Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 16, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-09718 | |
Entity Registrant Name | PNC Financial Services Group, Inc. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 25-1435979 | |
Entity Address, Address Line One | The Tower at PNC Plaza | |
Entity Address, Address Line Two | 300 Fifth Avenue | |
Entity Address, City or Town | Pittsburgh | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15222-2401 | |
City Area Code | 888 | |
Local Phone Number | 762-2265 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 424,260,434 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000713676 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock, par value $5.00 | NEW YORK STOCK EXCHANGE, INC. | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $5.00 | |
Trading Symbol | PNC | |
Security Exchange Name | NYSE | |
Depositary Shares Each Representing a 1/4,000 Interest in a Share of Fixed-to- Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P | NEW YORK STOCK EXCHANGE, INC. | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares Each Representing a 1/4,000 Interest in a Share of Fixed-to- Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P | |
Trading Symbol | PNC P | |
Security Exchange Name | NYSE | |
Depositary Shares Each Representing a 1/4,000 Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series Q | NEW YORK STOCK EXCHANGE, INC. | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares Each Representing a 1/4,000 Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series Q | |
Trading Symbol | PNC Q | |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Income | ||
Loans | $ 2,480 | $ 2,602 |
Investment securities | 582 | 620 |
Other | 138 | 206 |
Total interest income | 3,200 | 3,428 |
Interest Expense | ||
Deposits | 375 | 472 |
Borrowed funds | 314 | 481 |
Total interest expense | 689 | 953 |
Net interest income | 2,511 | 2,475 |
Noninterest Income | ||
Total noninterest income | 2,006 | 1,811 |
Other | 343 | 308 |
Total revenue | 4,517 | 4,286 |
Provision for credit losses | 914 | 189 |
Noninterest Expense | ||
Personnel | 1,369 | 1,414 |
Occupancy | 207 | 215 |
Equipment | 287 | 273 |
Marketing | 58 | 65 |
Other | 622 | 611 |
Total noninterest expense | 2,543 | 2,578 |
Income before income taxes and noncontrolling interests | 1,060 | 1,519 |
Income taxes | 145 | 248 |
Net income | 915 | 1,271 |
Less: Net income attributable to noncontrolling interests | 7 | 10 |
Preferred stock dividends | 63 | 63 |
Preferred stock discount accretion and redemptions | 1 | 1 |
Net income attributable to common shareholders | $ 844 | $ 1,197 |
Earnings Per Common Share | ||
Basic (in dollars per share) | $ 1.96 | $ 2.62 |
Diluted (in dollars per share) | $ 1.95 | $ 2.61 |
Average Common Shares Outstanding | ||
Basic (in shares) | 429 | 455 |
Diluted (in shares) | 430 | 456 |
Asset management [Member] | ||
Noninterest Income | ||
Total noninterest income | $ 382 | $ 437 |
Consumer services [Member] | ||
Noninterest Income | ||
Total noninterest income | 377 | 371 |
Corporate services [Member] | ||
Noninterest Income | ||
Total noninterest income | 526 | 462 |
Residential mortgage [Member] | ||
Noninterest Income | ||
Total noninterest income | 210 | 65 |
Service charges on deposits [Member] | ||
Noninterest Income | ||
Total noninterest income | $ 168 | $ 168 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 915 | $ 1,271 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income: | ||
Net unrealized gains (losses) on securities without an allowance for credit losses | 1,487 | |
Net unrealized gains (losses) on securities with an allowance for credit losses | (7) | |
Net unrealized gains (losses) on non-OTTI securities | 639 | |
Net unrealized gains (losses) on OTTI securities | 9 | |
Net unrealized gains (losses) on cash flow hedge derivatives | 785 | 100 |
Pension and other postretirement benefit plan adjustments | 12 | 145 |
Other | (26) | 34 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | 2,251 | 927 |
Income tax benefit (expense) related to items of other comprehensive income | (532) | (207) |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | 1,719 | 720 |
Comprehensive income | 2,634 | 1,991 |
Less: Comprehensive income attributable to noncontrolling interests | 7 | 10 |
Comprehensive income attributable to PNC | $ 2,627 | $ 1,981 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and due from banks | $ 7,493 | $ 5,061 | |
Interest-earning deposits with banks | 19,986 | 23,413 | |
Loans held for sale | [1] | 1,693 | 1,083 |
Investment securities – available for sale | 89,077 | 69,163 | |
Investment securities – held to maturity (b) | [2] | 1,469 | 17,661 |
Loans | 264,643 | 239,843 | |
Allowance for credit losses – loan and lease losses (c) | [3] | (3,944) | (2,742) |
Net loans | 260,699 | 237,101 | |
Equity investments | [4] | 13,205 | 13,734 |
Mortgage servicing rights | 1,082 | 1,644 | |
Goodwill | 9,233 | 9,233 | |
Other | [1],[2] | 41,556 | 32,202 |
Total assets | 445,493 | 410,295 | |
Deposits | |||
Noninterest-bearing | 81,614 | 72,779 | |
Interest-bearing | 223,590 | 215,761 | |
Total deposits | 305,204 | 288,540 | |
Borrowed funds | |||
Federal Home Loan Bank borrowings | 23,491 | 16,341 | |
Bank notes and senior debt | 31,438 | 29,010 | |
Subordinated debt | 6,475 | 6,134 | |
Other | [5] | 11,995 | 8,778 |
Total borrowed funds | 73,399 | 60,263 | |
Allowance for credit losses – unfunded lending related commitments (c) | [3] | 450 | 318 |
Accrued expenses and other liabilities | 17,150 | 11,831 | |
Total liabilities | 396,203 | 360,952 | |
Equity | |||
Common stock ($5 par value, Authorized 800 shares, issued 542 shares) | 2,712 | 2,712 | |
Capital surplus | 16,288 | 16,369 | |
Retained earnings | 41,885 | 42,215 | |
Accumulated other comprehensive income | 2,518 | 799 | |
Common stock held in treasury at cost: 118 and 109 shares | (14,140) | (12,781) | |
Total shareholders’ equity | 49,263 | 49,314 | |
Noncontrolling interests | 27 | 29 | |
Total equity | 49,290 | 49,343 | |
Total liabilities and equity | $ 445,493 | $ 410,295 | |
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.5 billion , Loans of $1.1 billion and Other assets of $.1 billion at March 31, 2020 and Loans held for sale of $1.1 billion , Loans of $.7 billion and Other assets of $.1 billion at December 31, 2019 . | ||
[2] | Amounts as of March 31, 2020 are net of the related Allowances for Credit Losses recorded in accordance with the adoption of Accounting Standards Update 2016-13, Financial Instruments - Credit Losses , which totaled $2 million and $19 million for Investment securities and Other assets, respectively. See Recently Adopted Accounting Standards portion of Note 1 Accounting Policies for additional detail on the adoption of this ASU. | ||
[3] | Amounts as of March 31, 2020 reflect the impact of adopting the CECL accounting standard and our transition from an incurred loss methodology for these reserves to an expected credit loss methodology. Prior period amounts represent Allowance for Loans and Leases (ALLL) under the incurred loss methodology. Refer to Note 1 Accounting Policies in this Report for additional detail on the adoption of this standard. | ||
[4] | Amounts include our equity investment in BlackRock. | ||
[5] | Our consolidated liabilities at both March 31, 2020 and December 31, 2019 included Other borrowed funds of $.1 billion for which we have elected the fair value option. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total allowance | $ 3,944 | $ 2,742 | $ 2,629 | |
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) | 118,000,000 | 109,000,000 | ||
Preferred stock (less than) | [1] | $ 0.5 | $ 0.5 | |
Portion at Fair Value, Fair Value Disclosure | ||||
Loans held for sale, fair value | 1,500 | 1,100 | ||
Loans, fair value | 1,100 | 700 | ||
Other assets, fair value | 100 | $ 100 | ||
Other borrowed funds, fair value | 100 | $ 100 | ||
Cumulative Effect, Period of Adoption, Adjustment | Held-to-maturity Securities [Member] | Accounting Standards Update 2016-13 | ||||
Total allowance | 2 | |||
Cumulative Effect, Period of Adoption, Adjustment | Other Current Assets [Member] | Accounting Standards Update 2016-13 | ||||
Total allowance | $ 19 | |||
[1] | Amounts include our equity investment in BlackRock. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Net income | $ 915 | $ 1,271 |
Adjustments to reconcile net income to net cash provided (used) by operating activities | ||
Provision for credit losses | 914 | 189 |
Depreciation and amortization | 328 | 272 |
Deferred income taxes | (226) | 111 |
Changes in fair value of mortgage servicing rights | 620 | 210 |
Undistributed earnings of BlackRock | (56) | (111) |
Net change in | ||
Trading securities and other short-term investments | (1,014) | 358 |
Loans held for sale | (452) | 320 |
Other assets | (6,912) | (2,931) |
Accrued expenses and other liabilities | 5,376 | 1,796 |
Other | (189) | (84) |
Net cash provided (used) by operating activities | (696) | 1,401 |
Sales | ||
Securities available for sale | 5,447 | 840 |
Loans | 314 | 306 |
Repayments/maturities | ||
Securities available for sale | 4,332 | 2,103 |
Securities held to maturity | 12 | 510 |
Purchases | ||
Securities available for sale | (11,889) | (3,861) |
Securities held to maturity | (4) | (23) |
Loans | (100) | (468) |
Net change in | ||
Federal funds sold and resale agreements | 965 | 4,810 |
Interest-earning deposits with banks | 3,427 | (4,368) |
Loans | (25,758) | (6,085) |
Other | (125) | 213 |
Net cash provided (used) by investing activities | (23,379) | (6,023) |
Net change in | ||
Noninterest-bearing deposits | 8,857 | (2,337) |
Interest-bearing deposits | 7,829 | 5,736 |
Federal funds purchased and repurchase agreements | 2,306 | 2,232 |
Federal Home Loan Bank borrowings | (400) | |
Other borrowed funds | 1,044 | 250 |
Sales/issuances | ||
Federal Home Loan Bank borrowings | 9,060 | 5,000 |
Bank notes and senior debt | 3,486 | 2,147 |
Other borrowed funds | 172 | 397 |
Common and treasury stock | 23 | 22 |
Repayments/maturities | ||
Federal Home Loan Bank borrowings | (1,510) | (6,000) |
Bank notes and senior debt | (2,100) | (1,750) |
Other borrowed funds | (172) | (296) |
Acquisition of treasury stock | (1,522) | (826) |
Preferred stock cash dividends paid | (63) | (63) |
Common stock cash dividends paid | (503) | (436) |
Net cash provided (used) by financing activities | 26,507 | 4,076 |
Net Increase (Decrease) In Cash And Due From Banks And Restricted Cash | 2,432 | (546) |
Cash and due from banks and restricted cash at beginning of period | 5,061 | 5,608 |
Cash and due from banks and restricted cash at end of period | 7,493 | 5,062 |
Cash and due from banks at end of period (unrestricted cash) | 7,161 | 5,062 |
Restricted cash | 332 | |
Supplemental Disclosures | ||
Interest paid | 638 | 907 |
Income taxes paid | 36 | 30 |
Income taxes refunded | 5 | 2 |
Leased assets obtained in exchange for new operating lease liabilities | 57 | 155 |
Right-of-use assets recognized at adoption of ASU 2016-02 | 2,004 | |
Non-cash Investing and Financing Items | ||
Transfer from loans to loans held for sale, net | 313 | 139 |
Transfer from loans to foreclosed assets | $ 37 | $ 48 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Accounting Policies | B USINESS The PNC Financial Services Group, Inc. (PNC) is one of the largest diversified financial services companies in the United States (U.S.) and is headquartered in Pittsburgh, Pennsylvania. 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. 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 2019 Form 10-K. These interim consolidated financial statements serve to update our 2019 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. There have been significant changes to our accounting policies as disclosed in our 2019 Form 10-K due to the adoption of the current expected credit losses standard. The updated policies impacted by this adoption are included in this Note 1 in the first quarter of 2020 . Reference is made to Note 1 Accounting Policies in our 2019 Form 10-K for a detailed description of all other significant accounting policies. 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 allowance for credit losses (ACL). Actual results may differ from the estimates and the differences may be material to the consolidated financial statements. Recently Adopted Accounting Standards Accounting Standards Update (ASU) Description Financial Statement Impact Credit Losses- ASU 2016-13 Issued June 2016 Codification Improvements - ASU 2019-04 Various improvements related to Credit Losses (Topics 1, 2 and 5) Issued April 2019 Targeted Transition Relief - Credit Losses - ASU 2019-05 Issued May 2019 Codification Improvements - ASU 2019-11 Issued November 2019 • Commonly referred to as the Current Expected Credit Losses (CECL) standard. •Replaces measurement, recognition and disclosure guidance for credit related reserves ( i.e. , the allowance for loan and lease losses (ALLL) and the allowance for unfunded loan commitments and letters of credit) and Other than Temporary Impairment (OTTI) for debt securities. •Requires the use of an expected credit loss methodology; specifically, current expected credit losses for the remaining life of the asset will be recognized starting from the time of origination or acquisition. •Methodology applies to loans, net investment in leases, debt securities and certain financial assets not accounted for at fair value through net income. It also applies to unfunded lending related commitments except for unconditionally cancellable commitments. •In-scope assets are presented at the net amount expected to be collected after the deduction or addition of the ACL from the amortized cost basis of the assets. • Requires inclusion of expected recoveries of previously charged-off amounts for in-scope assets. • Requires enhanced credit quality disclosures including disaggregation of credit quality indicators by vintage. • Requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings at adoption. • Adopted January 1, 2020 under the modified retrospective approach. The cumulative-effect adjustment to retained earnings totaled $671 million at adoption. • Amended presentation and disclosures are required prospectively. Refer to the disclosures in this Note 1, Note 2 Investment Securities, Note 3 Loans and Note 9 Total Equity and Other Comprehensive Income for additional information. • With the adoption of CECL, we discontinued the accounting for purchased impaired loans and elected the one-time fair value option election for some of these loans and certain residential real estate collateral dependent loans. Loans that were previously accounted for as purchased impaired where the fair value option election was not made are now accounted for as purchased credit deteriorated loans. • There was no impact to the recorded investment of our investment securities or loans, except for our purchased credit deteriorated loan portfolio. Accounting for these loans as purchased credit deteriorated required an adjustment to the remaining accretable discount and recorded investment in addition to the impact on ACL due to the adoption of CECL methodology. • Refer to Table 33 for a summary of the impact of the CECL standard adoption. Accounting Standards Update (ASU) Description Financial Statement Impact Codification Improvements - ASU 2019-04 Topic 3: Codification Improvements to ASU 2017-12 and Other Hedging Items Issued April 2019 • Targeted improvements related to: - Partial-term fair value hedges of interest rate risk - Amortization of fair value hedge basis adjustments - Disclosure of fair value hedge basis adjustments - Consideration of the hedged contractually specified interest rate under the hypothetical derivative method - Application of a first-payments-received cash flow hedging technique to overall cash flows on a group of variable interest payments - Update to transition guidance for ASU 2017-12 • This ASU permits a one-time transfer out of held to maturity securities to provide entities the opportunity to hedge fixed rate, prepayable securities under a last of layer hedging strategy (although an entity is not required to hedge such securities subsequent to transfer). • Adopted January 1, 2020. • As permitted by the eligibility requirements in this guidance, at adoption we elected to transfer debt securities with an amortized cost of $16.2 billion (fair value of $16.5 billion) from held to maturity to the available for sale portfolio. The transfer resulted in a pretax increase to AOCI of $306 million. There were no other impacts to PNC's consolidated financial statements from the adoption of this guidance. Accounting Standards Update (ASU) Description Financial Statement Impact Goodwill - ASU 2017-04 Issued January 2017 • Eliminates Step 2 from the goodwill impairment test to simplify the subsequent measurement of goodwill under which a loss was recognized only if the estimated implied fair value of the goodwill is below its carrying value. • Requires impairment to be recognized if the reporting unit's carrying value exceeds the fair value. • Adopted January 1, 2020. • The adoption of this standard did not impact our consolidated results of operations or our consolidated financial position. Accounting Standards Update (ASU) Description Financial Statement Impact Reference Rate Reform - ASU 2020-04 Issued March 2020 • Provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. • Includes optional expedients related to contract modifications that allow an entity to account for modifications (if certain criteria are met) as if the modifications were only minor (assets within the scope of ASC 310, Receivables ), were not substantial (assets within the scope of ASC 470, Debt ), and/or did not result in remeasurements or reclassifications (assets within the scope of ASC 842, Leases , and other Topics) of the existing contract. • Includes optional expedients related to hedging relationships within the scope of ASC 815, Derivatives & Hedging, whereby changes to the critical terms of a hedging relationship do not require dedesignation if certain criteria are met. In addition, potential sources of ineffectiveness as a result of reference rate reform may be disregarded when performing some effectiveness assessments. • Allows for a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. • Guidance in this ASU is effective as of March 12, 2020 through December 31, 2022. • Adopted March 12, 2020, will apply prospectively. • As of March 31, 2020, we have not yet elected any optional expedients outlined in this ASU. However, we plan to elect these optional expedients in the future. The following table presents the impact of adopting the CECL standard on January 1, 2020 on our allowance and retained earnings. Impact of the CECL Standard Adoption ALLL (a) ACL (a) In millions December 31, 2019 Transition Adjustment January 1, 2020 Allowance (a) Loans and leases Commercial lending $ 1,812 $ (304 ) $ 1,508 Consumer lending 930 767 1,697 Total loans and leases allowance 2,742 463 3,205 Unfunded lending related commitments (b) 318 179 497 Other — 19 19 Total allowance $ 3,060 $ 661 $ 3,721 In millions December 31, 2019 Transition Adjustment January 1, 2020 Impact to retained earnings (c) $ 42,215 $ (671 ) $ 41,544 (a) Amounts at December 31, 2019 represent the ALLL and the allowance for unfunded loan commitments and letters of credit. The amounts at January 1, 2020 represent the ACL. (b) Unfunded lending related commitments are primarily unfunded loan commitments and letters of credit. See Note 3 Loans for additional information. (c) Transition adjustment includes the increase in the total allowance of $.7 billion and the impact of the fair value option election of $.2 billion , offset by the tax impact of $.2 billion . Cash, Cash Equivalents and Restricted Cash Cash and due from banks are considered cash and cash equivalents for financial reporting purposes because they represent a primary source of liquidity. Certain cash balances within Cash and due from banks on our Consolidated Balance Sheet are restricted as to withdrawal or usage by legally binding contractual agreements or regulatory requirements. Investments We hold interests in various types of investments. The accounting for these investments is dependent on a number of factors including, but not limited to, items such as: • Ownership interest, • Our plans for the investment, and • The nature of the investment. Debt Securities Debt securities are recorded on a trade-date basis. We classify debt securities as either trading, held to maturity, or available for sale. Debt securities that we purchase for certain risk management activities or customer-related trading activities are classified as trading securities, are reported in the Other assets line item on our Consolidated Balance Sheet, and are carried at fair value. Realized and unrealized gains and losses on trading securities are included in Other noninterest income. We classify debt securities as held to maturity when we have the positive intent and ability to hold the securities to maturity, and carry them at amortized cost, less any ACL. Debt securities not classified as held to maturity or trading are classified as securities available for sale, and are carried at fair value. Unrealized gains and losses on available for sale securities are included in Accumulated other comprehensive income (AOCI) net of income taxes. We include all interest on debt securities, including amortization of premiums and accretion of discounts on investment securities, in net interest income using the constant effective yield method generally calculated over the contractual lives of the securities. Effective yields reflect either the effective interest rate implicit in the security at the date of acquisition or, for debt securities where an other-than-temporary impairment was recorded, the effective interest rate determined based on improved cash flows subsequent to an impairment. We compute gains and losses realized on the sale of available for sale debt securities on a specific security basis. These securities gains/(losses) are included in Other noninterest income on the Consolidated Income Statement. As discussed in the Recently Adopted Accounting Standards section of this Note 1 , we adopted the CECL standard as of January 1, 2020, which requires expected credit losses on both held to maturity and available for sale securities to be recognized through a valuation allowance, ACL, instead of as a direct write-down to the amortized cost basis of the security. An available for sale security is considered impaired if the fair value is less than amortized cost basis. If any portion of the decline in fair value is related to credit, the amount of ACL is determined as the portion related to credit, limited to the difference between the amortized cost basis and the fair value of the security. If we have the intent to sell or believe it is more likely than not we will be required to sell an impaired available for sale security before recovery of the amortized cost basis, the credit loss is recorded as a direct write-down of the amortized cost basis. Credit losses on investment securities are recognized through the Provision for credit losses on our Consolidated Income Statement. Declines in the fair value of available for sale securities that are not considered credit related are recognized in AOCI on our Consolidated Balance Sheet. The CECL standard is applied prospectively to debt securities and, as a result, the amortized cost basis of investment securities for which OTTI had previously been recorded did not change upon adoption. For information on the policies previously applied to determine OTTI, see the Debt Securities section of Note 1 Accounting Policies in our 2019 Form 10-K. We consider a security to be past due in terms of payment based on its contractual terms. A security may be placed on nonaccrual, with interest no longer recognized until received, when collectability of principal or interest is doubtful. As of March 31, 2020 , nonaccrual or past due held-to-maturity securities were immaterial. A security may be partially or fully charged off against the ACL if it is determined to be uncollectible, including, for an available for sale security, if we have the intent to sell or believe it is more likely than not we will be required to sell the security before recovery of the amortized cost basis. Recoveries of previously charged-off available for sale securities are recognized when received, while recoveries on held to maturity securities are recognized when expected. See the Allowance for Credit Loss section of this Note 1 for further discussion regarding the methodologies used to determine the ACL on investment securities. See Note 2 Investment Securities for additional information about the investment securities portfolio and the related ACL. Loans Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Management’s intent and view of the foreseeable future may change based on changes in business strategies, the economic environment, market conditions and the availability of government programs. 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. Loans held for investment, excluding purchased credit deteriorated loans, are recorded at amortized cost basis unless we elect to measure these under the fair value option. Amortized cost basis represents principal amounts outstanding, net of unearned income, unamortized deferred fees, costs on originated loans, and premiums or discounts on purchased loans, and charge-offs. Amortized cost basis does not include accrued interest, as we include accrued interest in Other Assets on our Consolidated Balance Sheet. Interest on performing loans is accrued based on the principal amount outstanding and recorded in Interest income as earned using the constant effective yield method. Loan origination fees, direct loan origination costs, and loan premiums and discounts are deferred and accreted or amortized into Net interest income using the constant effective yield method, over the contractual life of the loan. Loans under the fair value option are reported at their fair value, with any changes to fair value reported as Noninterest income on the Consolidated Income Statement, and are excluded from measurement of ACL. In addition to originating loans, we also acquire loans through the secondary loan market, portfolio purchases or acquisitions of other financial services companies. Certain acquired loans that have experienced a deterioration of credit quality since origination (i.e., purchased credit deteriorated) are recognized at fair value. ACL for purchased credit deteriorated loans is measured at the acquisition date and added to the acquisition date fair value to determine the amortized cost basis for these loans. Subsequent decreases in expected cash flows that are attributable, at least in part, to credit quality are recognized through a charge to the provision for credit losses resulting in an increase in the ACL. Subsequent increases in expected cash flows are recognized as a provision recapture of previously recorded ACL. We consider a loan to be collateral dependent when we determine that substantially all of the expected cash flows will be generated from the operation or sale of the collateral underlying the loan, the borrower is experiencing financial difficulty and we have elected to measure the loan at the estimated fair value of collateral (less costs to sell if sale or foreclosure of the property is expected). Additionally, we consider a loan to be collateral dependent when foreclosure or liquidation of the underlying collateral is probable. See the Allowance for Credit Losses section of this Note 1 for further discussion regarding the methodologies and significant inputs used to determine the ACL on loans. See Note 3 Loans for additional information about our loan portfolio and the related ACL. Loans Held for Sale We designate loans as held for sale when we have the intent to sell them. At the time of designation to held for sale, any ACL is reversed, and a valuation allowance for shortfall between the amortized cost basis and the net realizable value is recognized, excluding the amounts already charged off. Similarly, when loans are no longer considered held for sale, the valuation allowance (net of writedowns) is reversed, and an allowance for credit losses is established, excluding the amounts already charged-off. Write-downs on these loans (if required) are recorded as charge-offs through the valuation allowance. Adjustments to the valuation allowance on held for sale loans are recognized in Other noninterest income. We have elected to account for certain commercial and residential mortgage loans held for sale at fair value. The changes in the fair value of the commercial mortgage loans are measured and recorded in Other noninterest income while such changes for the residential mortgage loans are measured and recorded in Residential mortgage noninterest income each period. See Note 11 Fair Value for additional information. Interest income with respect to loans held for sale is accrued based on the principal amount outstanding and the loan’s contractual interest rate. In certain circumstances, loans designated as held for sale may be transferred to held for investment based on a change in strategy. We transfer these loans at the lower of cost or estimated fair value; however, any loans originated or purchased as held for sale for which the fair value option has been elected remain at fair value for the life of the loan. Nonperforming Loans and Leases The matrix below summarizes our policies for classifying certain loans as nonperforming loans and/or discontinuing the accrual of loan interest income. Commercial lending Loans Classified as Nonperforming and Accounted for as Nonaccrual • Loans accounted for at amortized cost where: – The loan is 90 days or more past due. – The loan is rated substandard or worse due to the determination that full collection of principal and interest is not probable as demonstrated by the following conditions: • The collection of principal or interest is 90 days or more past due; • Reasonable doubt exists as to the certainty of the borrower’s future debt service ability, according to the terms of the credit arrangement, regardless of whether 90 days have passed or not; • The borrower has filed or will likely file for bankruptcy; • The bank advances additional funds to cover principal or interest; • We are in the process of liquidating a commercial borrower; or • We are pursuing remedies under a guarantee. Loans Excluded from Nonperforming Classification but Accounted for as Nonaccrual • Loans accounted for under the fair value option and full collection of principal and interest is not probable. • Loans accounted for at the lower of cost or market less costs to sell (held for sale) and full collection of principal and interest is not probable. Loans Excluded from Nonperforming Classification and Nonaccrual Accounting • Loans that are well secured and in the process of collection. Consumer lending Loans Classified as Nonperforming and Accounted for as Nonaccrual • Loans accounted for at amortized cost where full collection of contractual principal and interest is not deemed probable as demonstrated in the policies below: – The loan is 90 days past due for home equity and installment loans, and 180 days past due for well secured residential real estate loans; – The loan has been modified and classified as a troubled debt restructuring (TDR); – Notification of bankruptcy has been received; – The bank holds a subordinate lien position in the loan and the first lien mortgage loan is seriously stressed (i.e., 90 days or more past due); – Other loans within the same borrower relationship have been placed on nonaccrual or charge-offs have been taken on them; – The bank has ordered the repossession of non-real estate collateral securing the loan; or – The bank has charged-off the loan to the value of the collateral. Loans Excluded from Nonperforming Classification but Accounted for as Nonaccrual • Loans accounted for under the fair value option and full collection of principal and interest is not probable. • Loans accounted for at the lower of cost or market less costs to sell (held for sale) and full collection of principal and interest is not probable. Loans Excluded from Nonperforming Classification and Nonaccrual Accounting • Certain government insured loans where substantially all principal and interest is insured. • Residential real estate loans that are well secured and in the process of collection. • Consumer loans and lines of credit, not secured by residential real estate or automobiles, as permitted by regulatory guidance. Commercial Lending We generally charge off Commercial Lending (Commercial, Commercial Real Estate, and Equipment Lease Financing) nonperforming loans when we determine that a specific loan, or portion thereof, is uncollectible. This determination is based on the specific facts and circumstances of the individual loans. In making this determination, we consider the viability of the business or project as a going concern, the past due status when the asset is not well-secured, the expected cash flows to repay the loan, the value of the collateral, and the ability and willingness of any guarantors to perform. Additionally, in general, for smaller commercial loans of $1 million or less, a partial or full charge-off occurs at 120 days past due for term loans and 180 days past due for revolvers. Certain small business credit card balances that are placed on nonaccrual status when they become 90 days or more past due are charged-off at 180 days past due. Consumer Lending We generally charge off secured consumer (Home equity, Residential Real Estate and Automobile) nonperforming loans to the fair value of collateral less costs to sell, if lower than the amortized cost basis of the loan outstanding, when delinquency of the loan, combined with other risk factors (e.g., bankruptcy, lien position, or troubled debt restructuring), indicates that the loan, or some portion thereof, is uncollectible as per our historical experience, or the collateral has been repossessed. We charge-off secured consumer loans no later than 180 days past due. Most consumer loans and lines of credit, not secured by residential real estate, are charged off once they have reached 120-180 days past due. For secured collateral dependent loans, collateral values are updated at least annually and subsequent declines in collateral values are charged-off resulting in incremental provision for credit loss. Subsequent increases in collateral values may be reflected as an adjustment to ACL to reflect the expectation of recoveries in an amount greater than previously expected. Accounting for Nonperforming Assets and Leases and Other Nonaccrual Loans For nonaccrual loans, interest income accrual and deferred fee/cost recognition is discontinued. Additionally, the current year accrued and uncollected interest is reversed through Net interest income and prior year accrued and uncollected interest is charged-off, except for credit cards, where we reverse any accrued interest through Net interest income at the time of charge-off, as per industry standard practice. Nonaccrual loans that are also collateral dependent may be charged-off to reduce the basis to the fair value of collateral less costs to sell. If payment is received on a nonaccrual loan, generally the payment is first applied to the remaining principal balance; payments are then applied to recover any charged-off amounts related to the loan. Finally, if both principal balance and any charge-offs have been recovered, then the payment will be recorded as fee and interest income. For certain consumer loans, the receipt of interest payments is recognized as interest income on a cash basis. Cash basis income recognition is applied if a loan’s amortized cost basis is deemed fully collectible and the loan has performed for at least six months. For TDRs, payments are applied based upon their contractual terms unless the related loan is deemed non-performing. TDRs are generally included in nonperforming and nonaccrual loans. However, after a reasonable period of time, generally six months, in which the loan performs under restructured terms and meets other performance indicators, it is returned to performing/accruing status. This return to performing/accruing status demonstrates that the bank expects to collect all of the loan’s remaining contractual principal and interest. TDRs resulting from (i) borrowers that have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to us, and (ii) borrowers that are not currently obligated to make both principal and interest payments under the restructured terms are not returned to accrual status. Other nonaccrual loans are generally not returned to accrual status until the borrower has performed in accordance with the contractual terms and other performance indicators for at least six months, the period of time which was determined to demonstrate the expected collection of the loan’s remaining contractual principal and interest. Nonaccrual loans with partially charged-off principal are not returned to accrual. When a nonperforming loan is returned to accrual status, it is then considered a performing loan. Foreclosed assets consist of any asset seized or property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure. Other real estate owned (OREO) comprises principally commercial and residential real estate properties obtained in partial or total satisfaction of loan obligations. After obtaining a foreclosure judgment, or in some jurisdictions the initiation of proceedings under a power of sale in the loan instruments, the property will be sold. When we are awarded title or completion of deed-in-lieu of foreclosure, we transfer the loan to foreclosed assets included in Other assets on our Consolidated Balance Sheet. Property obtained in satisfaction of a loan is initially recorded at estimated fair value less cost to sell. Based upon the estimated fair value less cost to sell, the amortized cost basis of the loan is adjusted and a charge-off/recovery is recognized to the ACL. We estimate fair values primarily based on appraisals, or sales agreements with third parties. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or estimated fair value less cost to sell. Valuation adjustments on these assets and gains or losses realized from disposition of such property are reflected in Other noninterest expense. For certain mortgage loans that have a government guarantee, we establish a separate other receivable upon foreclosure. The receivable is measured based on the loan balance (inclusive of principal and interest) that is expected to be recovered from the guarantor. See Note 3 Loans in this Report for additional information on nonperforming assets, TDRs and credit quality indicators related to our loan portfolio. Allowance for Credit Losses Our ACL, in accordance with the CECL standard, is based on historical loss experience, borrower characteristics, current economic conditions, reasonable and supportable forecasts of future conditions and other relevant factors. We maintain the ACL at an appropriate level for expected losses on our existing investment securities, loans, finance leases (including residual values), trade receivables and other financial assets and unfunded lending related commitments, for the estimated contractual term of the assets or exposures as of the balance sheet date. We estimate the estimated contractual term of assets in scope of CECL considering contractual maturity dates, prepayment expectations, utilization or draw expectations and any embedded extension options that do not allow us to unilaterally cancel the extension options. For products without a fixed contractual maturity date ( e.g ., credit cards), we rely on historical payment behavior to determine the length of the pay down or default time period. We estimate expected losses on a pooled basis using a combination of (i) the expected losses over a reasonable and supportable forecast period (RSFP), (ii) a period of reversion to long run average expected losses (reversion period) where applicable, and (iii) long run average (LRA) expected losses for the remaining estimated contractual term. For all assets and unfunded lending related commitments in the scope of CECL, the ACL also includes individually assessed reserves and qualitative reserves, as applicable. We use forward-looking information in estimating expected credit losses for the RSFP. For this purpose, we use the forecasted scenarios produced by PNC's Economics Team, which are designed to reflect business cycles and their related estimated probabilities. The forecast length that we have determined to be reasonable and supportable is three years. As noted in the methodology discussions that follow, forward looking information, such as forecasted relevant macroeconomic variables, is incorporated into the expected credit loss estimates using quantitative techniques, as well as through analysis from PNC economists and management judgment. The reversion period is used to bridge RSFP and LRA expected credit losses. We may consider a number of factors in determining the duration of the reversion period, such as contractual maturity of the asset, observed historical patterns and the estimated credit loss rates at the end of RSFP relative to the beginning of the LRA period. The LRA expected credit losses are derived from long run historical credit loss information adjusted for the credit quality of the current portfolio, and therefore do not consider current and forecasted economic conditions. See the following sections |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities | I NVESTMENT S ECURITIES With the adoption of the CECL standard on January 1, 2020, credit losses on investment securities are required to be recognized through the ACL, instead of as a direct write-down to the amortized cost basis of the security. The amortized cost basis of investment securities for which impairment had previously been recorded did not change upon adoption. We maintain the ACL for investment securities at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our portfolio. As of March 31, 2020, the ACL for investment securities totaled $2 million and primarily related to other debt securities in the held to maturity portfolio. Additionally, upon adoption of ASU 2019-04 and as permitted by the eligibility requirements in this guidance, we elected to transfer debt securities with an amortized cost of $16.2 billion and a fair value of $16.5 billion from held to maturity to the available for sale portfolio. See Note 1 Accounting Policies for additional information related to the adoption of the CECL standard, including the methodologies used to determine the ACL for investment securities, and the adoption of ASU 2019-04. The following table summarizes our available for sale and held to maturity portfolios by major security type. Table 34 : Investment Securities Summary March 31, 2020 (a) December 31, 2019 In millions Amortized Cost (b) Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Securities Available for Sale U.S. Treasury and government agencies $ 16,102 $ 879 $ 16,981 $ 16,150 $ 382 $ (16 ) $ 16,516 Residential mortgage-backed Agency 50,828 1,810 $ (10 ) 52,628 35,847 517 (43 ) 36,321 Non-agency 1,563 142 (62 ) 1,643 1,515 302 (3 ) 1,814 Commercial mortgage-backed Agency 3,181 114 (6 ) 3,289 3,094 42 (18 ) 3,118 Non-agency 4,249 27 (194 ) 4,082 3,352 29 (9 ) 3,372 Asset-backed 5,339 43 (104 ) 5,278 5,044 78 (8 ) 5,114 Other 4,962 218 (4 ) 5,176 2,788 121 (1 ) 2,908 Total securities available for sale $ 86,224 $ 3,233 $ (380 ) $ 89,077 $ 67,790 $ 1,471 $ (98 ) $ 69,163 Securities Held to Maturity U.S. Treasury and government agencies $ 781 $ 143 $ 924 $ 776 $ 56 $ 832 Residential mortgage-backed Agency 14,419 270 $ (26 ) 14,663 Non-agency 133 7 140 Commercial mortgage-backed Agency 59 1 60 Non-agency 430 4 434 Asset-backed 50 $ (1 ) 49 52 52 Other 638 33 (23 ) 648 1,792 85 (14 ) 1,863 Total securities held to maturity, net of ACL (c) $ 1,469 $ 176 $ (24 ) $ 1,621 $ 17,661 $ 423 $ (40 ) $ 18,044 (a) The accrued interest associated with our available for sale and held to maturity portfolios totaled $266 million and $2.7 million at March 31, 2020, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet. (b) Amortized cost is presented net of applicable ACL of $2 million at March 31, 2020 in accordance with the adoption of the CECL accounting standard. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies for additional detail on the adoption of this ASU. (c) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. As of March 31, 2020, 87% of our securities held to maturity were rated AAA/AA. The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Securities available for sale are carried at fair value with net unrealized gains and losses included in Shareholders’ equity as AOCI, unless credit related. Net unrealized gains and losses are determined by taking the difference between the fair value of a security and its amortized cost, net of any ACL. Securities held to maturity are carried at amortized cost less any ACL. Investment securities at March 31, 2020 included $388 million of net unsettled purchases which represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount for March 31, 2019 was $623 million . Table 35 presents the gross unrealized losses and fair value of securities available for sale that do not have an associated ACL as of March 31, 2020. These securities are segregated between investments that had 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. As of March 31, 2020, we do not intend to sell and believe we will not be required to sell these securities prior to recovery of the amortized cost basis. Table 35 : Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses 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, 2020 Securities Available for Sale U.S. Treasury and government agencies Residential mortgage-backed Agency $ (3 ) $ 409 $ (7 ) $ 380 $ (10 ) $ 789 Non-agency (43 ) 537 (17 ) 77 (60 ) 614 Commercial mortgage-backed Agency (1 ) 187 (5 ) 436 (6 ) 623 Non-agency (172 ) 2,719 (22 ) 147 (194 ) 2,866 Asset-backed (75 ) 2,815 (25 ) 538 (100 ) 3,353 Other (3 ) 320 (3 ) 320 Total securities available for sale $ (297 ) $ 6,987 $ (76 ) $ 1,578 $ (373 ) $ 8,565 Table 36 presents the gross unrealized losses and fair value of debt securities at December 31, 2019, prior to the adoption of the CECL standard. These securities are segregated between investments that had 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. Table 36 : 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 December 31, 2019 Securities Available for Sale U.S. Treasury and government agencies $ (14 ) $ 2,451 $ (2 ) $ 607 $ (16 ) $ 3,058 Residential mortgage-backed Agency (6 ) 2,832 (37 ) 4,659 (43 ) 7,491 Non-agency (3 ) 102 (3 ) 102 Commercial mortgage-backed Agency (6 ) 852 (12 ) 953 (18 ) 1,805 Non-agency (4 ) 1,106 (5 ) 230 (9 ) 1,336 Asset-backed (3 ) 660 (5 ) 561 (8 ) 1,221 Other (1 ) 403 (1 ) 403 Total securities available for sale $ (33 ) $ 7,901 $ (65 ) $ 7,515 $ (98 ) $ 15,416 Securities Held to Maturity Residential mortgage-backed - Agency $ (26 ) $ 2,960 $ (26 ) $ 2,960 Other $ (1 ) $ 22 (13 ) 105 (14 ) 127 Total securities held to maturity $ (1 ) $ 22 $ (39 ) $ 3,065 $ (40 ) $ 3,087 Information relating to gross realized securities gains and losses from the sales of securities is set forth in the following table. Table 37 : Gains (Losses) on Sales of Securities Available for Sale Three months ended March 31 Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit) 2020 $ 184 $ (2 ) $ 182 $ 38 2019 $ 27 $ (14 ) $ 13 $ 3 The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at March 31, 2020 . Table 38 : Contractual Maturity of Debt Securities March 31, 2020 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 $ 249 $ 10,949 $ 3,839 $ 1,065 $ 16,102 Residential mortgage-backed Agency 3 117 2,092 48,616 50,828 Non-agency 1,563 1,563 Commercial mortgage-backed Agency 7 466 828 1,880 3,181 Non-agency 75 351 3,823 4,249 Asset-backed 15 2,721 1,169 1,434 5,339 Other 505 1,958 1,355 1,144 4,962 Total securities available for sale at amortized cost $ 779 $ 16,286 $ 9,634 $ 59,525 $ 86,224 Fair value $ 785 $ 16,788 $ 10,017 $ 61,487 $ 89,077 Weighted-average yield, GAAP basis (a) 3.10 % 2.16 % 2.58 % 3.14 % 2.89 % Securities Held to Maturity U.S. Treasury and government agencies $ 198 $ 303 $ 280 $ 781 Asset-backed 6 18 26 50 Other $ 32 379 113 114 638 Total securities held to maturity at amortized cost $ 32 $ 583 $ 434 $ 420 $ 1,469 Fair value $ 32 $ 613 $ 516 $ 460 $ 1,621 Weighted-average yield, GAAP basis (a) 3.32 % 3.23 % 3.87 % 2.63 % 3.26 % (a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. At March 31, 2020 , there were no securities of a single issuer, other than FNMA and FHLMC, that exceeded 10% of Total shareholders’ equity. The FNMA and FHLMC investments had a total amortized cost of $38.6 billion and $7.1 billion and fair value of $40.0 billion and $7.3 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 39 : Fair Value of Securities Pledged and Accepted as Collateral In millions March 31 December 31 Pledged to others $ 25,722 $ 14,609 Accepted from others: Permitted by contract or custom to sell or repledge (a) $ 1,439 $ 2,349 Permitted amount repledged to others $ 1,439 $ 360 (a) Balances at December 31, 2019 include $2.0 billion in fair value of securities accepted from others to collateralize short-term investments in resale agreements that were not repledged. 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. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2020 | |
