Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 20, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PNC | |
Entity Registrant Name | PNC FINANCIAL SERVICES GROUP, INC. | |
Entity Central Index Key | 713,676 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 469,498,755 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest Income | ||
Loans | $ 2,228 | $ 1,904 |
Investment securities | 512 | 493 |
Other | 178 | 123 |
Total interest income | 2,918 | 2,520 |
Interest Expense | ||
Deposits | 213 | 120 |
Borrowed funds | 344 | 240 |
Total interest expense | 557 | 360 |
Net interest income | 2,361 | 2,160 |
Noninterest Income | ||
Asset management | 455 | 403 |
Consumer services | 357 | 332 |
Corporate services | 429 | 414 |
Residential mortgage | 97 | 113 |
Service charges on deposits | 167 | 161 |
Other | 245 | 301 |
Total noninterest income | 1,750 | 1,724 |
Total revenue | 4,111 | 3,884 |
Provision for credit losses | 92 | 88 |
Noninterest Expense | ||
Personnel | 1,354 | 1,257 |
Occupancy | 218 | 222 |
Equipment | 273 | 251 |
Marketing | 55 | 55 |
Other | 627 | 617 |
Total noninterest expense | 2,527 | 2,402 |
Income before income taxes and noncontrolling interests | 1,492 | 1,394 |
Income taxes | 253 | 320 |
Net income | 1,239 | 1,074 |
Less: Net income attributable to noncontrolling interests | 10 | 17 |
Preferred stock dividends | 63 | 63 |
Preferred stock discount accretion and redemptions | 1 | 21 |
Net income attributable to common shareholders | $ 1,165 | $ 973 |
Earnings Per Common Share | ||
Basic (in dollars per share) | $ 2.45 | $ 1.99 |
Diluted (in dollars per share) | $ 2.43 | $ 1.96 |
Average Common Shares Outstanding | ||
Basic (in shares) | 473 | 487 |
Diluted (in shares) | 476 | 492 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,239 | $ 1,074 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income: | ||
Net unrealized gains (losses) on non-OTTI securities | (646) | 69 |
Net unrealized gains (losses) on OTTI securities | 14 | 35 |
Net unrealized gains (losses) on cash flow hedge derivatives | (193) | (77) |
Pension and other postretirement benefit plan adjustments | 63 | (62) |
Other | 27 | 4 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (735) | (31) |
Income tax benefit (expense) related to items of other comprehensive income | 178 | 17 |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (557) | (14) |
Comprehensive income | 682 | 1,060 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 10 | 17 |
Comprehensive income attributable to PNC | $ 672 | $ 1,043 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Assets | |||
Cash and due from banks | $ 4,649 | $ 5,249 | |
Interest-earning deposits with banks | 28,821 | 28,595 | |
Loans held for sale (a) | [1] | 965 | 2,655 |
Investment securities – available for sale | 56,018 | 57,618 | |
Investment securities – held to maturity | 18,544 | 18,513 | |
Loans (a) | [1] | 221,614 | 220,458 |
Allowance for loan and lease losses | (2,604) | (2,611) | |
Net loans | 219,010 | 217,847 | |
Equity investments | 12,008 | 11,392 | |
Mortgage servicing rights | 1,979 | 1,832 | |
Goodwill | 9,218 | 9,173 | |
Other (a) | [1] | 27,949 | 27,894 |
Total assets | 379,161 | 380,768 | |
Deposits | |||
Noninterest-bearing | 78,303 | 79,864 | |
Interest-bearing | 186,401 | 185,189 | |
Total deposits | 264,704 | 265,053 | |
Borrowed funds | |||
Federal Home Loan Bank borrowings | 19,537 | 21,037 | |
Bank notes and senior debt | 28,773 | 28,062 | |
Subordinated debt | 5,121 | 5,200 | |
Other (c) | [2] | 4,608 | 4,789 |
Total borrowed funds | 58,039 | 59,088 | |
Allowance for unfunded loan commitments and letters of credit | 290 | 297 | |
Accrued expenses and other liabilities | 9,093 | 8,745 | |
Total liabilities | 332,126 | 333,183 | |
Equity | |||
Preferred stock (d) | [3] | ||
Common stock ($5 par value, Authorized 800 shares, issued 542 shares) | 2,710 | 2,710 | |
Capital surplus | 16,227 | 16,374 | |
Retained earnings | 36,266 | 35,481 | |
Accumulated other comprehensive income (loss) | (699) | (148) | |
Common stock held in treasury at cost: 72 and 69 shares | (7,535) | (6,904) | |
Total shareholders’ equity | 46,969 | 47,513 | |
Noncontrolling interests | 66 | 72 | |
Total equity | 47,035 | 47,585 | |
Total liabilities and equity | $ 379,161 | $ 380,768 | |
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $.9 billion, Loans of $.8 billion and Other assets of $.3 billion at March 31, 2018 and Loans held for sale of $1.7 billion, Loans of $.9 billion and Other assets of $.3 billion at December 31, 2017. | ||
[2] | Our consolidated liabilities at both March 31, 2018 and December 31, 2017 included Other borrowed funds of $.1 billion for which we have elected the fair value option. | ||
[3] | Par value less than $.5 million at each date. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Loans held for sale | [1] | $ 965 | $ 2,655 |
Loans | [1] | 221,614 | 220,458 |
Other assets | [1] | 27,949 | 27,894 |
Other borrowed funds | [2] | $ 4,608 | $ 4,789 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 | |
Common stock, authorized (shares) | 800,000,000 | 800,000,000 | |
Common stock, issued (shares) | 542,000,000 | 542,000,000 | |
Common stock held in treasury at cost (shares) | 72,000,000 | 69,000,000 | |
Par value less than $.5 million at each date | [3] | ||
Securities reclassified to equity investments | 105 | 106 | |
Portion at Fair Value, Fair Value Disclosure | |||
Loans held for sale, fair value | 900 | 1,700 | |
Loans, fair value | 800 | 900 | |
Other assets, fair value | 300 | 300 | |
Other borrowed funds, fair value | 100 | $ 100 | |
Accounting Standards Update 2016-01 [Member] | |||
Securities reclassified to equity investments | $ 600 | ||
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $.9 billion, Loans of $.8 billion and Other assets of $.3 billion at March 31, 2018 and Loans held for sale of $1.7 billion, Loans of $.9 billion and Other assets of $.3 billion at December 31, 2017. | ||
[2] | Our consolidated liabilities at both March 31, 2018 and December 31, 2017 included Other borrowed funds of $.1 billion for which we have elected the fair value option. | ||
[3] | Par value less than $.5 million at each date. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Activities | ||
Net income | $ 1,239 | $ 1,074 |
Adjustments to reconcile net income to net cash provided (used) by operating activities | ||
Provision for credit losses | 92 | 88 |
Depreciation and amortization | 280 | 279 |
Deferred income taxes | 81 | 21 |
Changes in fair value of mortgage servicing rights | (85) | 33 |
Undistributed earnings of BlackRock | (133) | (100) |
Net change in | ||
Trading securities and other short-term investments | 176 | (405) |
Loans held for sale | 1,675 | 1,065 |
Other assets | (1,217) | 541 |
Accrued expenses and other liabilities | 710 | (884) |
Other | 104 | (122) |
Net cash provided (used) by operating activities | 2,922 | 1,590 |
Sales | ||
Securities available for sale | 4,461 | 3,202 |
Loans | 479 | 338 |
Repayments/maturities | ||
Securities available for sale | 2,027 | 2,790 |
Securities held to maturity | 598 | 504 |
Purchases | ||
Securities available for sale | (5,905) | (5,142) |
Securities held to maturity | (662) | (1,778) |
Loans | (224) | (177) |
Net change in | ||
Federal funds sold and resale agreements | 97 | (674) |
Interest-earning deposits with banks | (226) | (2,166) |
Loans | (1,611) | (2,359) |
Other | (284) | (158) |
Net cash provided (used) by investing activities | (1,250) | (5,620) |
Net change in | ||
Noninterest-bearing deposits | (1,683) | (944) |
Interest-bearing deposits | 1,212 | 4,530 |
Federal funds purchased and repurchase agreements | 87 | 8 |
Commercial paper | (100) | |
Other borrowed funds | (11) | 795 |
Sales/issuances | ||
Federal Home Loan Bank borrowings | 4,500 | |
Bank notes and senior debt | 1,991 | 1,820 |
Other borrowed funds | 123 | 26 |
Common and treasury stock | 33 | 60 |
Repayments/maturities | ||
Federal Home Loan Bank borrowings | (1,500) | (2,500) |
Bank notes and senior debt | (1,000) | (1,000) |
Subordinated debt | (1,100) | |
Other borrowed funds | (163) | (19) |
Redemption of noncontrolling interests | (1,000) | |
Acquisition of treasury stock | (840) | (688) |
Preferred stock cash dividends paid | (63) | (63) |
Common stock cash dividends paid | (358) | (271) |
Net cash provided (used) by financing activities | (2,272) | 4,154 |
Net Increase (Decrease) In Cash And Due From Banks | (600) | 124 |
Cash and due from banks at beginning of period | 5,249 | 4,879 |
Cash and due from banks at end of period | 4,649 | 5,003 |
Supplemental Disclosures | ||
Interest paid | 501 | 347 |
Income taxes paid | 7 | 8 |
Income taxes refunded | 11 | 9 |
Non-cash Investing and Financing Items | ||
Transfer from loans to loans held for sale, net | 173 | 107 |
Transfer from loans to foreclosed assets | $ 45 | $ 57 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS T HE PNC F INANCIAL S ERVICES G ROUP , I NC . Unaudited B USINESS The PNC Financial Services Group, Inc. (PNC) is one of the largest diversified financial services companies in the United States and is headquartered in Pittsburgh, Pennsylvania. We have businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing many of our products and services nationally. Our primary geographic markets are located in the Mid-Atlantic, Midwest and Southeast. We also provide certain products and services internationally. N OTE 1 A CCOUNTING P OLICIES Basis of Financial Statement Presentation Our consolidated financial statements include the accounts of the parent company and its subsidiaries, most of which are wholly-owned, certain partnership interests and variable interest entities. We prepared these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP). We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation, which did not have a material impact on our consolidated financial condition or results of operations. In our opinion, the unaudited interim consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. We have also considered the impact of subsequent events on these consolidated financial statements. When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2017 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2017 Form 10-K for a detailed description of significant accounting policies. There have been no significant changes to our accounting policies as disclosed in our 2017 Form 10-K, except for those accounting policies included in this Note as a result of the adoption of new accounting standards that were effective in the first quarter of 2018. These interim consolidated financial statements serve to update our 2017 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. Use of Estimates We prepared these consolidated financial statements using financial information available at the time of preparation, which requires us to make estimates and assumptions that affect the amounts reported. Our most significant estimates pertain to our fair value measurements and allowances for loan and lease losses and unfunded loan commitments and letters of credit. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements. Revenue Recognition We earn interest and noninterest income from various sources, including: • Lending, • Securities portfolio, • Asset management, • Customer deposits, • Loan sales, loan securitizations, and servicing, • Brokerage services, • Sale of securities, • Certain private equity activities, and • Securities, derivatives and foreign exchange activities In addition, we earn fees and commissions from: • Issuing loan commitments, standby letters of credit and financial guarantees, • Deposit account services, • Merchant services, • Selling various insurance products, • Providing treasury management services, • Providing merger and acquisition advisory and related services • Debit and credit card transactions, and • Participating in certain capital markets transactions. Our Asset management noninterest income also includes our share of the earnings of BlackRock recognized under the equity method of accounting. We record private equity income or loss based on changes in the valuation of the underlying investments or when we dispose of our interest. We recognize gain/(loss) on changes in the fair value of certain financial instruments where we have elected the fair value option. These financial instruments include certain commercial and residential mortgage loans originated for sale, certain residential mortgage portfolio loans, resale agreements and our investment in BlackRock Series C preferred stock. We also recognize gain/(loss) on changes in the fair value of residential and commercial mortgage servicing rights (MSRs). We recognize revenue from servicing residential mortgages, commercial mortgages and other consumer loans as earned based on the specific contractual terms. These revenues are reported on the Consolidated Income Statement in the line items Residential mortgage, Corporate services and Consumer services. We recognize revenue from securities, derivatives and foreign exchange customer-related trading, as well as securities underwriting activities, as these transactions occur or as services are provided. We generally recognize gains from the sale of loans upon receipt of cash. Mortgage revenue recognized is reported net of mortgage repurchase reserves. For the fee-based revenue within the scope of ASC Topic 606 - Revenue from Contracts with Customers (Topic 606), revenue is recognized when or as those services are transferred to the customer. See Note 15 Fee-based Revenue from Contracts with Customers for additional information related to revenue within the scope of Topic 606. Equity Securities and Partnership Interests We account for equity securities and equity investments other than BlackRock and private equity investments under one of the following methods: • Equity securities that have a readily determinable fair value are included in Equity investments on our Consolidated Balance Sheet. Both realized and unrealized gains and losses are included in Noninterest income. Dividend income on these equity securities is included in Other interest income on our consolidated income statement. • For investments in limited partnerships, limited liability companies and other investments that are not required to be consolidated, we use either the equity method of accounting or the practicability exception to fair value. We use the equity method for general and limited partner ownership interests and limited liability companies in which we are considered to have significant influence over the operations of the investee. Under the equity method, we record our equity ownership share of net income or loss of the investee in Noninterest income and any dividends received on equity method investments are recorded as a reduction to the investment balance. When an equity investment experiences an other-than-temporary decline in value, we may be required to record a loss on the investment. • We generally use the practicability exception to fair value for all other investments. When we elect this alternative measurement method, the carrying value is adjusted for impairment, if any, plus or minus changes in value resulting from observable price changes in orderly transactions for identical or similar instruments of the same issuer. These investments are written down to fair value if a qualitative assessment indicates impairment and the fair value is less than the carrying value. The amount of the write-down is accounted for as a loss included in Noninterest income. Distributions received on these investments are included in Noninterest income. Investments described above are included in Equity investments on our Consolidated Balance Sheet. See Note 1 Accounting Policies of our 2017 Form 10-K for a discussion on our accounting for our investment in BlackRock and private equity investments. Derivative Instruments and Hedging Activities We use a variety of financial derivatives as part of our overall asset and liability risk management process to help manage exposure to interest rate, market and credit risk inherent in our business activities. Interest rate and total return swaps, swaptions, interest rate caps and floors, options, forwards, and futures contracts are the primary instruments we use for risk management. Financial derivatives involve, to varying degrees, interest rate, market and credit risk. We manage these risks as part of our asset and liability management process and through credit policies and procedures. We recognize all derivative instruments at fair value as either Other assets or Other liabilities on the Consolidated Balance Sheet and the related cash flows in the Operating Activities section of the Consolidated Statement of Cash Flows. Adjustments for counterparty credit risk are included in the determination of fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a cash flow or net investment hedging relationship. For all other derivatives, changes in fair value are recognized in earnings. We utilize a net presentation for derivative instruments on the Consolidated Balance Sheet taking into consideration the effects of legally enforceable master netting agreements. Cash collateral exchanged with counterparties is also netted against the applicable derivative exposures by offsetting obligations to return, or general rights to reclaim, cash collateral against the fair values of the net derivatives being collateralized. For those derivative instruments that are designated and qualify as accounting hedges, we designate the hedging instrument, based on the exposure being hedged, as a fair value hedge, a cash flow hedge or a hedge of the net investment in a foreign operation. We formally document the relationship between the hedging instruments and hedged items, as well as the risk management objective and strategy, before undertaking an accounting hedge. To qualify for hedge accounting, the derivatives and related hedged items must be designated as a hedge at inception of the hedge relationship. In addition, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. For accounting hedge relationships, we formally assess, both at the inception of the hedge and on an ongoing basis, if the derivatives are highly effective in offsetting designated changes in the fair value or cash flows of the hedged item. If it is determined that the derivative instrument is not highly effective, hedge accounting is discontinued. We assess effectiveness using statistical regression analysis. Where the critical terms of the derivative and hedged item match, effectiveness may be assessed qualitatively. For derivatives that are designated as fair value hedges ( i.e ., hedging the exposure to changes in the fair value of an asset or a liability attributable to a particular risk, such as changes in LIBOR), changes in the fair value of the hedging instrument are recognized in earnings and offset by also recognizing in earnings the changes in the fair value of the hedged item attributable to the hedged risk. To the extent the change in fair value of the derivative does not offset the change in fair value of the hedged item, the difference is reflected in the Consolidated Income Statement in the same income statement line as the hedged item. For derivatives designated as cash flow hedges ( i.e ., hedging the exposure to variability in expected future cash flows), the gain or loss on derivatives is reported as a component of Accumulated other comprehensive income (loss) and subsequently reclassified to income in the same period or periods during which the hedged cash flows affect earnings and recorded in the same income statement line item as the hedged cash flows. For derivatives designated as a hedge of net investment in a foreign operation, the gain or loss on the derivatives are reported as a component of Accumulated other comprehensive income (loss). We discontinue hedge accounting when it is determined that the derivative no longer qualifies as an effective hedge; the derivative expires or is sold, terminated or exercised; or the derivative is de-designated as a fair value or cash flow hedge or, for a cash flow hedge, it is no longer probable that the forecasted transaction will occur by the end of the originally specified time period. We purchase or originate financial instruments that contain an embedded derivative. For financial instruments not measured at fair value with changes in fair value reported in earnings, we assess, at inception of the transaction, if the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the host contract and whether a separate instrument with the same terms as the embedded derivative would be a derivative. If the embedded derivative is not clearly and closely related to the host contract and meets the definition of a derivative, the embedded derivative is recorded separately from the host contract with changes in fair value recorded in earnings, unless we elect to account for the hybrid instrument at fair value. We have elected, on an instrument-by-instrument basis, fair value measurement for certain financial instruments with embedded derivatives. We enter into commitments to originate residential and commercial mortgage loans for sale. We also enter into commitments to purchase or sell commercial and residential real estate loans. These commitments are accounted for as free-standing derivatives which are recorded at fair value in Other assets or Other liabilities on the Consolidated Balance Sheet. Any gain or loss from the change in fair value after the inception of the commitment is recognized in Noninterest income. Recently Adopted Accounting Standards Accounting Standards Update (ASU) Description Financial Statement Impact Revenue Recognition - ASU 2014-09 ASU 2015-14 ASU 2016-08 ASU 2016-10 ASU 2016-12 ASU 2016-20 Issued May 2014 • Replaces nearly all existing revenue recognition guidance in U.S. GAAP. • Revenue recognized when an entity satisfies its performance obligation by transferring a promised good or service to a customer. • Additional qualitative and quantitative disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. • Adopted January 1, 2018 under the modified retrospective approach. • Cumulative-effect adjustment was immaterial to our consolidated results of operations and financial position. • Most significant impact of adoption is expanded disclosures related to disaggregation of in-scope revenue, see Note 15 Fee-based Revenue from Contracts with Customers. Financial Instruments - ASU 2016-01 ASU 2018-03 Issued January 2016 • Changes the accounting for certain equity investments, financial liabilities under the fair value option and presentation and disclosure requirements for financial instruments. • Equity investments not accounted for under the equity method of accounting are required to be measured at fair value with any changes in fair value recognized in net income. • For an equity investment which does not have a readily determinable fair value, an election can be made to measure the investment at cost, less any impairment, plus or minus changes in value resulting from observable price changes in identical or similar instruments of the issuer. • Simplifies the impairment assessment of equity investments for which fair value is not readily determinable. • Changes the presentation of certain fair value changes for financial liabilities measured at fair value and amends certain disclosure requirements relating to the fair value of financial instruments. In addition, separate presentation is required of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the notes to the financial statements. • Adopted January 1, 2018 under the modified retrospective approach, except for the amendment related to equity securities without readily determinable fair values, which is applied prospectively. • Cumulative-effect adjustment was immaterial to our consolidated results of operations and financial position. • For the standard’s requirement for a separate presentation of financial assets and financial liabilities by measurement category, refer to the disclosures in this Note 1, and Note 6 Fair Value and Note 1 Accounting Policies in our 2017 Form 10-K for further discussion of our measurement categories. Statement of Cash Flows - ASU 2016-15 Issued August 2016 • Provides guidance on eight specific issues related to classification within the statement of cash flows with the objective of reducing existing diversity in practice. • The specific issues cover: • cash payments for debt prepayment or debt extinguishment costs; • cash outflows for settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant; • contingent consideration payments that are not made soon after a business combination; • proceeds from the settlement of insurance claims; • proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; • distributions received from equity method investees; • beneficial interests received in securitization transactions; and • clarifies that when no specific GAAP guidance exists and the source of the cash flows are not separately identifiable, then the predominant source of cash flows should be used to determine the classification for the item. • Adopted January 1, 2018 under the retrospective transition method. • Impact of adoption was immaterial to our consolidated statement of cash flows. Compensation-Retirement Benefits - ASU 2017-07 Issued March 2017 • Requires the service cost component of net periodic pension cost and net periodic postretirement benefit cost (net benefit cost) to be included in the same income statement line as other employee compensation cost arising from services rendered during the period. • Other components of net benefit cost are required to be presented separately from the line item that includes the service cost component and outside a subtotal of income from operations, if one is presented. • Allows only the service cost component to be eligible for capitalization when applicable. • Adopted January 1, 2018. • Presentation requirements in our Consolidated Income Statement have been applied retrospectively. • Impact of adoption was immaterial to our consolidated results of operations and financial position. Accounting Standards Update (ASU) Description Financial Statement Impact Derivatives and Hedging - ASU 2017-12 Issued August 2017 • Simplifies the application of hedge accounting by easing the requirements for effectiveness testing, hedge documentation and the application of the critical terms match method. • Provides new alternatives for applying hedge accounting to additional hedging strategies and measuring the hedged item in fair value hedges of interest rate risk. • Adopted January 1, 2018 using the modified retrospective approach. • Amended presentation and disclosures are required prospectively. • One-time transition elections were available to modify existing hedge documentation. • Cumulative-effect adjustment was immaterial to our consolidated results of operations and financial position. Comprehensive Income - ASU 2018-02 Issued February 2018 • Permits the reclassification to retained earnings of the income tax effects stranded within Accumulated other comprehensive income (loss) (AOCI) as a result of the enactment of the Tax Cuts and Jobs Act. • Requires qualitative disclosures of the accounting policy relating to releasing income tax effects from AOCI and if the reclassification election is made, the impacts of the change on the financial statements. • Adopted January 1, 2018 and elected to reclassify the income tax effects from AOCI to Retained earnings at the beginning of the period of adoption. • The impact of adoption was immaterial to our consolidated financial position. |
Loan Sale and Servicing Activit
Loan Sale and Servicing Activities and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2018 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Loan Sale and Servicing Activities and Variable Interest Entities | N OTE 2 L OAN S ALE AND S ERVICING A CTIVITIES AND V ARIABLE I NTEREST E NTITIES Loan Sale and Servicing Activities As more fully described in Note 2 Loan Sale and Servicing Activities and Variable Interest Entities in our 2017 Form 10-K, we have transferred residential and commercial mortgage loans in securitization or sales transactions in which we have continuing involvement. Our continuing involvement generally consists of servicing, repurchasing previously transferred loans under certain conditions and loss share arrangements, and, in limited circumstances, holding of mortgage-backed securities issued by the securitization special purpose entities (SPEs). We earn servicing and other ancillary fees for our role as servicer and, depending on the contractual terms of the servicing arrangement, we can be terminated as servicer with or without cause. At the consummation date of each type of loan transfer where we retain the servicing, we recognize a servicing right at fair value. See Note 7 Goodwill and Mortgage Servicing Rights for information on our servicing rights, including the carrying value of servicing assets. The following table provides cash flows associated with our loan sale and servicing activities. Table 35 : Cash Flows Associated with Loan Sale and Servicing Activities In millions Residential Commercial Cash Flows - Three months ended March 31, 2018 Sales of loans (b) $ 1,193 $ 1,202 Repurchases of previously transferred loans (c) $ 119 Servicing fees (d) $ 92 $ 31 Servicing advances recovered/(funded), net $ 4 $ 17 Cash flows on mortgage-backed securities held (e) $ 422 $ 21 Cash Flows - Three months ended March 31, 2017 Sales of loans (b) $ 1,594 $ 1,617 Repurchases of previously transferred loans (c) $ 131 Servicing fees (d) $ 94 $ 33 Servicing advances recovered/(funded), net $ 42 $ 31 Cash flows on mortgage-backed securities held (e) $ 349 $ 129 (a) Represents cash flow information associated with both commercial mortgage loan transfer and servicing activities. (b) Gains/losses recognized on sales of loans were insignificant for the periods presented. (c) Includes residential mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our removal of account provision option and loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers. (d) Includes contractually specified servicing fees, late charges and ancillary fees. (e) Represents cash flows on securities we hold issued by a securitization SPE in which we transferred to and services loans. The carrying values of such securities held were $9.4 billion in residential mortgage-backed securities and $.7 billion in commercial mortgage-backed securities at March 31, 2018 and $6.9 billion in residential mortgage-backed securities and $.7 billion in commercial mortgage-backed securities at March 31, 2017 . Additionally, at December 31, 2017 , the carrying values of such securities held were $8.8 billion in residential mortgage-backed securities and $.6 billion in commercial mortgage-backed securities. Table 36 presents information about the principal balances of transferred loans that we service and are not recorded on our Consolidated Balance Sheet. We would only experience a loss on these transferred loans if we were required to repurchase a loan, where the repurchase price exceeded the loan's fair value, due to a breach in representations and warranties or a loss sharing arrangement associated with our continuing involvement with these loans. The estimate of losses related to breaches in representations and warranties was insignificant at March 31, 2018 . Table 36 : Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others In millions Residential Commercial March 31, 2018 Total principal balance $ 57,339 $ 47,480 Delinquent loans (b) $ 796 $ 298 December 31, 2017 Total principal balance $ 58,320 $ 49,116 Delinquent loans (b) $ 899 $ 355 Three months ended March 31, 2018 Net charge-offs (c) $ 12 $ 30 Three months ended March 31, 2017 Net charge-offs (c) $ 25 $ 355 (a) Represents information at the securitization level in which we have sold loans and we are the servicer for the securitization. (b) Serviced delinquent loans are 90 days or more past due or are in process of foreclosure. (c) Net charge-offs for Residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for Commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information. Variable Interest Entities (VIEs) As discussed in Note 2 Loan Sale and Servicing Activities and Variable Interest Entities in our 2017 Form 10-K, we are involved with various entities in the normal course of business that are deemed to be VIEs. The following table provides a summary of non-consolidated VIEs with which we have significant continuing involvement but are not the primary beneficiary. We do not consider our continuing involvement to be significant when it relates to a VIE where we only invest in securities issued by the VIE and were not involved in the design of the VIE or where no transfers have occurred between us and the VIE. We have excluded certain transactions with non-consolidated VIEs from the balances presented in Table 37 where we have determined that our continuing involvement is not significant. In addition, where we only have lending arrangements in the normal course of business with entities that could be VIEs, we have excluded these transactions with non-consolidated entities from the balances presented in Table 37 . These loans are included as part of the asset quality disclosures that we make in Note 3 Asset Quality . Table 37 : Non-Consolidated VIEs In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities March 31, 2018 Mortgage-Backed Securitizations (b) $ 10,481 $ 10,481 (c) Tax Credit Investments and Other 3,033 2,979 (d) $ 799 (e) Total $ 13,514 $ 13,460 $ 799 December 31, 2017 Mortgage-Backed Securitizations (b) $ 9,738 $ 9,738 (c) Tax Credit Investments and Other 3,069 3,001 (d) $ 858 (e) Total $ 12,807 $ 12,739 $ 858 (a) This represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). The risk of loss excludes any potential tax recapture associated with tax credit investments. (b) Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings. (c) Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet. (d) Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (e) Included in Deposits and Other liabilities on our Consolidated Balance Sheet. We make certain equity investments in various tax credit limited partnerships or limited liability companies (LLCs). The purpose of these investments is to achieve a satisfactory return on capital and to assist us in achieving goals associated with the Community Reinvestment Act. During the three months ended March 31, 2018 , we recognized $56 million of amortization, $60 million of tax credits, and $13 million of other tax benefits associated with qualified investments in low income housing tax credits within Income taxes. |
Asset Quality
Asset Quality | 3 Months Ended |
Mar. 31, 2018 | |
Asset Quality [Abstract] | |
Asset Quality | N OTE 3 A SSET Q UALITY We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk. Trends in delinquency rates may be a key indicator, among other considerations, of credit risk within the loan portfolios. The measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due in terms of payment are considered delinquent. Nonperforming assets include nonperforming loans and leases, OREO, foreclosed and other assets. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is not recognized on these loans. Loans accounted for under the fair value option are reported as performing loans as these loans are accounted for at fair value. However, when nonaccrual criteria is met, interest income is not recognized on these loans. Additionally, certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest are not reported as nonperforming loans and continue to accrue interest. Purchased impaired loans are excluded from nonperforming loans as we are currently accreting interest income over the expected life of the loans. See Note 1 Accounting Policies in our 2017 Form 10-K for additional information on our loan related policies. The following tables display the delinquency status of our loans and our nonperforming assets at March 31, 2018 and December 31, 2017 , respectively. Table 38 : Analysis of Loan Portfolio (a) Accruing Dollars in millions Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due (b) Nonperforming Loans Fair Value Option Nonaccrual Loans (c) Purchased Impaired Loans Total Loans (d) March 31, 2018 Commercial Lending Commercial $ 111,754 $ 53 $ 22 $ 53 $ 128 $ 426 $ 112,308 Commercial real estate 28,695 21 12 33 107 28,835 Equipment lease financing 7,779 18 1 19 4 7,802 Total commercial lending 148,228 92 35 53 180 537 148,945 Consumer Lending Home equity 25,919 94 31 125 820 $ 835 27,699 Residential real estate 14,824 130 70 373 573 (b) 391 $ 189 1,479 17,456 Credit card 5,540 40 26 45 111 6 5,657 Other consumer Automobile 13,112 77 18 9 104 79 13,295 Education and other 8,257 94 54 148 296 (b) 9 8,562 Total consumer lending 67,652 435 199 575 1,209 1,305 189 2,314 72,669 Total $ 215,880 $ 527 $ 234 $ 628 $ 1,389 $ 1,842 $ 189 $ 2,314 $ 221,614 Percentage of total loans 97.41 % .24 % .11 % .28 % .63 % .83 % .09 % 1.04 % 100.00 % December 31, 2017 Commercial Lending Commercial $ 109,989 $ 45 $ 25 $ 39 $ 109 $ 429 $ 110,527 Commercial real estate 28,826 27 2 29 123 28,978 Equipment lease financing 7,914 17 1 18 2 7,934 Total commercial lending 146,729 89 28 39 156 554 147,439 Consumer Lending Home equity 26,561 78 26 104 818 $ 881 28,364 Residential real estate 14,389 151 74 486 711 (b) 400 $ 197 1,515 17,212 Credit card 5,579 43 26 45 114 6 5,699 Other consumer Automobile 12,697 79 20 8 107 76 12,880 Education and other 8,525 105 64 159 328 (b) 11 8,864 Total consumer lending 67,751 456 210 698 1,364 1,311 197 2,396 73,019 Total $ 214,480 $ 545 $ 238 $ 737 $ 1,520 $ 1,865 $ 197 $ 2,396 $ 220,458 Percentage of total loans 97.29 % .25 % .11 % .33 % .69 % .85 % .09 % 1.08 % 100.00 % (a) Amounts in table represent recorded investment and exclude loans held for sale. Recorded investment in a loan includes the unpaid principal balance plus net accounting adjustments, less any charge-offs. Recorded investment does not include any associated valuation allowance. (b) Past due loan amounts exclude purchased impaired loans, even if contractually past due (or if we do not expect to receive payment in full based on the original contractual terms), as we are currently accreting interest income over the expected life of the loans. Past due loan amounts include government insured or guaranteed Residential real estate mortgages totaling $ .5 billion and $ .6 billion at March 31, 2018 and December 31, 2017 , respectively, and Education and other consumer loans totaling $ .3 billion at both March 31, 2018 and December 31, 2017 . (c) Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policies. Given that these loans are not accounted for at amortized cost, these loans have been excluded from the nonperforming loan population. (d) Net of unearned income, net deferred loan fees, unamortized discounts and premiums, and purchase discounts and premiums totaling $ 1.2 billion at both March 31, 2018 and December 31, 2017 . At March 31, 2018 , we pledged $ 19.1 billion of commercial loans to the Federal Reserve Bank (FRB) and $ 64.6 billion of residential real estate and other loans to the Federal Home Loan Bank (FHLB) as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2017 were $18.7 billion and $62.8 billion , respectively. Table 39 : Nonperforming Assets Dollars in millions March 31 December 31 Nonperforming loans Total commercial lending $ 537 $ 554 Total consumer lending (a) 1,305 1,311 Total nonperforming loans 1,842 1,865 OREO, foreclosed and other assets 162 170 Total nonperforming assets $ 2,004 $ 2,035 Nonperforming loans to total loans .83 % .85 % Nonperforming assets to total loans, OREO, foreclosed and other assets .90 % .92 % Nonperforming assets to total assets .53 % .53 % (a) Excludes most consumer loans and lines of credit not secured by residential real estate, which are charged off after 120 to 180 days past due and are not placed on nonperforming status. Nonperforming loans also include certain loans whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties. In accordance with applicable accounting guidance, these loans are considered troubled debt restructurings (TDRs). See Note 1 Accounting Policies in our 2017 Form 10-K and the TDR section of this Note 3 . Total nonperforming loans in Table 39 include TDRs of $.9 billion at March 31, 2018 and $1.0 billion at December 31, 2017 . TDRs that are performing, including consumer credit card TDR loans, totaled $1.1 billion at both March 31, 2018 and December 31, 2017 , and are excluded from nonperforming loans. Nonperforming TDRs are returned to accrual status and classified as performing after demonstrating a period of at least six months of consecutive performance under the restructured terms. Loans where borrowers have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to us and loans to borrowers not currently obligated to make both principal and interest payments under the restructured terms are not returned to accrual status. See the TDRs section of this Note 3 for more information on TDRs. Additional Asset Quality Indicators We have two overall portfolio segments – Commercial Lending and Consumer Lending. Each of these two segments comprises multiple loan classes. Classes are characterized by similarities in initial measurement, risk attributes and the manner in which we monitor and assess credit risk. The Commercial Lending segment is composed of the commercial, commercial real estate and equipment lease financing loan classes. The Consumer Lending segment is composed of the home equity, residential real estate, credit card and other consumer loan classes. Commercial Lending Loan Classes The following table presents asset quality indicators for the Commercial Lending loan classes. See Note 3 Asset Quality in our 2017 Form 10-K for additional information related to our Commercial Lending loan classes, including discussion around the asset quality indicators that we use to monitor and manage the credit risk associated with each loan class. Table 40 : Commercial Lending Asset Quality Indicators (a) Criticized Commercial