of Securities [Line Items] | ||
Percentage of portfolio | 100.00% | |
Municipal Bonds | Geographic Concentration Risk | Pennsylvania, Ohio and Maryland | ||
Schedule Of Securities [Line Items] | ||
Percentage of portfolio | 63.00% |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 3,416 | $ 3,380 |
Gross Unrealized Gains | 36 | 84 |
Gross Unrealized Losses | (26) | (1) |
Debt securities available for sale | 3,426 | 3,463 |
U.S. Treasury | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 205 | 600 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | 0 |
Debt securities available for sale | 204 | 600 |
U.S. government agencies | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 154 | 172 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | 0 |
Debt securities available for sale | 155 | 172 |
U.S. government-sponsored entities | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 194 | 160 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (2) | 0 |
Debt securities available for sale | 192 | 161 |
Agency mortgage-backed securities | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,342 | 959 |
Gross Unrealized Gains | 19 | 35 |
Gross Unrealized Losses | (4) | 0 |
Debt securities available for sale | 1,357 | 994 |
Agency collateralized mortgage obligations | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,192 | 1,094 |
Gross Unrealized Gains | 11 | 31 |
Gross Unrealized Losses | (17) | (1) |
Debt securities available for sale | 1,186 | 1,124 |
Commercial mortgage-backed securities | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 294 | 361 |
Gross Unrealized Gains | 5 | 17 |
Gross Unrealized Losses | (2) | 0 |
Debt securities available for sale | 297 | 378 |
States of the U.S. and political subdivisions (municipals) | ||
Schedule of Investments [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 | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2 | 2 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Debt securities available for sale | $ 2 | $ 2 |
Securities - Schedule of Amor_2
Securities - Schedule of Amortized Cost and Fair Value of Securities Held to Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, total | $ 3,463 | $ 2,868 |
Held-to-maturity, Accumulated Unrecognized Gain | 62 | 105 |
Held-to-maturity, Accumulated Unrecognized Loss | (19) | 0 |
Held-to-maturity, Fair Value | 3,506 | 2,973 |
U.S. Treasury | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, total | 1 | 1 |
Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-maturity, Fair Value | 1 | 1 |
U.S. government agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, total | 1 | 1 |
Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-maturity, Fair Value | 1 | 1 |
U.S. government-sponsored entities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, total | 120 | |
Held-to-maturity, Accumulated Unrecognized Gain | 1 | |
Held-to-maturity, Accumulated Unrecognized Loss | 0 | |
Held-to-maturity, Fair Value | 121 | |
Agency mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, total | 1,191 | 769 |
Held-to-maturity, Accumulated Unrecognized Gain | 15 | 29 |
Held-to-maturity, Accumulated Unrecognized Loss | (5) | 0 |
Held-to-maturity, Fair Value | 1,201 | 798 |
Agency collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, total | 930 | 562 |
Held-to-maturity, Accumulated Unrecognized Gain | 5 | 17 |
Held-to-maturity, Accumulated Unrecognized Loss | (12) | 0 |
Held-to-maturity, Fair Value | 923 | 579 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, total | 323 | 307 |
Held-to-maturity, Accumulated Unrecognized Gain | 3 | 10 |
Held-to-maturity, Accumulated Unrecognized Loss | (2) | 0 |
Held-to-maturity, Fair Value | 324 | 317 |
States of the U.S. and political subdivisions (municipals) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, total | 1,017 | 1,108 |
Held-to-maturity, Accumulated Unrecognized Gain | 39 | 48 |
Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-maturity, Fair Value | $ 1,056 | $ 1,156 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities, by Contractual Maturities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Securities [Line Items] | ||
Available for sale, due in one year or less, amortized cost | $ 45 | |
Available for sale, due after one year but within five years, amortized cost | 374 | |
Available for sale, due after five year but within ten years, amortized cost | 96 | |
Available for sale, due after ten years, amortized cost | 73 | |
Available for sale, with contractual maturities, amortized cost | 588 | |
Amortized Cost | 3,416 | |
Available for sale, due in one year or less, fair value | 45 | |
Available for sale, due after one year but within five years, fair value | 371 | |
Available for sale, due after five year but within ten years, fair value | 97 | |
Available for sale, due after ten years, fair value | 73 | |
Available for sale, with contractual maturities, amortized cost | 586 | |
Total securities available for sale, fair value | 3,426 | $ 3,463 |
Held to maturity, due in one year or less, amortized cost | 1 | |
Held to maturity, due after one year but within five years, amortized cost | 21 | |
Held to maturity, due after five year but within ten years, amortized cost | 142 | |
Held to maturity, due after ten years, amortized cost | 855 | |
Held to maturity, with contractual maturities, amortized cost | 1,019 | |
Held-to-maturity, total | 3,463 | 2,868 |
Held to maturity, due in one year or less, fair value | 1 | |
Held to maturity, due after one year but within five years, fair value | 22 | |
Held to maturity, due after five year but within ten years, fair value | 144 | |
Held to maturity, due after ten years, fair value | 891 | |
Held to maturity, with contractual maturities, amortized cost | 1,058 | |
Held-to-maturity, fair value, net | 3,506 | 2,973 |
Agency mortgage-backed securities | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 1,342 | |
Available for sale, fair value | 1,357 | |
Total securities available for sale, fair value | 1,357 | 994 |
Held-to-maturity, amortized cost | 1,191 | |
Held-to-maturity, total | 1,191 | 769 |
Held-to-maturity, fair value | 1,201 | |
Held-to-maturity, fair value, net | 1,201 | 798 |
Agency collateralized mortgage obligations | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 1,192 | |
Available for sale, fair value | 1,186 | |
Total securities available for sale, fair value | 1,186 | 1,124 |
Held-to-maturity, amortized cost | 930 | |
Held-to-maturity, total | 930 | 562 |
Held-to-maturity, fair value | 923 | |
Held-to-maturity, fair value, net | 923 | 579 |
Commercial mortgage-backed securities | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 294 | |
Available for sale, fair value | 297 | |
Total securities available for sale, fair value | 297 | 378 |
Held-to-maturity, amortized cost | 323 | |
Held-to-maturity, total | 323 | 307 |
Held-to-maturity, fair value | 324 | |
Held-to-maturity, fair value, net | $ 324 | $ 317 |
Securities - Schedule of Securi
Securities - Schedule of Securities Pledged as Collateral (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
To secure public deposits, trust deposits and for other purposes as required by law | $ 5,660 | $ 5,384 |
As collateral for short-term borrowings | $ 392 | $ 402 |
Securities pledged as a percent of total securities | 87.90% | 91.40% |
Securities - Summaries of Fair
Securities - Summaries of Fair Values and Unrealized Losses of Securities, Segregated by Length of Impairment (Detail) $ in Millions | Dec. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 60 | 7 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 14 | 17 |
Debt securities, available-for-sale, number of positions | security | 74 | 24 |
Debt securities, available-for-sale, less than 12 months | $ 1,679 | $ 168 |
Debt securities, available-for-sale, 12 months or longer | 102 | 71 |
Debt securities, available-for-sale, unrealized loss position | 1,781 | 239 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (23) | (1) |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (3) | 0 |
Debt securities, available-for-sale, accumulated loss | $ (26) | $ (1) |
U.S. Treasury | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 3 | |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 0 | |
Debt securities, available-for-sale, number of positions | security | 3 | |
Debt securities, available-for-sale, less than 12 months | $ 151 | |
Debt securities, available-for-sale, 12 months or longer | 0 | |
Debt securities, available-for-sale, unrealized loss position | 151 | |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (1) | |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | 0 | |
Debt securities, available-for-sale, accumulated loss | $ (1) | |
U.S. government agencies | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 3 | 1 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 9 | 16 |
Debt securities, available-for-sale, number of positions | security | 12 | 17 |
Debt securities, available-for-sale, less than 12 months | $ 22 | $ 13 |
Debt securities, available-for-sale, 12 months or longer | 8 | 69 |
Debt securities, available-for-sale, unrealized loss position | 30 | 82 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, accumulated loss | $ 0 | $ 0 |
U.S. government-sponsored entities | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 3 | 1 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 1 | 0 |
Debt securities, available-for-sale, number of positions | security | 4 | 1 |
Debt securities, available-for-sale, less than 12 months | $ 99 | $ 25 |
Debt securities, available-for-sale, 12 months or longer | 24 | 0 |
Debt securities, available-for-sale, unrealized loss position | 123 | 25 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (1) | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (1) | 0 |
Debt securities, available-for-sale, accumulated loss | $ (2) | $ 0 |
Agency mortgage-backed securities | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 13 | |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 0 | |
Debt securities, available-for-sale, number of positions | security | 13 | |
Debt securities, available-for-sale, less than 12 months | $ 599 | |
Debt securities, available-for-sale, 12 months or longer | 0 | |
Debt securities, available-for-sale, unrealized loss position | 599 | |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (4) | |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | 0 | |
Debt securities, available-for-sale, accumulated loss | $ (4) | |
Agency collateralized mortgage obligations | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 23 | 5 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 3 | 0 |
Debt securities, available-for-sale, number of positions | security | 26 | 5 |
Debt securities, available-for-sale, less than 12 months | $ 659 | $ 130 |
Debt securities, available-for-sale, 12 months or longer | 68 | 0 |
Debt securities, available-for-sale, unrealized loss position | 727 | 130 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (15) | (1) |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (2) | 0 |
Debt securities, available-for-sale, accumulated loss | $ (17) | $ (1) |
Commercial mortgage-backed securities | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 5 | |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 0 | |
Debt securities, available-for-sale, number of positions | security | 5 | |
Debt securities, available-for-sale, less than 12 months | $ 125 | |
Debt securities, available-for-sale, 12 months or longer | 0 | |
Debt securities, available-for-sale, unrealized loss position | 125 | |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (2) | |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | 0 | |
Debt securities, available-for-sale, accumulated loss | $ (2) | |
States of the U.S. and political subdivisions (municipals) | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 10 | |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 0 | |
Debt securities, available-for-sale, number of positions | security | 10 | |
Debt securities, available-for-sale, less than 12 months | $ 24 | |
Debt securities, available-for-sale, 12 months or longer | 0 | |
Debt securities, available-for-sale, unrealized loss position | 24 | |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | 0 | |
Debt securities, available-for-sale, accumulated loss | $ 0 | |
Other debt securities | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 1 | 1 |
Debt securities, available-for-sale, number of positions | security | 1 | 1 |
Debt securities, available-for-sale, less than 12 months | $ 0 | $ 0 |
Debt securities, available-for-sale, 12 months or longer | 2 | 2 |
Debt securities, available-for-sale, unrealized loss position | 2 | 2 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, accumulated loss | $ 0 | $ 0 |
Other Securities - Additional I
Other Securities - Additional Information (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Banking and Thrift, Interest [Abstract] | ||
Federal Home Loan Bank stock | $ 122,000,000 | $ 154,000,000 |
Federal Reserve Bank stock | 123,000,000 | 124,000,000 |
Total non-marketable equity securities | 245,000,000 | 278,000,000 |
Other non-marketable equity securities, impairment | $ 0 | $ 0 |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) $ in Millions | Jan. 01, 2020USD ($) | Dec. 31, 2021USD ($)state | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accrued interest receivable | $ 48.9 | $ 62.9 | |||
Purchased with credit deterioration included with allowance for credit losses, amount | $ 50.3 | ||||
Purchased with credit deterioration, discount | $ 110 | ||||
Discount remaining | $ 30 | 50.9 | |||
Number of states, company operating financial services | state | 7 | ||||
Loans granted short-term modification due to COVID-19 | $ 21 | 397 | $ 2,400 | ||
Restructured loans returned to performing status | 7.4 | ||||
Allowance for credit loss | 344 | 363 | |||
Pooled reserves for all other classes of loans | $ 3.9 | 4.1 | |||
Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due period for loan to be in default | 90 days | ||||
Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due period for loan to be in default | 12 months | ||||
SBA-Guaranteed Loan Servicing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Guaranteed percentage | 100.00% | ||||
Residential Mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value of OREO through foreclosure | $ 1.6 | 2.5 | |||
Mortgage loans on real estate, foreclosure | 4.3 | 8.2 | |||
Total commercial loans and leases | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit loss | 261.2 | 280.4 | $ 133 | ||
Total commercial loans and leases | Specific reserves for commercial troubled debt restructurings | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit loss | 1.5 | 2.8 | |||
Total commercial loans and leases | Pooled reserves for individual commercial loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit loss | 1.5 | 2.5 | |||
Total commercial loans and leases | Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit loss | 87.4 | 81.2 | $ 53 | ||
Total commercial loans and leases | Commercial and industrial | Paycheck Protection Program Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans to customers | 336.6 | $ 2,200 | |||
Total commercial loans and leases | Commercial loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, collateral dependent | 50.6 | ||||
Total commercial loans and leases | Commercial loan | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Threshold for loans whose terms have been modified in a trouble debt restructuring, non accrual | $ 1 |
Loans and Leases - Summary of L
Loans and Leases - Summary of Loans and Leases, Net of Unearned Income (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $ 24,968 | $ 25,459 |
Total commercial loans and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 16,465 | 17,470 |
Total commercial loans and leases | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 9,899 | 9,731 |
Total commercial loans and leases | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 5,977 | 7,214 |