Asset Quality [Abstract] | |
Loans | N OTE 3 Loans Loan Portfolio Our loan portfolio consists of two portfolio segments – Commercial Lending and Consumer Lending. Each of these segments comprises multiple loan classes. Classes are characterized by similarities in risk attributes and the manner in which we monitor and assess credit risk. Commercial Lending Consumer Lending • Commercial • Home equity • Commercial real estate • Residential real estate • Equipment lease financing • Automobile • Credit card • Education • Other consumer See Note 1 Accounting Policies for additional information on our loan related policies. Credit Quality We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk within the loan portfolio based on our defined loan classes. In doing so, we use several credit quality indicators, including trends in delinquency rates, nonperforming status, analysis of PD and LGD ratings, updated credit scores, and originated and updated LTV ratios. 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. With the adoption of the CECL standard, accruing loans past due as of March 31, 2020 include purchased credit deteriorated loans, while amounts as of December 31, 2019 excluded purchased impaired loans. See Note 1 Accounting Policies for additional information related to the adoption of this standard, including the discontinuation of purchased impaired loan accounting. The following table presents the composition and delinquency status of our loan portfolio at March 31, 2020 and December 31, 2019 . Table 40 : Analysis of Loan Portfolio 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) Total Loans (d)(e) Accrued Interest Receivable (f) March 31, 2020 (a) Commercial Lending Commercial $ 148,467 $ 97 $ 22 $ 51 $ 170 $ 494 $ 149,131 $ 268 Commercial real estate 28,495 6 1 7 42 28,544 68 Equipment lease financing 6,987 42 2 44 30 7,061 Total commercial lending 183,949 145 25 51 221 566 184,736 336 Consumer Lending Home equity 24,311 65 28 93 617 $ 60 25,081 118 Residential real estate 20,934 173 82 300 555 (b) 292 469 22,250 59 Automobile 16,795 177 49 19 245 154 17,194 64 Credit card 6,956 59 37 70 166 10 7,132 Education 3,081 52 30 84 166 (b) 3,247 134 Other consumer 4,961 17 10 10 37 5 5,003 14 Total consumer lending 77,038 543 236 483 1,262 1,078 529 79,907 389 Total $ 260,987 $ 688 $ 261 $ 534 $ 1,483 $ 1,644 $ 529 $ 264,643 $ 725 Percentage of total loans 98.62 % .26 % .10 % .20 % .56 % .62 % .20 % 100.00 % (a) Amounts in table represent loans held for investment and do not include any associated valuation allowance. (b) Past due loan amounts include purchased credit deteriorated loans totaling $.1 billion and government insured or guaranteed Residential real estate loans and Education loans totaling $.4 billion and $.2 billion , respectively, at March 31, 2020. (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, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans totaling $1.3 billion at March 31, 2020. (e) Collateral dependent loans totaled $1.1 billion at March 31, 2020. The majority of these loans are within the Home equity and Residential real estate loan classes and are secured by consumer real estate. (f) The accrued interest associated with our loan portfolio is included in Other assets on the Consolidated Balance Sheet. 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 (h) Nonperforming Loans Fair Value Option Nonaccrual Loans (i) Purchased Impaired Loans Total Loans (j) December 31, 2019 (g) Commercial Lending Commercial $ 124,695 $ 102 $ 30 $ 85 $ 217 $ 425 $ 125,337 Commercial real estate 28,061 4 1 5 44 28,110 Equipment lease financing 7,069 49 5 54 32 7,155 Total commercial lending 159,825 155 36 85 276 501 160,602 Consumer Lending Home equity 23,791 58 24 82 669 $ 543 25,085 Residential real estate 19,640 140 69 315 524 (h) 315 $ 166 1,176 21,821 Automobile 16,376 178 47 18 243 135 16,754 Credit card 7,133 60 37 67 164 11 7,308 Education 3,156 55 34 91 180 (h) 3,336 Other consumer 4,898 15 11 9 35 4 4,937 Total consumer lending 74,994 506 222 500 1,228 1,134 166 1,719 79,241 Total $ 234,819 $ 661 $ 258 $ 585 $ 1,504 $ 1,635 $ 166 $ 1,719 $ 239,843 Percentage of total loans 97.90 % .28 % .11 % .24 % .63 % .68 % .07 % .72 % 100.00 % (g) Amounts in table represent recorded investment and exclude loans held for sale. Recorded investment does not include any associated valuation allowance. (h) 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 accreted interest income over the expected life of the loans. Past due loan amounts include government insured or guaranteed Residential real estate loans totaling $.4 billion and Education loans totaling $.2 billion at December 31, 2019. (i) 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. (j) Net of unearned income, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans totaling $1.1 billion at December 31, 2019. At March 31, 2020 , we pledged $ 16.6 billion of commercial loans to the Federal Reserve Bank and $ 69.3 billion of residential real estate and other loans to the Federal Home Loan Bank as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2019 were $16.9 billion and $68.0 billion , respectively. Amounts pledged reflect the unpaid principal balances. Nonperforming Assets Nonperforming assets include nonperforming loans and leases, OREO and foreclosed 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. 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. With the adoption of the CECL standard, nonperforming loans as of March 31, 2020 include purchased credit deteriorated loans. Amounts as of December 31, 2019 excluded purchased impaired loans as we were accreting interest income over the expected life of the loans. See Note 1 Accounting Policies for additional information related to the adoption of this standard and our nonperforming loan and lease policies. The following table presents our nonperforming assets as of March 31, 2020 and December 31, 2019, respectively. Table 41 : Nonperforming Assets Dollars in millions March 31 December 31 Nonperforming loans Total commercial lending $ 566 $ 501 Total consumer lending (a) 1,078 1,134 Total nonperforming loans (b) 1,644 1,635 OREO and foreclosed assets 111 117 Total nonperforming assets $ 1,755 $ 1,752 Nonperforming loans to total loans .62 % .68 % Nonperforming assets to total loans, OREO and foreclosed assets .66 % .73 % Nonperforming assets to total assets .39 % .43 % (a) Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status. (b) Nonperforming loans for which there is no related ACL totaled $.3 billion at March 31, 2020. 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 TDRs. See Note 1 Accounting Policies and the TDR section of this Note 3 for additional information on TDRs. Total nonperforming loans in Table 41 include TDRs of $.7 billion and $ .9 billion at March 31, 2020 and December 31, 2019 , respectively. TDRs that are performing, including consumer credit card TDR loans, totaled $.8 billion at both March 31, 2020 and December 31, 2019 and are excluded from nonperforming loans. Additional Credit Quality Indicators by Loan Class Commercial Loan Class For commercial loans, we monitor the performance of the borrower in a disciplined and regular manner based upon the level of credit risk inherent in the loan. To evaluate the level of credit risk, we assign an internal risk rating reflecting the borrower’s PD and LGD. This two-dimensional credit risk rating methodology provides granularity in the risk monitoring process. These ratings are reviewed and updated, generally at least once per year. For small balance homogeneous pools of commercial loans, mortgages and leases, we apply scoring techniques to assist in determining the PD. Further, on a periodic basis, we update our LGD estimates associated with each rating grade based upon historical data. The combination of the PD and LGD ratings assigned to commercial loans, capturing both the combination of expectations of default and loss severity in event of default, reflects the relative estimated likelihood of loss at the reporting date. In general, loans with lower PD and LGD tend to have less likelihood of loss compared to loans with higher PD and LGD. The loss amount also considers an estimate of exposure at date of default, which we also periodically update based upon historical data. Based upon the amount of the lending arrangement and our risk rating assessment, we follow a formal schedule of written periodic review. Quarterly, we conduct formal reviews of a market’s or business unit’s loan portfolio, focusing on those loans which we perceive to be of higher risk, based upon PDs and LGDs, or loans for which credit quality is weakening. If circumstances warrant, it is our practice to review any customer obligation and its level of credit risk more frequently. We attempt to proactively manage our loans by using various procedures that are customized to the risk of a given loan, including ongoing outreach, contact, and assessment of obligor financial conditions, collateral inspection and appraisal. Commercial Real Estate Loan Class We manage credit risk associated with our commercial real estate projects and commercial mortgages similar to commercial loans by analyzing PD and LGD. Additionally, risks associated with commercial real estate projects and commercial mortgage activities tend to be correlated to the loan structure and collateral location, project progress and business environment. As a result, these attributes are also monitored and utilized in assessing credit risk. As with the commercial class, a formal schedule of periodic review is also performed to assess market/geographic risk and business unit/industry risk. Often as a result of these overviews, more in-depth reviews and increased scrutiny are placed on areas of higher risk, including adverse changes in risk ratings, deteriorating operating trends, and/or areas that concern management. These reviews are designed to assess risk and take actions to mitigate our exposure to such risks. Equipment Lease Financing Loan Class We manage credit risk associated with our equipment lease financing loan class similar to commercial loans by analyzing PD and LGD. Based upon the dollar amount of the lease and the level of credit risk, we follow a formal schedule of periodic review. Generally, this occurs quarterly, although we have established practices to review such credit risk more frequently if circumstances warrant. Our review process entails analysis of the following factors: equipment value/residual value, exposure levels, jurisdiction risk, industry risk, guarantor requirements, and regulatory compliance as applicable. Table 42 : Commercial Lending Credit Quality Indicators (a) Amortized Cost Basis by Origination Year March 31, 2020 - Dollars in millions Three Months Ended March 31, 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Commercial Pass Rated $ 7,250 $ 18,695 $ 11,957 $ 7,943 $ 5,399 $ 11,807 $ 78,664 $ 61 $ 141,776 Criticized 16 373 580 435 307 530 5,098 16 7,355 Total commercial 7,266 19,068 12,537 8,378 5,706 12,337 83,762 77 149,131 % of total commercial 4.8 % 12.8 % 8.4 % 5.6 % 3.8 % 8.3 % 56.2 % .1 % 100.0 % Commercial real estate Pass Rated 898 6,812 4,221 3,766 2,973 8,908 203 27,781 Criticized 6 63 27 49 173 359 86 763 Total commercial real estate 904 6,875 4,248 3,815 3,146 9,267 289 28,544 % of total commercial real estate 3.2 % 24.0 % 14.9 % 13.4 % 11.0 % 32.5 % 1.0 % 100.0 % Equipment lease financing Pass Rated 334 1,438 1,252 1,038 680 2,059 6,801 Criticized 4 74 88 44 27 23 260 Total equipment lease financing 338 1,512 1,340 1,082 707 2,082 7,061 % of total equipment lease financing 4.8 % 21.4 % 19.0 % 15.3 % 10.0 % 29.5 % 100.0 % Total commercial lending $ 8,508 $ 27,455 $ 18,125 $ 13,275 $ 9,559 $ 23,686 $ 84,051 $ 77 $ 184,736 % of total commercial lending 4.6 % 14.9 % 9.8 % 7.2 % 5.2 % 12.8 % 45.5 % — 100.0 % December 31, 2019 - Dollars in millions Pass Rated Criticized Total Loans Commercial $ 119,761 $ 5,576 $ 125,337 Commercial real estate 27,424 686 28,110 Equipment lease financing 6,891 264 7,155 Total commercial lending $ 154,076 $ 6,526 $ 160,602 (a) Loans in our commercial lending portfolio are classified as Pass Rated or Criticized based on the regulatory definitions, which are driven by the PD and LGD ratings that we assign. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of March 31, 2020 and December 31, 2019. Home Equity and Residential Real Estate Loan Classes We use several credit quality indicators, including delinquency information, nonperforming loan information, updated credit scores, originated and updated LTV ratios to monitor and manage credit risk within the home equity and residential real estate loan classes. A summary of credit quality indicators follows: Delinquency/Delinquency Rates : We monitor trending of delinquency/delinquency rates for home equity and residential real estate loans. See Table 40 for additional information. Nonperforming Loans : We monitor trending of nonperforming loans for home equity and residential real estate loans. See Table 40 for additional information. Credit Scores: We use a national third-party provider to update FICO credit scores for home equity and residential real estate loans at least quarterly. The updated scores are incorporated into a series of credit management reports, which are utilized to monitor the risk in the loan classes. LTV (inclusive of combined loan-to-value (CLTV) for first and subordinate lien positions): At least annually, we update the property values of real estate collateral and calculate an updated LTV ratio. For open-end credit lines secured by real estate in regions experiencing significant declines in property values, more frequent valuations may occur. We examine LTV migration and stratify LTV into categories to monitor the risk in the loan classes. We use a combination of original LTV and updated LTV for internal risk management and reporting purposes ( e.g. , line management, loss mitigation strategies). In addition to the fact that estimated property values by their nature are estimates, given certain data limitations it is important to note that updated LTVs may be based upon management’s assumptions ( i.e. , if an updated LTV is not provided by the third-party service provider, HPI changes will be incorporated in arriving at management’s estimate of updated LTV). Updated LTV is estimated using modeled property values. The related estimates and inputs are based upon an approach that uses a combination of third-party automated valuation models, broker price opinions, HPI indices, property location, internal and external balance information, origination data and management assumptions. We generally utilize origination lien balances provided by a third-party, where applicable, which do not include an amortization assumption when calculating updated LTV. Accordingly, the results of the calculations do not represent actual appraised loan level collateral or updated LTV based upon lien balances held by others, and as such, are necessarily imprecise and subject to change as we refine our methodology. The following table presents credit quality indicators for the home equity and residential real estate loan classes. Table 43 : Home Equity and Residential Real Estate Loans Credit Quality Indicators Amortized Cost Basis by Origination Year March 31, 2020 – Dollars in millions Three months ended March 31, 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Home Equity Current estimated LTV ratios . Greater than or equal to 100% $ 18 $ 27 $ 30 $ 18 $ 144 $ 722 $ 389 $ 1,348 Greater than or equal to 90% to less than 100% 45 37 20 15 87 684 263 1,151 Less than 90% $ 785 2,584 761 1,041 875 4,880 8,502 3,154 22,582 Total home equity $ 785 $ 2,647 $ 825 $ 1,091 $ 908 $ 5,111 $ 9,908 $ 3,806 $ 25,081 Updated FICO scores Greater than 660 $ 773 $ 2,521 $ 761 $ 1,026 $ 856 $ 4,609 $ 9,339 $ 2,871 $ 22,756 Less than or equal to 660 12 126 64 64 51 493 555 842 2,207 No FICO score available 1 1 9 14 93 118 Total home equity $ 785 $ 2,647 $ 825 $ 1,091 $ 908 $ 5,111 $ 9,908 $ 3,806 $ 25,081 % of total home equity 3.1 % 10.6 % 3.3 % 4.3 % 3.6 % 20.4 % 39.5 % 15.2 % 100.0 % Residential Real Estate Current estimated LTV ratios Greater than or equal to 100% $ 3 $ 58 $ 74 $ 68 $ 241 $ 444 Greater than or equal to 90% to less than 100% $ 4 27 61 64 50 155 361 Less than 90% 1,757 6,236 1,867 2,752 2,697 5,556 20,865 Government insured or guaranteed loans 9 13 17 25 516 580 Total residential real estate $ 1,761 $ 6,275 $ 1,999 $ 2,907 $ 2,840 $ 6,468 $ 22,250 Updated FICO scores Greater than 660 $ 1,757 $ 6,198 $ 1,945 $ 2,844 $ 2,732 $ 5,166 $ 20,642 Less than or equal to 660 2 65 41 41 79 693 921 No FICO score available 2 3 5 4 93 107 Government insured or guaranteed loans 9 13 17 25 516 580 Total residential real estate $ 1,761 $ 6,275 $ 1,999 $ 2,907 $ 2,840 $ 6,468 $ 22,250 % of total residential real estate 7.9 % 28.1 % 9.0 % 13.1 % 12.8 % 29.1 % 100.0 % Home equity Residential real estate December 31, 2019 - Dollars in millions Current estimated LTV ratios Greater than or equal to 125% $ 366 $ 112 Greater than or equal to 100% to less than 125% 877 221 Greater than or equal to 90% to less than 100% 1,047 340 Less than 90% 22,068 19,305 No LTV ratio available 184 83 Government insured or guaranteed loans 584 Purchased impaired loans 543 1,176 Total loans $ 25,085 $ 21,821 Updated FICO Scores Greater than 660 $ 22,245 $ 19,341 Less than or equal to 660 2,019 569 No FICO score available 278 151 Government insured or guaranteed loans 584 Purchased impaired loans 543 1,176 Total loans $ 25,085 $ 21,821 Automobile, Credit Card, Education and Other Consumer Loan Classes We monitor a variety of credit quality information in the management of these consumer loan classes. For all loan types, we generally use a combination of internal loan parameters as well as an updated FICO score. We use FICO scores as a primary credit quality indicator for automobile and credit card loans, as well as non-government guaranteed or non-insured education loans and other secured and unsecured lines and loans. Internal credit metrics, such as delinquency status, are heavily relied upon as credit quality indicators 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. Along with the monitoring of delinquency trends and losses for each class, FICO credit score updates are obtained at least quarterly along with a variety of credit bureau attributes. Loans with high FICO scores tend to have a lower likelihood of loss. Conversely, loans with low FICO scores tend to have a higher likelihood of loss. The following table presents credit quality indicators for the automobile, credit card, education and other consumer loan classes. Table 44 : Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes Amortized Cost Basis by Origination Year March 31, 2020 – Dollars in millions Three months ended March 31, 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Automobile FICO score greater than 719 $ 1,586 $ 4,090 $ 1,955 $ 1,164 $ 725 $ 275 $ 9,795 650 to 719 320 2,112 1,225 571 256 105 4,589 620 to 649 14 525 306 122 47 21 1,035 Less than 620 8 673 633 283 119 59 1,775 Total automobile $ 1,928 $ 7,400 $ 4,119 $ 2,140 $ 1,147 $ 460 $ 17,194 % of total automobile 11.2 % 43.0 % 24.0 % 12.4 % 6.7 % 2.7 % 100.0 % Credit card FICO score greater than 719 $ 3,564 $ 10 $ 3,574 650 to 719 2,370 27 2,397 620 to 649 442 12 454 Less than 620 547 49 596 No FICO score available or required (a) 108 3 111 Total credit card $ 7,031 $ 101 $ 7,132 % total credit card 98.6 % 1.4 % 100.0 % Education FICO score greater than 719 $ 7 $ 89 $ 121 $ 94 $ 78 $ 703 $ 1,092 650 to 719 2 14 19 12 9 124 180 620 to 649 1 2 1 1 20 25 Less than 620 1 1 1 1 24 28 No FICO score available or required (a) 3 11 7 6 1 1 29 Total loans using FICO credit metric 12 116 150 114 90 872 1,354 Other internal credit metrics 11 59 1,823 1,893 Total education $ 23 $ 175 $ 150 $ 114 $ 90 $ 2,695 $ 3,247 % total education .7 % 5.4 % 4.6 % 3.5 % 2.8 % 83.0 % 100.0 % Other consumer FICO score greater than 719 $ 218 $ 623 $ 219 $ 71 $ 25 $ 90 $ 230 $ 1 $ 1,477 650 to 719 126 349 158 40 13 26 162 1 875 620 to 649 17 56 29 6 2 4 26 140 Less than 620 5 45 37 12 4 9 44 1 157 No FICO score available or required (a) 1 2 6 9 Total loans using FICO credit metric 367 1,073 443 129 44 131 468 3 2,658 Other internal credit metrics 14 74 49 34 65 88 2,018 3 2,345 Total other consumer $ 381 $ 1,147 $ 492 $ 163 $ 109 $ 219 $ 2,486 $ 6 $ 5,003 % total other consumer 7.6 % 22.9 % 9.8 % 3.3 % 2.2 % 4.4 % 49.7 % .1 % 100.0 % Dollars in millions Automobile Credit Card Education Other Consumer December 31, 2019 FICO score greater than 719 $ 9,232 $ 3,867 $ 1,139 $ 1,421 650 to 719 4,577 2,326 197 843 620 to 649 1,001 419 25 132 Less than 620 1,603 544 27 143 No FICO score available or required (a) 341 152 15 27 Total loans using FICO credit metric 16,754 7,308 1,403 2,566 Consumer loans using other internal credit metrics 1,933 2,371 Total loans $ 16,754 $ 7,308 $ 3,336 $ 4,937 Weighted-average updated FICO score (b) 726 724 773 727 (a) 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 category and, when necessary, takes actions to mitigate the credit risk. (b) Weighted-average updated FICO score excludes accounts with no FICO score available or required. Troubled Debt Restructurings (TDRs) A TDR is a loan whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulty. Loans that have been restructured for COVID-19 related hardships and meet certain criteria under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) are not categorized as TDRs. TDRs result from our loss mitigation activities, and include rate reductions, principal forgiveness, postponement/reduction of scheduled amortization, and extensions, which are intended to minimize economic loss and to avoid foreclosure or repossession of collateral. Additionally, TDRs also result from borrowers that have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to us. In those situations where principal is forgiven, the amount of such principal forgiveness is immediately charged off. Table 45 quantifies the number of loans that were classified as TDRs as well as the change in the loans’ amortized cost basis as a result of becoming a TDR during the three months ended March 31, 2020. Amounts for the three months ended March 31, 2019 represent recorded investment. Additionally, the table provides information about the types of TDR concessions. See Note 3 Asset Quality in our 2019 Form 10-K for additional discussion of TDRs. Table 45 : Financial Impact and TDRs by Concession Type Pre-TDR Amortized Cost Basis (b) Post-TDR Amortized Cost Basis (c) During the three months ended March 31, 2020 Number Principal Forgiveness Rate Reduction Other Total Total commercial lending 13 $ 62 $ 6 $ 37 $ 43 Total consumer lending 3,567 36 $ 22 10 32 Total TDRs 3,580 $ 98 $ 6 $ 22 $ 47 $ 75 (a) Impact of partial charge-offs at TDR date are included in this table. (b) Represents the amortized cost basis of the loans as of the quarter end prior to TDR designation. (c) Represents the amortized cost basis of the TDRs as of the end of the quarter in which the TDR occurs. Pre-TDR Recorded Investment (e) Post-TDR Recorded Investment (f) During the three months ended March 31, 2019 Number Principal Forgiveness Rate Reduction Other Total Total commercial lending 22 $ 105 $ 109 $ 109 Total consumer lending 3,814 42 $ 24 16 40 Total TDRs 3,836 $ 147 $ 24 $ 125 $ 149 (d) Impact of partial charge-offs at TDR date are included in this table. (e) Represents the recorded investment of the loans as of the quarter end prior to TDR designation, and excludes immaterial amounts of accrued interest receivable. (f) 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 amortized cost basis of loans that were both (i) classified as TDRs or were subsequently modified during each 12-month period preceding January 1, 2020 and January 1, 2019, respectively, and (ii) subsequently defaulted during the three months ended March 31, 2020 and March 31, 2019 totaled $29 million and $18 million respectively. The comparable amount reflects recorded investment. Allowance for Credit Losses Allowance for Credit Losses - Loans and Leases We maintain the ACL for loans and leases at levels that we believe to be appropriate to absorb expected credit losses incurred in the portfolios as of the balance sheet date. See Note 1 Accounting Policies for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL for loans and leases follows. Table 46 : Rollforward of Allowance for Credit Losses - Loans and Leases At or for the three months ended March 31, 2020 Dollars in millions Commercial Lending Consumer Lending Total ACL - loans and leases December 31, 2019 (a) $ 1,812 $ 930 $ 2,742 Adoption of ASU 2016-13 (b) (304 ) 767 463 January 1, 2020 $ 1,508 $ 1,697 $ 3,205 Charge-offs (83 ) (221 ) (304 ) Recoveries 24 68 92 Net (charge-offs) (59 ) (153 ) (212 ) Provision for credit losses (c) 531 421 952 Other (1 ) (1 ) March 31, 2020 $ 1,979 $ 1,965 $ 3,944 Portfolio segment ACL as a percentage of total ACL for loans and leases 50 % 50 % 100 % Ratio of ACL for loans and leases to total loans 1.07 % 2.46 % 1.49 % (a) Amounts as of December 31, 2019 represent the ALLL. (b) Represents the impact of adopting ASU 2016-13, Financial Instruments - Credit Losses on January 1, 2020 and our transition from an incurred loss methodology for our reserves to an expected credit loss methodology. (c) The Provision for credit losses on the Consolidated Income Statement includes $952 million related to loans and leases, $9 million related to other financial assets and a recapture of credit losses for unfunded lending related commitments totaling $47 million for the three months ended March 31, 2020. See Table 47 Allowance for Credit Losses - Unfunded Lending Related Commitments We maintain the ACL for unfunded lending related commitments at a level we believe is appropriate as of the balance sheet date to absorb expected credit losses on these exposures. See Note 1 Accounting Policies for additional information. A rollforward of this allowance follows. Table 47 : Rollforward of Allowance for Credit Losses - Unfunded Lending Related Commitments At or for the three months ended March 31, 2020 Dollars in millions Commercial Lending Consumer Lending Total ACL - unfunded lending related commitments December 31, 2019 (a) $ 316 $ 2 $ 318 Adoption of ASU 2016-13 (b) 53 126 179 January 1, 2020 369 128 497 Provision for (recapture of ) credit losses (25 ) (22 ) (47 ) March 31, 2020 $ 344 $ 106 $ 450 Portfolio segment ACL as a percentage of total ACL for unfunded lending related commitments 76 % 24 % 100 % (a) Amounts at December 31, 2019 represent the allowance for unfunded loan commitments and letters of credit. (b) Represents the impact of adopting ASU 2016-13, Financial Instruments - Credit Losses on January 1, 2020 and our transition from an incurred loss methodology for our reserves to an expected credit loss methodology. See Note 8 Commitments for additional information about the underlying commitments related to this allowance. The following graph presents an analysis of changes impacting our ACL for the three months ended March 31, 2020. Table 48 : Analysis of Changes in the Allowance for Credit Losses (a) In millions (a) Excludes allowances for investment securities and other financial assets. (b) Portfolio changes represent the impact of increases/decreases in loan balances, age and mix due to new originations/purchases, as well as credit quality and net charge-off activity. (c) Economics represent our evaluation and determination of an economic forecast applied to our loan portfolio. The increase in the ACL as of March 31, 2020 was primarily attributable to the significant economic impact of COVID-19 along with loan growth in the commercial lending portfolio, reflecting higher utilization. Allowance for Loan and Lease Losses A rollforward of the ALLL and associated loan data follows: Table 49 : Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data At or for the three months ended March 31, 2019 Dollars in millions Commercial Lending Consumer Lending Total Allowance for loan and lease losses January 1, 2019 $ 1,663 $ 966 $ 2,629 Charge-offs (31 ) (184 ) (215 ) Recoveries 19 60 79 Net (charge-offs) (12 ) (124 ) (136 ) Provision for credit losses 80 109 189 Net decrease in allowance for unfunded loan commitments and letters of credit 5 1 6 Other 4 4 March 31, 2019 $ 1,736 $ 956 $ 2,692 TDRs individually evaluated for impairment $ 27 $ 130 $ 157 Other loans individually evaluated for impairment 60 60 Loans collectively evaluated for impairment 1,649 551 2,200 Purchased impaired loans 275 275 March 31, 2019 $ 1,736 $ 956 $ 2,692 Loan portfolio TDRs individually evaluated for impairment $ 456 $ 1,412 $ 1,868 Other loans individually evaluated for impairment 190 190 Loans collectively evaluated for impairment 157,796 69,732 227,528 Fair value option loans (a) 758 758 Purchased impaired loans 1,949 1,949 March 31, 2019 $ 158,442 $ 73,851 $ 232,293 Portfolio segment ALLL as a percentage of total ALLL 64 % 36 % 100 % Ratio of ALLL to total loans 1.10 % 1.29 % 1.16 % |
Loan Sale and Servicing Activit
Loan Sale and Servicing Activities and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Loan Sale and Servicing Activities and Variable Interest Entities | 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 2019 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 8 Commitments and Note 11 Fair Value 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 50 : Cash Flows Associated with Loan Sale and Servicing Activities In millions Residential Commercial Cash Flows - Three months ended March 31, 2020 Sales of loans (b) $ 1,334 $ 493 Repurchases of previously transferred loans (c) $ 95 $ 15 Servicing fees (d) $ 85 $ 33 Servicing advances recovered/(funded), net $ 12 $ 12 Cash flows on mortgage-backed securities held (e) $ 1,361 $ 37 Cash Flows - Three months ended March 31, 2019 Sales of loans (b) $ 715 $ 644 Repurchases of previously transferred loans (c) $ 93 Servicing fees (d) $ 87 $ 30 Servicing advances recovered/(funded), net $ 18 $ (23 ) Cash flows on mortgage-backed securities held (e) $ 507 $ 14 (a) Represents cash flow information associated with both commercial mortgage loan transfers and servicing activities. (b) Gains/losses recognized on sales of loans were insignificant for the periods presented. (c) Includes both residential and commercial mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our removal of account provision option, as well as residential mortgage 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 where we transferred to and/or service loans for a securitization SPE and we hold securities issued by that SPE. The carrying values of such securities held were $17.1 billion, $ 17.8 billion, and $ 14.6 billion in residential mortgage-backed securities and $.8 billion, $ .6 billion, and $ .6 billion in commercial mortgage-backed securities at March 31, 2020 , December 31, 2019 , and March 31, 2019 , respectively. Table 51 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, 2020 . Table 51 : Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others In millions Residential Mortgages Commercial Mortgages (a) March 31, 2020 Total principal balance $ 48,468 $ 41,514 Delinquent loans (b) $ 446 $ 10 December 31, 2019 Total principal balance $ 49,323 $ 42,414 Delinquent loans (b) $ 492 $ 64 Three months ended March 31, 2020 Net charge-offs (c) $ 8 $ 99 Three months ended March 31, 2019 Net charge-offs (c) $ 11 $ 119 (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 2019 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 have excluded certain transactions with non-consolidated VIEs from the balances presented in Table 52 where we have determined that our continuing involvement is not significant. 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. 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 52 . These loans are included as part of the asset quality disclosures that we make in Note 3 Loans . Table 52 : Non-Consolidated VIEs In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities March 31, 2020 Mortgage-backed securitizations (b) $ 19,067 $ 19,067 (c) Tax credit investments and other 3,023 2,948 (d) $ 992 (e) Total $ 22,090 $ 22,015 $ 992 December 31, 2019 Mortgage-backed securitizations (b) $ 19,287 $ 19,287 (c) Tax credit investments and other 3,131 3,028 (d) $ 1,101 (e) Total $ 22,418 $ 22,315 $ 1,101 (a) 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 credits 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. Within Income taxes, during the three months ended March 31, 2020 , we recognized $ 49 million of amortization, $ 50 million of tax credits and $ 12 million of other tax benefits associated with qualified investments in low income housing tax credits. |
Goodwill and Mortgage Servicing
Goodwill and Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Mortgage Servicing Rights | G OODWILL AND M ORTGAGE S ERVICING R IGHTS Goodwill See Note 1 Accounting Policies in this Report and Note 7 Goodwill and Mortgage Servicing Rights in our 2019 Form 10-K for more information regarding our goodwill. Mortgage Servicing Rights We recognize the right to service mortgage loans for others as an intangible asset when the servicing income we receive is more than adequate compensation. MSRs totaled $ 1.1 billion and $ 1.6 billion at March 31, 2020 and December 31, 2019 , 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 5, as well as Note 6 Fair Value in our 2019 Form 10-K for more detail on our fair value measurement of MSRs. Refer to Note 7 Goodwill and Mortgage Servicing Rights in our 2019 Form 10-K for more information on our accounting and measurement of MSRs. Changes in the commercial and residential MSRs follow: Table 53 : Mortgage Servicing Rights Commercial MSRs Residential MSRs In millions 2020 2019 2020 2019 January 1 $ 649 $ 726 $ 995 $ 1,257 Additions: From loans sold with servicing retained 11 7 10 7 Purchases 19 19 18 6 Changes in fair value due to: Time and payoffs (a) (35 ) (38 ) (39 ) (33 ) Other (b) (167 ) (33 ) (379 ) (106 ) March 31 $ 477 $ 681 $ 605 $ 1,131 Related unpaid principal balance at March 31 $ 225,769 $ 186,946 $ 118,104 $ 123,079 Servicing advances at March 31 $ 145 $ 243 $ 99 $ 138 (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, 2020 are shown in Tables 54 and 55 . 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 54 and 55 . 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 54 : Commercial Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions March 31 December 31 Fair value $ 477 $ 649 Weighted-average life (years) 4.1 4.1 Weighted-average constant prepayment rate 4.51 % 4.56 % Decline in fair value from 10% adverse change $ 8 $ 9 Decline in fair value from 20% adverse change $ 16 $ 17 Effective discount rate 7.57 % 7.91 % Decline in fair value from 10% adverse change $ 12 $ 17 Decline in fair value from 20% adverse change $ 24 $ 34 Table 55 : Residential Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions March 31 December 31 Fair value $ 605 $ 995 Weighted-average life (years) 2.9 5.2 Weighted-average constant prepayment rate 27.14 % 13.51 % Decline in fair value from 10% adverse change $ 43 $ 46 Decline in fair value from 20% adverse change $ 81 $ 89 Weighted-average option adjusted spread 770 bps 769 bps Decline in fair value from 10% adverse change $ 13 $ 27 Decline in fair value from 20% adverse change $ 26 $ 52 Fees from mortgage loan servicing, which includes contractually specified servicing fees, late fees and ancillary fees were $.1 billion for the three months ended March 31, 2020 and 2019 . 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 within Noninterest income on our Consolidated Income Statement in Corporate services and Residential mortgage, respectively. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | L EASES PNC's lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. Lease income from sales-type and direct financing leases is included in Loan interest income and operating lease income is included in Corporate services on our Consolidated Income Statement. For more information on lease accounting see Note 1 Accounting Policies and Note 24 Leases in our 2019 Form 10-K. Table 56 : Lessor Income Three months ended In millions 2020 2019 Product Sales-type leases and direct financing leases $ 71 $ 74 Operating leases 27 31 Lessor Income $ 98 $ 105 |
Leases | L EASES PNC's lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. Lease income from sales-type and direct financing leases is included in Loan interest income and operating lease income is included in Corporate services on our Consolidated Income Statement. For more information on lease accounting see Note 1 Accounting Policies and Note 24 Leases in our 2019 Form 10-K. Table 56 : Lessor Income Three months ended In millions 2020 2019 Product Sales-type leases and direct financing leases $ 71 $ 74 Operating leases 27 31 Lessor Income $ 98 $ 105 |
Borrowed Funds
Borrowed Funds | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | B ORROWED F UNDS The following shows the carrying value of total borrowed funds of $ 73.4 billion at March 31, 2020 (including adjustments related to purchase accounting, accounting hedges and unamortized original issuance discounts) by remaining contractual maturity: Table 57 : Borrowed Funds In billions Less than 1 year $ 38.8 1 to 2 years $ 7.4 2 to 3 years $ 8.1 3 to 4 years $ 2.7 4 to 5 years $ 2.9 Over 5 years $ 13.5 The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of March 31, 2020 and the carrying values as of March 31, 2020 and December 31, 2019 . Table 58 : FHLB Borrowings, Senior Debt and Subordinated Debt Stated Rate Maturity Carrying Value Dollars in millions 2020 2020 2020 2019 Parent Company Senior debt 2.20%-4.38% 2020-2030 $ 10,442 $ 8,843 Subordinated debt 3.90 % 2024 814 777 Junior subordinated debt 2.15 % 2028 205 205 Subtotal 11,461 9,825 Bank FHLB (a) 0.32%-1.89% 2020-2021 23,491 16,341 Senior debt 1.13%-3.50% 2020-2043 20,996 20,167 Subordinated debt 2.70%-4.20% 2022-2029 5,456 5,152 Subtotal 49,943 41,660 Total $ 61,404 $ 51,485 (a) FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities. In Table 58 , the carrying values for Parent Company senior and subordinated debt include basis adjustments of $778 million and $65 million , respectively, whereas Bank senior and subordinated debt include basis adjustments of $592 million and $473 million , respectively, related to fair value accounting hedges as of March 31, 2020 . Certain borrowings are reported at fair value, refer to Note 11 Fair Value for more information on those borrowings. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Guarantees [Abstract] | |
Commitments | 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, 2020 and December 31, 2019 , respectively. 59 : Commitments to Extend Credit and Other Commitments In millions March 31 December 31 Commitments to extend credit Total commercial lending $ 115,996 $ 131,762 Home equity lines of credit 16,843 16,803 Credit card 32,065 30,862 Other 7,100 6,162 Total commitments to extend credit 172,004 185,589 Net outstanding standby letters of credit (a) 9,428 9,843 Reinsurance agreements (b) 110 1,393 Standby bond purchase agreements (c) 1,464 1,295 Other commitments (d) 1,530 1,498 Total commitments to extend credit and other commitments $ 184,536 $ 199,618 (a) Net outstanding standby letters of credit include $4.0 billion and $4.1 billion at March 31, 2020 and December 31, 2019 , 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, 2020 , the aggregate maximum exposure amount was zero for accidental death and dismemberment contracts, and $.1 billion for credit life, accident and health contracts. Comparable amounts at December 31, 2019 were $ 1.3 billion and $.1 billion , respectively. (c) We enter into standby bond purchase agreements to support municipal bond obligations. (d) Includes $.6 billion related to investments in qualified affordable housing projects at both March 31, 2020 and December 31, 2019 . 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 generally 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 97% of our net outstanding standby letters of credit were rated as Pass as of March 31, 2020 , with the remainder rated as Criticized. An internal credit rating of Pass indicates the expected risk of loss is currently low, while a rating of Criticized 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, 2020 had terms ranging from less than one year to six years. As of March 31, 2020 , assets of $1.1 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, 2020 and is included in Other liabilities on our Consolidated Balance Sheet. |
Total Equity and Other Comprehe
Total Equity and Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Other Comprehensive Income [Abstract] | |
