Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 16, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | 423,701,045 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
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 $5.00 | |
Trading Symbol | PNC | |
Security Exchange Name | NYSE | |
Depositary Shares Each Representing a 1/4,000 Interest in a Share of Fixed-to- Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P | NEW YORK STOCK EXCHANGE, INC. | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares Each Representing a 1/4,000 Interest in a Share of Fixed-to- Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P | |
Trading Symbol | PNC P | |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest Income | ||||
Loans | $ 2,116 | $ 2,678 | $ 6,853 | $ 7,952 |
Investment securities | 490 | 617 | 1,599 | 1,866 |
Other | 70 | 208 | 279 | 610 |
Total interest income | 2,676 | 3,503 | 8,731 | 10,428 |
Interest Expense | ||||
Deposits | 74 | 531 | 590 | 1,518 |
Borrowed funds | 118 | 468 | 619 | 1,433 |
Total interest expense | 192 | 999 | 1,209 | 2,951 |
Net interest income | 2,484 | 2,504 | 7,522 | 7,477 |
Noninterest Income | ||||
Total noninterest income | 1,797 | 1,738 | 5,171 | 5,041 |
Other | 457 | 342 | 1,071 | 1,017 |
Total revenue | 4,281 | 4,242 | 12,693 | 12,518 |
Provision for credit losses | 52 | 183 | 3,429 | 552 |
Noninterest Expense | ||||
Personnel | 1,410 | 1,400 | 4,152 | 4,179 |
Occupancy | 205 | 206 | 611 | 633 |
Equipment | 292 | 291 | 880 | 862 |
Marketing | 67 | 76 | 172 | 224 |
Other | 557 | 650 | 1,774 | 1,914 |
Total noninterest expense | 2,531 | 2,623 | 7,589 | 7,812 |
Income from continuing operations before income taxes and noncontrolling interests | 1,698 | 1,436 | 1,675 | 4,154 |
Income taxes from continuing operations | 166 | 255 | 128 | 706 |
Net income from continuing operations | 1,532 | 1,181 | 1,547 | 3,448 |
Income from discontinued operations before taxes | 251 | 5,777 | 700 | |
Income taxes from discontinued operations | 40 | 1,222 | 111 | |
Net income from discontinued operations | 211 | 4,555 | 589 | |
Net income | 1,532 | 1,392 | 6,102 | 4,037 |
Less: Comprehensive income attributable to noncontrolling interests | 13 | 13 | 27 | 35 |
Preferred stock dividends | 63 | 63 | 181 | 181 |
Preferred stock discount accretion and redemptions | 1 | 1 | 3 | 3 |
Net income attributable to common shareholders | $ 1,455 | $ 1,315 | $ 5,891 | $ 3,818 |
Earnings Per Share, Basic [Abstract] | ||||
Basic earnings from continuing operations (in dollars per share) | $ 3.40 | $ 2.47 | $ 3.11 | $ 7.15 |
Basic earnings per common share from discontinued operations (in dollars per share) | 0.48 | 10.61 | 1.30 | |
Basic earnings per common share (in dollars per share) | 3.40 | 2.95 | 13.73 | 8.45 |
Earnings Per Share, Diluted [Abstract] | ||||
Diluted earnings from continuing operations (in dollars per share) | 3.39 | 2.47 | 3.11 | 7.13 |
Diluted earnings per common share from discontinued operations (in dollars per share) | 0.47 | 10.59 | 1.29 | |
Diluted earnings per common share (in dollars per share) | $ 3.39 | $ 2.94 | $ 13.70 | $ 8.42 |
Average Common Shares Outstanding | ||||
Basic (in shares) | 426 | 444 | 427 | 450 |
Diluted (in shares) | 426 | 445 | 428 | 451 |
Asset management [Member] | ||||
Noninterest Income | ||||
Total noninterest income | $ 215 | $ 213 | $ 615 | $ 646 |
Consumer services [Member] | ||||
Noninterest Income | ||||
Total noninterest income | 390 | 402 | 1,097 | 1,165 |
Corporate services [Member] | ||||
Noninterest Income | ||||
Total noninterest income | 479 | 469 | 1,517 | 1,415 |
Residential mortgage [Member] | ||||
Noninterest Income | ||||
Total noninterest income | 137 | 134 | 505 | 281 |
Service charges on deposits [Member] | ||||
Noninterest Income | ||||
Total noninterest income | $ 119 | $ 178 | $ 366 | $ 517 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income (loss) from continuing operations | $ 1,532 | $ 1,181 | $ 1,547 | $ 3,448 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income: | ||||
Net change in debt securities | 10 | 214 | 2,028 | 1,556 |
Net change in cash flow hedge derivatives | (119) | 79 | 678 | 433 |
Pension and other postretirement benefit plan adjustments | 2 | 2 | (3) | 63 |
Net change in Other | 0 | 4 | 10 | 14 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (107) | 276 | 2,861 | 2,037 |
Income tax benefit (expense) related to items of other comprehensive income | 35 | (70) | (663) | (475) |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (72) | 206 | 2,198 | 1,562 |
Net income from discontinued operations | 211 | 4,555 | 589 | |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (72) | 206 | 2,198 | 1,562 |
Comprehensive income | 1,460 | 1,598 | 8,300 | 5,599 |
Less: Comprehensive income attributable to noncontrolling interests | 13 | 13 | 27 | 35 |
Comprehensive income attributable to PNC | 1,447 | 1,585 | 8,273 | 5,564 |
Discontinued Operations, Disposed of by Sale | ||||
Other comprehensive income (loss), before tax and net of reclassifications into Net income: | ||||
Other comprehensive income (loss), before tax and net of reclassifications into Net income | 0 | (23) | 148 | (29) |
Income tax benefit (expense) related to items of other comprehensive income | 0 | 4 | (33) | 6 |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | 0 | (19) | 115 | (23) |
Continuing Operations | ||||
Other comprehensive income (loss), before tax and net of reclassifications into Net income: | ||||
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (107) | 299 | 2,713 | 2,066 |
Income tax benefit (expense) related to items of other comprehensive income | 35 | (74) | (630) | (481) |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | $ (72) | $ 225 | $ 2,083 | $ 1,585 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and due from banks | $ 6,629 | $ 5,061 | |
Interest-earning deposits with banks | 70,959 | 23,413 | |
Loans held for sale | [1] | 1,787 | 1,083 |
Asset held for sale (b) | [2] | 8,558 | |
Investment securities – available for sale | 89,747 | 69,163 | |
Investment securities – held to maturity | 1,438 | 17,661 | |
Loans | [1] | 249,279 | 239,843 |
Allowance for loan and lease losses (c) | [3] | (5,751) | (2,742) |
Net loans | 243,528 | 237,101 | |
Equity investments | 4,938 | 5,176 | |
Mortgage servicing rights | 1,113 | 1,644 | |
Goodwill | 9,233 | 9,233 | |
Other | [1] | 32,445 | 32,202 |
Total assets | 461,817 | 410,295 | |
Deposits | |||
Noninterest-bearing | 107,281 | 72,779 | |
Interest-bearing | 247,798 | 215,761 | |
Total deposits | 355,079 | 288,540 | |
Borrowed funds | |||
Federal Home Loan Bank borrowings | 5,500 | 16,341 | |
Bank notes and senior debt | 26,839 | 29,010 | |
Subordinated debt | 6,465 | 6,134 | |
Other | [4] | 3,306 | 8,778 |
Total borrowed funds | 42,110 | 60,263 | |
Allowance for unfunded lending related commitments (c) | [3] | 689 | 318 |
Accrued expenses and other liabilities | 10,629 | 11,831 | |
Total liabilities | 408,507 | 360,952 | |
Equity | |||