Total commercial loans and leases | Commercial leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 495 | 485 |
Total commercial loans and leases | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 94 | 40 |
Total consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 8,503 | 7,989 |
Total consumer loans | Direct installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 2,376 | 2,020 |
Total consumer loans | Residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 3,654 | 3,433 |
Total consumer loans | Indirect installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,227 | 1,218 |
Total consumer loans | Consumer lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $ 1,246 | $ 1,318 |
Loans and Leases - Certain Info
Loans and Leases - Certain Information Relating to Commercial Real Estate Loans (Detail) - Loan portfolio diversification risk - Commercial real estate loans | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Percent owner-occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percent of total loans and leases | 28.80% | 28.10% |
Percent non-owner-occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percent of total loans and leases | 71.20% | 71.90% |
Loans and Leases - Summary of_2
Loans and Leases - Summary of Loans to Related Parties (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Financing Receivable, Allowance For Credit Losses [Roll Foward] | |
Balance at beginning of period | $ 7 |
New loans | 2 |
Repayments | (3) |
Balance at end of period | $ 6 |
Loans and Leases - Origination
Loans and Leases - Origination Year (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 6,587 | $ 7,565 |
Fiscal year before current fiscal year | 4,518 | 4,429 |
Two years before current fiscal year | 3,256 | 2,837 |
Three years before current fiscal year | 1,952 | 2,281 |
Four years before current fiscal year | 1,579 | 1,800 |
Prior | 4,130 | 3,917 |
Revolving Loans Amortized Cost Basis | 2,946 | 2,630 |
Total Loans and Leases | 24,968 | 25,459 |
Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 24,815 | 25,201 |
Past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 153 | 258 |
Total commercial loans and leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 3,786 | 5,402 |
Fiscal year before current fiscal year | 2,779 | 3,109 |
Two years before current fiscal year | 2,484 | 2,001 |
Three years before current fiscal year | 1,486 | 1,603 |
Four years before current fiscal year | 1,200 | 1,217 |
Prior | 2,858 | 2,659 |
Revolving Loans Amortized Cost Basis | 1,872 | 1,479 |
Total Loans and Leases | 16,465 | 17,470 |
Total commercial loans and leases | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 16,385 | 17,315 |
Total commercial loans and leases | Past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 80 | 155 |
Total commercial loans and leases | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,893 | 1,892 |
Fiscal year before current fiscal year | 1,818 | 1,916 |
Two years before current fiscal year | 1,620 | 1,244 |
Three years before current fiscal year | 980 | 1,166 |
Four years before current fiscal year | 895 | 1,074 |
Prior | 2,498 | 2,266 |
Revolving Loans Amortized Cost Basis | 195 | 173 |
Total Loans and Leases | 9,899 | 9,731 |
Total commercial loans and leases | Commercial real estate | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 9,840 | 9,633 |
Total commercial loans and leases | Commercial real estate | Past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 59 | 98 |
Total commercial loans and leases | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,878 | 1,879 |
Fiscal year before current fiscal year | 1,782 | 1,854 |
Two years before current fiscal year | 1,503 | 1,135 |
Three years before current fiscal year | 830 | 927 |
Four years before current fiscal year | 743 | 888 |
Prior | 2,171 | 1,911 |
Revolving Loans Amortized Cost Basis | 183 | 163 |
Total Loans and Leases | 9,090 | 8,757 |
Total commercial loans and leases | Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 15 | 9 |
Fiscal year before current fiscal year | 21 | 30 |
Two years before current fiscal year | 89 | 80 |
Three years before current fiscal year | 105 | 158 |
Four years before current fiscal year | 107 | 70 |
Prior | 175 | 163 |
Revolving Loans Amortized Cost Basis | 9 | 4 |
Total Loans and Leases | 521 | 514 |
Total commercial loans and leases | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 4 |
Fiscal year before current fiscal year | 15 | 32 |
Two years before current fiscal year | 28 | 29 |
Three years before current fiscal year | 45 | 81 |
Four years before current fiscal year | 45 | 116 |
Prior | 152 | 192 |
Revolving Loans Amortized Cost Basis | 3 | 6 |
Total Loans and Leases | 288 | 460 |
Total commercial loans and leases | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,672 | 3,324 |
Fiscal year before current fiscal year | 849 | 1,056 |
Two years before current fiscal year | 763 | 668 |
Three years before current fiscal year | 450 | 376 |
Four years before current fiscal year | 263 | 136 |
Prior | 355 | 383 |
Revolving Loans Amortized Cost Basis | 1,625 | 1,271 |
Total Loans and Leases | 5,977 | 7,214 |
Total commercial loans and leases | Commercial and industrial | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 5,958 | 7,162 |
Total commercial loans and leases | Commercial and industrial | Past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 19 | 52 |
Total commercial loans and leases | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,663 | 3,286 |
Fiscal year before current fiscal year | 833 | 1,007 |
Two years before current fiscal year | 731 | 590 |
Three years before current fiscal year | 386 | 304 |
Four years before current fiscal year | 184 | 120 |
Prior | 296 | 311 |
Revolving Loans Amortized Cost Basis | 1,509 | 1,095 |
Total Loans and Leases | 5,602 | 6,713 |
Total commercial loans and leases | Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 8 | 30 |
Fiscal year before current fiscal year | 12 | 23 |
Two years before current fiscal year | 18 | 13 |
Three years before current fiscal year | 7 | 28 |
Four years before current fiscal year | 37 | 10 |
Prior | 42 | 35 |
Revolving Loans Amortized Cost Basis | 52 | 79 |
Total Loans and Leases | 176 | 218 |
Total commercial loans and leases | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1 | 8 |
Fiscal year before current fiscal year | 4 | 26 |
Two years before current fiscal year | 14 | 65 |
Three years before current fiscal year | 57 | 44 |
Four years before current fiscal year | 42 | 6 |
Prior | 17 | 37 |
Revolving Loans Amortized Cost Basis | 64 | 97 |
Total Loans and Leases | 199 | 283 |
Total commercial loans and leases | Commercial leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 182 | 186 |
Fiscal year before current fiscal year | 112 | 137 |
Two years before current fiscal year | 101 | 89 |
Three years before current fiscal year | 56 | 61 |
Four years before current fiscal year | 42 | 7 |
Prior | 2 | 5 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 495 | 485 |
Total commercial loans and leases | Commercial leases | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 493 | 481 |
Total commercial loans and leases | Commercial leases | Past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 2 | 4 |
Total commercial loans and leases | Commercial leases | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 182 | 178 |
Fiscal year before current fiscal year | 109 | 134 |
Two years before current fiscal year | 98 | 83 |
Three years before current fiscal year | 53 | 56 |
Four years before current fiscal year | 39 | 5 |
Prior | 1 | 3 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 482 | 459 |
Total commercial loans and leases | Commercial leases | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 1 |
Fiscal year before current fiscal year | 1 | 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 | 1 | 2 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 7 | 13 |
Total commercial loans and leases | Commercial leases | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 7 |
Fiscal year before current fiscal year | 2 | 2 |
Two years before current fiscal year | 3 | 2 |
Three years before current fiscal year | 1 | 1 |
Four years before current fiscal year | 0 | 1 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 6 | 13 |
Total commercial loans and leases | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 39 | 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 | 5 |
Revolving Loans Amortized Cost Basis | 52 | 35 |
Total Loans and Leases | 94 | 40 |
Total commercial loans and leases | Other | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 94 | 39 |
Total commercial loans and leases | Other | Past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 0 | 1 |
Total commercial loans and leases | Other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 39 | 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 | 52 | 35 |
Total Loans and Leases | 94 | 39 |
Total commercial loans and leases | Other | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | |
Fiscal year before current fiscal year | 0 | |
Two years before current fiscal year | 0 | |
Three years before current fiscal year | 0 | |
Four years before current fiscal year | 0 | |
Prior | 1 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans and Leases | 1 | |
Total consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,801 | 2,163 |
Fiscal year before current fiscal year | 1,739 | 1,320 |
Two years before current fiscal year | 772 | 836 |
Three years before current fiscal year | 466 | 678 |
Four years before current fiscal year | 379 | 583 |
Prior | 1,272 | 1,258 |
Revolving Loans Amortized Cost Basis | 1,074 | 1,151 |
Total Loans and Leases | 8,503 | 7,989 |
Total consumer loans | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 8,430 | 7,886 |
Total consumer loans | Past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 73 | 103 |
Total consumer loans | Direct installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 978 | 706 |
Fiscal year before current fiscal year | 538 | 338 |
Two years before current fiscal year | 216 | 202 |
Three years before current fiscal year | 126 | 144 |
Four years before current fiscal year | 96 | 173 |
Prior | 422 | 456 |
Revolving Loans Amortized Cost Basis | 0 | 1 |
Total Loans and Leases | 2,376 | 2,020 |
Total consumer loans | Direct installment | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 978 | 706 |
Fiscal year before current fiscal year | 538 | 337 |
Two years before current fiscal year | 215 | 200 |
Three years before current fiscal year | 125 | 143 |
Four years before current fiscal year | 96 | 171 |
Prior | 412 | 442 |
Revolving Loans Amortized Cost Basis | 0 | 1 |
Total Loans and Leases | 2,364 | 2,000 |
Total consumer loans | Direct installment | Past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 1 |
Two years before current fiscal year | 1 | 2 |
Three years before current fiscal year | 1 | 1 |
Four years before current fiscal year | 0 | 2 |
Prior | 10 | 14 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 12 | 20 |
Total consumer loans | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,281 | 1,080 |
Fiscal year before current fiscal year | 933 | 712 |
Two years before current fiscal year | 393 | 290 |
Three years before current fiscal year | 155 | 382 |
Four years before current fiscal year | 215 | 336 |
Prior | 677 | 632 |
Revolving Loans Amortized Cost Basis | 0 | 1 |
Total Loans and Leases | 3,654 | 3,433 |
Total consumer loans | Residential mortgages | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,280 | 1,079 |
Fiscal year before current fiscal year | 932 | 707 |
Two years before current fiscal year | 392 | 283 |
Three years before current fiscal year | 152 | 378 |
Four years before current fiscal year | 212 | 330 |
Prior | 652 | 603 |
Revolving Loans Amortized Cost Basis | 0 | 1 |
Total Loans and Leases | 3,620 | 3,381 |
Total consumer loans | Residential mortgages | Past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1 | 1 |
Fiscal year before current fiscal year | 1 | 5 |
Two years before current fiscal year | 1 | 7 |
Three years before current fiscal year | 3 | 4 |
Four years before current fiscal year | 3 | 6 |
Prior | 25 | 29 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 34 | 52 |
Total consumer loans | Indirect installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 522 | 373 |
Fiscal year before current fiscal year | 265 | 263 |
Two years before current fiscal year | 159 | 336 |
Three years before current fiscal year | 180 | 149 |
Four years before current fiscal year | 65 | 69 |
Prior | 36 | 28 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 1,227 | 1,218 |
Total consumer loans | Indirect installment | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 516 | 372 |
Fiscal year before current fiscal year | 262 | 260 |
Two years before current fiscal year | 157 | 332 |
Three years before current fiscal year | 178 | 147 |
Four years before current fiscal year | 64 | 67 |
Prior | 35 | 27 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans and Leases | 1,212 | 1,205 |
Total consumer loans | Indirect installment | Past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6 | 1 |
Fiscal year before current fiscal year | 3 | 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 | 15 | 13 |
Total consumer loans | Consumer lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 20 | 4 |
Fiscal year before current fiscal year | 3 | 7 |
Two years before current fiscal year | 4 | 8 |
Three years before current fiscal year | 5 | 3 |
Four years before current fiscal year | 3 | 5 |
Prior | 137 | 142 |
Revolving Loans Amortized Cost Basis | 1,074 | 1,149 |
Total Loans and Leases | 1,246 | 1,318 |
Total consumer loans | Consumer lines of credit | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 20 | 4 |
Fiscal year before current fiscal year | 3 | 7 |
Two years before current fiscal year | 4 | 8 |
Three years before current fiscal year | 5 | 3 |
Four years before current fiscal year | 3 | 5 |
Prior | 127 | 127 |
Revolving Loans Amortized Cost Basis | 1,072 | 1,146 |
Total Loans and Leases | 1,234 | 1,300 |
Total consumer loans | Consumer lines of credit | Past due | ||
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 |
Loans and Leases - Age Analysis
Loans and Leases - Age Analysis of Past Due Loans, by Class (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | $ 24,968 | $ 25,459 |
90 Days Past Due and Still Accruing | 6 | 16 |
Non- Accrual | 88 | 170 |
Non-accrual with No ACL | 24 | 52 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 59 | 72 |
Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 153 | 258 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 24,815 | 25,201 |
Total commercial loans and leases | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 16,465 | 17,470 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non- Accrual | 64 | 132 |
Non-accrual with No ACL | 24 | 52 |
Total commercial loans and leases | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 16 | 23 |
Total commercial loans and leases | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 80 | 155 |
Total commercial loans and leases | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 16,385 | 17,315 |
Total commercial loans and leases | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 9,899 | 9,731 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non- Accrual | 48 | 85 |
Non-accrual with No ACL | 20 | 36 |
Total commercial loans and leases | Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 11 | 13 |
Total commercial loans and leases | Commercial real estate | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 59 | 98 |
Total commercial loans and leases | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 9,840 | 9,633 |
Total commercial loans and leases | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 5,977 | 7,214 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non- Accrual | 15 | 44 |
Non-accrual with No ACL | 4 | 16 |
Total commercial loans and leases | Commercial and industrial | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 4 | 8 |