Total Equity and Other Comprehensive Income Disclosure | T OTAL E QUITY A ND O THER C OMPREHENSIVE I NCOME Activity in total equity for the three months ended March 31, 2020 and 2019 follows. Table 60 : 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 Three months ended Balance at December 31, 2018 (a) 457 $ 2,711 $ 3,986 $ 12,291 $ 38,919 $ (725 ) $ (9,454 ) $ 42 $ 47,770 Cumulative effect of ASU 2016-02 adoption (b) 62 62 Balance at January 1, 2019 (a) 457 $ 2,711 $ 3,986 $ 12,291 $ 38,981 $ (725 ) $ (9,454 ) $ 42 $ 47,832 Net income 1,261 10 1,271 Other comprehensive income (loss), net of tax 720 720 Cash dividends declared - Common (436 ) (436 ) Cash dividends declared - Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Common stock activity Treasury stock activity (5 ) 10 (631 ) (621 ) Other 3 (118 ) (13 ) (128 ) Balance at March 31, 2019 (a) 452 $ 2,711 $ 3,990 $ 12,183 $ 39,742 $ (5 ) $ (10,085 ) $ 39 $ 48,575 Balance at December 31, 2019 (a) 433 $ 2,712 $ 3,993 $ 12,376 $ 42,215 $ 799 $ (12,781 ) $ 29 $ 49,343 Cumulative effect of ASU 2016-13 adoption (c) (671 ) (671 ) Balance at January 1, 2020 (a) 433 $ 2,712 $ 3,993 $ 12,376 $ 41,544 $ 799 $ (12,781 ) $ 29 $ 48,672 Net income 908 7 915 Other comprehensive income (loss), net of tax 1,719 1,719 Cash dividends declared - Common (503 ) (503 ) Cash dividends declared - Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Common stock activity Treasury stock activity (9 ) 49 (1,359 ) (1,310 ) Other (131 ) (9 ) (140 ) Balance at March 31, 2020 (a) 424 $ 2,712 $ 3,994 $ 12,294 $ 41,885 $ 2,518 $ (14,140 ) $ 27 $ 49,290 (a) The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation. (b) Represents the cumulative effect of adopting ASU 2016-02 - Leases related primarily to deferred gains on previous sale-leaseback transactions. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in our 2019 Form 10-K for additional detail. (c) Represents the cumulative effect of adopting ASU 2016-13 - Financial Instruments - Credit Losses Other Comprehensive Income Details of other comprehensive income (loss) are as follows: Table 61 : Other Comprehensive Income (Loss) Three months ended In millions 2020 2019 Net unrealized gains (losses) on securities without an allowance for credit losses Increase in net unrealized gains (losses) on securities $ 1,669 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 1 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 181 Net increase (decrease), pre-tax 1,487 Effect of income taxes (341 ) Net increase (decrease), after-tax 1,146 Net unrealized gains (losses) on securities with an allowance for credit losses Increase in net unrealized gains (losses) on securities (7 ) Less: Net gains (losses) realized on sales of securities reclassified to noninterest income Net increase (decrease), pre-tax (7 ) Effect of income taxes 2 Net increase (decrease), after-tax (5 ) Net unrealized gains (losses) on non-OTTI securities Increase in net unrealized gains (losses) on non-OTTI securities $ 640 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 3 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (2 ) Net increase (decrease), pre-tax 639 Effect of income taxes (147 ) Net increase (decrease), after-tax 492 Net unrealized gains (losses) on OTTI securities Increase in net unrealized gains (losses) on OTTI securities 9 Net increase (decrease), pre-tax 9 Effect of income taxes (2 ) Net increase (decrease), after-tax 7 Net unrealized gains (losses) on cash flow hedge derivatives Increase in net unrealized gains (losses) on cash flow hedge derivatives 830 108 Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income 42 (8 ) Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 2 1 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 1 15 Net increase (decrease), pre-tax 785 100 Effect of income taxes (180 ) (23 ) Net increase (decrease), after-tax 605 77 Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit activity 10 143 Amortization of actuarial loss (gain) reclassified to other noninterest expense 1 1 Amortization of prior service cost (credit) reclassified to other noninterest expense 1 1 Net increase (decrease), pre-tax 12 145 Effect of income taxes (3 ) (33 ) Net increase (decrease), after-tax 9 112 Other PNC’s portion of BlackRock’s OCI (34 ) 29 Net investment hedge derivatives 75 (18 ) Foreign currency translation adjustments and other (67 ) 23 Net increase (decrease), pre-tax (26 ) 34 Effect of income taxes (10 ) (2 ) Net increase (decrease), after-tax (36 ) 32 Total other comprehensive income (loss), pre-tax 2,251 927 Total other comprehensive income (loss), tax effect (532 ) (207 ) Total other comprehensive income (loss), after-tax $ 1,719 $ 720 Table 62 : 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, 2018 $ (284 ) $ 204 $ 47 $ (530 ) $ (162 ) $ (725 ) Net activity 492 7 77 112 32 720 Balance at March 31, 2019 $ 208 $ 211 $ 124 $ (418 ) $ (130 ) $ (5 ) In millions, after-tax Net unrealized gains (losses) on non-OTTI securities / securities without an ACL Net unrealized gains (losses) on OTTI securities / securities with an ACL Net unrealized gains (losses) on cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Total Balance at December 31, 2019 $ 844 $ 223 $ 276 $ (408 ) $ (136 ) $ 799 Cumulative effect of ASU 2016-13 adoption (a) 223 (223 ) — Balance at January 1, 2020 1,067 — 276 (408 ) (136 ) 799 Net activity 1,146 (5 ) 605 9 (36 ) 1,719 March 31, 2020 2,213 (5 ) 881 (399 ) (172 ) 2,518 (a) Represents the cumulative effect of adopting ASU 2016-13 - Credit Losses The following table provides the dividends per share for PNC's common and preferred stock. Table 63 : Dividends Per Share (a) Three months ended March 31 2020 2019 Common Stock $ 1.15 $ .95 Preferred Stock Series B $ .45 $ .45 Series O $ 3,375 $ 3,375 Series P $ 1,531 $ 1,531 Series Q $ 1,344 $ 1,344 Series R Series S (a) Dividends are payable quarterly other than Series O, Series R, and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters than the Series R and Series S preferred stock On April 2, 2020, we declared a quarterly common stock cash dividend of $1.15 per share payable on May 5, 2020. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | E ARNINGS P ER S HARE Table 64 : Basic and Diluted Earnings Per Common Share Three months ended In millions, except per share data 2020 2019 Basic Net income $ 915 $ 1,271 Less: Net income attributable to noncontrolling interests 7 10 Preferred stock dividends 63 63 Preferred stock discount accretion and redemptions 1 1 Net income attributable to common shareholders 844 1,197 Less: Dividends and undistributed earnings allocated to participating securities 4 5 Net income attributable to basic common shareholders $ 840 $ 1,192 Basic weighted-average common shares outstanding 429 455 Basic earnings per common share (a) $ 1.96 $ 2.62 Diluted Net income attributable to basic common shareholders $ 840 $ 1,192 Less: Impact of BlackRock earnings per share dilution 1 3 Net income attributable to diluted common shareholders $ 839 $ 1,189 Basic weighted-average common shares outstanding 429 455 Dilutive potential common shares 1 1 Diluted weighted-average common shares outstanding 430 456 Diluted earnings per common share (a) $ 1.95 $ 2.61 (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). |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value [Abstract] | |
Fair Value | 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, and is 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 2019 Form 10-K. Table 65 : Fair Value Measurements – Recurring Basis Summary March 31, 2020 December 31, 2019 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 $ 923 $ 4 $ 927 $ 817 $ 2 $ 819 Commercial mortgage loans held for sale 478 60 538 182 64 246 Securities available for sale U.S. Treasury and government agencies $ 16,699 282 16,981 $ 16,236 280 16,516 Residential mortgage-backed Agency 52,628 52,628 36,321 36,321 Non-agency 201 1,442 1,643 73 1,741 1,814 Commercial mortgage-backed Agency 3,289 3,289 3,118 3,118 Non-agency 4,082 4,082 3,372 3,372 Asset-backed 5,076 202 5,278 4,874 240 5,114 Other 5,103 73 5,176 2,834 74 2,908 Total securities available for sale 16,699 70,661 1,717 89,077 16,236 50,872 2,055 69,163 Loans 425 655 1,080 442 300 742 Equity investments (a) 500 1,220 2,014 855 1,276 2,421 Residential mortgage servicing rights 605 605 995 995 Commercial mortgage servicing rights 477 477 649 649 Trading securities (b) 1,976 2,041 4,017 433 2,787 3,220 Financial derivatives (b) (c) 3 8,635 135 8,773 3,448 54 3,502 Other assets 286 85 371 339 131 470 Total assets (d) $ 19,464 $ 83,248 $ 4,873 $ 107,879 $ 17,863 $ 58,679 $ 5,395 $ 82,227 Liabilities Other borrowed funds $ 1,363 $ 56 $ 5 $ 1,424 $ 385 $ 126 $ 7 $ 518 Financial derivatives (c) (e) 3 3,740 185 3,928 1,819 200 2,019 Other liabilities 72 72 137 137 Total liabilities (f) $ 1,366 $ 3,796 $ 262 $ 5,424 $ 385 $ 1,945 $ 344 $ 2,674 (a) 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. (b) Included in Other assets on the Consolidated Balance Sheet. (c) Amounts at March 31, 2020 and December 31, 2019 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 12 Financial Derivatives for additional information related to derivative offsetting. (d) Total assets at fair value as a percentage of total consolidated assets was 24% and 20% as of March 31, 2020 and December 31, 2019, respectively. Level 3 assets as a percentage of total assets at fair value was 5% and 7% as of March 31, 2020 and December 31, 2019, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both March 31, 2020 and December 31, 2019. (e) Included in Other liabilities on the Consolidated Balance Sheet. (f) Total liabilities at fair value as a percentage of total consolidated liabilities was 1% at both March 31, 2020 and December 31, 2019. Level 3 liabilities as a percentage of total liabilities at fair value was 5% and 13% as of March 31, 2020 and December 31, 2019, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both March 31, 2020 and December 31, 2019. Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2020 and 2019 follow: Table 66 : Reconciliation of Level 3 Assets and Liabilities Three Months Ended March 31, 2020 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Value Dec. 31, 2019 Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage loans $ 2 $ 2 $ (1 ) $ 4 $ (3 ) (e) $ 4 Commercial mortgage 64 $ (1 ) $ (3 ) 60 $ (1 ) Securities available for sale Residential mortgage- 1,741 16 $ (222 ) (93 ) 1,442 Asset-backed 240 2 (29 ) (11 ) 202 Other 74 (5 ) 4 73 Total securities 2,055 18 (256 ) 4 (104 ) 1,717 Loans 300 11 16 (26 ) 362 (d) (8 ) (e) 655 11 Equity investments 1,276 (69 ) 71 (58 ) 1,220 (64 ) Residential mortgage 995 (379 ) 18 $ 10 (39 ) 605 (379 ) Commercial mortgage 649 (167 ) 19 11 (35 ) 477 (166 ) Trading securities Financial derivatives 54 101 2 (22 ) 135 75 Other assets Total assets $ 5,395 $ (486 ) $ (256 ) $ 132 $ (85 ) $ 21 $ 159 $ 4 $ (11 ) $ 4,873 $ (524 ) Liabilities Other borrowed funds $ 7 $ 12 $ (14 ) $ 5 Financial derivatives 200 $ 8 $ 1 (24 ) 185 $ 10 Other liabilities 137 2 11 (78 ) $ 2 $ (2 ) 72 (6 ) Total liabilities $ 344 $ 10 $ 1 $ 23 $ (116 ) $ 2 $ (2 ) $ 262 $ 4 Net gains (losses) $ (496 ) (f) $ (528 ) (g) Three Months Ended March 31, 2019 Total realized / unrealized Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at Mar. 31, 2019 Level 3 Instruments Only Fair Value Dec. 31, 2018 Included in Earnings Included in Other comprehensive income (b) Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value Mar. 31, 2019 Assets Residential mortgage loans $ 2 $ 1 $ (1 ) $ 3 $ (3 ) (e) $ 2 Commercial mortgage 87 $ 1 $ (15 ) 73 $ 1 Securities available for sale Residential mortgage- 2,128 18 $ 2 (106 ) 2,042 Asset-backed 274 2 (10 ) 266 Other 84 1 85 Total securities 2,486 18 4 1 (116 ) 2,393 Loans 272 3 20 (3 ) (14 ) 2 (8 ) (e) 272 1 Equity investments 1,255 52 45 (135 ) 1,217 Residential mortgage 1,257 (106 ) 6 $ 7 (33 ) 1,131 (106 ) Commercial mortgage 726 (33 ) 19 7 (38 ) 681 (33 ) Trading securities 2 2 Financial derivatives 25 39 2 (10 ) 56 41 Other assets 45 (45 ) Total assets $ 6,157 $ (26 ) $ 4 $ 94 $ (139 ) $ 14 $ (271 ) $ 5 $ (11 ) $ 5,827 $ (96 ) Liabilities Other borrowed funds $ 7 $ 14 $ (15 ) $ 6 Financial derivatives 268 $ 30 $ 2 (70 ) 230 $ 34 Other liabilities 58 9 2 (7 ) 62 9 Total liabilities $ 333 $ 39 $ 2 $ 16 $ (92 ) $ 298 $ 43 Net gains (losses) $ (65 ) (f) $ (139 ) (g) (a) Losses for assets are bracketed while losses for liabilities are not. (b) The difference in unrealized gains and losses for the period included in Other comprehensive income and changes in unrealized gains and losses for the period included in Other comprehensive income for securities available for sale held at the end of the reporting period were not significant. (c) 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. (d) Upon adoption of ASU 2016-13 - Credit Losses , we discontinued the accounting for purchased impaired loans and elected the one-time fair value option election for some of these loans and certain nonperforming loans. (e) Residential mortgage loan transfers out of Level 3 are primarily driven by residential mortgage loans transferring to OREO as well as reclassification of mortgage loans held for sale to held for investment. (f) 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. (g) 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. 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. Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities follows: Table 67 : Fair Value Measurements – Recurring Quantitative Information March 31, 2020 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 60 Discounted cash flow Spread over the benchmark curve (b) 600bps - 3,715bps (2,357bps) Residential mortgage-backed 1,442 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 36.2% (9.9%) Constant default rate 0.0% - 14.1% (4.3%) Loss severity 20.0% - 95.7% (51.9%) Spread over the benchmark curve (b) 493bps weighted-average Asset-backed securities 202 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 35.0% (7.7%) Constant default rate 1.0% - 7.2% (3.3%) Loss severity 30.0% - 100.0% (57.9%) Spread over the benchmark curve (b) 643bps weighted-average Loans - Residential real estate 483 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (72.6%) Loss severity 0.0% - 100.0% (12.4%) Discount rate 4.5% - 6.5% (4.9%) 75 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 3.8% weighted-average Loans - Home equity 23 Consensus pricing (c) Cumulative default rate 6.0% - 100.0% (93.6%) Loss severity 0.0% - 99.4% (38.3%) Discount rate 4.5% - 6.5% (6.2%) 74 Consensus pricing (c) Credit and liquidity discount 12.1% - 97.0% (58.1%) Equity investments 1,220 Multiple of adjusted earnings Multiple of earnings 5.0x - 16.5x (8.4x) Residential mortgage servicing rights 605 Discounted cash flow Constant prepayment rate 0.0% - 58.6% (27.1%) Spread over the benchmark curve (b) 379bps - 1,481bps (770bps) Commercial mortgage servicing rights 477 Discounted cash flow Constant prepayment rate 3.4% - 25.3% (4.5%) Discount rate 4.1% - 8.1% (7.6%) Financial derivatives - Swaps related to (153 ) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 162.3% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation resolution date Q2 2021 Insignificant Level 3 assets, net of 103 Total Level 3 assets, net of liabilities (e) $ 4,611 December 31, 2019 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 64 Discounted cash flow Spread over the benchmark curve (b) 530bps - 2,935bps (1,889bps) Residential mortgage-backed 1,741 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 36.2% (9.9%) Constant default rate 0.0% - 14.1% (4.3%) Loss severity 26.6% - 95.7% (51.9%) Spread over the benchmark curve (b) 188bps weighted-average Asset-backed securities 240 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 22.0% (7.5%) Constant default rate 1.0% - 7.2% (3.4%) Loss severity 30.0% - 100.0% (57.6%) Spread over the benchmark curve (b) 215bps weighted-average Loans 184 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (76.7%) Loss severity 0.0% - 100.0% (14.5%) Discount rate 5.0% - 8.0% (5.2%) 72 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 4.8% weighted-average 44 Consensus pricing (c) Credit and Liquidity discount 0.0% - 99.0% (63.4%) Equity investments 1,276 Multiple of adjusted earnings Multiple of earnings 5.0x - 16.5x (8.5x) Residential mortgage servicing rights 995 Discounted cash flow Constant prepayment rate 0.0% - 53.8% (13.5%) Spread over the benchmark curve (b) 320bps - 1,435bps (769bps) Commercial mortgage servicing rights 649 Discounted cash flow Constant prepayment rate 3.5% - 18.1% (4.6%) Discount rate 5.6% - 8.1% (7.9%) Financial derivatives - Swaps related to (176 ) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 162.3% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation Q1 2021 Insignificant Level 3 assets, net of (38 ) Total Level 3 assets, net of liabilities (e) $ 5,051 (a) Unobservable inputs were weighted by the relative fair value of the instruments. (b) 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. (c) 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. (d) 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 securities, residential mortgage loans held for sale, other assets, other borrowed funds and other liabilities. (e) Consisted of total Level 3 assets of $ 4.9 billion and total Level 3 liabilities of $.3 billion as of March 31, 2020 and $5.4 billion and $.3 billion as of December 31, 2019 , 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 68 . 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 2019 Form 10-K. Table 68 : Fair Value Measurements – Nonrecurring (a) (b) (c) Fair Value Gains (Losses) Three months ended In millions March 31 December 31 March 31 March 31 Assets Nonaccrual loans $ 140 $ 136 $ (28 ) $ (18 ) Loans held for sale 150 OREO and foreclosed assets 25 57 (1 ) (2 ) Long-lived assets 5 5 (1 ) (4 ) Total assets $ 320 $ 198 $ (30 ) $ (24 ) (a) All Level 3 for the periods presented. (b) Valuation techniques applied were fair value of property or collateral. (c) Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented. 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 2019 Form 10-K. Fair values and aggregate unpaid principal balances of certain items for which we elected the fair value option follow: Table 69 : Fair Value Option – Fair Value and Principal Balances March 31, 2020 December 31, 2019 In millions Fair Value Aggregate Unpaid Principal Balance Difference Fair Value Aggregate Unpaid Principal Balance Difference Assets Residential mortgage loans held for sale Performing loans $ 915 $ 872 $ 43 $ 813 $ 792 $ 21 Accruing loans 90 days or more past due 3 3 2 2 Nonaccrual loans 9 9 4 4 Total $ 927 $ 884 $ 43 $ 819 $ 798 $ 21 Commercial mortgage loans held for sale (a) Performing loans $ 537 $ 521 $ 16 $ 245 $ 263 $ (18 ) Nonaccrual loans 1 1 1 2 (1 ) Total $ 538 $ 522 $ 16 $ 246 $ 265 $ (19 ) Loans Performing loans $ 289 $ 303 $ (14 ) $ 291 $ 304 $ (13 ) Accruing loans 90 days or more past due 262 275 (13 ) 285 296 (11 ) Nonaccrual loans 529 801 (272 ) 166 265 (99 ) Total $ 1,080 $ 1,379 $ (299 ) $ 742 $ 865 $ (123 ) Other assets $ 85 $ 118 $ (33 ) $ 132 $ 125 $ 7 Liabilities Other borrowed funds $ 48 $ 49 $ (1 ) $ 63 $ 64 $ (1 ) (a) There were no accruing loans 90 days or more past due within this category at March 31, 2020 or December 31, 2019 . The changes in fair value for items for which we elected the fair value option are as follows: Table 70 : Fair Value Option – Changes in Fair Value (a) Gains (Losses) Three months ended March 31 March 31 In millions 2020 2019 Assets Residential mortgage loans held for sale $ 46 $ 14 Commercial mortgage loans held for sale $ 48 $ 5 Loans $ 18 $ 4 Other assets $ (36 ) $ 9 (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, 2020 and December 31, 2019 . For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 71 , see Note 6 Fair Value in our 2019 Form 10-K. Table 71 : Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 March 31, 2020 Assets Cash and due from banks $ 7,493 $ 7,493 $ 7,493 Interest-earning deposits with banks 19,986 19,986 $ 19,986 Securities held to maturity 1,469 1,621 924 542 $ 155 Net loans (excludes leases) 252,557 259,894 259,894 Other assets 5,493 5,493 5,493 Total assets $ 286,998 $ 294,487 $ 8,417 $ 26,021 $ 260,049 Liabilities Time deposits $ 22,440 $ 22,399 $ 22,399 Borrowed funds 71,975 70,660 68,909 $ 1,751 Unfunded loan commitments and letters of credit 450 450 450 Other liabilities 456 456 456 Total liabilities $ 95,321 $ 93,965 $ 91,764 $ 2,201 December 31, 2019 Assets Cash and due from banks $ 5,061 $ 5,061 $ 5,061 Interest-earning deposits with banks 23,413 23,413 $ 23,413 Securities held to maturity 17,661 18,044 832 17,039 $ 173 Net loans (excludes leases) 229,205 232,670 232,670 Other assets 5,700 5,700 5,692 8 Total assets $ 281,040 $ 284,888 $ 5,893 $ 46,144 $ 232,851 Liabilities Time deposits $ 21,663 $ 21,425 $ 21,425 Borrowed funds 59,745 60,399 58,622 $ 1,777 Unfunded loan commitments and letters of credit 318 318 318 Other liabilities 506 506 506 Total liabilities $ 82,232 $ 82,648 $ 80,553 $ 2,095 The aggregate fair values in Table 71 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 65 ); • 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 (MSRs); • 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 under ASU 2016-01. |
Financial Derivatives
Financial Derivatives | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Derivatives | F INANCIAL D ERIVATIVES We use a variety of financial derivatives to both mitigate exposure to market (primarily interest rate) and credit risk inherent in our business activities, as well as, to facilitate customer risk management activities. We manage these risks as part of our overall asset and liability management process and through our credit policies and procedures. 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. Derivative transactions are often measured in terms of notional amount, but this amount is generally not exchanged and it is not recorded on the balance sheet. The notional amount is the basis to which the underlying is applied to determine required payments under the derivative contract. The underlying is a referenced interest rate (commonly LIBOR), security price, credit spread or other index. Residential and commercial real estate loan commitments associated with loans to be sold also qualify as derivative instruments. For more information regarding derivatives see Note 1 Accounting Policies and Note 13 Financial Derivatives in our 2019 Form 10-K. The following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by us. Table 72 : Total Gross Derivatives (a) March 31, 2020 December 31, 2019 In millions Notional / Contract Amount Asset Fair Value (b) Liability Fair Value (c) Notional / Contract Amount Asset Fair Value (b) Liability Fair Value (c) Derivatives used for hedging Interest rate contracts (d): Fair value hedges $ 31,764 $ 30,663 Cash flow hedges 24,889 $ 133 23,642 $ 6 Foreign exchange contracts: Net investment hedges 1,182 70 1,102 $ 6 Total derivatives designated for hedging $ 57,835 $ 203 $ 55,407 $ 6 $ 6 Derivatives not used for hedging Derivatives used for mortgage banking activities (e): Interest rate contracts: Swaps $ 54,029 $ 52,007 $ 1 Futures (f) 2,901 3,487 Mortgage-backed commitments 19,022 $ 248 $ 206 7,738 60 $ 44 Other 7,168 35 49 3,134 32 23 Total interest rate contracts 83,120 283 255 66,366 93 67 Derivatives used for customer-related activities: Interest rate contracts: Swaps 268,654 6,346 1,834 249,075 2,769 1,187 Futures (f) 1,491 703 Mortgage-backed commitments 7,182 44 71 3,721 2 6 Other 23,439 299 106 21,379 113 33 Total interest rate contracts 300,766 6,689 2,011 274,878 2,884 1,226 Commodity contracts: Swaps 5,152 792 783 5,204 234 229 Other 4,033 252 252 4,203 72 72 Total commodity contracts 9,185 1,044 1,035 9,407 306 301 Foreign exchange contracts and other 27,099 413 436 27,120 204 162 Total foreign exchange contracts and other 337,050 8,146 3,482 311,405 3,394 1,689 Derivatives used for other risk management activities: Foreign exchange contracts and other 10,487 141 191 10,201 9 257 Total derivatives not designated for hedging $ 430,657 $ 8,570 $ 3,928 $ 387,972 $ 3,496 $ 2,013 Total gross derivatives $ 488,492 $ 8,773 $ 3,928 $ 443,379 $ 3,502 $ 2,019 Less: Impact of legally enforceable master netting agreements 1,341 1,341 690 690 Less: Cash collateral received/paid 2,110 1,109 616 790 Total derivatives $ 5,322 $ 1,478 $ 2,196 $ 539 (a) Centrally cleared derivatives are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet . (b) Included in Other assets on our Consolidated Balance Sheet. (c) Included in Other liabilities on our Consolidated Balance Sheet. (d) Represents primarily swaps. (e) Includes both residential and commercial mortgage banking activities. (f) Futures contracts settle in cash daily and, therefore, no derivative asset or derivative liability is recognized on our Consolidated Balance Sheet. 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 12 . Any nonperformance risk, including credit risk, is included in the determination of the estimated net fair value of the derivatives. Derivatives Designated As Hedging Instruments 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. 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 AOCI 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, 2020 , we expect to reclassify net derivative gains of $491 million pretax, or $388 million after-tax, from AOCI 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, 2020 . As of March 31, 2020 , the maximum length of time over which forecasted transactions are hedged is ten years. Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table. Table 73 : 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, 2020 Total amounts on the Consolidated Income Statement $ 2,480 $ 582 $ 314 $ 343 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 234 $ (1,361 ) Derivatives $ (231 ) $ 1,339 Amounts related to interest settlements on derivatives $ (2 ) $ 59 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 42 $ 2 $ 1 For the three months ended March 31, 2019 Total amounts on the Consolidated Income Statement $ 2,602 $ 620 $ 481 $ 308 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 58 $ (274 ) Derivatives $ (55 ) $ 228 Amounts related to interest settlements on derivatives $ 5 $ 11 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ (8 ) $ 1 $ 15 (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 hedge relationships. (d) Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table. Table 74 : Hedged Items - Fair Value Hedges March 31, 2020 December 31, 2019 In millions Carrying Value of the Hedged Items Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) 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) $ 5,020 $ 222 $ 5,666 $ 59 Borrowed funds $ 31,463 $ 1,909 $ 28,616 $ 548 (a) Includes $(.2) billion and $(.3) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships for March 31, 2020 and December 31, 2019 , respectively. (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. Gains (losses) on net investment hedge derivatives recognized in OCI were $75 million and $(18) million for the three months ended March 31, 2020 and 2019, respectively. Derivatives Not Designated As Hedging Instruments For additional information on derivatives not designated as hedging instruments under GAAP, see Note 13 Financial Derivatives in our 2019 Form 10-K. Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table. Table 75 : Gains (Losses) on Derivatives Not Designated for Hedging Three months ended In millions 2020 2019 Derivatives used for mortgage banking activities: Interest rate contracts (a) $ 654 $ 128 Derivatives used for customer-related activities: Interest rate contracts 2 (2 ) Foreign exchange contracts and other (b) 11 23 Gains (losses) from customer-related activities (c) 13 21 Derivatives used for other risk management activities: Foreign exchange contracts and other (c) 207 (54 ) Total gains (losses) from derivatives not designated as hedging instruments $ 874 $ 95 (a) Included in Residential mortgage, Corporate services and Other noninterest income on our Consolidated Income Statement. (b) Includes an insignificant amount of gains (losses) on commodity contracts for all periods presented. (c) Included in Other noninterest income on our Consolidated Income Statement. 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 2019 Form 10-K. Table 76 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities as of March 31, 2020 and December 31, 2019 . 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 76 Table 76 : 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, 2020 Derivative assets Interest rate contracts: Over-the-counter cleared $ 296 $ 296 $ 296 Over-the-counter 6,809 $ 499 $ 1,701 4,609 $ 634 3,975 Commodity contracts 1,044 484 382 178 178 Foreign exchange and other contracts 624 358 27 239 1 238 Total derivative assets $ 8,773 $ 1,341 $ 2,110 $ 5,322 (a) $ 635 $ 4,687 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 194 $ 194 $ 194 Over-the-counter 2,072 $ 901 $ 970 201 201 Commodity contracts 1,035 268 22 745 745 Foreign exchange and other contracts 627 172 117 338 338 Total derivative liabilities $ 3,928 $ 1,341 $ 1,109 $ 1,478 (b) $ 1,478 December 31, 2019 Derivative assets Interest rate contracts: Over-the-counter cleared $ 14 $ 14 $ 14 Over-the-counter 2,969 $ 365 $ 593 2,011 $ 215 1,796 Commodity contracts 306 198 18 90 90 Foreign exchange and other contracts 213 127 5 81 81 Total derivative assets $ 3,502 $ 690 $ 616 $ 2,196 (a) $ 215 $ 1,981 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 14 $ 14 $ 14 Over-the-counter 1,279 $ 475 $ 692 112 112 Commodity contracts 301 152 17 132 132 Foreign exchange and other contracts 425 63 81 281 281 Total derivative liabilities $ 2,019 $ 690 $ 790 $ 539 (b) $ 539 (a) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (b) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet. 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, 2020 , we held cash, U.S. government securities and mortgage-backed securities totaling $3.0 billion under master netting agreements and other collateral agreements to collateralize net derivative assets due from counterparties, and we pledged cash totaling $2.0 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, 2020 was $3.5 billion for which we had posted collateral of $2.4 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, 2020 would be $1.1 billion . |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2020 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | 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 13 as well as those matters disclosed in Note 19 Legal Proceedings in Part II, Item 8 of our 2019 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, 2020 , we estimate that it is reasonably possible that we could incur losses in excess of related accrued liabilities, if any, in an aggregate amount less than $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 2019 Form 10-K, we are unable, at this time, to estimate the losses that are reasonably possible to be incurred 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. Pre-need Funeral Arrangements In March 2020, in the lawsuit pending in the U.S. District Court for the Eastern District of Missouri under the caption Jo Ann Howard and Associates, P.C., et al. v. Cassity, et al . (No. 4:09-CV-1252-ERW), on the plaintiffs’ motion, the court dismissed the plaintiffs’ cross appeal of our appeal of the July 2019 district court award to the plaintiffs. We have also appealed the February 2020 district court award of $7 million in fees and costs to the plaintiffs. Other Regulatory and Governmental Inquiries We are the subject of investigations, audits, examinations 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. From time to time, these inquiries, including those described in Prior Disclosure, may involve or lead to regulatory enforcement actions and other administrative proceedings, and may lead to civil or criminal judicial proceedings. Some of these inquiries result in remedies including fines, penalties, restitution, or alterations in our business practices, and in additional expenses and collateral costs and other consequences. Such remedies and other consequences typically have not been material to us from a financial standpoint, but could be in the future. Even if not financially material, they may result in significant reputational harm or other adverse consequences. Our practice is to cooperate fully with regulatory and governmental investigations, audits and other inquiries, including that described in Prior Disclosure. Other In addition to the proceedings or other matters described 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. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 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. Total business segment financial results differ from total consolidated net income. These differences are 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 runoff consumer loan portfolios, private equity investments, intercompany eliminations, certain corporate overhead, tax adjustments that are not allocated to business segments, gains or losses related to BlackRock transactions, 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 period presented for comparison. 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. 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. We have allocated the ACL and allowances for loan and lease losses and unfunded 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 Results Table 77 : Results of Businesses Three months ended March 31 Retail Banking Corporate & Asset BlackRock Other Consolidated (a) 2020 Income Statement Net interest income $ 1,456 $ 950 $ 88 $ 17 $ 2,511 Noninterest income 788 694 204 $ 180 140 2,006 Total revenue 2,244 1,644 292 180 157 4,517 Provision for credit losses 445 458 3 8 914 Depreciation and amortization 57 48 11 124 240 Other noninterest expense 1,479 674 208 (58 ) 2,303 Income before income taxes and noncontrolling interests 263 464 70 180 83 1,060 Income taxes (benefit) 62 94 16 23 (50 ) 145 Net income $ 201 $ 370 $ 54 $ 157 $ 133 $ 915 Average Assets (b) $ 97,062 $ 172,502 $ 7,801 $ 8,511 $ 126,560 $ 412,436 2019 Income Statement Net interest income $ 1,349 $ 877 $ 70 $ 179 $ 2,475 Noninterest income 595 576 217 $ 233 190 1,811 Total revenue 1,944 1,453 287 233 369 4,286 Provision for credit losses (benefit) 128 71 (1 ) (9 ) 189 Depreciation and amortization 51 50 12 121 234 Other noninterest expense 1,417 636 218 73 2,344 Income before income taxes and noncontrolling interests 348 696 58 233 184 1,519 Income taxes (benefit) 84 144 13 36 (29 ) 248 Net income $ 264 $ 552 $ 45 $ 197 $ 213 $ 1,271 Average Assets (b) $ 91,255 $ 157,169 $ 7,259 $ 8,080 $ 122,135 $ 385,898 (a) There were no material intersegment revenues for the three months ended March 31, 2020 and 2019 . (b) Period-end balances for BlackRock. 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. Our customers are serviced through our branch network, ATMs, call centers, online banking and mobile channels. The branch network is located primarily in markets across the Mid-Atlantic, Midwest and Southeast. In 2018, Retail Banking launched its national expansion strategy designed to grow customers with digitally-led banking and an ultra-thin branch network in markets outside of our existing retail branch network. 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 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. The Treasury Management business provides payables, receivables, deposit and account services, liquidity and investments, and online and mobile banking products and services to our clients. 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. Asset Management Group provides personal wealth management for high net worth and ultra high net worth clients and institutional asset management. The Asset Management group is composed of three distinct operating units: • Wealth Management provides products and services to individuals and their families including investment and retirement planning, customized investment management, private banking, 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 clients. • Institutional asset management provides outsourced chief investment officer, custody, private real estate, cash and fixed income client solutions, and fiduciary retirement advisory services to institutional clients including corporations, healthcare systems, insurance companies, unions, municipalities and non-profits. BlackRock, in which we hold an equity investment, is a leading publicly-traded investment management firm providing a broad range of investment and technology services to institutional and retail clients worldwide. Using a diverse platform of alpha-seeking active, index and cash management investment strategies across asset classes, BlackRock tailors 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 technology services, including an investment and risk management technology platform, as well as advisory services and solutions to a broad base of institutional and wealth management clients. 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, 2020 , our economic interest in BlackRock was 22% . We received cash dividends from BlackRock of $126 million and $115 million during the first three months of 2020 and 2019 |
Fee-Based Revenue from Contract
Fee-Based Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Fee-Based Revenue from Contracts with Customers | F EE - BASED R EVENUE FROM C ONTRACTS WITH C USTOMERS As more fully described in Note 23 Fee-based Revenue from Contracts with Customers in our 2019 Form 10-K, 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). Fee-based revenue within the scope of Topic 606 is recognized within three of our reportable business segments, Retail Banking, Corporate & Institutional Banking and Asset Management Group. Income recognized from our investment in BlackRock, also a reportable segment, is outside of the scope of the standard. Topic 606 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 is included in our 2019 Form 10-K. Retail Banking Table 78 : Retail Banking Noninterest Income Disaggregation Three months ended In millions 2020 2019 Product Deposit account fees $ 158 $ 148 Debit card fees 129 124 Brokerage fees 93 89 Merchant services 49 48 Net credit card fees (a) 41 48 Other 56 66 Total in-scope noninterest income by product $ 526 $ 523 Reconciliation to total Retail Banking noninterest income Total in-scope noninterest income $ 526 $ 523 Total out-of-scope noninterest income (b) 262 72 Total Retail Banking noninterest income $ 788 $ 595 (a) Net credit card fees consists of interchange fees of $ 118 million and $112 million and credit card reward costs of $ 77 million and $64 million for the three months ended March 31, 2020 and 2019 , respectively. (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 Table 79 : Corporate & Institutional Banking Noninterest Income Disaggregation Three months ended In millions 2020 2019 Product Treasury management fees $ 216 $ 199 Capital markets fees 175 127 Commercial mortgage banking activities 26 25 Other 20 17 Total in-scope noninterest income by product $ 437 $ 368 Reconciliation to total Corporate & Institutional Banking noninterest income Total in-scope noninterest income $ 437 $ 368 Total out-of-scope noninterest income (a) 257 208 Total Corporate & Institutional Banking noninterest income $ 694 $ 576 (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 Table 80 : Asset Management Group Noninterest Income Disaggregation Three months ended In millions 2020 2019 Customer Type Personal $ 150 $ 147 Institutional 51 65 Total in-scope noninterest income by customer type $ 201 $ 212 Reconciliation to Asset Management Group noninterest income Total in-scope noninterest income $ 201 $ 212 Total out-of-scope noninterest income (a) 3 5 Total Asset Management Group noninterest income $ 204 $ 217 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">S</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;">UBSEQUENT</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;"> E</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;">VENTS [To be updated through date of 10-Q filing]</font></div></div> |
Accounting Policies (Policy)
Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Business and Basis of Financial Statement Presentation | B USINESS The PNC Financial Services Group, Inc. (PNC) is one of the largest diversified financial services companies in the United States (U.S.) and is headquartered in Pittsburgh, Pennsylvania. 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. 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 2019 Form 10-K. These interim consolidated financial statements serve to update our 2019 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. There have been significant changes to our accounting policies as disclosed in our 2019 Form 10-K due to the adoption of the current expected credit losses standard. The updated policies impacted by this adoption are included in this Note 1 in the first quarter of 2020 . Reference is made to Note 1 Accounting Policies in our 2019 Form 10-K for a detailed description of all other significant accounting policies. |