Loans In millions Pass Rated Special Mention (b) Substandard (c) Doubtful (d) Total Loans March 31, 2018 Commercial $ 106,681 $ 2,075 $ 3,449 $ 103 $ 112,308 Commercial real estate 28,274 163 397 1 28,835 Equipment lease financing 7,606 91 102 3 7,802 Total commercial lending $ 142,561 $ 2,329 $ 3,948 $ 107 $ 148,945 December 31, 2017 Commercial $ 105,280 $ 1,858 $ 3,331 $ 58 $ 110,527 Commercial real estate 28,380 148 435 15 28,978 Equipment lease financing 7,754 77 102 1 7,934 Total commercial lending $ 141,414 $ 2,083 $ 3,868 $ 74 $ 147,439 (a) Loans are classified as “Pass”, “Special Mention”, “Substandard” and “Doubtful” based on the Regulatory Classification definitions. We use PDs and LGDs to rate commercial loans. (b) Special Mention rated loans have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects at some future date. These loans do not expose us to sufficient risk to warrant a more adverse classification at the reporting date. (c) Substandard rated loans have a well-defined weakness or weaknesses that jeopardize the collection or liquidation of debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. (d) Doubtful rated loans possess all the inherent weaknesses of a Substandard rated loan with the additional characteristics that the weakness makes collection or liquidation in full improbable due to existing facts, conditions and values. Consumer Lending Loan Classes See Note 3 Asset Quality in our 2017 Form 10-K for additional information related to our Consumer Lending loan classes, including discussion around the asset quality indicators that we use to monitor and manage the credit risk associated with each loan class. Home Equity and Residential Real Estate Loan Classes The following table presents asset quality indicators for the home equity and residential real estate loan classes, excluding consumer purchased impaired loans of $ 2.3 billion and $2.4 billion at March 31, 2018 and December 31, 2017 , respectively, and government insured or guaranteed residential real estate mortgages of $ .7 billion and $.8 billion at March 31, 2018 and December 31, 2017 , respectively. Table 41 : Asset Quality Indicators for Home Equity and Residential Real Estate Loans – Excluding Purchased Impaired and Government Insured or Guaranteed Loans (a) Home Equity Residential Real Estate Total March 31, 2018 - in millions 1st Liens 2nd Liens Current estimated LTV ratios Greater than or equal to 125% and updated FICO scores: Greater than 660 $ 99 $ 359 $ 123 $ 581 Less than or equal to 660 (b) 16 58 24 98 Missing FICO 1 4 1 6 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 277 794 249 1,320 Less than or equal to 660 (b) 45 133 49 227 Missing FICO 1 8 5 14 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 333 853 300 1,486 Less than or equal to 660 51 132 51 234 Missing FICO 2 8 3 13 Less than 90% and updated FICO scores: Greater than 660 13,678 7,877 13,795 35,350 Less than or equal to 660 1,212 775 555 2,542 Missing FICO 42 56 97 195 Total home equity and residential real estate loans $ 15,757 $ 11,057 $ 15,252 $ 42,066 December 31, 2017 - in millions Home Equity Residential Real Estate Total 1st Liens 2nd Liens Current estimated LTV ratios Greater than or equal to 125% and updated FICO scores: Greater than 660 $ 108 $ 385 $ 126 $ 619 Less than or equal to 660 (b) 21 64 23 108 Missing FICO 1 5 1 7 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 300 842 253 1,395 Less than or equal to 660 (b) 46 143 45 234 Missing FICO 2 9 5 16 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 331 890 324 1,545 Less than or equal to 660 55 134 55 244 Missing FICO 2 9 4 15 Less than 90% and updated FICO scores: Greater than 660 13,954 8,066 13,445 35,465 Less than or equal to 660 1,214 774 507 2,495 Missing FICO 42 57 95 194 Total home equity and residential real estate loans $ 16,076 $ 11,378 $ 14,883 $ 42,337 (a) Amounts shown represent recorded investment. (b) Higher risk loans are defined as loans with both an updated FICO score of less than or equal to 660 and an updated LTV greater than or equal to 100%. The following states had the highest percentage of higher risk loans at March 31, 2018 : New Jersey 16% , Pennsylvania 13% , Illinois 12% , Ohio 10% , Maryland 8% , Florida 6% , North Carolina 5% and Michigan 4% . The remainder of the states had lower than 4% of the higher risk loans individually, and collectively they represent approximately 26% of the higher risk loans. The following states had the highest percentage of higher risk loans at December 31, 2017 : New Jersey 17% , Pennsylvania 13% , Illinois 13% , Ohio 9% , Maryland 8% , Florida 6% , North Carolina 5% and Michigan 4% . The remainder of the states had lower than 4% of the higher risk loans individually, and collectively they represent approximately 25% of the higher risk loans. Credit Card and Other Consumer Loan Classes The following table presents asset quality indicators for the credit card and other consumer loan classes. Table 42 : Credit Card and Other Consumer Loan Classes Asset Quality Indicators Credit Card Other Consumer (a) Dollars in millions Amount % of Total Loans Using FICO Credit Metric Amount % of Total Loans Using FICO Credit Metric March 31, 2018 FICO score greater than 719 $ 3,368 60 % $ 10,235 61 % 650 to 719 1,603 28 % 4,611 27 % 620 to 649 254 5 % 815 5 % Less than 620 297 5 % 844 5 % No FICO score available or required (b) 135 2 % 316 2 % Total loans using FICO credit metric 5,657 100 % 16,821 100 % Consumer loans using other internal credit metrics (a) 5,036 Total loan balance $ 5,657 $ 21,857 Weighted-average updated FICO score (b) 733 737 December 31, 2017 FICO score greater than 719 $ 3,457 61 % $ 10,366 63 % 650 to 719 1,596 28 % 4,352 27 % 620 to 649 250 4 % 659 4 % Less than 620 272 5 % 715 4 % No FICO score available or required (b) 124 2 % 314 2 % Total loans using FICO credit metric 5,699 100 % 16,406 100 % Consumer loans using other internal credit metrics (a) 5,338 Total loan balance $ 5,699 $ 21,744 Weighted-average updated FICO score (b) 735 741 (a) We use updated FICO scores as an asset quality indicator for non-government guaranteed or insured education loans, automobile loans and other secured and unsecured lines and loans. We use internal credit metrics, such as delinquency status, geography or other factors, as an asset quality indicator for government guaranteed or insured education loans and consumer loans to high net worth individuals, as internal credit metrics are more relevant than FICO scores for these types of loans. (b) Credit card loans and other consumer loans with no FICO score available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score ( e.g., recent profile changes), cards issued with a business name and/or cards secured by collateral. Management proactively assesses the risk and size of this loan portfolio and, when necessary, takes actions to mitigate the credit risk. Weighted-average updated FICO score excludes accounts with no FICO score available or required. Troubled Debt Restructurings (TDRs) Table 43 quantifies the number of loans that were classified as TDRs, as well as the change in the loans’ recorded investment as a result of becoming a TDR during the three months ended March 31, 2018 and March 31, 2017 . Additionally, the table provides information about the types of TDR concessions. See Note 3 Asset Quality in our 2017 Form 10-K for additional discussion of TDRs. Table 43 : Financial Impact and TDRs by Concession Type (a) Pre-TDR Recorded Investment (b) Post-TDR Recorded Investment (c) During the three months ended March 31, 2018 Number of Loans Principal Forgiveness Rate Reduction Other Total Total commercial lending 32 $ 10 $ 1 $ 7 $ 8 Total consumer lending 2,979 49 30 16 46 Total TDRs 3,011 $ 59 $ 31 $ 23 $ 54 During the three months ended March 31, 2017 Total commercial lending 49 $ 35 $ 4 $ 6 $ 5 $ 15 Total consumer lending 2,899 73 37 31 68 Total TDRs 2,948 $ 108 $ 4 $ 43 $ 36 $ 83 (a) Impact of partial charge-offs at TDR date are included in this table. (b) Represents the recorded investment of the loans as of the quarter end prior to TDR designation, and excludes immaterial amounts of accrued interest receivable. (c) Represents the recorded investment of the TDRs as of the end of the quarter in which the TDR occurs, and excludes immaterial amounts of accrued interest receivable. After a loan is determined to be a TDR, we continue to track its performance under its most recent restructured terms. We consider a TDR to have subsequently defaulted when it becomes 60 days past due after the most recent date the loan was restructured. The recorded investment of loans that were both (i) classified as TDRs or were subsequently modified during each 12-month period preceding January 1, 2018 and January 1, 2017, respectively, and (ii) subsequently defaulted during the three months ended March 31, 2018 and March 31, 2017 totaled $21 million and $32 million , respectively. Impaired Loans Impaired loans include commercial and consumer nonperforming loans and TDRs, regardless of nonperforming status. TDRs that were previously recorded at amortized cost and are now classified and accounted for as held for sale are also included. Excluded from impaired loans are nonperforming leases, loans accounted for as held for sale other than the TDRs described in the preceding sentence, loans accounted for under the fair value option, smaller balance homogeneous type loans and purchased impaired loans. We did not recognize any interest income on impaired loans that have not returned to performing status, while they were impaired during the three months ended March 31, 2018 and March 31, 2017 . Table 44 provides further detail on impaired loans individually evaluated for impairment and the associated allowance for loan and lease losses (ALLL). Certain commercial and consumer impaired loans do not have a related ALLL as the valuation of these impaired loans exceeded the recorded investment. Table 44 : Impaired Loans In millions Unpaid Principal Balance Recorded Investment Associated Allowance Average Recorded Investment (a) March 31, 2018 Impaired loans with an associated allowance Total commercial lending $ 537 $ 371 $ 101 $ 363 Total consumer lending 980 915 152 964 Total impaired loans with an associated allowance 1,517 1,286 253 1,327 Impaired loans without an associated allowance Total commercial lending 427 326 345 Total consumer lending 1,158 693 666 Total impaired loans without an associated allowance 1,585 1,019 1,011 Total impaired loans $ 3,102 $ 2,305 $ 253 $ 2,338 December 31, 2017 Impaired loans with an associated allowance Total commercial lending $ 580 $ 353 $ 76 $ 419 Total consumer lending 1,061 1,014 195 1,072 Total impaired loans with an associated allowance 1,641 1,367 271 1,491 Impaired loans without an associated allowance Total commercial lending 494 366 330 Total consumer lending 1,019 638 648 Total impaired loans without an associated allowance 1,513 1,004 978 Total impaired loans $ 3,154 $ 2,371 $ 271 $ 2,469 (a) Average recorded investment is for the three months ended March 31, 2018 and the year ended December 31, 2017 , respectively. |
Allowances for Loan and Lease L
Allowances for Loan and Lease Losses | 3 Months Ended |
Mar. 31, 2018 | |
Allowance For Loan And Lease Losses [Abstract] | |
Allowance for Loan and Lease Losses | N OTE 4 A LLOWANCE FOR L OAN AND L EASE L OSSES We maintain the ALLL at levels that we believe to be appropriate to absorb estimated probable credit losses incurred in the portfolios as of the balance sheet date. We use the two main portfolio segments – Commercial Lending and Consumer Lending, and develop and document the ALLL under separate methodologies for each of these portfolio segments. See Note 1 Accounting Policies in our 2017 Form 10-K for a description of the accounting policies for ALLL. A rollforward of the ALLL and associated loan data follows: Table 45 : Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data Dollars in millions Commercial Lending Consumer Lending Total March 31, 2018 Allowance for Loan and Lease Losses January 1 $ 1,582 $ 1,029 $ 2,611 Charge-offs (36 ) (157 ) (193 ) Recoveries 26 54 80 Net (charge-offs) (10 ) (103 ) (113 ) Provision for credit losses 37 55 92 Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit 5 2 7 Other 7 7 March 31 $ 1,614 $ 990 $ 2,604 TDRs individually evaluated for impairment $ 34 $ 152 $ 186 Other loans individually evaluated for impairment 67 67 Loans collectively evaluated for impairment 1,513 556 2,069 Purchased impaired loans 282 282 March 31 $ 1,614 $ 990 $ 2,604 Loan Portfolio TDRs individually evaluated for impairment $ 384 $ 1,608 $ 1,992 Other loans individually evaluated for impairment 313 313 Loans collectively evaluated for impairment 148,248 67,934 216,182 Fair value option loans (a) 813 813 Purchased impaired loans 2,314 2,314 March 31 $ 148,945 $ 72,669 $ 221,614 Portfolio segment ALLL as a percentage of total ALLL 62 % 38 % 100 % Ratio of ALLL to total loans 1.08 % 1.36 % 1.18 % March 31, 2017 Allowance for Loan and Lease Losses January 1 $ 1,534 $ 1,055 $ 2,589 Charge-offs (55 ) (143 ) (198 ) Recoveries 32 48 80 Net (charge-offs) (23 ) (95 ) (118 ) Provision for credit losses 23 65 88 Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit (5 ) 1 (4 ) Other 1 5 6 March 31 $ 1,530 $ 1,031 $ 2,561 TDRs individually evaluated for impairment $ 37 $ 215 $ 252 Other loans individually evaluated for impairment 53 53 Loans collectively evaluated for impairment 1,412 526 1,938 Purchased impaired loans 28 290 318 March 31 $ 1,530 $ 1,031 $ 2,561 Loan Portfolio TDRs individually evaluated for impairment $ 366 $ 1,764 $ 2,130 Other loans individually evaluated for impairment 351 351 Loans collectively evaluated for impairment 139,863 66,797 206,660 Fair value option loans (a) 874 874 Purchased impaired loans 82 2,729 2,811 March 31 $ 140,662 $ 72,164 $ 212,826 Portfolio segment ALLL as a percentage of total ALLL 60 % 40 % 100 % Ratio of ALLL to total loans 1.09 % 1.43 % 1.20 % (a) Loans accounted for under the fair value option are not evaluated for impairment as these loans are accounted for at fair value. Accordingly, there is no allowance recorded on these loans. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities | N OTE 5 I NVESTMENT S ECURITIES Table 46 : Investment Securities Summary In millions Amortized Cost Unrealized Fair Value Gains Losses March 31, 2018 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ 13,645 $ 123 $ (179 ) $ 13,589 Residential mortgage-backed Agency 26,512 74 (584 ) 26,002 Non-agency 2,320 333 (17 ) 2,636 Commercial mortgage-backed Agency 1,884 1 (78 ) 1,807 Non-agency 2,585 9 (24 ) 2,570 Asset-backed 5,129 71 (17 ) 5,183 Other debt 4,166 103 (38 ) 4,231 Total securities available for sale $ 56,241 $ 714 $ (937 ) $ 56,018 Securities Held to Maturity Debt securities U.S. Treasury and government agencies $ 745 $ 28 $ (27 ) $ 746 Residential mortgage-backed Agency 14,663 18 (382 ) 14,299 Non-agency 163 3 166 Commercial mortgage-backed Agency 338 2 (1 ) 339 Non-agency 524 4 528 Asset-backed 196 1 197 Other debt 1,915 59 (26 ) 1,948 Total securities held to maturity $ 18,544 $ 115 $ (436 ) $ 18,223 December 31, 2017 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ 14,432 $ 173 $ (84 ) $ 14,521 Residential mortgage-backed Agency 25,534 121 (249 ) 25,406 Non-agency 2,443 336 (21 ) 2,758 Commercial mortgage-backed Agency 1,960 2 (58 ) 1,904 Non-agency 2,603 19 (9 ) 2,613 Asset-backed 5,331 74 (8 ) 5,397 Other debt 4,322 129 (17 ) 4,434 Total debt securities 56,625 854 (446 ) 57,033 Other (a) 587 (2 ) 585 Total securities available for sale $ 57,212 $ 854 $ (448 ) $ 57,618 Securities Held to Maturity Debt securities U.S. Treasury and government agencies $ 741 $ 37 $ (13 ) $ 765 Residential mortgage-backed Agency 14,503 77 (139 ) 14,441 Non-agency 167 7 174 Commercial mortgage-backed Agency 407 4 411 Non-agency 538 10 548 Asset-backed 200 1 201 Other debt 1,957 88 (20 ) 2,025 Total securities held to maturity $ 18,513 $ 224 $ (172 ) $ 18,565 (a) On January 1, 2018, $.6 billion of available for sale securities, primarily money market funds, were reclassified to equity investments in accordance with the adoption of ASU 2016-01. See the Recently Adopted Accounting Standards portion of Note 1 for additional detail on this adoption. The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Net unrealized gains and losses in the securities available for sale portfolio are included in Shareholders’ equity as AOCI, unless credit-related. Securities held to maturity are carried at amortized cost. At March 31, 2018 , AOCI included pretax gains of $50 million from derivatives that hedged the purchase of investment securities classified as held to maturity. The gains will be accreted into interest income as an adjustment of yield on the securities. Table 47 presents gross unrealized losses and fair value of debt securities at March 31, 2018 and December 31, 2017 . The securities are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and twelve months or more based on the point in time that the fair value declined below the amortized cost basis. The table includes debt securities where a portion of other than temporary impairment (OTTI) has been recognized in AOCI. Table 47 : Gross Unrealized Loss and Fair Value of Debt Securities Unrealized loss position less than 12 months Unrealized loss position 12 months or more Total In millions Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value March 31, 2018 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ (120 ) $ 6,937 $ (59 ) $ 1,142 $ (179 ) $ 8,079 Residential mortgage-backed Agency (229 ) 11,684 (355 ) 8,965 (584 ) 20,649 Non-agency (1 ) 94 (16 ) 352 (17 ) 446 Commercial mortgage-backed Agency (16 ) 499 (62 ) 1,243 (78 ) 1,742 Non-agency (15 ) 1,284 (9 ) 325 (24 ) 1,609 Asset-backed (14 ) 2,366 (3 ) 383 (17 ) 2,749 Other debt (16 ) 1,675 (22 ) 787 (38 ) 2,462 Total debt securities available for sale $ (411 ) $ 24,539 $ (526 ) $ 13,197 $ (937 ) $ 37,736 Securities Held to Maturity Debt securities U.S. Treasury and government agencies $ (7 ) $ 191 $ (20 ) $ 246 $ (27 ) $ 437 Residential mortgage-backed - Agency (133 ) 7,080 (249 ) 5,830 (382 ) 12,910 Commercial mortgage-backed - Agency (1 ) 170 (1 ) 170 Other debt (7 ) 105 (19 ) 85 (26 ) 190 Total debt securities held to maturity $ (148 ) $ 7,546 $ (288 ) $ 6,161 $ (436 ) $ 13,707 December 31, 2017 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ (42 ) $ 6,099 $ (42 ) $ 1,465 $ (84 ) $ 7,564 Residential mortgage-backed Agency (47 ) 8,151 (202 ) 9,954 (249 ) 18,105 Non-agency (21 ) 383 (21 ) 383 Commercial mortgage-backed Agency (11 ) 524 (47 ) 1,302 (58 ) 1,826 Non-agency (3 ) 400 (6 ) 333 (9 ) 733 Asset-backed (4 ) 1,697 (4 ) 462 (8 ) 2,159 Other debt (3 ) 966 (14 ) 798 (17 ) 1,764 Total debt securities available for sale $ (110 ) $ 17,837 $ (336 ) $ 14,697 $ (446 ) $ 32,534 Securities Held to Maturity Debt securities U.S. Treasury and government agencies $ (3 ) $ 195 $ (10 ) $ 255 $ (13 ) $ 450 Residential mortgage-backed - Agency (10 ) 3,167 (129 ) 6,168 (139 ) 9,335 Other debt (12 ) 83 (8 ) 67 (20 ) 150 Total debt securities held to maturity $ (25 ) $ 3,445 $ (147 ) $ 6,490 $ (172 ) $ 9,935 Evaluating Investment Securities for OTTI For the securities in Table 47 , as of March 31, 2018 we do not intend to sell and believe we will not be required to sell the securities prior to recovery of the amortized cost basis. On at least a quarterly basis, we review all debt securities that are in an unrealized loss position for OTTI, as discussed in Note 1 Accounting Policies of our 2017 Form 10-K. For those securities on our Consolidated Balance Sheet at March 31, 2018 , where during our quarterly security-level impairment assessments we determined losses represented OTTI, we have recorded cumulative credit losses of $1.1 billion in earnings and accordingly have reduced the amortized cost of our securities. The majority of these cumulative impairment charges related to non-agency residential mortgage-backed and asset-backed securities rated BB or lower. During the first quarters of 2018 and 2017 , the OTTI credit losses recognized in noninterest income and the OTTI noncredit losses recognized in AOCI on securities were not significant. Information relating to gross realized securities gains and losses from the sales of securities is set forth in the following table: Table 48 : Gains (Losses) on Sales of Securities Available for Sale Three months ended March 31 Proceeds Gross Gains Gross Losses Net Losses Tax Benefit 2018 $ 4,490 $ 37 $ (38 ) $ (1 ) 2017 $ 3,222 $ 14 $ (16 ) $ (2 ) $ (1 ) The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at March 31, 2018 . Table 49 : Contractual Maturity of Debt Securities March 31, 2018 1 Year or Less After 1 Year through 5 Years After 5 Years through 10 Years After 10 Years Total Securities Available for Sale U.S. Treasury and government agencies $ 85 $ 7,752 $ 5,335 $ 473 $ 13,645 Residential mortgage-backed Agency 3 50 568 25,891 26,512 Non-agency 2,320 2,320 Commercial mortgage-backed Agency 313 560 1,011 1,884 Non-agency 450 2,135 2,585 Asset-backed 19 1,877 1,940 1,293 5,129 Other debt 683 1,784 632 1,067 4,166 Total debt securities available for sale $ 790 $ 11,776 $ 9,485 $ 34,190 $ 56,241 Fair value $ 789 $ 11,676 $ 9,462 $ 34,091 $ 56,018 Weighted-average yield, GAAP basis 2.39 % 2.18 % 2.40 % 3.05 % 2.75 % Securities Held to Maturity U.S. Treasury and government agencies $ 478 $ 267 $ 745 Residential mortgage-backed Agency $ 79 334 14,250 14,663 Non-agency 163 163 Commercial mortgage-backed Agency $ 156 125 5 52 338 Non-agency 524 524 Asset-backed 113 83 196 Other debt 14 431 848 622 1,915 Total debt securities held to maturity $ 170 $ 635 $ 1,778 $ 15,961 $ 18,544 Fair value $ 170 — $ 646 — $ 1,821 $ 15,586 $ 18,223 Weighted-average yield, GAAP basis 3.53 % 3.84 % 3.52 % 3.21 % 3.26 % Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. At March 31, 2018 , there were no securities of a single issuer, other than the Federal National Mortgage Association (FNMA), that exceeded 10% of Total shareholders’ equity. The FNMA investments had a total amortized cost of $32.7 billion and fair value of $31.9 billion. The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings. Table 50 : Fair Value of Securities Pledged and Accepted as Collateral In millions March 31 December 31 Pledged to others $ 8,264 $ 8,175 Accepted from others: Permitted by contract or custom to sell or repledge $ 1,134 $ 1,152 Permitted amount repledged to others $ 1,098 $ 1,097 The securities pledged to others include positions held in our portfolio of investment securities, trading securities and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge, and were used to secure public and trust deposits, repurchase agreements and for other purposes. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value [Abstract] | |
Fair Value | N OTE 6 F AIR V ALUE Fair Value Measurement We measure certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability on the measurement date, determined using an exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair value hierarchy established by GAAP requires us to maximize the use of observable inputs when measuring fair value. For more information regarding the fair value hierarchy, see Note 6 Fair Value in our 2017 Form 10-K. Assets and Liabilities Measured at Fair Value on a Recurring Basis For more information on the valuation methodologies used to measure assets and liabilities at fair value on a recurring basis, see Note 6 Fair Value in our 2017 Form 10-K. The following table summarizes our assets and liabilities measured at fair value on a recurring basis, including instruments for which we have elected the fair value option. Table 51 : Fair Value Measurements – Recurring Basis Summary March 31, 2018 December 31, 2017 In millions Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Assets Residential mortgage loans held for sale $ 615 $ 2 $ 617 $ 829 $ 3 $ 832 Commercial mortgage loans held for sale 153 92 245 723 107 830 Securities available for sale U.S. Treasury and government agencies $ 13,158 431 13,589 $ 14,088 433 14,521 Residential mortgage-backed Agency 26,002 26,002 25,406 25,406 Non-agency 91 2,545 2,636 97 2,661 2,758 Commercial mortgage-backed Agency 1,807 1,807 1,904 1,904 Non-agency 2,570 2,570 2,613 2,613 Asset-backed 4,862 321 5,183 5,065 332 5,397 Other debt 4,137 94 4,231 4,347 87 4,434 Total debt securities 13,158 39,900 2,960 56,018 14,088 39,865 3,080 57,033 Other (a) 524 61 585 Total securities available for sale 13,158 39,900 2,960 56,018 14,612 39,926 3,080 57,618 Loans 511 302 813 571 298 869 Equity investments (b) 489 60 1,129 1,905 1,036 1,265 Residential mortgage servicing rights 1,256 1,256 1,164 1,164 Commercial mortgage servicing rights 723 723 668 668 Trading securities (c) 827 1,678 2 2,507 1,243 1,670 2 2,915 Financial derivatives (c) (d) 2 1,889 12 1,903 2,864 10 2,874 Other assets 275 250 68 593 278 253 107 638 Total assets $ 14,751 $ 45,056 $ 6,546 $ 66,580 $ 16,133 $ 46,836 $ 6,475 $ 69,673 Liabilities Other borrowed funds $ 963 $ 205 $ 9 $ 1,177 $ 1,079 $ 254 $ 11 $ 1,344 Financial derivatives (d) (e) 2,505 437 2,942 2,369 487 2,856 Other liabilities 42 42 33 33 Total liabilities $ 963 $ 2,710 $ 488 $ 4,161 $ 1,079 $ 2,623 $ 531 $ 4,233 (a) Prior period amounts included $.6 billion of available for sale securities, primarily money market funds, that were reclassified to equity investments on January 1, 2018 as the result of the adoption of ASU 2016-01. See the Recently Adopted Accounting Standards portion of Note 1 for additional details on this adoption. (b) Certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Consolidated Balance Sheet. (c) Included in Other assets on the Consolidated Balance Sheet. (d) Amounts at March 31, 2018 and December 31, 2017 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 9 Financial Derivatives for additional information related to derivative offsetting. (e) Included in Other liabilities on the Consolidated Balance Sheet. Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2018 and 2017 follow: Table 52 : Reconciliation of Level 3 Assets and Liabilities Three Months Ended March 31, 2018 Total realized / unrealized Unrealized Level 3 Instruments Only In millions Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage loans $ 3 $ 1 $ (1 ) $ 2 $ (3 ) $ 2 Commercial mortgage 107 $ (15 ) 92 Securities available for sale Residential mortgage- 2,661 $ 19 $ 3 (138 ) 2,545 Asset-backed 332 (1 ) 5 (15 ) 321 Other debt 87 5 1 2 (1 ) 94 Total securities 3,080 23 9 2 (154 ) 2,960 Loans 298 2 37 (7 ) (18 ) 2 (12 ) 302 $ 2 Equity investments 1,036 26 82 (15 ) 1,129 25 Residential mortgage 1,164 107 9 $ 13 (37 ) 1,256 105 Commercial mortgage 668 48 23 17 (33 ) 723 48 Trading securities 2 2 Financial derivatives 10 7 1 (6 ) 12 9 Other assets 107 3 (42 ) 68 3 Total assets $ 6,475 $ 216 $ 9 $ 155 $ (23 ) $ 30 $ (305 ) $ 4 $ (15 ) $ 6,546 $ 192 Liabilities Other borrowed funds $ 11 $ 19 $ (21 ) $ 9 Financial derivatives 487 $ 10 $ 3 (63 ) 437 $ 5 Other liabilities 33 2 $ 12 5 (10 ) 42 2 Total liabilities $ 531 $ 12 $ 12 $ 3 $ 24 $ (94 ) $ 488 $ 7 Net gains (losses) $ 204 (c) $ 185 (d) Three Months Ended March 31, 2017 Total realized / unrealized Unrealized Level 3 Instruments Only In millions Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage loans $ 2 $ 2 $ 2 $ (2 ) $ 4 Commercial mortgage 1,400 $ 9 $ (1,617 ) $ 801 $ (12 ) 581 $ (5 ) Securities available for sale Residential mortgage- 3,254 26 $ 18 (202 ) 3,096 Asset-backed 403 4 4 (25 ) (20 ) 366 Other debt 66 9 1 (1 ) 75 Total securities 3,723 30 31 1 (26 ) (222 ) 3,537 Loans 335 1 22 (4 ) (19 ) 2 (14 ) 323 Equity investments 1,331 96 37 (175 ) (183 ) (e) 1,106 67 Residential mortgage 1,182 18 83 17 (39 ) 1,261 17 Commercial mortgage 576 13 13 29 (25 ) 606 13 Trading securities 2 2 Financial derivatives 40 (1 ) (15 ) 24 22 Other assets 239 (2 ) (155 ) 82 (2 ) Total assets $ 8,830 $ 164 $ 31 $ 158 $ (1,822 ) $ 847 $ (487 ) $ 4 $ (199 ) $ 7,526 $ 112 Liabilities Other borrowed funds $ 10 $ 19 $ (22 ) $ 7 Financial derivatives 414 $ 9 $ 2 (171 ) 254 $ 7 Other liabilities 9 16 77 (71 ) 31 16 Total liabilities $ 433 $ 25 $ 2 $ 96 $ (264 ) $ 292 $ 23 Net gains (losses) $ 139 (c) $ 89 (d) (a) Losses for assets are bracketed while losses for liabilities are not. (b) The amount of the total gains or losses for the period included in earnings that is attributable to the change in unrealized gains or losses related to those assets and liabilities held at the end of the reporting period. (c) Net gains (losses) realized and unrealized included in earnings related to Level 3 assets and liabilities included amortization and accretion. The amortization and accretion amounts were included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized were included in Noninterest income on the Consolidated Income Statement. (d) Net unrealized gains (losses) related to assets and liabilities held at the end of the reporting period were included in Noninterest income on the Consolidated Income Statement. (e) Reflects transfer out of Level 3 associated with change in valuation methodology for certain equity investments subject to the Volcker Rule provisions of the Dodd-Frank Act. An instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Changes from one quarter to the next related to the observability of inputs to a fair value measurement may result in a reclassification (transfer) of assets or liabilities between hierarchy levels. Our policy is to recognize transfers in and transfers out as of the end of the reporting period. Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities follows: Table 53 : Fair Value Measurements – Recurring Quantitative Information March 31, 2018 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) Commercial mortgage loans held for sale $ 92 Discounted cash flow Spread over the benchmark curve (a) 525bps - 1,580bps (1,069bps) Residential mortgage-backed 2,545 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate (CPR) 1.0% - 33.0% (10.9% ) Constant default rate (CDR) 0.0% - 17.8% (5.7%) Loss severity 20.0% - 100.0% (50.5% ) Spread over the benchmark curve (a) 196bps weighted-average Asset-backed securities 321 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate (CPR) 1.0% - 19.0% (7.9%) Constant default rate (CDR) 2.0% - 11.8% (5.1%) Loss severity 16.0% - 100.0% (67.1%) Spread over the benchmark curve (a) 126bps weighted-average Loans 142 Consensus pricing (b) Cumulative default rate 11.0% - 100.0% (82.5%) Loss severity 0.0% - 100.0% (18.5%) Discount rate 5.5% - 8.0% (5.7%) 99 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 5.4% weighted-average 61 Consensus pricing (b) Credit and Liquidity discount 0.0% - 99.0% (61.1%) Equity investments 1,129 Multiple of adjusted earnings Multiple of earnings 4.9x - 29.7x (8.3x) Residential mortgage servicing rights 1,256 Discounted cash flow Constant prepayment rate (CPR) 0.0% - 44.4% (8.7%) Spread over the benchmark curve (a) 346bps - 1,811bps (831bps) Commercial mortgage servicing rights 723 Discounted cash flow Constant prepayment rate (CPR) 7.0% - 13.7% (7.9%) Discount rate 6.3% - 8.3% (8.1%) Financial derivatives - Swaps related to (363 ) Discounted cash flow Estimated conversion factor of Visa 163.8% weighted-average Estimated growth rate of Visa 16.0% Estimated length of litigation Q2 2021 Insignificant Level 3 assets, net of 53 Total Level 3 assets, net of liabilities (d) $ 6,058 December 31, 2017 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) Commercial mortgage loans held for sale $ 107 Discounted cash flow Spread over the benchmark curve (a) 525bps - 1,470bps (1020bps) Residential mortgage-backed 2,661 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate (CPR) 1.0% - 31.6% (10.8%) Constant default rate (CDR) 0.1% - 18.8% (5.4%) Loss severity 15.0% - 100.0% (51.5% ) Spread over the benchmark curve (a) 190bps weighted-average Asset-backed securities 332 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate (CPR) 1.0% - 19.0% (7.9%) Constant default rate (CDR) 2.0% - 11.8% (5.4%) Loss severity 15.0% - 100.0% (68.5%) Spread over the benchmark curve (a) 179bps weighted-average Loans 133 Consensus pricing (b) Cumulative default rate 11.0% - 100.0% (85.7%) Loss severity 0.0% - 100.0% (20.6%) Discount rate 5.5% - 8.0% (5.7%) 104 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 4.9% weighted-average 61 Consensus pricing (b) Credit and Liquidity discount 0.0% - 99.0% (61.1%) Equity investments 1,036 Multiple of adjusted earnings Multiple of earnings 4.5x - 29.7x (8.3x) Residential mortgage servicing rights 1,164 Discounted cash flow Constant prepayment rate (CPR) 0.0% - 36.7% (10.0% ) Spread over the benchmark curve (a) 390bps - 1,839bps (830bps) Commercial mortgage servicing rights 668 Discounted cash flow Constant prepayment rate (CPR) 7.7% - 14.2% (8.5%) Discount rate 6.4% - 7.9% (7.8%) Financial derivatives - Swaps related to (380 ) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 163.8% weighted-average Estimated growth rate of Visa Class 16.0% Estimated length of litigation Q2 2021 Insignificant Level 3 assets, net of 58 Total Level 3 assets, net of liabilities (d) $ 5,944 (a) The assumed yield spread over the benchmark curve for each instrument is generally intended to incorporate non-interest rate risks, such as credit and liquidity risks. (b) Consensus pricing refers to fair value estimates that are generally internally developed using information such as dealer quotes or other third-party provided valuations or comparable asset prices. (c) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain financial derivative assets and liabilities, trading securities, other debt securities, residential mortgage loans held for sale, other assets, other borrowed funds and other liabilities. (d) Consisted of total Level 3 assets of $6.5 billion and total Level 3 liabilities of $.5 billion as of March 31, 2018 and $6.4 billion and $.5 billion as of December 31, 2017 , respectively. Financial Assets Accounted for at Fair Value on a Nonrecurring Basis We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment and are included in Table 54 and Table 55 . For more information regarding the valuation methodologies of our financial assets measured at fair value on a nonrecurring basis, see Note 6 Fair Value in our 2017 Form 10-K. Table 54 : Fair Value Measurements – Nonrecurring Fair Value (a) Gains (Losses) Three months ended In millions March 31 December 31 March 31 March 31 Assets Nonaccrual loans $ 137 $ 100 $ (23 ) $ (6 ) OREO, foreclosed and other assets 35 70 (4 ) Long-lived assets 15 80 (2 ) 3 Total assets $ 187 $ 250 $ (25 ) $ (7 ) (a) All Level 3 as of March 31, 2018 and December 31, 2017 . Quantitative information about the significant unobservable inputs within Level 3 nonrecurring assets follows: Table 55 : Fair Value Measurements – Nonrecurring Quantitative Information Level 3 Instruments Only In millions Fair Value Valuation Techniques Unobservable Inputs March 31, 2018 Assets Nonaccrual loans $ 137 Fair value of property or collateral Appraised value/sales price OREO, foreclosed and other assets 35 Fair value of property or collateral Appraised value/sales price Long-lived assets 15 Fair value of property or collateral Appraised value/sales price Total assets $ 187 December 31, 2017 Assets Nonaccrual loans $ 100 Fair value of property or collateral Appraised value/sales price OREO, foreclosed and other assets 70 Fair value of property or collateral Appraised value/sales price Long-lived assets 47 Fair value of property or collateral Appraised value/sales price 20 Fair value of property or collateral Broker opinion 13 Fair value of property or collateral Projected income/required improvement costs Total assets $ 250 Financial Instruments Accounted for under Fair Value Option We elect the fair value option to account for certain financial instruments. For more information on these financial instruments for which the fair value option election has been made, see Note 6 Fair Value in our 2017 Form 10-K. Fair values and aggregate unpaid principal balances of certain items for which we elected the fair value option follow: Table 56 : Fair Value Option – Fair Value and Principal Balances In millions Fair Value Aggregate Unpaid Principal Balance Difference March 31, 2018 Assets Residential mortgage loans held for sale Performing loans $ 604 $ 591 $ 13 Accruing loans 90 days or more past due 3 3 Nonaccrual loans 10 11 (1 ) Total $ 617 $ 605 $ 12 Commercial mortgage loans held for sale (a) Performing loans $ 244 $ 264 $ (20 ) Nonaccrual loans 1 2 (1 ) Total $ 245 $ 266 $ (21 ) Residential mortgage loans Performing loans $ 290 $ 319 $ (29 ) Accruing loans 90 days or more past due 334 344 (10 ) Nonaccrual loans 189 307 (118 ) Total $ 813 $ 970 $ (157 ) Other assets $ 216 $ 221 $ (5 ) Liabilities Other borrowed funds $ 56 $ 57 $ (1 ) December 31, 2017 Assets Residential mortgage loans held for sale Performing loans $ 822 $ 796 $ 26 Accruing loans 90 days or more past due 3 3 Nonaccrual loans 7 8 (1 ) Total $ 832 $ 807 $ 25 Commercial mortgage loans held for sale (a) Performing loans $ 828 $ 842 $ (14 ) Nonaccrual loans 2 3 (1 ) Total $ 830 $ 845 $ (15 ) Residential mortgage loans Performing loans $ 251 $ 280 $ (29 ) Accruing loans 90 days or more past due 421 431 (10 ) Nonaccrual loans 197 317 (120 ) Total $ 869 $ 1,028 $ (159 ) Other assets $ 216 $ 212 $ 4 Liabilities Other borrowed funds $ 84 $ 85 $ (1 ) (a) There were no accruing loans 90 days or more past due within this category at March 31, 2018 or December 31, 2017 . The changes in fair value for items for which we elected the fair value option are as follows: Table 57 : Fair Value Option – Changes in Fair Value (a) Gains (Losses) Three months ended Mar. 31 Mar. 31 In millions 2018 2017 Assets Residential mortgage loans held for sale $ 4 $ 30 Commercial mortgage loans held for sale $ 14 $ 18 Residential mortgage loans $ 3 $ 4 Other assets $ 11 $ 7 Liabilities Other liabilities $ (2 ) $ (16 ) (a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts. Additional Fair Value Information Related to Financial Instruments Not Recorded at Fair Value The following table presents the carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of all other financial instruments that are not recorded on our Consolidated Balance Sheet at fair value as of March 31, 2018 and December 31, 2017 . Table 58 : Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 March 31, 2018 Assets Cash and due from banks $ 4,649 $ 4,649 $ 4,649 Interest-earning deposits with banks 28,821 28,821 $ 28,821 Securities held to maturity 18,544 18,223 746 17,333 $ 144 Net loans (excludes leases) 210,395 211,926 211,926 Other assets 4,954 4,954 4,940 14 Total assets $ 267,363 $ 268,573 $ 5,395 $ 51,094 $ 212,084 Liabilities Time deposits (a) $ 16,270 $ 15,976 $ 15,976 Borrowed funds 56,862 57,514 55,838 $ 1,676 Unfunded loan commitments and letters of credit 290 290 290 Other liabilities 416 416 416 Total liabilities $ 73,838 $ 74,196 $ 72,230 $ 1,966 December 31, 2017 Assets Cash and due from banks $ 5,249 $ 5,249 $ 5,249 Interest-earning deposits with banks 28,595 28,595 $ 28,595 Securities held to maturity 18,513 18,565 765 17,658 $ 142 Net loans (excludes leases) 209,044 211,175 211,175 Other assets 6,078 6,736 5,949 787 Total assets $ 267,479 $ 270,320 $ 6,014 $ 52,202 $ 212,104 Liabilities Deposits $ 265,053 $ 264,854 $ 264,854 Borrowed funds 57,744 58,503 56,853 $ 1,650 Unfunded loan commitments and letters of credit 297 297 297 Other liabilities 399 399 399 Total liabilities $ 323,493 $ 324,053 $ 322,106 $ 1,947 (a) The amount at March 31, 2018 excludes deposit liabilities with no defined or contractual maturities in accordance with the adoption of ASU 2016-01. See the Recently Adopted Accounting Standards portion of Note 1 for additional details on this adoption. The aggregate fair values in Table 58 represent only a portion of the total market value of our assets and liabilities as, in accordance with the guidance related to fair values about financial instruments, we exclude the following: • financial instruments recorded at fair value on a recurring basis (as they are disclosed in Table 51 ), • investments accounted for under the equity method, • equity securities without a readily determinable fair value that apply for the alternative measurement approach to fair value under ASU 2016-01, • real and personal property, • lease financing, • loan customer relationships, • deposit customer intangibles, • mortgage servicing rights, • retail branch networks, • fee-based businesses, such as asset management and brokerage, • trademarks and brand names, • trade receivables and payables due in one year or less, and • deposit liabilities with no defined or contractual maturities. The balance of equity securities without a readily determinable fair value that apply the alternative measurement approach to fair value was $105 million and $106 million at March 31, 2018 and December 31, 2017 , respectively. Impairment taken on those equity securities was immaterial in the first quarter of 2018 . For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 58 , see Note 6 Fair Value in our 2017 Form 10-K. |
Goodwill and Mortgage Servicing