Total commercial loans and leases | Commercial and industrial | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 19 | 52 |
Total commercial loans and leases | Commercial and industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 5,958 | 7,162 |
Total commercial loans and leases | Commercial leases | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 495 | 485 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non- Accrual | 1 | 2 |
Non-accrual with No ACL | 0 | 0 |
Total commercial loans and leases | Commercial leases | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 1 | 2 |
Total commercial loans and leases | Commercial leases | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 2 | 4 |
Total commercial loans and leases | Commercial leases | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 493 | 481 |
Total commercial loans and leases | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 94 | 40 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non- Accrual | 0 | 1 |
Non-accrual with No ACL | 0 | 0 |
Total commercial loans and leases | Other | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Total commercial loans and leases | Other | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 0 | 1 |
Total commercial loans and leases | Other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 94 | 39 |
Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 8,503 | 7,989 |
90 Days Past Due and Still Accruing | 6 | 16 |
Non- Accrual | 24 | 38 |
Non-accrual with No ACL | 0 | 0 |
Total consumer loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 43 | 49 |
Total consumer loans | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 73 | 103 |
Total consumer loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 8,430 | 7,886 |
Total consumer loans | Direct installment | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 2,376 | 2,020 |
90 Days Past Due and Still Accruing | 0 | 2 |
Non- Accrual | 7 | 11 |
Non-accrual with No ACL | 0 | 0 |
Total consumer loans | Direct installment | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 5 | 7 |
Total consumer loans | Direct installment | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 12 | 20 |
Total consumer loans | Direct installment | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 2,364 | 2,000 |
Total consumer loans | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 3,654 | 3,433 |
90 Days Past Due and Still Accruing | 4 | 11 |
Non- Accrual | 10 | 18 |
Non-accrual with No ACL | 0 | 0 |
Total consumer loans | Residential mortgages | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 20 | 23 |
Total consumer loans | Residential mortgages | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 34 | 52 |
Total consumer loans | Residential mortgages | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 3,620 | 3,381 |
Total consumer loans | Indirect installment | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 1,227 | 1,218 |
90 Days Past Due and Still Accruing | 1 | 1 |
Non- Accrual | 2 | 2 |
Non-accrual with No ACL | 0 | 0 |
Total consumer loans | Indirect installment | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 12 | 10 |
Total consumer loans | Indirect installment | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 15 | 13 |
Total consumer loans | Indirect installment | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 1,212 | 1,205 |
Total consumer loans | Consumer lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 1,246 | 1,318 |
90 Days Past Due and Still Accruing | 1 | 2 |
Non- Accrual | 5 | 7 |
Non-accrual with No ACL | 0 | 0 |
Total consumer loans | Consumer lines of credit | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 6 | 9 |
Total consumer loans | Consumer lines of credit | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 12 | 18 |
Total consumer loans | Consumer lines of credit | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | $ 1,234 | $ 1,300 |
Loans and Leases - Summary of N
Loans and Leases - Summary of Non-Performing Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 88 | $ 170 |
Non-performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 88 | 170 |
Total non-performing loans | 88 | 170 |
Other real estate owned | 8 | 10 |
Total non-performing assets | $ 96 | $ 180 |
Non-performing loans / total loans and leases | 0.35% | 0.67% |
Non-performing assets + 90 days past due + OREO / total loans and leases + OREO | 0.41% | 0.77% |
Past due | 90 days | 90 days |
Loans and Leases - Summary of P
Loans and Leases - Summary of Payment Status of Originated TDRs (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | $ 92 | $ 91 |
Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 60 | 58 |
Non-accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | $ 32 | $ 33 |
Loans and Leases - Summary of T
Loans and Leases - Summary of Troubled Debt Restructurings by Class of Loans (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 139 | 187 |
Pre-Modification Outstanding Recorded Investment | $ 30 | $ 29 |
Post- Modification Outstanding Recorded Investment | $ 28 | $ 17 |
Total commercial loans and leases | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 33 | 50 |
Pre-Modification Outstanding Recorded Investment | $ 22 | $ 20 |
Post- Modification Outstanding Recorded Investment | $ 20 | $ 9 |
Total commercial loans and leases | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 25 | 30 |
Pre-Modification Outstanding Recorded Investment | $ 21 | $ 18 |
Post- Modification Outstanding Recorded Investment | $ 20 | $ 8 |
Total commercial loans and leases | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 7 | 19 |
Pre-Modification Outstanding Recorded Investment | $ 1 | $ 2 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 1 |
Total commercial loans and leases | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Total consumer loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 106 | 137 |
Pre-Modification Outstanding Recorded Investment | $ 8 | $ 9 |
Post- Modification Outstanding Recorded Investment | $ 8 | $ 8 |
Total consumer loans | Direct installment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 38 | 68 |
Pre-Modification Outstanding Recorded Investment | $ 2 | $ 4 |
Post- Modification Outstanding Recorded Investment | $ 2 | $ 4 |
Total consumer loans | Residential mortgages | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 27 | 24 |
Pre-Modification Outstanding Recorded Investment | $ 4 | $ 3 |
Post- Modification Outstanding Recorded Investment | $ 4 | $ 3 |
Total consumer loans | Consumer lines of credit | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 41 | 45 |
Pre-Modification Outstanding Recorded Investment | $ 2 | $ 2 |
Post- Modification Outstanding Recorded Investment | $ 2 | $ 1 |
Loans and Leases - Summary of O
Loans and Leases - Summary of Originated Troubled Debt Restructurings by Class of Loans and Leases, Payment Default (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 3 | 30 |
Recorded Investment | $ | $ 0 | $ 3 |
Total commercial loans and leases | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 1 | 10 |
Recorded Investment | $ | $ 0 | $ 3 |
Total commercial loans and leases | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 8 |
Recorded Investment | $ | $ 0 | $ 3 |
Total commercial loans and leases | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 1 | 2 |
Recorded Investment | $ | $ 0 | $ 0 |
Total consumer loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 2 | 20 |
Recorded Investment | $ | $ 0 | $ 0 |
Total consumer loans | Direct installment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 12 |
Recorded Investment | $ | $ 0 | $ 0 |
Total consumer loans | Residential mortgages | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 1 | 4 |
Recorded Investment | $ | $ 0 | $ 0 |
Total consumer loans | Consumer lines of credit | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 1 | 4 |
Recorded Investment | $ | $ 0 | $ 0 |
Allowance for Credit Losses o_3
Allowance for Credit Losses on Loans and Leases - Additional Information (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Increase (decrease) in stockholders' equity attributable to parent | $ 5,150 | $ 4,959 | $ 4,883 | $ 4,608 | |
Financing receivable, allowance for credit loss, period increase (decrease) | $ 105 | ||||
Allowance for credit loss | $ 344 | 363 | |||
Percentage of growth, housing price index | 6.30% | ||||
Percentage of growth, commercial real estate price index | 13.00% | ||||
Percentage of growth, S&P volatility in next fiscal year | 15.20% | ||||
Percentage of decline, S&P volatility in next second year | 1.90% | ||||
Percentage of growth, gross domestic product | 4.00% | ||||
Percentage of unemployment | 6.00% | ||||
Financing receivable, provision (benefit) for credit losses | $ 1 | 123 | 44 | ||
Financing receivable, allowance for credit loss, write-off, after recovery | (28) | ||||
Unfunded loan commitment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 19.1 | 13.6 | 3 | ||
Financing receivable, provision (benefit) for credit losses | 5.5 | 1 | |||
Financing receivable, allowance for credit loss, write-off, after recovery | 0 | 0 | |||
Allowance for credit losses on loans and leases | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing receivable, allowance for credit loss, period increase (decrease) | (18.8) | ||||
Allowance for credit loss | $ 344.3 | $ 363.1 | 196 | ||
Financing receivable, allowance for credit loss, period increase (decrease), percentage | (5.20%) | ||||
Financing receivable, allowance for credit loss, ratio | 1.38% | 1.43% | |||
Financing receivable, provision (benefit) for credit losses | $ (4.9) | $ 121.8 | |||
Financing receivable, allowance for credit loss, write-off, after recovery | (13.9) | (59.8) | |||
Total commercial loans and leases | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 261.2 | 280.4 | 133 | ||
Financing receivable, provision (benefit) for credit losses | (7.3) | 119 | |||
Financing receivable, allowance for credit loss, write-off, after recovery | (11.9) | (53) | |||
Total commercial loans and leases | Unfunded loan commitment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing receivable, provision (benefit) for credit losses | 5.5 | 1 | |||
Impact of ASC 326 Adoption | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Increase (decrease) in stockholders' equity attributable to parent | (50) | ||||
Accounting Standards Update 2016-13 | Longer duration loans and gross up | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing receivable, allowance for credit loss, period increase (decrease) | 50 | ||||
Accounting Standards Update 2016-13 | Unfunded loan commitment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 10 | ||||
Retained Earnings | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Increase (decrease) in stockholders' equity attributable to parent | $ 1,110 | $ 869 | 798 | $ 576 | |
Retained Earnings | Impact of ASC 326 Adoption | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Increase (decrease) in stockholders' equity attributable to parent | $ (50) | ||||
Retained Earnings | Accounting Standards Update 2016-13 | Impact of ASC 326 Adoption | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Increase (decrease) in stockholders' equity attributable to parent | $ (50.6) |
Allowance for Credit Losses o_4
Allowance for Credit Losses on Loans and Leases - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | $ 363 | |||
Charge- Offs | $ (42) | |||
Recoveries | 14 | |||
Net Charge- Offs | (28) | |||
Provision for credit losses | 1 | $ 123 | 44 | |
Allowance for credit loss | 196 | $ 180 | ||
Balance at End of Year | 344 | 363 | ||
Unfunded loan commitment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 13.6 | 3 | ||
Charge- Offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Net Charge- Offs | 0 | 0 | ||
Provision for credit losses | 5.5 | 1 | ||
Initial ACL on PCD Loans | 0 | |||
Balance at End of Year | 19.1 | 13.6 | 3 | |
Unfunded loan commitment | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 10 | |||
Total commercial loans and leases | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 280.4 | 133 | ||
Charge- Offs | (27) | (68) | ||
Recoveries | 15.1 | 15 | ||
Net Charge- Offs | (11.9) | (53) | ||
Provision for credit losses | (7.3) | 119 | ||
Initial ACL on PCD Loans | 44 | |||
Balance at End of Year | 261.2 | 280.4 | 133 | |
Total commercial loans and leases | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 37 | |||
Total commercial loans and leases | Commercial real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 180.5 | 60 | ||
Charge- Offs | (8.8) | (31) | ||
Recoveries | 6.3 | 7 | ||
Net Charge- Offs | (2.5) | (24) | ||
Provision for credit losses | (21.5) | 67 | ||
Initial ACL on PCD Loans | 40 | |||
Balance at End of Year | 156.5 | 180.5 | 60 | |
Total commercial loans and leases | Commercial real estate | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 38 | |||
Total commercial loans and leases | Commercial and industrial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 81.2 | 53 | ||
Charge- Offs | (15.7) | (32) | ||
Recoveries | 6.6 | 7 | ||
Net Charge- Offs | (9.1) | (25) | ||
Provision for credit losses | 15.3 | 41 | ||
Initial ACL on PCD Loans | 4 | |||
Balance at End of Year | 87.4 | 81.2 | 53 | |
Total commercial loans and leases | Commercial and industrial | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 8 | |||
Total commercial loans and leases | Commercial leases | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 17.3 | 11 | ||
Charge- Offs | (0.2) | (1) | ||
Recoveries | 0.9 | 0 | ||
Net Charge- Offs | 0.7 | (1) | ||
Provision for credit losses | (3.3) | 7 | ||
Initial ACL on PCD Loans | 0 | |||
Balance at End of Year | 14.7 | 17.3 | 11 | |
Total commercial loans and leases | Commercial leases | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 0 | |||
Total commercial loans and leases | Other | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 1.4 | 9 | ||
Charge- Offs | (2.3) | (4) | ||
Recoveries | 1.3 | 1 | ||
Net Charge- Offs | (1) | (3) | ||
Provision for credit losses | 2.2 | 4 | ||
Initial ACL on PCD Loans | 0 | |||
Balance at End of Year | 2.6 | 1.4 | 9 | |
Total commercial loans and leases | Other | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | (9) | |||
Total commercial loans and leases | Unfunded loan commitment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for credit losses | 5.5 | 1 | ||
Total commercial loans and leases | Unfunded loan commitment | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 8 | |||
Total consumer loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 82.7 | 63 | ||
Charge- Offs | (7.2) | (13) | ||
Recoveries | 5.2 | 6 | ||
Net Charge- Offs | (2) | (7) | ||
Provision for credit losses | 2.4 | 3 | ||
Initial ACL on PCD Loans | 6 | |||
Balance at End of Year | 83.1 | 82.7 | 63 | |
Total consumer loans | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 18 | |||
Total consumer loans | Direct installment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 26 | 13 | ||
Charge- Offs | (1.4) | (1) | ||
Recoveries | 1 | 1 | ||
Net Charge- Offs | (0.4) | 0 | ||
Provision for credit losses | 0.8 | 2 | ||
Initial ACL on PCD Loans | 1 | |||
Balance at End of Year | 26.4 | 26 | 13 | |
Total consumer loans | Direct installment | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 10 | |||
Total consumer loans | Residential mortgages | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 33.7 | 22 | ||
Charge- Offs | (1) | (2) | ||
Recoveries | 0.6 | 1 | ||
Net Charge- Offs | (0.4) | (1) | ||
Provision for credit losses | (0.2) | 3 | ||
Initial ACL on PCD Loans | 4 | |||
Balance at End of Year | 33.1 | 33.7 | 22 | |
Total consumer loans | Residential mortgages | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 6 | |||
Total consumer loans | Indirect installment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 11.2 | 19 | ||
Charge- Offs | (3.1) | (8) | ||
Recoveries | 2.2 | 4 | ||
Net Charge- Offs | (0.9) | (4) | ||
Provision for credit losses | 3.2 | (6) | ||
Initial ACL on PCD Loans | 0 | |||