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 allowance for credit losses (ACL). Actual results may differ from the estimates and the differences may be material to the consolidated financial statements. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Accounting Standards Update (ASU) Description Financial Statement Impact Credit Losses- ASU 2016-13 Issued June 2016 Codification Improvements - ASU 2019-04 Various improvements related to Credit Losses (Topics 1, 2 and 5) Issued April 2019 Targeted Transition Relief - Credit Losses - ASU 2019-05 Issued May 2019 Codification Improvements - ASU 2019-11 Issued November 2019 • Commonly referred to as the Current Expected Credit Losses (CECL) standard. •Replaces measurement, recognition and disclosure guidance for credit related reserves ( i.e. , the allowance for loan and lease losses (ALLL) and the allowance for unfunded loan commitments and letters of credit) and Other than Temporary Impairment (OTTI) for debt securities. •Requires the use of an expected credit loss methodology; specifically, current expected credit losses for the remaining life of the asset will be recognized starting from the time of origination or acquisition. •Methodology applies to loans, net investment in leases, debt securities and certain financial assets not accounted for at fair value through net income. It also applies to unfunded lending related commitments except for unconditionally cancellable commitments. •In-scope assets are presented at the net amount expected to be collected after the deduction or addition of the ACL from the amortized cost basis of the assets. • Requires inclusion of expected recoveries of previously charged-off amounts for in-scope assets. • Requires enhanced credit quality disclosures including disaggregation of credit quality indicators by vintage. • Requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings at adoption. • Adopted January 1, 2020 under the modified retrospective approach. The cumulative-effect adjustment to retained earnings totaled $671 million at adoption. • Amended presentation and disclosures are required prospectively. Refer to the disclosures in this Note 1, Note 2 Investment Securities, Note 3 Loans and Note 9 Total Equity and Other Comprehensive Income for additional information. • With the adoption of CECL, we discontinued the accounting for purchased impaired loans and elected the one-time fair value option election for some of these loans and certain residential real estate collateral dependent loans. Loans that were previously accounted for as purchased impaired where the fair value option election was not made are now accounted for as purchased credit deteriorated loans. • There was no impact to the recorded investment of our investment securities or loans, except for our purchased credit deteriorated loan portfolio. Accounting for these loans as purchased credit deteriorated required an adjustment to the remaining accretable discount and recorded investment in addition to the impact on ACL due to the adoption of CECL methodology. • Refer to Table 33 for a summary of the impact of the CECL standard adoption. Accounting Standards Update (ASU) Description Financial Statement Impact Codification Improvements - ASU 2019-04 Topic 3: Codification Improvements to ASU 2017-12 and Other Hedging Items Issued April 2019 • Targeted improvements related to: - Partial-term fair value hedges of interest rate risk - Amortization of fair value hedge basis adjustments - Disclosure of fair value hedge basis adjustments - Consideration of the hedged contractually specified interest rate under the hypothetical derivative method - Application of a first-payments-received cash flow hedging technique to overall cash flows on a group of variable interest payments - Update to transition guidance for ASU 2017-12 • This ASU permits a one-time transfer out of held to maturity securities to provide entities the opportunity to hedge fixed rate, prepayable securities under a last of layer hedging strategy (although an entity is not required to hedge such securities subsequent to transfer). • Adopted January 1, 2020. • As permitted by the eligibility requirements in this guidance, at adoption we elected to transfer debt securities with an amortized cost of $16.2 billion (fair value of $16.5 billion) from held to maturity to the available for sale portfolio. The transfer resulted in a pretax increase to AOCI of $306 million. There were no other impacts to PNC's consolidated financial statements from the adoption of this guidance. Accounting Standards Update (ASU) Description Financial Statement Impact Goodwill - ASU 2017-04 Issued January 2017 • Eliminates Step 2 from the goodwill impairment test to simplify the subsequent measurement of goodwill under which a loss was recognized only if the estimated implied fair value of the goodwill is below its carrying value. • Requires impairment to be recognized if the reporting unit's carrying value exceeds the fair value. • Adopted January 1, 2020. • The adoption of this standard did not impact our consolidated results of operations or our consolidated financial position. Accounting Standards Update (ASU) Description Financial Statement Impact Reference Rate Reform - ASU 2020-04 Issued March 2020 • Provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. • Includes optional expedients related to contract modifications that allow an entity to account for modifications (if certain criteria are met) as if the modifications were only minor (assets within the scope of ASC 310, Receivables ), were not substantial (assets within the scope of ASC 470, Debt ), and/or did not result in remeasurements or reclassifications (assets within the scope of ASC 842, Leases , and other Topics) of the existing contract. • Includes optional expedients related to hedging relationships within the scope of ASC 815, Derivatives & Hedging, whereby changes to the critical terms of a hedging relationship do not require dedesignation if certain criteria are met. In addition, potential sources of ineffectiveness as a result of reference rate reform may be disregarded when performing some effectiveness assessments. • Allows for a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. • Guidance in this ASU is effective as of March 12, 2020 through December 31, 2022. • Adopted March 12, 2020, will apply prospectively. • As of March 31, 2020, we have not yet elected any optional expedients outlined in this ASU. However, we plan to elect these optional expedients in the future. The following table presents the impact of adopting the CECL standard on January 1, 2020 on our allowance and retained earnings. Table 33 : Impact of the CECL Standard Adoption ALLL (a) ACL (a) In millions December 31, 2019 Transition Adjustment January 1, 2020 Allowance (a) Loans and leases Commercial lending $ 1,812 $ (304 ) $ 1,508 Consumer lending 930 767 1,697 Total loans and leases allowance 2,742 463 3,205 Unfunded lending related commitments (b) 318 179 497 Other — 19 19 Total allowance $ 3,060 $ 661 $ 3,721 In millions December 31, 2019 Transition Adjustment January 1, 2020 Impact to retained earnings (c) $ 42,215 $ (671 ) $ 41,544 (a) Amounts at December 31, 2019 represent the ALLL and the allowance for unfunded loan commitments and letters of credit. The amounts at January 1, 2020 represent the ACL. (b) Unfunded lending related commitments are primarily unfunded loan commitments and letters of credit. See Note 3 Loans for additional information. (c) Transition adjustment includes the increase in the total allowance of $.7 billion and the impact of the fair value option election of $.2 billion , offset by the tax impact of $.2 billion . Cash, Cash Equivalents and Restricted Cash Cash and due from banks are considered cash and cash equivalents for financial reporting purposes because they represent a primary source of liquidity. Certain cash balances within Cash and due from banks on our Consolidated Balance Sheet are restricted as to withdrawal or usage by legally binding contractual agreements or regulatory requirements. Investments We hold interests in various types of investments. The accounting for these investments is dependent on a number of factors including, but not limited to, items such as: • Ownership interest, • Our plans for the investment, and • The nature of the investment. Debt Securities Debt securities are recorded on a trade-date basis. We classify debt securities as either trading, held to maturity, or available for sale. Debt securities that we purchase for certain risk management activities or customer-related trading activities are classified as trading securities, are reported in the Other assets line item on our Consolidated Balance Sheet, and are carried at fair value. Realized and unrealized gains and losses on trading securities are included in Other noninterest income. We classify debt securities as held to maturity when we have the positive intent and ability to hold the securities to maturity, and carry them at amortized cost, less any ACL. Debt securities not classified as held to maturity or trading are classified as securities available for sale, and are carried at fair value. Unrealized gains and losses on available for sale securities are included in Accumulated other comprehensive income (AOCI) net of income taxes. We include all interest on debt securities, including amortization of premiums and accretion of discounts on investment securities, in net interest income using the constant effective yield method generally calculated over the contractual lives of the securities. Effective yields reflect either the effective interest rate implicit in the security at the date of acquisition or, for debt securities where an other-than-temporary impairment was recorded, the effective interest rate determined based on improved cash flows subsequent to an impairment. We compute gains and losses realized on the sale of available for sale debt securities on a specific security basis. These securities gains/(losses) are included in Other noninterest income on the Consolidated Income Statement. As discussed in the Recently Adopted Accounting Standards section of this Note 1 , we adopted the CECL standard as of January 1, 2020, which requires expected credit losses on both held to maturity and available for sale securities to be recognized through a valuation allowance, ACL, instead of as a direct write-down to the amortized cost basis of the security. An available for sale security is considered impaired if the fair value is less than amortized cost basis. If any portion of the decline in fair value is related to credit, the amount of ACL is determined as the portion related to credit, limited to the difference between the amortized cost basis and the fair value of the security. If we have the intent to sell or believe it is more likely than not we will be required to sell an impaired available for sale security before recovery of the amortized cost basis, the credit loss is recorded as a direct write-down of the amortized cost basis. Credit losses on investment securities are recognized through the Provision for credit losses on our Consolidated Income Statement. Declines in the fair value of available for sale securities that are not considered credit related are recognized in AOCI on our Consolidated Balance Sheet. The CECL standard is applied prospectively to debt securities and, as a result, the amortized cost basis of investment securities for which OTTI had previously been recorded did not change upon adoption. For information on the policies previously applied to determine OTTI, see the Debt Securities section of Note 1 Accounting Policies in our 2019 Form 10-K. We consider a security to be past due in terms of payment based on its contractual terms. A security may be placed on nonaccrual, with interest no longer recognized until received, when collectability of principal or interest is doubtful. As of March 31, 2020 , nonaccrual or past due held-to-maturity securities were immaterial. A security may be partially or fully charged off against the ACL if it is determined to be uncollectible, including, for an available for sale security, if we have the intent to sell or believe it is more likely than not we will be required to sell the security before recovery of the amortized cost basis. Recoveries of previously charged-off available for sale securities are recognized when received, while recoveries on held to maturity securities are recognized when expected. See the Allowance for Credit Loss section of this Note 1 for further discussion regarding the methodologies used to determine the ACL on investment securities. See Note 2 Investment Securities for additional information about the investment securities portfolio and the related ACL. Loans Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Management’s intent and view of the foreseeable future may change based on changes in business strategies, the economic environment, market conditions and the availability of government programs. 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. Loans held for investment, excluding purchased credit deteriorated loans, are recorded at amortized cost basis unless we elect to measure these under the fair value option. Amortized cost basis represents principal amounts outstanding, net of unearned income, unamortized deferred fees, costs on originated loans, and premiums or discounts on purchased loans, and charge-offs. Amortized cost basis does not include accrued interest, as we include accrued interest in Other Assets on our Consolidated Balance Sheet. Interest on performing loans is accrued based on the principal amount outstanding and recorded in Interest income as earned using the constant effective yield method. Loan origination fees, direct loan origination costs, and loan premiums and discounts are deferred and accreted or amortized into Net interest income using the constant effective yield method, over the contractual life of the loan. Loans under the fair value option are reported at their fair value, with any changes to fair value reported as Noninterest income on the Consolidated Income Statement, and are excluded from measurement of ACL. In addition to originating loans, we also acquire loans through the secondary loan market, portfolio purchases or acquisitions of other financial services companies. Certain acquired loans that have experienced a deterioration of credit quality since origination (i.e., purchased credit deteriorated) are recognized at fair value. ACL for purchased credit deteriorated loans is measured at the acquisition date and added to the acquisition date fair value to determine the amortized cost basis for these loans. Subsequent decreases in expected cash flows that are attributable, at least in part, to credit quality are recognized through a charge to the provision for credit losses resulting in an increase in the ACL. Subsequent increases in expected cash flows are recognized as a provision recapture of previously recorded ACL. We consider a loan to be collateral dependent when we determine that substantially all of the expected cash flows will be generated from the operation or sale of the collateral underlying the loan, the borrower is experiencing financial difficulty and we have elected to measure the loan at the estimated fair value of collateral (less costs to sell if sale or foreclosure of the property is expected). Additionally, we consider a loan to be collateral dependent when foreclosure or liquidation of the underlying collateral is probable. See the Allowance for Credit Losses section of this Note 1 for further discussion regarding the methodologies and significant inputs used to determine the ACL on loans. See Note 3 Loans for additional information about our loan portfolio and the related ACL. Loans Held for Sale We designate loans as held for sale when we have the intent to sell them. At the time of designation to held for sale, any ACL is reversed, and a valuation allowance for shortfall between the amortized cost basis and the net realizable value is recognized, excluding the amounts already charged off. Similarly, when loans are no longer considered held for sale, the valuation allowance (net of writedowns) is reversed, and an allowance for credit losses is established, excluding the amounts already charged-off. Write-downs on these loans (if required) are recorded as charge-offs through the valuation allowance. Adjustments to the valuation allowance on held for sale loans are recognized in Other noninterest income. We have elected to account for certain commercial and residential mortgage loans held for sale at fair value. The changes in the fair value of the commercial mortgage loans are measured and recorded in Other noninterest income while such changes for the residential mortgage loans are measured and recorded in Residential mortgage noninterest income each period. See Note 11 Fair Value for additional information. Interest income with respect to loans held for sale is accrued based on the principal amount outstanding and the loan’s contractual interest rate. In certain circumstances, loans designated as held for sale may be transferred to held for investment based on a change in strategy. We transfer these loans at the lower of cost or estimated fair value; however, any loans originated or purchased as held for sale for which the fair value option has been elected remain at fair value for the life of the loan. Nonperforming Loans and Leases The matrix below summarizes our policies for classifying certain loans as nonperforming loans and/or discontinuing the accrual of loan interest income. Commercial lending Loans Classified as Nonperforming and Accounted for as Nonaccrual • Loans accounted for at amortized cost where: – The loan is 90 days or more past due. – The loan is rated substandard or worse due to the determination that full collection of principal and interest is not probable as demonstrated by the following conditions: • The collection of principal or interest is 90 days or more past due; • Reasonable doubt exists as to the certainty of the borrower’s future debt service ability, according to the terms of the credit arrangement, regardless of whether 90 days have passed or not; • The borrower has filed or will likely file for bankruptcy; • The bank advances additional funds to cover principal or interest; • We are in the process of liquidating a commercial borrower; or • We are pursuing remedies under a guarantee. Loans Excluded from Nonperforming Classification but Accounted for as Nonaccrual • Loans accounted for under the fair value option and full collection of principal and interest is not probable. • Loans accounted for at the lower of cost or market less costs to sell (held for sale) and full collection of principal and interest is not probable. Loans Excluded from Nonperforming Classification and Nonaccrual Accounting • Loans that are well secured and in the process of collection. Consumer lending Loans Classified as Nonperforming and Accounted for as Nonaccrual • Loans accounted for at amortized cost where full collection of contractual principal and interest is not deemed probable as demonstrated in the policies below: – The loan is 90 days past due for home equity and installment loans, and 180 days past due for well secured residential real estate loans; – The loan has been modified and classified as a troubled debt restructuring (TDR); – Notification of bankruptcy has been received; – The bank holds a subordinate lien position in the loan and the first lien mortgage loan is seriously stressed (i.e., 90 days or more past due); – Other loans within the same borrower relationship have been placed on nonaccrual or charge-offs have been taken on them; – The bank has ordered the repossession of non-real estate collateral securing the loan; or – The bank has charged-off the loan to the value of the collateral. Loans Excluded from Nonperforming Classification but Accounted for as Nonaccrual • Loans accounted for under the fair value option and full collection of principal and interest is not probable. • Loans accounted for at the lower of cost or market less costs to sell (held for sale) and full collection of principal and interest is not probable. Loans Excluded from Nonperforming Classification and Nonaccrual Accounting • Certain government insured loans where substantially all principal and interest is insured. • Residential real estate loans that are well secured and in the process of collection. • Consumer loans and lines of credit, not secured by residential real estate or automobiles, as permitted by regulatory guidance. Commercial Lending We generally charge off Commercial Lending (Commercial, Commercial Real Estate, and Equipment Lease Financing) nonperforming loans when we determine that a specific loan, or portion thereof, is uncollectible. This determination is based on the specific facts and circumstances of the individual loans. In making this determination, we consider the viability of the business or project as a going concern, the past due status when the asset is not well-secured, the expected cash flows to repay the loan, the value of the collateral, and the ability and willingness of any guarantors to perform. Additionally, in general, for smaller commercial loans of $1 million or less, a partial or full charge-off occurs at 120 days past due for term loans and 180 days past due for revolvers. Certain small business credit card balances that are placed on nonaccrual status when they become 90 days or more past due are charged-off at 180 days past due. Consumer Lending We generally charge off secured consumer (Home equity, Residential Real Estate and Automobile) nonperforming loans to the fair value of collateral less costs to sell, if lower than the amortized cost basis of the loan outstanding, when delinquency of the loan, combined with other risk factors (e.g., bankruptcy, lien position, or troubled debt restructuring), indicates that the loan, or some portion thereof, is uncollectible as per our historical experience, or the collateral has been repossessed. We charge-off secured consumer loans no later than 180 days past due. Most consumer loans and lines of credit, not secured by residential real estate, are charged off once they have reached 120-180 days past due. For secured collateral dependent loans, collateral values are updated at least annually and subsequent declines in collateral values are charged-off resulting in incremental provision for credit loss. Subsequent increases in collateral values may be reflected as an adjustment to ACL to reflect the expectation of recoveries in an amount greater than previously expected. Accounting for Nonperforming Assets and Leases and Other Nonaccrual Loans For nonaccrual loans, interest income accrual and deferred fee/cost recognition is discontinued. Additionally, the current year accrued and uncollected interest is reversed through Net interest income and prior year accrued and uncollected interest is charged-off, except for credit cards, where we reverse any accrued interest through Net interest income at the time of charge-off, as per industry standard practice. Nonaccrual loans that are also collateral dependent may be charged-off to reduce the basis to the fair value of collateral less costs to sell. If payment is received on a nonaccrual loan, generally the payment is first applied to the remaining principal balance; payments are then applied to recover any charged-off amounts related to the loan. Finally, if both principal balance and any charge-offs have been recovered, then the payment will be recorded as fee and interest income. For certain consumer loans, the receipt of interest payments is recognized as interest income on a cash basis. Cash basis income recognition is applied if a loan’s amortized cost basis is deemed fully collectible and the loan has performed for at least six months. For TDRs, payments are applied based upon their contractual terms unless the related loan is deemed non-performing. TDRs are generally included in nonperforming and nonaccrual loans. However, after a reasonable period of time, generally six months, in which the loan performs under restructured terms and meets other performance indicators, it is returned to performing/accruing status. This return to performing/accruing status demonstrates that the bank expects to collect all of the loan’s remaining contractual principal and interest. TDRs resulting from (i) borrowers that have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to us, and (ii) borrowers that are not currently obligated to make both principal and interest payments under the restructured terms are not returned to accrual status. Other nonaccrual loans are generally not returned to accrual status until the borrower has performed in accordance with the contractual terms and other performance indicators for at least six months, the period of time which was determined to demonstrate the expected collection of the loan’s remaining contractual principal and interest. Nonaccrual loans with partially charged-off principal are not returned to accrual. When a nonperforming loan is returned to accrual status, it is then considered a performing loan. Foreclosed assets consist of any asset seized or property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure. Other real estate owned (OREO) comprises principally commercial and residential real estate properties obtained in partial or total satisfaction of loan obligations. After obtaining a foreclosure judgment, or in some jurisdictions the initiation of proceedings under a power of sale in the loan instruments, the property will be sold. When we are awarded title or completion of deed-in-lieu of foreclosure, we transfer the loan to foreclosed assets included in Other assets on our Consolidated Balance Sheet. Property obtained in satisfaction of a loan is initially recorded at estimated fair value less cost to sell. Based upon the estimated fair value less cost to sell, the amortized cost basis of the loan is adjusted and a charge-off/recovery is recognized to the ACL. We estimate fair values primarily based on appraisals, or sales agreements with third parties. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or estimated fair value less cost to sell. Valuation adjustments on these assets and gains or losses realized from disposition of such property are reflected in Other noninterest expense. For certain mortgage loans that have a government guarantee, we establish a separate other receivable upon foreclosure. The receivable is measured based on the loan balance (inclusive of principal and interest) that is expected to be recovered from the guarantor. See Note 3 Loans in this Report for additional information on nonperforming assets, TDRs and credit quality indicators related to our loan portfolio. Allowance for Credit Losses Our ACL, in accordance with the CECL standard, is based on historical loss experience, borrower characteristics, current economic conditions, reasonable and supportable forecasts of future conditions and other relevant factors. We maintain the ACL at an appropriate level for expected losses on our existing investment securities, loans, finance leases (including residual values), trade receivables and other financial assets and unfunded lending related commitments, for the estimated contractual term of the assets or exposures as of the balance sheet date. We estimate the estimated contractual term of assets in scope of CECL considering contractual maturity dates, prepayment expectations, utilization or draw expectations and any embedded extension options that do not allow us to unilaterally cancel the extension options. For products without a fixed contractual maturity date ( e.g ., credit cards), we rely on historical payment behavior to determine the length of the pay down or default time period. We estimate expected losses on a pooled basis using a combination of (i) the expected losses over a reasonable and supportable forecast period (RSFP), (ii) a period of reversion to long run average expected losses (reversion period) where applicable, and (iii) long run average (LRA) expected losses for the remaining estimated contractual term. For all assets and unfunded lending related commitments in the scope of CECL, the ACL also includes individually assessed reserves and qualitative reserves, as applicable. We use forward-looking information in estimating expected credit losses for the RSFP. For this purpose, we use the forecasted scenarios produced by PNC's Economics Team, which are designed to reflect business cycles and their related estimated probabilities. The forecast length that we have determined to be reasonable and supportable is three years. As noted in the methodology discussions that follow, forward looking information, such as forecasted relevant macroeconomic variables, is incorporated into the expected credit loss estimates using quantitative techniques, as well as through analysis from PNC economists and management judgment. The reversion period is used to bridge RSFP and LRA expected credit losses. We may consider a number of factors in determining the duration of the reversion period, such as contractual maturity of the asset, observed historical patterns and the estimated credit loss rates at the end of RSFP relative to the beginning of the LRA period. The LRA expected credit losses are derived from long run historical credit loss information adjusted for the credit quality of the current portfolio, and therefore do not consider current and forecasted economic conditions. See the following sections related to investment securities, loans, trade receivables, other financial assets and unfunded lending related commitments for details about specific methodologies. Allowance for Credit Losses - Investment Securities A significant portion of our investment securities are issued or guaranteed by either the U.S. government (U.S. Treasury or Government National Mortgage Association (GNMA)) or a government-sponsored agency (Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC)). Taking into consideration historical information and current and forecasted conditions, we do not expect to incur any credit losses on these securities. Investment securities that are not issued or guaranteed by the U.S. government or a government-sponsored agency consist of both securitized products, such as non-agency mortgage and asset-backed securities, as well as non-securitized products, such as corporate and municipal debt securities. A discounted cash flow approach is primarily used to determine the amount of the ACL required. The estimates of expected cash flows are determined using macroeconomic sensitive models taking into consideration the RSFP and scenarios discussed above. The cash flows expected to be collected, after considering expected prepayments, are discounted at the effective interest rate. For an available-for-sale security, the amount of the ACL is limited to the difference between the amortized cost basis of the security and its estimated fair value. See Note 2 Investment Securities in this Report for additional information about the investment securities portfolio. Allowance for Credit Losses - Loans and Leases Our pooled expected loss methodology is based upon the quantification of risk parameters, such as probability of default (PD), loss given default (LGD) and exposure at default (EAD) for a loan or loan segment. We also consider the impact of prepayments and amortization on contractual maturity in our expected loss estimates. We use historical credit loss information, current borrower characteristics and forecasted economic variables for the RSFP, coupled with analytical methods, to estimate these risk parameters by loan or loan segments. PD, LGD and EAD parameters are calculated for each forecasted scenario and the LRA period, and combined to generate ex |
Accounting Policies (Tables)
Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Impact of the CECL Standard Adoption | Recently Adopted Accounting Standards Accounting Standards Update (ASU) Description Financial Statement Impact Credit Losses- ASU 2016-13 Issued June 2016 Codification Improvements - ASU 2019-04 Various improvements related to Credit Losses (Topics 1, 2 and 5) Issued April 2019 Targeted Transition Relief - Credit Losses - ASU 2019-05 Issued May 2019 Codification Improvements - ASU 2019-11 Issued November 2019 • Commonly referred to as the Current Expected Credit Losses (CECL) standard. •Replaces measurement, recognition and disclosure guidance for credit related reserves ( i.e. , the allowance for loan and lease losses (ALLL) and the allowance for unfunded loan commitments and letters of credit) and Other than Temporary Impairment (OTTI) for debt securities. •Requires the use of an expected credit loss methodology; specifically, current expected credit losses for the remaining life of the asset will be recognized starting from the time of origination or acquisition. •Methodology applies to loans, net investment in leases, debt securities and certain financial assets not accounted for at fair value through net income. It also applies to unfunded lending related commitments except for unconditionally cancellable commitments. •In-scope assets are presented at the net amount expected to be collected after the deduction or addition of the ACL from the amortized cost basis of the assets. • Requires inclusion of expected recoveries of previously charged-off amounts for in-scope assets. • Requires enhanced credit quality disclosures including disaggregation of credit quality indicators by vintage. • Requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings at adoption. • Adopted January 1, 2020 under the modified retrospective approach. The cumulative-effect adjustment to retained earnings totaled $671 million at adoption. • Amended presentation and disclosures are required prospectively. Refer to the disclosures in this Note 1, Note 2 Investment Securities, Note 3 Loans and Note 9 Total Equity and Other Comprehensive Income for additional information. • With the adoption of CECL, we discontinued the accounting for purchased impaired loans and elected the one-time fair value option election for some of these loans and certain residential real estate collateral dependent loans. Loans that were previously accounted for as purchased impaired where the fair value option election was not made are now accounted for as purchased credit deteriorated loans. • There was no impact to the recorded investment of our investment securities or loans, except for our purchased credit deteriorated loan portfolio. Accounting for these loans as purchased credit deteriorated required an adjustment to the remaining accretable discount and recorded investment in addition to the impact on ACL due to the adoption of CECL methodology. • Refer to Table 33 for a summary of the impact of the CECL standard adoption. Accounting Standards Update (ASU) Description Financial Statement Impact Codification Improvements - ASU 2019-04 Topic 3: Codification Improvements to ASU 2017-12 and Other Hedging Items Issued April 2019 • Targeted improvements related to: - Partial-term fair value hedges of interest rate risk - Amortization of fair value hedge basis adjustments - Disclosure of fair value hedge basis adjustments - Consideration of the hedged contractually specified interest rate under the hypothetical derivative method - Application of a first-payments-received cash flow hedging technique to overall cash flows on a group of variable interest payments - Update to transition guidance for ASU 2017-12 • This ASU permits a one-time transfer out of held to maturity securities to provide entities the opportunity to hedge fixed rate, prepayable securities under a last of layer hedging strategy (although an entity is not required to hedge such securities subsequent to transfer). • Adopted January 1, 2020. • As permitted by the eligibility requirements in this guidance, at adoption we elected to transfer debt securities with an amortized cost of $16.2 billion (fair value of $16.5 billion) from held to maturity to the available for sale portfolio. The transfer resulted in a pretax increase to AOCI of $306 million. There were no other impacts to PNC's consolidated financial statements from the adoption of this guidance. Accounting Standards Update (ASU) Description Financial Statement Impact Goodwill - ASU 2017-04 Issued January 2017 • Eliminates Step 2 from the goodwill impairment test to simplify the subsequent measurement of goodwill under which a loss was recognized only if the estimated implied fair value of the goodwill is below its carrying value. • Requires impairment to be recognized if the reporting unit's carrying value exceeds the fair value. • Adopted January 1, 2020. • The adoption of this standard did not impact our consolidated results of operations or our consolidated financial position. Impact of the CECL Standard Adoption ALLL (a) ACL (a) In millions December 31, 2019 Transition Adjustment January 1, 2020 Allowance (a) Loans and leases Commercial lending $ 1,812 $ (304 ) $ 1,508 Consumer lending 930 767 1,697 Total loans and leases allowance 2,742 463 3,205 Unfunded lending related commitments (b) 318 179 497 Other — 19 19 Total allowance $ 3,060 $ 661 $ 3,721 In millions December 31, 2019 Transition Adjustment January 1, 2020 Impact to retained earnings (c) $ 42,215 $ (671 ) $ 41,544 (a) Amounts at December 31, 2019 represent the ALLL and the allowance for unfunded loan commitments and letters of credit. The amounts at January 1, 2020 represent the ACL. (b) Unfunded lending related commitments are primarily unfunded loan commitments and letters of credit. See Note 3 Loans for additional information. (c) Transition adjustment includes the increase in the total allowance of $.7 billion and the impact of the fair value option election of $.2 billion , offset by the tax impact of $.2 billion . |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities Summary | Table 34 : Investment Securities Summary March 31, 2020 (a) December 31, 2019 In millions Amortized Cost (b) Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Securities Available for Sale U.S. Treasury and government agencies $ 16,102 $ 879 $ 16,981 $ 16,150 $ 382 $ (16 ) $ 16,516 Residential mortgage-backed Agency 50,828 1,810 $ (10 ) 52,628 35,847 517 (43 ) 36,321 Non-agency 1,563 142 (62 ) 1,643 1,515 302 (3 ) 1,814 Commercial mortgage-backed Agency 3,181 114 (6 ) 3,289 3,094 42 (18 ) 3,118 Non-agency 4,249 27 (194 ) 4,082 3,352 29 (9 ) 3,372 Asset-backed 5,339 43 (104 ) 5,278 5,044 78 (8 ) 5,114 Other 4,962 218 (4 ) 5,176 2,788 121 (1 ) 2,908 Total securities available for sale $ 86,224 $ 3,233 $ (380 ) $ 89,077 $ 67,790 $ 1,471 $ (98 ) $ 69,163 Securities Held to Maturity U.S. Treasury and government agencies $ 781 $ 143 $ 924 $ 776 $ 56 $ 832 Residential mortgage-backed Agency 14,419 270 $ (26 ) 14,663 Non-agency 133 7 140 Commercial mortgage-backed Agency 59 1 60 Non-agency 430 4 434 Asset-backed 50 $ (1 ) 49 52 52 Other 638 33 (23 ) 648 1,792 85 (14 ) 1,863 Total securities held to maturity, net of ACL (c) $ 1,469 $ 176 $ (24 ) $ 1,621 $ 17,661 $ 423 $ (40 ) $ 18,044 (a) The accrued interest associated with our available for sale and held to maturity portfolios totaled $266 million and $2.7 million at March 31, 2020, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet. (b) Amortized cost is presented net of applicable ACL of $2 million at March 31, 2020 in accordance with the adoption of the CECL accounting standard. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies for additional detail on the adoption of this ASU. (c) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. As of March 31, 2020, 87% of our securities held to maturity were rated AAA/AA. |
Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses | Table 35 : Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses 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, 2020 Securities Available for Sale U.S. Treasury and government agencies Residential mortgage-backed Agency $ (3 ) $ 409 $ (7 ) $ 380 $ (10 ) $ 789 Non-agency (43 ) 537 (17 ) 77 (60 ) 614 Commercial mortgage-backed Agency (1 ) 187 (5 ) 436 (6 ) 623 Non-agency (172 ) 2,719 (22 ) 147 (194 ) 2,866 Asset-backed (75 ) 2,815 (25 ) 538 (100 ) 3,353 Other (3 ) 320 (3 ) 320 Total securities available for sale $ (297 ) $ 6,987 $ (76 ) $ 1,578 $ (373 ) $ 8,565 |
Gross Unrealized Loss and Fair Value of Debt Securities | Table 36 : 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 December 31, 2019 Securities Available for Sale U.S. Treasury and government agencies $ (14 ) $ 2,451 $ (2 ) $ 607 $ (16 ) $ 3,058 Residential mortgage-backed Agency (6 ) 2,832 (37 ) 4,659 (43 ) 7,491 Non-agency (3 ) 102 (3 ) 102 Commercial mortgage-backed Agency (6 ) 852 (12 ) 953 (18 ) 1,805 Non-agency (4 ) 1,106 (5 ) 230 (9 ) 1,336 Asset-backed (3 ) 660 (5 ) 561 (8 ) 1,221 Other (1 ) 403 (1 ) 403 Total securities available for sale $ (33 ) $ 7,901 $ (65 ) $ 7,515 $ (98 ) $ 15,416 Securities Held to Maturity Residential mortgage-backed - Agency $ (26 ) $ 2,960 $ (26 ) $ 2,960 Other $ (1 ) $ 22 (13 ) 105 (14 ) 127 Total securities held to maturity $ (1 ) $ 22 $ (39 ) $ 3,065 $ (40 ) $ 3,087 |
Gains (losses) on Sales Of Securities Available for Sale | Table 37 : Gains (Losses) on Sales of Securities Available for Sale Three months ended March 31 Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit) 2020 $ 184 $ (2 ) $ 182 $ 38 2019 $ 27 $ (14 ) $ 13 $ 3 |
Contractual Maturity of Securities | Table 38 : Contractual Maturity of Debt Securities March 31, 2020 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 $ 249 $ 10,949 $ 3,839 $ 1,065 $ 16,102 Residential mortgage-backed Agency 3 117 2,092 48,616 50,828 Non-agency 1,563 1,563 Commercial mortgage-backed Agency 7 466 828 1,880 3,181 Non-agency 75 351 3,823 4,249 Asset-backed 15 2,721 1,169 1,434 5,339 Other 505 1,958 1,355 1,144 4,962 Total securities available for sale at amortized cost $ 779 $ 16,286 $ 9,634 $ 59,525 $ 86,224 Fair value $ 785 $ 16,788 $ 10,017 $ 61,487 $ 89,077 Weighted-average yield, GAAP basis (a) 3.10 % 2.16 % 2.58 % 3.14 % 2.89 % Securities Held to Maturity U.S. Treasury and government agencies $ 198 $ 303 $ 280 $ 781 Asset-backed 6 18 26 50 Other $ 32 379 113 114 638 Total securities held to maturity at amortized cost $ 32 $ 583 $ 434 $ 420 $ 1,469 Fair value $ 32 $ 613 $ 516 $ 460 $ 1,621 Weighted-average yield, GAAP basis (a) 3.32 % 3.23 % 3.87 % 2.63 % 3.26 % (a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. |
Fair Value of Securities Pledged and Accepted as Collateral | Table 39 : Fair Value of Securities Pledged and Accepted as Collateral In millions March 31 December 31 Pledged to others $ 25,722 $ 14,609 Accepted from others: Permitted by contract or custom to sell or repledge (a) $ 1,439 $ 2,349 Permitted amount repledged to others $ 1,439 $ 360 (a) Balances at December 31, 2019 include $2.0 billion in fair value of securities accepted from others to collateralize short-term investments in resale agreements that were not repledged. |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Asset Quality [Abstract] | |
Analysis of Loan Portfolio | Table 40 : Analysis of Loan Portfolio 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) Total Loans (d)(e) Accrued Interest Receivable (f) March 31, 2020 (a) Commercial Lending Commercial $ 148,467 $ 97 $ 22 $ 51 $ 170 $ 494 $ 149,131 $ 268 Commercial real estate 28,495 6 1 7 42 28,544 68 Equipment lease financing 6,987 42 2 44 30 7,061 Total commercial lending 183,949 145 25 51 221 566 184,736 336 Consumer Lending Home equity 24,311 65 28 93 617 $ 60 25,081 118 Residential real estate 20,934 173 82 300 555 (b) 292 469 22,250 59 Automobile 16,795 177 49 19 245 154 17,194 64 Credit card 6,956 59 37 70 166 10 7,132 Education 3,081 52 30 84 166 (b) 3,247 134 Other consumer 4,961 17 10 10 37 5 5,003 14 Total consumer lending 77,038 543 236 483 1,262 1,078 529 79,907 389 Total $ 260,987 $ 688 $ 261 $ 534 $ 1,483 $ 1,644 $ 529 $ 264,643 $ 725 Percentage of total loans 98.62 % .26 % .10 % .20 % .56 % .62 % .20 % 100.00 % (a) Amounts in table represent loans held for investment and do not include any associated valuation allowance. (b) Past due loan amounts include purchased credit deteriorated loans totaling $.1 billion and government insured or guaranteed Residential real estate loans and Education loans totaling $.4 billion and $.2 billion , respectively, at March 31, 2020. (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, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans totaling $1.3 billion at March 31, 2020. (e) Collateral dependent loans totaled $1.1 billion at March 31, 2020. The majority of these loans are within the Home equity and Residential real estate loan classes and are secured by consumer real estate. (f) The accrued interest associated with our loan portfolio is included in Other assets on the Consolidated Balance Sheet. 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 (h) Nonperforming Loans Fair Value Option Nonaccrual Loans (i) Purchased Impaired Loans Total Loans (j) December 31, 2019 (g) Commercial Lending Commercial $ 124,695 $ 102 $ 30 $ 85 $ 217 $ 425 $ 125,337 Commercial real estate 28,061 4 1 5 44 28,110 Equipment lease financing 7,069 49 5 54 32 7,155 Total commercial lending 159,825 155 36 85 276 501 160,602 Consumer Lending Home equity 23,791 58 24 82 669 $ 543 25,085 Residential real estate 19,640 140 69 315 524 (h) 315 $ 166 1,176 21,821 Automobile 16,376 178 47 18 243 135 16,754 Credit card 7,133 60 37 67 164 11 7,308 Education 3,156 55 34 91 180 (h) 3,336 Other consumer 4,898 15 11 9 35 4 4,937 Total consumer lending 74,994 506 222 500 1,228 1,134 166 1,719 79,241 Total $ 234,819 $ 661 $ 258 $ 585 $ 1,504 $ 1,635 $ 166 $ 1,719 $ 239,843 Percentage of total loans 97.90 % .28 % .11 % .24 % .63 % .68 % .07 % .72 % 100.00 % (g) Amounts in table represent recorded investment and exclude loans held for sale. Recorded investment does not include any associated valuation allowance. (h) 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 accreted interest income over the expected life of the loans. Past due loan amounts include government insured or guaranteed Residential real estate loans totaling $.4 billion and Education loans totaling $.2 billion at December 31, 2019. (i) 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. (j) Net of unearned income, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans totaling $1.1 billion at December 31, 2019. |
Nonperforming Assets | The following table presents our nonperforming assets as of March 31, 2020 and December 31, 2019, respectively. Table 41 : Nonperforming Assets Dollars in millions March 31 December 31 Nonperforming loans Total commercial lending $ 566 $ 501 Total consumer lending (a) 1,078 1,134 Total nonperforming loans (b) 1,644 1,635 OREO and foreclosed assets 111 117 Total nonperforming assets $ 1,755 $ 1,752 Nonperforming loans to total loans .62 % .68 % Nonperforming assets to total loans, OREO and foreclosed assets .66 % .73 % Nonperforming assets to total assets .39 % .43 % (a) Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status. (b) Nonperforming loans for which there is no related ACL totaled $.3 billion at March 31, 2020. |
Commercial Lending Credit Quality Indicators | Table 42 : Commercial Lending Credit Quality Indicators (a) Amortized Cost Basis by Origination Year March 31, 2020 - Dollars in millions Three Months Ended March 31, 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Commercial Pass Rated $ 7,250 $ 18,695 $ 11,957 $ 7,943 $ 5,399 $ 11,807 $ 78,664 $ 61 $ 141,776 Criticized 16 373 580 435 307 530 5,098 16 7,355 Total commercial 7,266 19,068 12,537 8,378 5,706 12,337 83,762 77 149,131 % of total commercial 4.8 % 12.8 % 8.4 % 5.6 % 3.8 % 8.3 % 56.2 % .1 % 100.0 % Commercial real estate Pass Rated 898 6,812 4,221 3,766 2,973 8,908 203 27,781 Criticized 6 63 27 49 173 359 86 763 Total commercial real estate 904 6,875 4,248 3,815 3,146 9,267 289 28,544 % of total commercial real estate 3.2 % 24.0 % 14.9 % 13.4 % 11.0 % 32.5 % 1.0 % 100.0 % Equipment lease financing Pass Rated 334 1,438 1,252 1,038 680 2,059 6,801 Criticized 4 74 88 44 27 23 260 Total equipment lease financing 338 1,512 1,340 1,082 707 2,082 7,061 % of total equipment lease financing 4.8 % 21.4 % 19.0 % 15.3 % 10.0 % 29.5 % 100.0 % Total commercial lending $ 8,508 $ 27,455 $ 18,125 $ 13,275 $ 9,559 $ 23,686 $ 84,051 $ 77 $ 184,736 % of total commercial lending 4.6 % 14.9 % 9.8 % 7.2 % 5.2 % 12.8 % 45.5 % — 100.0 % December 31, 2019 - Dollars in millions Pass Rated Criticized Total Loans Commercial $ 119,761 $ 5,576 $ 125,337 Commercial real estate 27,424 686 28,110 Equipment lease financing 6,891 264 7,155 Total commercial lending $ 154,076 $ 6,526 $ 160,602 (a) Loans in our commercial lending portfolio are classified as Pass Rated or Criticized based on the regulatory definitions, which are driven by the PD and LGD ratings that we assign. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of March 31, 2020 and December 31, 2019. |
Home Equity and Residential Real Estate Asset Quality Indicators | Table 43 : Home Equity and Residential Real Estate Loans Credit Quality Indicators Amortized Cost Basis by Origination Year March 31, 2020 – Dollars in millions Three months ended March 31, 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Home Equity Current estimated LTV ratios . Greater than or equal to 100% $ 18 $ 27 $ 30 $ 18 $ 144 $ 722 $ 389 $ 1,348 Greater than or equal to 90% to less than 100% 45 37 20 15 87 684 263 1,151 Less than 90% $ 785 2,584 761 1,041 875 4,880 8,502 3,154 22,582 Total home equity $ 785 $ 2,647 $ 825 $ 1,091 $ 908 $ 5,111 $ 9,908 $ 3,806 $ 25,081 Updated FICO scores Greater than 660 $ 773 $ 2,521 $ 761 $ 1,026 $ 856 $ 4,609 $ 9,339 $ 2,871 $ 22,756 Less than or equal to 660 12 126 64 64 51 493 555 842 2,207 No FICO score available 1 1 9 14 93 118 Total home equity $ 785 $ 2,647 $ 825 $ 1,091 $ 908 $ 5,111 $ 9,908 $ 3,806 $ 25,081 % of total home equity 3.1 % 10.6 % 3.3 % 4.3 % 3.6 % 20.4 % 39.5 % 15.2 % 100.0 % Residential Real Estate Current estimated LTV ratios Greater than or equal to 100% $ 3 $ 58 $ 74 $ 68 $ 241 $ 444 Greater than or equal to 90% to less than 100% $ 4 27 61 64 50 155 361 Less than 90% 1,757 6,236 1,867 2,752 2,697 5,556 20,865 Government insured or guaranteed loans 9 13 17 25 516 580 Total residential real estate $ 1,761 $ 6,275 $ 1,999 $ 2,907 $ 2,840 $ 6,468 $ 22,250 Updated FICO scores Greater than 660 $ 1,757 $ 6,198 $ 1,945 $ 2,844 $ 2,732 $ 5,166 $ 20,642 Less than or equal to 660 2 65 41 41 79 693 921 No FICO score available 2 3 5 4 93 107 Government insured or guaranteed loans 9 13 17 25 516 580 Total residential real estate $ 1,761 $ 6,275 $ 1,999 $ 2,907 $ 2,840 $ 6,468 $ 22,250 % of total residential real estate 7.9 % 28.1 % 9.0 % 13.1 % 12.8 % 29.1 % 100.0 % Home equity Residential real estate December 31, 2019 - Dollars in millions Current estimated LTV ratios Greater than or equal to 125% $ 366 $ 112 Greater than or equal to 100% to less than 125% 877 221 Greater than or equal to 90% to less than 100% 1,047 340 Less than 90% 22,068 19,305 No LTV ratio available 184 83 Government insured or guaranteed loans 584 Purchased impaired loans 543 1,176 Total loans $ 25,085 $ 21,821 Updated FICO Scores Greater than 660 $ 22,245 $ 19,341 Less than or equal to 660 2,019 569 No FICO score available 278 151 Government insured or guaranteed loans 584 Purchased impaired loans 543 1,176 Total loans $ 25,085 $ 21,821 |