Preferred stock | [5] | ||
Common stock ($5 par value, Authorized 800 shares, issued 542 shares) | 2,712 | 2,712 | |
Capital surplus | 15,836 | 16,369 | |
Retained earnings | 45,947 | 42,215 | |
Accumulated other comprehensive income | 2,997 | 799 | |
Common stock held in treasury at cost: 118 and 109 shares | (14,216) | (12,781) | |
Total shareholders’ equity | 53,276 | 49,314 | |
Noncontrolling interests | 34 | 29 | |
Total equity | 53,310 | 49,343 | |
Total liabilities and equity | $ 461,817 | $ 410,295 | |
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.4 billion , Loans of $1.3 billion and Other assets of $.1 billion at September 30, 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] | Represents our held for sale investment in BlackRock. In the second quarter of 2020, PNC divested its entire investment in BlackRock. Prior period BlackRock investment balances have been reclassified to the Asset held for sale line in accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations. Refer to Note 1 Accounting Policies and Note 2 Discontinued Operations for additional details. | ||
[3] | Amounts as of September 30, 2020 reflects the impact of adopting Accounting Standards Update 2016-13, Financial Instruments - Credit Losses | ||
[4] | Our consolidated liabilities at September 30, 2020 and December 31, 2019 included Other borrowed funds of less than $.1 billion and $.1 billion | ||
[5] | Par value less than $.5 million at each date. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Total allowance | $ 5,751 | $ 2,742 | |
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] | ||
Preferred stock (less than) | 0.5 | $ 0.5 | |
Portion at Fair Value, Fair Value Disclosure | |||
Loans held for sale, fair value | 1,400 | 1,100 | |
Loans, fair value | 1,300 | 700 | |
Other assets, fair value | 100 | 100 | |
Other borrowed funds, fair value | $ 100 | 100 | |
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | |||
Total allowance | $ 463 | ||
[1] | Par value less than $.5 million at each date. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Activities | ||
Net income | $ 6,102 | $ 4,037 |
Adjustments to reconcile net income to net cash provided (used) by operating activities | ||
Provision for credit losses | 3,429 | 552 |
Depreciation and amortization | 944 | 904 |
Deferred income taxes | (2,505) | 83 |
Net gains on sales of securities | (254) | |
Changes in fair value of mortgage servicing rights | 774 | 715 |
Gain on sale of BlackRock | (5,740) | |
Undistributed earnings of BlackRock | (174) | (356) |
Net change in | ||
Trading securities and other short-term investments | 1,132 | 741 |
Loans held for sale | (533) | (882) |
Other assets | (2,112) | (2,086) |
Accrued expenses and other liabilities | 1,044 | 831 |
Other | 617 | (291) |
Net cash provided (used) by operating activities | 2,724 | 4,248 |
Sales | ||
Securities available for sale | 12,512 | 5,201 |
Net proceeds from sale of BlackRock | 14,225 | |
Loans | 1,365 | 1,237 |
Repayments/maturities | ||
Securities available for sale | 19,850 | 7,962 |
Securities held to maturity | 52 | 2,193 |
Purchases | ||
Securities available for sale | (34,242) | (17,179) |
Securities held to maturity | (49) | (1,739) |
Loans | (1,600) | (898) |
Net change in | ||
Federal funds sold and resale agreements | 1,693 | 3,192 |
Interest-earning deposits with banks | (47,546) | (8,143) |
Loans | (10,323) | (11,978) |
Other | (316) | (573) |
Net cash provided (used) by investing activities | (44,379) | (20,725) |
Net change in | ||
Noninterest-bearing deposits | 34,479 | 180 |
Interest-bearing deposits | 32,037 | 17,627 |
Federal funds purchased and repurchase agreements | (5,870) | 1,934 |
Short-term Federal Home Loan Bank borrowings | (6,300) | |
Short-term Federal Home Loan Bank borrowings | 1,400 | |
Other borrowed funds | 298 | (77) |
Sales/issuances | ||
Federal Home Loan Bank borrowings | 9,060 | 12,000 |
Bank notes and senior debt | 3,487 | 6,930 |
Other borrowed funds | 458 | 929 |
Common and treasury stock | 54 | 73 |
Repayments/maturities | ||
Federal Home Loan Bank borrowings | (13,601) | (13,000) |
Bank notes and senior debt | (6,647) | (5,600) |
Subordinated debt | (700) | |
Other borrowed funds | (479) | (963) |
Preferred stock redemption | (480) | |
Acquisition of treasury stock | (1,604) | (2,626) |
Preferred stock cash dividends paid | (181) | (181) |
Common stock cash dividends paid | (1,488) | (1,386) |
Net cash provided (used) by financing activities | 43,223 | 16,540 |
Net Increase (Decrease) In Cash And Due From Banks And Restricted Cash | 1,568 | 63 |
Net cash provided by discontinued operations | 12,244 | 233 |
Net cash provided (used) by continuing operations | (10,676) | (170) |
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 | 6,629 | 5,671 |
Cash and due from banks at end of period (unrestricted cash) | 6,297 | 5,671 |
Restricted cash | 332 | |
Supplemental Disclosures | ||
Interest paid | 1,071 | 2,915 |
Income taxes paid | 2,762 | 321 |
Income taxes refunded | 9 | 7 |
Leased assets obtained in exchange for new operating lease liabilities | 71 | 238 |
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 | 1,026 | 771 |
Transfer from trading securities to investment securities | 289 | 228 |
Transfer from loans to foreclosed assets | $ 57 | $ 131 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 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 (CECL) standard and our discontinued operation as a result of the disposal of our equity investment in BlackRock. As a result of this disposal, BlackRock’s historical results of operations are reported as discontinued operations in our consolidated financial statements for all periods presented. The updated policies impacted by these changes are included in this Note 1. 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. Discontinued Operations A disposal of an asset or business that meets the criteria for held for sale classification is reported as discontinued operations when the disposal represents a strategic shift that has had, or will have, a major effect on our operating results. We report an asset as held for sale when management has approved or received approval to sell the asset and is committed to a formal plan, the asset is available for immediate sale, the asset is being actively marketed, the sale is anticipated to occur during the ensuing year and certain other specified criteria are met. An asset classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the asset exceeds its estimated fair value, the asset is written down to its fair value upon the held for sale designation. Our BlackRock held for sale asset is recorded at its carrying amount as we accounted for this investment under the equity method of accounting and the fair value of the asset exceeded the carrying value at each balance sheet date. When presenting discontinued operations, assets classified as held for sale are segregated in the Consolidated Balance Sheet commencing in the period in which the asset meets all of the held for sale criteria described above and prior periods are recast. The results of discontinued operations are reported in Discontinued Operations in the Consolidated Statement of Income for current and prior periods commencing in the period in which the asset or business is either disposed of or is classified as held for sale, including any gain or loss recognized on the sale or adjustment of the carrying amount to fair value less cost to sell. Earnings Per Common Share Basic earnings per common share is calculated using the two-class method to determine income attributable to common shareholders. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities under the two-class method. Distributed dividends and dividend equivalents related to participating securities and an allocation of undistributed net income to participating securities reduce the amount of income attributable to common shareholders. In a period with a loss, no allocation will be made to the participating securities, as they do not have a contractual obligation to absorb losses. Income attributable to common shareholders is then divided by the weighted-average common shares outstanding for the period. Diluted earnings per common share is calculated under the more dilutive of either the treasury method or the two-class method. For the diluted calculation, we increase the weighted-average number of shares of common stock outstanding by the assumed conversion of outstanding convertible preferred stock from the beginning of the year or date of issuance, if later, and the number of shares of common stock that would be issued assuming the exercise of stock options and warrants and the issuance of incentive shares using the treasury stock method. These adjustments to the weighted-average number of shares of common stock outstanding are made only when such adjustments will dilute earnings per common share. For periods in which there is a loss from continuing operations, any potential dilutive shares will be anti-dilutive. In this scenario, no potential dilutive shares will be included in the continuing operations, discontinued operations or total earnings per common share calculations, even if overall net income is reported. See Note 11 Earnings Per Share for additional information. 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 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 3 Investment Securities, Note 4 Loans and Related Allowance for Credit Losses and Note 10 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 (PCD) loans. • There was no impact to the recorded investment of our investment securities or loans, except for our PCD loan portfolio. Accounting for these loans as PCD 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 35 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 September 30, 2020, we have not yet elected any optional expedients related to contract modifications or hedging relationships as outlined in this ASU. However, we plan to elect these optional expedients in the future. • During the second quarter of 2020, we elected to transfer all debt securities classified as held to maturity that are indexed to LIBOR to the available for sale portfolio. All securities were classified as held to maturity prior to January 1, 2020. These securities had an amortized cost and fair value of $49 million and $48 million, respectively, as of the transfer date. See Note 3 Investment Securities for more information. 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 In millions December 31, 2019 Transition Adjustment January 1, 2020 Allowance for credit losses Allowance for loan and lease losses Commercial $ 1,812 $ (304 ) $ 1,508 Consumer 930 767 1,697 Total allowance for loan and lease losses 2,742 463 3,205 Unfunded lending related commitments 318 179 497 Other — 19 19 Total allowance for credit losses $ 3,060 $ 661 $ 3,721 In millions December 31, 2019 Transition Adjustment January 1, 2020 Impact to retained earnings (a) $ 42,215 $ (671 ) $ 41,544 (a) Transition adjustment includes the increase in the total ACL 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 allowance. 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 allowance 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 September 30, 2020 , nonaccrual or past due held-to-maturity securities were immaterial. A security may be partially or fully charged off against the allowance 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 allowance for investment securities. See Note 3 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. See Note 4 Loans and Related Allowance for Credit Losses for additional information on how COVID-19 hardship related loan modifications are reported from a delinquency perspective as of September 30, 2020. Loans held for investment, excluding PCD 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. The processing fee received for loans originated under the Paycheck Protection Program (PPP) is deferred and accreted into Net interest income using the 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 ALLL. 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 more than significant deterioration of credit quality since origination (i.e., PCD) are recognized at an amortized cost basis equal to their purchase price plus an ALLL measured at the acquisition date. 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 ALLL. Subsequent increases in expected cash flows are recognized as a provision recapture of previously recorded ALLL. 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. A troubled debt restructuring (TDR) is a loan whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulty. A concession has been granted when we do not expect to collect all amounts due, including original interest accrued at the original contract rate, as a result of the restructuring, or there is a delay in payment that is more than insignificant. 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. Potential incremental losses or recoveries on TDRs have been factored into the ALLL estimates for each loan class under the methodologies described in this Note. Once a loan becomes a TDR, it will continue to be reported as a TDR until it is ultimately repaid in full, the collateral is foreclosed upon, or it is fully charged off. PNC excludes consumer loans held for sale, loans accounted for under the fair value option and certain government insured or guaranteed loans from our TDR population. PCD loans that do not meet the criteria to be classified as TDRs are also excluded. In addition, PNC has elected not to apply a TDR designation to loans that have been restructured due to a COVID-19 hardship pursuant to specific criteria under the CARES Act. Since loans restructured due to a COVID-19 related hardship were not identified as TDRs, they are not placed on nonaccrual at the time of modification. However, these loans will be subject to our existing nonaccrual policy subsequent to the modification. See the following for additional information related to loans, including further discussion regarding our policies, the methodologies and significant inputs used to determine the ALLL, and additional details on the composition of our loan portfolio: • Nonperforming Loans and Leases section of this Note 1, • Allowance for Credit Losses section of this Note 1 , and • Note 4 Loans and Related Allowance for Credit Losses. 