Balance at End of Year | 13.5 | 11.2 | 19 | |
Total consumer loans | Indirect installment | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 2 | |||
Total consumer loans | Consumer lines of credit | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 11.8 | 9 | ||
Charge- Offs | (1.7) | (2) | ||
Recoveries | 1.4 | 0 | ||
Net Charge- Offs | (0.3) | (2) | ||
Provision for credit losses | (1.4) | 4 | ||
Initial ACL on PCD Loans | 1 | |||
Balance at End of Year | 10.1 | 11.8 | 9 | |
Total consumer loans | Consumer lines of credit | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 0 | |||
Total consumer loans | Unfunded loan commitment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for credit losses | 0 | 0 | ||
Total consumer loans | Unfunded loan commitment | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 2 | |||
Allowance for credit losses on loans and leases | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 363.1 | 196 | ||
Charge- Offs | (34.2) | (81) | ||
Recoveries | 20.3 | 21 | ||
Net Charge- Offs | (13.9) | (59.8) | ||
Provision for credit losses | (4.9) | 121.8 | ||
Initial ACL on PCD Loans | 50 | |||
Balance at End of Year | 344.3 | 363.1 | 196 | |
Allowance for credit losses on loans and leases | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | 55 | |||
Allowance for credit losses on loans and leases and allowance for unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Year | 376.7 | 199 | ||
Charge- Offs | (34.2) | (81) | ||
Recoveries | 20.3 | 21 | ||
Net Charge- Offs | (13.9) | (60) | ||
Provision for credit losses | 0.6 | 123 | ||
Initial ACL on PCD Loans | 50 | |||
Balance at End of Year | $ 363.4 | $ 376.7 | 199 | |
Allowance for credit losses on loans and leases and allowance for unfunded loan commitments | Impact of ASC 326 Adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit loss | $ 65 |
Allowance for Credit Losses o_5
Allowance for Credit Losses on Loans and Leases - Changes in Allowance for Credit Losses, Pre Adoption of ASU 326 (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | $ 196 | $ 180 | |
Charge- Offs | (42) | ||
Recoveries | 14 | ||
Net Charge- Offs | (28) | ||
Provision for credit losses | $ 1 | 123 | 44 |
Balance at End of Period | 196 | ||
Acquired loans in business combination | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 7 | 7 | |
Charge- Offs | (9) | ||
Recoveries | 2 | ||
Net Charge- Offs | (7) | ||
Provision for credit losses | 7 | ||
Balance at End of Period | 7 | ||
Total commercial loans and leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Charge- Offs | (27) | (68) | |
Recoveries | 15.1 | 15 | |
Net Charge- Offs | (11.9) | (53) | |
Provision for credit losses | (7.3) | 119 | |
Total commercial loans and leases | Originated loans And leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 126 | 114 | |
Charge- Offs | (17) | ||
Recoveries | 8 | ||
Net Charge- Offs | (9) | ||
Provision for credit losses | 21 | ||
Balance at End of Period | 126 | ||
Total commercial loans and leases | Commercial real estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Charge- Offs | (8.8) | (31) | |
Recoveries | 6.3 | 7 | |
Net Charge- Offs | (2.5) | (24) | |
Provision for credit losses | (21.5) | 67 | |
Total commercial loans and leases | Commercial real estate | Originated loans And leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 60 | 55 | |
Charge- Offs | (4) | ||
Recoveries | 4 | ||
Net Charge- Offs | 0 | ||
Provision for credit losses | 5 | ||
Balance at End of Period | 60 | ||
Total commercial loans and leases | Commercial and industrial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Charge- Offs | (15.7) | (32) | |
Recoveries | 6.6 | 7 | |
Net Charge- Offs | (9.1) | (25) | |
Provision for credit losses | 15.3 | 41 | |
Total commercial loans and leases | Commercial and industrial | Originated loans And leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 53 | 49 | |
Charge- Offs | (10) | ||
Recoveries | 4 | ||
Net Charge- Offs | (6) | ||
Provision for credit losses | 10 | ||
Balance at End of Period | 53 | ||
Total commercial loans and leases | Commercial leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Charge- Offs | (0.2) | (1) | |
Recoveries | 0.9 | 0 | |
Net Charge- Offs | 0.7 | (1) | |
Provision for credit losses | (3.3) | 7 | |
Total commercial loans and leases | Commercial leases | Originated loans And leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 11 | 8 | |
Charge- Offs | 0 | ||
Recoveries | 0 | ||
Net Charge- Offs | 0 | ||
Provision for credit losses | 3 | ||
Balance at End of Period | 11 | ||
Total commercial loans and leases | Other | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Charge- Offs | (2.3) | (4) | |
Recoveries | 1.3 | 1 | |
Net Charge- Offs | (1) | (3) | |
Provision for credit losses | 2.2 | 4 | |
Total commercial loans and leases | Other | Originated loans And leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 2 | 2 | |
Charge- Offs | (3) | ||
Recoveries | 0 | ||
Net Charge- Offs | (3) | ||
Provision for credit losses | 3 | ||
Balance at End of Period | 2 | ||
Total consumer loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Charge- Offs | (7.2) | (13) | |
Recoveries | 5.2 | 6 | |
Net Charge- Offs | (2) | (7) | |
Provision for credit losses | 2.4 | 3 | |
Total consumer loans | Originated loans And leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 63 | 59 | |
Charge- Offs | (16) | ||
Recoveries | 4 | ||
Net Charge- Offs | (12) | ||
Provision for credit losses | 16 | ||
Balance at End of Period | 63 | ||
Total consumer loans | Direct installment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Charge- Offs | (1.4) | (1) | |
Recoveries | 1 | 1 | |
Net Charge- Offs | (0.4) | 0 | |
Provision for credit losses | 0.8 | 2 | |
Total consumer loans | Direct installment | Originated loans And leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 13 | 14 | |
Charge- Offs | (1) | ||
Recoveries | 0 | ||
Net Charge- Offs | (1) | ||
Provision for credit losses | 0 | ||
Balance at End of Period | 13 | ||
Total consumer loans | Residential mortgages | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Charge- Offs | (1) | (2) | |
Recoveries | 0.6 | 1 | |
Net Charge- Offs | (0.4) | (1) | |
Provision for credit losses | (0.2) | 3 | |
Total consumer loans | Residential mortgages | Originated loans And leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 22 | 20 | |
Charge- Offs | (2) | ||
Recoveries | 0 | ||
Net Charge- Offs | (2) | ||
Provision for credit losses | 4 | ||
Balance at End of Period | 22 | ||
Total consumer loans | Indirect installment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Charge- Offs | (3.1) | (8) | |
Recoveries | 2.2 | 4 | |
Net Charge- Offs | (0.9) | (4) | |
Provision for credit losses | 3.2 | (6) | |
Total consumer loans | Indirect installment | Originated loans And leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 19 | 15 | |
Charge- Offs | (11) | ||
Recoveries | 4 | ||
Net Charge- Offs | (7) | ||
Provision for credit losses | 11 | ||
Balance at End of Period | 19 | ||
Total consumer loans | Consumer lines of credit | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Charge- Offs | (1.7) | (2) | |
Recoveries | 1.4 | 0 | |
Net Charge- Offs | (0.3) | (2) | |
Provision for credit losses | (1.4) | 4 | |
Total consumer loans | Consumer lines of credit | Originated loans And leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 9 | 10 | |
Charge- Offs | (2) | ||
Recoveries | 0 | ||
Net Charge- Offs | (2) | ||
Provision for credit losses | 1 | ||
Balance at End of Period | 9 | ||
Allowance for credit losses on loans and leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Charge- Offs | (34.2) | (81) | |
Recoveries | 20.3 | 21 | |
Net Charge- Offs | (13.9) | (59.8) | |
Provision for credit losses | $ (4.9) | 121.8 | |
Allowance for credit losses on loans and leases | Originated loans And leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | $ 189 | 173 | |
Charge- Offs | (33) | ||
Recoveries | 12 | ||
Net Charge- Offs | (21) | ||
Provision for credit losses | 37 | ||
Balance at End of Period | $ 189 |
Loan Servicing - Mortgage Servi
Loan Servicing - Mortgage Servicing Rights Activity (Details) - Mortgage Servicing Rights - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Servicing Assets at Fair Value [Line Items] | |||
Mortgage loans sold with servicing retained | $ 4,855 | $ 4,653 | |
Mortgage loans sold with servicing retained | 1,762 | 1,636 | $ 1,381 |
Pretax gains resulting from above loan sales | 43 | 70 | 32 |
Mortgage banking operations | 12 | 12 | 11 |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Balance at beginning of period | 35.6 | 42.6 | 36.8 |
Additions | 19.2 | 16 | 14.3 |
Payoffs and curtailments | (12.8) | (14.8) | (5) |
(Impairment charge) / recovery | 4.8 | (5.8) | (1) |
Amortization | (2.4) | (2.4) | (2.5) |
Balance at end of period | 44.4 | 35.6 | 42.6 |
Fair value, beginning of period | 35.6 | 45.2 | 41.1 |
Fair value, end of period | 46 | 35.6 | $ 45.2 |
Valuation allowance for impairment of recognized servicing assets, balance | $ 2.5 | $ 7.3 |
Loan Servicing - Sensitivity of
Loan Servicing - Sensitivity of Fair Value to Changes in key Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Mortgage Servicing Rights | ||
Servicing Assets at Fair Value [Line Items] | ||
Weighted average life (months) | 76 months 18 days | 66 months 17 days |
Constant prepayment rate (annualized) | 11.20% | 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% | $ (7) | $ (3) |
SBA-Guaranteed Loan Servicing | ||
Servicing Assets at Fair Value [Line Items] | ||
Weighted average life (months) | 42 months | 38 months |
Constant prepayment rate (annualized) | 14.80% | 17.80% |
Discount rate | 12.10% | 13.20% |
Sensitivity analysis of fair value, change in interest rates, 1% adverse change | $ (0.1) | $ (0.1) |
Sensitivity analysis of fair value, change in interest rates, 2% adverse change | (0.2) | (0.1) |
Sensitivity analysis of fair value, change in constant prepayment rates, 10% adverse change | (0.1) | (0.1) |
Sensitivity analysis of fair value, change in constant prepayment rates, 20% adverse change | $ (0.2) | $ (0.1) |
Loan Servicing - SBA-Guaranteed
Loan Servicing - SBA-Guaranteed Loan Servicing Asset Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Servicing Assets at Fair Value [Line Items] | |||
SBA service fees | $ 122 | $ 108 | $ 124 |
Indirect Auto Loan | |||
Servicing Assets at Fair Value [Line Items] | |||
SBA loans sold with servicing retained | 500 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Loan servicing rights | 0.3 | 0.7 | |
SBA-Guaranteed Loan Servicing | |||
Servicing Assets at Fair Value [Line Items] | |||
SBA loans sold to investors with servicing retained | 230 | 217 | |
SBA loans sold with servicing retained | 64 | 33 | 23 |
Pretax gains resulting from above loan sales | 8 | 3 | 2 |
SBA service fees | 2 | 2 | 2 |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Balance at beginning of period | 3 | 3 | 4 |
Additions | 1 | 1 | 0 |
Payoffs, curtailments and amortization | (1) | (1) | (1) |
Balance at end of period | 3 | 3 | 3 |
Fair value, beginning of period | 3 | 3 | 4 |
Fair value, end of period | 3 | 3 | $ 3 |
Valuation allowance for impairment of recognized servicing assets, balance | $ 1.1 | $ 1.1 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 59 | $ 57 |
Premises | 229 | 231 |
Equipment | 344 | 311 |
Finance leases | 11.9 | 0 |
Premises and equipment, gross | 644 | 599 |
Accumulated depreciation | (299) | (267) |
Total premises and equipment, net | $ 345 | $ 332 |
Premises and Equipment - Deprec
Premises and Equipment - Depreciation Expense for Premises and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense for premises and equipment | $ 46 | $ 43 | $ 42 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Rollforward of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 2,262 | $ 2,262 |
Goodwill (deductions) additions | 0 | 0 |
Goodwill, ending balance | 2,262 | 2,262 |
Community Banking | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 2,231 | 2,231 |
Goodwill (deductions) additions | 0 | 0 |
Goodwill, ending balance | 2,231 | 2,231 |
Wealth Management | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 8 | 8 |
Goodwill (deductions) additions | 0 | 0 |
Goodwill, ending balance | 8 | 8 |
Insurance | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 23 | 23 |
Goodwill (deductions) additions | 0 | 0 |
Goodwill, ending balance | $ 23 | $ 23 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Core Deposit Intangibles, Customer Renewal Lists and Mortgage Servicing Rights (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 215 | $ 215 |
Accumulated amortization | (173) | (161) |
Net carrying amount | 42 | 54 |
Core Deposit Intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 197 | 197 |
Accumulated amortization | (160) | (149) |
Net carrying amount | 37 | 48 |
Customer Renewal Lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 18 | 18 |
Accumulated amortization | (13) | (12) |
Net carrying amount | $ 5 | $ 6 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period of intangible assets, years | 8 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period of intangible assets, years | 13 years |
Core Deposit Intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period of intangible assets, years | 10 years |
Customer Renewal Lists | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period of intangible assets, years | 8 years |
Customer Renewal Lists | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period of intangible assets, years | 13 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Amortization Expense Recognized (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 12 | $ 13 | $ 14 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Schedule of Expected Amortization Expense on Finite-Lived Intangible Assets (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 10 |
2023 | 10 |
2024 | 8 |
2025 | 7 |
2026 | 5 |
Total | $ 40 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
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 | $ 139.7 | |
Operating lease, liability | $ 148.6 | |
Finance lease, asset, statement of financial position [extensible enumeration] | Premises and equipment, net | |
Finance lease, lease, statement of financial position [extensible enumeration] | Other liabilities | |
Finance lease, asset | $ 11.9 | $ 0 |
Finance lease, liability | 12 | |
Lessee, operating lease, right-of-use asset, lease not yet commenced | 69.2 | |
Lessee, operating lease, lease not yet commenced, liability | $ 90.6 | |
Maximum | ||
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 29 | $ 27 | $ 27 |
Short-term lease cost | 1 | 1 | 1 |
Variable lease cost | 3 | 3 | 4 |
Total lease cost | $ 33 | $ 31 | $ 32 |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 27 | $ 26 |
Operating cash flows from finance leases | 0 | 0 |
Right-of-use assets obtained in exchange for lease obligations, Operating leases | 23 | 20 |
Finance lease, right-of-use assets obtained in exchange for lease obligations | $ 12 | $ 0 |
Weighted average remaining lease term, Operating leases | 9 years 9 months 29 days | 9 years 5 months 12 days |
Finance lease, weighted average remaining lease term (in years) | 23 years 1 month 2 days | 0 years |
Weighted average discount rate, Operating leases | 2.40% | 2.60% |
Finance lease, weighted average discount rate, percent | 1.90% | 0.00% |
Leases - Maturities (Details)
Leases - Maturities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Operating Leases | |
2022 | $ 26 |
2023 | 22 |
2024 | 20 |
2025 | 15 |
2026 | 12 |
Later years | 75 |
Total lease payments | 170 |
Less: imputed interest | (21) |
Present value of lease liabilities | 148.6 |
Finance Leases | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Later years | 15 |
Total lease payments | 15 |
Less: imputed interest | (3) |
Present value of lease liabilities | 12 |
Total Leases | |
2022 | 26 |
2023 | 22 |
2024 | 20 |
2025 | 15 |
2026 | 12 |
Later years | 90 |
Total lease payments | 185 |
Less: imputed interest | (24) |