Asset Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loans | Table 44 : Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes Amortized Cost Basis by Origination Year March 31, 2020 – Dollars in millions Three months ended March 31, 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Automobile FICO score greater than 719 $ 1,586 $ 4,090 $ 1,955 $ 1,164 $ 725 $ 275 $ 9,795 650 to 719 320 2,112 1,225 571 256 105 4,589 620 to 649 14 525 306 122 47 21 1,035 Less than 620 8 673 633 283 119 59 1,775 Total automobile $ 1,928 $ 7,400 $ 4,119 $ 2,140 $ 1,147 $ 460 $ 17,194 % of total automobile 11.2 % 43.0 % 24.0 % 12.4 % 6.7 % 2.7 % 100.0 % Credit card FICO score greater than 719 $ 3,564 $ 10 $ 3,574 650 to 719 2,370 27 2,397 620 to 649 442 12 454 Less than 620 547 49 596 No FICO score available or required (a) 108 3 111 Total credit card $ 7,031 $ 101 $ 7,132 % total credit card 98.6 % 1.4 % 100.0 % Education FICO score greater than 719 $ 7 $ 89 $ 121 $ 94 $ 78 $ 703 $ 1,092 650 to 719 2 14 19 12 9 124 180 620 to 649 1 2 1 1 20 25 Less than 620 1 1 1 1 24 28 No FICO score available or required (a) 3 11 7 6 1 1 29 Total loans using FICO credit metric 12 116 150 114 90 872 1,354 Other internal credit metrics 11 59 1,823 1,893 Total education $ 23 $ 175 $ 150 $ 114 $ 90 $ 2,695 $ 3,247 % total education .7 % 5.4 % 4.6 % 3.5 % 2.8 % 83.0 % 100.0 % Other consumer FICO score greater than 719 $ 218 $ 623 $ 219 $ 71 $ 25 $ 90 $ 230 $ 1 $ 1,477 650 to 719 126 349 158 40 13 26 162 1 875 620 to 649 17 56 29 6 2 4 26 140 Less than 620 5 45 37 12 4 9 44 1 157 No FICO score available or required (a) 1 2 6 9 Total loans using FICO credit metric 367 1,073 443 129 44 131 468 3 2,658 Other internal credit metrics 14 74 49 34 65 88 2,018 3 2,345 Total other consumer $ 381 $ 1,147 $ 492 $ 163 $ 109 $ 219 $ 2,486 $ 6 $ 5,003 % total other consumer 7.6 % 22.9 % 9.8 % 3.3 % 2.2 % 4.4 % 49.7 % .1 % 100.0 % Dollars in millions Automobile Credit Card Education Other Consumer December 31, 2019 FICO score greater than 719 $ 9,232 $ 3,867 $ 1,139 $ 1,421 650 to 719 4,577 2,326 197 843 620 to 649 1,001 419 25 132 Less than 620 1,603 544 27 143 No FICO score available or required (a) 341 152 15 27 Total loans using FICO credit metric 16,754 7,308 1,403 2,566 Consumer loans using other internal credit metrics 1,933 2,371 Total loans $ 16,754 $ 7,308 $ 3,336 $ 4,937 Weighted-average updated FICO score (b) 726 724 773 727 (a) 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 category and, when necessary, takes actions to mitigate the credit risk. (b) Weighted-average updated FICO score excludes accounts with no FICO score available or required. |
Financial Impact and TDRs by Concession Type | Table 45 : Financial Impact and TDRs by Concession Type Pre-TDR Amortized Cost Basis (b) Post-TDR Amortized Cost Basis (c) During the three months ended March 31, 2020 Number Principal Forgiveness Rate Reduction Other Total Total commercial lending 13 $ 62 $ 6 $ 37 $ 43 Total consumer lending 3,567 36 $ 22 10 32 Total TDRs 3,580 $ 98 $ 6 $ 22 $ 47 $ 75 (a) Impact of partial charge-offs at TDR date are included in this table. (b) Represents the amortized cost basis of the loans as of the quarter end prior to TDR designation. (c) Represents the amortized cost basis of the TDRs as of the end of the quarter in which the TDR occurs. Pre-TDR Recorded Investment (e) Post-TDR Recorded Investment (f) During the three months ended March 31, 2019 Number Principal Forgiveness Rate Reduction Other Total Total commercial lending 22 $ 105 $ 109 $ 109 Total consumer lending 3,814 42 $ 24 16 40 Total TDRs 3,836 $ 147 $ 24 $ 125 $ 149 (d) Impact of partial charge-offs at TDR date are included in this table. (e) Represents the recorded investment of the loans as of the quarter end prior to TDR designation, and excludes immaterial amounts of accrued interest receivable. (f) 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. |
Rollforward of Unfunded Lending Related Commitments | Table 47 : Rollforward of Allowance for Credit Losses - Unfunded Lending Related Commitments At or for the three months ended March 31, 2020 Dollars in millions Commercial Lending Consumer Lending Total ACL - unfunded lending related commitments December 31, 2019 (a) $ 316 $ 2 $ 318 Adoption of ASU 2016-13 (b) 53 126 179 January 1, 2020 369 128 497 Provision for (recapture of ) credit losses (25 ) (22 ) (47 ) March 31, 2020 $ 344 $ 106 $ 450 Portfolio segment ACL as a percentage of total ACL for unfunded lending related commitments 76 % 24 % 100 % (a) Amounts at December 31, 2019 represent the allowance for unfunded loan commitments and letters of credit. (b) Represents the impact of adopting ASU 2016-13, Financial Instruments - Credit Losses on January 1, 2020 and our transition from an incurred loss methodology for our reserves to an expected credit loss methodology. See Note 8 Commitments for additional information about the underlying commitments related to this allowance. |
Analysis Of Changes In The Allowance For Credit Losses | Table 48 : Analysis of Changes in the Allowance for Credit Losses (a) In millions (a) Excludes allowances for investment securities and other financial assets. (b) Portfolio changes represent the impact of increases/decreases in loan balances, age and mix due to new originations/purchases, as well as credit quality and net charge-off activity. (c) Economics represent our evaluation and determination of an economic forecast applied to our loan portfolio. |
Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data | Table 46 : Rollforward of Allowance for Credit Losses - Loans and Leases At or for the three months ended March 31, 2020 Dollars in millions Commercial Lending Consumer Lending Total ACL - loans and leases December 31, 2019 (a) $ 1,812 $ 930 $ 2,742 Adoption of ASU 2016-13 (b) (304 ) 767 463 January 1, 2020 $ 1,508 $ 1,697 $ 3,205 Charge-offs (83 ) (221 ) (304 ) Recoveries 24 68 92 Net (charge-offs) (59 ) (153 ) (212 ) Provision for credit losses (c) 531 421 952 Other (1 ) (1 ) March 31, 2020 $ 1,979 $ 1,965 $ 3,944 Portfolio segment ACL as a percentage of total ACL for loans and leases 50 % 50 % 100 % Ratio of ACL for loans and leases to total loans 1.07 % 2.46 % 1.49 % (a) Amounts as of December 31, 2019 represent the ALLL. (b) Represents the impact of adopting ASU 2016-13, Financial Instruments - Credit Losses on January 1, 2020 and our transition from an incurred loss methodology for our reserves to an expected credit loss methodology. (c) The Provision for credit losses on the Consolidated Income Statement includes $952 million related to loans and leases, $9 million related to other financial assets and a recapture of credit losses for unfunded lending related commitments totaling $47 million for the three months ended March 31, 2020. See Table 47 for additional information related to our unfunded lending related commitments. Table 49 : Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data At or for the three months ended March 31, 2019 Dollars in millions Commercial Lending Consumer Lending Total Allowance for loan and lease losses January 1, 2019 $ 1,663 $ 966 $ 2,629 Charge-offs (31 ) (184 ) (215 ) Recoveries 19 60 79 Net (charge-offs) (12 ) (124 ) (136 ) Provision for credit losses 80 109 189 Net decrease in allowance for unfunded loan commitments and letters of credit 5 1 6 Other 4 4 March 31, 2019 $ 1,736 $ 956 $ 2,692 TDRs individually evaluated for impairment $ 27 $ 130 $ 157 Other loans individually evaluated for impairment 60 60 Loans collectively evaluated for impairment 1,649 551 2,200 Purchased impaired loans 275 275 March 31, 2019 $ 1,736 $ 956 $ 2,692 Loan portfolio TDRs individually evaluated for impairment $ 456 $ 1,412 $ 1,868 Other loans individually evaluated for impairment 190 190 Loans collectively evaluated for impairment 157,796 69,732 227,528 Fair value option loans (a) 758 758 Purchased impaired loans 1,949 1,949 March 31, 2019 $ 158,442 $ 73,851 $ 232,293 Portfolio segment ALLL as a percentage of total ALLL 64 % 36 % 100 % Ratio of ALLL to total loans 1.10 % 1.29 % 1.16 % (a) Loans accounted for under the fair value option were not evaluated for impairment as these loans are accounted for at fair value. Accordingly, there was no allowance recorded on those loans. |
Loan Sale and Servicing Activ_2
Loan Sale and Servicing Activities and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Cash Flows Associated with Loan Sale and Servicing Activities | Table 50 : Cash Flows Associated with Loan Sale and Servicing Activities In millions Residential Commercial Cash Flows - Three months ended March 31, 2020 Sales of loans (b) $ 1,334 $ 493 Repurchases of previously transferred loans (c) $ 95 $ 15 Servicing fees (d) $ 85 $ 33 Servicing advances recovered/(funded), net $ 12 $ 12 Cash flows on mortgage-backed securities held (e) $ 1,361 $ 37 Cash Flows - Three months ended March 31, 2019 Sales of loans (b) $ 715 $ 644 Repurchases of previously transferred loans (c) $ 93 Servicing fees (d) $ 87 $ 30 Servicing advances recovered/(funded), net $ 18 $ (23 ) Cash flows on mortgage-backed securities held (e) $ 507 $ 14 (a) Represents cash flow information associated with both commercial mortgage loan transfers and servicing activities. (b) Gains/losses recognized on sales of loans were insignificant for the periods presented. (c) Includes both residential and commercial mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our removal of account provision option, as well as residential mortgage 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 where we transferred to and/or service loans for a securitization SPE and we hold securities issued by that SPE. The carrying values of such securities held were $17.1 billion, $ 17.8 billion, and $ 14.6 billion in residential mortgage-backed securities and $.8 billion, $ .6 billion, and $ .6 billion in commercial mortgage-backed securities at March 31, 2020 , December 31, 2019 , and March 31, 2019 , respectively. |
Principal Balance, Delinquent Loans (Loans 90 Days or More Past Due), and Net Charge-Offs Related to Serviced Loans | Table 51 : Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others In millions Residential Mortgages Commercial Mortgages (a) March 31, 2020 Total principal balance $ 48,468 $ 41,514 Delinquent loans (b) $ 446 $ 10 December 31, 2019 Total principal balance $ 49,323 $ 42,414 Delinquent loans (b) $ 492 $ 64 Three months ended March 31, 2020 Net charge-offs (c) $ 8 $ 99 Three months ended March 31, 2019 Net charge-offs (c) $ 11 $ 119 (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 52 : Non-Consolidated VIEs In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities March 31, 2020 Mortgage-backed securitizations (b) $ 19,067 $ 19,067 (c) Tax credit investments and other 3,023 2,948 (d) $ 992 (e) Total $ 22,090 $ 22,015 $ 992 December 31, 2019 Mortgage-backed securitizations (b) $ 19,287 $ 19,287 (c) Tax credit investments and other 3,131 3,028 (d) $ 1,101 (e) Total $ 22,418 $ 22,315 $ 1,101 (a) 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 credits 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. |
Goodwill and Mortgage Servici_2
Goodwill and Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Mortgage Servicing Rights | Table 53 : Mortgage Servicing Rights Commercial MSRs Residential MSRs In millions 2020 2019 2020 2019 January 1 $ 649 $ 726 $ 995 $ 1,257 Additions: From loans sold with servicing retained 11 7 10 7 Purchases 19 19 18 6 Changes in fair value due to: Time and payoffs (a) (35 ) (38 ) (39 ) (33 ) Other (b) (167 ) (33 ) (379 ) (106 ) March 31 $ 477 $ 681 $ 605 $ 1,131 Related unpaid principal balance at March 31 $ 225,769 $ 186,946 $ 118,104 $ 123,079 Servicing advances at March 31 $ 145 $ 243 $ 99 $ 138 (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 | Table 54 : Commercial Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions March 31 December 31 Fair value $ 477 $ 649 Weighted-average life (years) 4.1 4.1 Weighted-average constant prepayment rate 4.51 % 4.56 % Decline in fair value from 10% adverse change $ 8 $ 9 Decline in fair value from 20% adverse change $ 16 $ 17 Effective discount rate 7.57 % 7.91 % Decline in fair value from 10% adverse change $ 12 $ 17 Decline in fair value from 20% adverse change $ 24 $ 34 |
Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions | Table 55 : Residential Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions March 31 December 31 Fair value $ 605 $ 995 Weighted-average life (years) 2.9 5.2 Weighted-average constant prepayment rate 27.14 % 13.51 % Decline in fair value from 10% adverse change $ 43 $ 46 Decline in fair value from 20% adverse change $ 81 $ 89 Weighted-average option adjusted spread 770 bps 769 bps Decline in fair value from 10% adverse change $ 13 $ 27 Decline in fair value from 20% adverse change $ 26 $ 52 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Income | Table 56 : Lessor Income Three months ended In millions 2020 2019 Product Sales-type leases and direct financing leases $ 71 $ 74 Operating leases 27 31 Lessor Income $ 98 $ 105 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | Table 57 : Borrowed Funds In billions Less than 1 year $ 38.8 1 to 2 years $ 7.4 2 to 3 years $ 8.1 3 to 4 years $ 2.7 4 to 5 years $ 2.9 Over 5 years $ 13.5 |
Schedule of Long-term Debt Instruments | The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of March 31, 2020 and the carrying values as of March 31, 2020 and December 31, 2019 . Table 58 : FHLB Borrowings, Senior Debt and Subordinated Debt Stated Rate Maturity Carrying Value Dollars in millions 2020 2020 2020 2019 Parent Company Senior debt 2.20%-4.38% 2020-2030 $ 10,442 $ 8,843 Subordinated debt 3.90 % 2024 814 777 Junior subordinated debt 2.15 % 2028 205 205 Subtotal 11,461 9,825 Bank FHLB (a) 0.32%-1.89% 2020-2021 23,491 16,341 Senior debt 1.13%-3.50% 2020-2043 20,996 20,167 Subordinated debt 2.70%-4.20% 2022-2029 5,456 5,152 Subtotal 49,943 41,660 Total $ 61,404 $ 51,485 (a) FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities. |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Guarantees [Abstract] | |
Commitments to Extend Credit and Other Commitments | Table 59 : Commitments to Extend Credit and Other Commitments In millions March 31 December 31 Commitments to extend credit Total commercial lending $ 115,996 $ 131,762 Home equity lines of credit 16,843 16,803 Credit card 32,065 30,862 Other 7,100 6,162 Total commitments to extend credit 172,004 185,589 Net outstanding standby letters of credit (a) 9,428 9,843 Reinsurance agreements (b) 110 1,393 Standby bond purchase agreements (c) 1,464 1,295 Other commitments (d) 1,530 1,498 Total commitments to extend credit and other commitments $ 184,536 $ 199,618 (a) Net outstanding standby letters of credit include $4.0 billion and $4.1 billion at March 31, 2020 and December 31, 2019 , 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, 2020 , the aggregate maximum exposure amount was zero for accidental death and dismemberment contracts, and $.1 billion for credit life, accident and health contracts. Comparable amounts at December 31, 2019 were $ 1.3 billion and $.1 billion , respectively. (c) We enter into standby bond purchase agreements to support municipal bond obligations. (d) Includes $.6 billion related to investments in qualified affordable housing projects at both March 31, 2020 and December 31, 2019 . |
Total Equity and Other Compre_2
Total Equity and Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Comprehensive Income [Abstract] | |
Rollforward of Total Equity | Table 60 : 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 Three months ended Balance at December 31, 2018 (a) 457 $ 2,711 $ 3,986 $ 12,291 $ 38,919 $ (725 ) $ (9,454 ) $ 42 $ 47,770 Cumulative effect of ASU 2016-02 adoption (b) 62 62 Balance at January 1, 2019 (a) 457 $ 2,711 $ 3,986 $ 12,291 $ 38,981 $ (725 ) $ (9,454 ) $ 42 $ 47,832 Net income 1,261 10 1,271 Other comprehensive income (loss), net of tax 720 720 Cash dividends declared - Common (436 ) (436 ) Cash dividends declared - Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Common stock activity Treasury stock activity (5 ) 10 (631 ) (621 ) Other 3 (118 ) (13 ) (128 ) Balance at March 31, 2019 (a) 452 $ 2,711 $ 3,990 $ 12,183 $ 39,742 $ (5 ) $ (10,085 ) $ 39 $ 48,575 Balance at December 31, 2019 (a) 433 $ 2,712 $ 3,993 $ 12,376 $ 42,215 $ 799 $ (12,781 ) $ 29 $ 49,343 Cumulative effect of ASU 2016-13 adoption (c) (671 ) (671 ) Balance at January 1, 2020 (a) 433 $ 2,712 $ 3,993 $ 12,376 $ 41,544 $ 799 $ (12,781 ) $ 29 $ 48,672 Net income 908 7 915 Other comprehensive income (loss), net of tax 1,719 1,719 Cash dividends declared - Common (503 ) (503 ) Cash dividends declared - Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Common stock activity Treasury stock activity (9 ) 49 (1,359 ) (1,310 ) Other (131 ) (9 ) (140 ) Balance at March 31, 2020 (a) 424 $ 2,712 $ 3,994 $ 12,294 $ 41,885 $ 2,518 $ (14,140 ) $ 27 $ 49,290 (a) The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation. (b) Represents the cumulative effect of adopting ASU 2016-02 - Leases related primarily to deferred gains on previous sale-leaseback transactions. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in our 2019 Form 10-K for additional detail. (c) Represents the cumulative effect of adopting ASU 2016-13 - Financial Instruments - Credit Losses . See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in this Report for additional detail on this adoption. |
Other Comprehensive Income (Loss) | Details of other comprehensive income (loss) are as follows: Table 61 : Other Comprehensive Income (Loss) Three months ended In millions 2020 2019 Net unrealized gains (losses) on securities without an allowance for credit losses Increase in net unrealized gains (losses) on securities $ 1,669 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 1 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 181 Net increase (decrease), pre-tax 1,487 Effect of income taxes (341 ) Net increase (decrease), after-tax 1,146 Net unrealized gains (losses) on securities with an allowance for credit losses Increase in net unrealized gains (losses) on securities (7 ) Less: Net gains (losses) realized on sales of securities reclassified to noninterest income Net increase (decrease), pre-tax (7 ) Effect of income taxes 2 Net increase (decrease), after-tax (5 ) Net unrealized gains (losses) on non-OTTI securities Increase in net unrealized gains (losses) on non-OTTI securities $ 640 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 3 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (2 ) Net increase (decrease), pre-tax 639 Effect of income taxes (147 ) Net increase (decrease), after-tax 492 Net unrealized gains (losses) on OTTI securities Increase in net unrealized gains (losses) on OTTI securities 9 Net increase (decrease), pre-tax 9 Effect of income taxes (2 ) Net increase (decrease), after-tax 7 Net unrealized gains (losses) on cash flow hedge derivatives Increase in net unrealized gains (losses) on cash flow hedge derivatives 830 108 Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income 42 (8 ) Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 2 1 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 1 15 Net increase (decrease), pre-tax 785 100 Effect of income taxes (180 ) (23 ) Net increase (decrease), after-tax 605 77 Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit activity 10 143 Amortization of actuarial loss (gain) reclassified to other noninterest expense 1 1 Amortization of prior service cost (credit) reclassified to other noninterest expense 1 1 Net increase (decrease), pre-tax 12 145 Effect of income taxes (3 ) (33 ) Net increase (decrease), after-tax 9 112 Other PNC’s portion of BlackRock’s OCI (34 ) 29 Net investment hedge derivatives 75 (18 ) Foreign currency translation adjustments and other (67 ) 23 Net increase (decrease), pre-tax (26 ) 34 Effect of income taxes (10 ) (2 ) Net increase (decrease), after-tax (36 ) 32 Total other comprehensive income (loss), pre-tax 2,251 927 Total other comprehensive income (loss), tax effect (532 ) (207 ) Total other comprehensive income (loss), after-tax $ 1,719 $ 720 |
Accumulated Other Comprehensive Income (Loss) Components | Table 62 : 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, 2018 $ (284 ) $ 204 $ 47 $ (530 ) $ (162 ) $ (725 ) Net activity 492 7 77 112 32 720 Balance at March 31, 2019 $ 208 $ 211 $ 124 $ (418 ) $ (130 ) $ (5 ) In millions, after-tax Net unrealized gains (losses) on non-OTTI securities / securities without an ACL Net unrealized gains (losses) on OTTI securities / securities with an ACL Net unrealized gains (losses) on cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Total Balance at December 31, 2019 $ 844 $ 223 $ 276 $ (408 ) $ (136 ) $ 799 Cumulative effect of ASU 2016-13 adoption (a) 223 (223 ) — Balance at January 1, 2020 1,067 — 276 (408 ) (136 ) 799 Net activity 1,146 (5 ) 605 9 (36 ) 1,719 March 31, 2020 2,213 (5 ) 881 (399 ) (172 ) 2,518 (a) Represents the cumulative effect of adopting ASU 2016-13 - Credit Losses |
Dividends Declared | Table 63 : Dividends Per Share (a) Three months ended March 31 2020 2019 Common Stock $ 1.15 $ .95 Preferred Stock Series B $ .45 $ .45 Series O $ 3,375 $ 3,375 Series P $ 1,531 $ 1,531 Series Q $ 1,344 $ 1,344 Series R Series S (a) Dividends are payable quarterly other than Series O, Series R, and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters than the Series R and Series S preferred stock |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Common Share | Table 64 : Basic and Diluted Earnings Per Common Share Three months ended In millions, except per share data 2020 2019 Basic Net income $ 915 $ 1,271 Less: Net income attributable to noncontrolling interests 7 10 Preferred stock dividends 63 63 Preferred stock discount accretion and redemptions 1 1 Net income attributable to common shareholders 844 1,197 Less: Dividends and undistributed earnings allocated to participating securities 4 5 Net income attributable to basic common shareholders $ 840 $ 1,192 Basic weighted-average common shares outstanding 429 455 Basic earnings per common share (a) $ 1.96 $ 2.62 Diluted Net income attributable to basic common shareholders $ 840 $ 1,192 Less: Impact of BlackRock earnings per share dilution 1 3 Net income attributable to diluted common shareholders $ 839 $ 1,189 Basic weighted-average common shares outstanding 429 455 Dilutive potential common shares 1 1 Diluted weighted-average common shares outstanding 430 456 Diluted earnings per common share (a) $ 1.95 $ 2.61 (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). |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value [Abstract] | |
Fair Value Measurements - Recurring Basis Summary | Table 65 : Fair Value Measurements – Recurring Basis Summary March 31, 2020 December 31, 2019 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 $ 923 $ 4 $ 927 $ 817 $ 2 $ 819 Commercial mortgage loans held for sale 478 60 538 182 64 246 Securities available for sale U.S. Treasury and government agencies $ 16,699 282 16,981 $ 16,236 280 16,516 Residential mortgage-backed Agency 52,628 52,628 36,321 36,321 Non-agency 201 1,442 1,643 73 1,741 1,814 Commercial mortgage-backed Agency 3,289 3,289 3,118 3,118 Non-agency 4,082 4,082 3,372 3,372 Asset-backed 5,076 202 5,278 4,874 240 5,114 Other 5,103 73 5,176 2,834 74 2,908 Total securities available for sale 16,699 70,661 1,717 89,077 16,236 50,872 2,055 69,163 Loans 425 655 1,080 442 300 742 Equity investments (a) 500 1,220 2,014 855 1,276 2,421 Residential mortgage servicing rights 605 605 995 995 Commercial mortgage servicing rights 477 477 649 649 Trading securities (b) 1,976 2,041 4,017 433 2,787 3,220 Financial derivatives (b) (c) 3 8,635 135 8,773 3,448 54 3,502 Other assets 286 85 371 339 131 470 Total assets (d) $ 19,464 $ 83,248 $ 4,873 $ 107,879 $ 17,863 $ 58,679 $ 5,395 $ 82,227 Liabilities Other borrowed funds $ 1,363 $ 56 $ 5 $ 1,424 $ 385 $ 126 $ 7 $ 518 Financial derivatives (c) (e) 3 3,740 185 3,928 1,819 200 2,019 Other liabilities 72 72 137 137 Total liabilities (f) $ 1,366 $ 3,796 $ 262 $ 5,424 $ 385 $ 1,945 $ 344 $ 2,674 (a) 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. (b) Included in Other assets on the Consolidated Balance Sheet. (c) Amounts at March 31, 2020 and December 31, 2019 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 12 Financial Derivatives for additional information related to derivative offsetting. (d) Total assets at fair value as a percentage of total consolidated assets was 24% and 20% as of March 31, 2020 and December 31, 2019, respectively. Level 3 assets as a percentage of total assets at fair value was 5% and 7% as of March 31, 2020 and December 31, 2019, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both March 31, 2020 and December 31, 2019. (e) Included in Other liabilities on the Consolidated Balance Sheet. (f) Total liabilities at fair value as a percentage of total consolidated liabilities was 1% at both March 31, 2020 and December 31, 2019. Level 3 liabilities as a percentage of total liabilities at fair value was 5% and 13% as of March 31, 2020 and December 31, 2019, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both March 31, 2020 and December 31, 2019. |
Reconciliation of Level 3 Assets and Liabilities | Table 66 : Reconciliation of Level 3 Assets and Liabilities Three Months Ended March 31, 2020 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Value Dec. 31, 2019 Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage loans $ 2 $ 2 $ (1 ) $ 4 $ (3 ) (e) $ 4 Commercial mortgage 64 $ (1 ) $ (3 ) 60 $ (1 ) Securities available for sale Residential mortgage- 1,741 16 $ (222 ) (93 ) 1,442 Asset-backed 240 2 (29 ) (11 ) 202 Other 74 (5 ) 4 73 Total securities 2,055 18 (256 ) 4 (104 ) 1,717 Loans 300 11 16 (26 ) 362 (d) (8 ) (e) 655 11 Equity investments 1,276 (69 ) 71 (58 ) 1,220 (64 ) Residential mortgage 995 (379 ) 18 $ 10 (39 ) 605 (379 ) Commercial mortgage 649 (167 ) 19 11 (35 ) 477 (166 ) Trading securities Financial derivatives 54 101 2 (22 ) 135 75 Other assets Total assets $ 5,395 $ (486 ) $ (256 ) $ 132 $ (85 ) $ 21 $ 159 $ 4 $ (11 ) $ 4,873 $ (524 ) Liabilities Other borrowed funds $ 7 $ 12 $ (14 ) $ 5 Financial derivatives 200 $ 8 $ 1 (24 ) 185 $ 10 Other liabilities 137 2 11 (78 ) $ 2 $ (2 ) 72 (6 ) Total liabilities $ 344 $ 10 $ 1 $ 23 $ (116 ) $ 2 $ (2 ) $ 262 $ 4 Net gains (losses) $ (496 ) (f) $ (528 ) (g) Three Months Ended March 31, 2019 Total realized / unrealized Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at Mar. 31, 2019 Level 3 Instruments Only Fair Value Dec. 31, 2018 Included in Earnings Included in Other comprehensive income (b) Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value Mar. 31, 2019 Assets Residential mortgage loans $ 2 $ 1 $ (1 ) $ 3 $ (3 ) (e) $ 2 Commercial mortgage 87 $ 1 $ (15 ) 73 $ 1 Securities available for sale Residential mortgage- 2,128 18 $ 2 (106 ) 2,042 Asset-backed 274 2 (10 ) 266 Other 84 1 85 Total securities 2,486 18 4 1 (116 ) 2,393 Loans 272 3 20 (3 ) (14 ) 2 (8 ) (e) 272 1 Equity investments 1,255 52 45 (135 ) 1,217 Residential mortgage 1,257 (106 ) 6 $ 7 (33 ) 1,131 (106 ) Commercial mortgage 726 (33 ) 19 7 (38 ) 681 (33 ) Trading securities 2 2 Financial derivatives 25 39 2 (10 ) 56 41 Other assets 45 (45 ) Total assets $ 6,157 $ (26 ) $ 4 $ 94 $ (139 ) $ 14 $ (271 ) $ 5 $ (11 ) $ 5,827 $ (96 ) Liabilities Other borrowed funds $ 7 $ 14 $ (15 ) $ 6 Financial derivatives 268 $ 30 $ 2 (70 ) 230 $ 34 Other liabilities 58 9 2 (7 ) 62 9 Total liabilities $ 333 $ 39 $ 2 $ 16 $ (92 ) $ 298 $ 43 Net gains (losses) $ (65 ) (f) $ (139 ) (g) (a) Losses for assets are bracketed while losses for liabilities are not. (b) The difference in unrealized gains and losses for the period included in Other comprehensive income and changes in unrealized gains and losses for the period included in Other comprehensive income for securities available for sale held at the end of the reporting period were not significant. (c) 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. (d) Upon adoption of ASU 2016-13 - Credit Losses , we discontinued the accounting for purchased impaired loans and elected the one-time fair value option election for some of these loans and certain nonperforming loans. (e) Residential mortgage loan transfers out of Level 3 are primarily driven by residential mortgage loans transferring to OREO as well as reclassification of mortgage loans held for sale to held for investment. (f) 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. (g) 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. |
Fair Value Measurements - Recurring Quantitative Information | Table 67 : Fair Value Measurements – Recurring Quantitative Information March 31, 2020 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 60 Discounted cash flow Spread over the benchmark curve (b) 600bps - 3,715bps (2,357bps) Residential mortgage-backed 1,442 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 36.2% (9.9%) Constant default rate 0.0% - 14.1% (4.3%) Loss severity 20.0% - 95.7% (51.9%) Spread over the benchmark curve (b) 493bps weighted-average Asset-backed securities 202 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 35.0% (7.7%) Constant default rate 1.0% - 7.2% (3.3%) Loss severity 30.0% - 100.0% (57.9%) Spread over the benchmark curve (b) 643bps weighted-average Loans - Residential real estate 483 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (72.6%) Loss severity 0.0% - 100.0% (12.4%) Discount rate 4.5% - 6.5% (4.9%) 75 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 3.8% weighted-average Loans - Home equity 23 Consensus pricing (c) Cumulative default rate 6.0% - 100.0% (93.6%) Loss severity 0.0% - 99.4% (38.3%) Discount rate 4.5% - 6.5% (6.2%) 74 Consensus pricing (c) Credit and liquidity discount 12.1% - 97.0% (58.1%) Equity investments 1,220 Multiple of adjusted earnings Multiple of earnings 5.0x - 16.5x (8.4x) Residential mortgage servicing rights 605 Discounted cash flow Constant prepayment rate 0.0% - 58.6% (27.1%) Spread over the benchmark curve (b) 379bps - 1,481bps (770bps) Commercial mortgage servicing rights 477 Discounted cash flow Constant prepayment rate 3.4% - 25.3% (4.5%) Discount rate 4.1% - 8.1% (7.6%) Financial derivatives - Swaps related to (153 ) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 162.3% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation resolution date Q2 2021 Insignificant Level 3 assets, net of 103 Total Level 3 assets, net of liabilities (e) $ 4,611 December 31, 2019 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 64 Discounted cash flow Spread over the benchmark curve (b) 530bps - 2,935bps (1,889bps) Residential mortgage-backed 1,741 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 36.2% (9.9%) Constant default rate 0.0% - 14.1% (4.3%) Loss severity 26.6% - 95.7% (51.9%) Spread over the benchmark curve (b) 188bps weighted-average Asset-backed securities 240 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 22.0% (7.5%) Constant default rate 1.0% - 7.2% (3.4%) Loss severity 30.0% - 100.0% (57.6%) Spread over the benchmark curve (b) 215bps weighted-average Loans 184 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (76.7%) Loss severity 0.0% - 100.0% (14.5%) Discount rate 5.0% - 8.0% (5.2%) 72 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 4.8% weighted-average 44 Consensus pricing (c) Credit and Liquidity discount 0.0% - 99.0% (63.4%) Equity investments 1,276 Multiple of adjusted earnings Multiple of earnings 5.0x - 16.5x (8.5x) Residential mortgage servicing rights 995 Discounted cash flow Constant prepayment rate 0.0% - 53.8% (13.5%) Spread over the benchmark curve (b) 320bps - 1,435bps (769bps) Commercial mortgage servicing rights 649 Discounted cash flow Constant prepayment rate 3.5% - 18.1% (4.6%) Discount rate 5.6% - 8.1% (7.9%) Financial derivatives - Swaps related to (176 ) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 162.3% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation Q1 2021 Insignificant Level 3 assets, net of (38 ) Total Level 3 assets, net of liabilities (e) $ 5,051 (a) Unobservable inputs were weighted by the relative fair value of the instruments. (b) 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. (c) 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. (d) 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 securities, residential mortgage loans held for sale, other assets, other borrowed funds and other liabilities. (e) Consisted of total Level 3 assets of $ 4.9 billion and total Level 3 liabilities of $.3 billion as of March 31, 2020 and $5.4 billion and $.3 billion as of December 31, 2019 , respectively. |
Fair Value Measurements - Nonrecurring | Table 68 : Fair Value Measurements – Nonrecurring (a) (b) (c) Fair Value Gains (Losses) Three months ended In millions March 31 December 31 March 31 March 31 Assets Nonaccrual loans $ 140 $ 136 $ (28 ) $ (18 ) Loans held for sale 150 OREO and foreclosed assets 25 57 (1 ) (2 ) Long-lived assets 5 5 (1 ) (4 ) Total assets $ 320 $ 198 $ (30 ) $ (24 ) (a) All Level 3 for the periods presented. (b) Valuation techniques applied were fair value of property or collateral. (c) Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented. |
Fair Value Option - Fair Value and Principal Balances | Table 69 : Fair Value Option – Fair Value and Principal Balances March 31, 2020 December 31, 2019 In millions Fair Value Aggregate Unpaid Principal Balance Difference Fair Value Aggregate Unpaid Principal Balance Difference Assets Residential mortgage loans held for sale Performing loans $ 915 $ 872 $ 43 $ 813 $ 792 $ 21 Accruing loans 90 days or more past due 3 3 2 2 Nonaccrual loans 9 9 4 4 Total $ 927 $ 884 $ 43 $ 819 $ 798 $ 21 Commercial mortgage loans held for sale (a) Performing loans $ 537 $ 521 $ 16 $ 245 $ 263 $ (18 ) Nonaccrual loans 1 1 1 2 (1 ) Total $ 538 $ 522 $ 16 $ 246 $ 265 $ (19 ) Loans Performing loans $ 289 $ 303 $ (14 ) $ 291 $ 304 $ (13 ) Accruing loans 90 days or more past due 262 275 (13 ) 285 296 (11 ) Nonaccrual loans 529 801 (272 ) 166 265 (99 ) Total $ 1,080 $ 1,379 $ (299 ) $ 742 $ 865 $ (123 ) Other assets $ 85 $ 118 $ (33 ) $ 132 $ 125 $ 7 Liabilities Other borrowed funds $ 48 $ 49 $ (1 ) $ 63 $ 64 $ (1 ) (a) There were no accruing loans 90 days or more past due within this category at March 31, 2020 or December 31, 2019 . |
Fair Value Option - Changes in Fair Value | Table 70 : Fair Value Option – Changes in Fair Value (a) Gains (Losses) Three months ended March 31 March 31 In millions 2020 2019 Assets Residential mortgage loans held for sale $ 46 $ 14 Commercial mortgage loans held for sale $ 48 $ 5 Loans $ 18 $ 4 Other assets $ (36 ) $ 9 (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 71 : Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 March 31, 2020 Assets Cash and due from banks $ 7,493 $ 7,493 $ 7,493 Interest-earning deposits with banks 19,986 19,986 $ 19,986 Securities held to maturity 1,469 1,621 924 542 $ 155 Net loans (excludes leases) 252,557 259,894 259,894 Other assets 5,493 5,493 5,493 Total assets $ 286,998 $ 294,487 $ 8,417 $ 26,021 $ 260,049 Liabilities Time deposits $ 22,440 $ 22,399 $ 22,399 Borrowed funds 71,975 70,660 68,909 $ 1,751 Unfunded loan commitments and letters of credit 450 450 450 Other liabilities 456 456 456 Total liabilities $ 95,321 $ 93,965 $ 91,764 $ 2,201 December 31, 2019 Assets Cash and due from banks $ 5,061 $ 5,061 $ 5,061 Interest-earning deposits with banks 23,413 23,413 $ 23,413 Securities held to maturity 17,661 18,044 832 17,039 $ 173 Net loans (excludes leases) 229,205 232,670 232,670 Other assets 5,700 5,700 5,692 8 Total assets $ 281,040 $ 284,888 $ 5,893 $ 46,144 $ 232,851 Liabilities Time deposits $ 21,663 $ 21,425 $ 21,425 Borrowed funds 59,745 60,399 58,622 $ 1,777 Unfunded loan commitments and letters of credit 318 318 318 Other liabilities 506 506 506 Total liabilities $ 82,232 $ 82,648 $ 80,553 $ 2,095 |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Total Gross Derivatives | Table 72 : Total Gross Derivatives (a) March 31, 2020 December 31, 2019 In millions Notional / Contract Amount Asset Fair Value (b) Liability Fair Value (c) Notional / Contract Amount Asset Fair Value (b) Liability Fair Value (c) Derivatives used for hedging Interest rate contracts (d): Fair value hedges $ 31,764 $ 30,663 Cash flow hedges 24,889 $ 133 23,642 $ 6 Foreign exchange contracts: Net investment hedges 1,182 70 1,102 $ 6 Total derivatives designated for hedging $ 57,835 $ 203 $ 55,407 $ 6 $ 6 Derivatives not used for hedging Derivatives used for mortgage banking activities (e): Interest rate contracts: Swaps $ 54,029 $ 52,007 $ 1 Futures (f) 2,901 3,487 Mortgage-backed commitments 19,022 $ 248 $ 206 7,738 60 $ 44 Other 7,168 35 49 3,134 32 23 Total interest rate contracts 83,120 283 255 66,366 93 67 Derivatives used for customer-related activities: Interest rate contracts: Swaps 268,654 6,346 1,834 249,075 2,769 1,187 Futures (f) 1,491 703 Mortgage-backed commitments 7,182 44 71 3,721 2 6 Other 23,439 299 106 21,379 113 33 Total interest rate contracts 300,766 6,689 2,011 274,878 2,884 1,226 Commodity contracts: Swaps 5,152 792 783 5,204 234 229 Other 4,033 252 252 4,203 72 72 Total commodity contracts 9,185 1,044 1,035 9,407 306 301 Foreign exchange contracts and other 27,099 413 436 27,120 204 162 Total foreign exchange contracts and other 337,050 8,146 3,482 311,405 3,394 1,689 Derivatives used for other risk management activities: Foreign exchange contracts and other 10,487 141 191 10,201 9 257 Total derivatives not designated for hedging $ 430,657 $ 8,570 $ 3,928 $ 387,972 $ 3,496 $ 2,013 Total gross derivatives $ 488,492 $ 8,773 $ 3,928 $ 443,379 $ 3,502 $ 2,019 Less: Impact of legally enforceable master netting agreements 1,341 1,341 690 690 Less: Cash collateral received/paid 2,110 1,109 616 790 Total derivatives $ 5,322 $ 1,478 $ 2,196 $ 539 (a) Centrally cleared derivatives are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet . (b) Included in Other assets on our Consolidated Balance Sheet. (c) Included in Other liabilities on our Consolidated Balance Sheet. (d) Represents primarily swaps. (e) Includes both residential and commercial mortgage banking activities. (f) Futures contracts settle in cash daily and, therefore, no derivative asset or derivative liability is recognized on our Consolidated Balance Sheet. |
Schedule of Fair Value and Cash Flow Hedges | Table 73 : 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, 2020 Total amounts on the Consolidated Income Statement $ 2,480 $ 582 $ 314 $ 343 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 234 $ (1,361 ) Derivatives $ (231 ) $ 1,339 Amounts related to interest settlements on derivatives $ (2 ) $ 59 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 42 $ 2 $ 1 For the three months ended March 31, 2019 Total amounts on the Consolidated Income Statement $ 2,602 $ 620 $ 481 $ 308 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 58 $ (274 ) Derivatives $ (55 ) $ 228 Amounts related to interest settlements on derivatives $ 5 $ 11 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ (8 ) $ 1 $ 15 (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 hedge 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 | Table 74 : Hedged Items - Fair Value Hedges March 31, 2020 December 31, 2019 In millions Carrying Value of the Hedged Items Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) 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) $ 5,020 $ 222 $ 5,666 $ 59 Borrowed funds $ 31,463 $ 1,909 $ 28,616 $ 548 (a) Includes $(.2) billion and $(.3) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships for March 31, 2020 and December 31, 2019 , respectively. (b) Carrying value shown represents amortized cost. |
Gains (Losses) on Derivatives Not Designated as Hedging Instruments under GAAP | Table 75 : Gains (Losses) on Derivatives Not Designated for Hedging Three months ended In millions 2020 2019 Derivatives used for mortgage banking activities: Interest rate contracts (a) $ 654 $ 128 Derivatives used for customer-related activities: Interest rate contracts 2 (2 ) Foreign exchange contracts and other (b) 11 23 Gains (losses) from customer-related activities (c) 13 21 Derivatives used for other risk management activities: Foreign exchange contracts and other (c) 207 (54 ) Total gains (losses) from derivatives not designated as hedging instruments $ 874 $ 95 (a) Included in Residential mortgage, Corporate services and Other noninterest income on our Consolidated Income Statement. (b) Includes an insignificant amount of gains (losses) on commodity contracts for all periods presented. (c) Included in Other noninterest income on our Consolidated Income Statement. |
Derivative Assets And Liabilities Offsetting | Table 76 : 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, 2020 Derivative assets Interest rate contracts: Over-the-counter cleared $ 296 $ 296 $ 296 Over-the-counter 6,809 $ 499 $ 1,701 4,609 $ 634 3,975 Commodity contracts 1,044 484 382 178 178 Foreign exchange and other contracts 624 358 27 239 1 238 Total derivative assets $ 8,773 $ 1,341 $ 2,110 $ 5,322 (a) $ 635 $ 4,687 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 194 $ 194 $ 194 Over-the-counter 2,072 $ 901 $ 970 201 201 Commodity contracts 1,035 268 22 745 745 Foreign exchange and other contracts 627 172 117 338 338 Total derivative liabilities $ 3,928 $ 1,341 $ 1,109 $ 1,478 (b) $ 1,478 December 31, 2019 Derivative assets Interest rate contracts: Over-the-counter cleared $ 14 $ 14 $ 14 Over-the-counter 2,969 $ 365 $ 593 2,011 $ 215 1,796 Commodity contracts 306 198 18 90 90 Foreign exchange and other contracts 213 127 5 81 81 Total derivative assets $ 3,502 $ 690 $ 616 $ 2,196 (a) $ 215 $ 1,981 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 14 $ 14 $ 14 Over-the-counter 1,279 $ 475 $ 692 112 112 Commodity contracts 301 152 17 132 132 Foreign exchange and other contracts 425 63 81 281 281 Total derivative liabilities $ 2,019 $ 690 $ 790 $ 539 (b) $ 539 (a) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (b) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Results of Businesses | Table 77 : Results of Businesses Three months ended March 31 Retail Banking Corporate & Asset BlackRock Other Consolidated (a) 2020 Income Statement Net interest income $ 1,456 $ 950 $ 88 $ 17 $ 2,511 Noninterest income 788 694 204 $ 180 140 2,006 Total revenue 2,244 1,644 292 180 157 4,517 Provision for credit losses 445 458 3 8 914 Depreciation and amortization 57 48 11 124 240 Other noninterest expense 1,479 674 208 (58 ) 2,303 Income before income taxes and noncontrolling interests 263 464 70 180 83 1,060 Income taxes (benefit) 62 94 16 23 (50 ) 145 Net income $ 201 $ 370 $ 54 $ 157 $ 133 $ 915 Average Assets (b) $ 97,062 $ 172,502 $ 7,801 $ 8,511 $ 126,560 $ 412,436 2019 Income Statement Net interest income $ 1,349 $ 877 $ 70 $ 179 $ 2,475 Noninterest income 595 576 217 $ 233 190 1,811 Total revenue 1,944 1,453 287 233 369 4,286 Provision for credit losses (benefit) 128 71 (1 ) (9 ) 189 Depreciation and amortization 51 50 12 121 234 Other noninterest expense 1,417 636 218 73 2,344 Income before income taxes and noncontrolling interests 348 696 58 233 184 1,519 Income taxes (benefit) 84 144 13 36 (29 ) 248 Net income $ 264 $ 552 $ 45 $ 197 $ 213 $ 1,271 Average Assets (b) $ 91,255 $ 157,169 $ 7,259 $ 8,080 $ 122,135 $ 385,898 (a) There were no material intersegment revenues for the three months ended March 31, 2020 and 2019 . (b) Period-end balances for BlackRock. |
Fee-Based Revenue from Contra_2
Fee-Based Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Retail Banking Noninterest Income Disaggregation | Table 78 : Retail Banking Noninterest Income Disaggregation Three months ended In millions 2020 2019 Product Deposit account fees $ 158 $ 148 Debit card fees 129 124 Brokerage fees 93 89 Merchant services 49 48 Net credit card fees (a) 41 48 Other 56 66 Total in-scope noninterest income by product $ 526 $ 523 Reconciliation to total Retail Banking noninterest income Total in-scope noninterest income $ 526 $ 523 Total out-of-scope noninterest income (b) 262 72 Total Retail Banking noninterest income $ 788 $ 595 (a) Net credit card fees consists of interchange fees of $ 118 million and $112 million and credit card reward costs of $ 77 million and $64 million for the three months ended March 31, 2020 and 2019 , respectively. (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 79 : Corporate & Institutional Banking Noninterest Income Disaggregation Three months ended In millions 2020 2019 Product Treasury management fees $ 216 $ 199 Capital markets fees 175 127 Commercial mortgage banking activities 26 25 Other 20 17 Total in-scope noninterest income by product $ 437 $ 368 Reconciliation to total Corporate & Institutional Banking noninterest income Total in-scope noninterest income $ 437 $ 368 Total out-of-scope noninterest income (a) 257 208 Total Corporate & Institutional Banking noninterest income $ 694 $ 576 (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 80 : Asset Management Group Noninterest Income Disaggregation Three months ended In millions 2020 2019 Customer Type Personal $ 150 $ 147 Institutional 51 65 Total in-scope noninterest income by customer type $ 201 $ 212 Reconciliation to Asset Management Group noninterest income Total in-scope noninterest income $ 201 $ 212 Total out-of-scope noninterest income (a) 3 5 Total Asset Management Group noninterest income $ 204 $ 217 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ (41,885) | $ (42,215) | |||
Investment securities – held to maturity (b) | [1] | 1,469 | 17,661 | ||
Held-to-maturity securities, fair value | 1,621 | 18,044 | |||
Other comprehensive income (loss), before tax and net of reclassifications into Net income | 2,251 | $ 927 | |||
Available for sale debt securities, amortized cost | 86,224 | 67,790 | |||
Investment securities – available for sale | $ 89,077 | $ 69,163 | |||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ 671 | ||||
Accounting Standards Update 2019-04 [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Investment securities – held to maturity (b) | (16,200) | ||||
Held-to-maturity securities, fair value | (16,500) | ||||
Other comprehensive income (loss), before tax and net of reclassifications into Net income | 306 | ||||
Available for sale debt securities, amortized cost | 16,200 | ||||
Investment securities – available for sale | $ 16,500 | ||||
[1] | Amounts as of March 31, 2020 are net of the related Allowances for Credit Losses recorded in accordance with the adoption of Accounting Standards Update 2016-13, Financial Instruments - Credit Losses , which totaled $2 million and $19 million for Investment securities and Other assets, respectively. See Recently Adopted Accounting Standards portion of Note 1 Accounting Policies for additional detail on the adoption of this ASU. |
Accounting Policies - Impact of
Accounting Policies - Impact of CECL Standard Adoption (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Off-balance sheet credit exposures | $ 450 | $ 318 | ||
Other | 0 | |||
Total allowance | 3,060 | |||