Goodwill and Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | N OTE 7 G OODWILL AND M ORTGAGE S ERVICING R IGHTS Goodwill See Note 7 Goodwill and Mortgage Servicing Rights in our 2017 Form 10-K for more information regarding our goodwill. Mortgage Servicing Rights We recognize the right to service mortgage loans for others when we recognize it as an intangible asset and the servicing income we receive is more than adequate compensation. MSRs totaled $2.0 billion and $1.8 billion at March 31, 2018 and December 31, 2017 , respectively, and consisted of loan servicing contracts for commercial and residential mortgages measured at fair value. MSRs are subject to declines in value from actual or expected prepayment of the underlying loans and defaults as well as market driven changes in interest rates. We manage this risk by economically hedging the fair value of MSRs with securities and derivative instruments which are expected to increase (or decrease) in value when the value of MSRs decreases (or increases). See the Sensitivity Analysis section of this Note 7, as well as Note 6 Fair Value in our 2017 Form 10-K for more detail on our fair value measurement of MSRs. Refer to Note 7 Goodwill and Mortgage Servicing Rights in our 2017 Form 10-K for more information on our accounting and measurement of MSRs. Changes in the commercial and residential MSRs follow: Table 59 : Mortgage Servicing Rights Commercial MSRs Residential MSRs In millions 2018 2017 2018 2017 January 1 $ 668 $ 576 $ 1,164 $ 1,182 Additions: From loans sold with servicing retained 17 29 13 17 Purchases 23 13 9 83 Changes in fair value due to: Time and payoffs (a) (33 ) (25 ) (37 ) (39 ) Other (b) 48 13 107 18 March 31 $ 723 $ 606 $ 1,256 $ 1,261 Related unpaid principal balance at March 31 $ 169,172 $ 143,908 $ 124,696 $ 130,382 Servicing advances at March 31 $ 200 $ 234 $ 197 $ 260 (a) Represents decrease in MSR value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period. (b) Represents MSR value changes resulting primarily from market-driven changes in interest rates. Sensitivity Analysis The fair value of commercial and residential MSRs and significant inputs to the valuation models as of March 31, 2018 are shown in Tables 60 and 61 . The expected and actual rates of mortgage loan prepayments are significant factors driving the fair value. Management uses both internal proprietary models and a third-party model to estimate future commercial mortgage loan prepayments and a third-party model to estimate future residential mortgage loan prepayments. These models have been refined based on current market conditions and management judgment. Future interest rates are another important factor in the valuation of MSRs. Management utilizes market implied forward interest rates to estimate the future direction of mortgage and discount rates. The forward rates utilized are derived from the current yield curve for U.S. dollar interest rate swaps and are consistent with pricing of capital markets instruments. Changes in the shape and slope of the forward curve in future periods may result in volatility in the fair value estimate. A sensitivity analysis of the hypothetical effect on the fair value of MSRs to adverse changes in key assumptions is presented in Tables 60 and 61 . These sensitivities do not include the impact of the related hedging activities. Changes in fair value generally cannot be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated independently without changing any other assumption. In reality, changes in one factor may result in changes in another ( e.g. , changes in mortgage interest rates, which drive changes in prepayment rate estimates, could result in changes in the interest rate spread), which could either magnify or counteract the sensitivities. The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions. Table 60 : Commercial Mortgage Loan Servicing Rights – Key Valuation Assumptions Dollars in millions March 31 December 31 Fair value $ 723 $ 668 Weighted-average life (years) 4.4 4.4 Weighted-average constant prepayment rate 7.89 % 8.51 % Decline in fair value from 10% adverse change $ 12 $ 12 Decline in fair value from 20% adverse change $ 22 $ 23 Effective discount rate 8.09 % 7.81 % Decline in fair value from 10% adverse change $ 19 $ 18 Decline in fair value from 20% adverse change $ 39 $ 36 Table 61 : Residential Mortgage Loan Servicing Rights – Key Valuation Assumptions Dollars in millions March 31 December 31 Fair value $ 1,256 $ 1,164 Weighted-average life (years) 7.0 6.4 Weighted-average constant prepayment rate 8.72 % 10.04 % Decline in fair value from 10% adverse change $ 40 $ 44 Decline in fair value from 20% adverse change $ 78 $ 85 Weighted-average option adjusted spread 831 bps 830 bps Decline in fair value from 10% adverse change $ 38 $ 35 Decline in fair value from 20% adverse change $ 74 $ 67 Fees from mortgage loan servicing, which includes contractually specified servicing fees, late fees and ancillary fees were $.1 billion for both the three months ended March 31, 2018 and 2017 . We also generate servicing fees from fee-based activities provided to others for which we do not have an associated servicing asset. Fees from commercial and residential MSRs are reported on our Consolidated Income Statement in the line items Corporate services and Residential mortgage, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2018 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | N OTE 8 E MPLOYEE B ENEFIT P LANS Pension and Postretirement Plans As described in Note 11 Employee Benefit Plans in our 2017 Form 10-K, we have a noncontributory, qualified defined benefit pension plan covering eligible employees. Benefits are determined using a cash balance formula where earnings credits are a percentage of eligible compensation. Beginning in 2018, these earnings credits are subject to a minimum annual amount. Any pension contributions to the plan are based on an actuarially determined amount necessary to fund total benefits payable to plan participants. We also maintain nonqualified supplemental retirement plans for certain employees and provide certain health care and life insurance benefits for qualifying retired employees (postretirement benefits) through various plans. We reserve the right to terminate or make changes to these plans at any time. The components of our net periodic benefit cost for the three months ended March 31, 2018 and 2017 , respectively, were as follows: Table 62 : Components of Net Periodic Benefit Cost (a) Qualified Pension Plan Nonqualified Pension Plan Postretirement Benefits Three months ended March 31 2018 2017 2018 2017 2018 2017 Net periodic cost consists of: Service cost $ 28 $ 26 $ 1 $ 1 $ 1 $ 1 Interest cost 43 45 2 3 3 4 Expected return on plan assets (76 ) (71 ) (1 ) (1 ) Amortization of prior service credit (1 ) Amortization of actuarial losses 12 1 1 Net periodic cost/(benefit) $ (5 ) $ 11 $ 4 $ 5 $ 3 $ 4 (a) The service cost component is included in Personnel expense on the Consolidated Income Statement. All other components are included in Other noninterest expense on the Consolidated Income Statement. |
Financial Derivatives
Financial Derivatives | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Derivatives | N OTE 9 F INANCIAL D ERIVATIVES We use derivative financial instruments primarily to help manage exposure to interest rate, market and credit risk and reduce the effects that changes in interest rates may have on net income, the fair value of assets and liabilities and cash flows. We also enter into derivatives with customers to facilitate their risk management activities. Derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional amount and an underlying as specified in the contract. For more information regarding derivatives see Note 1 Accounting Policies and Note 13 Financial Derivatives in our 2017 Form 10-K. The following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by us. Table 63 : Total Gross Derivatives March 31, 2018 December 31, 2017 In millions Notional / Contract Amount Asset Fair Value (a) Liability Fair Value (b) Notional / Contract Amount Asset Fair Value (a) Liability Fair Value (b) Derivatives used for hedging under GAAP Interest rate contracts (c): Fair value hedges $ 32,810 $ 75 $ 105 $ 34,059 $ 114 $ 94 Cash flow hedges 25,647 54 9 23,875 60 6 Foreign exchange contracts: Net investment hedges 1,112 51 1,060 11 Total derivatives designated for hedging $ 59,569 $ 129 $ 165 $ 58,994 $ 174 $ 111 Derivatives not used for hedging under GAAP Derivatives used for mortgage banking activities (d): Interest rate contracts: Swaps $ 54,578 $ 4 $ 48,335 $ 162 $ 42 Futures (e) 52,555 47,494 Mortgage-backed commitments 6,796 $ 30 18 8,999 19 9 Other 6,370 15 3 2,530 11 2 Subtotal 120,299 45 25 107,358 192 53 Derivatives used for customer-related activities: Interest rate contracts: Swaps 200,489 1,182 1,807 194,042 2,079 1,772 Futures (e) 3,274 3,453 Mortgage-backed commitments 1,894 6 4 2,228 2 2 Other 18,784 70 64 17,775 75 36 Subtotal 224,441 1,258 1,875 217,498 2,156 1,810 Foreign exchange contracts and other 30,043 451 432 27,330 349 332 Subtotal 254,484 1,709 2,307 244,828 2,505 2,142 Derivatives used for other risk management activities: Foreign exchange contracts and other (f) 7,142 20 445 7,445 3 550 Total derivatives not designated for hedging $ 381,925 $ 1,774 $ 2,777 $ 359,631 $ 2,700 $ 2,745 Total gross derivatives $ 441,494 $ 1,903 $ 2,942 $ 418,625 $ 2,874 $ 2,856 Less: Impact of legally enforceable master netting agreements 795 795 1,054 1,054 Less: Cash collateral received/paid 45 648 636 763 Total derivatives $ 1,063 $ 1,499 $ 1,184 $ 1,039 (a) Included in Other assets on our Consolidated Balance Sheet. (b) Included in Other liabilities on our Consolidated Balance Sheet. (c) Represents primarily swaps. (d) Includes both residential and commercial mortgage banking activities. (e) Futures contracts settle in cash daily and, therefore, no derivative asset or derivative liability is recognized on our Consolidated Balance Sheet. (f) Includes our obligation to fund a portion of certain BlackRock LTIP programs and the swaps entered into in connection with sales of a portion of Visa Class B common shares. All derivatives are carried on our Consolidated Balance Sheet at fair value. Derivative balances are presented on the Consolidated Balance Sheet on a net basis taking into consideration the effects of legally enforceable master netting agreements and, when appropriate, any related cash collateral exchanged with counterparties. Further discussion regarding the offsetting rights associated with these legally enforceable master netting agreements is included in the Offsetting, Counterparty Credit Risk and Contingent Features section of this Note 9 . Any nonperformance risk, including credit risk, is included in the determination of the estimated net fair value of the derivatives. Exchange-traded and over-the-counter cleared derivative instruments are typically settled in cash each day based on the prior day value. In the first quarter of 2018, we changed our presentation for variation margin related to derivative instruments cleared through a central clearinghouse as a result of changes made by that clearinghouse to its rules governing such instruments with its counterparties. This variation margin is now recorded as a settlement payment instead of collateral. The impact at March 31, 2018 was a reduction of gross derivative assets and gross derivative liabilities of $ 1.3 billion and $ .5 billion, respectively. The accounting change had no impact on the net fair value of the derivative assets and liabilities that otherwise would have been reported on our Consolidated Balance Sheet. See Table 67 for more information. Derivatives Designated As Hedging Instruments under GAAP Certain derivatives used to manage interest rate and foreign exchange risk as part of our asset and liability risk management activities are designated as accounting hedges under GAAP. Derivatives hedging the risks associated with changes in the fair value of assets or liabilities are considered fair value hedges, derivatives hedging the variability of expected future cash flows are considered cash flow hedges, and derivatives hedging a net investment in a foreign subsidiary are considered net investment hedges. Designating derivatives as accounting hedges allows for gains and losses on those derivatives to be recognized in the same period and in the same income statement line item as the earnings impact of the hedged items. Fair Value Hedges We enter into receive-fixed, pay-variable interest rate swaps to hedge changes in the fair value of outstanding fixed-rate debt caused by fluctuations in market interest rates. We also enter into pay-fixed, receive-variable interest rate swaps and zero-coupon swaps to hedge changes in the fair value of fixed rate and zero-coupon investment securities caused by fluctuations in market interest rates. Gains and losses on the interest rate swaps designated in these hedge relationships, along with the offsetting gains and losses on the hedged items attributable to the hedged risk, are recognized in current earnings within the same income statement line item. Cash Flow Hedges We enter into receive-fixed, pay-variable interest rate swaps to modify the interest rate characteristics of designated commercial loans from variable to fixed in order to reduce the impact of changes in future cash flows due to market interest rate changes. We also periodically enter into forward purchase and sale contracts to hedge the variability of the consideration that will be paid or received related to the purchase or sale of investment securities. The forecasted purchase or sale is consummated upon gross settlement of the forward contract itself. For these cash flow hedges, gains and losses on the interest rate swaps and forward contracts are recorded in Accumulated other comprehensive income and are then reclassified into earnings in the same period the hedged cash flows affect earnings and within the same income statement line as the hedged cash flows. In the 12 months that follow March 31, 2018, we expect to reclassify net derivative gains of $38 million pretax, or $30 million after-tax, from Accumulated other comprehensive income to interest income for both cash flow hedge strategies. This reclassified amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to March 31, 2018. As of March 31, 2018, the maximum length of time over which forecasted transactions are hedged is seven years. The amount of cash flow hedge ineffectiveness recognized in income was not significant for the 2017 period presented. Detail regarding the net gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table. Table 64 : Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b) Location and Amount of Gains (Losses) Recognized in Income Interest Income Interest Expense Noninterest Income In millions Loans Investment Securities Borrowed Funds Other For the three months ended March 31, 2018 Total amounts on the Consolidated Income Statement $ 2,228 $ 512 $ 344 $ 245 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (90 ) $ 370 Derivatives $ 92 $ (370 ) Amounts related to interest settlements on derivatives $ (3 ) $ 26 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from accumulated OCI $ 26 $ 4 $ 2 For the three months ended March 31, 2017 Total amounts on the Consolidated Income Statement $ 1,904 $ 493 $ 240 $ 301 Gains (losses) on fair value hedges recognized on: Hedged items $ (21 ) $ 86 Derivatives $ 22 $ (95 ) Amounts related to interest settlements on derivatives $ (15 ) $ 76 Gains (losses) on cash flow hedges - interest rate contracts (d): Amount of derivative gains (losses) reclassified from accumulated OCI $ 46 $ 6 $ 3 (a) For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies. (b) All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented. (c) Includes an insignificant amount of fair value hedge adjustments related to discontinued relationships. (d) For all periods presented, there were no gains or losses from cash flow hedge derivatives reclassified to income because it became probable that the original forecasted transaction would not occur. Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table. Table 65 : Hedged Items - Fair Value Hedges March 31, 2018 In millions Carrying Value of the Hedged Items Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) Investment securities - Available for Sale (b) $ 6,228 $ (178 ) Borrowed funds $ 28,788 $ (480 ) (a) Includes an insignificant amount of fair value hedge adjustments related to discontinued relationships. (b) Carrying value shown represents amortized cost. Net Investment Hedges We enter into foreign currency forward contracts to hedge non-U.S. dollar net investments in foreign subsidiaries against adverse changes in foreign exchange rates. We assess whether the hedging relationship is highly effective in achieving offsetting changes in the value of the hedge and hedged item by qualitatively verifying that the critical terms of the hedge and hedged item match at the inception of the hedging relationship and on an ongoing basis. Net investment hedge derivatives are classified as foreign exchange contracts. There were no components of derivative gains or losses excluded from the assessment of the hedge effectiveness for all periods presented. During the first three months of 2017 there was no net investment hedge ineffectiveness. Net losses on net investment hedge derivatives recognized in OCI were $39 million for the three months ended March 31, 2018 compared with $14 million for the three months ended March 31, 2017 . Derivatives Not Designated As Hedging Instruments under GAAP We also enter into derivatives that are not designated as accounting hedges under GAAP. For additional information on derivatives not designated as hedging instruments under GAAP see Note 13 Financial Derivatives in our 2017 Form 10-K. Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table. Table 66 : Gains (Losses) on Derivatives Not Designated for Hedging under GAAP Three months ended In millions 2018 2017 Derivatives used for mortgage banking activities: Interest rate contracts (a) $ (114 ) $ (7 ) Derivatives used for customer-related activities: Interest rate contracts 56 34 Foreign exchange contracts and other 44 32 Gains (losses) from customer-related activities (b) 100 66 Derivatives used for other risk management activities: Foreign exchange contracts and other (b) (c) (17 ) (50 ) Total gains (losses) from derivatives not designated as hedging instruments $ (31 ) $ 9 (a) Included in Residential mortgage, Corporate services and Other noninterest income on our Consolidated Income Statement. (b) Included in Other noninterest income on our Consolidated Income Statement. (c) Includes BlackRock LTIP funding obligation and the swaps entered into in connection with sales of a portion of Visa Class B common shares. Offsetting, Counterparty Credit Risk and Contingent Features We generally utilize a net presentation on the Consolidated Balance Sheet for those derivative financial instruments entered into with counterparties under legally enforceable master netting agreements. The master netting agreements reduce credit risk by permitting the closeout netting of all outstanding derivative instruments under the master netting agreement with the same counterparty upon the occurrence of an event of default. The master netting agreement also may require the exchange of cash or marketable securities to collateralize either party’s net position. For additional information on derivative offsetting, counterparty credit risk and contingent features see Note 13 Financial Derivatives in our 2017 Form 10-K. Table 67 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities as of March 31, 2018 and December 31, 2017 . The table includes cash collateral held or pledged under legally enforceable master netting agreements. The table also includes the fair value of any securities collateral held or pledged under legally enforceable master netting agreements. Cash and securities collateral amounts are included in the table only to the extent of the related net derivative fair values. Table 67 : Derivative Assets and Liabilities Offsetting In millions Amounts Offset on the Consolidated Balance Sheet Securities Collateral Held / (Pledged) Under Master Netting Agreements Gross Fair Value Fair Value Offset Amount Cash Collateral Net Fair Value Net Amounts March 31, 2018 Derivative assets Interest rate contracts: Over-the-counter cleared (a) $ 24 $ 24 $ 24 Exchange-traded 2 2 2 Over-the-counter 1,406 $ 602 $ 41 763 $ 12 751 Foreign exchange and other contracts 471 193 4 274 274 Total derivative assets $ 1,903 $ 795 $ 45 $ 1,063 (b) $ 12 $ 1,051 Derivative liabilities Interest rate contracts: Over-the-counter cleared (a) $ 18 $ 18 $ 18 Over-the-counter 1,996 $ 629 $ 570 797 797 Foreign exchange and other contracts 928 166 78 684 684 Total derivative liabilities $ 2,942 $ 795 $ 648 $ 1,499 (c) $ 1,499 December 31, 2017 Derivative assets Interest rate contracts: Over-the-counter cleared $ 827 $ 251 $ 567 $ 9 $ 9 Over-the-counter 1,695 668 67 960 $ 32 928 Foreign exchange and other contracts 352 135 2 215 215 Total derivative assets $ 2,874 $ 1,054 $ 636 $ 1,184 (b) $ 32 $ 1,152 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 260 $ 251 $ 9 $ 9 Over-the-counter 1,703 662 669 372 372 Foreign exchange and other contracts 893 141 94 658 658 Total derivative liabilities $ 2,856 $ 1,054 $ 763 $ 1,039 (c) $ 1,039 (a) Reflects our first quarter 2018 change in accounting presentation for variation margin for certain derivative instruments cleared through a central clearing house. The accounting change reduced the asset and liability gross fair values with corresponding reductions to the fair value and cash collateral offsets, resulting in no changes to the net fair value amounts. (b) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (c) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet. Table 67 includes over-the-counter (OTC) derivatives, OTC cleared derivatives and exchange-traded derivatives. OTC derivatives represent contracts executed bilaterally with counterparties that are not settled through an organized exchange or cleared through a central clearing house. The majority of OTC derivatives are governed by the International Swaps and Derivatives Association (ISDA) documentation or other legally enforceable master netting agreements. OTC cleared derivatives represent contracts executed bilaterally with counterparties in the OTC market that are novated to a central clearing house who then becomes our counterparty. Exchange-traded derivatives represent standardized futures and options contracts executed directly on an organized exchange. In addition to using master netting agreements and other collateral agreements to reduce credit risk associated with derivative instruments, we also seek to manage credit risk by evaluating credit ratings of counterparties and by using internal credit analysis, limits and monitoring procedures. At March 31, 2018 , we held cash, U.S. government securities and mortgage-backed securities totaling $.2 billion under master netting agreements and other collateral agreements to collateralize net derivative assets due from counterparties, and we pledged cash totaling $1.4 billion under these agreements to collateralize net derivative liabilities owed to counterparties and to meet initial margin requirements. These totals may differ from the amounts presented in the preceding offsetting table because these totals may include collateral exchanged under an agreement that does not qualify as a master netting agreement or because the total amount of collateral held or pledged exceeds the net derivative fair values with the counterparty as of the balance sheet date due to timing or other factors, such as initial margin. To the extent not netted against the derivative fair values under a master netting agreement, the receivable for cash pledged is included in Other assets and the obligation for cash held is included in Other liabilities on our Consolidated Balance Sheet. Securities held from counterparties are not recognized on our balance sheet. Likewise securities we have pledged to counterparties remain on our balance sheet. Certain derivative agreements contain various credit-risk related contingent provisions, such as those that require our debt to maintain a specified credit rating from one or more of the major credit rating agencies. If our debt ratings were to fall below such specified ratings, the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position on March 31, 2018 was $1.9 billion for which we had posted collateral of $.7 billion in the normal course of business. The maximum additional amount of collateral we would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered on March 31, 2018 would be $1.2 billion. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | N OTE 10 E ARNINGS P ER S HARE Table 68 : Basic and Diluted Earnings Per Common Share Three months ended In millions, except per share data 2018 2017 Basic Net income $ 1,239 $ 1,074 Less: Net income (loss) attributable to noncontrolling interests 10 17 Preferred stock dividends 63 63 Preferred discount accretion and redemptions 1 21 Net income attributable to common shares 1,165 973 Less: Dividends and undistributed earnings allocated to participating securities 5 6 Net income attributable to basic common shares $ 1,160 $ 967 Basic weighted-average common shares outstanding 473 487 Basic earnings per common share (a) $ 2.45 $ 1.99 Diluted Net income attributable to basic common shares $ 1,160 $ 967 Less: Impact of BlackRock earnings per share dilution 2 4 Net income attributable to diluted common shares $ 1,158 $ 963 Basic weighted-average common shares outstanding 473 487 Dilutive potential common shares 3 5 Diluted weighted-average common shares outstanding 476 492 Diluted earnings per common share (a) $ 2.43 $ 1.96 (a) Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities). |
Total Equity and Other Comprehe
Total Equity and Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2018 | |
Other Comprehensive Income [Abstract] | |
Total Equity And Other Comprehensive Income Disclosure [Text Block] | N OTE 11 T OTAL E QUITY A ND O THER C OMPREHENSIVE I NCOME Activity in total equity for the three months ended March 31, 2018 and 2017 follows: Table 69 : Rollforward of Total Equity Shareholders’ Equity In millions Shares Outstanding Common Stock Common Stock Capital Surplus - Preferred Stock Capital Surplus - Common Stock and Other Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Non- controlling Interests Total Equity Balance at January 1, 2017 485 $ 2,709 $ 3,977 $ 12,674 $ 31,670 $ (265 ) $ (5,066 ) $ 1,155 $ 46,854 Net income 1,057 17 1,074 Other comprehensive income (loss), net of tax (14 ) (14 ) Cash dividends declared Common ($.55 per share) (271 ) (271 ) Preferred (63 ) (63 ) Preferred stock discount accretion 2 (2 ) Redemption of noncontrolling interests (a) (19 ) (981 ) (1,000 ) Treasury stock activity (b) (216 ) (257 ) (473 ) Other (162 ) (42 ) (204 ) Balance at March 31, 2017 (c) 485 $ 2,709 $ 3,979 $ 12,296 $ 32,372 $ (279 ) $ (5,323 ) $ 149 $ 45,903 Balance at December 31, 2017 473 $ 2,710 $ 3,985 $ 12,389 $ 35,481 $ (148 ) $ (6,904 ) $ 72 $ 47,585 Cumulative effect of ASU adoptions (d) (22 ) 6 (16 ) Balance at January 1, 2018 473 $ 2,710 $ 3,985 $ 12,389 $ 35,459 $ (142 ) $ (6,904 ) $ 72 $ 47,569 Net income 1,229 10 1,239 Other comprehensive income (loss), net of tax (557 ) (557 ) Cash dividends declared Common ($.75 per share) (358 ) (358 ) Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Treasury stock activity (3 ) 6 (631 ) (625 ) Other (154 ) (16 ) (170 ) Balance at March 31, 2018 (c) 470 $ 2,710 $ 3,986 $ 12,241 $ 36,266 $ (699 ) $ (7,535 ) $ 66 $ 47,035 (a) See Note 15 Equity in our 2017 Form 10-K for additional information on the redemption of Perpetual Trust Securities. (b) Treasury stock activity totaled less than .5 million shares issued. (c) The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation. (d) Represents the cumulative effect of adopting ASU 2014-09, ASU 2016-01, ASU 2017-12 and ASU 2018-02. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in this Report for additional detail on the adoption of these ASUs. Warrants We had 2.8 million and 3.5 million warrants outstanding at March 31, 2018 and December 31, 2017 , respectively. As of March 31, 2018 , each warrant entitles the holder to purchase one share of PNC common stock at an exercise price of $ 67.20 per share. In accordance with the terms of the warrants, the warrants are exercised on a non-cash net basis with the warrant holder receiving PNC common shares determined based on the excess of the market price of PNC common stock on the exercise date over the exercise price of the warrant. The outstanding warrants will expire as of December 31, 2018 and are considered in the calculation of diluted earnings per common share in Note 10 Earnings Per Share in this Report. On April 4, 2018, PNC declared a quarterly common stock dividend of $ .75 per share to shareholders of record as of April 16, 2018. In accordance with the terms of the warrants, the declaration of a dividend in excess of $.66 per share may result in an adjustment to the warrant exercise price and to the warrant share number. As a result of this dividend, the warrant exercise price was reduced from $ 67.20 to $ 67.16 per share on April 16, 2018 and the warrant share number remained 1.00 . Details of other comprehensive income (loss) are as follows: Table 70 : Other Comprehensive Income Three months ended In millions 2018 2017 Net unrealized gains (losses) on non-OTTI securities Increase in net unrealized gains (losses) on non-OTTI securities $ (645 ) $ 67 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 4 5 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (3 ) (7 ) Net increase (decrease), pre-tax (646 ) 69 Effect of income taxes 150 (25 ) Net increase (decrease), after-tax (496 ) 44 Net unrealized gains (losses) on OTTI securities Increase in net unrealized gains (losses) on OTTI securities 14 37 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 2 Net increase (decrease), pre-tax 14 35 Effect of income taxes (4 ) (13 ) Net increase (decrease), after-tax 10 22 Net unrealized gains (losses) on cash flow hedge derivatives Increase in net unrealized gains (losses) on cash flow hedge derivatives (161 ) (22 ) Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income 26 46 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 4 6 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 2 3 Net increase (decrease), pre-tax (193 ) (77 ) Effect of income taxes 44 28 Net increase (decrease), after-tax (149 ) (49 ) Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit activity 61 (74 ) Amortization of actuarial loss (gain) reclassified to other noninterest expense 1 13 Amortization of prior service cost (credit) reclassified to other noninterest expense 1 (1 ) Net increase (decrease), pre-tax 63 (62 ) Effect of income taxes (15 ) 23 Net increase (decrease), after-tax 48 (39 ) Other PNC’s portion of BlackRock’s OCI 22 2 Net investment hedge derivatives (39 ) (14 ) Foreign currency translation adjustments and other 44 16 Net increase (decrease), pre-tax 27 4 Effect of income taxes 3 4 Net increase (decrease), after-tax 30 8 Total other comprehensive income, pre-tax (735 ) (31 ) Total other comprehensive income, tax effect 178 17 Total other comprehensive income, after-tax $ (557 ) $ (14 ) Table 71 : Accumulated Other Comprehensive Income (Loss) Components In millions, after-tax Net unrealized gains (losses) on non-OTTI securities Net unrealized gains (losses) on OTTI securities Net unrealized gains (losses) on cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Total Balance at December 31, 2016 $ 52 $ 106 $ 333 $ (553 ) $ (203 ) $ (265 ) Net activity 44 22 (49 ) (39 ) 8 (14 ) Balance at March 31, 2017 $ 96 $ 128 $ 284 $ (592 ) $ (195 ) $ (279 ) Balance at December 31, 2017 $ 62 $ 215 $ 151 $ (446 ) $ (130 ) $ (148 ) Cumulative effect of adopting ASU 2018-02 (a) 59 33 (96 ) 10 6 Balance at January 1, 2018 $ 121 $ 215 $ 184 $ (542 ) $ (120 ) $ (142 ) Net activity (496 ) 10 (149 ) 48 30 (557 ) Balance at March 31, 2018 $ (375 ) $ 225 $ 35 $ (494 ) $ (90 ) $ (699 ) (a) Represents the cumulative impact of adopting ASU 2018-02 which permits the reclassification to retained earnings of the income tax effects stranded within AOCI. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in this Report for additional detail on this adoption. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2018 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | N OTE 12 L EGAL P ROCEEDINGS We establish accruals for legal proceedings, including litigation and regulatory and governmental investigations and inquiries, when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances. When we are able to do so, we also determine estimates of possible losses or ranges of possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for disclosed legal proceedings (“Disclosed Matters,” which are those matters disclosed in this Note 12 as well as those matters disclosed in Note 19 Legal Proceedings in Part II, Item 8 of our 2017 Form 10-K (such prior disclosure referred to as “Prior Disclosure”)). For Disclosed Matters where we are able to estimate such possible losses or ranges of possible losses, as of March 31, 2018 , we estimate that it is reasonably possible that we could incur losses in an aggregate amount of up to approximately $100 million . The estimates included in this amount are based on our analysis of currently available information and are subject to significant judgment and a variety of assumptions and uncertainties. As new information is obtained we may change our estimates. Due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to us from the legal proceedings in question. Thus, our exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or this aggregate amount. As a result of the types of factors described in Note 19 in our 2017 Form 10-K, we are unable, at this time, to estimate the losses that it is reasonably possible that we could incur or ranges of such losses with respect to some of the matters disclosed, and the aggregate estimated amount provided above does not include an estimate for every Disclosed Matter. Therefore, as the estimated aggregate amount disclosed above does not include all of the Disclosed Matters, the amount disclosed above does not represent our maximum reasonably possible loss exposure for all of the Disclosed Matters. The estimated aggregate amount also does not reflect any of our exposure to matters not so disclosed, as discussed below under “Other.” We include in some of the descriptions of individual Disclosed Matters certain quantitative information related to the plaintiff’s claim against us as alleged in the plaintiff’s pleadings or other public filings or otherwise publicly available information. While information of this type may provide insight into the potential magnitude of a matter, it does not necessarily represent our estimate of reasonably possible loss or our judgment as to any currently appropriate accrual. Some of our exposure in Disclosed Matters may be offset by applicable insurance coverage. We do not consider the possible availability of insurance coverage in determining the amounts of any accruals (although we record the amount of related insurance recoveries that are deemed probable up to the amount of the accrual) or in determining any estimates of possible losses or ranges of possible losses. Captive Mortgage Reinsurance Litigation PNC has reached an agreement in principle with the plaintiffs to settle White et. al v. The PNC Financial Services Group, Inc. et al. (Civil Action No. 11-7928) , pending in the U.S. District Court for the Eastern District of Pennsylvania. This settlement is subject to, among other things, final documentation. The financial impact of the settlement will not be material to PNC. Residential Mortgage-Backed Securities Indemnification Demands In March 2018, one of the entities asserting a right to indemnification from us against claims in lawsuits brought by purchasers of residential mortgage-backed securities allegedly including loans sold by National City Mortgage submitted a demand for our purported share of the settlement amount of some of these lawsuits. Mortgage Foreclosure False Claims Act Lawsuit PNC Bank was named as a defendant, along with 13 other mortgage servicers and several law firms and affiliated entities, in a qui tam lawsuit brought in the United States District Court for the Southern District of New York by an individual plaintiff on behalf of the United States under the federal False Claims Act ( United States ex rel. Grubea v. Rosicki, Rosicki & Associates, P.C., et al. (12 Civ. 7199 (JSR)). The lawsuit was originally filed under seal, with a second amended complaint unsealed by the district court in March 2018 and a third amended complaint filed in April 2018. A related lawsuit was filed against two other mortgage servicers at the same time. In the third amended complaint, the plaintiff alleges, as relevant to PNC Bank and the other mortgage servicers, that the mortgage servicers made excessive claims for reimbursement from the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal Housing Administration (FHA) for costs incurred in connection with foreclosures on residential mortgage loans purchased or guaranteed by FNMA or FHLMC or insured by FHA in violation of the relevant regulations and applicable contractual reimbursement terms. The plaintiff seeks, among other things, unspecified damages equal to the damage to the United States (including treble damages under the False Claims Act), unspecified civil penalties, and attorneys’ fees and other costs of bringing this lawsuit. The government declined to intervene in the action, but is prosecuting a related suit against one of the law firms and certain affiliated entities. The district court has set a trial date for March 2019. This lawsuit is related to the subject matter of the 2013 subpoena from the U.S. Attorney’s Office for the Southern District of New York described in Note 19 in our 2017 Form 10-K under “Other Regulatory and Governmental Inquiries.” Other Regulatory and Governmental Inquiries We are the subject of investigations, audits and other forms of regulatory and governmental inquiry covering a broad range of issues in our consumer, mortgage, brokerage, securities and other financial services businesses, as well as other aspects of our operations. In some cases, these inquiries are part of reviews of specified activities at multiple industry participants; in others, they are directed at PNC individually. These inquiries, including those described in Prior Disclosure, may lead to administrative, civil or criminal proceedings, and possibly result in remedies including fines, penalties, restitution, or alterations in our business practices, and in additional expenses and collateral costs and other consequences. These inquiries may result in significant reputational harm or other adverse collateral consequences even if direct resulting remedies are not material to us. Our practice is to cooperate fully with regulatory and governmental investigations, audits and other inquiries, including those described in Prior Disclosure. Other In addition to the proceedings or other matters described above and in Prior Disclosure, PNC and persons to whom we may have indemnification obligations, in the normal course of business, are subject to various other pending and threatened legal proceedings in which claims for monetary damages and other relief are asserted. We do not anticipate, at the present time, that the ultimate aggregate liability, if any, arising out of such other legal proceedings will have a material adverse effect on our financial position. However, we cannot now determine whether or not any claims asserted against us or others to whom we may have indemnification obligations, whether in the proceedings or other matters described above or otherwise, will have a material adverse effect on our results of operations in any future reporting period, which will depend on, among other things, the amount of the loss resulting from the claim and the amount of income otherwise reported for the reporting period. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Guarantees [Abstract] | |