Present value of lease liabilities | $ 161 |
Variable Interest Entities - As
Variable Interest Entities - Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | |||
Total Assets | $ 39,513 | $ 37,354 | $ 34,615 |
Total Liabilities | 34,363 | 32,395 | |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total Assets | 150 | 146 | |
Total Liabilities | 107 | 119 | |
Maximum Exposure to Loss | 149 | 145 | |
Trust Preferred Securities | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total Assets | 1 | 1 | |
Total Liabilities | 67 | 66 | |
Maximum Exposure to Loss | 0 | 0 | |
Affordable Housing Tax Credit Partnerships | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total Assets | 121 | 119 | |
Total Liabilities | 34 | 45 | |
Maximum Exposure to Loss | 121 | 119 | |
Other Investments | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total Assets | 28 | 26 | |
Total Liabilities | 6 | 8 | |
Maximum Exposure to Loss | $ 28 | $ 26 |
Variable Interest Entities - Tr
Variable Interest Entities - Trust-Preferred Securities (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Trust Preferred Securities | Maximum | |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Proportional amortization method investments included in other assets | $ 86 | $ 71 |
Equity method investments included in other assets | 1 | 3 |
Total LIHTC investments included in other assets | 87 | 74 |
Unfunded LIHTC commitments | $ 34 | $ 45 |
Variable Interest Entities - In
Variable Interest Entities - Income Statement Effect (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-Interest Income | |||
Amortization of tax credit investments under equity method, net of tax benefit | $ 1 | $ 1 | $ 1 |
Provision for income taxes: | |||
Amortization of LIHTC investments under proportional method | 13 | 11 | 8 |
Low-income housing tax credits | (15) | (12) | (9) |
Other tax benefits related to tax credit investments | (2) | (2) | (2) |
Total impact on provision for income taxes | $ (4) | $ (3) | $ (3) |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Non-interest-bearing demand | $ 10,789 | $ 9,042 |
Interest-bearing demand | 14,409 | 13,157 |
Savings | 3,669 | 3,261 |
Less than $100,000 | 1,540 | 1,895 |
$100,000 through $250,000 | 866 | 1,173 |
Greater than $250,000 | 453 | 594 |
Total certificates and other time deposits | 2,859 | 3,662 |
Total Deposits | $ 31,726 | $ 29,122 |
Deposits - Summary of Scheduled
Deposits - Summary of Scheduled Maturities of Certificates and Other Time Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
2022 | $ 2,047 | |
2023 | 440 | |
2024 | 160 | |
2025 | 103 | |
2026 | 91 | |
Later years | 18 | |
Total certificates and other time deposits | $ 2,859 | $ 3,662 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Short-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $ 376 | $ 403 |
Federal Home Loan Bank advances | 1,030 | 1,280 |
Subordinated notes | 130 | 121 |
Total short-term borrowings | $ 1,536 | $ 1,804 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | ||
Short-term advances, overnight maturities | $ 0 | $ 0 |
Short-term advances, swapped to a fixed rate | $ 1,300,000,000 | $ 1,000,000,000 |
Short-term advances, swapped to a fixed rate, percentage bearing fixed interest rate | 100.00% | 100.00% |
FHLB | ||
Debt Instrument [Line Items] | ||
Reduction of higher rate outstanding | $ 225,000,000 | |
Hedge termination costs | $ 8,900,000 |
Short-Term Borrowings - Schedul
Short-Term Borrowings - Schedule of Weighted Average Interest Rates on Short-Term Borrowings (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |||
Year-to-date average | 1.61% | 1.53% | 2.24% |
Period-end | 1.61% | 1.57% | 1.76% |
Long-Term Borrowings - Summary
Long-Term Borrowings - Summary of Long-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 0 | $ 400 |
Senior notes | 299 | 299 |
Subordinated notes | 68 | 81 |
Junior subordinated debt | 67 | 66 |
Other subordinated debt | 248 | 249 |
Total long-term borrowings | $ 682 | $ 1,095 |
Long-Term Borrowings - Schedule
Long-Term Borrowings - Scheduled Annual Maturities for Long-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 18 | |
2023 | 336 | |
2024 | 3 | |
2025 | 104 | |
2026 | 6 | |
Later years | 215 | |
Total long-term borrowings | $ 682 | $ 1,095 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)trust | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Loss on debt extinguishment | $ 0 | $ (17,000,000) | $ 0 |
Number of unconsolidated subsidiary trusts | trust | 3 | ||
Percent of the common equity of each Trust owned by the Corporation | 100.00% | ||
Aggregate principal amount issued | $ 558,000,000 | ||
Proceeds from debt, net of issuance costs | 560,000,000 | ||
2.20% Senior Notes due February 24, 2023 | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount issued | 300,000,000 | 300,000,000 | |
Proceeds from debt, net of issuance costs | 298,000,000 | 297,900,000 | |
4.95% Fixed-To-Floating Rate Subordinated Notes due 2029 | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount issued | 120,000,000 | ||
Proceeds from debt, net of issuance costs | $ 118,000,000 | ||
4.95% Fixed-To-Floating Rate Subordinated Notes due 2029 | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis points | 2.40% | ||
FHLB | |||
Debt Instrument [Line Items] | |||
Credit available with FHLB | $ 8,600,000,000 | ||
Credit with FHLB used | $ 1,000,000,000 | ||
Reduction of higher rate outstanding | 490,000,000 | ||
Loss on debt extinguishment | $ 16,700,000 | ||
Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Written notice for holder | 30 days | ||
Minimum | FHLB | |||
Debt Instrument [Line Items] | |||
Effective interest rates | 0.26% | 0.30% | |
Minimum | Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Months prior to maturity, interest discount | 3 months | ||
Maximum | FHLB | |||
Debt Instrument [Line Items] | |||
Effective interest rates | 0.29% | 0.34% | |
Maximum | Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Months prior to maturity, interest discount | 12 months |
Long-Term Borrowings - Summar_2
Long-Term Borrowings - Summary of Weighted Average Interest Rate on Subordinated Notes (Detail) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | |||
Subordinated notes weighted average interest rate | 3.12% | 3.23% | 3.33% |
Long-Term Borrowings - Junior S
Long-Term Borrowings - Junior Subordinated Debt Trusts (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 67 | $ 66 |
Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 72 | |
Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 3 | |
F.N.B. Statutory Trust II | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
Interest Rate | 1.85% | |
Basis points | 1.65% | |
F.N.B. Statutory Trust II | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
F.N.B. Statutory Trust II | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
Yadkin Valley Statutory Trust I | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
Interest Rate | 1.52% | |
Basis points | 1.32% | |
Yadkin Valley Statutory Trust I | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 25 | |
Yadkin Valley Statutory Trust I | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
FNB Financial Services Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 23 | |
Interest Rate | 1.68% | |
Basis points | 1.46% | |
FNB Financial Services Capital Trust I | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 25 | |
FNB Financial Services Capital Trust I | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 1 |
Long-Term Borrowings - Schedu_2
Long-Term Borrowings - Schedule of Subordinated Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | ||
Debt Instrument [Line Items] | ||
Aggregate Principal Amount Issued | 300,000,000 | $ 300,000,000 |
Net Proceeds | 298,000,000 | $ 297,900,000 |
Carrying Value | $ 299,000,000 | |
Interest Rate | 2.20% | |
4.95% Fixed-To-Floating Rate Subordinated Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Aggregate Principal Amount Issued | $ 120,000,000 | |
Net Proceeds | 118,000,000 | |
Carrying Value | $ 119,000,000 | |
Interest Rate | 4.95% | |
4.875% Subordinated Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Aggregate Principal Amount Issued | $ 100,000,000 | |
Net Proceeds | 98,000,000 | |
Carrying Value | $ 99,000,000 | |
Interest Rate | 4.875% | |
7.625% Subordinated Notes due August 12, 2013 | Yadkin Financial Corporation (YDKN) | ||
Debt Instrument [Line Items] | ||
Aggregate Principal Amount Issued | $ 38,000,000 | |
Net Proceeds | 46,000,000 | |
Carrying Value | $ 30,000,000 | |
Interest Rate | 7.625% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Schedule of Notional Amounts and Gross Fair Values of Derivative Assets and Derivative Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 14,526 | $ 12,480 |
Derivative asset, fair value, amount not offset against collateral | 3 | 3 |
Derivative liability, fair value, amount not offset against collateral | 20 | 37 |
Derivative asset, not subject to master netting arrangement | 182 | 373 |
Derivative liability, not subject to master netting arrangement | 25 | 3 |
Derivative asset | 185 | 376 |
Derivative liabilities | 45 | 40 |
Interest rate contracts – designated | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, amount not offset against collateral | 1 | 3 |
Derivative liability, fair value, amount not offset against collateral | 0 | 0 |
Interest rate swaps – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, amount not offset against collateral | 2 | 0 |
Derivative liability, fair value, amount not offset against collateral | 20 | 37 |
Derivative asset, not subject to master netting arrangement | 172 | 349 |
Derivative liability, not subject to master netting arrangement | 24 | 0 |
Interest rate lock commitments – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not subject to master netting arrangement | 9 | 24 |
Derivative liability, not subject to master netting arrangement | 0 | 0 |
Forward delivery commitments – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not subject to master netting arrangement | 1 | 0 |
Derivative liability, not subject to master netting arrangement | 1 | 2 |
Credit risk contracts – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 247.8 | |
Derivative asset, not subject to master netting arrangement | 0 | 0 |
Derivative liability, not subject to master netting arrangement | 0 | 1 |
Subject to master netting arrangements: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 7,627 | 6,221 |
Subject to master netting arrangements: | Interest rate contracts – designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 2,080 | 1,430 |
Subject to master netting arrangements: | Interest rate swaps – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 5,547 | 4,791 |
Not subject to master netting arrangements: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 6,899 | 6,259 |
Not subject to master netting arrangements: | Interest rate swaps – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 5,547 | 4,791 |
Not subject to master netting arrangements: | Interest rate lock commitments – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 482 | 531 |
Not subject to master netting arrangements: | Forward delivery commitments – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 502 | 500 |
Not subject to master netting arrangements: | Credit risk contracts – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 368 | $ 437 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Amounts Reclassified from AOCI (Details) - Interest rate contracts - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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) | $ (22,000,000) |
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | 0 | |
Interest income (expense) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amount of Gain (Loss) Reclassified from AOCI into Income | (18,000,000) | (14,000,000) | 2,000,000 |
Other income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amount of Gain (Loss) Reclassified from AOCI into Income | $ 0 | $ (9,000,000) | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effect of Cash Flow Hedging on Income Statement (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Interest Income - Loans and Leases | $ 886,000,000 | $ 990,000,000 | $ 1,085,000,000 |
Interest Expense - Short-Term Borrowings | 27,000,000 | 38,000,000 | 80,000,000 |
Interest rate contracts | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from AOCI into net income | 0 | 0 | |
Interest rate contracts | Interest income – loans and leases | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from AOCI into net income | 2,000,000 | (7,000,000) | (1,000,000) |
Amount of gain (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring | 0 | 0 | 0 |
Interest rate contracts | Interest expense – short-term borrowings | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from AOCI into net income | (20,000,000) | (16,000,000) | 3,000,000 |
Amount of gain (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring | $ 0 | 0 | $ 0 |
Interest rate contracts | Interest income - other non-interest income | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from AOCI into net income | $ 8,900,000 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Derivative [Line Items] | |||
Notional amount | $ 14,526,000,000 | $ 12,480,000,000 | |
Additional amount in excess of posted collateral required in case of breached agreements | 200,000 | 300,000 | |
Subject to master netting arrangements: | |||
Derivative [Line Items] | |||
Notional amount | $ 7,627,000,000 | 6,221,000,000 | |
Interest rate contracts | |||
Derivative [Line Items] | |||
Maximum length of time hedged in interest rate cash flow hedge | 3 years 9 months 18 days | ||
Period to reclassification of cash flow hedge gain loss | 12 months | ||
Derivative loss to be reclassified within twelve months | $ 9,800,000 | ||
Derivative loss to be reclassified within twelve months, net of tax | 7,600,000 | ||
Hedge ineffectiveness | 0 | ||
Amount of gain (loss) reclassified from AOCI into net income | 0 | 0 | |
Interest rate contracts | Subject to master netting arrangements: | |||
Derivative [Line Items] | |||
Termination of derivative contract, notional amount | $ 225,000,000 | ||
Notional amount | $ 2,080,000,000 | 1,430,000,000 | |
Interest rate lock commitments | Minimum | |||
Derivative [Line Items] | |||
Lock in period for interest rates | 30 days | ||
Interest rate lock commitments | Maximum | |||
Derivative [Line Items] | |||
Lock in period for interest rates | 270 days | ||
Credit risk contracts | |||
Derivative [Line Items] | |||
Notional amount | $ 247,800,000 | ||
Maximum exposure under credit risk agreement assuming customer default | 200,000 | 600,000 | |
Credit risk derivatives, purchased at fair value | 100,000 | 200,000 | |
Credit risk derivatives, sold at fair value | $ 200,000 | $ 600,000 | |
Credit risk contracts | Minimum | |||
Derivative [Line Items] | |||
Risk participation agreements, term | 7 months | ||
Credit risk contracts | Maximum | |||
Derivative [Line Items] | |||
Risk participation agreements, term | 19 years |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Effect of Derivative Financial Instruments on Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest rate swaps | Non-interest income - other | |||
Derivative [Line Items] | |||
Derivative financial instrument, net | $ 0 | $ 0 | $ 0 |
Interest rate lock commitments | Mortgage banking operations | |||
Derivative [Line Items] | |||
Derivative financial instrument, net | 0 | 0 | 0 |
Forward delivery contracts | Mortgage banking operations | |||
Derivative [Line Items] | |||
Derivative financial instrument, net | 2 | (2) | (1) |
Credit risk contracts | Non-interest income - other | |||
Derivative [Line Items] | |||
Derivative financial instrument, net | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Derivative Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Amount Presented in the Consolidated Balance Sheets | $ 3 | $ 3 |
Financial Instruments | 0 | 0 |
Cash Collateral | 3 | 3 |
Net Amount | 0 | 0 |
Interest rate contracts – designated | ||
Derivative [Line Items] | ||