Retained earnings | 41,885 | 42,215 | ||
Income taxes | 145 | $ 248 | ||
Total commercial lending | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Off-balance sheet credit exposures | 344 | 316 | ||
Total consumer lending | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Off-balance sheet credit exposures | $ 106 | 2 | ||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Off-balance sheet credit exposures | $ 179 | |||
Other | 19 | |||
Total allowance | 700 | 661 | ||
Retained earnings | (671) | |||
Fair Value - Assets | 200 | |||
Income taxes | $ 200 | |||
Cumulative Effect, Period of Adoption, Adjustment | Total commercial lending | Accounting Standards Update 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Off-balance sheet credit exposures | 53 | |||
Cumulative Effect, Period of Adoption, Adjustment | Total consumer lending | Accounting Standards Update 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Off-balance sheet credit exposures | 126 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Off-balance sheet credit exposures | 497 | |||
Other | 19 | |||
Total allowance | 3,721 | |||
Retained earnings | 41,544 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | Total commercial lending | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Off-balance sheet credit exposures | 369 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | Total consumer lending | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Off-balance sheet credit exposures | $ 128 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Schedule of Investments [Line Items] | |||||
Held-to-maturity debt securities, allowance for credit loss | $ 2 | ||||
Available for sale debt securities, amortized cost | 86,224 | $ 67,790 | |||
Available-for-sale securities, fair value | 89,077 | 69,163 | |||
Investment securities, net unsettled investment purchases | 388 | $ 623 | |||
Held-to-maturity securities, amortized cost | [1] | 1,469 | 17,661 | ||
Held-to-maturity securities, fair value | 1,621 | $ 18,044 | |||
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 | 38,600 | ||||
Fair value of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | 40,000 | ||||
Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | |||||
Schedule of Investments [Line Items] | |||||
Debt securities amortized cost amount of debt securities exceeds 10 percent of shareholders equity | 7,100 | ||||
Fair value of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | $ 7,300 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2019-04 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available for sale debt securities, amortized cost | $ 16,200 | ||||
Available-for-sale securities, fair value | 16,500 | ||||
Held-to-maturity securities, amortized cost | (16,200) | ||||
Held-to-maturity securities, fair value | $ (16,500) | ||||
[1] | Amounts as of March 31, 2020 are net of the related Allowances for Credit Losses recorded in accordance with the adoption of Accounting Standards Update 2016-13, Financial Instruments - Credit Losses , which totaled $2 million and $19 million for Investment securities and Other assets, respectively. See Recently Adopted Accounting Standards portion of Note 1 Accounting Policies for additional detail on the adoption of this ASU. |
Investment Securities (Summary)
Investment Securities (Summary) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | ||
Debt Securities, Available-for-sale [Line Items] | |||
Securities available for sale debt securities, amortized cost | $ 86,224 | $ 67,790 | |
Securities available for sale debt securities, unrealized gains | 3,233 | 1,471 | |
Securities available for sale debt securities, unrealized losses | (380) | (98) | |
Investment securities – available for sale | 89,077 | 69,163 | |
Held to maturity securities, amortized cost | [1] | 1,469 | 17,661 |
Held-to-maturity securities, unrealized gains | 176 | 423 | |
Held-to-maturity securities, unrealized losses | (24) | (40) | |
Held-to-maturity securities, fair value | 1,621 | 18,044 | |
Debt securities, available-for-sale, accrued interest | 266 | ||
Debt securities, held-to-maturity, accrued interest | 2.7 | ||
Debt securities, available-for-sale, allowance for credit loss | $ 2 | ||
Credit Concentration Risk [Member] | Fitch, AAA or AA Rating [Member] | |||
Debt Securities, Held-to-maturity [Abstract] | |||
Concentration risk, percentage | 87.00% | ||
US Treasury and Government [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securities available for sale debt securities, amortized cost | $ 16,102 | 16,150 | |
Securities available for sale debt securities, unrealized gains | 879 | 382 | |
Securities available for sale debt securities, unrealized losses | (16) | ||
Investment securities – available for sale | 16,981 | 16,516 | |
Held to maturity securities, amortized cost | 781 | 776 | |
Held-to-maturity securities, unrealized gains | 143 | 56 | |
Held-to-maturity securities, fair value | 924 | 832 | |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securities available for sale debt securities, amortized cost | 50,828 | 35,847 | |
Securities available for sale debt securities, unrealized gains | 1,810 | 517 | |
Securities available for sale debt securities, unrealized losses | (10) | (43) | |
Investment securities – available for sale | 52,628 | 36,321 | |
Held to maturity securities, amortized cost | 14,419 | ||
Held-to-maturity securities, unrealized gains | 270 | ||
Held-to-maturity securities, unrealized losses | (26) | ||
Held-to-maturity securities, fair value | 14,663 | ||
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securities available for sale debt securities, amortized cost | 1,563 | 1,515 | |
Securities available for sale debt securities, unrealized gains | 142 | 302 | |
Securities available for sale debt securities, unrealized losses | (62) | (3) | |
Investment securities – available for sale | 1,643 | 1,814 | |
Held to maturity securities, amortized cost | 133 | ||
Held-to-maturity securities, unrealized gains | 7 | ||
Held-to-maturity securities, fair value | 140 | ||
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securities available for sale debt securities, amortized cost | 3,181 | 3,094 | |
Securities available for sale debt securities, unrealized gains | 114 | 42 | |
Securities available for sale debt securities, unrealized losses | (6) | (18) | |
Investment securities – available for sale | 3,289 | 3,118 | |
Held to maturity securities, amortized cost | 59 | ||
Held-to-maturity securities, unrealized gains | 1 | ||
Held-to-maturity securities, fair value | 60 | ||
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securities available for sale debt securities, amortized cost | 4,249 | 3,352 | |
Securities available for sale debt securities, unrealized gains | 27 | 29 | |
Securities available for sale debt securities, unrealized losses | (194) | (9) | |
Investment securities – available for sale | 4,082 | 3,372 | |
Held to maturity securities, amortized cost | 430 | ||
Held-to-maturity securities, unrealized gains | 4 | ||
Held-to-maturity securities, fair value | 434 | ||
Asset-backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securities available for sale debt securities, amortized cost | 5,339 | 5,044 | |
Securities available for sale debt securities, unrealized gains | 43 | 78 | |
Securities available for sale debt securities, unrealized losses | (104) | (8) | |
Investment securities – available for sale | 5,278 | 5,114 | |
Held to maturity securities, amortized cost | 50 | 52 | |
Held-to-maturity securities, unrealized gains | |||
Held-to-maturity securities, unrealized losses | (1) | ||
Held-to-maturity securities, fair value | 49 | 52 | |
Other [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securities available for sale debt securities, amortized cost | 4,962 | 2,788 | |
Securities available for sale debt securities, unrealized gains | 218 | 121 | |
Securities available for sale debt securities, unrealized losses | (4) | (1) | |
Investment securities – available for sale | 5,176 | 2,908 | |
Held to maturity securities, amortized cost | 638 | 1,792 | |
Held-to-maturity securities, unrealized gains | 33 | 85 | |
Held-to-maturity securities, unrealized losses | (23) | (14) | |
Held-to-maturity securities, fair value | $ 648 | $ 1,863 | |
[1] | Amounts as of March 31, 2020 are net of the related Allowances for Credit Losses recorded in accordance with the adoption of Accounting Standards Update 2016-13, Financial Instruments - Credit Losses , which totaled $2 million and $19 million for Investment securities and Other assets, respectively. See Recently Adopted Accounting Standards portion of Note 1 Accounting Policies for additional detail on the adoption of this ASU. |
Investment Securities Investmen
Investment Securities Investment Securities (Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | $ (297) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 6,987 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (76) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 1,578 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (373) |
Debt securities, available-for-sale, unrealized loss position | 8,565 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (3) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 409 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (7) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 380 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (10) |
Debt securities, available-for-sale, unrealized loss position | 789 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (43) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 537 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (17) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 77 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (60) |
Debt securities, available-for-sale, unrealized loss position | 614 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (1) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 187 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (5) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 436 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (6) |
Debt securities, available-for-sale, unrealized loss position | 623 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (172) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 2,719 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (22) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 147 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (194) |
Debt securities, available-for-sale, unrealized loss position | 2,866 |
Asset backed [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (75) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 2,815 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (25) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 538 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (100) |
Debt securities, available-for-sale, unrealized loss position | 3,353 |
Other [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (3) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 320 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (3) |
Debt securities, available-for-sale, unrealized loss position | $ 320 |
Investment Securities (Gross Un
Investment Securities (Gross Unrealized Loss and Fair Value of Debt Securities ) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | $ (33) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 7,901 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (65) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 7,515 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (98) |
Debt securities, available-for-sale, unrealized loss position | 15,416 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | |
HTM unrealized loss position less than 12 months - unrealized loss | (1) |
HTM unrealized loss position less than 12 months - fair value | 22 |
HTM unrealized loss position 12 months or more - unrealized loss | (39) |
HTM unrealized loss position 12 months or more - fair value | 3,065 |
Total HTM unrealized loss | (40) |
Total HTM fair value | 3,087 |
US Treasury and Government [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (14) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 2,451 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (2) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 607 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (16) |
Debt securities, available-for-sale, unrealized loss position | 3,058 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (6) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 2,832 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (37) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 4,659 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (43) |
Debt securities, available-for-sale, unrealized loss position | 7,491 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | |
HTM unrealized loss position less than 12 months - unrealized loss | |
HTM unrealized loss position less than 12 months - fair value | |
HTM unrealized loss position 12 months or more - unrealized loss | (26) |
HTM unrealized loss position 12 months or more - fair value | 2,960 |
Total HTM unrealized loss | (26) |
Total HTM fair value | 2,960 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (3) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 102 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (3) |
Debt securities, available-for-sale, unrealized loss position | 102 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (6) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 852 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (12) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 953 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (18) |
Debt securities, available-for-sale, unrealized loss position | 1,805 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (4) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 1,106 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (5) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 230 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (9) |
Debt securities, available-for-sale, unrealized loss position | 1,336 |
Asset backed [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (3) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 660 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (5) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 561 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (8) |
Debt securities, available-for-sale, unrealized loss position | 1,221 |
Other [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (1) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 403 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (1) |
Debt securities, available-for-sale, unrealized loss position | 403 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | |
HTM unrealized loss position less than 12 months - unrealized loss | (1) |
HTM unrealized loss position less than 12 months - fair value | 22 |
HTM unrealized loss position 12 months or more - unrealized loss | (13) |
HTM unrealized loss position 12 months or more - fair value | 105 |
Total HTM unrealized loss | (14) |
Total HTM fair value | $ 127 |
Investment Securities (Gains (L
Investment Securities (Gains (Losses) on Sales of Securities Available for Sale) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investment Securities Disclosure [Abstract] | ||
Gross Gains | $ 184 | $ 27 |
Gross Losses | (2) | (14) |
Net Gains (Losses) | 182 | 13 |
Tax Expense (Benefit) | $ 38 | $ 3 |
Investment Securities (Contract
Investment Securities (Contractual Maturity of Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Securities [Line Items] | |||
Available for Sale Securities, Amortized Cost, 1 year or less | $ 779 | ||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 16,286 | ||
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 9,634 | ||
Available for Sale Securities, Amortized Cost, After 10 years | 59,525 | ||
Securities available for sale debt securities, amortized cost | 86,224 | $ 67,790 | |
Available-for-sale Securities, Fair value, 1 year or less | 785 | ||
Available-for-sale Securities, Fair value, After 1 year through 5 years | 16,788 | ||
Available-for-sale Securities, Fair value, After 5 years through 10 years | 10,017 | ||
Available-for-sale Securities, Fair value, After 10 years | 61,487 | ||
Available-for-sale Securities, Fair value, Total | $ 89,077 | 69,163 | |
Weighted-average yield, GAAP basis, available for sale securities | 2.89% | ||
Held to Maturity Securities, Amortized Cost, 1 year or less | $ 32 | ||
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 583 | ||
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 434 | ||
Held to Maturity Securities, Amortized Cost, After 10 years | 420 | ||
Held to maturity securities, amortized cost | [1] | 1,469 | 17,661 |
Held-to-maturity Securities, Fair Value, 1 year or less | 32 | ||
Held-to-maturity Securities, Fair Value, After 1 year through 5 years | 613 | ||
Held-to-maturity Securities, Fair Value, After 5 years through 10 years | 516 | ||
Held-to-maturity Securities, Fair Value, After 10 years | 460 | ||
Held-to-maturity Securities, Debt Maturities, Fair Value, Total | $ 1,621 | $ 18,044 | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.26% | ||
One Year or Less [Member] | |||
Debt Securities [Line Items] | |||
Weighted-average yield, GAAP basis, available for sale securities | 3.10% | ||
Weighted-average yield, GAAP basis, held to maturity securities | 3.32% | ||
After One Year Through Five Years [Member] | |||
Debt Securities [Line Items] | |||
Weighted-average yield, GAAP basis, available for sale securities | 2.16% | ||
Weighted-average yield, GAAP basis, held to maturity securities | 3.23% | ||
After Five Years Through Ten Years [Member] | |||
Debt Securities [Line Items] | |||
Weighted-average yield, GAAP basis, available for sale securities | 2.58% | ||
Weighted-average yield, GAAP basis, held to maturity securities | 3.87% | ||
After Ten Years [Member] | |||
Debt Securities [Line Items] | |||
Weighted-average yield, GAAP basis, available for sale securities | 3.14% | ||
Weighted-average yield, GAAP basis, held to maturity securities | 2.63% | ||
US Treasury and Government [Member] | |||
Debt Securities [Line Items] | |||
Available for Sale Securities, Amortized Cost, 1 year or less | $ 249 | ||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 10,949 | ||
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 3,839 | ||
Available for Sale Securities, Amortized Cost, After 10 years | 1,065 | ||
Securities available for sale debt securities, amortized cost | 16,102 | ||
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 198 | ||
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 303 | ||
Held to Maturity Securities, Amortized Cost, After 10 years | 280 | ||
Held to maturity securities, amortized cost | 781 | ||
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | |||
Debt 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 | 117 | ||
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 2,092 | ||
Available for Sale Securities, Amortized Cost, After 10 years | 48,616 | ||
Securities available for sale debt securities, amortized cost | 50,828 | ||
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | |||
Debt Securities [Line Items] | |||
Available for Sale Securities, Amortized Cost, After 10 years | 1,563 | ||
Securities available for sale debt securities, amortized cost | 1,563 | ||
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | |||
Debt Securities [Line Items] | |||
Available for Sale Securities, Amortized Cost, 1 year or less | 7 | ||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 466 | ||
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 828 | ||
Available for Sale Securities, Amortized Cost, After 10 years | 1,880 | ||
Securities available for sale debt securities, amortized cost | 3,181 | ||
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | |||
Debt Securities [Line Items] | |||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 75 | ||
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 351 | ||
Available for Sale Securities, Amortized Cost, After 10 years | 3,823 | ||
Securities available for sale debt securities, amortized cost | 4,249 | ||
Asset backed [Member] | |||
Debt Securities [Line Items] | |||
Available for Sale Securities, Amortized Cost, 1 year or less | 15 | ||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 2,721 | ||
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 1,169 | ||
Available for Sale Securities, Amortized Cost, After 10 years | 1,434 | ||
Securities available for sale debt securities, amortized cost | 5,339 | ||
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 6 | ||
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 18 | ||
Held to Maturity Securities, Amortized Cost, After 10 years | 26 | ||
Held to maturity securities, amortized cost | 50 | ||
Other [Member] | |||
Debt Securities [Line Items] | |||
Available for Sale Securities, Amortized Cost, 1 year or less | 505 | ||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 1,958 | ||
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 1,355 | ||
Available for Sale Securities, Amortized Cost, After 10 years | 1,144 | ||
Securities available for sale debt securities, amortized cost | 4,962 | ||
Held to Maturity Securities, Amortized Cost, 1 year or less | 32 | ||
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 379 | ||
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 113 | ||
Held to Maturity Securities, Amortized Cost, After 10 years | 114 | ||
Held to maturity securities, amortized cost | $ 638 | ||
[1] | Amounts as of March 31, 2020 are net of the related Allowances for Credit Losses recorded in accordance with the adoption of Accounting Standards Update 2016-13, Financial Instruments - Credit Losses , which totaled $2 million and $19 million for Investment securities and Other assets, respectively. See Recently Adopted Accounting Standards portion of Note 1 Accounting Policies for additional detail on the adoption of this ASU. |
Investment Securities (Fair Val
Investment Securities (Fair Value of Securities Pledged and Accepted as Collateral) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Investment Securities Disclosure [Abstract] | ||
Pledged to others | $ 25,722 | $ 14,609 |
Permitted by contract or custom to sell or repledge | 1,439 | 2,349 |
Permitted amount repledged to others | $ 1,439 | 360 |
Fair value of securities received as collateral that have not been repledged | $ 2,000 |
Loans (Analysis of Loan Portfol
Loans (Analysis of Loan Portfolio) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 264,643 | $ 239,843 |
Accrued Interest Receivable | $ 725 | |
% of Loans | 100.00% | 100.00% |
Financing receivable, deferred income | $ 1,300 | $ 1,100 |
Collateral Dependent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,100 | |
Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 260,987 | $ 234,819 |
% of Loans | 98.62% | 97.90% |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 688 | $ 661 |
% of Loans | 0.26% | 0.28% |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 261 | $ 258 |
% of Loans | 0.10% | 0.11% |
90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 534 | $ 585 |
% of Loans | 0.20% | 0.24% |
Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 1,483 | $ 1,504 |
% of Loans | 0.56% | 0.63% |
Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 1,644 | $ 1,635 |
% of Loans | 0.62% | 0.68% |
Fair Value Option Nonaccrual Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 529 | $ 166 |
% of Loans | 0.20% | 0.07% |
Purchased Impaired Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 1,719 | |
% of Loans | 0.72% | |
Total commercial lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 184,736 | $ 160,602 |
Accrued Interest Receivable | 336 | |
Total commercial lending | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 183,949 | 159,825 |
Total commercial lending | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 145 | 155 |
Total commercial lending | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 25 | 36 |
Total commercial lending | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 51 | 85 |
Total commercial lending | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 221 | 276 |
Total commercial lending | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 566 | 501 |
Total consumer lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 79,907 | 79,241 |
Accrued Interest Receivable | 389 | |
Total consumer lending | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 77,038 | 74,994 |
Total consumer lending | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 543 | 506 |
Total consumer lending | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 236 | 222 |
Total consumer lending | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 483 | 500 |
Total consumer lending | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,262 | 1,228 |
Financing receivable, purchased with credit deterioration | 100 | |
Total consumer lending | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,078 | 1,134 |
Total consumer lending | Fair Value Option Nonaccrual Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 529 | 166 |
Total consumer lending | Purchased Impaired Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,719 | |
Commercial Loan | Total commercial lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 149,131 | 125,337 |
Accrued Interest Receivable | 268 | |
Commercial Loan | Total commercial lending | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 148,467 | 124,695 |
Commercial Loan | Total commercial lending | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 97 | 102 |
Commercial Loan | Total commercial lending | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 22 | 30 |
Commercial Loan | Total commercial lending | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 51 | 85 |
Commercial Loan | Total commercial lending | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 170 | 217 |
Commercial Loan | Total commercial lending | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 494 | 425 |
Commercial Real Estate [Member] | Total commercial lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 28,544 | 28,110 |
Accrued Interest Receivable | 68 | |
Commercial Real Estate [Member] | Total commercial lending | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 28,495 | 28,061 |
Commercial Real Estate [Member] | Total commercial lending | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6 | 4 |
Commercial Real Estate [Member] | Total commercial lending | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1 | 1 |
Commercial Real Estate [Member] | Total commercial lending | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7 | 5 |
Commercial Real Estate [Member] | Total commercial lending | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 42 | 44 |
Equipment Lease Financing [Member] | Total commercial lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7,061 | 7,155 |
Equipment Lease Financing [Member] | Total commercial lending | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,987 | 7,069 |
Equipment Lease Financing [Member] | Total commercial lending | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 42 | 49 |
Equipment Lease Financing [Member] | Total commercial lending | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2 | 5 |
Equipment Lease Financing [Member] | Total commercial lending | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 44 | 54 |
Equipment Lease Financing [Member] | Total commercial lending | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 30 | 32 |
Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 25,081 | 25,085 |
Home Equity [Member] | Total consumer lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 25,081 | 25,085 |
Accrued Interest Receivable | 118 | |
Home Equity [Member] | Total consumer lending | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 24,311 | 23,791 |
Home Equity [Member] | Total consumer lending | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 65 | 58 |
Home Equity [Member] | Total consumer lending | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 28 | 24 |
Home Equity [Member] | Total consumer lending | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 93 | 82 |
Home Equity [Member] | Total consumer lending | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 617 | 669 |
Home Equity [Member] | Total consumer lending | Fair Value Option Nonaccrual Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 60 | |
Home Equity [Member] | Total consumer lending | Purchased Impaired Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 543 | |
Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 22,250 | 21,821 |
Residential Real Estate [Member] | Government Insured or Guaranteed Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 580 | 584 |
Residential Real Estate [Member] | Total consumer lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 22,250 | 21,821 |
Accrued Interest Receivable | 59 | |
Residential Real Estate [Member] | Total consumer lending | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 20,934 | 19,640 |
Residential Real Estate [Member] | Total consumer lending | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 173 | 140 |
Residential Real Estate [Member] | Total consumer lending | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 82 | 69 |
Residential Real Estate [Member] | Total consumer lending | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 300 | 315 |
Residential Real Estate [Member] | Total consumer lending | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 555 | 524 |
Residential Real Estate [Member] | Total consumer lending | Total Past Due [Member] | Government Insured or Guaranteed Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 400 | 400 |
Residential Real Estate [Member] | Total consumer lending | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 292 | 315 |
Residential Real Estate [Member] | Total consumer lending | Fair Value Option Nonaccrual Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 469 | 166 |
Residential Real Estate [Member] | Total consumer lending | Purchased Impaired Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,176 | |
Automobile [Member] | Total consumer lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 17,194 | 16,754 |
Accrued Interest Receivable | 64 | |
Automobile [Member] | Total consumer lending | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 16,795 | 16,376 |
Automobile [Member] | Total consumer lending | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 177 | 178 |
Automobile [Member] | Total consumer lending | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 49 | 47 |
Automobile [Member] | Total consumer lending | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 19 | 18 |
Automobile [Member] | Total consumer lending | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 245 | 243 |
Automobile [Member] | Total consumer lending | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 154 | 135 |
Credit Card [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7,308 | |
Credit Card [Member] | Total consumer lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7,132 | 7,308 |
Credit Card [Member] | Total consumer lending | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,956 | 7,133 |
Credit Card [Member] | Total consumer lending | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 59 | 60 |
Credit Card [Member] | Total consumer lending | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 37 | 37 |
Credit Card [Member] | Total consumer lending | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 70 | 67 |
Credit Card [Member] | Total consumer lending | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 166 | 164 |
Credit Card [Member] | Total consumer lending | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 10 | 11 |
Education [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,247 | 3,336 |
Education [Member] | Total consumer lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,247 | 3,336 |
Accrued Interest Receivable | 134 | |
Education [Member] | Total consumer lending | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,081 | 3,156 |
Education [Member] | Total consumer lending | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 52 | 55 |
Education [Member] | Total consumer lending | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 30 | 34 |
Education [Member] | Total consumer lending | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 84 | 91 |
Education [Member] | Total consumer lending | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 166 | 180 |
Education [Member] | Total consumer lending | Total Past Due [Member] | Government Insured or Guaranteed Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 200 | 200 |
Other Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 5,003 | 4,937 |
Other Consumer [Member] | Total consumer lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 5,003 | 4,937 |
Accrued Interest Receivable | 14 | |
Other Consumer [Member] | Total consumer lending | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 4,961 | 4,898 |
Other Consumer [Member] | Total consumer lending | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 17 | 15 |
Other Consumer [Member] | Total consumer lending | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 10 | 11 |
Other Consumer [Member] | Total consumer lending | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 10 | 9 |
Other Consumer [Member] | Total consumer lending | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 37 | 35 |
Other Consumer [Member] | Total consumer lending | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 5 | $ 4 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
TDRs [Member] | |||
Recorded Investment - Subsequently defaulted TDRs | $ 29 | $ 18 | |
Nonperforming [Member] | |||
Troubled debt restructurings (TDRs) | 700 | $ 900 | |
Performing, including Consumer Credit Card TDRs [Member] | |||
Troubled debt restructurings (TDRs) | 800 | 800 | |
Federal Reserve Bank [Member] | |||
Loans pledged as collateral for the ability to borrow | 16,600 | 16,900 | |
Federal Home Loan Bank [Member] | |||
Loans pledged as collateral for the ability to borrow | $ 69,300 | $ 68,000 |
Loans (Nonperforming Assets) (D
Loans (Nonperforming Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Total nonperforming loans | $ 1,644 | $ 1,635 |
OREO and Foreclosed Assets | 111 | 117 |
Total nonperforming assets | $ 1,755 | $ 1,752 |
Nonperforming loans to total loans | 0.62% | 0.68% |
Nonperforming assets to total loans, OREO and foreclosed assets | 0.66% | 0.73% |
Nonperforming assets to total assets | 0.39% | 0.43% |
Nonperforming loans, without allowance for credit losses | $ 300 | |
Total commercial lending | ||
Total nonperforming loans | 566 | $ 501 |
Total consumer lending | ||
Total nonperforming loans | $ 1,078 | $ 1,134 |
Loans (Commercial Lending Asset
Loans (Commercial Lending Asset Quality Indicators) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 264,643 | $ 239,843 |
Financing receivable, originated in 2020, % of total loans | 4.60% | |
Financing receivable, originated in 2019, % of total loans | 14.90% | |
Financing receivable, originated in 2018, % of total loans | 9.80% | |
Financing receivable, originated in 2017, % of total loans | 7.20% | |
Financing receivable, originated in 2016, % of total loans | 5.20% | |
Prior, % of total loans | 12.80% | |
Revolving Loans, % of total loans | 45.50% | |
Revolving Loans Converted To Term, % of total loans | 0.00% | |
Total Loans, % of total loans | 100.00% | |
Total commercial lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | $ 8,508 | |
Financing receivable, originated in 2019 | 27,455 | |
Financing receivable, originated in 2018 | 18,125 | |
Financing receivable, originated in 2017 | 13,275 | |
Financing receivable, originated in 2016 | 9,559 | |
Prior | 23,686 | |
Revolving Loans | 84,051 | |
Revolving Loans Converted to Term | 77 | |
Total Loans | 184,736 | 160,602 |
Total commercial lending | Commercial Loan | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 7,266 | |
Financing receivable, originated in 2019 | 19,068 | |
Financing receivable, originated in 2018 | 12,537 | |
Financing receivable, originated in 2017 | 8,378 | |
Financing receivable, originated in 2016 | 5,706 | |
Prior | 12,337 | |
Revolving Loans | 83,762 | |
Revolving Loans Converted to Term | 77 | |
Total Loans | $ 149,131 | 125,337 |
Financing receivable, originated in 2020, % of total loans | 4.80% | |
Financing receivable, originated in 2019, % of total loans | 12.80% | |
Financing receivable, originated in 2018, % of total loans | 8.40% | |
Financing receivable, originated in 2017, % of total loans | 5.60% | |
Financing receivable, originated in 2016, % of total loans | 3.80% | |
Prior, % of total loans | 8.30% | |
Revolving Loans, % of total loans | 56.20% | |
Revolving Loans Converted To Term, % of total loans | 0.10% | |
Total Loans, % of total loans | 100.00% | |
Total commercial lending | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | $ 904 | |
Financing receivable, originated in 2019 | 6,875 | |
Financing receivable, originated in 2018 | 4,248 | |
Financing receivable, originated in 2017 | 3,815 | |
Financing receivable, originated in 2016 | 3,146 | |
Prior | 9,267 | |
Revolving Loans | 289 | |
Total Loans | $ 28,544 | 28,110 |
Financing receivable, originated in 2020, % of total loans | 3.20% | |
Financing receivable, originated in 2019, % of total loans | 24.00% | |
Financing receivable, originated in 2018, % of total loans | 14.90% | |
Financing receivable, originated in 2017, % of total loans | 13.40% | |
Financing receivable, originated in 2016, % of total loans | 11.00% | |
Prior, % of total loans | 32.50% | |
Revolving Loans, % of total loans | 1.00% | |
Total Loans, % of total loans | 100.00% | |
Total commercial lending | Equipment Lease Financing [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | $ 338 | |
Financing receivable, originated in 2019 | 1,512 | |
Financing receivable, originated in 2018 | 1,340 | |
Financing receivable, originated in 2017 | 1,082 | |
Financing receivable, originated in 2016 | 707 | |
Prior | 2,082 | |
Total Loans | $ 7,061 | 7,155 |
Financing receivable, originated in 2020, % of total loans | 4.80% | |
Financing receivable, originated in 2019, % of total loans | 21.40% | |
Financing receivable, originated in 2018, % of total loans | 19.00% | |
Financing receivable, originated in 2017, % of total loans | 15.30% | |
Financing receivable, originated in 2016, % of total loans | 10.00% | |
Prior, % of total loans | 29.50% | |
Total Loans, % of total loans | 100.00% | |
Pass [Member] | Total commercial lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 154,076 | |
Pass [Member] | Total commercial lending | Commercial Loan | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | $ 7,250 | |
Financing receivable, originated in 2019 | 18,695 | |
Financing receivable, originated in 2018 | 11,957 | |
Financing receivable, originated in 2017 | 7,943 | |
Financing receivable, originated in 2016 | 5,399 | |
Prior | 11,807 | |
Revolving Loans | 78,664 | |
Revolving Loans Converted to Term | 61 | |
Total Loans | 141,776 | 119,761 |
Pass [Member] | Total commercial lending | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 898 | |
Financing receivable, originated in 2019 | 6,812 | |
Financing receivable, originated in 2018 | 4,221 | |
Financing receivable, originated in 2017 | 3,766 | |
Financing receivable, originated in 2016 | 2,973 | |
Prior | 8,908 | |
Revolving Loans | 203 | |
Total Loans | 27,781 | 27,424 |
Pass [Member] | Total commercial lending | Equipment Lease Financing [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 334 | |
Financing receivable, originated in 2019 | 1,438 | |
Financing receivable, originated in 2018 | 1,252 | |
Financing receivable, originated in 2017 | 1,038 | |
Financing receivable, originated in 2016 | 680 | |
Prior | 2,059 | |
Total Loans | 6,801 | 6,891 |
Criticized [Member] | Total commercial lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 6,526 | |
Criticized [Member] | Total commercial lending | Commercial Loan | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 16 | |
Financing receivable, originated in 2019 | 373 | |
Financing receivable, originated in 2018 | 580 | |
Financing receivable, originated in 2017 | 435 | |
Financing receivable, originated in 2016 | 307 | |
Prior | 530 | |
Revolving Loans | 5,098 | |
Revolving Loans Converted to Term | 16 | |
Total Loans | 7,355 | 5,576 |
Criticized [Member] | Total commercial lending | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 6 | |
Financing receivable, originated in 2019 | 63 | |
Financing receivable, originated in 2018 | 27 | |
Financing receivable, originated in 2017 | 49 | |
Financing receivable, originated in 2016 | 173 | |
Prior | 359 | |
Revolving Loans | 86 | |
Total Loans | 763 | 686 |
Criticized [Member] | Total commercial lending | Equipment Lease Financing [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 4 | |
Financing receivable, originated in 2019 | 74 | |
Financing receivable, originated in 2018 | 88 | |
Financing receivable, originated in 2017 | 44 | |
Financing receivable, originated in 2016 | 27 | |
Prior | 23 | |
Total Loans | $ 260 | $ 264 |
Loans (Consumer Real Estate Sec
Loans (Consumer Real Estate Secured Asset Quality Indicators) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 264,643 | $ 239,843 |
Financing receivable, originated in 2020, % of total loans | 4.60% | |
Financing receivable, originated in 2019, % of total loans | 14.90% | |
Financing receivable, originated in 2018, % of total loans | 9.80% | |
Financing receivable, originated in 2017, % of total loans | 7.20% | |
Financing receivable, originated in 2016, % of total loans | 5.20% | |
Prior, % of total loans | 12.80% | |
Revolving Loans, % of total loans | 45.50% | |
Revolving Loans Converted To Term, % of total loans | 0.00% | |
Total Loans, % of total loans | 100.00% | |
Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | $ 785 | |
Financing receivable, originated in 2019 | 2,647 | |
Financing receivable, originated in 2018 | 825 | |
Financing receivable, originated in 2017 | 1,091 | |
Financing receivable, originated in 2016 | 908 | |
Prior | 5,111 | |
Revolving Loans | 9,908 | |
Revolving Loans Converted to Term | 3,806 | |
Total Loans | $ 25,081 | 25,085 |
Financing receivable, originated in 2020, % of total loans | 3.10% | |
Financing receivable, originated in 2019, % of total loans | 10.60% | |
Financing receivable, originated in 2018, % of total loans | 3.30% | |
Financing receivable, originated in 2017, % of total loans | 4.30% | |
Financing receivable, originated in 2016, % of total loans | 3.60% | |
Prior, % of total loans | 20.40% | |
Revolving Loans, % of total loans | 39.50% | |
Revolving Loans Converted To Term, % of total loans | 15.20% | |
Total Loans, % of total loans | 100.00% | |
Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | $ 1,761 | |
Financing receivable, originated in 2019 | 6,275 | |
Financing receivable, originated in 2018 | 1,999 | |
Financing receivable, originated in 2017 | 2,907 | |
Financing receivable, originated in 2016 | 2,840 | |
Prior | 6,468 | |
Total Loans | $ 22,250 | 21,821 |
Financing receivable, originated in 2020, % of total loans | 7.90% | |
Financing receivable, originated in 2019, % of total loans | 28.10% | |
Financing receivable, originated in 2018, % of total loans | 9.00% | |
Financing receivable, originated in 2017, % of total loans | 13.10% | |
Financing receivable, originated in 2016, % of total loans | 12.80% | |
Prior, % of total loans | 29.10% | |
Total Loans, % of total loans | 100.00% | |
FICO Score- Greater than 660 [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | $ 773 | |
Financing receivable, originated in 2019 | 2,521 | |
Financing receivable, originated in 2018 | 761 | |
Financing receivable, originated in 2017 | 1,026 | |
Financing receivable, originated in 2016 | 856 | |
Prior | 4,609 | |
Revolving Loans | 9,339 | |
Revolving Loans Converted to Term | 2,871 | |
Total Loans | 22,756 | 22,245 |
FICO Score- Greater than 660 [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 1,757 | |
Financing receivable, originated in 2019 | 6,198 | |
Financing receivable, originated in 2018 | 1,945 | |
Financing receivable, originated in 2017 | 2,844 | |
Financing receivable, originated in 2016 | 2,732 | |
Prior | 5,166 | |
Total Loans | 20,642 | 19,341 |
FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 12 | |
Financing receivable, originated in 2019 | 126 | |
Financing receivable, originated in 2018 | 64 | |
Financing receivable, originated in 2017 | 64 | |
Financing receivable, originated in 2016 | 51 | |
Prior | 493 | |
Revolving Loans | 555 | |
Revolving Loans Converted to Term | 842 | |
Total Loans | 2,207 | 2,019 |
FICO Score- Less than or equal to 660 [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 2 | |
Financing receivable, originated in 2019 | 65 | |
Financing receivable, originated in 2018 | 41 | |
Financing receivable, originated in 2017 | 41 | |
Financing receivable, originated in 2016 | 79 | |
Prior | 693 | |
Total Loans | 921 | 569 |
No FICO Score Available [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2017 | 1 | |
Financing receivable, originated in 2016 | 1 | |
Prior | 9 | |
Revolving Loans | 14 | |
Revolving Loans Converted to Term | 93 | |
Total Loans | 118 | 278 |
No FICO Score Available [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 2 | |
Financing receivable, originated in 2019 | 3 | |
Financing receivable, originated in 2017 | 5 | |
Financing receivable, originated in 2016 | 4 | |
Prior | 93 | |
Total Loans | 107 | 151 |
Purchased Impaired Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 543 | |
Purchased Impaired Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 1,176 | |
Loans Insured or Guaranteed by US Government Authorities [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2019 | 9 | |