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 allowance is reversed, and a valuation allowance for the 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 12 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 that follows summarizes our policies for classifying certain loans as nonperforming loans and/or discontinuing the accrual of loan interest income. Commercial 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. • Certain government insured loans where substantially all principal and interest is insured. • Commercial purchasing card assets which do not accrue interest. Consumer 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 We generally charge off commercial (commercial and industrial, 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 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 automobiles or 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 the ALLL 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 th |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | D ISCONTINUED O PERATIONS In May 2020, PNC completed the sale of its 31.6 million shares of BlackRock, Inc., and contributed 500,000 BlackRock shares to the PNC Foundation. Following the sale and donation, PNC has divested its entire investment in BlackRock and only holds shares of BlackRock stock in a fiduciary capacity for clients of PNC. Refer to our second quarter 2020 Form 10-Q for additional information on the sale. The following table summarizes the results from the discontinued operations of BlackRock included in the Consolidated Income Statement: Table 36 : Consolidated Income Statement - Discontinued Operations Three months ended Nine months ended In millions 2020 2019 2020 2019 Noninterest income $ 251 $ 5,777 $ 700 Total revenue 251 5,777 700 Income from discontinued operations before income taxes and noncontrolling interests 251 5,777 700 Income taxes 40 1,222 111 Net income from discontinued operations $ — $ 211 $ 4,555 $ 589 The following table summarizes the cash flows of discontinued operations of BlackRock included in the Consolidated Statement of Cash Flows: Table 37 : Consolidated Statement of Cash Flows - Discontinued Operations Nine months ended In millions 2020 2019 Cash flows from discontinued operations Net cash provided (used) by operating activities of discontinued operations $ (1,981 ) $ 233 Net cash provided by investing activities of discontinued operations $ 14,225 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 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 an allowance, 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 allowance 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 September 30, 2020 , the allowance for investment securities was $71 million and primarily related to non-agency commercial mortgage-backed securities in the available for sale portfolio and other debt securities in the held to maturity portfolio. The provision for credit losses on investment securities totaled $39 million and $69 million for the three and nine months ended September 30, 2020 . In the first quarter of 2020, upon the adoption of ASU 2019-04, we elected to transfer debt securities with an amortized cost of $16.2 billion and a fair value of $16.5 billion from the held to maturity to the available for sale portfolio. During the second quarter of 2020, pursuant to the guidance in ASU 2020-04, we elected to transfer debt securities with an amortized cost of $49 million and a fair value of $48 million from the 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 allowance for investment securities, and the adoption of ASU 2019-04 and ASU 2020-04. The following table summarizes our available for sale and held to maturity portfolios by major security type. Table 38 : Investment Securities Summary September 30, 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 $ 17,273 $ 954 $ (2 ) $ 18,225 $ 16,150 $ 382 $ (16 ) $ 16,516 Residential mortgage-backed Agency 51,202 1,737 (11 ) 52,928 35,847 517 (43 ) 36,321 Non-agency 1,376 243 (16 ) 1,603 1,515 302 (3 ) 1,814 Commercial mortgage-backed Agency 2,824 144 (2 ) 2,966 3,094 42 (18 ) 3,118 Non-agency 3,851 73 (95 ) 3,829 3,352 29 (9 ) 3,372 Asset-backed 5,158 105 (23 ) 5,240 5,044 78 (8 ) 5,114 Other 4,660 297 (1 ) 4,956 2,788 121 (1 ) 2,908 Total securities available for sale (b) $ 86,344 $ 3,553 $ (150 ) $ 89,747 $ 67,790 $ 1,471 $ (98 ) $ 69,163 Securities Held to Maturity U.S. Treasury and government agencies $ 790 $ 142 $ 932 $ 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 52 52 Other 648 42 $ (8 ) 682 1,792 85 (14 ) 1,863 Total securities held to maturity (b) (c) $ 1,438 $ 184 $ (8 ) $ 1,614 $ 17,661 $ 423 $ (40 ) $ 18,044 (a) The accrued interest associated with our available for sale and held to maturity portfolios totaled $242 million and $2 million at September 30, 2020 , respectively. These amounts are included in Other assets on the Consolidated Balance Sheet. (b) Amortized cost is presented net of allowance of $ 68 million for securities available for sale and $ 3 million for securities held to maturity at September 30, 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 September 30, 2020 , 85% 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 allowance. Securities held to maturity are carried at amortized cost less any allowance. Investment securities at September 30, 2020 included $.7 billion 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 September 30, 2019 was $.3 billion . Table 39 presents the gross unrealized losses and fair value of securities available for sale that do not have an associated allowance for investment securities as of September 30, 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. All securities included in the table have been evaluated to determine if a credit loss exists. As part of that assessment, as of September 30, 2020 , we concluded that 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 39 : 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 September 30, 2020 U.S. Treasury and government agencies $ (2 ) $ 167 $ (2 ) $ 167 Residential mortgage-backed Agency (9 ) 2,860 $ (2 ) $ 102 (11 ) 2,962 Non-agency (9 ) 160 (7 ) 73 (16 ) 233 Commercial mortgage-backed Agency (2 ) 132 (2 ) 132 Non-agency (34 ) 1,638 (2 ) 236 (36 ) 1,874 Asset-backed (7 ) 844 (16 ) 741 (23 ) 1,585 Other (1 ) 27 (1 ) 27 Total securities available for sale $ (62 ) $ 5,696 $ (29 ) $ 1,284 $ (91 ) $ 6,980 Table 40 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 40 : 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 41 : Gains (Losses) on Sales of Securities Available for Sale Nine