Amount Presented in the Consolidated Balance Sheets | 1 | 3 |
Financial Instruments | 0 | 0 |
Cash Collateral | 1 | 3 |
Net Amount | 0 | 0 |
Interest rate swaps – not designated | ||
Derivative [Line Items] | ||
Amount Presented in the Consolidated Balance Sheets | 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Amount Presented in the Consolidated Balance Sheets | $ 20 | $ 37 |
Financial Instruments | 0 | 0 |
Cash Collateral | 20 | 37 |
Net Amount | 0 | 0 |
Interest rate contracts – designated | ||
Derivative [Line Items] | ||
Amount Presented in the Consolidated Balance Sheets | 0 | 0 |
Interest rate swaps – not designated | ||
Derivative [Line Items] | ||
Amount Presented in the Consolidated Balance Sheets | 20 | 37 |
Financial Instruments | 0 | 0 |
Cash Collateral | 20 | 37 |
Net Amount | $ 0 | $ 0 |
Commitments, Credit Risk and _3
Commitments, Credit Risk and Contingencies - Summary of Off-Balance Sheet Credit Risk Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Extended credit and standby letters of credit | $ 194 | $ 158 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Extended credit and standby letters of credit | $ 11,228 | $ 9,285 |
Commitments, Credit Risk and _4
Commitments, Credit Risk and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Percentage of commitments to extend credit dependent upon the financial condition of the customers | 72.40% | |
Allowance for credit losses on loan commitments that are not unconditionally cancellable | $ 19.2 | $ 13.7 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares available up to (in shares) | 4,125,588 | ||
Unrecognized compensation expense | $ 9 | ||
Intrinsic value of outstanding and exercisable stock options | $ 0.6 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards issued (in shares) | 1,113,314 | 2,004,895 | 1,182,197 |
Unrecognized compensation expense | $ 9 | ||
Amount subject to accelerated vesting under Incentive Compensation Plan | $ 0.7 | ||
Service- Based Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards issued, years | 3 years | ||
Unrecognized compensation expense | $ 8 | ||
Performance- Based Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 1 | ||
Performance- Based Units | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards issued (in shares) | 325,284 | 571,932 |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary of Information Concerning Restricted Stock Units (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Units | |||
Shares, unvested shares outstanding at end of year (in shares) | 4,680,786 | ||
Restricted Stock | |||
Units | |||
Shares, unvested shares outstanding at beginning of year (in shares) | 4,322,115 | 2,858,357 | 2,556,174 |
Shares, granted (in shares) | 1,113,314 | 2,004,895 | 1,182,197 |
Shares, net adjustment due to performance (in shares) | 527,975 | 47,290 | 0 |
Shares, vested (in shares) | (1,320,646) | (613,581) | (655,208) |
Shares, forfeited/expired (in shares) | (143,238) | (203,058) | (332,814) |
Shares, dividend reinvestment (in shares) | 181,266 | 228,212 | 108,008 |
Shares, unvested shares outstanding at end of year (in shares) | 4,680,786 | 4,322,115 | 2,858,357 |
Weighted Average Grant Price per Share | |||
Weighted average grant price per share, unvested shares outstanding at beginning of year (USD per share) | $ 9.46 | $ 12.56 | $ 13.51 |
Weighted average grant price per share, granted (USD per share) | 12.65 | 6.95 | 10.94 |
Weighted average grant price per share, net adjustment due to performance (USD per share) | 10.79 | 13 | 0 |
Weighted average grant price per share, vested (USD per share) | 12.07 | 14.41 | 13.15 |
Weighted average grant price per share, forfeited/expired (USD per share) | 10.65 | 12.54 | 12.72 |
Weighted average grant price per share, dividend reinvestment (USD per share) | 12.17 | 8.14 | 11.84 |
Weighted average grant price per share, unvested shares outstanding at end of year (USD per share) | $ 9.71 | $ 9.46 | $ 12.56 |
Stock Incentive Plans - Schedul
Stock Incentive Plans - Schedule of Certain Information Related to Restricted Stock Units (Detail) - Restricted Stock - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 21 | $ 16 | $ 12 |
Tax benefit related to stock-based compensation expense | 4 | 3 | 2 |
Fair value of units vested | $ 16 | $ 5 | $ 7 |
Stock Incentive Plans - Compone
Stock Incentive Plans - Components of Restricted Stock Units (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock awards (in shares) | shares | 4,680,786 |
Unrecognized compensation expense | $ 9 |
Intrinsic value | $ 56 |
Weighted average remaining life (in years) | 1 year 4 months 17 days |
Service- Based Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock awards (in shares) | shares | 2,919,926 |
Unrecognized compensation expense | $ 8 |
Intrinsic value | $ 35 |
Weighted average remaining life (in years) | 1 year 8 months 23 days |
Performance- Based Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock awards (in shares) | shares | 1,760,860 |
Unrecognized compensation expense | $ 1 |
Intrinsic value | $ 21 |
Weighted average remaining life (in years) | 9 months 18 days |
Stock Incentive Plans - Summa_2
Stock Incentive Plans - Summary of Activity Related to Stock Options Units (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options Outstanding and Exercisable | |||
Shares, options outstanding at beginning of year (in shares) | 196,086 | 246,084 | 458,354 |
Shares, exercised (in shares) | (28,168) | (33,945) | (183,566) |
Shares, forfeited/expired (in shares) | (591) | (16,053) | (28,704) |
Shares, options outstanding and exercisable at end of year (in shares) | 167,327 | 196,086 | 246,084 |
Weighted Average Exercise Price per Share | |||
Weighted average price per share, options outstanding at beginning of year (USD per share) | $ 8.61 | $ 8.14 | $ 7.99 |
Weighted average price per share, exercised (USD per share) | 7.38 | 5.74 | 7.86 |
Weighted average price per share, forfeited/expired (USD per share) | 6.44 | 7.38 | 7.65 |
Weighted average price per share, options outstanding and exercisable at end of year (USD per share) | $ 8.83 | $ 8.61 | $ 8.14 |
Stock Incentive Plans - Summa_3
Stock Incentive Plans - Summary of Stock Options Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding and Exercisable (in shares) | shares | 167,327 |
$3.57 - $5.36 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (USD per share) | $ 3.57 |
Range of Exercise Prices, Maximum (USD per share) | $ 5.36 |
Options Outstanding and Exercisable (in shares) | shares | 9,439 |
Weighted Average Remaining Contractual Years | 2 months 23 days |
Weighted Average Exercise Price (USD per share) | $ 4.83 |
$5.37 - $8.05 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (USD per share) | 5.37 |
Range of Exercise Prices, Maximum (USD per share) | $ 8.05 |
Options Outstanding and Exercisable (in shares) | shares | 39,549 |
Weighted Average Remaining Contractual Years | 1 year 1 month 13 days |
Weighted Average Exercise Price (USD per share) | $ 6.91 |
$8.06 - $11.37 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (USD per share) | 8.06 |
Range of Exercise Prices, Maximum (USD per share) | $ 11.37 |
Options Outstanding and Exercisable (in shares) | shares | 118,339 |
Weighted Average Remaining Contractual Years | 2 years 9 months 3 days |
Weighted Average Exercise Price (USD per share) | $ 9.78 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) | Jan. 01, 2021 | Dec. 31, 2021USD ($)retirementPlanshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2008 |
Retirement Plans [Line Items] | |||||
Number of supplemental non-qualified retirement plans sponsored by the Corporation | retirementPlan | 2 | ||||
Consecutive calendar years used to calculate BRP benefits | 5 years | ||||
Term of employment for consideration of BRP | 10 years | ||||
Percentage of non callable corporate bonds | 10.00% | ||||
Expected long-term rate of return on assets | 6.75% | 6.75% | 7.25% | 7.25% | |
Benefits paid | $ 11,000,000 | $ 11,000,000 | |||
Corporation contribution | $ 1,000,000 | 7,000,000 | |||
Percent of employer match | 100.00% | ||||
Employee contribution percentage | 6.00% | ||||
Additional discretionary contribution, annual financial goals, percentage | 3.00% | ||||
Dividends received on common stock | $ 200,000 | $ 200,000 | |||
Common Stock | |||||
Retirement Plans [Line Items] | |||||
Common stock, shares (in shares) | shares | 367,500 | 450,000 | |||
Percentage of common stock on total plan assets | 2.20% | 2.10% | |||
Qualified Pension Plans | |||||
Retirement Plans [Line Items] | |||||
Benefits paid | $ 9,900,000 | $ 10,000,000 | |||
Non Qualified Pension Plans | |||||
Retirement Plans [Line Items] | |||||
Benefits paid | 1,400,000 | 1,500,000 | |||
Retirement Income Plan (RIP) | |||||
Retirement Plans [Line Items] | |||||
Corporation contribution | $ 0 | $ 5,000,000 | $ 5,000,000 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Accumulated Benefit Obligation, Change in Benefit Obligation, Change in Plan Assets, Plans' Funded Status and Amount Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Benefit Obligation | |||
Accumulated benefit obligation | $ 172 | $ 187 | |
Projected benefit obligation at beginning of year | 187 | 175 | |
Interest cost | 4 | 6 | $ 7 |
Actuarial loss (gain) | (8) | 17 | |
Benefits paid | (11) | (11) | |
Projected benefit obligation at end of year | 172 | 187 | 175 |
Fair Value of Plan Assets | |||
Fair value of plan assets at beginning of year | 189 | 173 | |
Actual return on plan assets | 22 | 20 | |
Corporation contribution | 1 | 7 | |
Benefits paid | (11) | (11) | |
Fair value of plan assets at end of year | 201 | 189 | 173 |
Funded status of plans | 29 | 2 | |
Qualified Pension Plans | |||
Benefit Obligation | |||
Accumulated benefit obligation | 154 | 167 | |
Projected benefit obligation at beginning of year | 167 | 156 | |
Interest cost | 4 | 5 | |
Actuarial loss (gain) | (7) | 15 | |
Benefits paid | (10) | (9) | |
Projected benefit obligation at end of year | 154 | 167 | 156 |
Fair Value of Plan Assets | |||
Fair value of plan assets at beginning of year | 189 | 173 | |
Actual return on plan assets | 22 | 20 | |
Corporation contribution | 0 | 5 | |
Benefits paid | (10) | (9) | |
Fair value of plan assets at end of year | 201 | 189 | 173 |
Funded status of plans | 47 | 22 | |
Non Qualified Pension Plans | |||
Benefit Obligation | |||
Accumulated benefit obligation | 18 | 20 | |
Projected benefit obligation at beginning of year | 20 | 19 | |
Interest cost | 0 | 1 | |
Actuarial loss (gain) | (1) | 2 | |
Benefits paid | (1) | (2) | |
Projected benefit obligation at end of year | 18 | 20 | 19 |
Fair Value of Plan Assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Corporation contribution | 1 | 2 | |
Benefits paid | (1) | (2) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status of plans | $ (18) | $ (20) |
Retirement Plans - Schedule o_2
Retirement Plans - Schedule of Actuarial Assumptions Used in Determination of Projected Benefit Obligation (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Weighted average discount rate | 2.72% | 2.31% |
Rates of average increase in compensation levels | 3.50% | 3.50% |
Retirement Plans - Schedule o_3
Retirement Plans - Schedule of Net Periodic Pension Cost and Other Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Interest cost | $ 4 | $ 6 | $ 7 |
Expected return on plan assets | (12) | (13) | (11) |
Actuarial loss amortization | 3 | 3 | 2 |
Total pension cost | (5) | (4) | (2) |
Current year actuarial (gain) loss | (18) | 10 | 1 |
Amortization of actuarial loss | (3) | (3) | (2) |
Total amount recognized in other comprehensive (loss) income | (21) | 7 | (1) |
Total amount recognized in net periodic benefit cost (gain) and other comprehensive (loss) income | $ (26) | $ 3 | $ (3) |
Retirement Plans - Schedule o_4
Retirement Plans - Schedule of Actuarial Assumptions Used in Determination of Net Periodic Pension Cost (Detail) | Jan. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | ||||
Weighted average discount rate | 2.31% | 3.17% | 4.16% | |
Rates of increase in compensation levels | 3.50% | 3.50% | 3.50% | |
Expected long-term rate of return on assets | 6.75% | 6.75% | 7.25% | 7.25% |
Retirement Plans - Schedule o_5
Retirement Plans - Schedule of Estimated Future Cash Flows (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Retirement Benefits [Abstract] | |
Expected employer contributions: 2022 | $ 1 |
Expected benefit payments: 2022 | 10 |
Expected benefit payments: 2023 | 10 |
Expected benefit payments: 2024 | 11 |
Expected benefit payments: 2025 | 11 |
Expected benefit payments: 2026 | 10 |
Expected benefit payments: 2027 - 2031 | $ 51 |
Retirement Plans - Schedule o_6
Retirement Plans - Schedule of Contribution Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
401(k) contribution expense | $ 19 | $ 17 | $ 15 |
Retirement Plans - Schedule o_7
Retirement Plans - Schedule of Asset Allocations for Pension Plans (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 64.00% | 63.00% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 33.00% | 36.00% |
Cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 3.00% | 1.00% |
Minimum | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 45.00% | |
Minimum | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 30.00% | |
Minimum | Cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Maximum | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 65.00% | |
Maximum | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50.00% | |
Maximum | Cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 10.00% |
Retirement Plans - Schedule o_8
Retirement Plans - Schedule of Fair Value of Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 201 | $ 189 | $ 173 |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | 2 | |
F.N.B. Corporation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 4 | |
Other large-cap U.S. financial services companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 3 | |
Other large-cap U.S. companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 67 | 60 | |
Other equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
U.S. small-cap equity index funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 5 | |
U.S. mid-cap equity index funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 6 | |
Non-U.S. equities growth fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17 | 16 | |
U.S. mid-cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14 | 13 | |
U.S. small-cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 5 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 5 | |
U.S. government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44 | 45 | |
U.S. investment-grade fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23 | 24 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 157 | 144 | |
Level 1 | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | 2 | |
Level 1 | F.N.B. Corporation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 4 | |
Level 1 | Other large-cap U.S. financial services companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 3 | |
Level 1 | Other large-cap U.S. companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 67 | 60 | |
Level 1 | Other equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
Level 1 | U.S. small-cap equity index funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 5 | |
Level 1 | U.S. mid-cap equity index funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 6 | |
Level 1 | Non-U.S. equities growth fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17 | 16 | |
Level 1 | U.S. mid-cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14 | 13 | |
Level 1 | U.S. small-cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 5 | |
Level 1 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 5 | |
Level 1 | U.S. government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 | U.S. investment-grade fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23 | 24 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44 | 45 | |