Financing receivable, originated in 2018 | 13 | |
Financing receivable, originated in 2017 | 17 | |
Financing receivable, originated in 2016 | 25 | |
Prior | 516 | |
Total Loans | 580 | 584 |
LTV Greater Than Or Equal To 100 Percent [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2019 | 18 | |
Financing receivable, originated in 2018 | 27 | |
Financing receivable, originated in 2017 | 30 | |
Financing receivable, originated in 2016 | 18 | |
Prior | 144 | |
Revolving Loans | 722 | |
Revolving Loans Converted to Term | 389 | |
Total Loans | 1,348 | |
LTV Greater Than Or Equal To 100 Percent [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2019 | 3 | |
Financing receivable, originated in 2018 | 58 | |
Financing receivable, originated in 2017 | 74 | |
Financing receivable, originated in 2016 | 68 | |
Prior | 241 | |
Total Loans | 444 | |
LTV Greater Than Or Equal To 90 Percent To Less Than 100 Percent [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2019 | 45 | |
Financing receivable, originated in 2018 | 37 | |
Financing receivable, originated in 2017 | 20 | |
Financing receivable, originated in 2016 | 15 | |
Prior | 87 | |
Revolving Loans | 684 | |
Revolving Loans Converted to Term | 263 | |
Total Loans | 1,151 | 1,047 |
LTV Greater Than Or Equal To 90 Percent To Less Than 100 Percent [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 4 | |
Financing receivable, originated in 2019 | 27 | |
Financing receivable, originated in 2018 | 61 | |
Financing receivable, originated in 2017 | 64 | |
Financing receivable, originated in 2016 | 50 | |
Prior | 155 | |
Total Loans | 361 | 340 |
LTV Less Than 90 Percent [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 785 | |
Financing receivable, originated in 2019 | 2,584 | |
Financing receivable, originated in 2018 | 761 | |
Financing receivable, originated in 2017 | 1,041 | |
Financing receivable, originated in 2016 | 875 | |
Prior | 4,880 | |
Revolving Loans | 8,502 | |
Revolving Loans Converted to Term | 3,154 | |
Total Loans | 22,582 | 22,068 |
LTV Less Than 90 Percent [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 1,757 | |
Financing receivable, originated in 2019 | 6,236 | |
Financing receivable, originated in 2018 | 1,867 | |
Financing receivable, originated in 2017 | 2,752 | |
Financing receivable, originated in 2016 | 2,697 | |
Prior | 5,556 | |
Total Loans | $ 20,865 | 19,305 |
Ltv Greater Than Or Equal To1 25 Percent [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 366 | |
Ltv Greater Than Or Equal To1 25 Percent [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 112 | |
Ltv Greater Than Or Equal To 100 Percent To Less Than 125 Percent [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 877 | |
Ltv Greater Than Or Equal To 100 Percent To Less Than 125 Percent [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 221 | |
No LTV Ratio Available [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 184 | |
No LTV Ratio Available [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 83 |
Loans (Credit Card and Other Co
Loans (Credit Card and Other Consumer Loan Classes Asset Quality Indicators) (Details) $ in Millions | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 264,643 | $ 239,843 |
Financing receivable, originated in 2020, % of total loans | 4.60% | |
Financing receivable, originated in 2019, % of total loans | 14.90% | |
Financing receivable, originated in 2018, % of total loans | 9.80% | |
Financing receivable, originated in 2017, % of total loans | 7.20% | |
Financing receivable, originated in 2016, % of total loans | 5.20% | |
Prior, % of total loans | 12.80% | |
Revolving Loans, % of total loans | 45.50% | |
Revolving Loans Converted To Term, % of total loans | 0.00% | |
Total Loans, % of total loans | 100.00% | |
Automobile Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 16,754 | |
Automobile Loan [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | $ 1,928 | |
Financing receivable, originated in 2019 | 7,400 | |
Financing receivable, originated in 2018 | 4,119 | |
Financing receivable, originated in 2017 | 2,140 | |
Financing receivable, originated in 2016 | 1,147 | |
Prior | 460 | |
Total Loans | $ 17,194 | $ 16,754 |
Financing receivable, originated in 2020, % of total loans | 11.20% | |
Financing receivable, originated in 2019, % of total loans | 43.00% | |
Financing receivable, originated in 2018, % of total loans | 24.00% | |
Financing receivable, originated in 2017, % of total loans | 12.40% | |
Financing receivable, originated in 2016, % of total loans | 6.70% | |
Prior, % of total loans | 2.70% | |
Total Loans, % of total loans | 100.00% | |
Weighted average updated FICO score | 726 | |
Automobile Loan [Member] | FICO Score - Greater than 719 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | $ 1,586 | |
Financing receivable, originated in 2019 | 4,090 | |
Financing receivable, originated in 2018 | 1,955 | |
Financing receivable, originated in 2017 | 1,164 | |
Financing receivable, originated in 2016 | 725 | |
Prior | 275 | |
Total Loans | 9,795 | $ 9,232 |
Automobile Loan [Member] | FICO Score - 650 to 719 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 320 | |
Financing receivable, originated in 2019 | 2,112 | |
Financing receivable, originated in 2018 | 1,225 | |
Financing receivable, originated in 2017 | 571 | |
Financing receivable, originated in 2016 | 256 | |
Prior | 105 | |
Total Loans | 4,589 | 4,577 |
Automobile Loan [Member] | FICO Score - 620 to 649 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 14 | |
Financing receivable, originated in 2019 | 525 | |
Financing receivable, originated in 2018 | 306 | |
Financing receivable, originated in 2017 | 122 | |
Financing receivable, originated in 2016 | 47 | |
Prior | 21 | |
Total Loans | 1,035 | 1,001 |
Automobile Loan [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 8 | |
Financing receivable, originated in 2019 | 673 | |
Financing receivable, originated in 2018 | 633 | |
Financing receivable, originated in 2017 | 283 | |
Financing receivable, originated in 2016 | 119 | |
Prior | 59 | |
Total Loans | 1,775 | 1,603 |
Automobile Loan [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 341 | |
Credit Card [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 7,308 | |
Credit Card [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 7,031 | |
Revolving Loans Converted to Term | 101 | |
Total Loans | $ 7,132 | $ 7,308 |
Revolving Loans, % of total loans | 98.60% | |
Revolving Loans Converted To Term, % of total loans | 1.40% | |
Total Loans, % of total loans | 100.00% | |
Weighted average updated FICO score | 724 | |
Credit Card [Member] | FICO Score - Greater than 719 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | $ 3,564 | |
Revolving Loans Converted to Term | 10 | |
Total Loans | 3,574 | $ 3,867 |
Credit Card [Member] | FICO Score - 650 to 719 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 2,370 | |
Revolving Loans Converted to Term | 27 | |
Total Loans | 2,397 | 2,326 |
Credit Card [Member] | FICO Score - 620 to 649 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 442 | |
Revolving Loans Converted to Term | 12 | |
Total Loans | 454 | 419 |
Credit Card [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 547 | |
Revolving Loans Converted to Term | 49 | |
Total Loans | 596 | 544 |
Credit Card [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 108 | |
Revolving Loans Converted to Term | 3 | |
Total Loans | 111 | 152 |
Education [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 23 | |
Financing receivable, originated in 2019 | 175 | |
Financing receivable, originated in 2018 | 150 | |
Financing receivable, originated in 2017 | 114 | |
Financing receivable, originated in 2016 | 90 | |
Prior | 2,695 | |
Total Loans | $ 3,247 | 3,336 |
Financing receivable, originated in 2020, % of total loans | 0.70% | |
Financing receivable, originated in 2019, % of total loans | 5.40% | |
Financing receivable, originated in 2018, % of total loans | 4.60% | |
Financing receivable, originated in 2017, % of total loans | 3.50% | |
Financing receivable, originated in 2016, % of total loans | 2.80% | |
Prior, % of total loans | 83.00% | |
Total Loans, % of total loans | 100.00% | |
Education [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | $ 12 | |
Financing receivable, originated in 2019 | 116 | |
Financing receivable, originated in 2018 | 150 | |
Financing receivable, originated in 2017 | 114 | |
Financing receivable, originated in 2016 | 90 | |
Prior | 872 | |
Total Loans | 1,354 | $ 1,403 |
Weighted average updated FICO score | 773 | |
Education [Member] | FICO Score - Greater than 719 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 7 | |
Financing receivable, originated in 2019 | 89 | |
Financing receivable, originated in 2018 | 121 | |
Financing receivable, originated in 2017 | 94 | |
Financing receivable, originated in 2016 | 78 | |
Prior | 703 | |
Total Loans | 1,092 | $ 1,139 |
Education [Member] | FICO Score - 650 to 719 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 2 | |
Financing receivable, originated in 2019 | 14 | |
Financing receivable, originated in 2018 | 19 | |
Financing receivable, originated in 2017 | 12 | |
Financing receivable, originated in 2016 | 9 | |
Prior | 124 | |
Total Loans | 180 | 197 |
Education [Member] | FICO Score - 620 to 649 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2019 | 1 | |
Financing receivable, originated in 2018 | 2 | |
Financing receivable, originated in 2017 | 1 | |
Financing receivable, originated in 2016 | 1 | |
Prior | 20 | |
Total Loans | 25 | 25 |
Education [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2019 | 1 | |
Financing receivable, originated in 2018 | 1 | |
Financing receivable, originated in 2017 | 1 | |
Financing receivable, originated in 2016 | 1 | |
Prior | 24 | |
Total Loans | 28 | 27 |
Education [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 3 | |
Financing receivable, originated in 2019 | 11 | |
Financing receivable, originated in 2018 | 7 | |
Financing receivable, originated in 2017 | 6 | |
Financing receivable, originated in 2016 | 1 | |
Prior | 1 | |
Total Loans | 29 | 15 |
Education [Member] | Other Internal Credit Metrics [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 11 | |
Financing receivable, originated in 2019 | 59 | |
Prior | 1,823 | |
Total Loans | 1,893 | 1,933 |
Other Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 381 | |
Financing receivable, originated in 2019 | 1,147 | |
Financing receivable, originated in 2018 | 492 | |
Financing receivable, originated in 2017 | 163 | |
Financing receivable, originated in 2016 | 109 | |
Prior | 219 | |
Revolving Loans | 2,486 | |
Revolving Loans Converted to Term | 6 | |
Total Loans | $ 5,003 | 4,937 |
Financing receivable, originated in 2020, % of total loans | 7.60% | |
Financing receivable, originated in 2019, % of total loans | 22.90% | |
Financing receivable, originated in 2018, % of total loans | 9.80% | |
Financing receivable, originated in 2017, % of total loans | 3.30% | |
Financing receivable, originated in 2016, % of total loans | 2.20% | |
Prior, % of total loans | 4.40% | |
Revolving Loans, % of total loans | 49.70% | |
Revolving Loans Converted To Term, % of total loans | 0.10% | |
Total Loans, % of total loans | 100.00% | |
Other Consumer [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | $ 367 | |
Financing receivable, originated in 2019 | 1,073 | |
Financing receivable, originated in 2018 | 443 | |
Financing receivable, originated in 2017 | 129 | |
Financing receivable, originated in 2016 | 44 | |
Prior | 131 | |
Revolving Loans | 468 | |
Revolving Loans Converted to Term | 3 | |
Total Loans | 2,658 | $ 2,566 |
Weighted average updated FICO score | 727 | |
Other Consumer [Member] | FICO Score - Greater than 719 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 218 | |
Financing receivable, originated in 2019 | 623 | |
Financing receivable, originated in 2018 | 219 | |
Financing receivable, originated in 2017 | 71 | |
Financing receivable, originated in 2016 | 25 | |
Prior | 90 | |
Revolving Loans | 230 | |
Revolving Loans Converted to Term | 1 | |
Total Loans | 1,477 | $ 1,421 |
Other Consumer [Member] | FICO Score - 650 to 719 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 126 | |
Financing receivable, originated in 2019 | 349 | |
Financing receivable, originated in 2018 | 158 | |
Financing receivable, originated in 2017 | 40 | |
Financing receivable, originated in 2016 | 13 | |
Prior | 26 | |
Revolving Loans | 162 | |
Revolving Loans Converted to Term | 1 | |
Total Loans | 875 | 843 |
Other Consumer [Member] | FICO Score - 620 to 649 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 17 | |
Financing receivable, originated in 2019 | 56 | |
Financing receivable, originated in 2018 | 29 | |
Financing receivable, originated in 2017 | 6 | |
Financing receivable, originated in 2016 | 2 | |
Prior | 4 | |
Revolving Loans | 26 | |
Total Loans | 140 | 132 |
Other Consumer [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 5 | |
Financing receivable, originated in 2019 | 45 | |
Financing receivable, originated in 2018 | 37 | |
Financing receivable, originated in 2017 | 12 | |
Financing receivable, originated in 2016 | 4 | |
Prior | 9 | |
Revolving Loans | 44 | |
Revolving Loans Converted to Term | 1 | |
Total Loans | 157 | 143 |
Other Consumer [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 1 | |
Prior | 2 | |
Revolving Loans | 6 | |
Total Loans | 9 | 27 |
Other Consumer [Member] | Other Internal Credit Metrics [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 14 | |
Financing receivable, originated in 2019 | 74 | |
Financing receivable, originated in 2018 | 49 | |
Financing receivable, originated in 2017 | 34 | |
Financing receivable, originated in 2016 | 65 | |
Prior | 88 | |
Revolving Loans | 2,018 | |
Revolving Loans Converted to Term | 3 | |
Total Loans | $ 2,345 | $ 2,371 |
Loans (Financial Impact and TDR
Loans (Financial Impact and TDRs by Concession Type) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)my_loan | Mar. 31, 2019USD ($)my_loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | my_loan | 3,580 | 3,836 |
Pre-TDR Recorded Investment | $ 98 | $ 147 |
Post-TDR Recorded Investment | 75 | 149 |
Principal Forgiveness [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Recorded Investment | 6 | |
Rate Reduction [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Recorded Investment | 22 | 24 |
Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Recorded Investment | $ 47 | $ 125 |
Total commercial lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | my_loan | 13 | 22 |
Pre-TDR Recorded Investment | $ 62 | $ 105 |
Post-TDR Recorded Investment | 43 | 109 |
Total commercial lending | Principal Forgiveness [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Recorded Investment | 6 | |
Total commercial lending | Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Recorded Investment | $ 37 | $ 109 |
Total consumer lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | my_loan | 3,567 | 3,814 |
Pre-TDR Recorded Investment | $ 36 | $ 42 |
Post-TDR Recorded Investment | 32 | 40 |
Total consumer lending | Rate Reduction [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Recorded Investment | 22 | 24 |
Total consumer lending | Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Recorded Investment | $ 10 | $ 16 |
Loans (Rollforward of Allowance
Loans (Rollforward of Allowance for Credit Losses of Loans and Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 2,742 | $ 2,629 |
Charge-offs | (304) | (215) |
Recoveries | 92 | 79 |
Net (charge-offs) | (212) | (136) |
Provision for credit losses | 952 | 189 |
Other | (1) | |
Ending balance | $ 3,944 | 2,692 |
Portfolio segment ACL as a percentage of total ACL for loans and leases | 100.00% | |
Ratio of ACL for loans and leases to total loans | 1.49% | |
Provision for (recapture of ) credit losses | $ (47) | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Provision for credit losses | 9 | |
Loan Lending Commitment Arrangement Fees | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Provision for (recapture of ) credit losses | 47 | |
Other Expense | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Provision for credit losses | 952 | |
Total commercial lending | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1,812 | 1,663 |
Charge-offs | (83) | (31) |
Recoveries | 24 | 19 |
Net (charge-offs) | (59) | (12) |
Provision for credit losses | 531 | 80 |
Other | (1) | |
Ending balance | $ 1,979 | 1,736 |
Portfolio segment ACL as a percentage of total ACL for loans and leases | 50.00% | |
Ratio of ACL for loans and leases to total loans | 1.07% | |
Provision for (recapture of ) credit losses | $ (25) | |
Total consumer lending | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 930 | 966 |
Charge-offs | (221) | (184) |
Recoveries | 68 | 60 |
Net (charge-offs) | (153) | (124) |
Provision for credit losses | 421 | 109 |
Ending balance | $ 1,965 | $ 956 |
Portfolio segment ACL as a percentage of total ACL for loans and leases | 50.00% | |
Ratio of ACL for loans and leases to total loans | 2.46% | |
Provision for (recapture of ) credit losses | $ (22) |
Loans (Rollforward of Allowan_2
Loans (Rollforward of Allowance for Unfunded Lending Related Commitments) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |
Beginning balance | $ 318 |
Provision for (recapture of ) credit losses | (47) |
Ending balance | $ 450 |
Portfolio segment ACL as a percentage of total ACL for unfunded lending related commitments | 100.00% |
Total commercial lending | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |
Beginning balance | $ 316 |
Provision for (recapture of ) credit losses | (25) |
Ending balance | $ 344 |
Portfolio segment ACL as a percentage of total ACL for unfunded lending related commitments | 76.00% |
Total consumer lending | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |
Beginning balance | $ 2 |
Provision for (recapture of ) credit losses | (22) |
Ending balance | $ 106 |
Portfolio segment ACL as a percentage of total ACL for unfunded lending related commitments | 24.00% |
Loans (Analysis of Changes in t
Loans (Analysis of Changes in the Allowance for Credit Losses) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Changes in the Allowance for Credit Losses [Roll Forward] | |
Portfolio changes | $ 196 |
Economics | 496 |
Ending balance | $ 4,394 |
Loans (Rollforward of Allowan_3
Loans (Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 2,742 | $ 2,629 |
Charge-offs | (304) | (215) |
Recoveries | 92 | 79 |
Net (charge-offs) | (212) | (136) |
Provision for credit losses | 952 | 189 |
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit | 6 | |
Other | 4 | |
Loans collectively evaluated for impairment - associated allowance | 2,200 | |
Ending balance | 3,944 | 2,692 |
Loans collectively evaluated for impairment | 227,528 | |
Fair value option loans | 758 | |
Purchased impaired loans | 1,949 | |
Total loans | $ 232,293 | |
Portfolio segment ALLL as a percentage of total ALLL | 100.00% | |
Ratio of the allowance for loan and lease losses to total loans | 1.16% | |
TDRs [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Loans individually evaluated for impairment - associated allowance | $ 157 | |
Loans individually evaluated for impairment | 1,868 | |
Other Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Loans individually evaluated for impairment - associated allowance | 60 | |
Loans individually evaluated for impairment | 190 | |
Purchased Impaired Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Impaired loans - associated allowance | 275 | |
Total commercial lending | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 1,812 | 1,663 |
Charge-offs | (83) | (31) |
Recoveries | 24 | 19 |
Net (charge-offs) | (59) | (12) |
Provision for credit losses | 531 | 80 |
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit | 5 | |
Loans collectively evaluated for impairment - associated allowance | 1,649 | |
Ending balance | 1,979 | 1,736 |
Loans collectively evaluated for impairment | 157,796 | |
Total loans | $ 158,442 | |
Portfolio segment ALLL as a percentage of total ALLL | 64.00% | |
Ratio of the allowance for loan and lease losses to total loans | 1.10% | |
Total commercial lending | TDRs [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Loans individually evaluated for impairment - associated allowance | $ 27 | |
Loans individually evaluated for impairment | 456 | |
Total commercial lending | Other Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Loans individually evaluated for impairment - associated allowance | 60 | |
Loans individually evaluated for impairment | 190 | |
Total consumer lending | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 930 | 966 |
Charge-offs | (221) | (184) |
Recoveries | 68 | 60 |
Net (charge-offs) | (153) | (124) |
Provision for credit losses | 421 | 109 |
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit | 1 | |
Other | 4 | |
Loans collectively evaluated for impairment - associated allowance | 551 | |
Ending balance | $ 1,965 | 956 |
Loans collectively evaluated for impairment | 69,732 | |
Fair value option loans | 758 | |
Purchased impaired loans | 1,949 | |
Total loans | $ 73,851 | |
Portfolio segment ALLL as a percentage of total ALLL | 36.00% | |
Ratio of the allowance for loan and lease losses to total loans | 1.29% | |
Total consumer lending | TDRs [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Loans individually evaluated for impairment - associated allowance | $ 130 | |
Loans individually evaluated for impairment | 1,412 | |
Total consumer lending | Purchased Impaired Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Impaired loans - associated allowance | $ 275 |
Loan Sale and Servicing Activ_3
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, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Residential Mortgage [Member] | |||
Cash flows from sales of loans | $ 1,334 | $ 715 | |
Cash flows from repurchases of previously transferred loans | 95 | 93 | |
Cash flows from servicing fees | 85 | 87 | |
Cash flows from servicing advances recovered/(funded), net | 12 | 18 | |
Cash flows on mortgage-backed securities held | 1,361 | 507 | |
Carrying value of mortgage-backed securities held | 17,100 | 14,600 | $ 17,800 |
Commercial Mortgages [Member] | |||
Cash flows from sales of loans | 493 | 644 | |
Cash flows from repurchases of previously transferred loans | 15 | ||
Cash flows from servicing fees | 33 | 30 | |
Cash flows from servicing advances recovered/(funded), net | 12 | (23) | |
Cash flows on mortgage-backed securities held | 37 | 14 | |
Carrying value of mortgage-backed securities held | $ 800 | $ 600 | $ 600 |
Loan Sale and Servicing Activ_4
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, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Residential Mortgage [Member] | |||
Total principal balance | $ 48,468 | $ 49,323 | |
Delinquent loans | 446 | 492 | |
Net charge-offs | 8 | $ 11 | |
Commercial Mortgages [Member] | |||
Total principal balance | 41,514 | 42,414 | |
Delinquent loans | 10 | $ 64 | |
Net charge-offs | $ 99 | $ 119 |
Loan Sale and Servicing Activ_5
Loan Sale and Servicing Activities and Variable Interest Entities (Non-Consolidated VIEs) (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
PNC Risk of Loss | $ 22,090 | $ 22,418 |
Carrying Value of Assets Owned by PNC | 22,015 | 22,315 |
Carrying Value of Liabilities Owned by PNC | 992 | 1,101 |
Mortgage-Backed Securitizations [Member] | ||
PNC Risk of Loss | 19,067 | 19,287 |
Carrying Value of Assets Owned by PNC | 19,067 | 19,287 |
Tax Credit Investments And Other [Member] | ||
PNC Risk of Loss | 3,023 | 3,131 |
Carrying Value of Assets Owned by PNC | 2,948 | 3,028 |
Carrying Value of Liabilities Owned by PNC | $ 992 | $ 1,101 |
Loan Sale and Servicing Activ_6
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, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Other tax benefits recognized on low income housing tax credit investments | $ 12 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Amortization recognized on low income housing tax credit investments | 49 |
Tax credits recognized on low income housing tax credit investments | $ 50 |
Goodwill Mortgage Servicing Rig
Goodwill Mortgage Servicing Rights (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Mortgage servicing rights | $ 1,082 | $ 1,644 | |
Fees from mortgage and other loan servicing | $ 100 | $ 100 |
Goodwill and Mortgage Servici_3
Goodwill and Mortgage Servicing Rights (Mortgage Servicing Rights) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | $ 1,644 | |
Mortgage servicing rights, ending balance | 1,082 | |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | 649 | $ 726 |
Mortgage servicing rights, ending balance | 477 | 681 |
Unpaid principal balance of loans serviced for others at end of period | 225,769 | 186,946 |
Servicing Advances | 145 | 243 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Time and Payoffs [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (35) | (38) |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Other [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (167) | (33) |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | From loans sold with servicing retained [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 11 | 7 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Purchases [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 19 | 19 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | 995 | 1,257 |
Mortgage servicing rights, ending balance | 605 | 1,131 |
Unpaid principal balance of loans serviced for others at end of period | 118,104 | 123,079 |
Servicing Advances | 99 | 138 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Time and Payoffs [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (39) | (33) |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Other [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (379) | (106) |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | From loans sold with servicing retained [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 10 | 7 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Purchases [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | $ 18 | $ 6 |
Goodwill Mortgage Servicing R_2
Goodwill Mortgage Servicing Rights (Commercial and Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
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 | $ 1,082 | $ 1,644 | ||
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 | $ 477 | $ 649 | $ 681 | $ 726 |
Weighted-average life (years) | 4 years 1 month | 4 years 1 month | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 8 | $ 9 | ||
Decline in fair value from 20% adverse change in prepayment rate | 16 | 17 | ||
Decline in fair value from 10% adverse change in interest rate | 12 | 17 | ||
Decline in fair value from 20% adverse change in interest rate | 24 | 34 | ||
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 | $ 605 | $ 995 | $ 1,131 | $ 1,257 |
Weighted-average life (years) | 2 years 11 months | 5 years 2 months | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 43 | $ 46 | ||
Decline in fair value from 20% adverse change in prepayment rate | $ 81 | $ 89 | ||
Spread over the benchmark curve | 7.70% | 7.69% | ||
Decline in fair value from 10% adverse change in adjusted spread | $ 13 | $ 27 | ||
Decline in fair value from 20% adverse change in adjusted spread | $ 26 | $ 52 | ||
Mortgage Servicing Rights [Member] | Measurement Input, Constant Prepayment Rate [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] | ||||
Servicing asset, measurement input | 0.0451 | 0.0456 | ||
Mortgage Servicing Rights [Member] | Measurement Input, Constant Prepayment Rate [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] | ||||
Servicing asset, measurement input | 0.2714 | 0.1351 | ||
Mortgage Servicing Rights [Member] | Measurement Input, Discount Rate [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] | ||||
Servicing asset, measurement input | 0.0757 | 0.0791 |
Leases (Lessor Income) (Details
Leases (Lessor Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Sales-type leases and direct financing leases | $ 71 | $ 74 |
Operating leases | 27 | 31 |
Lessor Income | $ 98 | $ 105 |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Borrowed funds | $ 73,399 | $ 60,263 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 11,461 | 9,825 |
Parent Company [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 10,442 | 8,843 |
Basis adjustments - Fair value accounting hedges | 778 | |
Parent Company [Member] | Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 814 | 777 |
Basis adjustments - Fair value accounting hedges | 65 | |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 49,943 | 41,660 |
Subsidiaries [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 20,996 | 20,167 |
Basis adjustments - Fair value accounting hedges | 592 | |
Subsidiaries [Member] | Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 5,456 | $ 5,152 |
Basis adjustments - Fair value accounting hedges | $ 473 |
Borrowed Funds (Remaining Matur
Borrowed Funds (Remaining Maturity) (Details) $ in Billions | Mar. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
Less than 1 year | $ 38.8 |
1 to 2 years | 7.4 |
2 to 3 years | 8.1 |
3 to 4 years | 2.7 |
4 to 5 years | 2.9 |
Over 5 years | $ 13.5 |
Borrowed Funds (FHLB Borrowings
Borrowed Funds (FHLB Borrowings, Senior Debt and Subordinated Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Borrowed funds | $ 73,399 | $ 60,263 |
Total FHLB, Senior and Sub Debt | 61,404 | 51,485 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 11,461 | 9,825 |
Parent Company [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 10,442 | 8,843 |
Parent Company [Member] | Senior Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.20% | |
Parent Company [Member] | Senior Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.38% | |
Parent Company [Member] | Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.90% | |
Borrowed funds | $ 814 | 777 |
Parent Company [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.15% | |
Borrowed funds | $ 205 | 205 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 49,943 | 41,660 |
Subsidiaries [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 20,996 | 20,167 |
Subsidiaries [Member] | Senior Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.13% | |
Subsidiaries [Member] | Senior Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.50% | |
Subsidiaries [Member] | Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 5,456 | 5,152 |
Subsidiaries [Member] | Subordinated Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.70% | |
Subsidiaries [Member] | Subordinated Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.20% | |
Subsidiaries [Member] | Federal Home Loan Bank Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 23,491 | $ 16,341 |
Subsidiaries [Member] | Federal Home Loan Bank Borrowings [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.32% | |
Subsidiaries [Member] | Federal Home Loan Bank Borrowings [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.89% |
Commitments (Other Commitments)
Commitments (Other Commitments) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Other Commitments [Line Items] | ||
Commitments | $ 184,536 | $ 199,618 |
Liability Related To Investments In Low Income Housing Tax Credits | 600 | 600 |
Commitments to extend credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 172,004 | 185,589 |
Commitments to extend credit [Member] | Total commercial lending | ||
Other Commitments [Line Items] | ||
Commitments | 115,996 | 131,762 |
Commitments to extend credit [Member] | Home Equity Line of Credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 16,843 | 16,803 |
Commitments to extend credit [Member] | Credit Card [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 32,065 | 30,862 |
Commitments to extend credit [Member] | Other [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 7,100 | 6,162 |
Standby letters of credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 9,428 | 9,843 |
Standby letters of credit [Member] | Remarketing Programs [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 4,000 | 4,100 |
Reinsurance Agreements [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 110 | 1,393 |
Reinsurance Agreements [Member] | Accidental Death and Dismemberment [Member] | ||
Other Commitments [Line Items] | ||
Maximum Exposure | 1,300 | |
Reinsurance Agreements [Member] | Credit Life Accident and Health [Member] | ||
Other Commitments [Line Items] | ||
Maximum Exposure | 100 | 100 |
Standby bond purchase agreements [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 1,464 | 1,295 |
Other commitments [Member] | ||
Other Commitments [Line Items] | ||
Commitments | $ 1,530 | $ 1,498 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - Standby letters of credit [Member] $ in Billions | Mar. 31, 2020USD ($) |
Loss Contingencies [Line Items] | |
Internal credit ratings (as a percentage of portfolio) - Pass | 97.00% |
Standby letters of credit - Assets securing certain specifically identified standby letters of credit | $ 1.1 |
Standby letters of credit and participations in standby letters of credit - Liability carrying amount | $ 0.2 |
Total Equity and Other Compre_3
Total Equity and Other Comprehensive Income (Rollforward of Total Equity) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | [1] | Jan. 01, 2019 | ||
Common Stock [Abstract] | |||||||
Equity, Beginning Balance | $ 49,343 | $ 47,770 | |||||
Cumulative effect of new accounting principle in period of adoption | $ (671) | $ 62 | |||||
Adjusted opening balance | 48,672 | 47,832 | |||||
Net income | 915 | 1,271 | |||||
Other comprehensive income (loss), net of tax | 1,719 | 720 | |||||
Dividends, Cash [Abstract] | |||||||
Common | (503) | (436) | |||||
Preferred | (63) | (63) | |||||
Common stock activity | |||||||
Treasury stock activity | (1,310) | (621) | |||||
Other | (140) | (128) | |||||
Equity, Ending Balance | 49,290 | 48,575 | |||||
Preferred stock (less than) | $ 0.5 | [1] | $ 0.5 | $ 0.5 | |||
Common Stock, par value $5.00 | |||||||
Common Stock [Abstract] | |||||||
Beginning Balance (in shares) | 433 | 457 | |||||
Treasury stock activity, shares | (9) | (5) | |||||
Ending Balance, (in shares) | 424 | 452 | |||||
Equity, Beginning Balance | $ 2,712 | $ 2,711 | |||||
Adjusted opening balance | 2,712 | 2,711 | |||||
Dividends, Cash [Abstract] | |||||||
Equity, Ending Balance | 2,712 | 2,711 | |||||
Capital Surplus - Preferred Stock [Member] | |||||||
Common Stock [Abstract] | |||||||
Equity, Beginning Balance | 3,993 | 3,986 | |||||
Adjusted opening balance | 3,993 | 3,986 | |||||
Dividends, Cash [Abstract] | |||||||
Preferred stock discount accretion | 1 | 1 | |||||
Other | 3 | ||||||
Equity, Ending Balance | 3,994 | 3,990 | |||||
Capital Surplus - Common Stock and Other [Member] | |||||||
Common Stock [Abstract] | |||||||
Equity, Beginning Balance | 12,376 | 12,291 | |||||
Adjusted opening balance | 12,376 | 12,291 | |||||
Dividends, Cash [Abstract] | |||||||
Common stock activity | |||||||
Treasury stock activity | 49 | 10 | |||||
Other | (131) | (118) | |||||
Equity, Ending Balance | 12,294 | 12,183 | |||||
Retained Earnings [Member] | |||||||
Common Stock [Abstract] | |||||||
Equity, Beginning Balance | 42,215 | 38,919 | |||||
Cumulative effect of new accounting principle in period of adoption | (671) | 62 | |||||
Adjusted opening balance | 41,544 | 38,981 | |||||
Net income | 908 | 1,261 | |||||
Dividends, Cash [Abstract] | |||||||
Common | (503) | (436) | |||||
Preferred | (63) | (63) | |||||
Preferred stock discount accretion | (1) | (1) | |||||
Equity, Ending Balance | 41,885 | 39,742 | |||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Common Stock [Abstract] | |||||||
Equity, Beginning Balance | 799 | (725) | |||||
Cumulative effect of new accounting principle in period of adoption | 0 | ||||||
Adjusted opening balance | 799 | (725) | |||||
Other comprehensive income (loss), net of tax | 1,719 | 720 | |||||
Dividends, Cash [Abstract] | |||||||
Equity, Ending Balance | 2,518 | (5) | |||||
Treasury Stock [Member] | |||||||
Common Stock [Abstract] | |||||||
Equity, Beginning Balance | (12,781) | (9,454) | |||||
Adjusted opening balance | (12,781) | (9,454) | |||||
Dividends, Cash [Abstract] | |||||||
Treasury stock activity | (1,359) | (631) | |||||
Equity, Ending Balance | (14,140) | (10,085) | |||||
Noncontrolling Interest [Member] | |||||||
Common Stock [Abstract] | |||||||
Equity, Beginning Balance | 29 | 42 | |||||
Adjusted opening balance | $ 29 | $ 42 | |||||
Net income | 7 | 10 | |||||
Dividends, Cash [Abstract] | |||||||
Other | (9) | (13) | |||||
Equity, Ending Balance | $ 27 | $ 39 | |||||
[1] | Amounts include our equity investment in BlackRock. |
Total Equity and Other Compre_4
Total Equity and Other Comprehensive Income (Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net unrealized gains (losses) on securities without an allowance for credit losses | ||
Increase in net unrealized gains (losses) on securities | $ 1,669 | |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income | 1 | |
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income | 181 | |
Net increase (decrease), pre-tax | 1,487 | |
Effect of income taxes | (341) | |
Net increase (decrease), after-tax | 1,146 | |
Net unrealized gains (losses) on securities with an allowance for credit losses | ||
Increase in net unrealized gains (losses) on securities | (7) | |
Net increase (decrease), pre-tax | (7) | |
Effect of income taxes | (2) | |
Net increase (decrease), after-tax | (5) | |
Net Unrealized Gains Losses on Non Otti Securities [Abstract] | ||
Increase in net unrealized gains (losses) on non-OTTI securities | $ 640 | |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities in interest income | 3 | |
Less: Net gains (losses) realized on sales of non-OTTI securities reclassified to noninterest income | (2) | |
Net increase (decrease), pre-tax | 639 | |
Effect of income taxes | (147) | |
Net increase (decrease), after-tax | 492 | |
Net Unrealized Gains Losses On Otti Securities [Abstract] | ||
Increase in net unrealized gains (losses) on OTTI securities | 9 | |
Net increase (decrease), pre-tax | 9 | |
Effect of income taxes | (2) | |
Net increase (decrease), after-tax | 7 | |
Net unrealized gains (losses) on cash flow hedge derivatives [Abstract] | ||
Increase in net unrealized gains (losses) on cash flow hedge derivatives | 830 | 108 |
Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income | 42 | (8) |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income | 2 | 1 |
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income | 1 | 15 |
Net increase (decrease), pre-tax | 785 | 100 |
Effect of income taxes | (180) | (23) |
Net increase (decrease), after-tax | 605 | 77 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | ||
Net pension and other postretirement benefit plan activity | 10 | 143 |
Amortization of actuarial loss (gain) reclassified to other noninterest expense | 1 | 1 |
Amortization of prior service cost (credit) reclassified to other noninterest expense | 1 | 1 |
Net increase (decrease), pre-tax | 12 | 145 |
Effect of income taxes | (3) | (33) |
Net increase (decrease), after-tax | 9 | 112 |
Other Comprehensive Income Other Adjustments [Abstract] | ||
PNC’s portion of BlackRock’s OCI | (34) | 29 |
Net investment hedge derivatives | 75 | (18) |
Foreign currency translation adjustments and other | (67) | 23 |
Net increase (decrease), pre-tax | (26) | 34 |
Effect of income taxes | (10) | (2) |
Net increase (decrease), after-tax | (36) | 32 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | 2,251 | 927 |
Total other comprehensive income (loss), tax effect | (532) | (207) |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | $ 1,719 | $ 720 |
Total Equity and Other Compre_5
Total Equity and Other Comprehensive Income (Accumulated Other Comprehensive Income (Loss) Components) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Jan. 01, 2019 | |
Net Unrealized Gains Losses on Non Otti Securities [Abstract] | ||||
Other comprehensive income (loss), non otti securities adjustment, after tax | $ 492 | |||
Net Unrealized Gains Losses On Otti Securities [Abstract] | ||||
Other comprehensive income loss otti securities adjustment after tax | 7 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||||
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification and tax | 605 | 77 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | ||||
Pension and other postretirement benefit plan adjustments, net activity, After Tax | 9 | 112 | ||
Other Comprehensive Income Other Adjustments [Abstract] | ||||
Total other, net activity, after tax | (36) | 32 | ||
Other Comprehensive Income (Loss) Total [Abstract] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | 799 | |||
Cumulative effect of new accounting principle in period of adoption | $ (671) | $ 62 | ||
Other comprehensive income (loss), after tax and net of reclassifications into Net income | 1,719 | 720 | ||
Accumulated other comprehensive income (loss), net of tax, ending balance | 2,518 | |||
Net unrealized gains (losses) on non-OTTI securities [Member] | ||||
Net Unrealized Gains Losses on Non Otti Securities [Abstract] | ||||
Net unrealized gains (losses) on non-OTTI securities, after-tax, Beginning Balance | 844 | (284) | ||
Other comprehensive income (loss), non otti securities adjustment, after tax | 1,146 | 492 | ||
Net unrealized gains (losses) on non-OTTI securities, after-tax, Ending Balance | 2,213 | 208 | ||
Other Comprehensive Income (Loss) Total [Abstract] | ||||
Cumulative effect of new accounting principle in period of adoption | 223 | |||
Net unrealized gains (losses) on OTTI securities [Member] | ||||
Net Unrealized Gains Losses On Otti Securities [Abstract] | ||||
Net unrealized gains (losses) on OTTI securities, after tax, Beginning Balance | 223 | 204 | ||
Other comprehensive income loss otti securities adjustment after tax | (5) | 7 | ||
Net unrealized gains (losses) on OTTI securities, after tax, Ending Balance | (5) | 211 | ||
Other Comprehensive Income (Loss) Total [Abstract] | ||||
Cumulative effect of new accounting principle in period of adoption | (223) | |||
Net unrealized gains (losses) on cash flow hedge derivatives [Member] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||||
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax, Beginning balance | 276 | 47 | ||
Other comprehensive income (loss), derivatives qualifying as hedges, net of tax | 605 | 77 | ||
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax, Ending balance | 881 | 124 | ||
Pension and other postretirement benefit plan adjustments [Member] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | ||||
Pension and other postretirement benefit plan adjustments, after tax, Beginning Balance | (408) | (530) | ||
Pension and other postretirement benefit plan adjustments, net activity, After Tax | 9 | 112 | ||
Pension and other postretirement benefit plan adjustments, after tax, Ending Balance | (399) | (418) | ||
Other [Member] | ||||
Other Comprehensive Income Other Adjustments [Abstract] | ||||
Other, after tax, Beginning balance | (136) | (162) | ||
Total other, net activity, after tax | (36) | 32 | ||
Other, after tax, Ending balance | (172) | (130) | ||
Total [Member] | ||||
Other Comprehensive Income (Loss) Total [Abstract] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | 799 | (725) | ||
Cumulative effect of new accounting principle in period of adoption | $ 0 | |||
Other comprehensive income (loss), after tax and net of reclassifications into Net income | 1,719 | 720 | ||
Accumulated other comprehensive income (loss), net of tax, ending balance | $ 2,518 | $ (5) |
Total Equity and Other Compre_6
Total Equity and Other Comprehensive Income (Dividends per Share) (Details) - $ / shares | May 05, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Common Stock, par value $5.00 | |||
Class of Stock [Line Items] | |||
Cash dividends declared, Common, per share (in dollars per share) | $ 1.15 | $ 0.95 | |
Common Stock, par value $5.00 | Subsequent Event [Member] | |||
Class of Stock [Line Items] | |||
Cash dividends declared, Common, per share (in dollars per share) | $ 1.15 | ||
Series B Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Cash dividends declared, Preferred, per share (in dollars per share) | 0.45 | 0.45 | |
Series O Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Cash dividends declared, Preferred, per share (in dollars per share) | 3,375 | 3,375 | |
Series P Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Cash dividends declared, Preferred, per share (in dollars per share) | 1,531 | 1,531 | |
Series Q Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Cash dividends declared, Preferred, per share (in dollars per share) | $ 1,344 | $ 1,344 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income | $ 915 | $ 1,271 |
Net income attributable to noncontrolling interests | 7 | 10 |
Preferred stock dividends | 63 | 63 |
Preferred stock discount accretion and redemptions | 1 | 1 |
Net income attributable to common shareholders | 844 | 1,197 |
Less: Dividends and undistributed earnings allocated to participating securities | 4 | 5 |
Net income attributable to basic common shares | $ 840 | $ 1,192 |
Basic weighted-average common shares outstanding (in shares) | 429 | 455 |
Basic earnings per common share (in dollars per share) | $ 1.96 | $ 2.62 |
Less: Impact of BlackRock earnings per share dilution | $ 1 | $ 3 |
Net income attributable to diluted common shares | $ 839 | $ 1,189 |
Dilutive potential common shares (in shares) | 1 | 1 |
Diluted weighted-average common shares outstanding (in shares) | 430 | 456 |
Diluted earnings per common share (in dollars per share) | $ 1.95 | $ 2.61 |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Assets | ||
Investment securities – available for sale | $ 89,077 | $ 69,163 |
Mortgage servicing rights | 1,082 | 1,644 |
Financial derivatives | 5,322 | 2,196 |
Liabilities | ||
Financial derivatives | $ 1,478 | $ 539 |