months ended September 30 Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit) 2020 $ 256 $ (2 ) $ 254 $ 53 2019 $ 57 $ (21 ) $ 36 $ 8 The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at September 30, 2020 . Table 42 : Contractual Maturity of Debt Securities September 30, 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 $ 3,891 $ 9,478 $ 2,979 $ 925 $ 17,273 Residential mortgage-backed Agency 1 155 2,098 48,948 51,202 Non-agency 1,376 1,376 Commercial mortgage-backed Agency 21 609 663 1,531 2,824 Non-agency 83 247 3,521 3,851 Asset-backed 26 2,625 1,316 1,191 5,158 Other 889 1,497 1,292 982 4,660 Total securities available for sale at amortized cost $ 4,828 $ 14,447 $ 8,595 $ 58,474 $ 86,344 Fair value $ 4,848 $ 15,081 $ 9,048 $ 60,770 $ 89,747 Weighted-average yield, GAAP basis (a) 1.10 % 2.08 % 2.05 % 2.92 % 2.62 % Securities Held to Maturity U.S. Treasury and government agencies $ 199 $ 309 $ 282 $ 790 Other $ 14 437 112 85 648 Total securities held to maturity at amortized cost $ 14 $ 636 $ 421 $ 367 $ 1,438 Fair value $ 14 $ 677 $ 513 $ 410 $ 1,614 Weighted-average yield, GAAP basis (a) 2.93 % 3.28 % 3.93 % 2.48 % 3.29 % (a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. At September 30, 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 $36.9 billion and $9.8 billion and fair value of $38.3 billion and $10.1 billion , respectively. The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings. Table 43 : Fair Value of Securities Pledged and Accepted as Collateral In millions September 30 December 31 Pledged to others $ 23,268 $ 14,609 Accepted from others: Permitted by contract or custom to sell or repledge (a) $ 710 $ 2,349 Permitted amount repledged to others $ 710 $ 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 and Related Allowance for
Loans and Related Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2020 | |
Asset Quality [Abstract] | |
Loans and Related Allowance for Credit Losses | Loans and Related Allowance for Credit Losses Loan Portfolio Our loan portfolio consists of two portfolio segments – Commercial and Consumer. 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 Consumer • Commercial and industrial • 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 September 30, 2020 include PCD 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 September 30, 2020 and December 31, 2019 . Pursuant to the interagency guidance issued in April 2020 and in connection with the credit reporting rules from the CARES Act, the September 30, 2020 delinquency status of loans modified due to COVID-19 related hardships aligns with the rules set forth for banks to report delinquency status to the credit agencies. These rules require that COVID-19 related loan modifications be reported as follows: • if current at the time of modification, the loan remains current throughout the modification period, • if delinquent at the time of modification and the borrower was not made current as part of the modification, the loan maintains its reported delinquent status during the modification period, or • if delinquent at the time of modification and the borrower was made current as part of the modification or became current during the modification period, the loan is reported as current. As a result, certain loans modified due to COVID-19 related hardships are not being reported as past due as of September 30, 2020 based on the contractual terms of the loan, even where borrowers may not be making payments on their loans during the modification period. Loan modifications due to COVID-19 related hardships that permanently reduce either the contractual interest rate or the principal balance of a loan do not qualify for TDR relief under the CARES Act or the interagency guidance. Table 44 : 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 (c) Nonperforming Loans Fair Value Option Nonaccrual Loans (d) Total Loans (e)(f) September 30, 2020 (a) (b) Commercial Commercial and industrial $ 136,381 $ 56 $ 37 $ 36 $ 129 $ 677 $ 137,187 Commercial real estate 28,799 6 6 12 217 29,028 Equipment lease financing 6,447 7 4 11 21 6,479 Total commercial 171,627 69 47 36 152 915 172,694 Consumer Home equity 23,774 48 22 70 639 $ 56 24,539 Residential real estate 21,503 188 80 269 537 (c) 339 507 22,886 Automobile 14,646 116 32 12 160 171 14,977 Credit card 6,153 44 33 60 137 13 6,303 Education 2,905 57 26 63 146 (c) 3,051 Other consumer 4,785 17 11 8 36 8 4,829 Total consumer 73,766 470 204 412 1,086 1,170 563 76,585 Total $ 245,393 $ 539 $ 251 $ 448 $ 1,238 $ 2,085 $ 563 $ 249,279 Percentage of total loans 98.43 % .22 % .10 % .18 % .50 % .84 % .23 % 100.00 % (a) Amounts in table represent loans held for investment and do not include any associated valuation allowance. (b) The accrued interest associated with our loan portfolio at September 30, 2020 totaled $.7 billion and is included in Other assets on the Consolidated Balance Sheet. (c) Past due loan amounts include government insured or guaranteed Residential real estate loans and Education loans totaling $.4 billion and $.1 billion , respectively, at September 30, 2020 . (d) 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. (e) Net of unearned income, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans totaling $1.4 billion at September 30, 2020 . (f) Collateral dependent loans totaled $1.2 billion at September 30, 2020 . The majority of these loans are within the Home equity and Residential real estate loan classes and are secured by consumer real estate. 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 Commercial and industrial $ 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 159,825 155 36 85 276 501 160,602 Consumer 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 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 September 30, 2020 , we pledged $ 30.5 billion of commercial loans to the Federal Reserve Bank and $ 68.9 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 September 30, 2020 include PCD 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 September 30, 2020 and December 31, 2019, respectively. Table 45 : Nonperforming Assets Dollars in millions September 30 December 31 Nonperforming loans Commercial $ 915 $ 501 Consumer (a) 1,170 1,134 Total nonperforming loans (b) 2,085 1,635 OREO and foreclosed assets 67 117 Total nonperforming assets $ 2,152 $ 1,752 Nonperforming loans to total loans .84 % .68 % Nonperforming assets to total loans, OREO and foreclosed assets .86 % .73 % Nonperforming assets to total assets .47 % .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 ALLL totaled $.6 billion at September 30, 2020 , and is primarily comprised of loans with a valuation that exceeds the amortized cost basis. 