Level 2 | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | F.N.B. Corporation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Other large-cap U.S. financial services companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Other large-cap U.S. companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Other equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | U.S. small-cap equity index funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | U.S. mid-cap equity index funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Non-U.S. equities growth fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | U.S. mid-cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | U.S. small-cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | U.S. government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44 | 45 | |
Level 2 | U.S. investment-grade fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | F.N.B. Corporation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Other large-cap U.S. financial services companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Other large-cap U.S. companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Other equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | U.S. small-cap equity index funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | U.S. mid-cap equity index funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Non-U.S. equities growth fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | U.S. mid-cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | U.S. small-cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | U.S. government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | U.S. investment-grade fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense Allocated Based on Separate Tax Return Basis (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current income taxes: Federal taxes | $ 79 | $ 71 | $ 47 |
Current income taxes: State taxes | 4 | 5 | 4 |
Total current income taxes | 83 | 76 | 51 |
Deferred income taxes: Federal taxes | 12 | (20) | 30 |
Deferred income taxes: State taxes | 3 | 1 | 3 |
Total deferred income taxes | 15 | (19) | 33 |
Total income taxes | $ 98 | $ 57 | $ 84 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between the Statutory Tax Rate and Actual Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal tax rate | 21.00% | 21.00% | 21.00% |
State taxes, net of federal benefit | 1.10% | 1.60% | 1.10% |
Tax-exempt interest | (1.70%) | (2.80%) | (2.20%) |
Cash surrender value on BOLI | (0.50%) | (0.80%) | (0.50%) |
Tax credits | (3.20%) | (6.30%) | (4.20%) |
Affordable housing cost amortization, net of tax benefits | 2.20% | 2.50% | 1.40% |
Other items | 0.70% | 1.50% | 1.10% |
Effective tax rate | 19.60% | 16.70% | 17.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Income tax rate | 19.60% | 16.70% | 17.70% |
Investment tax credit | $ 0 | $ 8.3 | $ 7.9 |
Operating loss carryforwards, valuation allowance | 33.7 | ||
Tax credit carryforward | 3.3 | ||
Unrecognized tax benefits | 2.7 | $ 2 | |
Unrecognized tax benefits which affect the effective tax rate if recognized | 2.5 | ||
Reduction in the unrecognized tax benefit due to statutes of limitations for next twelve months | $ 0.1 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Income tax rate | 21.00% | 21.00% | 21.00% |
Federal | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | $ 17.2 | ||
State | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | $ 2.4 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities from Tax Effects of Temporary Differences (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Allowance for credit losses | $ 76 | $ 80 |
Discounts on loans acquired in a business combination | 8 | 16 |
Net operating loss/tax credit carryforwards | 37 | 38 |
Deferred compensation | 14 | 12 |
Securities impairments | 1 | 1 |
Pension and other defined benefit plans | 0 | 2 |
Lease liability | 36 | 30 |
Net unrealized securities losses | 4 | 0 |
Other | 13 | 14 |
Total | 189 | 193 |
Valuation allowance | (34) | (33) |
Total deferred tax assets | 155 | 160 |
Loan costs | (6) | (6) |
Depreciation | (11) | (12) |
Prepaid expenses | (1) | (1) |
Amortizable intangibles | (11) | (13) |
Pension and other defined benefit plans | (4) | 0 |
Lease financing | (33) | (32) |
Mortgage servicing rights | (10) | (8) |
Lease ROU asset | (34) | (28) |
Net unrealized securities gains | 0 | (7) |
Other | (2) | (2) |
Total deferred tax liabilities | (112) | (109) |
Net deferred tax assets | $ 43 | $ 51 |
Other Comprehensive Income - Ch
Other Comprehensive Income - Changes in AOCI, Net of Tax, by Component (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 4,959 | $ 4,883 | $ 4,608 |
Other comprehensive (loss) income before reclassifications | (37) | ||
Amounts reclassified from AOCI | 14 | ||
Other Comprehensive Income (Loss) | (23) | 26 | 41 |
Balance at end of period | 5,150 | 4,959 | 4,883 |
Unrealized Net Gains (Losses) on Debt Securities Available for Sale | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 65 | ||
Other comprehensive (loss) income before reclassifications | (57) | ||
Amounts reclassified from AOCI | 0 | ||
Other Comprehensive Income (Loss) | (57) | ||
Balance at end of period | 8 | 65 | |
Unrealized Net Gains (Losses) on Derivative Instruments | |||
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 | 14 | ||
Other Comprehensive Income (Loss) | 18 | ||
Balance at end of period | (22) | (40) | |
Unrecognized Pension and Postretirement Obligations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (64) | ||
Other comprehensive (loss) income before reclassifications | 16 | ||
Amounts reclassified from AOCI | 0 | ||
Other Comprehensive Income (Loss) | 16 | ||
Balance at end of period | (48) | (64) | |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (39) | (65) | (106) |
Balance at end of period | $ (62) | $ (39) | $ (65) |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income | $ 405 | $ 286 | $ 387 |
Less: Preferred stock dividends | 8 | 8 | 8 |
Net Income Available to Common Stockholders | 397 | 278 | 379 |
Net Income Available to Common Stockholders | $ 397 | $ 278 | $ 379 |
Basic weighted average common shares outstanding (in shares) | 319,791,100 | 323,368,639 | 324,938,720 |
Net effect of dilutive stock options, warrants and restricted stock (in shares) | 3,690,388 | 2,119,325 | 1,122,418 |
Diluted weighted average common shares outstanding (in shares) | 323,481,488 | 325,487,964 | 326,061,138 |
Earnings per common share: | |||
Basic (USD per share) | $ 1.24 | $ 0.86 | $ 1.17 |
Diluted (USD per share) | $ 1.23 | $ 0.85 | $ 1.16 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Average Shares Excluded from Diluted Earnings Per Common Share Calculation (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Average shares excluded from the diluted earnings per common share calculation (in shares) | 0 | 22,375 | 0 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Capital Ratios (Detail) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital, actual amount | $ 3,531 | $ 3,324 |
Tier 1 capital, actual amount | 2,984 | 2,759 |
Common equity tier 1, actual amount | 2,877 | 2,652 |
Leverage, actual amount | 2,984 | 2,759 |
Risk weighted assets, actual amount | $ 28,991 | $ 26,948 |
Total capital, actual ratio | 0.1218 | 0.1233 |
Total capital, actual ratio tier 1 capital, actual ratio | 0.1029 | 0.1024 |
Common equity tier 1, actual ratio | 0.0992 | 0.0984 |
Leverage, actual ratio | 0.0799 | 0.0783 |
Total capital, well-capitalized requirements amount | $ 2,899 | $ 2,695 |
Tier 1 capital, well-capitalized requirements amount | $ 1,739 | $ 1,617 |
Total capital, well-capitalized requirements ratio | 0.1000 | 0.1000 |
Tier 1 capital, well-capitalized requirements ratio | 0.0600 | 0.0600 |
Total capital, minimum capital requirements amount | $ 3,044 | $ 2,830 |
Tier 1 capital, minimum capital requirements amount | 2,464 | 2,291 |
Common equity tier 1, minimum capital requirements amount | 2,029 | 1,886 |
Leverage, minimum capital requirements amount | $ 1,493 | $ 1,410 |
Total capital, minimum capital requirements ratio | 0.1050 | 0.1050 |
Tier 1 capital, minimum capital requirements ratio | 0.0850 | 0.0850 |
Common equity tier 1, minimum capital requirements ratio | 7.00% | 7.00% |
Leverage, minimum capital requirements ratio | 0.0400 | 0.0400 |
FNBPA | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital, actual amount | $ 3,695 | $ 3,400 |
Tier 1 capital, actual amount | 3,098 | 2,882 |
Common equity tier 1, actual amount | 3,018 | 2,802 |
Leverage, actual amount | 3,098 | 2,882 |
Risk weighted assets, actual amount | $ 28,930 | $ 26,902 |
Total capital, actual ratio | 0.1277 | 0.1264 |
Total capital, actual ratio tier 1 capital, actual ratio | 0.1071 | 0.1071 |
Common equity tier 1, actual ratio | 0.1043 | 0.1042 |
Leverage, actual ratio | 0.0831 | 0.0819 |
Total capital, well-capitalized requirements amount | $ 2,893 | $ 2,690 |
Tier 1 capital, well-capitalized requirements amount | 2,314 | 2,152 |
Common equity tier 1, well-capitalized requirements amount | 1,880 | 1,749 |
Leverage, well-capitalized requirements amount | $ 1,864 | $ 1,760 |
Total capital, well-capitalized requirements ratio | 0.1000 | 0.1000 |
Tier 1 capital, well-capitalized requirements ratio | 0.0800 | 0.0800 |
Common equity tier 1, well-capitalized requirements ratio | 6.50% | 6.50% |
Leverage, well-capitalized requirements ratio | 0.0500 | 0.0500 |
Total capital, minimum capital requirements amount | $ 3,038 | $ 2,825 |
Tier 1 capital, minimum capital requirements amount | 2,459 | 2,287 |
Common equity tier 1, minimum capital requirements amount | 2,025 | 1,883 |
Leverage, minimum capital requirements amount | $ 1,491 | $ 1,408 |
Total capital, minimum capital requirements ratio | 0.1050 | 0.1050 |
Tier 1 capital, minimum capital requirements ratio | 0.0850 | 0.0850 |
Common equity tier 1, minimum capital requirements ratio | 7.00% | 7.00% |
Leverage, minimum capital requirements ratio | 0.0400 | 0.0400 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Banking and Thrift, Other Disclosures [Abstract] | |
Retained earnings available for distribution | $ 462.1 |
Maximum amount loans that corporation can borrower under current provisions | $ 717.2 |
Cash Flow Information - Summary
Cash Flow Information - Summary of Cash Flow Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Cash Flows [Abstract] | |||
Interest paid on deposits and other borrowings | $ 101 | $ 216 | $ 329 |
Income taxes paid | 74 | 57 | 40 |
Transfers of loans to other real estate owned | 4 | 3 | 15 |
Loans transferred to held for sale from portfolio | 0 | 537 | 389 |
Loans transferred to portfolio from held for sale | $ 0 | $ 0 | $ 110 |
Cash Flow Information - Additio
Cash Flow Information - Additional Information (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Cash Flows [Abstract] | |||
Restricted cash | $ 0 | $ 0 | $ 0 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segments - Financial I
Business Segments - Financial Information for Segments of FNB (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 1,005 | $ 1,130 | $ 1,247 |
Interest expense | 98 | 208 | 330 |
Net Interest Income | 907 | 922 | 917 |
Provision for credit losses | 1 | 123 | 44 |
Non-interest income | 330 | 294 | 294 |
Non-interest expense | 721 | 737 | 682 |
Amortization of intangibles | 12 | 13 | 14 |
Income tax expense (benefit) | 98 | 57 | 84 |
Net income (loss) | 405 | 286 | 387 |
Total assets | 39,513 | 37,354 | 34,615 |
Total intangibles | 2,304 | 2,316 | 2,329 |
Operating Segments | Community Banking | |||
Segment Reporting Information [Line Items] | |||
Interest income | 1,003 | 1,129 | 1,245 |
Interest expense | 86 | 188 | 310 |
Net Interest Income | 917 | 941 | 935 |
Provision for credit losses | (1) | 123 | 44 |
Non-interest income | 251 | 233 | 237 |
Non-interest expense | 653 | 675 | 621 |
Amortization of intangibles | 11 | 12 | 13 |
Income tax expense (benefit) | 100 | 61 | 88 |
Net income (loss) | 405 | 303 | 406 |
Total assets | 39,396 | 37,245 | 34,491 |
Total intangibles | 2,268 | 2,279 | 2,291 |
Operating Segments | Wealth Management | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Net Interest Income | 0 | 0 | 0 |
Provision for credit losses | 0 | 0 | 0 |
Non-interest income | 61 | 49 | 46 |
Non-interest expense | 39 | 35 | 34 |
Amortization of intangibles | 0 | 0 | 0 |
Income tax expense (benefit) | 5 | 3 | 3 |
Net income (loss) | 17 | 11 | 9 |
Total assets | 37 | 38 | 32 |
Total intangibles | 9 | 9 | 10 |
Operating Segments | Insurance | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Net Interest Income | 0 | 0 | 0 |
Provision for credit losses | 0 | 0 | 0 |
Non-interest income | 24 | 22 | 20 |
Non-interest expense | 21 | 19 | 17 |
Amortization of intangibles | 1 | 1 | 1 |
Income tax expense (benefit) | 0 | 0 | 0 |
Net income (loss) | 2 | 2 | 2 |
Total assets | 34 | 35 | 35 |
Total intangibles | 27 | 28 | 28 |
Parent and Other | |||
Segment Reporting Information [Line Items] | |||
Interest income | 2 | 1 | 2 |
Interest expense | 12 | 20 | 20 |
Net Interest Income | (10) | (19) | (18) |
Provision for credit losses | 2 | 0 | 0 |
Non-interest income | (6) | (10) | (9) |
Non-interest expense | 8 | 8 | 10 |
Amortization of intangibles | 0 | 0 | 0 |
Income tax expense (benefit) | (7) | (7) | (7) |
Net income (loss) | (19) | (30) | (30) |
Total assets | 46 | 36 | 57 |
Total intangibles | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Measurements Disclosure [Line Items] | ||
Percentage of securities using market-based information | 100.00% | |
Transfer of equity security to non-marketable equity securities, included in other assets | $ 0 | $ 0 |
Short-term borrowings approximate fair value for amounts that mature, days, less than | 90 days | |
Fair value, measurements, nonrecurring | ||
Fair Value Measurements Disclosure [Line Items] | ||
Collateral dependent loans carrying value | $ 19,600,000 | |
Collateral dependent loans, allowance for credit loss | 10,000,000 | |
Provision for fair value measurements included in allowance for loan losses | 500,000 | |
Carrying amount of OREO | 1,500,000 | |
Loss from OREO included in earnings | 500,000 | |
Other real estate valuation allowance | 500,000 | |
Fair value, measurements, nonrecurring | Mortgage Servicing Rights | ||
Fair Value Measurements Disclosure [Line Items] | ||
Servicing asset | 10,300,000 | |
Valuation allowance for impairment of recognized servicing assets, additions (deductions) for expenses (recoveries) | 2,500,000 | |
Fair value, measurements, nonrecurring | Mortgage Servicing Rights | Provision Expense | ||
Fair Value Measurements Disclosure [Line Items] | ||
Valuation allowance for impairment of recognized servicing assets, deductions for recoveries | 4,800,000 | |
Fair value, measurements, nonrecurring | SBA-Guaranteed Loan Servicing | ||
Fair Value Measurements Disclosure [Line Items] | ||
Servicing asset | 3,200,000 | |
Valuation allowance for impairment of recognized servicing assets, additions (deductions) for expenses (recoveries) | 1,100,000 | |
Valuation allowance for impairment of recognized servicing assets, deductions for recoveries | 100,000 | |
Minimum | Commercial Loan | ||
Fair Value Measurements Disclosure [Line Items] | ||
Financing receivable, individual reserves in default, threshold | 1,000,000 | |
Maximum | Commercial and Consumer Loans | ||
Fair Value Measurements Disclosure [Line Items] | ||
Financing receivable, individual reserves in default, threshold | $ 1,000,000 |
Fair Value Measurements - Balan
Fair Value Measurements - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | $ 3,426 | $ 3,463 | |
Loans held for sale | [1] | 269 | 144 |
Derivative financial instruments | 185 | 376 | |
Derivative financial instruments | 45 | 40 | |
U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 204 | 600 | |
U.S. government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 155 | 172 | |
U.S. government-sponsored entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 192 | 161 | |
Agency collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,186 | 1,124 | |
Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 297 | 378 | |