Assets At Fair Value [Member] | Assets, Total [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 24.00% | 20.00% |
Level Three Assets [Member] | Assets, Total [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 5.00% | 7.00% |
Level Three Assets [Member] | Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 1.00% | 1.00% |
Liabilities At Fair Value [Member] | Liabilities, Total [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 1.00% | 1.00% |
Level Three Liabilities [Member] | Liabilities, Total [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 5.00% | 13.00% |
Level Three Liabilities [Member] | Liability [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 1.00% | 1.00% |
Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | $ 89,077 | $ 69,163 |
Loans | 1,080 | 742 |
Equity investments | 2,014 | 2,421 |
Trading securities | 4,017 | 3,220 |
Financial derivatives | 8,773 | 3,502 |
Other assets | 371 | 470 |
Total Assets | 107,879 | 82,227 |
Liabilities | ||
Other borrowed funds | 1,424 | 518 |
Financial derivatives | 3,928 | 2,019 |
Other liabilities | 72 | 137 |
Total liabilities | 5,424 | 2,674 |
Level 1 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 16,699 | 16,236 |
Equity investments | 500 | 855 |
Trading securities | 1,976 | 433 |
Financial derivatives | 3 | |
Other assets | 286 | 339 |
Total Assets | 19,464 | 17,863 |
Liabilities | ||
Other borrowed funds | 1,363 | 385 |
Financial derivatives | 3 | |
Total liabilities | 1,366 | 385 |
Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 70,661 | 50,872 |
Loans | 425 | 442 |
Trading securities | 2,041 | 2,787 |
Financial derivatives | 8,635 | 3,448 |
Other assets | 85 | 131 |
Total Assets | 83,248 | 58,679 |
Liabilities | ||
Other borrowed funds | 56 | 126 |
Financial derivatives | 3,740 | 1,819 |
Total liabilities | 3,796 | 1,945 |
Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 1,717 | 2,055 |
Loans | 655 | 300 |
Equity investments | 1,220 | 1,276 |
Financial derivatives | 135 | 54 |
Total Assets | 4,873 | 5,395 |
Liabilities | ||
Other borrowed funds | 5 | 7 |
Financial derivatives | 185 | 200 |
Other liabilities | 72 | 137 |
Total liabilities | 262 | 344 |
Residential Mortgage [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Loans held for sale | 927 | 819 |
Mortgage servicing rights | 605 | 995 |
Residential Mortgage [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Loans held for sale | 923 | 817 |
Residential Mortgage [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Loans held for sale | 4 | 2 |
Mortgage servicing rights | 605 | 995 |
Commercial Mortgage [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Loans held for sale | 538 | 246 |
Mortgage servicing rights | 477 | 649 |
Commercial Mortgage [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Loans held for sale | 478 | 182 |
Commercial Mortgage [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Loans held for sale | 60 | 64 |
Mortgage servicing rights | 477 | 649 |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 16,981 | 16,516 |
US Treasury and Government [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 16,699 | 16,236 |
US Treasury and Government [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 282 | 280 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 52,628 | 36,321 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 1,643 | 1,814 |
Residential Mortgage-backed Securities [Member] | Level 2 [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 52,628 | 36,321 |
Residential Mortgage-backed Securities [Member] | Level 2 [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 201 | 73 |
Residential Mortgage-backed Securities [Member] | Level 3 [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 1,442 | 1,741 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 3,289 | 3,118 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 4,082 | 3,372 |
Commercial Mortgage Backed Securities [Member] | Level 2 [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 3,289 | 3,118 |
Commercial Mortgage Backed Securities [Member] | Level 2 [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 4,082 | 3,372 |
Asset backed [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 5,278 | 5,114 |
Asset backed [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 5,076 | 4,874 |
Asset backed [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 202 | 240 |
Other [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 5,176 | 2,908 |
Other [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 5,103 | 2,834 |
Other [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | $ 73 | $ 74 |
Fair Value (Reconciliation of R
Fair Value (Reconciliation of Recurring Fair Value Measurements) (Details) - Fair Value, Recurring [Member] - Level 3 [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 5,395 | $ 6,157 |
Included in earnings | (486) | (26) |
Included in other comprehensive income | (256) | 4 |
Purchases | 132 | 94 |
Sales | (85) | (139) |
Issuances | 21 | 14 |
Settlements | 159 | (271) |
Transfers Into Level 3 | 4 | 5 |
Transfers out of Level 3 | (11) | (11) |
Ending Balance | 4,873 | 5,827 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (524) | (96) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 344 | 333 |
Included in earnings | 10 | 39 |
Purchases | ||
Sales | 1 | 2 |
Issuances | 23 | 16 |
Settlements | (116) | (92) |
Transfers into Level 3 | 2 | |
Transfers out of Level 3 | (2) | |
Ending Balance | 262 | 298 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | 4 | 43 |
Fair Value Additional Information [Abstract] | ||
Net gains (losses) included in earnings (realized and unrealized) relating to Level 3 assets and liabilities | (496) | (65) |
Net unrealized gains (losses) relating to Level 3 assets and liabilities | (528) | (139) |
Loans Held For Sale [Member] | Residential Mortgage [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 2 | 2 |
Purchases | 2 | 1 |
Sales | (1) | (1) |
Transfers Into Level 3 | 4 | 3 |
Transfers out of Level 3 | (3) | (3) |
Ending Balance | 4 | 2 |
Loans Held For Sale [Member] | Commercial Mortgages [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 64 | 87 |
Included in earnings | (1) | 1 |
Settlements | (3) | (15) |
Ending Balance | 60 | 73 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (1) | 1 |
Available-for-sale Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 2,055 | 2,486 |
Included in earnings | 18 | 18 |
Included in other comprehensive income | (256) | 4 |
Purchases | 4 | 1 |
Settlements | (104) | (116) |
Transfers out of Level 3 | ||
Ending Balance | 1,717 | 2,393 |
Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,741 | 2,128 |
Included in earnings | 16 | 18 |
Included in other comprehensive income | (222) | 2 |
Settlements | (93) | (106) |
Ending Balance | 1,442 | 2,042 |
Available-for-sale Securities [Member] | Asset backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 240 | 274 |
Included in earnings | 2 | |
Included in other comprehensive income | (29) | 2 |
Settlements | (11) | (10) |
Ending Balance | 202 | 266 |
Available-for-sale Securities [Member] | Other [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 74 | 84 |
Included in other comprehensive income | (5) | |
Purchases | 4 | 1 |
Transfers out of Level 3 | ||
Ending Balance | 73 | 85 |
Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 300 | 272 |
Included in earnings | 11 | 3 |
Purchases | 16 | 20 |
Sales | (26) | (3) |
Settlements | 362 | (14) |
Transfers Into Level 3 | 2 | |
Transfers out of Level 3 | (8) | (8) |
Ending Balance | 655 | 272 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 11 | 1 |
Equity Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,276 | 1,255 |
Included in earnings | (69) | 52 |
Purchases | 71 | 45 |
Sales | (58) | (135) |
Ending Balance | 1,220 | 1,217 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (64) | |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 995 | 1,257 |
Included in earnings | (379) | (106) |
Purchases | 18 | 6 |
Issuances | 10 | 7 |
Settlements | (39) | (33) |
Ending Balance | 605 | 1,131 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (379) | (106) |
Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 649 | 726 |
Included in earnings | (167) | (33) |
Purchases | 19 | 19 |
Issuances | 11 | 7 |
Settlements | (35) | (38) |
Ending Balance | 477 | 681 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (166) | (33) |
Trading Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 2 | |
Ending Balance | 2 | |
Derivative [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 54 | 25 |
Included in earnings | 101 | 39 |
Purchases | 2 | 2 |
Settlements | (22) | (10) |
Ending Balance | 135 | 56 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 75 | 41 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 200 | 268 |
Included in earnings | 8 | 30 |
Sales | 1 | 2 |
Settlements | (24) | (70) |
Ending Balance | 185 | 230 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | 10 | 34 |
Other Assets [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 45 | |
Included in earnings | ||
Settlements | (45) | |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | ||
Other Borrowed Funds [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 7 | 7 |
Issuances | 12 | 14 |
Settlements | (14) | (15) |
Ending Balance | 5 | 6 |
Other liabilities [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 137 | 58 |
Included in earnings | 2 | 9 |
Issuances | 11 | 2 |
Settlements | (78) | (7) |
Transfers into Level 3 | 2 | |
Transfers out of Level 3 | (2) | |
Ending Balance | 72 | 62 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | $ (6) | $ 9 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements- Recurring Quantitative Information) (Details) - Fair Value, Recurring [Member] $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 107,879 | $ 82,227 |
Financial and nonfinancial liabilities, fair value disclosure | (5,424) | (2,674) |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, recurring, fair value disclosure | 4,900 | 5,400 |
Recurring Assets - Fair Value | 4,873 | 5,395 |
Financial and nonfinancial liabilities, fair value disclosure | (262) | (344) |
Total Recurring Assets Net of Recurring Liabilities - Fair Value | 4,611 | 5,051 |
Level 3 [Member] | Loans Held For Sale [Member] | Commercial Mortgages [Member] | Discounted Cash Flow, Spread Over the Benchmark Curve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 60 | $ 64 |
Level 3 [Member] | 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 | 6.00% | 5.30% |
Level 3 [Member] | 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 | 37.15% | 29.35% |
Level 3 [Member] | 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 | 23.57% | 18.89% |
Level 3 [Member] | 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 | $ 202 | $ 240 |
Level 3 [Member] | 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] | ||
Spread over the benchmark curve | 6.43% | 2.15% |
Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [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 | $ 1,442 | $ 1,741 |
Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [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] | ||
Spread over the benchmark curve | 4.93% | 1.88% |
Level 3 [Member] | 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 | $ 75 | $ 72 |
Level 3 [Member] | 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 | $ 483 | $ 184 |
Level 3 [Member] | 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 | 3.60% | 3.60% |
Level 3 [Member] | 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% |
Level 3 [Member] | 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 | 72.60% | 76.70% |
Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 23 | $ 44 |
Level 3 [Member] | 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 | 6.00% | 0.00% |
Level 3 [Member] | 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 | 100.00% | 99.00% |
Level 3 [Member] | 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 | 93.60% | 63.40% |
Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 74 | |
Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing1 [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 12.10% | |
Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing1 [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 97.00% | |
Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing1 [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 58.10% | |
Level 3 [Member] | 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 | $ 1,220 | $ 1,276 |
Level 3 [Member] | 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 | 5 | 5 |
Level 3 [Member] | 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 | 16.5 | 16.5 |
Level 3 [Member] | 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 | 8.4 | 8.5 |
Level 3 [Member] | 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 | $ 605 | $ 995 |
Level 3 [Member] | 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] | ||
Spread over the benchmark curve | 3.79% | 3.20% |
Level 3 [Member] | 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] | ||
Spread over the benchmark curve | 14.81% | 14.35% |
Level 3 [Member] | 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] | ||
Spread over the benchmark curve | 7.70% | 7.69% |
Level 3 [Member] | 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 | $ 477 | $ 649 |
Level 3 [Member] | Derivative [Member] | Visa Class B Swap [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial and nonfinancial liabilities, fair value disclosure | $ (153) | $ (176) |
Estimated growth rate of Visa Class A share price | 16.00% | 16.00% |
Fair Value Inputs Length Of Litigation Resolution Date | 6/30/2021 | 3/31/2021 |
Level 3 [Member] | Derivative [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 | 162.30% | 162.30% |
Level 3 [Member] | Insignificant Assets, Net of Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 103 | |
Financial and nonfinancial liabilities, fair value disclosure | $ 38 | |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | 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) | 0.010 | 0.010 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | 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) | 0.350 | 0.220 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | 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) | 0.077 | 0.075 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [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) | 0.010 | 0.010 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [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) | 0.362 | 0.362 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [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) | 0.099 | 0.099 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | 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] | ||
Servicing asset, measurement input | 0 | 0 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | 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] | ||
Servicing asset, measurement input | 0.586 | 0.538 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | 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] | ||
Servicing asset, measurement input | 0.271 | 0.135 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | 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] | ||
Servicing asset, measurement input | 0.034 | 0.035 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | 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] | ||
Servicing asset, measurement input | 0.253 | 0.181 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | 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] | ||
Servicing asset, measurement input | 0.045 | 0.046 |
Measurement Input, Constant Default Rate [Member] | Level 3 [Member] | 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) | 0.010 | 0.010 |
Measurement Input, Constant Default Rate [Member] | Level 3 [Member] | 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) | 0.072 | 0.072 |
Measurement Input, Constant Default Rate [Member] | Level 3 [Member] | 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) | 0.033 | 0.034 |
Measurement Input, Constant Default Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [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) | 0 | 0 |
Measurement Input, Constant Default Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [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) | 0.141 | 0.141 |
Measurement Input, Constant Default Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [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) | 0.043 | 0.043 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | 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) | 0.300 | 0.300 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | 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) | 1 | 1 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | 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) | 0.579 | 0.576 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [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) | 0.200 | 0.266 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [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) | 0.957 | 0.957 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [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) | 0.519 | 0.519 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | 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] | ||
Loans, Measurement Input | 0.080 | 0.080 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0 | 0 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 1 | 1 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.124 | 0.145 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0 | |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.994 | |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.383 | |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | 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] | ||
Loans, Measurement Input | 0.038 | 0.048 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.045 | 0.050 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.065 | 0.080 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.049 | 0.052 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.045 | |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.065 | |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.062 | |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | 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] | ||
Servicing asset, measurement input | 0.041 | 0.056 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | 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] | ||
Servicing asset, measurement input | 0.081 | 0.081 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | 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] | ||
Servicing asset, measurement input | 0.076 | 0.079 |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Nonrecurring [Member] - Level 3 [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | $ 320 | $ 198 | |
Nonrecurring Assets - Gains (Losses) | (30) | $ (24) | |
Nonaccrual Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 136 | ||
Nonrecurring Assets - Gains (Losses) | (28) | (18) | |
OREO and Foreclosed Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 57 | ||
Nonrecurring Assets - Gains (Losses) | (1) | (2) | |
Long-lived Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | $ 5 | ||
Nonrecurring Assets - Gains (Losses) | (1) | $ (4) | |
Fair Value of Property or Collateral [Member] | Nonaccrual Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 140 | ||
Fair Value of Property or Collateral [Member] | Loans Held For Sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 150 | ||
Fair Value of Property or Collateral [Member] | OREO and Foreclosed Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 25 | ||
Fair Value of Property or Collateral [Member] | Long-lived Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | $ 5 |
Fair Value (Fair Value Option -
Fair Value (Fair Value Option - Fair Value and Principal Balances) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Other Assets Fair Value [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | $ 85 | $ 132 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 118 | 125 |
Fair Value Option Aggregate Difference Assets | (33) | 7 |
Other Borrowed Funds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of liabilities for which fair value option was elected | 48 | 63 |
Aggregate Unpaid Principal Balance, Other borrowed funds | 49 | 64 |
Difference, Other borrowed funds | (1) | (1) |
Residential Mortgage [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 927 | 819 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 884 | 798 |
Fair Value Option Aggregate Difference Assets | 43 | 21 |
Residential Mortgage [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 1,080 | 742 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 1,379 | 865 |
Fair Value Option Aggregate Difference Assets | (299) | (123) |
Residential Mortgage [Member] | Performing Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 915 | 813 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 872 | 792 |
Fair Value Option Aggregate Difference Assets | 43 | 21 |
Residential Mortgage [Member] | Performing Loans [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 289 | 291 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 303 | 304 |
Fair Value Option Aggregate Difference Assets | (14) | (13) |
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 - Assets | 3 | 2 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 3 | 2 |
Residential Mortgage [Member] | Loans 90 Days Or More Past Due [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 262 | 285 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 275 | 296 |
Fair Value Option Aggregate Difference Assets | (13) | (11) |
Residential Mortgage [Member] | Nonaccrual Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 9 | 4 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 9 | 4 |
Fair Value Option Aggregate Difference Assets | ||
Residential Mortgage [Member] | Nonaccrual Loans [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 529 | 166 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 801 | 265 |
Fair Value Option Aggregate Difference Assets | (272) | (99) |
Commercial Mortgage [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 538 | 246 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 522 | 265 |
Fair Value Option Aggregate Difference Assets | 16 | (19) |
Commercial Mortgage [Member] | Performing Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 537 | 245 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 521 | 263 |
Fair Value Option Aggregate Difference Assets | 16 | (18) |
Commercial Mortgage [Member] | Nonaccrual Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 1 | 1 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 1 | 2 |
Fair Value Option Aggregate Difference Assets | $ (1) |
Fair Value (Fair Value Option_2
Fair Value (Fair Value Option - Changes in Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Loans Held For Sale [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (Losses) - FVO: Changes in Fair Value | $ 46 | $ 14 |
Loans Held For Sale [Member] | Commercial Mortgages [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (Losses) - FVO: Changes in Fair Value | 48 | 5 |
Loans [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (Losses) - FVO: Changes in Fair Value | 18 | 4 |
Other Assets Fair Value [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (Losses) - FVO: Changes in Fair Value | $ (36) | $ 9 |
Fair Value (Additional Fair Val
Fair Value (Additional Fair Value Information Related To Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | $ 1,621 | $ 18,044 |
Carrying Amount [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 7,493 | 5,061 |
Interest-earning deposits with banks | 19,986 | 23,413 |
Securities held to maturity | 1,469 | 17,661 |
Net loans (excludes leases) | 252,557 | 229,205 |
Other assets | 5,493 | 5,700 |
Total assets | 286,998 | 281,040 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 22,440 | 21,663 |
Borrowed funds | 71,975 | 59,745 |
Unfunded loan commitments and letters of credit | 450 | 318 |
Other liabilities | 456 | 506 |
Total liabilities | 95,321 | 82,232 |
Fair Value [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 7,493 | 5,061 |
Interest-earning deposits with banks | 19,986 | 23,413 |
Securities held to maturity | 1,621 | 18,044 |
Net loans (excludes leases) | 259,894 | 232,670 |
Other assets | 5,493 | 5,700 |
Total assets | 294,487 | 284,888 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 22,399 | 21,425 |
Borrowed funds | 70,660 | 60,399 |
Unfunded loan commitments and letters of credit | 450 | 318 |
Other liabilities | 456 | 506 |
Total liabilities | 93,965 | 82,648 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 7,493 | 5,061 |
Securities held to maturity | 924 | 832 |
Total assets | 8,417 | 5,893 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Interest-earning deposits with banks | 19,986 | 23,413 |
Securities held to maturity | 542 | 17,039 |
Other assets | 5,493 | 5,692 |
Total assets | 26,021 | 46,144 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 22,399 | 21,425 |
Borrowed funds | 68,909 | 58,622 |
Other liabilities | 456 | 506 |
Total liabilities | 91,764 | 80,553 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | 155 | 173 |
Net loans (excludes leases) | 259,894 | 232,670 |
Other assets | 8 | |
Total assets | 260,049 | 232,851 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 1,751 | 1,777 |
Unfunded loan commitments and letters of credit | 450 | 318 |
Total liabilities | $ 2,201 | $ 2,095 |
Financial Derivatives (Total De
Financial Derivatives (Total Derivatives) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 488,492 | $ 443,379 |
Derivative Asset, Fair Value | 8,773 | 3,502 |
Derivative Liability, Fair Value | 3,928 | 2,019 |
Derivative Asset, Fair Value Offset Amount | 1,341 | 690 |
Derivative Liability, Fair Value Offset Amount | 1,341 | 690 |
Derivative Asset, Cash Collateral | 2,110 | 616 |
Derivative Liability, Cash Collateral | 1,109 | 790 |
Derivative Asset, Net Fair Value | 5,322 | 2,196 |
Derivative Liability, Net Fair Value | 1,478 | 539 |
Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 1,044 | 306 |
Derivative Liability, Fair Value | 1,035 | 301 |
Derivative Asset, Cash Collateral | 382 | 18 |
Derivative Liability, Cash Collateral | 22 | 17 |
Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 624 | 213 |
Derivative Liability, Fair Value | 627 | 425 |
Derivative Asset, Cash Collateral | 27 | 5 |
Derivative Liability, Cash Collateral | 117 | 81 |
Designated as Hedging Instruments under GAAP [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 57,835 | 55,407 |
Derivative Asset, Fair Value | 203 | 6 |
Derivative Liability, Fair Value | 6 | |
Designated as Hedging Instruments under GAAP [Member] | Fair Value Hedging [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 31,764 | 30,663 |
Designated as Hedging Instruments under GAAP [Member] | Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 24,889 | 23,642 |
Derivative Asset, Fair Value | 133 | 6 |
Designated as Hedging Instruments under GAAP [Member] | Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,182 | 1,102 |
Derivative Asset, Fair Value | 70 | |
Derivative Liability, Fair Value | 6 | |
Not Designated as Hedging Instrument under GAAP [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 430,657 | 387,972 |
Derivative Asset, Fair Value | 8,570 | 3,496 |
Derivative Liability, Fair Value | 3,928 | 2,013 |
Not Designated as Hedging Instrument under GAAP [Member] | Mortgage Banking [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 83,120 | 66,366 |
Derivative Asset, Fair Value | 283 | 93 |
Derivative Liability, Fair Value | 255 | 67 |
Not Designated as Hedging Instrument under GAAP [Member] | Mortgage Banking [Member] | Swap [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 54,029 | 52,007 |
Derivative Asset, Fair Value | 1 | |
Not Designated as Hedging Instrument under GAAP [Member] | Mortgage Banking [Member] | Future [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,901 | 3,487 |
Not Designated as Hedging Instrument under GAAP [Member] | Mortgage Banking [Member] | Mortgage Commitment [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 19,022 | 7,738 |
Derivative Asset, Fair Value | 248 | 60 |
Derivative Liability, Fair Value | 206 | 44 |
Not Designated as Hedging Instrument under GAAP [Member] | Mortgage Banking [Member] | Other Contract [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 7,168 | 3,134 |
Derivative Asset, Fair Value | 35 | 32 |
Derivative Liability, Fair Value | 49 | 23 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 337,050 | 311,405 |
Derivative Asset, Fair Value | 8,146 | 3,394 |
Derivative Liability, Fair Value | 3,482 | 1,689 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 300,766 | 274,878 |
Derivative Asset, Fair Value | 6,689 | 2,884 |
Derivative Liability, Fair Value | 2,011 | 1,226 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 9,185 | 9,407 |
Derivative Asset, Fair Value | 1,044 | 306 |
Derivative Liability, Fair Value | 1,035 | 301 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 27,099 | 27,120 |
Derivative Asset, Fair Value | 413 | 204 |
Derivative Liability, Fair Value | 436 | 162 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Swap [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 268,654 | 249,075 |
Derivative Asset, Fair Value | 6,346 | 2,769 |
Derivative Liability, Fair Value | 1,834 | 1,187 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Swap [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 5,152 | 5,204 |
Derivative Asset, Fair Value | 792 | 234 |
Derivative Liability, Fair Value | 783 | 229 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Future [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,491 | 703 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Mortgage Commitment [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 7,182 | 3,721 |
Derivative Asset, Fair Value | 44 | 2 |
Derivative Liability, Fair Value | 71 | 6 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Other Contract [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 23,439 | 21,379 |
Derivative Asset, Fair Value | 299 | 113 |
Derivative Liability, Fair Value | 106 | 33 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Other Contract [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 4,033 | 4,203 |
Derivative Asset, Fair Value | 252 | 72 |
Derivative Liability, Fair Value | 252 | 72 |
Not Designated as Hedging Instrument under GAAP [Member] | Other Risk Management Activity [Member] | Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 10,487 | 10,201 |
Derivative Asset, Fair Value | 141 | 9 |
Derivative Liability, Fair Value | $ 191 | $ 257 |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Cash and securities held to collateralize net derivative assets | $ 3,000,000,000 | ||
Cash and securities pledged to collateralize net derivative liabilities | 2,000,000,000 | ||
Derivative, net liability position, aggregate fair value | 3,500,000,000 | ||
Collateral already posted, aggregate fair value | 2,400,000,000 | ||
Maximum amount of collateral PNC would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered | 1,100,000,000 | ||
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Cash flow hedge gain (loss) to be reclassified within twelve months | 491,000,000 | ||
Cash flow hedge gain (loss) to be reclassified within twelve months, net of tax | $ 388,000,000 | ||
Maximum length of time hedged in cash flow hedge | 10 years | ||
Gain (loss) from components excluded from assessment of cash flow hedge effectiveness, net | $ 0 | $ 0 | |
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net | 0 | 0 | |
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 | |
Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Gain loss from components excluded from assessment of net investment hedge effectiveness net | 0 | 0 | $ 0 |
Derivative instruments, gain (loss) reclassified from accumulated oci into income, effective portion, net | $ 75,000,000 | $ (18,000,000) |
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, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loans | $ 2,480 | $ 2,602 |
Investment Securities | 582 | 620 |
Borrowed Funds | 314 | 481 |
Other | 343 | 308 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Borrowed Funds [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged items | (1,361) | (274) |
Derivatives | 1,339 | 228 |
Amounts related to interest settlements on derivatives | 59 | 11 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Investment Securities [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged items | 234 | 58 |
Derivatives | (231) | (55) |
Amounts related to interest settlements on derivatives | (2) | 5 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Loans [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of derivative gains (losses) reclassified from AOCI | 42 | (8) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other [Member] | Noninterest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of derivative gains (losses) reclassified from AOCI | 1 | 15 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Investment Securities [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of derivative gains (losses) reclassified from AOCI | $ 2 | $ 1 |
Financial Derivatives (Impact o
Financial Derivatives (Impact of Fair Value Hedge Accounting on the Carrying Value of Hedged Items) (Details) - Fair Value Hedging [Member] - Designated as Hedging Instruments under GAAP [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Investment Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of the Hedged Items | $ 5,020 | $ 5,666 |
Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items | 222 | 59 |
Borrowed Funds [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of the Hedged Items | 31,463 | 28,616 |
Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items | 1,909 | 548 |
Borrowed Funds Discontinued Relationships [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative Fair Value Hedge Adjustment included in Carrying Value of Hedged Items | $ (200) | $ (300) |
Financial Derivatives (Gains _2
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, 2020 | Mar. 31, 2019 | |
Derivative [Line Items] | ||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | $ 874 | $ 95 |
Mortgage Banking [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 654 | 128 |
Customer Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 13 | 21 |
Customer Contracts [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 2 | (2) |
Customer Contracts [Member] | Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 11 | 23 |
Other Risk Management Activity [Member] | Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | $ 207 | $ (54) |
Financial Derivatives (Derivati
Financial Derivatives (Derivative Assets and Liabilitites Offsetting) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | $ 8,773 | $ 3,502 |
Derivative Asset, Fair Value Offset Amount | 1,341 | 690 |
Derivative Asset, Cash Collateral | 2,110 | 616 |
Derivative Asset, Net | 5,322 | 2,196 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 635 | 215 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 4,687 | 1,981 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 3,928 | 2,019 |
Derivative Liability, Fair Value Offset Amount | 1,341 | 690 |
Derivative Liability, Cash Collateral | 1,109 | 790 |
Derivative Liability, Net | 1,478 | 539 |
Derivative Liability, Fair Value of Collateral | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1,478 | 539 |
Interest Rate Contracts [Member] | Over the Counter Cleared [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | 296 | 14 |
Derivative Asset, Net | 296 | 14 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 296 | 14 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 194 | 14 |
Derivative Liability, Net | 194 | 14 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 194 | 14 |
Interest Rate Contracts [Member] | Over the Counter [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | 6,809 | 2,969 |
Derivative Asset, Fair Value Offset Amount | 499 | 365 |
Derivative Asset, Cash Collateral | 1,701 | 593 |
Derivative Asset, Net | 4,609 | 2,011 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 634 | 215 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 3,975 | 1,796 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 2,072 | 1,279 |
Derivative Liability, Fair Value Offset Amount | 901 | 475 |
Derivative Liability, Cash Collateral | 970 | 692 |
Derivative Liability, Net | 201 | 112 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 201 | 112 |
Commodity Contract [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | 1,044 | 306 |
Derivative Asset, Fair Value Offset Amount | 484 | 198 |
Derivative Asset, Cash Collateral | 382 | 18 |
Derivative Asset, Net | 178 | 90 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 178 | 90 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 1,035 | 301 |
Derivative Liability, Fair Value Offset Amount | 268 | 152 |
Derivative Liability, Cash Collateral | 22 | 17 |
Derivative Liability, Net | 745 | 132 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 745 | 132 |
Foreign Exchange And Other Contract [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | 624 | 213 |
Derivative Asset, Fair Value Offset Amount | 358 | 127 |
Derivative Asset, Cash Collateral | 27 | 5 |
Derivative Asset, Net | 239 | 81 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 1 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 238 | 81 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 627 | 425 |
Derivative Liability, Fair Value Offset Amount | 172 | 63 |
Derivative Liability, Cash Collateral | 117 | 81 |
Derivative Liability, Net | 338 | 281 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 338 | $ 281 |
Legal Proceedings (Narrative) (
Legal Proceedings (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Litigation settlement, amount awarded to other party | $ 7 |
SEC Schedule, 12-09, Reserve, Legal [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Range of possible loss not accrued | $ 100 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)segment | Mar. 31, 2019USD ($) | |
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 | $ | $ 126 | $ 115 |
Segment Reporting (Segment Repo
Segment Reporting (Segment Reporting Table) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Net interest income | $ 2,511 | $ 2,475 |
Noninterest income | 2,006 | 1,811 |
Total revenue | 4,517 | 4,286 |
Provision for credit losses | 914 | 189 |
Depreciation and amortization | 240 | 234 |
Other noninterest expense | 2,303 | 2,344 |
Income before income taxes and noncontrolling interests | 1,060 | 1,519 |
Income taxes (benefit) | 145 | 248 |
Net income | 915 | 1,271 |
Average Assets | 412,436 | 385,898 |
Retail Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 1,456 | 1,349 |
Noninterest income | 788 | 595 |
Total revenue | 2,244 | 1,944 |
Provision for credit losses | 445 | 128 |
Depreciation and amortization | 57 | 51 |
Other noninterest expense | 1,479 | 1,417 |
Income before income taxes and noncontrolling interests | 263 | 348 |
Income taxes (benefit) | 62 | 84 |
Net income | 201 | 264 |
Average Assets | 97,062 | 91,255 |
Corporate & Institutional Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 950 | 877 |
Noninterest income | 694 | 576 |
Total revenue | 1,644 | 1,453 |
Provision for credit losses | 458 | 71 |
Depreciation and amortization | 48 | 50 |
Other noninterest expense | 674 | 636 |
Income before income taxes and noncontrolling interests | 464 | 696 |
Income taxes (benefit) | 94 | 144 |
Net income | 370 | 552 |
Average Assets | 172,502 | 157,169 |
Asset Management Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 88 | 70 |
Noninterest income | 204 | 217 |
Total revenue | 292 | 287 |
Provision for credit losses | 3 | (1) |
Depreciation and amortization | 11 | 12 |
Other noninterest expense | 208 | 218 |
Income before income taxes and noncontrolling interests | 70 | 58 |
Income taxes (benefit) | 16 | 13 |
Net income | 54 | 45 |
Average Assets | 7,801 | 7,259 |
BlackRock [Member] | ||
Segment Reporting Information [Line Items] | ||
Noninterest income | 180 | 233 |
Total revenue | 180 | 233 |
Income before income taxes and noncontrolling interests | 180 | 233 |
Income taxes (benefit) | 23 | 36 |
Net income | 157 | 197 |
Average Assets | 8,511 | 8,080 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 17 | 179 |
Noninterest income | 140 | 190 |
Total revenue | 157 | 369 |
Provision for credit losses | 8 | (9) |
Depreciation and amortization | 124 | 121 |
Other noninterest expense | (58) | 73 |
Income before income taxes and noncontrolling interests | 83 | 184 |
Income taxes (benefit) | (50) | (29) |
Net income | 133 | 213 |
Average Assets | $ 126,560 | $ 122,135 |
Fee-Based Revenue from Contra_3
Fee-Based Revenue from Contracts with Customers - Retail Banking Noninterest Income Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 2,006 | $ 1,811 |
Retail Banking [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 788 | 595 |
Retail Banking [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 526 | 523 |
Retail Banking [Member] | Out-of-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 262 | 72 |
Retail Banking [Member] | Deposit Account Fees [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 158 | 148 |
Retail Banking [Member] | Debit Card Fees [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 129 | 124 |
Retail Banking [Member] | Brokerage Fees [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 93 | 89 |
Retail Banking [Member] | Merchant Services [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 49 | 48 |
Retail Banking [Member] | Net Credit Card Fees [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 41 | 48 |
Interchange fees | 118 | 112 |
Credit card reward costs | 77 | 64 |
Retail Banking [Member] | Other | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 56 | $ 66 |
Fee-Based Revenue from Contra_4
Fee-Based Revenue from Contracts with Customers - Corporate & Institutional Banking Noninterest Income Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 2,006 | $ 1,811 |
Corporate & Institutional Banking [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 694 | 576 |
Corporate & Institutional Banking [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 437 | 368 |
Corporate & Institutional Banking [Member] | Out-of-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 257 | 208 |
Corporate & Institutional Banking [Member] | Treasury Management Fees [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 216 | 199 |
Corporate & Institutional Banking [Member] | Capital Markets Fees [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 175 | 127 |
Corporate & Institutional Banking [Member] | Commercial Mortgage Banking Activities [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 26 | 25 |
Corporate & Institutional Banking [Member] | Other | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 20 | $ 17 |
Fee-Based Revenue from Contra_5
Fee-Based Revenue from Contracts with Customers - Asset Management Group Noninterest Income Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 2,006 | $ 1,811 |
Asset Management Group [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 204 | 217 |
Asset Management Group [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 201 | 212 |
Asset Management Group [Member] | Out-of-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 3 | 5 |
Asset Management Group [Member] | Personal [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 150 | 147 |
Asset Management Group [Member] | Institutional [Member] | In-Scope [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 51 | $ 65 |
Uncategorized Items - pncq12020
Label | Element | Value |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax | $ (408,000,000) |
Common Stock [Member] | ||
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 457,000,000 |
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 433,000,000 |
AOCI Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax | $ 799,000,000 |
Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income Loss Available For Sale Otti Securities Adjustment Net Of Tax | pnc_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleOttiSecuritiesAdjustmentNetOfTax | 0 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Accumulated Other Comprehensive Income Loss Available For Sale Non Otti Securities Adjustment Net Of Tax | pnc_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleNonOttiSecuritiesAdjustmentNetOfTax | 1,067,000,000 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss), Cash Flow Hedge, After Reclassification And Tax | pnc_AccumulatedOtherComprehensiveIncomeLossCashFlowHedgeAfterReclassificationAndTax | 276,000,000 |
AOCI Attributable to Parent, Other [Member] | ||
Accumulated Other Comprehensive Income Loss Other Net Of Tax End Balance | pnc_AccumulatedOtherComprehensiveIncomeLossOtherNetOfTaxEndBalance | (136,000,000) |
Cumulative Effect, Period Of Adoption, Adjusted Balance [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 3,205,000,000 |
Financing Receivable, Allowance for Credit Loss And Off-Balance Sheet, Credit Loss, Liability | pnc_FinancingReceivableAllowanceforCreditLossAndOffBalanceSheetCreditLossLiability | 3,702,000,000 |
Cumulative Effect, Period Of Adoption, Adjusted Balance [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 1,697,000,000 |
Cumulative Effect, Period Of Adoption, Adjusted Balance [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 1,508,000,000 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period Of Adoption, Adjustment [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 767,000,000 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period Of Adoption, Adjustment [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | $ (304,000,000) |