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 4 for additional information on TDRs. Total nonperforming loans in Table 45 include TDRs of $.8 billion and $.9 billion at September 30, 2020 and December 31, 2019 , respectively. TDRs that are performing, including consumer credit card TDR loans, totaled $.8 billion at both September 30, 2020 and December 31, 2019 and are excluded from nonperforming loans. Additional Credit Quality Indicators by Loan Class Commercial and Industrial For commercial and industrial 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 and industrial loans and leases, we apply scoring techniques to assist in determining the PD. The combination of the PD and LGD ratings assigned to commercial and industrial loans, capturing both the combination of expectations of default and loss severity in the event of default, reflects credit quality characteristics as of the reporting date and are used as inputs into our loss forecasting process. Based upon the amount of the lending arrangement and our risk rating assessment, we follow a formal schedule of written periodic reviews. 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 We manage credit risk associated with our commercial real estate projects and commercial mortgages similar to commercial and industrial loans by evaluating PD and LGD. 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 and industrial loan class, a formal schedule of periodic reviews 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, such as adverse changes in risk ratings, deteriorating operating trends, and/or areas that concern management. These reviews are designed to assess risk and facilitate actions to mitigate such risks. Equipment Lease Financing We manage credit risk associated with our equipment lease financing loan class similar to commercial and industrial 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 reviews. 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 46 : Commercial Credit Quality Indicators (a) Term Loans by Origination Year September 30, 2020 - In millions 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Commercial and industrial Pass Rated $ 30,385 $ 14,778 $ 9,241 $ 6,474 $ 4,531 $ 7,916 $ 56,000 $ 55 $ 129,380 Criticized 331 721 725 382 217 531 4,881 19 7,807 Total commercial and industrial 30,716 15,499 9,966 6,856 4,748 8,447 60,881 74 137,187 Commercial real estate Pass Rated 3,226 6,552 3,625 3,384 2,622 7,574 164 27,147 Criticized 194 139 53 305 340 753 97 1,881 Total commercial real estate 3,420 6,691 3,678 3,689 2,962 8,327 261 29,028 Equipment lease financing Pass Rated 1,048 1,258 1,043 826 494 1,454 6,123 Criticized 61 95 95 46 26 33 356 Total equipment lease financing 1,109 1,353 1,138 872 520 1,487 6,479 Total commercial $ 35,245 $ 23,543 $ 14,782 $ 11,417 $ 8,230 $ 18,261 $ 61,142 $ 74 $ 172,694 December 31, 2019 - In millions Pass Rated Criticized Total Loans Commercial and industrial $ 119,761 $ 5,576 $ 125,337 Commercial real estate 27,424 686 28,110 Equipment lease financing 6,891 264 7,155 Total commercial $ 154,076 $ 6,526 $ 160,602 (a) Loans in our commercial 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 September 30, 2020 and December 31, 2019. Home Equity and Residential Real Estate 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 44 for additional information. Nonperforming Loans : We monitor trending of nonperforming loans for home equity and residential real estate loans. See Table 44 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 47 : Home Equity and Residential Real Estate Credit Quality Indicators Term Loans by Origination Year September 30, 2020 - In millions 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% $ 5 $ 41 $ 18 $ 17 $ 10 $ 100 $ 605 $ 309 $ 1,105 Greater than or equal to 90% to less than 100% 29 95 21 15 8 69 687 226 1,150 Less than 90% 2,609 2,121 621 889 750 4,225 7,941 3,128 22,284 Total home equity $ 2,643 $ 2,257 $ 660 $ 921 $ 768 $ 4,394 $ 9,233 $ 3,663 $ 24,539 Updated FICO scores Greater than 660 $ 2,580 $ 2,156 $ 605 $ 867 $ 725 $ 3,955 $ 8,818 $ 2,846 $ 22,552 Less than or equal to 660 62 101 54 53 42 429 402 732 1,875 No FICO score available 1 1 1 1 10 13 85 112 Total home equity $ 2,643 $ 2,257 $ 660 $ 921 $ 768 $ 4,394 $ 9,233 $ 3,663 $ 24,539 Residential real estate Current estimated LTV ratios Greater than or equal to 100% $ 34 $ 33 $ 49 $ 49 $ 189 $ 354 Greater than or equal to 90% to less than 100% $ 15 69 32 54 37 114 321 Less than 90% 6,174 4,757 1,329 2,153 2,254 4,693 21,360 Government insured or guaranteed loans 5 23 23 34 49 717 851 Total residential real estate $ 6,194 $ 4,883 $ 1,417 $ 2,290 $ 2,389 $ 5,713 $ 22,886 Updated FICO scores Greater than 660 $ 6,151 $ 4,813 $ 1,362 $ 2,215 $ 2,272 $ 4,295 $ 21,108 Less than or equal to 660 36 45 30 37 62 567 777 No FICO score available 2 2 2 4 6 134 150 Government insured or guaranteed loans 5 23 23 34 49 717 851 Total residential real estate $ 6,194 $ 4,883 $ 1,417 $ 2,290 $ 2,389 $ 5,713 $ 22,886 Home equity Residential real estate December 31, 2019 - In millions Current estimated LTV ratios Greater than or equal to 100% $ 1,243 $ 333 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 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 48 : Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes Term Loans by Origination Year September 30, 2020 - In millions 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Automobile FICO score greater than 719 $ 2,184 $ 3,573 $ 1,663 $ 916 $ 496 $ 141 $ 8,973 650 to 719 630 1,642 929 403 162 53 3,819 620 to 649 90 365 213 83 31 12 794 Less than 620 75 532 474 202 78 30 1,391 Total automobile $ 2,979 $ 6,112 $ 3,279 $ 1,604 $ 767 $ 236 $ 14,977 Credit card FICO score greater than 719 $ 3,309 $ 13 $ 3,322 650 to 719 2,033 31 2,064 620 to 649 348 13 361 Less than 620 419 40 459 No FICO score available or required (a) 94 3 97 Total credit card $ 6,203 $ 100 $ 6,303 Education FICO score greater than 719 $ 17 $ 88 $ 117 $ 89 $ 73 $ 651 $ 1,035 650 to 719 6 10 14 9 7 102 148 620 to 649 1 2 1 1 15 20 Less than 620 1 1 1 16 19 No FICO score available or required (a) 11 10 7 5 1 1 35 Total loans using FICO credit metric 34 109 141 105 83 785 1,257 Other internal credit metrics 30 58 1,706 1,794 Total education $ 64 $ 167 $ 141 $ 105 $ 83 $ 2,491 $ 3,051 Other consumer FICO score greater than 719 $ 338 $ 487 $ 164 $ 50 $ 14 $ 69 $ 209 $ 1 $ 1,332 650 to 719 129 273 112 25 6 19 138 1 703 620 to 649 12 42 18 4 1 4 22 103 Less than 620 9 38 25 7 2 7 32 1 121 Total loans using FICO credit metric 488 840 319 86 23 99 401 3 2,259 Other internal credit metrics 63 41 40 28 61 77 2,246 14 2,570 Total other consumer $ 551 $ 881 $ 359 $ 114 $ 84 $ 176 $ 2,647 $ 17 $ 4,829 December 31, 2019 - In millions Automobile Credit Card Education Other Consumer 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 CARES Act are not categorized as TDRs. See Note 1 Accounting Policies for additional information related to TDRs. Table 49 quantifies the number of loans that were classified as TDRs as well as the change in the loans’ balance as a result of becoming a TDR during the three and nine months ended September 30, 2020 and September 30, 2019 . Additionally, the table provides information about the types of TDR concessions. See Note 3 Asset Quality in our 