Commitments | N OTE 13 C OMMITMENTS In the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. The following table presents our outstanding commitments to extend credit along with significant other commitments as of March 31, 2018 and December 31, 2017 , respectively. Table 72 : Commitments to Extend Credit and Other Commitments In millions March 31 December 31 Commitments to extend credit Total commercial lending $ 113,268 $ 112,125 Home equity lines of credit 16,888 17,852 Credit card 25,861 24,911 Other 4,812 4,753 Total commitments to extend credit 160,829 159,641 Net outstanding standby letters of credit (a) 8,350 8,651 Reinsurance agreements (b) 1,622 1,654 Standby bond purchase agreements (c) 1,014 843 Other commitments (d) 1,129 1,732 Total commitments to extend credit and other commitments $ 172,944 $ 172,521 (a) Net outstanding standby letters of credit include $3.1 billion and $3.5 billion at March 31, 2018 and December 31, 2017 , respectively, which support remarketing programs. (b) Represents aggregate maximum exposure up to the specified limits of the reinsurance contracts provided by our wholly-owned captive insurance subsidiary. These amounts reflect estimates based on availability of financial information from insurance carriers. As of March 31, 2018 , the aggregate maximum exposure amount comprised $1.4 billion for accidental death & dismemberment contracts and $.2 billion for credit life, accident and health contracts. Comparable amounts at December 31, 2017 were $1.5 billion and $.2 billion , respectively. (c) We enter into standby bond purchase agreements to support municipal bond obligations. (d) Includes $.5 billion related to investments in qualified affordable housing projects at both March 31, 2018 and December 31, 2017 . Commitments to Extend Credit Commitments to extend credit, or net unfunded loan commitments, represent arrangements to lend funds or provide liquidity subject to specified contractual conditions. These commitments generally have fixed expiration dates, may require payment of a fee, and contain termination clauses in the event the customer’s credit quality deteriorates. Net Outstanding Standby Letters of Credit We issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions, in each case to support obligations of our customers to third-parties, such as insurance requirements and the facilitation of transactions involving capital markets product execution. Approximately 90% and 91% of our net outstanding standby letters of credit were rated as Pass as of March 31, 2018 and December 31, 2017 , respectively, with the remainder rated as Below Pass. An internal credit rating of Pass indicates the expected risk of loss is currently low, while a rating of Below Pass indicates a higher degree of risk. If the customer fails to meet its financial or performance obligation to the third-party under the terms of the contract or there is a need to support a remarketing program, then upon a draw by a beneficiary, subject to the terms of the letter of credit, we would be obligated to make payment to them. The standby letters of credit outstanding on March 31, 2018 had terms ranging from less than one year to seven years. As of March 31, 2018 , assets of $1.2 billion secured certain specifically identified standby letters of credit. In addition, a portion of the remaining standby letters of credit issued on behalf of specific customers is also secured by collateral or guarantees that secure the customers’ other obligations to us. The carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $.2 billion at March 31, 2018 and is included in Other liabilities on our Consolidated Balance Sheet. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | N OTE 14 S EGMENT R EPORTING We have four reportable business segments: • Retail Banking • Corporate & Institutional Banking • Asset Management Group • BlackRock Results of individual businesses are presented based on our internal management reporting practices. There is no comprehensive, authoritative body of guidance for management accounting equivalent to GAAP; therefore, the financial results of our individual businesses are not necessarily comparable with similar information for any other company. We periodically refine our internal methodologies as management reporting practices are enhanced. To the extent significant and practicable, retrospective application of new methodologies is made to prior period reportable business segment results and disclosures to create comparability with the current period. Net interest income in business segment results reflects our internal funds transfer pricing methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors. Total business segment financial results differ from total consolidated net income. The impact of these differences is reflected in the “Other” category in the business segment tables. “Other” includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities including net securities gains or losses, other-than-temporary impairment of investment securities, certain trading activities, certain non-strategic runoff consumer loan portfolios, private equity investments, intercompany eliminations, most corporate overhead, tax adjustments that are not allocated to business segments, gains or losses related to BlackRock transactions, integration costs, exited businesses and differences between business segment performance reporting and financial statement reporting (GAAP), including the presentation of net income attributable to noncontrolling interests as the segments’ results exclude their portion of net income attributable to noncontrolling interests. Assets, revenue and earnings attributable to foreign activities were not material in the periods presented for comparative purposes. Financial results are presented, to the extent practicable, as if each business operated on a stand-alone basis. Additionally, we have aggregated the results for corporate support functions within “Other” for financial reporting purposes. Our allocation of the costs incurred by shared support areas not directly aligned with the businesses is primarily based on the use of services. A portion of capital is intended to cover unexpected losses and is assigned to our business segments using our risk-based economic capital model, including consideration of the goodwill at those business segments, as well as the diversification of risk among the business segments, ultimately reflecting our portfolio risk adjusted capital allocation. We have allocated the allowances for loan and lease losses and for unfunded loan commitments and letters of credit based on the loan exposures within each business segment’s portfolio. Key reserve assumptions and estimation processes react to and are influenced by observed changes in loan portfolio performance experience, the financial strength of the borrower and economic conditions. Key reserve assumptions are periodically updated. Business Segment Products and Services Retail Banking provides deposit, lending, brokerage, insurance services, investment management and cash management products and services to consumer and small business customers within our primary geographic markets. Our customers are serviced through our branch network, ATMs, call centers, online banking and mobile channels. The branch network is located primarily in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, Florida, North Carolina, Kentucky, Washington, D.C., Delaware, Virginia, Georgia, Alabama, Missouri, Wisconsin and South Carolina. Deposit products include checking, savings and money market accounts and certificates of deposit. Lending products include residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans and personal and small business loans and lines of credit. The residential mortgage loans are directly originated within our branch network and nationwide, and are typically underwritten to government agency and/or third-party standards, and either sold, servicing retained, or held on our balance sheet. Brokerage, investment management and cash management products and services include managed, education, retirement and trust accounts. Corporate & Institutional Banking provides lending, treasury management and capital markets-related products and services to mid-sized and large corporations, and government and not-for-profit entities. Lending products include secured and unsecured loans, letters of credit and equipment leases. Treasury management services include cash and investment management, receivables management, disbursement services, funds transfer services, information reporting and global trade services. Capital markets-related products and services include foreign exchange, derivatives, securities underwriting, loan syndications, mergers and acquisitions advisory and equity capital markets advisory related services. We also provide commercial loan servicing and technology solutions for the commercial real estate finance industry. Products and services are provided nationally. We offer certain products and services internationally. Asset Management Group provides personal wealth management for high net worth and ultra high net worth clients and institutional asset management. Wealth management products and services include investment and retirement planning, customized investment management, private banking, tailored credit solutions and trust management and administration for individuals and their families. Our Hawthorn unit provides multi-generational family planning including estate, financial, tax planning, fiduciary, investment management and consulting, private banking, personal administrative services, asset custody and customized performance reporting to ultra high net worth families. Institutional asset management provides advisory, custody and retirement administration services. The business also offers PNC proprietary mutual funds. Institutional clients include corporations, unions, municipalities, non-profits, foundations and endowments, largely within our primary geographic markets. BlackRock, in which we hold an equity investment, is a leading publicly-traded investment management firm providing a broad range of investment, risk management and technology services to institutional and retail clients worldwide. Using a diverse platform of active and index investment strategies across asset classes, BlackRock develops investment outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments. BlackRock also offers an investment and risk management technology platform, risk analytics, advisory and technology services and solutions to a broad base of institutional and wealth management investors. Our equity investment in BlackRock provides us with an additional source of noninterest income and increases our overall revenue diversification. BlackRock is a publicly-traded company, and additional information regarding its business is available in its filings with the Securities and Exchange Commission (SEC). At March 31, 2018 , our economic interest in BlackRock was 22% . We received cash dividends from BlackRock of $101 million and $89 million during the first three months of 2018 and 2017 , respectively. Table 73 : Results of Businesses Three months ended March 31 Retail Corporate & Asset BlackRock Other Consolidated (a) 2018 Income Statement Net interest income $ 1,218 $ 861 $ 74 $ 208 $ 2,361 Noninterest income 635 547 226 $ 235 107 1,750 Total revenue 1,853 1,408 300 235 315 4,111 Provision for credit losses (benefit) 69 41 (7 ) (11 ) 92 Depreciation and amortization 45 48 12 128 233 Other noninterest expense 1,350 578 206 160 2,294 Income before income taxes and noncontrolling interests 389 741 89 235 38 1,492 Income taxes (benefit) 93 157 21 38 (56 ) 253 Net income $ 296 $ 584 $ 68 $ 197 $ 94 $ 1,239 Average Assets (b) $ 88,734 $ 151,909 $ 7,499 $ 7,704 $ 120,429 $ 376,275 2017 Income Statement Net interest income $ 1,120 $ 802 $ 71 $ 167 $ 2,160 Noninterest income 603 524 218 $ 186 193 1,724 Total revenue 1,723 1,326 289 186 360 3,884 Provision for credit losses (benefit) 71 25 (2 ) (6 ) 88 Depreciation and amortization 42 36 11 125 214 Other noninterest expense 1,273 548 206 161 2,188 Income before income taxes and noncontrolling interests 337 717 74 186 80 1,394 Income taxes (benefit) 124 233 27 41 (105 ) 320 Net income $ 213 $ 484 $ 47 $ 145 $ 185 $ 1,074 Average Assets (b) $ 87,109 $ 142,592 $ 7,476 $ 6,983 $ 122,256 $ 366,416 (a) There were no material intersegment revenues for the three months ended March 31, 2018 and 2017 . (b) Period-end balances for BlackRock. |
Fee-Based Revenue from Contract
Fee-Based Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Fee-Based Revenue from Contracts with Customers | N OTE 15 F EE - BASED R EVENUE FROM C ONTRACTS WITH C USTOMERS A subset of our noninterest income relates to certain fee-based revenue within the scope of ASC Topic 606 - Revenue from Contracts with Customers (Topic 606). The objective of the standard is to clarify the principles for recognizing revenue from contracts with customers across all industries and to develop a common revenue standard under U.S. GAAP. The standard requires the application of a five-step recognition model to contracts, allocating the amount of consideration we expect to be entitled to across distinct promises in the contract, called performance obligations, and recognizing revenue when or as those services are transferred to the customer. Fee-based revenue within the scope of Topic 606 is recognized within three of our reportable business segments, Retail Banking, Corporate & Institutional Banking (C&IB) and Asset Management Group. Income recognized from our investment in BlackRock, also a reportable segment, is outside of the scope of the standard. The standard also excludes interest income, income from lease contracts, fair value gains from financial instruments (including derivatives), income from mortgage servicing rights and guarantee products, letter of credit fees, non-refundable fees associated with acquiring or originating a loan and gains from the sale of financial assets. The following tables present noninterest income within the scope of Topic 606 disaggregated by segment. A description of the fee-based revenue and how it is recognized for each segment’s principal services and products follows each table. Table 74 : Retail Banking Noninterest Income Disaggregation In millions Three months ended March 31, 2018 Product Deposit account fees $ 144 Debit card fees 117 Brokerage fees 86 Merchant services 47 Net credit card fees (a) 45 Other 70 Total in-scope noninterest income by product $ 509 Reconciliation to total Retail Banking noninterest income Total in-scope noninterest income $ 509 Total out-of-scope noninterest income (b) 126 Total Retail Banking noninterest income $ 635 (a) Net credit card fees consists of interchange fees of $102 million and credit card reward costs of $57 million for the three months ended March 31, 2018 . (b) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. Deposit Account Fees Retail Banking provides demand deposit, money market and savings account products for consumer and small business customers. Services include online and branch banking, overdraft and wire transfer services, imaging services and cash alternative services such as money orders and cashier's checks. We recognize fee income at the time these services are performed for the customer. Debit Card and Net Credit Card Fees As an issuing bank, Retail Banking earns interchange fee revenue from debit and credit card transactions. By offering card products, we maintain and administer card-related services such as credit card reward programs, account data and statement information, card activation, renewals, and card suspension and blockage. Interchange fees are earned when cardholders make purchases and are presented net of credit card reward costs. Brokerage Fees Retail Banking earns fee revenue by providing its customers a wide range of investment options through its brokerage services including mutual funds, annuities, stocks, bonds, long-term care and insurance products and managed accounts. We earn fee revenue for transaction-based brokerage services, such as the execution of market trades, once the transaction has been completed as of the trade date. In other cases, such as investment management services, we earn fee revenue over the term of the customer contract. Merchant Services Retail Banking earns fee revenue for debit and credit card processing services. We provide these services to merchant businesses including point-of-sale payment acceptance capabilities and customized payment processing built around the merchant’s specific requirements. We earn fee revenue as the merchant's customers make purchases. Other Other noninterest income primarily includes ATM fees earned from our customers and non-PNC customers. These fees are recognized as transactions occur. Table 75 : Corporate & Institutional Banking Noninterest Income Disaggregation In millions Three months ended March 31, 2018 Product Treasury management fees $ 185 Capital markets fees 115 Commercial mortgage banking activities 21 Other 16 Total in-scope noninterest income by product $ 337 Reconciliation to total Corporate & Institutional Banking noninterest income Total in-scope noninterest income $ 337 Total out-of-scope noninterest income (a) 210 Total Corporate & Institutional Banking noninterest income $ 547 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. Treasury Management Fees C&IB provides corporations with cash and investment management services, receivables and disbursement management services, funds transfer services and access to online/mobile information management and reporting services. Treasury management fees are recognized over time as we perform these services. Capital Markets Fees Capital markets fees include securities underwriting fees, merger and acquisition advisory fees and other advisory related fees. We recognize these fees when the related transaction closes. Commercial Mortgage Banking Activities Commercial mortgage banking activities include servicing responsibilities where we do not own the servicing rights. Servicing responsibilities typically consist of collecting and remitting monthly borrower principal and interest payments, maintaining escrow deposits, performing loss mitigation and foreclosure activities, and, in certain instances, funding of servicing advances. We recognize servicing fees over time as we perform these activities. Other Other noninterest income within C&IB primarily comprised fees from collateral management and asset management services. We earn these fees over time as we perform these services. Table 76 : Asset Management Group Noninterest Income Disaggregation In millions Three months ended March 31, 2018 Customer Type Personal $ 154 Institutional 68 Total in-scope noninterest income by customer type $ 222 Reconciliation to Asset Management Group noninterest income Total in-scope noninterest income $ 222 Total out-of-scope noninterest income (a) 4 Total Asset Management Group noninterest income $ 226 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. Asset Management Services Asset Management Group provides both personal wealth and institutional asset management services including investment management, custody services, retirement planning, family planning, trust management and retirement administration services. We recognize fee revenue over the term of the customer contract based on the value of assets under management at a point in time. |
Accounting Policies (Policy)
Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS T HE PNC F INANCIAL S ERVICES G ROUP , I NC . Unaudited B USINESS The PNC Financial Services Group, Inc. (PNC) is one of the largest diversified financial services companies in the United States and is headquartered in Pittsburgh, Pennsylvania. We have businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing many of our products and services nationally. Our primary geographic markets are located in the Mid-Atlantic, Midwest and Southeast. We also provide certain products and services internationally. Basis of Financial Statement Presentation Our consolidated financial statements include the accounts of the parent company and its subsidiaries, most of which are wholly-owned, certain partnership interests and variable interest entities. We prepared these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP). We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation, which did not have a material impact on our consolidated financial condition or results of operations. In our opinion, the unaudited interim consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. We have also considered the impact of subsequent events on these consolidated financial statements. When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2017 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2017 Form 10-K for a detailed description of significant accounting policies. There have been no significant changes to our accounting policies as disclosed in our 2017 Form 10-K, except for those accounting policies included in this Note as a result of the adoption of new accounting standards that were effective in the first quarter of 2018. These interim consolidated financial statements serve to update our 2017 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. |
Use of Estimates | Use of Estimates We prepared these consolidated financial statements using financial information available at the time of preparation, which requires us to make estimates and assumptions that affect the amounts reported. Our most significant estimates pertain to our fair value measurements and allowances for loan and lease losses and unfunded loan commitments and letters of credit. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements. |
Revenue Recognition | Revenue Recognition We earn interest and noninterest income from various sources, including: • Lending, • Securities portfolio, • Asset management, • Customer deposits, • Loan sales, loan securitizations, and servicing, • Brokerage services, • Sale of securities, • Certain private equity activities, and • Securities, derivatives and foreign exchange activities In addition, we earn fees and commissions from: • Issuing loan commitments, standby letters of credit and financial guarantees, • Deposit account services, • Merchant services, • Selling various insurance products, • Providing treasury management services, • Providing merger and acquisition advisory and related services • Debit and credit card transactions, and • Participating in certain capital markets transactions. Our Asset management noninterest income also includes our share of the earnings of BlackRock recognized under the equity method of accounting. We record private equity income or loss based on changes in the valuation of the underlying investments or when we dispose of our interest. We recognize gain/(loss) on changes in the fair value of certain financial instruments where we have elected the fair value option. These financial instruments include certain commercial and residential mortgage loans originated for sale, certain residential mortgage portfolio loans, resale agreements and our investment in BlackRock Series C preferred stock. We also recognize gain/(loss) on changes in the fair value of residential and commercial mortgage servicing rights (MSRs). We recognize revenue from servicing residential mortgages, commercial mortgages and other consumer loans as earned based on the specific contractual terms. These revenues are reported on the Consolidated Income Statement in the line items Residential mortgage, Corporate services and Consumer services. We recognize revenue from securities, derivatives and foreign exchange customer-related trading, as well as securities underwriting activities, as these transactions occur or as services are provided. We generally recognize gains from the sale of loans upon receipt of cash. Mortgage revenue recognized is reported net of mortgage repurchase reserves. For the fee-based revenue within the scope of ASC Topic 606 - Revenue from Contracts with Customers (Topic 606), revenue is recognized when or as those services are transferred to the customer. See Note 15 Fee-based Revenue from Contracts with Customers for additional information related to revenue within the scope of Topic 606. |
Equity Securities and Partnership Interests | Equity Securities and Partnership Interests We account for equity securities and equity investments other than BlackRock and private equity investments under one of the following methods: • Equity securities that have a readily determinable fair value are included in Equity investments on our Consolidated Balance Sheet. Both realized and unrealized gains and losses are included in Noninterest income. Dividend income on these equity securities is included in Other interest income on our consolidated income statement. • For investments in limited partnerships, limited liability companies and other investments that are not required to be consolidated, we use either the equity method of accounting or the practicability exception to fair value. We use the equity method for general and limited partner ownership interests and limited liability companies in which we are considered to have significant influence over the operations of the investee. Under the equity method, we record our equity ownership share of net income or loss of the investee in Noninterest income and any dividends received on equity method investments are recorded as a reduction to the investment balance. When an equity investment experiences an other-than-temporary decline in value, we may be required to record a loss on the investment. • We generally use the practicability exception to fair value for all other investments. When we elect this alternative measurement method, the carrying value is adjusted for impairment, if any, plus or minus changes in value resulting from observable price changes in orderly transactions for identical or similar instruments of the same issuer. These investments are written down to fair value if a qualitative assessment indicates impairment and the fair value is less than the carrying value. The amount of the write-down is accounted for as a loss included in Noninterest income. Distributions received on these investments are included in Noninterest income. Investments described above are included in Equity investments on our Consolidated Balance Sheet. See Note 1 Accounting Policies of our 2017 Form 10-K for a discussion on our accounting for our investment in BlackRock and private equity investments. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We use a variety of financial derivatives as part of our overall asset and liability risk management process to help manage exposure to interest rate, market and credit risk inherent in our business activities. Interest rate and total return swaps, swaptions, interest rate caps and floors, options, forwards, and futures contracts are the primary instruments we use for risk management. Financial derivatives involve, to varying degrees, interest rate, market and credit risk. We manage these risks as part of our asset and liability management process and through credit policies and procedures. We recognize all derivative instruments at fair value as either Other assets or Other liabilities on the Consolidated Balance Sheet and the related cash flows in the Operating Activities section of the Consolidated Statement of Cash Flows. Adjustments for counterparty credit risk are included in the determination of fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a cash flow or net investment hedging relationship. For all other derivatives, changes in fair value are recognized in earnings. We utilize a net presentation for derivative instruments on the Consolidated Balance Sheet taking into consideration the effects of legally enforceable master netting agreements. Cash collateral exchanged with counterparties is also netted against the applicable derivative exposures by offsetting obligations to return, or general rights to reclaim, cash collateral against the fair values of the net derivatives being collateralized. For those derivative instruments that are designated and qualify as accounting hedges, we designate the hedging instrument, based on the exposure being hedged, as a fair value hedge, a cash flow hedge or a hedge of the net investment in a foreign operation. We formally document the relationship between the hedging instruments and hedged items, as well as the risk management objective and strategy, before undertaking an accounting hedge. To qualify for hedge accounting, the derivatives and related hedged items must be designated as a hedge at inception of the hedge relationship. In addition, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. For accounting hedge relationships, we formally assess, both at the inception of the hedge and on an ongoing basis, if the derivatives are highly effective in offsetting designated changes in the fair value or cash flows of the hedged item. If it is determined that the derivative instrument is not highly effective, hedge accounting is discontinued. We assess effectiveness using statistical regression analysis. Where the critical terms of the derivative and hedged item match, effectiveness may be assessed qualitatively. For derivatives that are designated as fair value hedges ( i.e ., hedging the exposure to changes in the fair value of an asset or a liability attributable to a particular risk, such as changes in LIBOR), changes in the fair value of the hedging instrument are recognized in earnings and offset by also recognizing in earnings the changes in the fair value of the hedged item attributable to the hedged risk. To the extent the change in fair value of the derivative does not offset the change in fair value of the hedged item, the difference is reflected in the Consolidated Income Statement in the same income statement line as the hedged item. For derivatives designated as cash flow hedges ( i.e ., hedging the exposure to variability in expected future cash flows), the gain or loss on derivatives is reported as a component of Accumulated other comprehensive income (loss) and subsequently reclassified to income in the same period or periods during which the hedged cash flows affect earnings and recorded in the same income statement line item as the hedged cash flows. For derivatives designated as a hedge of net investment in a foreign operation, the gain or loss on the derivatives are reported as a component of Accumulated other comprehensive income (loss). We discontinue hedge accounting when it is determined that the derivative no longer qualifies as an effective hedge; the derivative expires or is sold, terminated or exercised; or the derivative is de-designated as a fair value or cash flow hedge or, for a cash flow hedge, it is no longer probable that the forecasted transaction will occur by the end of the originally specified time period. We purchase or originate financial instruments that contain an embedded derivative. For financial instruments not measured at fair value with changes in fair value reported in earnings, we assess, at inception of the transaction, if the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the host contract and whether a separate instrument with the same terms as the embedded derivative would be a derivative. If the embedded derivative is not clearly and closely related to the host contract and meets the definition of a derivative, the embedded derivative is recorded separately from the host contract with changes in fair value recorded in earnings, unless we elect to account for the hybrid instrument at fair value. We have elected, on an instrument-by-instrument basis, fair value measurement for certain financial instruments with embedded derivatives. We enter into commitments to originate residential and commercial mortgage loans for sale. We also enter into commitments to purchase or sell commercial and residential real estate loans. These commitments are accounted for as free-standing derivatives which are recorded at fair value in Other assets or Other liabilities on the Consolidated Balance Sheet. Any gain or loss from the change in fair value after the inception of the commitment is recognized in Noninterest income. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Accounting Standards Update (ASU) Description Financial Statement Impact Revenue Recognition - ASU 2014-09 ASU 2015-14 ASU 2016-08 ASU 2016-10 ASU 2016-12 ASU 2016-20 Issued May 2014 • Replaces nearly all existing revenue recognition guidance in U.S. GAAP. • Revenue recognized when an entity satisfies its performance obligation by transferring a promised good or service to a customer. • Additional qualitative and quantitative disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. • Adopted January 1, 2018 under the modified retrospective approach. • Cumulative-effect adjustment was immaterial to our consolidated results of operations and financial position. • Most significant impact of adoption is expanded disclosures related to disaggregation of in-scope revenue, see Note 15 Fee-based Revenue from Contracts with Customers. Financial Instruments - ASU 2016-01 ASU 2018-03 Issued January 2016 • Changes the accounting for certain equity investments, financial liabilities under the fair value option and presentation and disclosure requirements for financial instruments. • Equity investments not accounted for under the equity method of accounting are required to be measured at fair value with any changes in fair value recognized in net income. • For an equity investment which does not have a readily determinable fair value, an election can be made to measure the investment at cost, less any impairment, plus or minus changes in value resulting from observable price changes in identical or similar instruments of the issuer. • Simplifies the impairment assessment of equity investments for which fair value is not readily determinable. • Changes the presentation of certain fair value changes for financial liabilities measured at fair value and amends certain disclosure requirements relating to the fair value of financial instruments. In addition, separate presentation is required of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the notes to the financial statements. • Adopted January 1, 2018 under the modified retrospective approach, except for the amendment related to equity securities without readily determinable fair values, which is applied prospectively. • Cumulative-effect adjustment was immaterial to our consolidated results of operations and financial position. • For the standard’s requirement for a separate presentation of financial assets and financial liabilities by measurement category, refer to the disclosures in this Note 1, and Note 6 Fair Value and Note 1 Accounting Policies in our 2017 Form 10-K for further discussion of our measurement categories. Statement of Cash Flows - ASU 2016-15 Issued August 2016 • Provides guidance on eight specific issues related to classification within the statement of cash flows with the objective of reducing existing diversity in practice. • The specific issues cover: • cash payments for debt prepayment or debt extinguishment costs; • cash outflows for settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant; • contingent consideration payments that are not made soon after a business combination; • proceeds from the settlement of insurance claims; • proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; • distributions received from equity method investees; • beneficial interests received in securitization transactions; and • clarifies that when no specific GAAP guidance exists and the source of the cash flows are not separately identifiable, then the predominant source of cash flows should be used to determine the classification for the item. • Adopted January 1, 2018 under the retrospective transition method. • Impact of adoption was immaterial to our consolidated statement of cash flows. Compensation-Retirement Benefits - ASU 2017-07 Issued March 2017 • Requires the service cost component of net periodic pension cost and net periodic postretirement benefit cost (net benefit cost) to be included in the same income statement line as other employee compensation cost arising from services rendered during the period. • Other components of net benefit cost are required to be presented separately from the line item that includes the service cost component and outside a subtotal of income from operations, if one is presented. • Allows only the service cost component to be eligible for capitalization when applicable. • Adopted January 1, 2018. • Presentation requirements in our Consolidated Income Statement have been applied retrospectively. • Impact of adoption was immaterial to our consolidated results of operations and financial position. Accounting Standards Update (ASU) Description Financial Statement Impact Derivatives and Hedging - ASU 2017-12 Issued August 2017 • Simplifies the application of hedge accounting by easing the requirements for effectiveness testing, hedge documentation and the application of the critical terms match method. • Provides new alternatives for applying hedge accounting to additional hedging strategies and measuring the hedged item in fair value hedges of interest rate risk. • Adopted January 1, 2018 using the modified retrospective approach. • Amended presentation and disclosures are required prospectively. • One-time transition elections were available to modify existing hedge documentation. • Cumulative-effect adjustment was immaterial to our consolidated results of operations and financial position. Comprehensive Income - ASU 2018-02 Issued February 2018 • Permits the reclassification to retained earnings of the income tax effects stranded within Accumulated other comprehensive income (loss) (AOCI) as a result of the enactment of the Tax Cuts and Jobs Act. • Requires qualitative disclosures of the accounting policy relating to releasing income tax effects from AOCI and if the reclassification election is made, the impacts of the change on the financial statements. • Adopted January 1, 2018 and elected to reclassify the income tax effects from AOCI to Retained earnings at the beginning of the period of adoption. • The impact of adoption was immaterial to our consolidated financial position. |
Loan Sale and Servicing Activ23
Loan Sale and Servicing Activities and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Cash Flows Associated with Loan Sale and Servicing Activities | Table 35 : Cash Flows Associated with Loan Sale and Servicing Activities In millions Residential Commercial Cash Flows - Three months ended March 31, 2018 Sales of loans (b) $ 1,193 $ 1,202 Repurchases of previously transferred loans (c) $ 119 Servicing fees (d) $ 92 $ 31 Servicing advances recovered/(funded), net $ 4 $ 17 Cash flows on mortgage-backed securities held (e) $ 422 $ 21 Cash Flows - Three months ended March 31, 2017 Sales of loans (b) $ 1,594 $ 1,617 Repurchases of previously transferred loans (c) $ 131 Servicing fees (d) $ 94 $ 33 Servicing advances recovered/(funded), net $ 42 $ 31 Cash flows on mortgage-backed securities held (e) $ 349 $ 129 (a) Represents cash flow information associated with both commercial mortgage loan transfer and servicing activities. (b) Gains/losses recognized on sales of loans were insignificant for the periods presented. (c) Includes residential mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our removal of account provision option and loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers. (d) Includes contractually specified servicing fees, late charges and ancillary fees. (e) Represents cash flows on securities we hold issued by a securitization SPE in which we transferred to and services loans. The carrying values of such securities held were $9.4 billion in residential mortgage-backed securities and $.7 billion in commercial mortgage-backed securities at March 31, 2018 and $6.9 billion in residential mortgage-backed securities and $.7 billion in commercial mortgage-backed securities at March 31, 2017 . Additionally, at December 31, 2017 , the carrying values of such securities held were $8.8 billion in residential mortgage-backed securities and $.6 billion in commercial mortgage-backed securities. |
Principal Balance, Delinquent Loans (Loans 90 Days or More Past Due), and Net Charge-Offs Related to Serviced Loans | Table 36 : Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others In millions Residential Commercial March 31, 2018 Total principal balance $ 57,339 $ 47,480 Delinquent loans (b) $ 796 $ 298 December 31, 2017 Total principal balance $ 58,320 $ 49,116 Delinquent loans (b) $ 899 $ 355 Three months ended March 31, 2018 Net charge-offs (c) $ 12 $ 30 Three months ended March 31, 2017 Net charge-offs (c) $ 25 $ 355 (a) Represents information at the securitization level in which we have sold loans and we are the servicer for the securitization. (b) Serviced delinquent loans are 90 days or more past due or are in process of foreclosure. (c) Net charge-offs for Residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for Commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information. |
Non-Consolidated VIEs | Table 37 : Non-Consolidated VIEs In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities March 31, 2018 Mortgage-Backed Securitizations (b) $ 10,481 $ 10,481 (c) Tax Credit Investments and Other 3,033 2,979 (d) $ 799 (e) Total $ 13,514 $ 13,460 $ 799 December 31, 2017 Mortgage-Backed Securitizations (b) $ 9,738 $ 9,738 (c) Tax Credit Investments and Other 3,069 3,001 (d) $ 858 (e) Total $ 12,807 $ 12,739 $ 858 (a) This represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). The risk of loss excludes any potential tax recapture associated with tax credit investments. (b) Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings. (c) Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet. (d) Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (e) Included in Deposits and Other liabilities on our Consolidated Balance Sheet. |
Asset Quality (Tables)
Asset Quality (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Asset Quality [Abstract] | |
Analysis of Loan Portfolio | The following tables display the delinquency status of our loans and our nonperforming assets at March 31, 2018 and December 31, 2017 , respectively. Table 38 : Analysis of Loan Portfolio (a) Accruing Dollars in millions Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due (b) Nonperforming Loans Fair Value Option Nonaccrual Loans (c) Purchased Impaired Loans Total Loans (d) March 31, 2018 Commercial Lending Commercial $ 111,754 $ 53 $ 22 $ 53 $ 128 $ 426 $ 112,308 Commercial real estate 28,695 21 12 33 107 28,835 Equipment lease financing 7,779 18 1 19 4 7,802 Total commercial lending 148,228 92 35 53 180 537 148,945 Consumer Lending Home equity 25,919 94 31 125 820 $ 835 27,699 Residential real estate 14,824 130 70 373 573 (b) 391 $ 189 1,479 17,456 Credit card 5,540 40 26 45 111 6 5,657 Other consumer Automobile 13,112 77 18 9 104 79 13,295 Education and other 8,257 94 54 148 296 (b) 9 8,562 Total consumer lending 67,652 435 199 575 1,209 1,305 189 2,314 72,669 Total $ 215,880 $ 527 $ 234 $ 628 $ 1,389 $ 1,842 $ 189 $ 2,314 $ 221,614 Percentage of total loans 97.41 % .24 % .11 % .28 % .63 % .83 % .09 % 1.04 % 100.00 % December 31, 2017 Commercial Lending Commercial $ 109,989 $ 45 $ 25 $ 39 $ 109 $ 429 $ 110,527 Commercial real estate 28,826 27 2 29 123 28,978 Equipment lease financing 7,914 17 1 18 2 7,934 Total commercial lending 146,729 89 28 39 156 554 147,439 Consumer Lending Home equity 26,561 78 26 104 818 $ 881 28,364 Residential real estate 14,389 151 74 486 711 (b) 400 $ 197 1,515 17,212 Credit card 5,579 43 26 45 114 6 5,699 Other consumer Automobile 12,697 79 20 8 107 76 12,880 Education and other 8,525 105 64 159 328 (b) 11 8,864 Total consumer lending 67,751 456 210 698 1,364 1,311 197 2,396 73,019 Total $ 214,480 $ 545 $ 238 $ 737 $ 1,520 $ 1,865 $ 197 $ 2,396 $ 220,458 Percentage of total loans 97.29 % .25 % .11 % .33 % .69 % .85 % .09 % 1.08 % 100.00 % (a) Amounts in table represent recorded investment and exclude loans held for sale. Recorded investment in a loan includes the unpaid principal balance plus net accounting adjustments, less any charge-offs. Recorded investment does not include any associated valuation allowance. (b) Past due loan amounts exclude purchased impaired loans, even if contractually past due (or if we do not expect to receive payment in full based on the original contractual terms), as we are currently accreting interest income over the expected life of the loans. Past due loan amounts include government insured or guaranteed Residential real estate mortgages totaling $ .5 billion and $ .6 billion at March 31, 2018 and December 31, 2017 , respectively, and Education and other consumer loans totaling $ .3 billion at both March 31, 2018 and December 31, 2017 . (c) Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policies. Given that these loans are not accounted for at amortized cost, these loans have been excluded from the nonperforming loan population. (d) Net of unearned income, net deferred loan fees, unamortized discounts and premiums, and purchase discounts and premiums totaling $ 1.2 billion at both March 31, 2018 and December 31, 2017 . |