States of the U.S. and political subdivisions (municipals) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 33 | 32 | |
Other debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 2 | 2 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 204 | 600 | |
Derivative financial instruments | 0 | 0 | |
Derivative financial instruments | 0 | 0 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 3,222 | 2,863 | |
Derivative financial instruments | 176 | 352 | |
Derivative financial instruments | 45 | 40 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Derivative financial instruments | 9 | 24 | |
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 3,426 | 3,463 | |
Loans held for sale | 269 | 144 | |
Derivative financial instruments | 185 | 376 | |
Total assets measured at fair value on a recurring basis | 3,880 | 3,983 | |
Derivative financial instruments | 45 | 40 | |
Total liabilities measured at fair value on a recurring basis | 45 | 40 | |
Fair value, measurements, recurring | U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 204 | 600 | |
Fair value, measurements, recurring | U.S. government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 155 | 172 | |
Fair value, measurements, recurring | U.S. government-sponsored entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 192 | 161 | |
Fair value, measurements, recurring | Agency mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,357 | 994 | |
Fair value, measurements, recurring | Agency collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,186 | 1,124 | |
Fair value, measurements, recurring | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 297 | 378 | |
Fair value, measurements, recurring | States of the U.S. and political subdivisions (municipals) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 33 | 32 | |
Fair value, measurements, recurring | Other debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 2 | 2 | |
Fair value, measurements, recurring | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 44 | 37 | |
Fair value, measurements, recurring | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 1 | 3 | |
Fair value, measurements, recurring | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 174 | 349 | |
Fair value, measurements, recurring | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 11 | 27 | |
Fair value, measurements, recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 204 | 600 | |
Loans held for sale | 0 | 0 | |
Derivative financial instruments | 0 | 0 | |
Total assets measured at fair value on a recurring basis | 204 | 600 | |
Derivative financial instruments | 0 | 0 | |
Total liabilities measured at fair value on a recurring basis | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 204 | 600 | |
Fair value, measurements, recurring | Level 1 | U.S. government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | U.S. government-sponsored entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Agency mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Agency collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | States of the U.S. and political subdivisions (municipals) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Other debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 3,222 | 2,863 | |
Loans held for sale | 269 | 144 | |
Derivative financial instruments | 176 | 352 | |
Total assets measured at fair value on a recurring basis | 3,667 | 3,359 | |
Derivative financial instruments | 45 | 40 | |
Total liabilities measured at fair value on a recurring basis | 45 | 40 | |
Fair value, measurements, recurring | Level 2 | U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 2 | U.S. government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 155 | 172 | |
Fair value, measurements, recurring | Level 2 | U.S. government-sponsored entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 192 | 161 | |
Fair value, measurements, recurring | Level 2 | Agency mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,357 | 994 | |
Fair value, measurements, recurring | Level 2 | Agency collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,186 | 1,124 | |
Fair value, measurements, recurring | Level 2 | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 297 | 378 | |
Fair value, measurements, recurring | Level 2 | States of the U.S. and political subdivisions (municipals) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 33 | 32 | |
Fair value, measurements, recurring | Level 2 | Other debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 2 | 2 | |
Fair value, measurements, recurring | Level 2 | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 44 | 37 | |
Fair value, measurements, recurring | Level 2 | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 1 | 3 | |
Fair value, measurements, recurring | Level 2 | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 174 | 349 | |
Fair value, measurements, recurring | Level 2 | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 2 | 3 | |
Fair value, measurements, recurring | Level 3 | |||
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 financial instruments | 9 | 24 | |
Total assets measured at fair value on a recurring basis | 9 | 24 | |
Derivative financial instruments | 0 | 0 | |
Total liabilities measured at fair value on a recurring basis | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | U.S. government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | U.S. government-sponsored entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Agency mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Agency collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | States of the U.S. and political subdivisions (municipals) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Other debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | $ 9 | $ 24 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 25. |
Fair Value Measurements - Add_2
Fair Value Measurements - Additional Information about Assets Measured at Fair Value on Recurring Basis (Detail) - Fair value, measurements, recurring - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 24 | $ 3 |
Issuances | 9 | 24 |
Settlements | (24) | (3) |
Balance at end of period | 9 | 24 |
Interest rate lock commitments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 24 | 3 |
Issuances | 9 | 24 |
Settlements | (24) | (3) |
Balance at end of period | $ 9 | $ 24 |
Fair Value Measurements - Add_3
Fair Value Measurements - Additional Information about Assets Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | $ 20 | $ 45 | ||
Other real estate owned | 2 | 3 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0 | 0 | ||
Level 1 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 0 | 0 | ||
Other real estate owned | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0 | 0 | ||
Level 2 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 0 | 0 | ||
Other real estate owned | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 49 | 39 | ||
Level 3 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 20 | 45 | ||
Other real estate owned | 2 | 3 | ||
SBA-Guaranteed Loan Servicing | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 3 | 3 | $ 3 | $ 4 |
SBA-Guaranteed Loan Servicing | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 3 | 3 | ||
SBA-Guaranteed Loan Servicing | Level 1 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0 | 0 | ||
SBA-Guaranteed Loan Servicing | Level 2 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0 | 0 | ||
SBA-Guaranteed Loan Servicing | Level 3 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 3 | 3 | ||
Mortgage Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 46 | 35.6 | $ 45.2 | $ 41.1 |
Mortgage Servicing Rights | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 10 | 36 | ||
Mortgage Servicing Rights | Level 1 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0 | 0 | ||
Mortgage Servicing Rights | Level 2 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0 | 0 | ||
Mortgage Servicing Rights | Level 3 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | $ 10 | $ 36 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Corporation's Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Assets | ||
Debt securities available for sale | $ 3,426 | $ 3,463 |
Debt securities held to maturity | 3,506 | 2,973 |
Derivative assets | 185 | 376 |
Financial Liabilities | ||
Long-term borrowings | 547 | |
Derivative liabilities | 45 | 40 |
Carrying Amount | ||
Financial Assets | ||
Cash and cash equivalents | 3,493 | 1,383 |
Debt securities available for sale | 3,426 | 3,463 |
Debt securities held to maturity | 3,463 | 2,868 |
Net loans and leases, including loans held for sale | 24,919 | 25,250 |
Loan servicing rights | 47 | 39 |
Derivative assets | 185 | 376 |
Accrued interest receivable | 76 | 90 |
Financial Liabilities | ||
Deposits | 31,726 | 29,122 |
Short-term borrowings | 1,536 | 1,804 |
Long-term borrowings | 682 | 1,095 |
Derivative liabilities | 45 | 40 |
Accrued interest payable | 10 | 13 |
Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 3,493 | 1,383 |
Debt securities available for sale | 3,426 | 3,463 |
Debt securities held to maturity | 3,506 | 2,973 |
Net loans and leases, including loans held for sale | 24,518 | 25,012 |
Loan servicing rights | 49 | 39 |
Derivative assets | 185 | 376 |
Accrued interest receivable | 76 | 90 |
Financial Liabilities | ||
Deposits | 31,725 | 29,158 |
Short-term borrowings | 1,536 | 1,809 |
Long-term borrowings | 704 | 1,068 |
Derivative liabilities | 45 | 40 |
Accrued interest payable | 10 | 13 |
Level 1 | ||
Financial Assets | ||
Cash and cash equivalents | 3,493 | 1,383 |
Debt securities available for sale | 204 | 600 |
Debt securities held to maturity | 0 | 0 |
Net loans and leases, including loans held for sale | 0 | 0 |
Loan servicing rights | 0 | 0 |
Derivative assets | 0 | 0 |
Accrued interest receivable | 76 | 90 |
Financial Liabilities | ||
Deposits | 28,867 | 25,460 |
Short-term borrowings | 1,536 | 1,809 |
Long-term borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | 10 | 13 |
Level 2 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 3,222 | 2,863 |
Debt securities held to maturity | 3,506 | 2,973 |
Net loans and leases, including loans held for sale | 269 | 144 |
Loan servicing rights | 0 | 0 |
Derivative assets | 176 | 352 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities | ||
Deposits | 2,858 | 3,698 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Derivative liabilities | 45 | 40 |
Accrued interest payable | 0 | 0 |
Level 3 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 0 | 0 |
Debt securities held to maturity | 0 | 0 |
Net loans and leases, including loans held for sale | 24,249 | 24,868 |
Loan servicing rights | 49 | 39 |
Derivative assets | 9 | 24 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 704 | 1,068 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Parent Company Financial Stat_3
Parent Company Financial Statements - Consolidated Balance Sheet of Parent Company Only (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 3,493 | $ 1,383 | ||
Other assets | 1,017 | 1,193 | ||
Total Assets | 39,513 | 37,354 | $ 34,615 | |
Other liabilities | 419 | 374 | ||
Long-term borrowings | 682 | 1,095 | ||
Long-term | 68 | 81 | ||
Total Liabilities | 34,363 | 32,395 | ||
Stockholders' equity attributable to parent | 5,150 | 4,959 | $ 4,883 | $ 4,608 |
Total Liabilities and Stockholders’ Equity | 39,513 | 37,354 | ||
Parent Company | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 295 | 380 | ||
Other assets | 15 | 10 | ||
Total Assets | 6,017 | 5,825 | ||
Other liabilities | 41 | 40 | ||
Advances from affiliates | 197 | 197 | ||
Long-term borrowings | 621 | 621 | ||
Short-term | 7 | 7 | ||
Long-term | 1 | 1 | ||
Total Liabilities | 867 | 866 | ||
Stockholders' equity attributable to parent | 5,150 | 4,959 | ||
Total Liabilities and Stockholders’ Equity | 6,017 | 5,825 | ||
Parent Company | Bank Subsidiary | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Investment in and advances to subsidiaries | 5,246 | 5,064 | ||
Parent Company | Non-bank Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Investment in and advances to subsidiaries | $ 461 | $ 371 |
Parent Company Financial Stat_4
Parent Company Financial Statements - Statements of Income of Parent Company Only (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | |||
Interest income | $ 1,005 | $ 1,130 | $ 1,247 |
Interest expense | 98 | 208 | 330 |
Income Before Income Taxes | 503 | 343 | 471 |
Income tax benefit | (98) | (57) | (84) |
Net income | 405 | 286 | 387 |
Parent Company | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividend income from subsidiaries: | 220 | 304 | 181 |
Interest income | 13 | 6 | 0 |
Total Income | 233 | 310 | 181 |
Interest expense | 25 | 25 | 19 |
Other expenses | 17 | 18 | 18 |
Total Expenses | 42 | 43 | 37 |
Income Before Income Taxes | 191 | 267 | 144 |
Income tax benefit | 7 | 7 | 7 |
Income after income taxes | 198 | 274 | 151 |
Equity in undistributed income (loss) of subsidiaries: | 207 | 12 | 236 |
Net income | 405 | 286 | 387 |
Parent Company | Bank | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividend income from subsidiaries: | 215 | 300 | 179 |
Equity in undistributed income (loss) of subsidiaries: | 207 | 15 | 236 |
Parent Company | Non-Bank | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividend income from subsidiaries: | 5 | 4 | 2 |
Equity in undistributed income (loss) of subsidiaries: | $ 0 | $ (3) | $ 0 |
Parent Company Financial Stat_5
Parent Company Financial Statements - Statements of Cash Flows of Parent Company Only (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income | $ 405 | $ 286 | $ 387 |
Other, net | 226 | (177) | (225) |
Net cash flows provided by operating activities | 530 | 113 | 259 |
Investing Activities | |||
Net cash flows used in investing activities | (153) | (1,822) | (1,131) |
Financing Activities | |||
Decrease in long-term debt | (438) | (574) | (239) |
Increase in long-term debt | 25 | 328 | 954 |
Other, net | 16 | 17 | 12 |
Preferred stock | (8) | (8) | (8) |
Common stock | (156) | (157) | (157) |
Net cash flows provided by financing activities | 1,733 | 2,493 | 983 |
Net Increase (Decrease) in Cash and Cash Equivalents | 2,110 | 784 | 111 |
Cash and cash equivalents at beginning of year | 1,383 | 599 | 488 |
Cash and Cash Equivalents at End of Year | 3,493 | 1,383 | 599 |
Parent Company | |||
Operating Activities | |||
Net income | 405 | 286 | 387 |
Undistributed earnings from subsidiaries | (207) | (12) | (236) |
Other, net | (2) | 13 | 2 |
Net cash flows provided by operating activities | 196 | 287 | 153 |
Investing Activities | |||
Net increase in advances to subsidiaries | (78) | 0 | 0 |
Payment for further investment in subsidiaries | (12) | (270) | (47) |
Net cash flows used in investing activities | (90) | (270) | (47) |
Financing Activities | |||
Decrease in long-term debt | (2) | (4) | (77) |
Increase in long-term debt | 2 | 302 | 121 |
Other, net | (27) | (21) | 12 |
Preferred stock | (8) | (8) | (8) |
Common stock | (156) | (157) | (157) |
Net cash flows provided by financing activities | (191) | 112 | (109) |
Net Increase (Decrease) in Cash and Cash Equivalents | (85) | 129 | (3) |
Cash and cash equivalents at beginning of year | 380 | 251 | 254 |
Cash and Cash Equivalents at End of Year | 295 | 380 | 251 |
Interest | $ 25 | $ 26 | $ 20 |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | Jan. 22, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Merger expenses | $ 2 | $ 0 | $ 0 | |
Howard Bancorp, Inc. | ||||
Business Acquisition [Line Items] | ||||
Merger expenses | $ 1.8 | |||
Howard Bancorp, Inc. | Subsequent Event | ||||
Business Acquisition [Line Items] | ||||
Assets acquired as a result of merger | $ 2,400 | |||
Loans acquired as a result of merger | 1,800 | |||
Deposits acquired as a result of merger | 1,800 | |||
Value of acquisition | $ 443 | |||
Howard Bancorp, Inc. | Common Stock | Subsequent Event | ||||
Business Acquisition [Line Items] | ||||
Common shares issued (in shares) | 34,074,495 | |||
Common shares to be acquired, shares (in shares) | 18,930,329 |