2019 Form 10-K for additional details on these TDR concessions. Table 49 : Financial Impact and TDRs by Concession Type Pre-TDR Amortized Cost Basis (b) Post-TDR Amortized Cost Basis (c) During the three months ended September 30, 2020 (a) Number Principal Forgiveness Rate Reduction Other Total Commercial 16 $ 95 $ 10 $ 69 $ 79 Consumer 2,769 46 26 14 40 Total TDRs 2,785 $ 141 $ 36 $ 83 $ 119 During the nine months ended September 30, 2020 (a) Commercial 58 $ 304 $ 39 $ 10 $ 231 $ 280 Consumer 9,925 139 67 59 126 Total TDRs 9,983 $ 443 $ 39 $ 77 $ 290 $ 406 (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 September 30, 2019 (d) Number Principal Forgiveness Rate Reduction Other Total Commercial 21 $ 97 $ 72 $ 72 Consumer 3,656 45 $ 24 19 43 Total TDRs 3,677 $ 142 $ 24 $ 91 $ 115 During the nine months ended September 30, 2019 (d) Commercial 58 $ 233 $ 1 $ 208 $ 209 Consumer 11,009 131 72 51 123 Total TDRs 11,067 $ 364 $ 73 $ 259 $ 332 (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 following table provides a summary of TDRs that subsequently defaulted during the periods presented and were classified as TDRs during the applicable 12-month period preceding September 30, 2020 and September 30, 2019 . Table 50 : Subsequently Defaulted TDRs In millions 2020 2019 Three months ended September 30 $ 26 $ 42 Nine months ended September 30 $ 46 $ 68 Allowance for Credit Losses We maintain the ACL related to loans at levels that we believe to be appropriate to absorb expected credit losses 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 related to loans follows. Table 51 : Rollforward of Allowance for Credit Losses (a) Three months ended September 30, 2020 Nine months ended September 30, 2020 In millions Commercial Consumer Total Commercial Consumer Total Allowance for loan and lease losses Beginning balance $ 3,380 $ 2,548 $ 5,928 $ 1,812 $ 930 $ 2,742 Adoption of ASU 2016-13 (b) (304 ) 767 463 Beginning balance, adjusted 3,380 2,548 5,928 1,508 1,697 3,205 Charge-offs (64 ) (183 ) (247 ) (269 ) (596 ) (865 ) Recoveries 26 66 92 65 197 262 Net (charge-offs) (38 ) (117 ) (155 ) (204 ) (399 ) (603 ) Provision for (recapture of) credit losses 185 (208 ) (23 ) 2,224 925 3,149 Other 1 1 Ending balance $ 3,528 $ 2,223 $ 5,751 $ 3,528 $ 2,223 $ 5,751 Allowance for unfunded lending related commitments (c) Beginning balance $ 548 $ 114 $ 662 $ 316 $ 2 $ 318 Adoption of ASU 2016-13 (b) 53 126 179 Beginning balance, adjusted 548 114 662 369 128 497 Provision for (recapture of) credit losses 34 (7 ) 27 213 (21 ) 192 Ending balance $ 582 $ 107 $ 689 $ 582 $ 107 $ 689 Allowance for credit losses at September 30 $ 4,110 $ 2,330 $ 6,440 $ 4,110 $ 2,330 $ 6,440 (a) Excludes allowances for investment securities and other financial assets, which together totaled $98 million at September 30, 2020 . (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) See Note 9 Commitments The following presents an analysis of changes impacting the ACL related to loans for the nine months ended September 30, 2020 . Table 52 : Analysis of Changes in the Allowance for Credit Losses (a) In millions (a) Excludes allowances for investment securities and other financial assets, which together totaled $98 million at September 30, 2020 . (b) Portfolio changes primarily represents 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) Economic and qualitative factors primarily represent our evaluation and determination of an economic forecast applied to our loan portfolio, as well as updates to qualitative factor adjustments. The $2.7 billion increase in the ACL since January 1, 2020 was driven by the following factors in the commercial and consumer portfolios: • Commercial reserves increased $2.2 billion attributable to the significantly adverse economic impact of the pandemic and its resulting effects on credit quality and loan growth. • Consumer reserves increased $.5 billion primarily reflecting the significantly adverse economic impact of the pandemic. Allowance for Loan and Lease Losses A rollforward of the ALLL and associated loan data follows: Table 53 : Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data At or for the nine months ended September 30, 2019 Commercial Consumer Total Allowance for loan and lease losses January 1, 2019 $ 1,663 $ 966 $ 2,629 Charge-offs (138 ) (545 ) (683 ) Recoveries 59 191 250 Net (charge-offs) (79 ) (354 ) (433 ) Provision for credit losses 247 305 552 Net decrease in allowance for unfunded loan commitments and letters of credit (20 ) 1 (19 ) Other 9 9 September 30, 2019 $ 1,811 $ 927 $ 2,738 TDRs individually evaluated for impairment $ 34 $ 95 $ 129 Other loans individually evaluated for impairment 47 47 Loans collectively evaluated for impairment 1,730 554 2,284 Purchased impaired loans 278 278 September 30, 2019 $ 1,811 $ 927 $ 2,738 Loan portfolio TDRs individually evaluated for impairment $ 420 $ 1,343 $ 1,763 Other loans individually evaluated for impairment 265 265 Loans collectively evaluated for impairment 159,503 73,298 232,801 Fair value option loans (a) 754 754 Purchased impaired loans 1,794 1,794 September 30, 2019 $ 160,188 $ 77,189 $ 237,377 |
Loan Sale and Servicing Activit
Loan Sale and Servicing Activities and Variable Interest Entities | 9 Months Ended |
Sep. 30, 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 9 Commitments and Note 12 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 54 : Cash Flows Associated with Loan Sale and Servicing Activities In millions Residential Commercial Cash Flows - Three months ended September 30, 2020 Sales of loans (b) $ 1,799 $ 839 Repurchases of previously transferred loans (c) $ 352 $ 107 Servicing fees (d) $ 85 $ 33 Servicing advances recovered/(funded), net $ (15 ) $ (78 ) Cash flows on mortgage-backed securities held (e) $ 2,829 $ 14 Cash Flows - Three months ended September 30, 2019 Sales of loans (b) $ 1,296 $ 1,122 Repurchases of previously transferred loans (c) $ 81 Servicing fees (d) $ 90 $ 34 Servicing advances recovered/(funded), net $ 5 $ 45 Cash flows on mortgage-backed securities held (e) $ 1,394 $ 14 Cash Flows - Nine months ended September 30, 2020 Sales of loans (b) $ 5,328 $ 2,666 Repurchases of previously transferred loans (c) $ 547 $ 132 Servicing fees (d) $ 251 $ 97 Servicing advances recovered/(funded), net $ 4 $ (206 ) Cash flows on mortgage-backed securities held (e) $ 6,374 $ 65 Cash Flows - Nine months ended September 30, 2019 Sales of loans (b) $ 2,902 $ 2,212 Repurchases of previously transferred loans (c) $ 235 $ 4 Servicing fees (d) $ 264 $ 97 Servicing advances recovered/(funded), net $ 33 $ 61 Cash flows on mortgage-backed securities held (e) $ 2,653 $ 43 (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 $19.5 billion, $ 17.8 billion, and $ 17.7 billion in residential mortgage-backed securities and $.8 billion, $ .6 billion, and $ .6 billion in commercial mortgage-backed securities at September 30, 2020 , December 31, 2019 and September 30, 2019 , respectively. Table 55 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 