Nonperforming Assets | Table 39 : Nonperforming Assets Dollars in millions March 31 December 31 Nonperforming loans Total commercial lending $ 537 $ 554 Total consumer lending (a) 1,305 1,311 Total nonperforming loans 1,842 1,865 OREO, foreclosed and other assets 162 170 Total nonperforming assets $ 2,004 $ 2,035 Nonperforming loans to total loans .83 % .85 % Nonperforming assets to total loans, OREO, foreclosed and other assets .90 % .92 % Nonperforming assets to total assets .53 % .53 % (a) Excludes most consumer loans and lines of credit not secured by residential real estate, which are charged off after 120 to 180 days past due and are not placed on nonperforming status. |
Commercial Lending Asset Quality Indicators | Table 40 : Commercial Lending Asset Quality Indicators (a) Criticized Commercial Loans In millions Pass Rated Special Mention (b) Substandard (c) Doubtful (d) Total Loans March 31, 2018 Commercial $ 106,681 $ 2,075 $ 3,449 $ 103 $ 112,308 Commercial real estate 28,274 163 397 1 28,835 Equipment lease financing 7,606 91 102 3 7,802 Total commercial lending $ 142,561 $ 2,329 $ 3,948 $ 107 $ 148,945 December 31, 2017 Commercial $ 105,280 $ 1,858 $ 3,331 $ 58 $ 110,527 Commercial real estate 28,380 148 435 15 28,978 Equipment lease financing 7,754 77 102 1 7,934 Total commercial lending $ 141,414 $ 2,083 $ 3,868 $ 74 $ 147,439 (a) Loans are classified as “Pass”, “Special Mention”, “Substandard” and “Doubtful” based on the Regulatory Classification definitions. We use PDs and LGDs to rate commercial loans. (b) Special Mention rated loans have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects at some future date. These loans do not expose us to sufficient risk to warrant a more adverse classification at the reporting date. (c) Substandard rated loans have a well-defined weakness or weaknesses that jeopardize the collection or liquidation of debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. (d) Doubtful rated loans possess all the inherent weaknesses of a Substandard rated loan with the additional characteristics that the weakness makes collection or liquidation in full improbable due to existing facts, conditions and values. |
Home Equity and Residential Real Estate Asset Quality Indicators | Table 41 : Asset Quality Indicators for Home Equity and Residential Real Estate Loans – Excluding Purchased Impaired and Government Insured or Guaranteed Loans (a) Home Equity Residential Real Estate Total March 31, 2018 - in millions 1st Liens 2nd Liens Current estimated LTV ratios Greater than or equal to 125% and updated FICO scores: Greater than 660 $ 99 $ 359 $ 123 $ 581 Less than or equal to 660 (b) 16 58 24 98 Missing FICO 1 4 1 6 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 277 794 249 1,320 Less than or equal to 660 (b) 45 133 49 227 Missing FICO 1 8 5 14 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 333 853 300 1,486 Less than or equal to 660 51 132 51 234 Missing FICO 2 8 3 13 Less than 90% and updated FICO scores: Greater than 660 13,678 7,877 13,795 35,350 Less than or equal to 660 1,212 775 555 2,542 Missing FICO 42 56 97 195 Total home equity and residential real estate loans $ 15,757 $ 11,057 $ 15,252 $ 42,066 December 31, 2017 - in millions Home Equity Residential Real Estate Total 1st Liens 2nd Liens Current estimated LTV ratios Greater than or equal to 125% and updated FICO scores: Greater than 660 $ 108 $ 385 $ 126 $ 619 Less than or equal to 660 (b) 21 64 23 108 Missing FICO 1 5 1 7 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 300 842 253 1,395 Less than or equal to 660 (b) 46 143 45 234 Missing FICO 2 9 5 16 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 331 890 324 1,545 Less than or equal to 660 55 134 55 244 Missing FICO 2 9 4 15 Less than 90% and updated FICO scores: Greater than 660 13,954 8,066 13,445 35,465 Less than or equal to 660 1,214 774 507 2,495 Missing FICO 42 57 95 194 Total home equity and residential real estate loans $ 16,076 $ 11,378 $ 14,883 $ 42,337 (a) Amounts shown represent recorded investment. (b) Higher risk loans are defined as loans with both an updated FICO score of less than or equal to 660 and an updated LTV greater than or equal to 100%. The following states had the highest percentage of higher risk loans at March 31, 2018 : New Jersey 16% , Pennsylvania 13% , Illinois 12% , Ohio 10% , Maryland 8% , Florida 6% , North Carolina 5% and Michigan 4% . The remainder of the states had lower than 4% of the higher risk loans individually, and collectively they represent approximately 26% of the higher risk loans. The following states had the highest percentage of higher risk loans at December 31, 2017 : New Jersey 17% , Pennsylvania 13% , Illinois 13% , Ohio 9% , Maryland 8% , Florida 6% , North Carolina 5% and Michigan 4% . The remainder of the states had lower than 4% of the higher risk loans individually, and collectively they represent approximately 25% of the higher risk loans. |
Credit Card and Other Consumer Loan Classes Asset Quality Indicators | Table 42 : Credit Card and Other Consumer Loan Classes Asset Quality Indicators Credit Card Other Consumer (a) Dollars in millions Amount % of Total Loans Using FICO Credit Metric Amount % of Total Loans Using FICO Credit Metric March 31, 2018 FICO score greater than 719 $ 3,368 60 % $ 10,235 61 % 650 to 719 1,603 28 % 4,611 27 % 620 to 649 254 5 % 815 5 % Less than 620 297 5 % 844 5 % No FICO score available or required (b) 135 2 % 316 2 % Total loans using FICO credit metric 5,657 100 % 16,821 100 % Consumer loans using other internal credit metrics (a) 5,036 Total loan balance $ 5,657 $ 21,857 Weighted-average updated FICO score (b) 733 737 December 31, 2017 FICO score greater than 719 $ 3,457 61 % $ 10,366 63 % 650 to 719 1,596 28 % 4,352 27 % 620 to 649 250 4 % 659 4 % Less than 620 272 5 % 715 4 % No FICO score available or required (b) 124 2 % 314 2 % Total loans using FICO credit metric 5,699 100 % 16,406 100 % Consumer loans using other internal credit metrics (a) 5,338 Total loan balance $ 5,699 $ 21,744 Weighted-average updated FICO score (b) 735 741 (a) We use updated FICO scores as an asset quality indicator for non-government guaranteed or insured education loans, automobile loans and other secured and unsecured lines and loans. We use internal credit metrics, such as delinquency status, geography or other factors, as an asset quality indicator for government guaranteed or insured education loans and consumer loans to high net worth individuals, as internal credit metrics are more relevant than FICO scores for these types of loans. (b) Credit card loans and other consumer loans with no FICO score available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score ( e.g., recent profile changes), cards issued with a business name and/or cards secured by collateral. Management proactively assesses the risk and size of this loan portfolio and, when necessary, takes actions to mitigate the credit risk. Weighted-average updated FICO score excludes accounts with no FICO score available or required. |
Financial Impact and TDRs by Concession Type | Table 43 : Financial Impact and TDRs by Concession Type (a) Pre-TDR Recorded Investment (b) Post-TDR Recorded Investment (c) During the three months ended March 31, 2018 Number of Loans Principal Forgiveness Rate Reduction Other Total Total commercial lending 32 $ 10 $ 1 $ 7 $ 8 Total consumer lending 2,979 49 30 16 46 Total TDRs 3,011 $ 59 $ 31 $ 23 $ 54 During the three months ended March 31, 2017 Total commercial lending 49 $ 35 $ 4 $ 6 $ 5 $ 15 Total consumer lending 2,899 73 37 31 68 Total TDRs 2,948 $ 108 $ 4 $ 43 $ 36 $ 83 (a) Impact of partial charge-offs at TDR date are included in this table. (b) Represents the recorded investment of the loans as of the quarter end prior to TDR designation, and excludes immaterial amounts of accrued interest receivable. (c) Represents the recorded investment of the TDRs as of the end of the quarter in which the TDR occurs, and excludes immaterial amounts of accrued interest receivable. |
Impaired Loans | Table 44 : Impaired Loans In millions Unpaid Principal Balance Recorded Investment Associated Allowance Average Recorded Investment (a) March 31, 2018 Impaired loans with an associated allowance Total commercial lending $ 537 $ 371 $ 101 $ 363 Total consumer lending 980 915 152 964 Total impaired loans with an associated allowance 1,517 1,286 253 1,327 Impaired loans without an associated allowance Total commercial lending 427 326 345 Total consumer lending 1,158 693 666 Total impaired loans without an associated allowance 1,585 1,019 1,011 Total impaired loans $ 3,102 $ 2,305 $ 253 $ 2,338 December 31, 2017 Impaired loans with an associated allowance Total commercial lending $ 580 $ 353 $ 76 $ 419 Total consumer lending 1,061 1,014 195 1,072 Total impaired loans with an associated allowance 1,641 1,367 271 1,491 Impaired loans without an associated allowance Total commercial lending 494 366 330 Total consumer lending 1,019 638 648 Total impaired loans without an associated allowance 1,513 1,004 978 Total impaired loans $ 3,154 $ 2,371 $ 271 $ 2,469 (a) Average recorded investment is for the three months ended March 31, 2018 and the year ended December 31, 2017 , respectively. |
Allowances for Loan and Lease25
Allowances for Loan and Lease Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Allowance For Loan And Lease Losses [Abstract] | |
Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data | Table 45 : Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data Dollars in millions Commercial Lending Consumer Lending Total March 31, 2018 Allowance for Loan and Lease Losses January 1 $ 1,582 $ 1,029 $ 2,611 Charge-offs (36 ) (157 ) (193 ) Recoveries 26 54 80 Net (charge-offs) (10 ) (103 ) (113 ) Provision for credit losses 37 55 92 Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit 5 2 7 Other 7 7 March 31 $ 1,614 $ 990 $ 2,604 TDRs individually evaluated for impairment $ 34 $ 152 $ 186 Other loans individually evaluated for impairment 67 67 Loans collectively evaluated for impairment 1,513 556 2,069 Purchased impaired loans 282 282 March 31 $ 1,614 $ 990 $ 2,604 Loan Portfolio TDRs individually evaluated for impairment $ 384 $ 1,608 $ 1,992 Other loans individually evaluated for impairment 313 313 Loans collectively evaluated for impairment 148,248 67,934 216,182 Fair value option loans (a) 813 813 Purchased impaired loans 2,314 2,314 March 31 $ 148,945 $ 72,669 $ 221,614 Portfolio segment ALLL as a percentage of total ALLL 62 % 38 % 100 % Ratio of ALLL to total loans 1.08 % 1.36 % 1.18 % March 31, 2017 Allowance for Loan and Lease Losses January 1 $ 1,534 $ 1,055 $ 2,589 Charge-offs (55 ) (143 ) (198 ) Recoveries 32 48 80 Net (charge-offs) (23 ) (95 ) (118 ) Provision for credit losses 23 65 88 Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit (5 ) 1 (4 ) Other 1 5 6 March 31 $ 1,530 $ 1,031 $ 2,561 TDRs individually evaluated for impairment $ 37 $ 215 $ 252 Other loans individually evaluated for impairment 53 53 Loans collectively evaluated for impairment 1,412 526 1,938 Purchased impaired loans 28 290 318 March 31 $ 1,530 $ 1,031 $ 2,561 Loan Portfolio TDRs individually evaluated for impairment $ 366 $ 1,764 $ 2,130 Other loans individually evaluated for impairment 351 351 Loans collectively evaluated for impairment 139,863 66,797 206,660 Fair value option loans (a) 874 874 Purchased impaired loans 82 2,729 2,811 March 31 $ 140,662 $ 72,164 $ 212,826 Portfolio segment ALLL as a percentage of total ALLL 60 % 40 % 100 % Ratio of ALLL to total loans 1.09 % 1.43 % 1.20 % (a) Loans accounted for under the fair value option are not evaluated for impairment as these loans are accounted for at fair value. Accordingly, there is no allowance recorded on these loans. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities Summary | Table 46 : Investment Securities Summary In millions Amortized Cost Unrealized Fair Value Gains Losses March 31, 2018 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ 13,645 $ 123 $ (179 ) $ 13,589 Residential mortgage-backed Agency 26,512 74 (584 ) 26,002 Non-agency 2,320 333 (17 ) 2,636 Commercial mortgage-backed Agency 1,884 1 (78 ) 1,807 Non-agency 2,585 9 (24 ) 2,570 Asset-backed 5,129 71 (17 ) 5,183 Other debt 4,166 103 (38 ) 4,231 Total securities available for sale $ 56,241 $ 714 $ (937 ) $ 56,018 Securities Held to Maturity Debt securities U.S. Treasury and government agencies $ 745 $ 28 $ (27 ) $ 746 Residential mortgage-backed Agency 14,663 18 (382 ) 14,299 Non-agency 163 3 166 Commercial mortgage-backed Agency 338 2 (1 ) 339 Non-agency 524 4 528 Asset-backed 196 1 197 Other debt 1,915 59 (26 ) 1,948 Total securities held to maturity $ 18,544 $ 115 $ (436 ) $ 18,223 December 31, 2017 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ 14,432 $ 173 $ (84 ) $ 14,521 Residential mortgage-backed Agency 25,534 121 (249 ) 25,406 Non-agency 2,443 336 (21 ) 2,758 Commercial mortgage-backed Agency 1,960 2 (58 ) 1,904 Non-agency 2,603 19 (9 ) 2,613 Asset-backed 5,331 74 (8 ) 5,397 Other debt 4,322 129 (17 ) 4,434 Total debt securities 56,625 854 (446 ) 57,033 Other (a) 587 (2 ) 585 Total securities available for sale $ 57,212 $ 854 $ (448 ) $ 57,618 Securities Held to Maturity Debt securities U.S. Treasury and government agencies $ 741 $ 37 $ (13 ) $ 765 Residential mortgage-backed Agency 14,503 77 (139 ) 14,441 Non-agency 167 7 174 Commercial mortgage-backed Agency 407 4 411 Non-agency 538 10 548 Asset-backed 200 1 201 Other debt 1,957 88 (20 ) 2,025 Total securities held to maturity $ 18,513 $ 224 $ (172 ) $ 18,565 (a) On January 1, 2018, $.6 billion of available for sale securities, primarily money market funds, were reclassified to equity investments in accordance with the adoption of ASU 2016-01. See the Recently Adopted Accounting Standards portion of Note 1 for additional detail on this adoption. |
Gross Unrealized Loss and Fair Value of Securities Available for Sale | Table 47 : Gross Unrealized Loss and Fair Value of Debt Securities Unrealized loss position less than 12 months Unrealized loss position 12 months or more Total In millions Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value March 31, 2018 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ (120 ) $ 6,937 $ (59 ) $ 1,142 $ (179 ) $ 8,079 Residential mortgage-backed Agency (229 ) 11,684 (355 ) 8,965 (584 ) 20,649 Non-agency (1 ) 94 (16 ) 352 (17 ) 446 Commercial mortgage-backed Agency (16 ) 499 (62 ) 1,243 (78 ) 1,742 Non-agency (15 ) 1,284 (9 ) 325 (24 ) 1,609 Asset-backed (14 ) 2,366 (3 ) 383 (17 ) 2,749 Other debt (16 ) 1,675 (22 ) 787 (38 ) 2,462 Total debt securities available for sale $ (411 ) $ 24,539 $ (526 ) $ 13,197 $ (937 ) $ 37,736 Securities Held to Maturity Debt securities U.S. Treasury and government agencies $ (7 ) $ 191 $ (20 ) $ 246 $ (27 ) $ 437 Residential mortgage-backed - Agency (133 ) 7,080 (249 ) 5,830 (382 ) 12,910 Commercial mortgage-backed - Agency (1 ) 170 (1 ) 170 Other debt (7 ) 105 (19 ) 85 (26 ) 190 Total debt securities held to maturity $ (148 ) $ 7,546 $ (288 ) $ 6,161 $ (436 ) $ 13,707 December 31, 2017 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ (42 ) $ 6,099 $ (42 ) $ 1,465 $ (84 ) $ 7,564 Residential mortgage-backed Agency (47 ) 8,151 (202 ) 9,954 (249 ) 18,105 Non-agency (21 ) 383 (21 ) 383 Commercial mortgage-backed Agency (11 ) 524 (47 ) 1,302 (58 ) 1,826 Non-agency (3 ) 400 (6 ) 333 (9 ) 733 Asset-backed (4 ) 1,697 (4 ) 462 (8 ) 2,159 Other debt (3 ) 966 (14 ) 798 (17 ) 1,764 Total debt securities available for sale $ (110 ) $ 17,837 $ (336 ) $ 14,697 $ (446 ) $ 32,534 Securities Held to Maturity Debt securities U.S. Treasury and government agencies $ (3 ) $ 195 $ (10 ) $ 255 $ (13 ) $ 450 Residential mortgage-backed - Agency (10 ) 3,167 (129 ) 6,168 (139 ) 9,335 Other debt (12 ) 83 (8 ) 67 (20 ) 150 Total debt securities held to maturity $ (25 ) $ 3,445 $ (147 ) $ 6,490 $ (172 ) $ 9,935 |
Gains (losses) on Sales Of Securities Available for Sale | Table 48 : Gains (Losses) on Sales of Securities Available for Sale Three months ended March 31 Proceeds Gross Gains Gross Losses Net Losses Tax Benefit 2018 $ 4,490 $ 37 $ (38 ) $ (1 ) 2017 $ 3,222 $ 14 $ (16 ) $ (2 ) $ (1 ) |
Contractual Maturity of Debt Securities | The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at March 31, 2018 . Table 49 : Contractual Maturity of Debt Securities March 31, 2018 1 Year or Less After 1 Year through 5 Years After 5 Years through 10 Years After 10 Years Total Securities Available for Sale U.S. Treasury and government agencies $ 85 $ 7,752 $ 5,335 $ 473 $ 13,645 Residential mortgage-backed Agency 3 50 568 25,891 26,512 Non-agency 2,320 2,320 Commercial mortgage-backed Agency 313 560 1,011 1,884 Non-agency 450 2,135 2,585 Asset-backed 19 1,877 1,940 1,293 5,129 Other debt 683 1,784 632 1,067 4,166 Total debt securities available for sale $ 790 $ 11,776 $ 9,485 $ 34,190 $ 56,241 Fair value $ 789 $ 11,676 $ 9,462 $ 34,091 $ 56,018 Weighted-average yield, GAAP basis 2.39 % 2.18 % 2.40 % 3.05 % 2.75 % Securities Held to Maturity U.S. Treasury and government agencies $ 478 $ 267 $ 745 Residential mortgage-backed Agency $ 79 334 14,250 14,663 Non-agency 163 163 Commercial mortgage-backed Agency $ 156 125 5 52 338 Non-agency 524 524 Asset-backed 113 83 196 Other debt 14 431 848 622 1,915 Total debt securities held to maturity $ 170 $ 635 $ 1,778 $ 15,961 $ 18,544 Fair value $ 170 — $ 646 — $ 1,821 $ 15,586 $ 18,223 Weighted-average yield, GAAP basis 3.53 % 3.84 % 3.52 % 3.21 % 3.26 % |
Fair Value of Securities Pledged and Accepted as Collateral | Table 50 : Fair Value of Securities Pledged and Accepted as Collateral In millions March 31 December 31 Pledged to others $ 8,264 $ 8,175 Accepted from others: Permitted by contract or custom to sell or repledge $ 1,134 $ 1,152 Permitted amount repledged to others $ 1,098 $ 1,097 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value [Abstract] | |
Fair Value Measurements - Recurring Basis Summary | Table 51 : Fair Value Measurements – Recurring Basis Summary March 31, 2018 December 31, 2017 In millions Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Assets Residential mortgage loans held for sale $ 615 $ 2 $ 617 $ 829 $ 3 $ 832 Commercial mortgage loans held for sale 153 92 245 723 107 830 Securities available for sale U.S. Treasury and government agencies $ 13,158 431 13,589 $ 14,088 433 14,521 Residential mortgage-backed Agency 26,002 26,002 25,406 25,406 Non-agency 91 2,545 2,636 97 2,661 2,758 Commercial mortgage-backed Agency 1,807 1,807 1,904 1,904 Non-agency 2,570 2,570 2,613 2,613 Asset-backed 4,862 321 5,183 5,065 332 5,397 Other debt 4,137 94 4,231 4,347 87 4,434 Total debt securities 13,158 39,900 2,960 56,018 14,088 39,865 3,080 57,033 Other (a) 524 61 585 Total securities available for sale 13,158 39,900 2,960 56,018 14,612 39,926 3,080 57,618 Loans 511 302 813 571 298 869 Equity investments (b) 489 60 1,129 1,905 1,036 1,265 Residential mortgage servicing rights 1,256 1,256 1,164 1,164 Commercial mortgage servicing rights 723 723 668 668 Trading securities (c) 827 1,678 2 2,507 1,243 1,670 2 2,915 Financial derivatives (c) (d) 2 1,889 12 1,903 2,864 10 2,874 Other assets 275 250 68 593 278 253 107 638 Total assets $ 14,751 $ 45,056 $ 6,546 $ 66,580 $ 16,133 $ 46,836 $ 6,475 $ 69,673 Liabilities Other borrowed funds $ 963 $ 205 $ 9 $ 1,177 $ 1,079 $ 254 $ 11 $ 1,344 Financial derivatives (d) (e) 2,505 437 2,942 2,369 487 2,856 Other liabilities 42 42 33 33 Total liabilities $ 963 $ 2,710 $ 488 $ 4,161 $ 1,079 $ 2,623 $ 531 $ 4,233 (a) Prior period amounts included $.6 billion of available for sale securities, primarily money market funds, that were reclassified to equity investments on January 1, 2018 as the result of the adoption of ASU 2016-01. See the Recently Adopted Accounting Standards portion of Note 1 for additional details on this adoption. (b) Certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Consolidated Balance Sheet. (c) Included in Other assets on the Consolidated Balance Sheet. (d) Amounts at March 31, 2018 and December 31, 2017 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 9 Financial Derivatives for additional information related to derivative offsetting. (e) Included in Other liabilities on the Consolidated Balance Sheet. |
Reconciliation of Level 3 Assets and Liabilities | Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2018 and 2017 follow: Table 52 : Reconciliation of Level 3 Assets and Liabilities Three Months Ended March 31, 2018 Total realized / unrealized Unrealized Level 3 Instruments Only In millions Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage loans $ 3 $ 1 $ (1 ) $ 2 $ (3 ) $ 2 Commercial mortgage 107 $ (15 ) 92 Securities available for sale Residential mortgage- 2,661 $ 19 $ 3 (138 ) 2,545 Asset-backed 332 (1 ) 5 (15 ) 321 Other debt 87 5 1 2 (1 ) 94 Total securities 3,080 23 9 2 (154 ) 2,960 Loans 298 2 37 (7 ) (18 ) 2 (12 ) 302 $ 2 Equity investments 1,036 26 82 (15 ) 1,129 25 Residential mortgage 1,164 107 9 $ 13 (37 ) 1,256 105 Commercial mortgage 668 48 23 17 (33 ) 723 48 Trading securities 2 2 Financial derivatives 10 7 1 (6 ) 12 9 Other assets 107 3 (42 ) 68 3 Total assets $ 6,475 $ 216 $ 9 $ 155 $ (23 ) $ 30 $ (305 ) $ 4 $ (15 ) $ 6,546 $ 192 Liabilities Other borrowed funds $ 11 $ 19 $ (21 ) $ 9 Financial derivatives 487 $ 10 $ 3 (63 ) 437 $ 5 Other liabilities 33 2 $ 12 5 (10 ) 42 2 Total liabilities $ 531 $ 12 $ 12 $ 3 $ 24 $ (94 ) $ 488 $ 7 Net gains (losses) $ 204 (c) $ 185 (d) Three Months Ended March 31, 2017 Total realized / unrealized Unrealized Level 3 Instruments Only In millions Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage loans $ 2 $ 2 $ 2 $ (2 ) $ 4 Commercial mortgage 1,400 $ 9 $ (1,617 ) $ 801 $ (12 ) 581 $ (5 ) Securities available for sale Residential mortgage- 3,254 26 $ 18 (202 ) 3,096 Asset-backed 403 4 4 (25 ) (20 ) 366 Other debt 66 9 1 (1 ) 75 Total securities 3,723 30 31 1 (26 ) (222 ) 3,537 Loans 335 1 22 (4 ) (19 ) 2 (14 ) 323 Equity investments 1,331 96 37 (175 ) (183 ) (e) 1,106 67 Residential mortgage 1,182 18 83 17 (39 ) 1,261 17 Commercial mortgage 576 13 13 29 (25 ) 606 13 Trading securities 2 2 Financial derivatives 40 (1 ) (15 ) 24 22 Other assets 239 (2 ) (155 ) 82 (2 ) Total assets $ 8,830 $ 164 $ 31 $ 158 $ (1,822 ) $ 847 $ (487 ) $ 4 $ (199 ) $ 7,526 $ 112 Liabilities Other borrowed funds $ 10 $ 19 $ (22 ) $ 7 Financial derivatives 414 $ 9 $ 2 (171 ) 254 $ 7 Other liabilities 9 16 77 (71 ) 31 16 Total liabilities $ 433 $ 25 $ 2 $ 96 $ (264 ) $ 292 $ 23 Net gains (losses) $ 139 (c) $ 89 (d) (a) Losses for assets are bracketed while losses for liabilities are not. (b) The amount of the total gains or losses for the period included in earnings that is attributable to the change in unrealized gains or losses related to those assets and liabilities held at the end of the reporting period. (c) Net gains (losses) realized and unrealized included in earnings related to Level 3 assets and liabilities included amortization and accretion. The amortization and accretion amounts were included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized were included in Noninterest income on the Consolidated Income Statement. (d) Net unrealized gains (losses) related to assets and liabilities held at the end of the reporting period were included in Noninterest income on the Consolidated Income Statement. (e) Reflects transfer out of Level 3 associated with change in valuation methodology for certain equity investments subject to the Volcker Rule provisions of the Dodd-Frank Act. |
Fair Value Measurements - Recurring Quantitative Information | Table 53 : Fair Value Measurements – Recurring Quantitative Information March 31, 2018 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) Commercial mortgage loans held for sale $ 92 Discounted cash flow Spread over the benchmark curve (a) 525bps - 1,580bps (1,069bps) Residential mortgage-backed 2,545 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate (CPR) 1.0% - 33.0% (10.9% ) Constant default rate (CDR) 0.0% - 17.8% (5.7%) Loss severity 20.0% - 100.0% (50.5% ) Spread over the benchmark curve (a) 196bps weighted-average Asset-backed securities 321 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate (CPR) 1.0% - 19.0% (7.9%) Constant default rate (CDR) 2.0% - 11.8% (5.1%) Loss severity 16.0% - 100.0% (67.1%) Spread over the benchmark curve (a) 126bps weighted-average Loans 142 Consensus pricing (b) Cumulative default rate 11.0% - 100.0% (82.5%) Loss severity 0.0% - 100.0% (18.5%) Discount rate 5.5% - 8.0% (5.7%) 99 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 5.4% weighted-average 61 Consensus pricing (b) Credit and Liquidity discount 0.0% - 99.0% (61.1%) Equity investments 1,129 Multiple of adjusted earnings Multiple of earnings 4.9x - 29.7x (8.3x) Residential mortgage servicing rights 1,256 Discounted cash flow Constant prepayment rate (CPR) 0.0% - 44.4% (8.7%) Spread over the benchmark curve (a) 346bps - 1,811bps (831bps) Commercial mortgage servicing rights 723 Discounted cash flow Constant prepayment rate (CPR) 7.0% - 13.7% (7.9%) Discount rate 6.3% - 8.3% (8.1%) Financial derivatives - Swaps related to (363 ) Discounted cash flow Estimated conversion factor of Visa 163.8% weighted-average Estimated growth rate of Visa 16.0% Estimated length of litigation Q2 2021 Insignificant Level 3 assets, net of 53 Total Level 3 assets, net of liabilities (d) $ 6,058 December 31, 2017 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) Commercial mortgage loans held for sale $ 107 Discounted cash flow Spread over the benchmark curve (a) 525bps - 1,470bps (1020bps) Residential mortgage-backed 2,661 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate (CPR) 1.0% - 31.6% (10.8%) Constant default rate (CDR) 0.1% - 18.8% (5.4%) Loss severity 15.0% - 100.0% (51.5% ) Spread over the benchmark curve (a) 190bps weighted-average Asset-backed securities 332 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate (CPR) 1.0% - 19.0% (7.9%) Constant default rate (CDR) 2.0% - 11.8% (5.4%) Loss severity 15.0% - 100.0% (68.5%) Spread over the benchmark curve (a) 179bps weighted-average Loans 133 Consensus pricing (b) Cumulative default rate 11.0% - 100.0% (85.7%) Loss severity 0.0% - 100.0% (20.6%) Discount rate 5.5% - 8.0% (5.7%) 104 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 4.9% weighted-average 61 Consensus pricing (b) Credit and Liquidity discount 0.0% - 99.0% (61.1%) Equity investments 1,036 Multiple of adjusted earnings Multiple of earnings 4.5x - 29.7x (8.3x) Residential mortgage servicing rights 1,164 Discounted cash flow Constant prepayment rate (CPR) 0.0% - 36.7% (10.0% ) Spread over the benchmark curve (a) 390bps - 1,839bps (830bps) Commercial mortgage servicing rights 668 Discounted cash flow Constant prepayment rate (CPR) 7.7% - 14.2% (8.5%) Discount rate 6.4% - 7.9% (7.8%) Financial derivatives - Swaps related to (380 ) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 163.8% weighted-average Estimated growth rate of Visa Class 16.0% Estimated length of litigation Q2 2021 Insignificant Level 3 assets, net of 58 Total Level 3 assets, net of liabilities (d) $ 5,944 (a) The assumed yield spread over the benchmark curve for each instrument is generally intended to incorporate non-interest rate risks, such as credit and liquidity risks. (b) Consensus pricing refers to fair value estimates that are generally internally developed using information such as dealer quotes or other third-party provided valuations or comparable asset prices. (c) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain financial derivative assets and liabilities, trading securities, other debt securities, residential mortgage loans held for sale, other assets, other borrowed funds and other liabilities. (d) Consisted of total Level 3 assets of $6.5 billion and total Level 3 liabilities of $.5 billion as of March 31, 2018 and $6.4 billion and $.5 billion as of December 31, 2017 , respectively. |
Fair Value Measurements - Nonrecurring | Table 54 : Fair Value Measurements – Nonrecurring Fair Value (a) Gains (Losses) Three months ended In millions March 31 December 31 March 31 March 31 Assets Nonaccrual loans $ 137 $ 100 $ (23 ) $ (6 ) OREO, foreclosed and other assets 35 70 (4 ) Long-lived assets 15 80 (2 ) 3 Total assets $ 187 $ 250 $ (25 ) $ (7 ) (a) All Level 3 as of March 31, 2018 and December 31, 2017 . |
Fair Value Measurements - Nonrecurring Quantitative Information | Quantitative information about the significant unobservable inputs within Level 3 nonrecurring assets follows Table 55 : Fair Value Measurements – Nonrecurring Quantitative Information Level 3 Instruments Only In millions Fair Value Valuation Techniques Unobservable Inputs March 31, 2018 Assets Nonaccrual loans $ 137 Fair value of property or collateral Appraised value/sales price OREO, foreclosed and other assets 35 Fair value of property or collateral Appraised value/sales price Long-lived assets 15 Fair value of property or collateral Appraised value/sales price Total assets $ 187 December 31, 2017 Assets Nonaccrual loans $ 100 Fair value of property or collateral Appraised value/sales price OREO, foreclosed and other assets 70 Fair value of property or collateral Appraised value/sales price Long-lived assets 47 Fair value of property or collateral Appraised value/sales price 20 Fair value of property or collateral Broker opinion 13 Fair value of property or collateral Projected income/required improvement costs Total assets $ 250 |
Fair Value Option - Fair Value and Principal Balances | Fair values and aggregate unpaid principal balances of certain items for which we elected the fair value option follow: Table 56 : Fair Value Option – Fair Value and Principal Balances In millions Fair Value Aggregate Unpaid Principal Balance Difference March 31, 2018 Assets Residential mortgage loans held for sale Performing loans $ 604 $ 591 $ 13 Accruing loans 90 days or more past due 3 3 Nonaccrual loans 10 11 (1 ) Total $ 617 $ 605 $ 12 Commercial mortgage loans held for sale (a) Performing loans $ 244 $ 264 $ (20 ) Nonaccrual loans 1 2 (1 ) Total $ 245 $ 266 $ (21 ) Residential mortgage loans Performing loans $ 290 $ 319 $ (29 ) Accruing loans 90 days or more past due 334 344 (10 ) Nonaccrual loans 189 307 (118 ) Total $ 813 $ 970 $ (157 ) Other assets $ 216 $ 221 $ (5 ) Liabilities Other borrowed funds $ 56 $ 57 $ (1 ) December 31, 2017 Assets Residential mortgage loans held for sale Performing loans $ 822 $ 796 $ 26 Accruing loans 90 days or more past due 3 3 Nonaccrual loans 7 8 (1 ) Total $ 832 $ 807 $ 25 Commercial mortgage loans held for sale (a) Performing loans $ 828 $ 842 $ (14 ) Nonaccrual loans 2 3 (1 ) Total $ 830 $ 845 $ (15 ) Residential mortgage loans Performing loans $ 251 $ 280 $ (29 ) Accruing loans 90 days or more past due 421 431 (10 ) Nonaccrual loans 197 317 (120 ) Total $ 869 $ 1,028 $ (159 ) Other assets $ 216 $ 212 $ 4 Liabilities Other borrowed funds $ 84 $ 85 $ (1 ) (a) There were no accruing loans 90 days or more past due within this category at March 31, 2018 or December 31, 2017 . |
Fair Value Option - Changes in Fair Value | Table 57 : Fair Value Option – Changes in Fair Value (a) Gains (Losses) Three months ended Mar. 31 Mar. 31 In millions 2018 2017 Assets Residential mortgage loans held for sale $ 4 $ 30 Commercial mortgage loans held for sale $ 14 $ 18 Residential mortgage loans $ 3 $ 4 Other assets $ 11 $ 7 Liabilities Other liabilities $ (2 ) $ (16 ) (a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts. |
Additional Fair Value Information Related to Other Financial Instruments | Table 58 : Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 March 31, 2018 Assets Cash and due from banks $ 4,649 $ 4,649 $ 4,649 Interest-earning deposits with banks 28,821 28,821 $ 28,821 Securities held to maturity 18,544 18,223 746 17,333 $ 144 Net loans (excludes leases) 210,395 211,926 211,926 Other assets 4,954 4,954 4,940 14 Total assets $ 267,363 $ 268,573 $ 5,395 $ 51,094 $ 212,084 Liabilities Time deposits (a) $ 16,270 $ 15,976 $ 15,976 Borrowed funds 56,862 57,514 55,838 $ 1,676 Unfunded loan commitments and letters of credit 290 290 290 Other liabilities 416 416 416 Total liabilities $ 73,838 $ 74,196 $ 72,230 $ 1,966 December 31, 2017 Assets Cash and due from banks $ 5,249 $ 5,249 $ 5,249 Interest-earning deposits with banks 28,595 28,595 $ 28,595 Securities held to maturity 18,513 18,565 765 17,658 $ 142 Net loans (excludes leases) 209,044 211,175 211,175 Other assets 6,078 6,736 5,949 787 Total assets $ 267,479 $ 270,320 $ 6,014 $ 52,202 $ 212,104 Liabilities Deposits $ 265,053 $ 264,854 $ 264,854 Borrowed funds 57,744 58,503 56,853 $ 1,650 Unfunded loan commitments and letters of credit 297 297 297 Other liabilities 399 399 399 Total liabilities $ 323,493 $ 324,053 $ 322,106 $ 1,947 (a) The amount at March 31, 2018 excludes deposit liabilities with no defined or contractual maturities in accordance with the adoption of ASU 2016-01. See the Recently Adopted Accounting Standards portion of Note 1 for additional details on this adoption. |
Goodwill and Mortgage Servici28
Goodwill and Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Mortgage Servicing Rights | Changes in the commercial and residential MSRs follow: Table 59 : Mortgage Servicing Rights Commercial MSRs Residential MSRs In millions 2018 2017 2018 2017 January 1 $ 668 $ 576 $ 1,164 $ 1,182 Additions: From loans sold with servicing retained 17 29 13 17 Purchases 23 13 9 83 Changes in fair value due to: Time and payoffs (a) (33 ) (25 ) (37 ) (39 ) Other (b) 48 13 107 18 March 31 $ 723 $ 606 $ 1,256 $ 1,261 Related unpaid principal balance at March 31 $ 169,172 $ 143,908 $ 124,696 $ 130,382 Servicing advances at March 31 $ 200 $ 234 $ 197 $ 260 (a) Represents decrease in MSR value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period. (b) Represents MSR value changes resulting primarily from market-driven changes in interest rates. |
Commercial Mortgage Loan Servicing Assets - Key Valuation Assumptions | The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions. Table 60 : Commercial Mortgage Loan Servicing Rights – Key Valuation Assumptions Dollars in millions March 31 December 31 Fair value $ 723 $ 668 Weighted-average life (years) 4.4 4.4 Weighted-average constant prepayment rate 7.89 % 8.51 % Decline in fair value from 10% adverse change $ 12 $ 12 Decline in fair value from 20% adverse change $ 22 $ 23 Effective discount rate 8.09 % 7.81 % Decline in fair value from 10% adverse change $ 19 $ 18 Decline in fair value from 20% adverse change $ 39 $ 36 |
Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions | Table 61 : Residential Mortgage Loan Servicing Rights – Key Valuation Assumptions Dollars in millions March 31 December 31 Fair value $ 1,256 $ 1,164 Weighted-average life (years) 7.0 6.4 Weighted-average constant prepayment rate 8.72 % 10.04 % Decline in fair value from 10% adverse change $ 40 $ 44 Decline in fair value from 20% adverse change $ 78 $ 85 Weighted-average option adjusted spread 831 bps 830 bps Decline in fair value from 10% adverse change $ 38 $ 35 Decline in fair value from 20% adverse change $ 74 $ 67 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Employee Benefit Plans [Abstract] | |
Components of Net Periodic Benefit Cost | The components of our net periodic benefit cost for the three months ended March 31, 2018 and 2017 , respectively, were as follows: Table 62 : Components of Net Periodic Benefit Cost (a) Qualified Pension Plan Nonqualified Pension Plan Postretirement Benefits Three months ended March 31 2018 2017 2018 2017 2018 2017 Net periodic cost consists of: Service cost $ 28 $ 26 $ 1 $ 1 $ 1 $ 1 Interest cost 43 45 2 3 3 4 Expected return on plan assets (76 ) (71 ) (1 ) (1 ) Amortization of prior service credit (1 ) Amortization of actuarial losses 12 1 1 Net periodic cost/(benefit) $ (5 ) $ 11 $ 4 $ 5 $ 3 $ 4 (a) The service cost component is included in Personnel expense on the Consolidated Income Statement. All other components are included in Other noninterest expense on the Consolidated Income Statement. |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Total Gross Derivatives | The following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by us. Table 63 : Total Gross Derivatives March 31, 2018 December 31, 2017 In millions Notional / Contract Amount Asset Fair Value (a) Liability Fair Value (b) Notional / Contract Amount Asset Fair Value (a) Liability Fair Value (b) Derivatives used for hedging under GAAP Interest rate contracts (c): Fair value hedges $ 32,810 $ 75 $ 105 $ 34,059 $ 114 $ 94 Cash flow hedges 25,647 54 9 23,875 60 6 Foreign exchange contracts: Net investment hedges 1,112 51 1,060 11 Total derivatives designated for hedging $ 59,569 $ 129 $ 165 $ 58,994 $ 174 $ 111 Derivatives not used for hedging under GAAP Derivatives used for mortgage banking activities (d): Interest rate contracts: Swaps $ 54,578 $ 4 $ 48,335 $ 162 $ 42 Futures (e) 52,555 47,494 Mortgage-backed commitments 6,796 $ 30 18 8,999 19 9 Other 6,370 15 3 2,530 11 2 Subtotal 120,299 45 25 107,358 192 53 Derivatives used for customer-related activities: Interest rate contracts: Swaps 200,489 1,182 1,807 194,042 2,079 1,772 Futures (e) 3,274 3,453 Mortgage-backed commitments 1,894 6 4 2,228 2 2 Other 18,784 70 64 17,775 75 36 Subtotal 224,441 1,258 1,875 217,498 2,156 1,810 Foreign exchange contracts and other 30,043 451 432 27,330 349 332 Subtotal 254,484 1,709 2,307 244,828 2,505 2,142 Derivatives used for other risk management activities: Foreign exchange contracts and other (f) 7,142 20 445 7,445 3 550 Total derivatives not designated for hedging $ 381,925 $ 1,774 $ 2,777 $ 359,631 $ 2,700 $ 2,745 Total gross derivatives $ 441,494 $ 1,903 $ 2,942 $ 418,625 $ 2,874 $ 2,856 Less: Impact of legally enforceable master netting agreements 795 795 1,054 1,054 Less: Cash collateral received/paid 45 648 636 763 Total derivatives $ 1,063 $ 1,499 $ 1,184 $ 1,039 (a) Included in Other assets on our Consolidated Balance Sheet. (b) Included in Other liabilities on our Consolidated Balance Sheet. (c) Represents primarily swaps. (d) Includes both residential and commercial mortgage banking activities. (e) Futures contracts settle in cash daily and, therefore, no derivative asset or derivative liability is recognized on our Consolidated Balance Sheet. (f) Includes our obligation to fund a portion of certain BlackRock LTIP programs and the swaps entered into in connection with sales of a portion of Visa Class B common shares. |
Schedule of Fair Value and Cash Flow Hedges | Table 64 : Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b) Location and Amount of Gains (Losses) Recognized in Income Interest Income Interest Expense Noninterest Income In millions Loans Investment Securities Borrowed Funds Other For the three months ended March 31, 2018 Total amounts on the Consolidated Income Statement $ 2,228 $ 512 $ 344 $ 245 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (90 ) $ 370 Derivatives $ 92 $ (370 ) Amounts related to interest settlements on derivatives $ (3 ) $ 26 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from accumulated OCI $ 26 $ 4 $ 2 For the three months ended March 31, 2017 Total amounts on the Consolidated Income Statement $ 1,904 $ 493 $ 240 $ 301 Gains (losses) on fair value hedges recognized on: Hedged items $ (21 ) $ 86 Derivatives $ 22 $ (95 ) Amounts related to interest settlements on derivatives $ (15 ) $ 76 Gains (losses) on cash flow hedges - interest rate contracts (d): Amount of derivative gains (losses) reclassified from accumulated OCI $ 46 $ 6 $ 3 (a) For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies. (b) All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented. (c) Includes an insignificant amount of fair value hedge adjustments related to discontinued relationships. (d) For all periods presented, there were no gains or losses from cash flow hedge derivatives reclassified to income because it became probable that the original forecasted transaction would not occur. |
Schedule of Fair Value Hedges | Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table. Table 65 : Hedged Items - Fair Value Hedges March 31, 2018 In millions Carrying Value of the Hedged Items Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) Investment securities - Available for Sale (b) $ 6,228 $ (178 ) Borrowed funds $ 28,788 $ (480 ) (a) Includes an insignificant amount of fair value hedge adjustments related to discontinued relationships. (b) Carrying value shown represents amortized cost. |
Gains (Losses) on Derivatives Not Designated as Hedging Instruments under GAAP | Table 66 : Gains (Losses) on Derivatives Not Designated for Hedging under GAAP Three months ended In millions 2018 2017 Derivatives used for mortgage banking activities: Interest rate contracts (a) $ (114 ) $ (7 ) Derivatives used for customer-related activities: Interest rate contracts 56 34 Foreign exchange contracts and other 44 32 Gains (losses) from customer-related activities (b) 100 66 Derivatives used for other risk management activities: Foreign exchange contracts and other (b) (c) (17 ) (50 ) Total gains (losses) from derivatives not designated as hedging instruments $ (31 ) $ 9 (a) Included in Residential mortgage, Corporate services and Other noninterest income on our Consolidated Income Statement. (b) Included in Other noninterest income on our Consolidated Income Statement. (c) Includes BlackRock LTIP funding obligation and the swaps entered into in connection with sales of a portion of Visa Class B common shares. |
Derivative Assets And Liabilities Offsetting | Table 67 : Derivative Assets and Liabilities Offsetting In millions Amounts Offset on the Consolidated Balance Sheet Securities Collateral Held / (Pledged) Under Master Netting Agreements Gross Fair Value Fair Value Offset Amount Cash Collateral Net Fair Value Net Amounts March 31, 2018 Derivative assets Interest rate contracts: Over-the-counter cleared (a) $ 24 $ 24 $ 24 Exchange-traded 2 2 2 Over-the-counter 1,406 $ 602 $ 41 763 $ 12 751 Foreign exchange and other contracts 471 193 4 274 274 Total derivative assets $ 1,903 $ 795 $ 45 $ 1,063 (b) $ 12 $ 1,051 Derivative liabilities Interest rate contracts: Over-the-counter cleared (a) $ 18 $ 18 $ 18 Over-the-counter 1,996 $ 629 $ 570 797 797 Foreign exchange and other contracts 928 166 78 684 684 Total derivative liabilities $ 2,942 $ 795 $ 648 $ 1,499 (c) $ 1,499 December 31, 2017 Derivative assets Interest rate contracts: Over-the-counter cleared $ 827 $ 251 $ 567 $ 9 $ 9 Over-the-counter 1,695 668 67 960 $ 32 928 Foreign exchange and other contracts 352 135 2 215 215 Total derivative assets $ 2,874 $ 1,054 $ 636 $ 1,184 (b) $ 32 $ 1,152 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 260 $ 251 $ 9 $ 9 Over-the-counter 1,703 662 669 372 372 Foreign exchange and other contracts 893 141 94 658 658 Total derivative liabilities $ 2,856 $ 1,054 $ 763 $ 1,039 (c) $ 1,039 (a) Reflects our first quarter 2018 change in accounting presentation for variation margin for certain derivative instruments cleared through a central clearing house. The accounting change reduced the asset and liability gross fair values with corresponding reductions to the fair value and cash collateral offsets, resulting in no changes to the net fair value amounts. (b) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (c) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Common Share | Table 68 : Basic and Diluted Earnings Per Common Share Three months ended In millions, except per share data 2018 2017 Basic Net income $ 1,239 $ 1,074 Less: Net income (loss) attributable to noncontrolling interests 10 17 Preferred stock dividends 63 63 Preferred discount accretion and redemptions 1 21 Net income attributable to common shares 1,165 973 Less: Dividends and undistributed earnings allocated to participating securities 5 6 Net income attributable to basic common shares $ 1,160 $ 967 Basic weighted-average common shares outstanding 473 487 Basic earnings per common share (a) $ 2.45 $ 1.99 Diluted Net income attributable to basic common shares $ 1,160 $ 967 Less: Impact of BlackRock earnings per share dilution 2 4 Net income attributable to diluted common shares $ 1,158 $ 963 Basic weighted-average common shares outstanding 473 487 Dilutive potential common shares 3 5 Diluted weighted-average common shares outstanding 476 492 Diluted earnings per common share (a) $ 2.43 $ 1.96 (a) Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities). |
Total Equity and Other Compre32
Total Equity and Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Comprehensive Income [Abstract] | |
Rollforward of Total Equity | Table 69 : Rollforward of Total Equity Shareholders’ Equity In millions Shares Outstanding Common Stock Common Stock Capital Surplus - Preferred Stock Capital Surplus - Common Stock and Other Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Non- controlling Interests Total Equity Balance at January 1, 2017 485 $ 2,709 $ 3,977 $ 12,674 $ 31,670 $ (265 ) $ (5,066 ) $ 1,155 $ 46,854 Net income 1,057 17 1,074 Other comprehensive income (loss), net of tax (14 ) (14 ) Cash dividends declared Common ($.55 per share) (271 ) (271 ) Preferred (63 ) (63 ) Preferred stock discount accretion 2 (2 ) Redemption of noncontrolling interests (a) (19 ) (981 ) (1,000 ) Treasury stock activity (b) (216 ) (257 ) (473 ) Other (162 ) (42 ) (204 ) Balance at March 31, 2017 (c) 485 $ 2,709 $ 3,979 $ 12,296 $ 32,372 $ (279 ) $ (5,323 ) $ 149 $ 45,903 Balance at December 31, 2017 473 $ 2,710 $ 3,985 $ 12,389 $ 35,481 $ (148 ) $ (6,904 ) $ 72 $ 47,585 Cumulative effect of ASU adoptions (d) (22 ) 6 (16 ) Balance at January 1, 2018 473 $ 2,710 $ 3,985 $ 12,389 $ 35,459 $ (142 ) $ (6,904 ) $ 72 $ 47,569 Net income 1,229 10 1,239 Other comprehensive income (loss), net of tax (557 ) (557 ) Cash dividends declared Common ($.75 per share) (358 ) (358 ) Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Treasury stock activity (3 ) 6 (631 ) (625 ) Other (154 ) (16 ) (170 ) Balance at March 31, 2018 (c) 470 $ 2,710 $ 3,986 $ 12,241 $ 36,266 $ (699 ) $ (7,535 ) $ 66 $ 47,035 (a) See Note 15 Equity in our 2017 Form 10-K for additional information on the redemption of Perpetual Trust Securities. (b) Treasury stock activity totaled less than .5 million shares issued. (c) The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation. (d) Represents the cumulative effect of adopting ASU 2014-09, ASU 2016-01, ASU 2017-12 and ASU 2018-02. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in this Report for additional detail on the adoption of these ASUs. |
Other Comprehensive Income | Details of other comprehensive income (loss) are as follows: Table 70 : Other Comprehensive Income Three months ended In millions 2018 2017 Net unrealized gains (losses) on non-OTTI securities Increase in net unrealized gains (losses) on non-OTTI securities $ (645 ) $ 67 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 4 5 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (3 ) (7 ) Net increase (decrease), pre-tax (646 ) 69 Effect of income taxes 150 (25 ) Net increase (decrease), after-tax (496 ) 44 Net unrealized gains (losses) on OTTI securities Increase in net unrealized gains (losses) on OTTI securities 14 37 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 2 Net increase (decrease), pre-tax 14 35 Effect of income taxes (4 ) (13 ) Net increase (decrease), after-tax 10 22 Net unrealized gains (losses) on cash flow hedge derivatives Increase in net unrealized gains (losses) on cash flow hedge derivatives (161 ) (22 ) Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income 26 46 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 4 6 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 2 3 Net increase (decrease), pre-tax (193 ) (77 ) Effect of income taxes 44 28 Net increase (decrease), after-tax (149 ) (49 ) Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit activity 61 (74 ) Amortization of actuarial loss (gain) reclassified to other noninterest expense 1 13 Amortization of prior service cost (credit) reclassified to other noninterest expense 1 (1 ) Net increase (decrease), pre-tax 63 (62 ) Effect of income taxes (15 ) 23 Net increase (decrease), after-tax 48 (39 ) Other PNC’s portion of BlackRock’s OCI 22 2 Net investment hedge derivatives (39 ) (14 ) Foreign currency translation adjustments and other 44 16 Net increase (decrease), pre-tax 27 4 Effect of income taxes 3 4 Net increase (decrease), after-tax 30 8 Total other comprehensive income, pre-tax (735 ) (31 ) Total other comprehensive income, tax effect 178 17 Total other comprehensive income, after-tax $ (557 ) $ (14 ) |
Accumulated Other Comprehensive Income (Loss) Components | Table 71 : Accumulated Other Comprehensive Income (Loss) Components In millions, after-tax Net unrealized gains (losses) on non-OTTI securities Net unrealized gains (losses) on OTTI securities Net unrealized gains (losses) on cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Total Balance at December 31, 2016 $ 52 $ 106 $ 333 $ (553 ) $ (203 ) $ (265 ) Net activity 44 22 (49 ) (39 ) 8 (14 ) Balance at March 31, 2017 $ 96 $ 128 $ 284 $ (592 ) $ (195 ) $ (279 ) Balance at December 31, 2017 $ 62 $ 215 $ 151 $ (446 ) $ (130 ) $ (148 ) Cumulative effect of adopting ASU 2018-02 (a) 59 33 (96 ) 10 6 Balance at January 1, 2018 $ 121 $ 215 $ 184 $ (542 ) $ (120 ) $ (142 ) Net activity (496 ) 10 (149 ) 48 30 (557 ) Balance at March 31, 2018 $ (375 ) $ 225 $ 35 $ (494 ) $ (90 ) $ (699 ) (a) Represents the cumulative impact of adopting ASU 2018-02 which permits the reclassification to retained earnings of the income tax effects stranded within AOCI. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in this Report for additional detail on this adoption. |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Guarantees [Abstract] | |
Commitments to Extend Credit and Other Commitments | Table 72 : Commitments to Extend Credit and Other Commitments In millions March 31 December 31 Commitments to extend credit Total commercial lending $ 113,268 $ 112,125 Home equity lines of credit 16,888 17,852 Credit card 25,861 24,911 Other 4,812 4,753 Total commitments to extend credit 160,829 159,641 Net outstanding standby letters of credit (a) 8,350 8,651 Reinsurance agreements (b) 1,622 1,654 Standby bond purchase agreements (c) 1,014 843 Other commitments (d) 1,129 1,732 Total commitments to extend credit and other commitments $ 172,944 $ 172,521 (a) Net outstanding standby letters of credit include $3.1 billion and $3.5 billion at March 31, 2018 and December 31, 2017 , respectively, which support remarketing programs. (b) Represents aggregate maximum exposure up to the specified limits of the reinsurance contracts provided by our wholly-owned captive insurance subsidiary. These amounts reflect estimates based on availability of financial information from insurance carriers. As of March 31, 2018 , the aggregate maximum exposure amount comprised $1.4 billion for accidental death & dismemberment contracts and $.2 billion for credit life, accident and health contracts. Comparable amounts at December 31, 2017 were $1.5 billion and $.2 billion , respectively. (c) We enter into standby bond purchase agreements to support municipal bond obligations. (d) Includes $.5 billion related to investments in qualified affordable housing projects at both March 31, 2018 and December 31, 2017 . |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Results of Businesses | Table 73 : Results of Businesses Three months ended March 31 Retail Corporate & Asset BlackRock Other Consolidated (a) 2018 Income Statement Net interest income $ 1,218 $ 861 $ 74 $ 208 $ 2,361 Noninterest income 635 547 226 $ 235 107 1,750 Total revenue 1,853 1,408 300 235 315 4,111 Provision for credit losses (benefit) 69 41 (7 ) (11 ) 92 Depreciation and amortization 45 48 12 128 233 Other noninterest expense 1,350 578 206 160 2,294 Income before income taxes and noncontrolling interests 389 741 89 235 38 1,492 Income taxes (benefit) 93 157 21 38 (56 ) 253 Net income $ 296 $ 584 $ 68 $ 197 $ 94 $ 1,239 Average Assets (b) $ 88,734 $ 151,909 $ 7,499 $ 7,704 $ 120,429 $ 376,275 2017 Income Statement Net interest income $ 1,120 $ 802 $ 71 $ 167 $ 2,160 Noninterest income 603 524 218 $ 186 193 1,724 Total revenue 1,723 1,326 289 186 360 3,884 Provision for credit losses (benefit) 71 25 (2 ) (6 ) 88 Depreciation and amortization 42 36 11 125 214 Other noninterest expense 1,273 548 206 161 2,188 Income before income taxes and noncontrolling interests 337 717 74 186 80 1,394 Income taxes (benefit) 124 233 27 41 (105 ) 320 Net income $ 213 $ 484 $ 47 $ 145 $ 185 $ 1,074 Average Assets (b) $ 87,109 $ 142,592 $ 7,476 $ 6,983 $ 122,256 $ 366,416 (a) There were no material intersegment revenues for the three months ended March 31, 2018 and 2017 . (b) Period-end balances for BlackRock. |
Fee-Based Revenue from Contra35
Fee-Based Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Retail Banking Noninterest Income Disaggregation [Table Text Block] | Table 74 : Retail Banking Noninterest Income Disaggregation In millions Three months ended March 31, 2018 Product Deposit account fees $ 144 Debit card fees 117 Brokerage fees 86 Merchant services 47 Net credit card fees (a) 45 Other 70 Total in-scope noninterest income by product $ 509 Reconciliation to total Retail Banking noninterest income Total in-scope noninterest income $ 509 Total out-of-scope noninterest income (b) 126 Total Retail Banking noninterest income $ 635 (a) Net credit card fees consists of interchange fees of $102 million and credit card reward costs of $57 million for the three months ended March 31, 2018 . (b) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Corporate & Institutional Banking Noninterest Income Disaggregation [Table Text Block] | Table 75 : Corporate & Institutional Banking Noninterest Income Disaggregation In millions Three months ended March 31, 2018 Product Treasury management fees $ 185 Capital markets fees 115 Commercial mortgage banking activities 21 Other 16 Total in-scope noninterest income by product $ 337 Reconciliation to total Corporate & Institutional Banking noninterest income Total in-scope noninterest income $ 337 Total out-of-scope noninterest income (a) 210 Total Corporate & Institutional Banking noninterest income $ 547 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Asset Management Group Noninterest Income Disaggregation [Table Text Block] | Table 76 : Asset Management Group Noninterest Income Disaggregation In millions Three months ended March 31, 2018 Customer Type Personal $ 154 Institutional 68 Total in-scope noninterest income by customer type $ 222 Reconciliation to Asset Management Group noninterest income Total in-scope noninterest income $ 222 Total out-of-scope noninterest income (a) 4 Total Asset Management Group noninterest income $ 226 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Loan Sale and Servicing Activ36
Loan Sale and Servicing Activities and Variable Interest Entities (Cash Flows Associated with Loan Sale and Servicing Activities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Residential Mortgage [Member] | |||
Cash flows from sales of loans | $ 1,193 | $ 1,594 | |
Cash flows from repurchases of previously transferred loans | 119 | 131 | |
Cash flows from servicing fees | 92 | 94 | |
Cash flows from servicing advances recovered (funded), net | 42 | ||
Cash flows from servicing advances recovered (funded), net | 4 | ||
Cash flows on mortgage-backed securities held | 422 | 349 | |
Carrying value of mortgage-backed securities held | 9,400 | 6,900 | $ 8,800 |
Commercial Mortgages [Member] | |||
Cash flows from sales of loans | 1,202 | 1,617 | |
Cash flows from servicing fees | 31 | 33 | |
Cash flows from servicing advances recovered (funded), net | 17 | 31 | |
Cash flows on mortgage-backed securities held | 21 | 129 | |
Carrying value of mortgage-backed securities held | $ 700 | $ 700 | $ 600 |
Loan Sale and Servicing Activ37
Loan Sale and Servicing Activities and Variable Interest Entities (Principal Balance, Delinquent Loans (Loans 90 Days or More Past Due), and Net Charge-Offs Related to Serviced Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Residential Mortgage [Member] | |||
Total principal balance | $ 57,339 | $ 58,320 | |
Delinquent loans | 796 | 899 | |
Net charge-offs | 12 | $ 25 | |
Commercial Mortgages [Member] | |||
Total principal balance | 47,480 | 49,116 | |
Delinquent loans | 298 | $ 355 | |
Net charge-offs | $ 30 | $ 355 |
Loan Sale and Servicing Activ38
Loan Sale and Servicing Activities and Variable Interest Entities (Non-Consolidated VIEs) (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
PNC Risk of Loss | $ 13,514 | $ 12,807 |
Carrying Value of Assets Owned by PNC | 13,460 | 12,739 |
Carrying Value of Liabilities Owned by PNC | 799 | 858 |
Mortgage-Backed Securitizations [Member] | ||
PNC Risk of Loss | 10,481 | 9,738 |
Carrying Value of Assets Owned by PNC | 10,481 | 9,738 |
Tax Credit Investments And Other [Member] | ||
PNC Risk of Loss | 3,033 | 3,069 |
Carrying Value of Assets Owned by PNC | 2,979 | 3,001 |
Carrying Value of Liabilities Owned by PNC | $ 799 | $ 858 |
Loan Sale and Servicing Activ39
Loan Sale and Servicing Activities and Variable Interest Entities Loan Sale and Servicing Activities and Variable Interest Entities (Additional Information) (Details) - Low Income Housing Tax Credit Investments [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Amortization recognized on low income housing tax credit investments | $ 56 |
Tax credits recognized on low income housing tax credit investments | 60 |
Other tax benefits recognized on low income housing tax credit investments | $ 13 |
Asset Quality (Narrative) (Deta
Asset Quality (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018USD ($)segment | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Number of portfolio segments | segment | 2 | ||
Purchased impaired loans | $ 2,314 | $ 2,811 | |
Total home equity and residential real estate loans [Member] | |||
Purchased impaired loans | 2,300 | $ 2,400 | |
Government insured or guaranteed residential real estate mortgages | 700 | 800 | |
TDRs [Member] | |||
Recorded Investment - Subsequently defaulted TDRs | 21 | $ 32 | |
Nonperforming [Member] | |||
Troubled debt restructurings (TDRs) | 900 | 1,000 | |
Performing, including Consumer Credit Card TDRs [Member] | |||
Troubled debt restructurings (TDRs) | 1,100 | 1,100 | |
Federal Reserve Bank [Member] | |||
Loans pledged as collateral for contingent borrowings | 19,100 | 18,700 | |
Federal Home Loan Bank [Member] | |||
Loans pledged as collateral for contingent borrowings | $ 64,600 | $ 62,800 |
Asset Quality (Analysis of Loan
Asset Quality (Analysis of Loan Portfolio) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 221,614 | [1] | $ 220,458 | [1] | $ 212,826 |
% of Loans | 100.00% | 100.00% | |||
Unearned income, net deferred loan fees, unamortized discounts and premiums, and purchase discounts and premiums | $ 1,200 | $ 1,200 | |||
Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 215,880 | $ 214,480 | |||
% of Loans | 97.41% | 97.29% | |||
30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 527 | $ 545 | |||
% of Loans | 0.24% | 0.25% | |||
60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 234 | $ 238 | |||
% of Loans | 0.11% | 0.11% | |||
90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 628 | $ 737 | |||
% of Loans | 0.28% | 0.33% | |||
Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 1,389 | $ 1,520 | |||
% of Loans | 0.63% | 0.69% | |||
Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 1,842 | $ 1,865 | |||
% of Loans | 0.83% | 0.85% | |||
Fair Value Option Nonaccrual Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 189 | $ 197 | |||
% of Loans | 0.09% | 0.09% | |||
Purchased Impaired Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 2,314 | $ 2,396 | |||
% of Loans | 1.04% | 1.08% | |||
Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 148,945 | $ 147,439 | 140,662 | ||
Total commercial lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 148,228 | 146,729 | |||
Total commercial lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 92 | 89 | |||
Total commercial lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 35 | 28 | |||
Total commercial lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 53 | 39 | |||
Total commercial lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 180 | 156 | |||
Total commercial lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 537 | 554 | |||
Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 72,669 | 73,019 | $ 72,164 | ||
Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 67,652 | 67,751 | |||
Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 435 | 456 | |||
Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 199 | 210 | |||
Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 575 | 698 | |||
Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,209 | 1,364 | |||
Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,305 | 1,311 | |||
Total consumer lending [Member] | Fair Value Option Nonaccrual Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 189 | 197 | |||
Total consumer lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 2,314 | 2,396 | |||
Commercial Loan [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 112,308 | 110,527 | |||
Commercial Loan [Member] | Total commercial lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 111,754 | 109,989 | |||
Commercial Loan [Member] | Total commercial lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 53 | 45 | |||
Commercial Loan [Member] | Total commercial lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 22 | 25 | |||
Commercial Loan [Member] | Total commercial lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 53 | 39 | |||
Commercial Loan [Member] | Total commercial lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 128 | 109 | |||
Commercial Loan [Member] | Total commercial lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 426 | 429 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 28,835 | 28,978 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 28,695 | 28,826 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 21 | 27 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 12 | 2 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 33 | 29 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 107 | 123 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 7,802 | 7,934 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 7,779 | 7,914 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 18 | 17 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1 | 1 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 19 | 18 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 4 | 2 | |||
Home Equity [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 27,699 | 28,364 | |||
Home Equity [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 25,919 | 26,561 | |||
Home Equity [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 94 | 78 | |||
Home Equity [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 31 | 26 | |||
Home Equity [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 125 | 104 | |||
Home Equity [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 820 | 818 | |||
Home Equity [Member] | Total consumer lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 835 | 881 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 17,456 | 17,212 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 14,824 | 14,389 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 130 | 151 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 70 | 74 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 373 | 486 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 573 | 711 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Total Past Due [Member] | Government Insured or Guaranteed Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 500 | 600 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 391 | 400 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Fair Value Option Nonaccrual Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 189 | 197 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,479 | 1,515 | |||
Credit Card [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 5,657 | 5,699 | |||
Credit Card [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 5,540 | 5,579 | |||
Credit Card [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 40 | 43 | |||
Credit Card [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 26 | 26 | |||
Credit Card [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 45 | 45 | |||
Credit Card [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 111 | 114 | |||
Credit Card [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 6 | 6 | |||
Automobile [Member] | Total consumer lending [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 13,295 | 12,880 | |||
Automobile [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 13,112 | 12,697 | |||
Automobile [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 77 | 79 | |||
Automobile [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 18 | 20 | |||
Automobile [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 9 | 8 | |||
Automobile [Member] | Total consumer lending [Member] | Total Past Due [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 104 | 107 | |||
Automobile [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 79 | 76 | |||
Education and Other [Member] | Total consumer lending [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 8,562 | 8,864 | |||
Education and Other [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 8,257 | 8,525 | |||
Education and Other [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 94 | 105 | |||
Education and Other [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 54 | 64 | |||
Education and Other [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 148 | 159 | |||
Education and Other [Member] | Total consumer lending [Member] | Total Past Due [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 296 | 328 | |||
Education and Other [Member] | Total consumer lending [Member] | Total Past Due [Member] | Government Insured or Guaranteed Loans [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 300 | 300 | |||
Education and Other [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 9 | $ 11 | |||
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $.9 billion, Loans of $.8 billion and Other assets of $.3 billion at March 31, 2018 and Loans held for sale of $1.7 billion, Loans of $.9 billion and Other assets of $.3 billion at December 31, 2017. |
Asset Quality (Nonperforming As
Asset Quality (Nonperforming Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Total nonperforming loans | $ 1,842 | $ 1,865 |
OREO and Foreclosed Assets | 162 | 170 |
Total nonperforming assets | $ 2,004 | $ 2,035 |
Nonperforming loans to total loans | 0.83% | 0.85% |
Nonperforming assets to total loans, OREO and foreclosed assets | 0.90% | 0.92% |
Nonperforming assets to total assets | 0.53% | 0.53% |
Total commercial lending [Member] | ||
Total nonperforming loans | $ 537 | $ 554 |
Total consumer lending [Member] | ||
Total nonperforming loans | $ 1,305 | $ 1,311 |
Asset Quality (Commercial Lendi
Asset Quality (Commercial Lending Asset Quality Indicators) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | ||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 221,614 | [1] | $ 220,458 | [1] | $ 212,826 |
Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 148,945 | 147,439 | $ 140,662 | ||
Total commercial lending [Member] | Commercial Loan [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 112,308 | 110,527 | |||
Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 28,835 | 28,978 | |||
Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 7,802 | 7,934 | |||
Pass [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 142,561 | 141,414 | |||
Pass [Member] | Total commercial lending [Member] | Commercial Loan [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 106,681 | 105,280 | |||
Pass [Member] | Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 28,274 | 28,380 | |||
Pass [Member] | Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 7,606 | 7,754 | |||
Special Mention [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 2,329 | 2,083 | |||
Special Mention [Member] | Total commercial lending [Member] | Commercial Loan [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 2,075 | 1,858 | |||
Special Mention [Member] | Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 163 | 148 | |||
Special Mention [Member] | Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 91 | 77 | |||
Substandard [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 3,948 | 3,868 | |||
Substandard [Member] | Total commercial lending [Member] | Commercial Loan [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 3,449 | 3,331 | |||
Substandard [Member] | Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 397 | 435 | |||
Substandard [Member] | Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 102 | 102 | |||
Doubtful [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 107 | 74 | |||
Doubtful [Member] | Total commercial lending [Member] | Commercial Loan [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 103 | 58 | |||
Doubtful [Member] | Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 1 | 15 | |||
Doubtful [Member] | Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 3 | $ 1 | |||
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $.9 billion, Loans of $.8 billion and Other assets of $.3 billion at March 31, 2018 and Loans held for sale of $1.7 billion, Loans of $.9 billion and Other assets of $.3 billion at December 31, 2017. |
Asset Quality (Consumer Real Es
Asset Quality (Consumer Real Estate Secured Asset Quality Indicators) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
% of Loans | 100.00% | 100.00% |
Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | $ 15,757 | $ 16,076 |
Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 11,057 | 11,378 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 15,252 | 14,883 |
Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | $ 42,066 | $ 42,337 |
Total home equity and residential real estate loans [Member] | New Jersey [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Loans | 16.00% | 17.00% |
Total home equity and residential real estate loans [Member] | Pennsylvania [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Loans | 13.00% | 13.00% |
Total home equity and residential real estate loans [Member] | Illinois [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Loans | 12.00% | 13.00% |
Total home equity and residential real estate loans [Member] | Ohio [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Loans | 10.00% | 9.00% |
Total home equity and residential real estate loans [Member] | Maryland [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Loans | 8.00% | 8.00% |
Total home equity and residential real estate loans [Member] | Florida [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Loans | 6.00% | 6.00% |
Total home equity and residential real estate loans [Member] | North Carolina [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Loans | 5.00% | 5.00% |
Total home equity and residential real estate loans [Member] | Michigan [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Loans | 4.00% | 4.00% |
Total home equity and residential real estate loans [Member] | All Other States Maximum [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Loans | 4.00% | 4.00% |
Total home equity and residential real estate loans [Member] | All Other States [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Loans | 26.00% | 25.00% |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | $ 99 | $ 108 |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 359 | 385 |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 123 | 126 |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 581 | 619 |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 16 | 21 |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 58 | 64 |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 24 | 23 |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 98 | 108 |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 1 | 1 |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 4 | 5 |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 1 | 1 |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 6 | 7 |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 277 | 300 |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 794 | 842 |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 249 | 253 |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 1,320 | 1,395 |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 45 | 46 |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 133 | 143 |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 49 | 45 |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 227 | 234 |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 1 | 2 |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 8 | 9 |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 5 | 5 |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 14 | 16 |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 333 | 331 |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 853 | 890 |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 300 | 324 |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 1,486 | 1,545 |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 51 | 55 |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 132 | 134 |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 51 | 55 |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 234 | 244 |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 2 | 2 |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 8 | 9 |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Missing [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 3 | 4 |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Missing [Member] | Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 13 | 15 |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 13,678 | 13,954 |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 7,877 | 8,066 |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 13,795 | 13,445 |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 35,350 | 35,465 |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 1,212 | 1,214 |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 775 | 774 |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 555 | 507 |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 2,542 | 2,495 |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 1st Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 42 | 42 |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 2nd Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 56 | 57 |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Missing [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | 97 | 95 |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Missing [Member] | Total home equity and residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans - excluding purchased impaired and government insured or guaranteed loans | $ 195 | $ 194 |
Asset Quality (Credit Card and
Asset Quality (Credit Card and Other Consumer Loan Classes Asset Quality Indicators) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | ||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 221,614 | [1] | $ 220,458 | [1] | $ 212,826 |
% of Loans | 100.00% | 100.00% | |||
Credit Card [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 5,657 | $ 5,699 | |||
% of Loans | 100.00% | 100.00% | |||
Weighted average updated FICO score | 733 | 735 | |||
Credit Card [Member] | FICO Score - Greater than 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 3,368 | $ 3,457 | |||
% of Loans | 60.00% | 61.00% | |||
Credit Card [Member] | FICO Score - 650 to 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 1,603 | $ 1,596 | |||
% of Loans | 28.00% | 28.00% | |||
Credit Card [Member] | FICO Score - 620 to 649 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 254 | $ 250 | |||
% of Loans | 5.00% | 4.00% | |||
Credit Card [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 297 | $ 272 | |||
% of Loans | 5.00% | 5.00% | |||
Credit Card [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 135 | $ 124 | |||
% of Loans | 2.00% | 2.00% | |||
Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 21,857 | $ 21,744 | |||
Other Consumer [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 16,821 | $ 16,406 | |||
% of Loans | 100.00% | 100.00% | |||
Weighted average updated FICO score | 737 | 741 | |||
Other Consumer [Member] | FICO Score - Greater than 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 10,235 | $ 10,366 | |||
% of Loans | 61.00% | 63.00% | |||
Other Consumer [Member] | FICO Score - 650 to 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 4,611 | $ 4,352 | |||
% of Loans | 27.00% | 27.00% | |||
Other Consumer [Member] | FICO Score - 620 to 649 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 815 | $ 659 | |||
% of Loans | 5.00% | 4.00% | |||
Other Consumer [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 844 | $ 715 | |||
% of Loans | 5.00% | 4.00% | |||
Other Consumer [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 316 | $ 314 | |||
% of Loans | 2.00% | 2.00% | |||
Other Consumer [Member] | Other Internal Credit Metrics [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 5,036 | $ 5,338 | |||
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $.9 billion, Loans of $.8 billion and Other assets of $.3 billion at March 31, 2018 and Loans held for sale of $1.7 billion, Loans of $.9 billion and Other assets of $.3 billion at December 31, 2017. |
Asset Quality (Financial Impact
Asset Quality (Financial Impact and TDRs by Concession Type) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2018USD ($)loans | Mar. 31, 2017USD ($)loans | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 3,011 | 2,948 |
Pre-TDR Recorded Investment | $ 59 | $ 108 |
Post-TDR Recorded Investment | 54 | 83 |
Principal Forgiveness [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-TDR Recorded Investment | 4 | |
Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-TDR Recorded Investment | 31 | 43 |
Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-TDR Recorded Investment | $ 23 | $ 36 |
Total commercial lending [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 32 | 49 |
Pre-TDR Recorded Investment | $ 10 | $ 35 |
Post-TDR Recorded Investment | 8 | 15 |
Total commercial lending [Member] | Principal Forgiveness [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-TDR Recorded Investment | 4 | |
Total commercial lending [Member] | Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-TDR Recorded Investment | 1 | 6 |
Total commercial lending [Member] | Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-TDR Recorded Investment | $ 7 | $ 5 |
Total consumer lending [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 2,979 | 2,899 |
Pre-TDR Recorded Investment | $ 49 | $ 73 |
Post-TDR Recorded Investment | 46 | 68 |
Total consumer lending [Member] | Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-TDR Recorded Investment | 30 | 37 |
Total consumer lending [Member] | Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-TDR Recorded Investment | $ 16 | $ 31 |
Asset Quality (Impaired Loans)
Asset Quality (Impaired Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | ||
Unpaid principal balance - Impaired loans with an associated allowance | $ 1,517 | $ 1,641 |
Unpaid principal balance - Impaired loans without an associated allowance | 1,585 | 1,513 |
Unpaid principal balance - Total impaired loans | 3,102 | 3,154 |
Recorded Investment - Impaired Financing Receivable [Abstract] | ||
Recorded investment - Impaired loans with an associated allowance | 1,286 | 1,367 |
Recorded investment - Impaired loans without an associated allowance | 1,019 | 1,004 |
Recorded investment - Total impaired loans | 2,305 | 2,371 |
Associated Allowance - Total impaired loans | 253 | 271 |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | ||
Average recorded investment - Impaired loans with an associated allowance | 1,327 | 1,491 |
Average recorded investment - Impaired loans without an associated allowance | 1,011 | 978 |
Average recorded investment - Total impaired loans | 2,338 | 2,469 |
Total commercial lending [Member] | ||
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | ||
Unpaid principal balance - Impaired loans with an associated allowance | 537 | 580 |
Unpaid principal balance - Impaired loans without an associated allowance | 427 | 494 |
Recorded Investment - Impaired Financing Receivable [Abstract] | ||
Recorded investment - Impaired loans with an associated allowance | 371 | 353 |
Recorded investment - Impaired loans without an associated allowance | 326 | 366 |
Associated Allowance - Total impaired loans | 101 | 76 |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | ||
Average recorded investment - Impaired loans with an associated allowance | 363 | 419 |
Average recorded investment - Impaired loans without an associated allowance | 345 | 330 |
Total consumer lending [Member] | ||
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | ||
Unpaid principal balance - Impaired loans with an associated allowance | 980 | 1,061 |
Unpaid principal balance - Impaired loans without an associated allowance | 1,158 | 1,019 |
Recorded Investment - Impaired Financing Receivable [Abstract] | ||
Recorded investment - Impaired loans with an associated allowance | 915 | 1,014 |
Recorded investment - Impaired loans without an associated allowance | 693 | 638 |
Associated Allowance - Total impaired loans | 152 | 195 |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | ||
Average recorded investment - Impaired loans with an associated allowance | 964 | 1,072 |
Average recorded investment - Impaired loans without an associated allowance | $ 666 | $ 648 |
Allowances for Loan and Lease48
Allowances for Loan and Lease Losses (Rollforward of Allowance For Loan and Lease Losses and Associated Loan Data) (Details) | 3 Months Ended | ||||
Mar. 31, 2018USD ($)segment | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Number of portfolio segments | segment | 2 | ||||
Beginning Balance | $ 2,611,000,000 | $ 2,589,000,000 | |||
Charge-offs | (193,000,000) | (198,000,000) | |||
Recoveries | 80,000,000 | 80,000,000 | |||
Net (charge-offs) | (113,000,000) | (118,000,000) | |||
Provision for credit losses | 92,000,000 | 88,000,000 | |||
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit | 7,000,000 | (4,000,000) | |||
Other | 7,000,000 | 6,000,000 | |||
Ending Balance | 2,604,000,000 | 2,561,000,000 | |||
Loans collectively evaluated for impairment - associated allowance | 2,069,000,000 | 1,938,000,000 | |||
Impaired loans - associated allowance | 253,000,000 | $ 271,000,000 | |||
Loans collectively evaluated for impairment | 216,182,000,000 | 206,660,000,000 | |||
Fair value option loans | 813,000,000 | 874,000,000 | |||
Purchased impaired loans | 2,314,000,000 | 2,811,000,000 | |||
Total loans | $ 221,614,000,000 | [1] | $ 212,826,000,000 | 220,458,000,000 | [1] |
Portfolio segment ALLL as a percentage of total ALLL | 100.00% | 100.00% | |||
Ratio of the allowance for loan and lease losses to total loans | 1.18% | 1.20% | |||
Loans Accounted for under Fair Value Option [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans collectively evaluated for impairment - associated allowance | $ 0 | ||||
Other Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans individually evaluated for impairment - associated allowance | 67,000,000 | $ 53,000,000 | |||
Loans individually evaluated for impairment | 313,000,000 | 351,000,000 | |||
TDRs [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans individually evaluated for impairment - associated allowance | 186,000,000 | 252,000,000 | |||
Loans individually evaluated for impairment | 1,992,000,000 | 2,130,000,000 | |||
Purchased Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans - associated allowance | 282,000,000 | 318,000,000 | |||
Total commercial lending [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning Balance | 1,582,000,000 | 1,534,000,000 | |||
Charge-offs | (36,000,000) | (55,000,000) | |||
Recoveries | 26,000,000 | 32,000,000 | |||
Net (charge-offs) | (10,000,000) | (23,000,000) | |||
Provision for credit losses | 37,000,000 | 23,000,000 | |||
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit | 5,000,000 | (5,000,000) | |||
Other | 1,000,000 | ||||
Ending Balance | 1,614,000,000 | 1,530,000,000 | |||
Loans collectively evaluated for impairment - associated allowance | 1,513,000,000 | 1,412,000,000 | |||
Impaired loans - associated allowance | 101,000,000 | 76,000,000 | |||
Loans collectively evaluated for impairment | 148,248,000,000 | 139,863,000,000 | |||
Purchased impaired loans | 82,000,000 | ||||
Total loans | $ 148,945,000,000 | $ 140,662,000,000 | 147,439,000,000 | ||
Portfolio segment ALLL as a percentage of total ALLL | 62.00% | 60.00% | |||
Ratio of the allowance for loan and lease losses to total loans | 1.08% | 1.09% | |||
Total commercial lending [Member] | Other Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans individually evaluated for impairment - associated allowance | $ 67,000,000 | $ 53,000,000 | |||
Loans individually evaluated for impairment | 313,000,000 | 351,000,000 | |||
Total commercial lending [Member] | TDRs [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans individually evaluated for impairment - associated allowance | 34,000,000 | 37,000,000 | |||
Loans individually evaluated for impairment | 384,000,000 | 366,000,000 | |||
Total commercial lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans - associated allowance | 28,000,000 | ||||
Total consumer lending [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning Balance | 1,029,000,000 | 1,055,000,000 | |||
Charge-offs | (157,000,000) | (143,000,000) | |||
Recoveries | 54,000,000 | 48,000,000 | |||
Net (charge-offs) | (103,000,000) | (95,000,000) | |||
Provision for credit losses | 55,000,000 | 65,000,000 | |||
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit | 2,000,000 | 1,000,000 | |||
Other | 7,000,000 | 5,000,000 | |||
Ending Balance | 990,000,000 | 1,031,000,000 | |||
Loans collectively evaluated for impairment - associated allowance | 556,000,000 | 526,000,000 | |||
Impaired loans - associated allowance | 152,000,000 | 195,000,000 | |||
Loans collectively evaluated for impairment | 67,934,000,000 | 66,797,000,000 | |||
Fair value option loans | 813,000,000 | 874,000,000 | |||
Purchased impaired loans | 2,314,000,000 | 2,729,000,000 | |||
Total loans | $ 72,669,000,000 | $ 72,164,000,000 | $ 73,019,000,000 | ||
Portfolio segment ALLL as a percentage of total ALLL | 38.00% | 40.00% | |||
Ratio of the allowance for loan and lease losses to total loans | 1.36% | 1.43% | |||
Total consumer lending [Member] | TDRs [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans individually evaluated for impairment - associated allowance | $ 152,000,000 | $ 215,000,000 | |||
Loans individually evaluated for impairment | 1,608,000,000 | 1,764,000,000 | |||
Total consumer lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans - associated allowance | $ 282,000,000 | $ 290,000,000 | |||
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $.9 billion, Loans of $.8 billion and Other assets of $.3 billion at March 31, 2018 and Loans held for sale of $1.7 billion, Loans of $.9 billion and Other assets of $.3 billion at December 31, 2017. |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Millions | Mar. 31, 2018USD ($) |
Schedule of Investments [Line Items] | |
Gain on derivatives used to hedge purchase of investment securities | $ 50 |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held | 1,100 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | |
Schedule of Investments [Line Items] | |
Debt Securities Amortized Cost Amount of Debt Securities Exceeds 10 Percent of Shareholders Equity | 32,700 |
Fair value of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | $ 31,900 |
Investment Securities (Summary)
Investment Securities (Summary) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | $ 57,212 | ||
Securities available for sale debt securities, unrealized gains | 854 | ||
Securities available for sale debt securities, unrealized losses | (448) | ||
Securities available for sale, fair value | $ 56,018 | 57,618 | |
Held to Maturity Securities, Amortized Cost, Total | 18,544 | 18,513 | |
Securities reclassified to equity investments | 105 | 106 | |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale equity securities, amortized cost | 587 | ||
Securities available for sale equity securities, unrealized losses | (2) | ||
Securities available for sale equity securities, fair value | 585 | ||
Accounting Standards Update 2016-01 [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities reclassified to equity investments | 600 | $ 600 | |
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 56,241 | 56,625 | |
Securities available for sale debt securities, unrealized gains | 714 | 854 | |
Securities available for sale debt securities, unrealized losses | (937) | (446) | |
Securities available for sale, fair value | 56,018 | 57,033 | |
Held to Maturity Securities, Amortized Cost, Total | 18,544 | 18,513 | |
Held-to-maturity securities, unrealized gains | 115 | 224 | |
Held-to-maturity securities, unrealized losses | (436) | (172) | |
Held-to-maturity securities, fair value | 18,223 | 18,565 | |
Debt Securities [Member] | US Treasury and Government [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 13,645 | 14,432 | |
Securities available for sale debt securities, unrealized gains | 123 | 173 | |
Securities available for sale debt securities, unrealized losses | (179) | (84) | |
Securities available for sale, fair value | 13,589 | 14,521 | |
Held to Maturity Securities, Amortized Cost, Total | 745 | 741 | |
Held-to-maturity securities, unrealized gains | 28 | 37 | |
Held-to-maturity securities, unrealized losses | (27) | (13) | |
Held-to-maturity securities, fair value | 746 | 765 | |
Debt Securities [Member] | Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 26,512 | 25,534 | |
Securities available for sale debt securities, unrealized gains | 74 | 121 | |
Securities available for sale debt securities, unrealized losses | (584) | (249) | |
Securities available for sale, fair value | 26,002 | 25,406 | |
Held to Maturity Securities, Amortized Cost, Total | 14,663 | 14,503 | |
Held-to-maturity securities, unrealized gains | 18 | 77 | |
Held-to-maturity securities, unrealized losses | (382) | (139) | |
Held-to-maturity securities, fair value | 14,299 | 14,441 | |
Debt Securities [Member] | Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 2,320 | 2,443 | |
Securities available for sale debt securities, unrealized gains | 333 | 336 | |
Securities available for sale debt securities, unrealized losses | (17) | (21) | |
Securities available for sale, fair value | 2,636 | 2,758 | |
Held to Maturity Securities, Amortized Cost, Total | 163 | 167 | |
Held-to-maturity securities, unrealized gains | 3 | 7 | |
Held-to-maturity securities, fair value | 166 | 174 | |
Debt Securities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 1,884 | 1,960 | |
Securities available for sale debt securities, unrealized gains | 1 | 2 | |
Securities available for sale debt securities, unrealized losses | (78) | (58) | |
Securities available for sale, fair value | 1,807 | 1,904 | |
Held to Maturity Securities, Amortized Cost, Total | 338 | 407 | |
Held-to-maturity securities, unrealized gains | 2 | 4 | |
Held-to-maturity securities, unrealized losses | (1) | ||
Held-to-maturity securities, fair value | 339 | 411 | |
Debt Securities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 2,585 | 2,603 | |
Securities available for sale debt securities, unrealized gains | 9 | 19 | |
Securities available for sale debt securities, unrealized losses | (24) | (9) | |
Securities available for sale, fair value | 2,570 | 2,613 | |
Held to Maturity Securities, Amortized Cost, Total | 524 | 538 | |
Held-to-maturity securities, unrealized gains | 4 | 10 | |
Held-to-maturity securities, fair value | 528 | 548 | |
Debt Securities [Member] | Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 5,129 | 5,331 | |
Securities available for sale debt securities, unrealized gains | 71 | 74 | |
Securities available for sale debt securities, unrealized losses | (17) | (8) | |
Securities available for sale, fair value | 5,183 | 5,397 | |
Held to Maturity Securities, Amortized Cost, Total | 196 | 200 | |
Held-to-maturity securities, unrealized gains | 1 | 1 | |
Held-to-maturity securities, fair value | 197 | 201 | |
Debt Securities [Member] | Other Debt Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 4,166 | 4,322 | |
Securities available for sale debt securities, unrealized gains | 103 | 129 | |
Securities available for sale debt securities, unrealized losses | (38) | (17) | |
Securities available for sale, fair value | 4,231 | 4,434 | |
Held to Maturity Securities, Amortized Cost, Total | 1,915 | 1,957 | |
Held-to-maturity securities, unrealized gains | 59 | 88 | |
Held-to-maturity securities, unrealized losses | (26) | (20) | |
Held-to-maturity securities, fair value | $ 1,948 | $ 2,025 |
Investment Securities (Gross Un
Investment Securities (Gross Unrealized Loss and Fair Value of Securities Available for Sale) (Details) - Debt Securities [Member] - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
AFS unrealized loss position less than 12 months - unrealized loss | $ (411) | $ (110) |
AFS unrealized loss position less than 12 months - fair value | 24,539 | 17,837 |
AFS unrealized loss position 12 months or more - unrealized loss | (526) | (336) |
AFS unrealized loss position 12 months or more - fair value | 13,197 | 14,697 |
Total AFS unrealized loss | (937) | (446) |
Total AFS fair value | 37,736 | 32,534 |
HTM unrealized loss position less than 12 months - unrealized loss | (148) | (25) |
HTM unrealized loss position less than 12 months - fair value | 7,546 | 3,445 |
HTM unrealized loss position 12 months or more - unrealized loss | (288) | (147) |
HTM unrealized loss position 12 months or more - fair value | 6,161 | 6,490 |
Total HTM unrealized loss | (436) | (172) |
Total HTM fair value | 13,707 | 9,935 |
US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AFS unrealized loss position less than 12 months - unrealized loss | (120) | (42) |
AFS unrealized loss position less than 12 months - fair value | 6,937 | 6,099 |
AFS unrealized loss position 12 months or more - unrealized loss | (59) | (42) |
AFS unrealized loss position 12 months or more - fair value | 1,142 | 1,465 |
Total AFS unrealized loss | (179) | (84) |
Total AFS fair value | 8,079 | 7,564 |
HTM unrealized loss position less than 12 months - unrealized loss | (7) | (3) |
HTM unrealized loss position less than 12 months - fair value | 191 | 195 |
HTM unrealized loss position 12 months or more - unrealized loss | (20) | (10) |
HTM unrealized loss position 12 months or more - fair value | 246 | 255 |
Total HTM unrealized loss | (27) | (13) |
Total HTM fair value | 437 | 450 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AFS unrealized loss position less than 12 months - unrealized loss | (229) | (47) |
AFS unrealized loss position less than 12 months - fair value | 11,684 | 8,151 |
AFS unrealized loss position 12 months or more - unrealized loss | (355) | (202) |
AFS unrealized loss position 12 months or more - fair value | 8,965 | 9,954 |
Total AFS unrealized loss | (584) | (249) |
Total AFS fair value | 20,649 | 18,105 |
HTM unrealized loss position less than 12 months - unrealized loss | (133) | (10) |
HTM unrealized loss position less than 12 months - fair value | 7,080 | 3,167 |
HTM unrealized loss position 12 months or more - unrealized loss | (249) | (129) |
HTM unrealized loss position 12 months or more - fair value | 5,830 | 6,168 |
Total HTM unrealized loss | (382) | (139) |
Total HTM fair value | 12,910 | 9,335 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AFS unrealized loss position less than 12 months - unrealized loss | (1) | |
AFS unrealized loss position less than 12 months - fair value | 94 | |
AFS unrealized loss position 12 months or more - unrealized loss | (16) | (21) |
AFS unrealized loss position 12 months or more - fair value | 352 | 383 |
Total AFS unrealized loss | (17) | (21) |
Total AFS fair value | 446 | 383 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AFS unrealized loss position less than 12 months - unrealized loss | (16) | (11) |
AFS unrealized loss position less than 12 months - fair value | 499 | 524 |
AFS unrealized loss position 12 months or more - unrealized loss | (62) | (47) |
AFS unrealized loss position 12 months or more - fair value | 1,243 | 1,302 |
Total AFS unrealized loss | (78) | (58) |
Total AFS fair value | 1,742 | 1,826 |
HTM unrealized loss position less than 12 months - unrealized loss | (1) | |
HTM unrealized loss position less than 12 months - fair value | 170 | |
Total HTM unrealized loss | (1) | |
Total HTM fair value | 170 | |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AFS unrealized loss position less than 12 months - unrealized loss | (15) | (3) |
AFS unrealized loss position less than 12 months - fair value | 1,284 | 400 |
AFS unrealized loss position 12 months or more - unrealized loss | (9) | (6) |
AFS unrealized loss position 12 months or more - fair value | 325 | 333 |
Total AFS unrealized loss | (24) | (9) |
Total AFS fair value | 1,609 | 733 |
Asset backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AFS unrealized loss position less than 12 months - unrealized loss | (14) | (4) |
AFS unrealized loss position less than 12 months - fair value | 2,366 | 1,697 |
AFS unrealized loss position 12 months or more - unrealized loss | (3) | (4) |
AFS unrealized loss position 12 months or more - fair value | 383 | 462 |
Total AFS unrealized loss | (17) | (8) |
Total AFS fair value | 2,749 | 2,159 |
Other Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AFS unrealized loss position less than 12 months - unrealized loss | (16) | (3) |
AFS unrealized loss position less than 12 months - fair value | 1,675 | 966 |
AFS unrealized loss position 12 months or more - unrealized loss | (22) | (14) |
AFS unrealized loss position 12 months or more - fair value | 787 | 798 |
Total AFS unrealized loss | (38) | (17) |
Total AFS fair value | 2,462 | 1,764 |
HTM unrealized loss position less than 12 months - unrealized loss | (7) | (12) |
HTM unrealized loss position less than 12 months - fair value | 105 | 83 |
HTM unrealized loss position 12 months or more - unrealized loss | (19) | (8) |
HTM unrealized loss position 12 months or more - fair value | 85 | 67 |
Total HTM unrealized loss | (26) | (20) |
Total HTM fair value | $ 190 | $ 150 |
Investment Securities (Gains (L
Investment Securities (Gains (Losses) on Sales of Securities Available for Sale) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Investment Securities Disclosure [Abstract] | ||
Proceeds | $ 4,490,000,000 | $ 3,222,000,000 |
Gross Gains | 37,000,000 | 14,000,000 |
Gross Losses | (38,000,000) | (16,000,000) |
Net Losses | $ (1,000,000) | (2,000,000) |
Tax Benefit | $ (1,000,000) |
Investment Securities (Contract
Investment Securities (Contractual Maturity of Debt Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | $ 57,212 | |
Available-for-sale Securities, Fair value, Total | $ 56,018 | 57,618 |
Held to Maturity Securities, Amortized Cost, Total | 18,544 | 18,513 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 790 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 11,776 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 9,485 | |
Available for Sale Securities, Amortized Cost, After 10 years | 34,190 | |
Securities available for sale, amortized cost | 56,241 | 56,625 |
Available-for-sale Securities, Fair value, 1 year or less | 789 | |
Available-for-sale Securities, Fair value, After 1 year through 5 years | 11,676 | |
Available-for-sale Securities, Fair value, After 5 years through 10 years | 9,462 | |
Available-for-sale Securities, Fair value, After 10 years | 34,091 | |
Available-for-sale Securities, Fair value, Total | $ 56,018 | 57,033 |
Weighted-average yield, GAAP basis, available for sale securities | 2.75% | |
Held to Maturity Securities, Amortized Cost, 1 year or less | $ 170 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 635 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 1,778 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 15,961 | |
Held to Maturity Securities, Amortized Cost, Total | 18,544 | 18,513 |
Held-to-maturity Securities, Fair Value, 1 year or less | 170 | |
Held-to-maturity Securities, Fair Value, After 1 year through 5 years | 646 | |
Held-to-maturity Securities, Fair Value, After 5 years through 10 years | 1,821 | |
Held-to-maturity Securities, Fair Value, After 10 years | 15,586 | |
Held-to-maturity Securities, Debt Maturities, Fair Value, Total | $ 18,223 | $ 18,565 |
Weighted-average yield, GAAP basis, held to maturity securities | 3.26% | |
US Treasury and Government [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | $ 85 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 7,752 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 5,335 | |
Available for Sale Securities, Amortized Cost, After 10 years | 473 | |
Securities available for sale, amortized cost | 13,645 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 478 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 267 | |
Held to Maturity Securities, Amortized Cost, Total | 745 | |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 3 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 50 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 568 | |
Available for Sale Securities, Amortized Cost, After 10 years | 25,891 | |
Securities available for sale, amortized cost | 26,512 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 79 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 334 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 14,250 | |
Held to Maturity Securities, Amortized Cost, Total | 14,663 | |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 10 years | 2,320 | |
Securities available for sale, amortized cost | 2,320 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 163 | |
Held to Maturity Securities, Amortized Cost, Total | 163 | |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 313 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 560 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,011 | |
Securities available for sale, amortized cost | 1,884 | |
Held to Maturity Securities, Amortized Cost, 1 year or less | 156 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 125 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 5 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 52 | |
Held to Maturity Securities, Amortized Cost, Total | 338 | |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 450 | |
Available for Sale Securities, Amortized Cost, After 10 years | 2,135 | |
Securities available for sale, amortized cost | 2,585 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 524 | |
Held to Maturity Securities, Amortized Cost, Total | 524 | |
Asset backed [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 19 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 1,877 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 1,940 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,293 | |
Securities available for sale, amortized cost | 5,129 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 113 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 83 | |
Held to Maturity Securities, Amortized Cost, Total | 196 | |
Other Debt Obligations [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 683 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 1,784 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 632 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,067 | |
Securities available for sale, amortized cost | 4,166 | |
Held to Maturity Securities, Amortized Cost, 1 year or less | 14 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 431 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 848 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 622 | |
Held to Maturity Securities, Amortized Cost, Total | $ 1,915 | |
One Year or Less [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.39% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.53% | |
After One Year Through Five Years [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.18% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.84% | |
After Five Years Through Ten Years [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.40% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.52% | |
After Ten Years [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 3.05% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.21% |
Investment Securities (Fair Val
Investment Securities (Fair Value of Securities Pledged and Accepted as Collateral) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Investment Securities Disclosure [Abstract] | ||
Pledged to others | $ 8,264 | $ 8,175 |
Permitted by contract or custom to sell or repledge | 1,134 | 1,152 |
Permitted amount repledged to others | $ 1,098 | $ 1,097 |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Securities available for sale, fair value | $ 56,018 | $ 57,618 |
Mortgage servicing rights | 1,979 | 1,832 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 56,018 | 57,033 |
Securities available for sale, fair value | 56,018 | 57,618 |
Loans | 813 | 869 |
Equity investments | 1,905 | 1,265 |
Trading securities | 2,507 | 2,915 |
Financial derivatives | 1,903 | 2,874 |
Other assets | 593 | 638 |
Total Assets | 66,580 | 69,673 |
Liabilities | ||
Other borrowed funds | 1,177 | 1,344 |
Financial derivatives | 2,942 | 2,856 |
Other liabilities | 42 | 33 |
Total liabilities | 4,161 | 4,233 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 13,158 | 14,088 |
Securities available for sale, fair value | 13,158 | 14,612 |
Equity investments | 489 | |
Trading securities | 827 | 1,243 |
Financial derivatives | 2 | |
Other assets | 275 | 278 |
Total Assets | 14,751 | 16,133 |
Liabilities | ||
Other borrowed funds | 963 | 1,079 |
Financial derivatives | ||
Total liabilities | 963 | 1,079 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 39,900 | 39,865 |
Securities available for sale, fair value | 39,900 | 39,926 |
Loans | 511 | 571 |
Equity investments | 60 | |
Trading securities | 1,678 | 1,670 |
Financial derivatives | 1,889 | 2,864 |
Other assets | 250 | 253 |
Total Assets | 45,056 | 46,836 |
Liabilities | ||
Other borrowed funds | 205 | 254 |
Financial derivatives | 2,505 | 2,369 |
Total liabilities | 2,710 | 2,623 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 2,960 | 3,080 |
Securities available for sale, fair value | 2,960 | 3,080 |
Loans | 302 | 298 |
Equity investments | 1,129 | 1,036 |
Trading securities | 2 | 2 |
Financial derivatives | 12 | 10 |
Other assets | 68 | 107 |
Total Assets | 6,546 | 6,475 |
Liabilities | ||
Other borrowed funds | 9 | 11 |
Financial derivatives | 437 | 487 |
Other liabilities | 42 | 33 |
Total liabilities | 488 | 531 |
Residential Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 617 | 832 |
Mortgage servicing rights | 1,256 | 1,164 |
Residential Mortgage [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 615 | 829 |
Residential Mortgage [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 2 | 3 |
Mortgage servicing rights | 1,256 | 1,164 |
Commercial Mortgages [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 245 | 830 |
Mortgage servicing rights | 723 | 668 |
Commercial Mortgages [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 153 | 723 |
Commercial Mortgages [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 92 | 107 |
Mortgage servicing rights | 723 | 668 |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 13,589 | 14,521 |
US Treasury and Government [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 13,158 | 14,088 |
US Treasury and Government [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 431 | 433 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 26,002 | 25,406 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 2,636 | 2,758 |
Residential Mortgage-backed Securities [Member] | Level 2 [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 26,002 | 25,406 |
Residential Mortgage-backed Securities [Member] | Level 2 [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 91 | 97 |
Residential Mortgage-backed Securities [Member] | Level 3 [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 2,545 | 2,661 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 1,807 | 1,904 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 2,570 | 2,613 |
Commercial Mortgage Backed Securities [Member] | Level 2 [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 1,807 | 1,904 |
Commercial Mortgage Backed Securities [Member] | Level 2 [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 2,570 | 2,613 |
Asset backed [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 5,183 | 5,397 |
Asset backed [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 4,862 | 5,065 |
Asset backed [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 321 | 332 |
Other Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 4,231 | 4,434 |
Other Debt Obligations [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 4,137 | 4,347 |
Other Debt Obligations [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 94 | 87 |
Other Assets Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Securities available for sale, fair value | 585 | |
Other Assets Fair Value [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Securities available for sale, fair value | 524 | |
Other Assets Fair Value [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Securities available for sale, fair value | 61 | |
Accounting Standards Update 2016-01 [Member] | Other Assets Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities reclassified as equity investments | $ 600 |
Fair Value (Reconciliation of R
Fair Value (Reconciliation of Recurring Fair Value Measurements) (Details) - Fair Value, Measurements, Recurring [Member] - Level 3 [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 6,475 | $ 8,830 |
Included in earnings | 216 | 164 |
Included in other comprehensive income | 9 | 31 |
Purchases | 155 | 158 |
Sales | (23) | (1,822) |
Issuances | 30 | 847 |
Settlements | (305) | (487) |
Transfers Into Level 3 | 4 | 4 |
Transfers out of Level 3 | (15) | (199) |
Ending Balance | 6,546 | 7,526 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 192 | 112 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 531 | 433 |
Included in earnings | 12 | 25 |
Purchases | 12 | |
Sales | 3 | 2 |
Issuances | 24 | 96 |
Settlements | (94) | (264) |
Ending Balance | 488 | 292 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | 7 | 23 |
Fair Value Additional Information [Abstract] | ||
Net gains (losses) included in earnings (realized and unrealized) relating to Level 3 assets and liabilities | 204 | 139 |
Net unrealized gains (losses) relating to Level 3 assets and liabilities | 185 | 89 |
Available-for-sale Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 3,080 | 3,723 |
Included in earnings | 23 | 30 |
Included in other comprehensive income | 9 | 31 |
Purchases | 2 | 1 |
Sales | (26) | |
Settlements | (154) | (222) |
Ending Balance | 2,960 | 3,537 |
Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 298 | 335 |
Included in earnings | 2 | 1 |
Purchases | 37 | 22 |
Sales | (7) | (4) |
Settlements | (18) | (19) |
Transfers Into Level 3 | 2 | 2 |
Transfers out of Level 3 | (12) | (14) |
Ending Balance | 302 | 323 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 2 | |
Equity Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,036 | 1,331 |
Included in earnings | 26 | 96 |
Purchases | 82 | 37 |
Sales | (15) | (175) |
Transfers out of Level 3 | (183) | |
Ending Balance | 1,129 | 1,106 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 25 | 67 |
Trading Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 2 | 2 |
Ending Balance | 2 | 2 |
Financial Derivatives [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 10 | 40 |
Included in earnings | 7 | (1) |
Purchases | 1 | |
Settlements | (6) | (15) |
Ending Balance | 12 | 24 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 9 | 22 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 487 | 414 |
Included in earnings | 10 | 9 |
Sales | 3 | 2 |
Settlements | (63) | (171) |
Ending Balance | 437 | 254 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | 5 | 7 |
Other Assets [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 107 | 239 |
Included in earnings | 3 | (2) |
Settlements | (42) | (155) |
Ending Balance | 68 | 82 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 3 | (2) |
Other Borrowed Funds [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 11 | 10 |
Issuances | 19 | 19 |
Settlements | (21) | (22) |
Ending Balance | 9 | 7 |
Other liabilities [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 33 | 9 |
Included in earnings | 2 | 16 |
Purchases | 12 | |
Issuances | 5 | 77 |
Settlements | (10) | (71) |
Ending Balance | 42 | 31 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | 2 | 16 |
Other debt [Member] | Available-for-sale Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 87 | 66 |
Included in earnings | 5 | |
Included in other comprehensive income | 1 | 9 |
Purchases | 2 | 1 |
Sales | (1) | |
Settlements | (1) | |
Ending Balance | 94 | 75 |
Asset backed [Member] | Available-for-sale Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 332 | 403 |
Included in earnings | (1) | 4 |
Included in other comprehensive income | 5 | 4 |
Sales | (25) | |
Settlements | (15) | (20) |
Ending Balance | 321 | 366 |
Residential Mortgage-backed Securities [Member] | Available-for-sale Securities [Member] | Mortgage-backed Securities Non-agency [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 2,661 | 3,254 |
Included in earnings | 19 | 26 |
Included in other comprehensive income | 3 | 18 |
Settlements | (138) | (202) |
Ending Balance | 2,545 | 3,096 |
Commercial Mortgages [Member] | Loans Held For Sale [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 107 | 1,400 |
Included in earnings | 9 | |
Sales | (1,617) | |
Issuances | 801 | |
Settlements | (15) | (12) |
Ending Balance | 92 | 581 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (5) | |
Commercial Mortgages [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 668 | 576 |
Included in earnings | 48 | 13 |
Purchases | 23 | 13 |
Issuances | 17 | 29 |
Settlements | (33) | (25) |
Ending Balance | 723 | 606 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 48 | 13 |
Residential Mortgage [Member] | Loans Held For Sale [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 3 | 2 |
Purchases | 1 | 2 |
Sales | (1) | |
Transfers Into Level 3 | 2 | 2 |
Transfers out of Level 3 | (3) | (2) |
Ending Balance | 2 | 4 |
Residential Mortgage [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,164 | 1,182 |
Included in earnings | 107 | 18 |
Purchases | 9 | 83 |
Issuances | 13 | 17 |
Settlements | (37) | (39) |
Ending Balance | 1,256 | 1,261 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | $ 105 | $ 17 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements- Recurring Quantitative Information) (Details) - Fair Value, Measurements, Recurring [Member] - Level 3 [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 6,500 | $ 6,400 |
Recurring Liabilities - Fair Value | (500) | (500) |
Total Recurring Assets Net of Recurring Liabilities - Fair Value | 6,058 | 5,944 |
Loans Held For Sale [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 92 | $ 107 |
Loans Held For Sale [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 5.25% | 5.25% |
Loans Held For Sale [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 15.80% | 14.70% |
Loans Held For Sale [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 10.69% | 10.20% |
Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 321 | $ 332 |
Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 1.00% | 1.00% |
Constant default rate (CDR) | 2.00% | 2.00% |
Loss Severity | 16.00% | 15.00% |
Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 19.00% | 19.00% |
Constant default rate (CDR) | 11.80% | 11.80% |
Loss Severity | 100.00% | 100.00% |
Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 7.90% | 7.90% |
Constant default rate (CDR) | 5.10% | 5.40% |
Loss Severity | 67.10% | 68.50% |
Spread over the benchmark curve | 1.26% | 1.79% |
Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 2,545 | $ 2,661 |
Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 1.00% | 1.00% |
Constant default rate (CDR) | 0.00% | 0.10% |
Loss Severity | 20.00% | 15.00% |
Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 33.00% | 31.60% |
Constant default rate (CDR) | 17.80% | 18.80% |
Loss Severity | 100.00% | 100.00% |
Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 10.90% | 10.80% |
Constant default rate (CDR) | 5.70% | 5.40% |
Loss Severity | 50.50% | 51.50% |
Spread over the benchmark curve | 1.96% | 1.90% |
Loans - Residential real estate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 99 | $ 104 |
Loans - Residential real estate [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss Severity | 8.00% | 8.00% |
Discount rate | 5.40% | 4.90% |
Loans - Residential real estate [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 142 | $ 133 |
Loans - Residential real estate [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 11.00% | 11.00% |
Loss Severity | 0.00% | 0.00% |
Discount rate | 5.50% | 5.50% |
Loans - Residential real estate [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 100.00% | 100.00% |
Loss Severity | 100.00% | 100.00% |
Discount rate | 8.00% | 8.00% |
Loans - Residential real estate [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 82.50% | 85.70% |
Loss Severity | 18.50% | 20.60% |
Discount rate | 5.70% | 5.70% |
Loans - Home equity [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 61 | $ 61 |
Loans - Home equity [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 0.00% | 0.00% |
Loans - Home equity [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 99.00% | 99.00% |
Loans - Home equity [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 61.10% | 61.10% |
Equity Investments [Member] | Multiple Of Adjusted Earnings [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 1,129 | $ 1,036 |
Equity Investments [Member] | Multiple Of Adjusted Earnings [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 4.9 | 4.5 |
Equity Investments [Member] | Multiple Of Adjusted Earnings [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 29.7 | 29.7 |
Equity Investments [Member] | Multiple Of Adjusted Earnings [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 8.3 | 8.3 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 1,256 | $ 1,164 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.00% | 0.00% |
Spread over the benchmark curve | 3.46% | 3.90% |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 44.40% | 36.70% |
Spread over the benchmark curve | 18.11% | 18.39% |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 8.70% | 10.00% |
Spread over the benchmark curve | 8.31% | 8.30% |
Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 723 | $ 668 |
Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 7.00% | 7.70% |
Discount rate | 6.30% | 6.40% |
Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 13.70% | 14.20% |
Discount rate | 8.30% | 7.90% |
Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 7.90% | 8.50% |
Discount rate | 8.10% | 7.80% |
Financial Derivatives [Member] | Visa Class B Swap [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Liabilities - Fair Value | $ (363) | $ (380) |
Estimated growth rate of Visa Class A share price | 16.00% | 16.00% |
Fair Value Inputs Length Of Litigation Resolution Date | 6/30/2021 | 6/30/2021 |
Financial Derivatives [Member] | Visa Class B Swap [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated conversion factor of Class B shares into Class A shares | 163.80% | 163.80% |
Insignificant Assets, Net of Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 53 | $ 58 |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring [Member] - Level 3 [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | $ 187 | $ 250 | |
Nonrecurring Assets - Gains (Losses) | (25) | $ (7) | |
Nonaccrual Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 137 | 100 | |
Nonrecurring Assets - Gains (Losses) | (23) | (6) | |
OREO, Foreclosed and Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 35 | 70 | |
Nonrecurring Assets - Gains (Losses) | (4) | ||
Long-lived Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 15 | $ 80 | |
Nonrecurring Assets - Gains (Losses) | $ (2) | $ 3 |
Fair Value (Fair Value Measur59
Fair Value (Fair Value Measurements- Nonrecurring Quantitative Information) (Details) - Fair Value, Measurements, Nonrecurring [Member] - Level 3 [Member] - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | $ 187 | $ 250 |
Nonaccrual Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 137 | 100 |
Nonaccrual Loans [Member] | Appraised Value/Sales Price [Member] | Fair Value of Property or Collateral [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 137 | 100 |
OREO, Foreclosed and Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 35 | 70 |
OREO, Foreclosed and Other Assets [Member] | Appraised Value/Sales Price [Member] | Fair Value of Property or Collateral [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 35 | 70 |
Long-lived Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 15 | 80 |
Long-lived Assets [Member] | Appraised Value/Sales Price [Member] | Fair Value of Property or Collateral [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | $ 15 | 47 |
Long-lived Assets [Member] | Broker Opinion [Member] | Fair Value of Property or Collateral [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 20 | |
Long-lived Assets [Member] | Projected Income/Required Improvement Costs [Member] | Fair Value of Property or Collateral [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | $ 13 |
Fair Value (Fair Value Option -
Fair Value (Fair Value Option - Fair Value and Principal Balances) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Other Assets Fair Value [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | $ 216 | $ 216 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 221 | 212 |
Fair Value Option Aggregate Difference Assets | (5) | 4 |
Other Borrowed Funds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of liabilities for which fair value option was elected | 56 | 84 |
Aggregate Unpaid Principal Balance, Other borrowed funds | 57 | 85 |
Difference, Other borrowed funds | (1) | (1) |
Commercial Real Estate [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 245 | 830 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 266 | 845 |
Fair Value Option Aggregate Difference Assets | (21) | (15) |
Commercial Real Estate [Member] | Performing Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 244 | 828 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 264 | 842 |
Fair Value Option Aggregate Difference Assets | (20) | (14) |
Commercial Real Estate [Member] | Nonaccrual Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 1 | 2 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 2 | 3 |
Fair Value Option Aggregate Difference Assets | (1) | (1) |
Residential Mortgage [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 617 | 832 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 605 | 807 |
Fair Value Option Aggregate Difference Assets | 12 | 25 |
Residential Mortgage [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 813 | 869 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 970 | 1,028 |
Fair Value Option Aggregate Difference Assets | (157) | (159) |
Residential Mortgage [Member] | Loans 90 Days Or More Past Due [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 3 | 3 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 3 | 3 |
Residential Mortgage [Member] | Loans 90 Days Or More Past Due [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 334 | 421 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 344 | 431 |
Fair Value Option Aggregate Difference Assets | (10) | (10) |
Residential Mortgage [Member] | Performing Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 604 | 822 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 591 | 796 |
Fair Value Option Aggregate Difference Assets | 13 | 26 |
Residential Mortgage [Member] | Performing Loans [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 290 | 251 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 319 | 280 |
Fair Value Option Aggregate Difference Assets | (29) | (29) |
Residential Mortgage [Member] | Nonaccrual Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 10 | 7 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 11 | 8 |
Fair Value Option Aggregate Difference Assets | (1) | (1) |
Residential Mortgage [Member] | Nonaccrual Loans [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 189 | 197 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 307 | 317 |
Fair Value Option Aggregate Difference Assets | $ (118) | $ (120) |
Fair Value (Fair Value Option61
Fair Value (Fair Value Option - Changes in Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other Assets [Member] | ||
Gains (Losses) - FVO: Changes in Fair Value | $ 11 | $ 7 |
Other liabilities [Member] | ||
Gains (Losses) - FVO: Changes in Fair Value | (2) | (16) |
Residential Mortgage [Member] | Loans Held For Sale [Member] | ||
Gains (Losses) - FVO: Changes in Fair Value | 4 | 30 |
Residential Mortgage [Member] | Loans [Member] | ||
Gains (Losses) - FVO: Changes in Fair Value | 3 | 4 |
Commercial Mortgages [Member] | Loans Held For Sale [Member] | ||
Gains (Losses) - FVO: Changes in Fair Value | $ 14 | $ 18 |
Fair Value (Additional Fair Val
Fair Value (Additional Fair Value Information Related To Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Carrying Amount [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | $ 4,649 | $ 5,249 |
Interest-earning deposits with banks | 28,821 | 28,595 |
Securities held to maturity | 18,544 | 18,513 |
Net loans (excludes leases) | 210,395 | 209,044 |
Other assets | 4,954 | 6,078 |
Total assets | 267,363 | 267,479 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 265,053 | |
Borrowed funds | 56,862 | 57,744 |
Unfunded loan commitments and letters of credit | 290 | 297 |
Other liabilities | 416 | 399 |
Total liabilities | 73,838 | 323,493 |
Fair Value [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 4,649 | 5,249 |
Interest-earning deposits with banks | 28,821 | 28,595 |
Securities held to maturity | 18,223 | 18,565 |
Net loans (excludes leases) | 211,926 | 211,175 |
Other assets | 4,954 | 6,736 |
Total assets | 268,573 | 270,320 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 264,854 | |
Borrowed funds | 57,514 | 58,503 |
Unfunded loan commitments and letters of credit | 290 | 297 |
Other liabilities | 416 | 399 |
Total liabilities | 74,196 | 324,053 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 4,649 | 5,249 |
Securities held to maturity | 746 | 765 |
Total assets | 5,395 | 6,014 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Interest-earning deposits with banks | 28,821 | 28,595 |
Securities held to maturity | 17,333 | 17,658 |
Other assets | 4,940 | 5,949 |
Total assets | 51,094 | 52,202 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 264,854 | |
Borrowed funds | 55,838 | 56,853 |
Other liabilities | 416 | 399 |
Total liabilities | 72,230 | 322,106 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | 144 | 142 |
Net loans (excludes leases) | 211,926 | 211,175 |
Other assets | 14 | 787 |
Total assets | 212,084 | 212,104 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 1,676 | 1,650 |
Unfunded loan commitments and letters of credit | 290 | 297 |
Total liabilities | 1,966 | $ 1,947 |
Time Deposits [Member] | Carrying Amount [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 16,270 | |
Time Deposits [Member] | Fair Value [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 15,976 | |
Time Deposits [Member] | Fair Value [Member] | Level 2 [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | $ 15,976 |
Fair Value Fair Value (Addition
Fair Value Fair Value (Additional Information Related to Other Financial Instruments Table) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Equity securities without a readily determinable fair value | $ 105 | $ 106 |
Goodwill Mortgage Servicing Rig
Goodwill Mortgage Servicing Rights (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Mortgage servicing rights | $ 1,979 | $ 1,832 | |
Fees from Mortgage and Other Loan Servicing | $ 100 | $ 100 |
Goodwill and Mortgage Servici65
Goodwill and Mortgage Servicing Rights (Mortgage Servicing Rights) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Servicing Assets at Fair Value [Line Items] | ||
Mortgage servicing rights, beginning balance | $ 1,832 | |
Mortgage servicing rights, ending balance | 1,979 | |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Mortgage servicing rights, beginning balance | 668 | $ 576 |
Mortgage servicing rights, ending balance | 723 | 606 |
Unpaid principal balance of loans serviced for others at end of period | 169,172 | 143,908 |
Servicing Advances | 200 | 234 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Time and Payoffs [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Changes in Fair Value | (33) | (25) |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Other [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Changes in Fair Value | 48 | 13 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | From loans sold with servicing retained [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Additions | 17 | 29 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Purchases [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Additions | 23 | 13 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Mortgage servicing rights, beginning balance | 1,164 | 1,182 |
Mortgage servicing rights, ending balance | 1,256 | 1,261 |
Unpaid principal balance of loans serviced for others at end of period | 124,696 | 130,382 |
Servicing Advances | 197 | 260 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Time and Payoffs [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Changes in Fair Value | (37) | (39) |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Other [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Changes in Fair Value | 107 | 18 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | From loans sold with servicing retained [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Additions | 13 | 17 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Purchases [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Additions | $ 9 | $ 83 |
Goodwill Mortgage Servicing R66
Goodwill Mortgage Servicing Rights (Commercial and Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Fair Value | $ 1,979 | $ 1,832 | ||
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | ||||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Fair Value | $ 723 | $ 668 | $ 606 | $ 576 |
Weighted-average life (years) | 4 years 5 months | 4 years 5 months | ||
Weighted-average constant prepayment rate | 7.89% | 8.51% | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 12 | $ 12 | ||
Decline in fair value from 20% adverse change in prepayment rate | $ 22 | $ 23 | ||
Effective discount rate | 8.09% | 7.81% | ||
Decline in fair value from 10% adverse change in interest rate | $ 19 | $ 18 | ||
Decline in fair value from 20% adverse change in interest rate | 39 | 36 | ||
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | ||||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Fair Value | $ 1,256 | $ 1,164 | $ 1,261 | $ 1,182 |
Weighted-average life (years) | 7 years | 6 years 5 months | ||
Weighted-average constant prepayment rate | 8.72% | 10.04% | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 40 | $ 44 | ||
Decline in fair value from 20% adverse change in prepayment rate | $ 78 | $ 85 | ||
Spread over the benchmark curve | 8.31% | 8.30% | ||
Decline in fair value from 10% adverse change in adjusted spread | $ 38 | $ 35 | ||
Decline in fair value from 20% adverse change in adjusted spread | $ 74 | $ 67 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Qualified Pension Plan | ||
Net periodic cost consists of: | ||
Service cost | $ 28 | $ 26 |
Interest cost | 43 | 45 |
Expected return on plan assets | (76) | (71) |
Amortization of prior service credit | (1) | |
Amortization of actuarial losses | 12 | |
Net periodic cost/(benefit) | (5) | 11 |
Nonqualified Pension Plan | ||
Net periodic cost consists of: | ||
Service cost | 1 | 1 |
Interest cost | 2 | 3 |
Amortization of actuarial losses | 1 | 1 |
Net periodic cost/(benefit) | 4 | 5 |
Postretirement Benefits | ||
Net periodic cost consists of: | ||
Service cost | 1 | 1 |
Interest cost | 3 | 4 |
Expected return on plan assets | (1) | (1) |
Net periodic cost/(benefit) | $ 3 | $ 4 |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative [Line Items] | ||
Increase (Decrease) in Derivative Assets | $ (1,300,000,000) | |
Increase (Decrease) in Derivative Liabilities | (500,000,000) | |
Cash Flow Hedge Gain (Loss) To Be Reclassified Within Twelve Months | 38,000,000 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months, Net of Tax | 30,000,000 | |
Cash And Securities Held To Collateralize Net Derivative Assets | 200,000,000 | |
Cash And Securities Pledged To Collateralize Net Derivative Liabilities | 1,400,000,000 | |
Derivative, Net Liability Position, Aggregate Fair Value | 1,900,000,000 | |
Collateral already posted, aggregate fair value | 700,000,000 | |
Maximum amount of collateral PNC would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered | 1,200,000,000 | |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | $ 0 | $ 0 |
Maximum length of time over which forecasted loan cash flows are hedged | 7 years | |
Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Amount Of Ineffectiveness On Net Investment Hedges | $ 0 | 0 |
Gain Loss From Components Excluded From Assessment Of Net Investment Hedge Effectiveness Net | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | 39,000,000 | 14,000,000 |
Fair Value Hedging [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | $ 0 | $ 0 |
Financial Derivatives (Total De
Financial Derivatives (Total Derivatives) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Derivative Notional Amount | $ 441,494,000,000 | $ 418,625,000,000 |
Derivative Asset, Fair Value | 1,903,000,000 | 2,874,000,000 |
Derivative Liability, Fair Value | 2,942,000,000 | 2,856,000,000 |
Derivative Asset, Fair Value Offset Amount | 795,000,000 | 1,054,000,000 |
Derivative Liability Setoff Right Amount | 795,000,000 | 1,054,000,000 |
Derivative Asset, Cash Collateral | 45,000,000 | 636,000,000 |
Derivative Asset, Net Fair Value | 1,063,000,000 | 1,184,000,000 |
Derivative Liability, Net Fair Value | 1,499,000,000 | 1,039,000,000 |
Derivative Liability, Cash Collateral | 648,000,000 | 763,000,000 |
Increase (Decrease) in Derivative Assets | (1,300,000,000) | |
Increase (Decrease) in Derivative Liabilities | (500,000,000) | |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 59,569,000,000 | 58,994,000,000 |
Derivative Asset, Fair Value | 129,000,000 | 174,000,000 |
Derivative Liability, Fair Value | 165,000,000 | 111,000,000 |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 32,810,000,000 | 34,059,000,000 |
Derivative Asset, Fair Value | 75,000,000 | 114,000,000 |
Derivative Liability, Fair Value | 105,000,000 | 94,000,000 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 25,647,000,000 | 23,875,000,000 |
Derivative Asset, Fair Value | 54,000,000 | 60,000,000 |
Derivative Liability, Fair Value | 9,000,000 | 6,000,000 |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 1,112,000,000 | 1,060,000,000 |
Derivative Asset, Fair Value | ||
Derivative Liability, Fair Value | 51,000,000 | 11,000,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 381,925,000,000 | 359,631,000,000 |
Derivative Asset, Fair Value | 1,774,000,000 | 2,700,000,000 |
Derivative Liability, Fair Value | 2,777,000,000 | 2,745,000,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 120,299,000,000 | 107,358,000,000 |
Derivative Asset, Fair Value | 45,000,000 | 192,000,000 |
Derivative Liability, Fair Value | 25,000,000 | 53,000,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking [Member] | Swap [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 54,578,000,000 | 48,335,000,000 |
Derivative Asset, Fair Value | 162,000,000 | |
Derivative Liability, Fair Value | 4,000,000 | 42,000,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking [Member] | Future [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 52,555,000,000 | 47,494,000,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking [Member] | Mortgage Commitment [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 6,796,000,000 | 8,999,000,000 |
Derivative Asset, Fair Value | 30,000,000 | 19,000,000 |
Derivative Liability, Fair Value | 18,000,000 | 9,000,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking [Member] | Other Contract [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 6,370,000,000 | 2,530,000,000 |
Derivative Asset, Fair Value | 15,000,000 | 11,000,000 |
Derivative Liability, Fair Value | 3,000,000 | 2,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 254,484,000,000 | 244,828,000,000 |
Derivative Asset, Fair Value | 1,709,000,000 | 2,505,000,000 |
Derivative Liability, Fair Value | 2,307,000,000 | 2,142,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 224,441,000,000 | 217,498,000,000 |
Derivative Asset, Fair Value | 1,258,000,000 | 2,156,000,000 |
Derivative Liability, Fair Value | 1,875,000,000 | 1,810,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 30,043,000,000 | 27,330,000,000 |
Derivative Asset, Fair Value | 451,000,000 | 349,000,000 |
Derivative Liability, Fair Value | 432,000,000 | 332,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | Swap [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 200,489,000,000 | 194,042,000,000 |
Derivative Asset, Fair Value | 1,182,000,000 | 2,079,000,000 |
Derivative Liability, Fair Value | 1,807,000,000 | 1,772,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | Future [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 3,274,000,000 | 3,453,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | Mortgage Commitment [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 1,894,000,000 | 2,228,000,000 |
Derivative Asset, Fair Value | 6,000,000 | 2,000,000 |
Derivative Liability, Fair Value | 4,000,000 | 2,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | Other Contract [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 18,784,000,000 | 17,775,000,000 |
Derivative Asset, Fair Value | 70,000,000 | 75,000,000 |
Derivative Liability, Fair Value | 64,000,000 | 36,000,000 |
Not Designated as Hedging Instrument [Member] | Other Risk Management Activity [Member] | Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 7,142,000,000 | 7,445,000,000 |
Derivative Asset, Fair Value | 20,000,000 | 3,000,000 |
Derivative Liability, Fair Value | $ 445,000,000 | $ 550,000,000 |
Financial Derivatives (Gains (L
Financial Derivatives (Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loans | $ 2,228 | $ 1,904 |
Investment Securities | 512 | 493 |
Borrowed Funds | 344 | 240 |
Other | 245 | 301 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Us Treasury And Government And Other Debt Securities [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged items | (90) | (21) |
Derivatives | 92 | 22 |
Amounts related to interest settlements on derivatives | (3) | (15) |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Subordinated debt and Bank notes and senior debt [Member] | Borrowed Funds Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged items | 370 | 86 |
Derivatives | (370) | (95) |
Amounts related to interest settlements on derivatives | 26 | 76 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Loans Receivable [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of derivative gains (losses) reclassified from accumulated OCI | 26 | 46 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Other [Member] | Noninterest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of derivative gains (losses) reclassified from accumulated OCI | 2 | 3 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Investment Securities [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of derivative gains (losses) reclassified from accumulated OCI | $ 4 | $ 6 |
Financial Derivatives (Impact o
Financial Derivatives (Impact of Fair Value Hedge Accounting on the Carrying Value of Hedged Items) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of Available-for-sale Securities | $ 56,018 | $ 57,618 |
Carrying Value of Borrowed funds | 58,039 | $ 59,088 |
Investment Securities [Member] | Fair Value Hedging [Member] | Designated as Hedging Instruments under GAAP [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of Available-for-sale Securities | 6,228 | |
Increase (Decrease) in Cumulative Fair Value Hedge Adjustment | (178) | |
Borrowed Funds [Member] | Fair Value Hedging [Member] | Designated as Hedging Instruments under GAAP [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of Borrowed funds | 28,788 | |
Increase (Decrease) in Cumulative Fair Value Hedge Adjustment | $ (480) |
Financial Derivatives (Gains 72
Financial Derivatives (Gains (Losses) on Derivatives Not Designated As Hedging Instruments under GAAP) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative [Line Items] | ||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | $ (31) | $ 9 |
Mortgage Banking [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | (114) | (7) |
Customer Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 100 | 66 |
Customer Contracts [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 56 | 34 |
Customer Contracts [Member] | Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 44 | 32 |
Other Risk Management Activity [Member] | Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | $ (17) | $ (50) |
Financial Derivatives (Derivati
Financial Derivatives (Derivative Assets and Liabilitites Offsetting) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | $ 1,903 | $ 2,874 |
Derivative Asset, Fair Value Offset Amount | 795 | 1,054 |
Derivative Asset, Cash Collateral | 45 | 636 |
Derivative Asset, Net Fair Value | 1,063 | 1,184 |
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 2,942 | 2,856 |
Derivative Liability Setoff Right Amount | 795 | 1,054 |
Derivative Liability, Cash Collateral | 648 | 763 |
Derivative Liability, Net Fair Value | 1,499 | 1,039 |
Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 2,942 | 2,856 |
Derivative Liability Setoff Right Amount | 795 | 1,054 |
Derivative Liability, Cash Collateral | 648 | 763 |
Derivative Liability, Net Fair Value | 1,499 | 1,039 |
Derivative Liability, Net | 1,499 | 1,039 |
Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 1,903 | 2,874 |
Derivative Asset, Fair Value Offset Amount | 795 | 1,054 |
Derivative Asset, Cash Collateral | 45 | 636 |
Derivative Asset, Net Fair Value | 1,063 | 1,184 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 12 | 32 |
Derivative Asset, Net | 1,051 | 1,152 |
Interest Rate Contracts [Member] | Liability [Member] | Exchange Cleared, Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 18 | 260 |
Derivative Liability Setoff Right Amount | 251 | |
Derivative Liability, Cash Collateral | ||
Derivative Liability, Net Fair Value | 18 | 9 |
Derivative Liability, Net | 18 | 9 |
Interest Rate Contracts [Member] | Liability [Member] | Over The Counter, Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 1,996 | 1,703 |
Derivative Liability Setoff Right Amount | 629 | 662 |
Derivative Liability, Cash Collateral | 570 | 669 |
Derivative Liability, Net Fair Value | 797 | 372 |
Derivative Liability, Net | 797 | 372 |
Interest Rate Contracts [Member] | Assets [Member] | Exchange Cleared [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 24 | 827 |
Derivative Asset, Fair Value Offset Amount | 251 | |
Derivative Asset, Cash Collateral | 567 | |
Derivative Asset, Net Fair Value | 24 | 9 |
Derivative Asset, Net | 24 | 9 |
Interest Rate Contracts [Member] | Assets [Member] | Exchange Traded [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 2 | |
Derivative Asset, Net Fair Value | 2 | |
Derivative Asset, Net | 2 | |
Interest Rate Contracts [Member] | Assets [Member] | Over the Counter [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 1,406 | 1,695 |
Derivative Asset, Fair Value Offset Amount | 602 | 668 |
Derivative Asset, Cash Collateral | 41 | 67 |
Derivative Asset, Net Fair Value | 763 | 960 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 12 | 32 |
Derivative Asset, Net | 751 | 928 |
Foreign Exchange And Other Contract [Member] | Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 928 | 893 |
Derivative Liability Setoff Right Amount | 166 | 141 |
Derivative Liability, Cash Collateral | 78 | 94 |
Derivative Liability, Net Fair Value | 684 | 658 |
Derivative Liability, Net | 684 | 658 |
Foreign Exchange And Other Contract [Member] | Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 471 | 352 |
Derivative Asset, Fair Value Offset Amount | 193 | 135 |
Derivative Asset, Cash Collateral | 4 | 2 |
Derivative Asset, Net Fair Value | 274 | 215 |
Derivative Asset, Net | $ 274 | $ 215 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net income | $ 1,239 | $ 1,074 |
Net income attributable to noncontrolling interests | 10 | 17 |
Preferred stock dividends | 63 | 63 |
Preferred stock discount accretion and redemptions | 1 | 21 |
Net Income Loss Available To Common Stockholders | 1,165 | 973 |
Dividends and undistributed earnings allocated to participating securities | 5 | 6 |
Net income attributable to basic common shares | $ 1,160 | $ 967 |
Basic weighted-average common shares outstanding | 473 | 487 |
Basic earnings per common share | $ 2.45 | $ 1.99 |
Less: Impact of BlackRock earnings per share dilution | $ 2 | $ 4 |
Net income attributable to diluted common shares | $ 1,158 | $ 963 |
Dilutive potential common shares | 3 | 5 |
Diluted weighted-average common shares outstanding | 476 | 492 |
Diluted earnings per common share | $ 2.43 | $ 1.96 |
Total Equity and Other Compre75
Total Equity and Other Comprehensive Income (Tarp Narrative) (Details) - $ / shares | Apr. 16, 2018 | Apr. 04, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
TARP Warrant [Member] | ||||
Number of warrants or rights outstanding (shares) | 2,800,000 | 3,500,000 | ||
Exercise price per share of warrants or rights outstanding | $ 67.20 | |||
Subsequent Event [Member] | Dividend Declared [Member] | ||||
Dividends Payable Amount Per Share | $ 0.66 | $ 0.75 | ||
Subsequent Event [Member] | TARP Warrant [Member] | ||||
Exercise price per share of warrants or rights outstanding | $ 67.16 | |||
Number of shares into which each warrant or right may be converted (shares) | 1 |
Total Equity and Other Compre76
Total Equity and Other Comprehensive Income (Rollforward of Total Equity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |||
Cumulative effect of ASU adoptions | $ (16) | ||||
Common Stock [Abstract] | |||||
Common Stock, Beginning Balance | $ 2,710 | ||||
Retained Earnings, Beginning Balance | 35,481 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (148) | $ (265) | |||
Treasury Stock, Beginning Balance | 6,904 | ||||
Noncontrolling interests, Beginning Balance | 72 | ||||
Total Equity, Beginning Balance, Adjusted | 47,569 | ||||
Total Equity, Beginning Balance | 47,585 | 46,854 | |||
Net income | 1,239 | 1,074 | |||
Other comprehensive income (loss), net of tax | (557) | (14) | |||
Dividends, Cash [Abstract] | |||||
Common | (358) | (271) | |||
Preferred | (63) | (63) | |||
Redemptions of noncontrolling interests | (1,000) | ||||
Treasury stock activity | (625) | (473) | |||
Other | (170) | (204) | |||
Common Stock, Ending Balance | 2,710 | ||||
Retained Earnings, Ending Balance | 36,266 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (699) | (279) | |||
Treasury Stock, Ending Balance | 7,535 | ||||
Noncontrolling interests, Ending Balance | 66 | ||||
Total Equity, Ending Balance | $ 47,035 | $ 45,903 | |||
Cash dividends declared, Common, per share (in dollars per share) | $ 0.75 | $ 0.55 | |||
Par value less than $.5 million at each date | [1] | [1] | |||
Common Stock [Member] | |||||
Common Stock [Abstract] | |||||
Beginning Balance (in shares) | 473 | 485 | |||
Treasury stock activity, shares | (3) | ||||
Ending Balance, (in shares) | 470 | 485 | |||
Common Stock, Beginning Balance | $ 2,710 | $ 2,709 | |||
Dividends, Cash [Abstract] | |||||
Treasury stock activity, less than .5 million shares | |||||
Common Stock, Ending Balance | $ 2,710 | $ 2,709 | |||
Common stock activity (less than .5 million shares) | 0.5 | ||||
Preferred Stock Including Additional Paid in Capital [Member] | |||||
Common Stock [Abstract] | |||||
Capital surplus - Preferred Stock, Beginning Balance | $ 3,985 | 3,977 | |||
Dividends, Cash [Abstract] | |||||
Preferred stock discount accretion | 1 | 2 | |||
Capital surplus - Preferred Stock, Ending Balance | 3,986 | 3,979 | |||
Common Stock Including Additional Paid in Capital [Member] | |||||
Common Stock [Abstract] | |||||
Capital surplus - Common Stock, Beginning Balance | 12,389 | 12,674 | |||
Dividends, Cash [Abstract] | |||||
Treasury stock activity | 6 | (216) | |||
Other | (154) | (162) | |||
Capital surplus - Common Stock, Ending Balance | 12,241 | 12,296 | |||
Retained Earnings [Member] | |||||
Cumulative effect of ASU adoptions | (22) | ||||
Common Stock [Abstract] | |||||
Retained Earnings, Beginning Balance | 35,459 | 31,670 | |||
Net income | 1,229 | 1,057 | |||
Dividends, Cash [Abstract] | |||||
Common | (358) | (271) | |||
Preferred | (63) | (63) | |||
Preferred stock discount accretion | (1) | (2) | |||
Redemptions of noncontrolling interests | (19) | ||||
Retained Earnings, Ending Balance | 36,266 | 32,372 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Cumulative effect of ASU adoptions | $ 6 | ||||
Common Stock [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (142) | (265) | |||
Other comprehensive income (loss), net of tax | (557) | (14) | |||
Dividends, Cash [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (699) | (279) | |||
Treasury Stock [Member] | |||||
Common Stock [Abstract] | |||||
Treasury Stock, Beginning Balance | (6,904) | (5,066) | |||
Dividends, Cash [Abstract] | |||||
Treasury stock activity | (631) | (257) | |||
Treasury Stock, Ending Balance | (7,535) | (5,323) | |||
Noncontrolling Interest [Member] | |||||
Common Stock [Abstract] | |||||
Noncontrolling interests, Beginning Balance | 72 | 1,155 | |||
Net income | 10 | 17 | |||
Dividends, Cash [Abstract] | |||||
Redemptions of noncontrolling interests | (981) | ||||
Other | (16) | (42) | |||
Noncontrolling interests, Ending Balance | $ 66 | $ 149 | |||
As Previously Reported [Member] | Common Stock [Member] | |||||
Common Stock [Abstract] | |||||
Beginning Balance (in shares) | 473 | ||||
Common Stock, Beginning Balance | $ 2,710 | ||||
As Previously Reported [Member] | Preferred Stock Including Additional Paid in Capital [Member] | |||||
Common Stock [Abstract] | |||||
Capital surplus - Preferred Stock, Beginning Balance | 3,985 | ||||
As Previously Reported [Member] | Common Stock Including Additional Paid in Capital [Member] | |||||
Common Stock [Abstract] | |||||
Capital surplus - Common Stock, Beginning Balance | 12,389 | ||||
As Previously Reported [Member] | Retained Earnings [Member] | |||||
Common Stock [Abstract] | |||||
Retained Earnings, Beginning Balance | 35,481 | ||||
As Previously Reported [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Common Stock [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (148) | ||||
As Previously Reported [Member] | Treasury Stock [Member] | |||||
Common Stock [Abstract] | |||||
Treasury Stock, Beginning Balance | (6,904) | ||||
As Previously Reported [Member] | Noncontrolling Interest [Member] | |||||
Common Stock [Abstract] | |||||
Noncontrolling interests, Beginning Balance | $ 72 | ||||
[1] | Par value less than $.5 million at each date. |
Total Equity and Other Compre77
Total Equity and Other Comprehensive Income (Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net Unrealized Gains Losses on Non Otti Securities [Abstract] | ||
Increase in net unrealized gains (losses) on non-OTTI securities | $ (645) | $ 67 |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities in interest income, before tax | 4 | 5 |
Less: Net gains (losses) realized on sales of non-OTTI securities reclassified to noninterest income, before tax | (3) | (7) |
Net unrealized gains (losses) on non-OTTI securities | (646) | 69 |
Other Comprehensive Income (Loss), Non Otti Securities Adjustment, Tax | 150 | (25) |
Net unrealized gains (losses) on non-OTTI securities, Activity, After Tax | (496) | 44 |
Net Unrealized Gains Losses On Otti Securities [Abstract] | ||
Increase in net unrealized gains (losses) on OTTI securities, Pretax | 14 | 37 |
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income | (2) | |
Net unrealized gains (losses) on OTTI securities | 14 | 35 |
Net unrealized gains (losses) on OTTI securities, tax | (4) | (13) |
Net unrealized gains (losses) on OTTI securities, Activity, After Tax | 10 | 22 |
Net unrealized gains (losses) on cash flow hedge derivatives [Abstract] | ||
Increase in net unrealized gains (losses) on cash flow hedge derivatives, Pretax | (161) | (22) |
Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income, Before Tax | 26 | 46 |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income, Before Tax | 4 | 6 |
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income | 2 | 3 |
Net unrealized gains (losses) on cash flow hedge derivatives, Before Tax | (193) | (77) |
Net unrealized gains (losses) on cash flow hedge derivatives, tax | 44 | 28 |
Net unrealized gains (losses) on cash flow hedge derivatives, Net of tax, Total | (149) | (49) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | ||
Net pension and other postretirement benefit plan activity, Before tax | 61 | (74) |
Amortization of actuarial loss (gain) reclassified to other noninterest expense, Before tax | 1 | 13 |
Amortization of prior service cost (credit) reclassified to other noninterest expense, Before tax | 1 | (1) |
Pension and other postretirement benefit plan adjustments, net activity, Pre-Tax | 63 | (62) |
Pension and other postretirement benefit plan adjustments, net activity, Tax | (15) | 23 |
Pension and other postretirement benefit plan adjustments, net activity, After Tax | 48 | (39) |
Other Comprehensive Income Other Adjustments [Abstract] | ||
PNC's portion of BlackRock's OCI, Before tax | 22 | 2 |
Net investment hedge derivatives, Before tax | (39) | (14) |
Foreign Currency Transaction and Translation Adjustment, before Tax | 44 | 16 |
Total Other, net activity, Before tax | 27 | 4 |
Effect of income taxes | 3 | 4 |
Total Other, net activity, After tax | 30 | 8 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (735) | (31) |
Other Comprehensive Income (Loss), Tax | 178 | 17 |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | $ (557) | $ (14) |
Total Equity and Other Compre78
Total Equity and Other Comprehensive Income (Accumulated Other Comprehensive Income (Loss) Components) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (16) | ||
Net Unrealized Gains Losses on Non Otti Securities [Abstract] | |||
Net unrealized gains (losses) on non-OTTI securities, after-tax, Beginning Balance | $ 121 | $ 52 | |
Other Comprehensive Income (Loss), Non Otti Securities Adjustment, After Tax | (496) | 44 | |
Net unrealized gains (losses) on non-OTTI securities, after-tax, Ending Balance | (375) | 96 | |
Net Unrealized Gains Losses On Otti Securities [Abstract] | |||
Net unrealized gains (losses) on OTTI securities, after tax, Beginning Balance | 215 | 106 | |
Other Comprehensive Income Loss Otti Securities Adjustment After Tax | 10 | 22 | |
Net unrealized gains (losses) on OTTI securities, after tax, Ending Balance | 225 | 128 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax, Beginning balance | 184 | 333 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (149) | (49) | |
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax, Ending balance | 35 | 284 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | |||
Pension and other postretirement benefit plan adjustments, after tax, Beginning Balance | (542) | (553) | |
Pension and other postretirement benefit plan adjustments, net activity, After Tax | 48 | (39) | |
Pension and other postretirement benefit plan adjustments, after tax, Ending Balance | (494) | (592) | |
Other Comprehensive Income Other Adjustments [Abstract] | |||
Other, after tax, Beginning balance | (120) | (203) | |
Total Other, net activity, After tax | 30 | 8 | |
Other, after tax, Ending balance | (90) | (195) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Adjusted Balance | (142) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (148) | (265) | |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (557) | (14) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (699) | (279) | |
As Previously Reported [Member] | |||
Net Unrealized Gains Losses on Non Otti Securities [Abstract] | |||
Net unrealized gains (losses) on non-OTTI securities, after-tax, Beginning Balance | 62 | ||
Net Unrealized Gains Losses On Otti Securities [Abstract] | |||
Net unrealized gains (losses) on OTTI securities, after tax, Beginning Balance | 215 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax, Beginning balance | 151 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | |||
Pension and other postretirement benefit plan adjustments, after tax, Beginning Balance | (446) | ||
Other Comprehensive Income Other Adjustments [Abstract] | |||
Other, after tax, Beginning balance | (130) | ||
Net unrealized gains (losses) on non-OTTI securities [Member] | Accounting Standards Update 2018-02 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 59 | ||
Net unrealized gains (losses) on cash flow hedge derivatives [Member] | Accounting Standards Update 2018-02 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 33 | ||
Pension and other postretirement benefit plan adjustments [Member] | Accounting Standards Update 2018-02 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | (96) | ||
Other [Member] | Accounting Standards Update 2018-02 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 10 | ||
Total [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 6 | ||
Other Comprehensive Income Other Adjustments [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (142) | (265) | |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (557) | (14) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (699) | $ (279) | |
Total [Member] | As Previously Reported [Member] | |||
Other Comprehensive Income Other Adjustments [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $ (148) | ||
Total [Member] | Accounting Standards Update 2018-02 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 6 |
Legal Proceedings (Narrative) (
Legal Proceedings (Narrative) (Details) $ in Millions | Mar. 31, 2018USD ($) |
Legal Reserve [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss contingency, range of possible loss not accrued | $ 100 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - Standby letters of credit [Member] - USD ($) $ in Billions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | ||
Internal credit ratings (as a percentage of portfolio) - Pass | 90.00% | 91.00% |
Internal credit ratings (as a percentage of portfolio) - Below Pass | 10.00% | 9.00% |
Standby letters of credit - Terms outstanding - Minimum | 1 year | |
Standby letters of credit - Terms outstanding - Maximum | 7 years | |
Standby letters of credit - Assets securing certain specifically identified standby letters of credit | $ 1.2 | |
Standby letters of credit and participations in standby letters of credit - Liability carrying amount | $ 0.2 |
Commitments (Other Commitments)
Commitments (Other Commitments) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Other Commitments [Line Items] | ||
Commitments | $ 172,944 | $ 172,521 |
Commitments to extend credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 160,829 | 159,641 |
Commitments to extend credit [Member] | Total commercial lending [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 113,268 | 112,125 |
Commitments to extend credit [Member] | Home Equity Line of Credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 16,888 | 17,852 |
Commitments to extend credit [Member] | Credit Card [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 25,861 | 24,911 |
Commitments to extend credit [Member] | Other [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 4,812 | 4,753 |
Standby letters of credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 8,350 | 8,651 |
Standby letters of credit [Member] | Remarketing Programs [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 3,100 | 3,500 |
Reinsurance Agreements [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 1,622 | 1,654 |
Reinsurance Agreements [Member] | Accidental Death and Dismemberment [Member] | ||
Other Commitments [Line Items] | ||
Maximum Exposure | 1,400 | 1,500 |
Reinsurance Agreements [Member] | Credit Life Accident and Health [Member] | ||
Other Commitments [Line Items] | ||
Maximum Exposure | 200 | 200 |
Standby bond purchase agreements [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 1,014 | 843 |
Other commitments [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 1,129 | $ 1,732 |
Other commitments [Member] | Investments in qualified affordable housing projects [Member] | ||
Other Commitments [Line Items] | ||
Commitments | $ 500 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2018USD ($)segment | Mar. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||
Segment reporting, number of segments | segment | 4 | |
BlackRock [Member] | ||
Segment Reporting Information [Line Items] | ||
PNC's economic interest in BlackRock | 22.00% | |
Proceeds from dividends received | $ | $ 101 | $ 89 |
Segment Reporting (Table) (Deta
Segment Reporting (Table) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Net interest income | $ 2,361 | $ 2,160 |
Noninterest income | 1,750 | 1,724 |
Total revenue | 4,111 | 3,884 |
Provision for credit losses (benefit) | 92 | 88 |
Depreciation and amortization | 233 | 214 |
Other Noninterest Expense Excluding Depreciation And Amortization | 2,294 | 2,188 |
Income before income taxes and noncontrolling interests | 1,492 | 1,394 |
Income taxes (benefit) | 253 | 320 |
Net income | 1,239 | 1,074 |
Segment Reporting Average Assets | 376,275 | 366,416 |
Retail Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 1,218 | 1,120 |
Noninterest income | 635 | 603 |
Total revenue | 1,853 | 1,723 |
Provision for credit losses (benefit) | 69 | 71 |
Depreciation and amortization | 45 | 42 |
Other Noninterest Expense Excluding Depreciation And Amortization | 1,350 | 1,273 |
Income before income taxes and noncontrolling interests | 389 | 337 |
Income taxes (benefit) | 93 | 124 |
Net income | 296 | 213 |
Segment Reporting Average Assets | 88,734 | 87,109 |
Corporate & Institutional Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 861 | 802 |
Noninterest income | 547 | 524 |
Total revenue | 1,408 | 1,326 |
Provision for credit losses (benefit) | 41 | 25 |
Depreciation and amortization | 48 | 36 |
Other Noninterest Expense Excluding Depreciation And Amortization | 578 | 548 |
Income before income taxes and noncontrolling interests | 741 | 717 |
Income taxes (benefit) | 157 | 233 |
Net income | 584 | 484 |
Segment Reporting Average Assets | 151,909 | 142,592 |
Asset Management Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 74 | 71 |
Noninterest income | 226 | 218 |
Total revenue | 300 | 289 |
Provision for credit losses (benefit) | (7) | (2) |
Depreciation and amortization | 12 | 11 |
Other Noninterest Expense Excluding Depreciation And Amortization | 206 | 206 |
Income before income taxes and noncontrolling interests | 89 | 74 |
Income taxes (benefit) | 21 | 27 |
Net income | 68 | 47 |
Segment Reporting Average Assets | 7,499 | 7,476 |
BlackRock [Member] | ||
Segment Reporting Information [Line Items] | ||
Noninterest income | 235 | 186 |
Total revenue | 235 | 186 |
Income before income taxes and noncontrolling interests | 235 | 186 |
Income taxes (benefit) | 38 | 41 |
Net income | 197 | 145 |
Segment Reporting Average Assets | 7,704 | 6,983 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 208 | 167 |
Noninterest income | 107 | 193 |
Total revenue | 315 | 360 |
Provision for credit losses (benefit) | (11) | (6) |
Depreciation and amortization | 128 | 125 |
Other Noninterest Expense Excluding Depreciation And Amortization | 160 | 161 |
Income before income taxes and noncontrolling interests | 38 | 80 |
Income taxes (benefit) | (56) | (105) |
Net income | 94 | 185 |
Segment Reporting Average Assets | $ 120,429 | $ 122,256 |
Fee-Based Revenue from Contra84
Fee-Based Revenue from Contracts with Customers - Retail Banking Noninterest Income Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 1,750 | $ 1,724 |
Retail Banking [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 635 | $ 603 |
Retail Banking [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 509 | |
Retail Banking [Member] | Out-of-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 126 | |
Retail Banking [Member] | Deposit Account Fees [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 144 | |
Retail Banking [Member] | Debit Card Fees [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 117 | |
Retail Banking [Member] | Brokerage Fees [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 86 | |
Retail Banking [Member] | Merchant Fees [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 47 | |
Retail Banking [Member] | Credit Card Fees, Net [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Interchange Fees | 102 | |
Noninterest income | 45 | |
Credit Card Reward Costs | 57 | |
Retail Banking [Member] | Other [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 70 |
Fee-Based Revenue from Contra85
Fee-Based Revenue from Contracts with Customers - Corporate & Institutional Banking Noninterest Income Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 1,750 | $ 1,724 |
Corporate & Institutional Banking [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 547 | $ 524 |
Corporate & Institutional Banking [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 337 | |
Corporate & Institutional Banking [Member] | Out-of-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 210 | |
Corporate & Institutional Banking [Member] | Treasury Management Fees [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 185 | |
Corporate & Institutional Banking [Member] | Capital Markets Fees [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 115 | |
Corporate & Institutional Banking [Member] | Commercial Mortgage Banking Activities [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 21 | |
Corporate & Institutional Banking [Member] | Other [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 16 |
Fee-Based Revenue from Contra86
Fee-Based Revenue from Contracts with Customers - Asset Management Group Noninterest Income Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 1,750 | $ 1,724 |
Asset Management Group [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 226 | $ 218 |
Asset Management Group [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 222 | |
Asset Management Group [Member] | Out-of-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 4 | |
Asset Management Group [Member] | Personal [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 154 | |
Asset Management Group [Member] | Institutional [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 68 |