September 30, 2020 . Table 55 : Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others In millions Residential Mortgages Commercial Mortgages (a) September 30, 2020 Total principal balance $ 45,795 $ 41,379 Delinquent loans (b) $ 460 $ 311 December 31, 2019 Total principal balance $ 49,323 $ 42,414 Delinquent loans (b) $ 492 $ 64 Three months ended September 30, 2020 Net charge-offs (c) $ 4 $ 4 Three months ended September 30, 2019 Net charge-offs (c) $ 8 $ 52 Nine months ended September 30, 2020 Net charge-offs (c) $ 14 $ 103 Nine months ended September 30, 2019 Net charge-offs (c) $ 32 $ 348 (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 56 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 56 . These loans are included as part of the asset quality disclosures that we make in Note 4 Loans and Related Allowance for Credit Losses . Table 56 : Non-Consolidated VIEs In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities September 30, 2020 Mortgage-backed securitizations (b) $ 21,109 $ 21,109 (c) $ 1 Tax credit investments and other 3,005 2,886 (d) $ 920 (e) Total $ 24,114 $ 23,995 $ 921 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 credit investments. (b) Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings. (c) Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet. (d) Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (e) Included in Deposits and Other liabilities on our Consolidated Balance Sheet. We make certain equity investments in various tax credit limited partnerships or limited liability companies (LLCs). The purpose of these investments is to achieve a satisfactory return on capital and to assist us in achieving goals associated with the Community Reinvestment Act. Within Income taxes, during the nine months ended September 30, 2020 , we recognized $ 140 million of amortization, $ 144 million of tax credits and $ 32 million of other tax benefits associated with qualified investments in low income housing tax credits. The amounts for the third quarter of 2020 were $ 44 million, $ 46 million and $ 10 |
Goodwill and Mortgage Servicing
Goodwill and Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 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 September 30, 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 6, 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 57 : 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 65 29 34 23 Purchases 31 76 113 87 Changes in fair value due to: Time and payoffs (a) (87 ) (110 ) (136 ) (117 ) Other (b) (143 ) (126 ) (408 ) (362 ) September 30 $ 515 $ 595 $ 598 $ 888 Related unpaid principal balance at September 30 $ 234,897 $ 203,808 $ 119,158 $ 122,886 Servicing advances at September 30 $ 363 $ 159 $ 107 $ 123 (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 September 30, 2020 are shown in Tables 58 and 59 . 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 58 and 59 . 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 58 : Commercial Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions September 30 December 31 Fair value $ 515 $ 649 Weighted-average life (years) 4.3 4.1 Weighted-average constant prepayment rate 4.70 % 4.56 % Decline in fair value from 10% adverse change $ 9 $ 9 Decline in fair value from 20% adverse change $ 17 $ 17 Effective discount rate 7.37 % 7.91 % Decline in fair value from 10% adverse change $ 14 $ 17 Decline in fair value from 20% adverse change $ 27 $ 34 Table 59 : Residential Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions September 30 December 31 Fair value $ 598 $ 995 Weighted-average life (years) 3.2 5.2 Weighted-average constant prepayment rate 24.82 % 13.51 % Decline in fair value from 10% adverse change $ 40 $ 46 Decline in fair value from 20% adverse change $ 78 $ 89 Weighted-average option adjusted spread 927 bps 769 bps Decline in fair value from 10% adverse change $ 16 $ 27 Decline in fair value from 20% adverse change $ 30 $ 52 Fees from mortgage loan servicing, which includes contractually specified servicing fees, late fees and ancillary fees were $ .2 billion for the three months ended September 30, 2020 and 2019 and $.4 billion for the nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 60 : Lessor Income Three months ended Nine months ended In millions 2020 2019 2020 2019 Product Sales-type leases and direct financing leases $ 66 $ 72 $ 207 $ 223 Operating leases 22 29 74 90 Lessor Income $ 88 $ 101 $ 281 $ 313 |
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 60 : Lessor Income Three months ended Nine months ended In millions 2020 2019 2020 2019 Product Sales-type leases and direct financing leases $ 66 $ 72 $ 207 $ 223 Operating leases 22 29 74 90 Lessor Income $ 88 $ 101 $ 281 $ 313 |
Borrowed Funds
Borrowed Funds | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | B ORROWED F UNDS The following table shows the carrying value of total borrowed funds of $ 42.1 billion at September 30, 2020 (including adjustments related to accounting hedges and unamortized original issuance discounts) by remaining contractual maturity: Table 61 : Borrowed Funds In billions Less than 1 year $ 11.8 1 to 2 years $ 5.9 2 to 3 years $ 6.9 3 to 4 years $ 2.0 4 to 5 years $ 3.2 Over 5 years $ 12.3 The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of September 30, 2020 , and the carrying values as of September 30, 2020 and December 31, 2019 . Table 62 : 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%-3.50% 2021-2030 $ 9,674 $ 8,843 Subordinated debt 3.90 % 2024 811 777 Junior subordinated debt 0.82 % 2028 205 205 Subtotal 10,690 9,825 Bank FHLB (a) 0.34%-0.57% 2020-2021 5,500 16,341 Senior debt 0.00%-3.50% 2020-2043 17,165 20,167 Subordinated debt 2.70%-4.20% 2022-2029 5,449 5,152 Subtotal 28,114 41,660 Total $ 38,804 $ 51,485 (a) FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities. In Table 62 , the carrying values for Parent Company senior and subordinated debt include basis adjustments of $763 million and $63 million , respectively, whereas Bank senior and subordinated debt include basis adjustments of $555 million and $469 million , respectively, related to fair value accounting hedges as of September 30, 2020 . Certain borrowings are reported at fair value. Refer to Note 12 Fair Value for more information on those borrowings. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019 , respectively. 63 : Commitments to Extend Credit and Other Commitments In millions September 30 December 31 Commitments to extend credit Total commercial lending $ 145,312 $ 131,762 Home equity lines of credit 16,793 16,803 Credit card 31,841 30,862 Other 6,905 6,162 Total commitments to extend credit 200,851 185,589 Net outstanding standby letters of credit (a) 9,080 9,843 Reinsurance agreements (b) 85 1,393 Standby bond purchase agreements (c) 1,434 1,295 Other commitments (d) 1,475 1,498 Total commitments to extend credit and other commitments $ 212,925 $ 199,618 (a) Net outstanding standby letters of credit include $3.9 billion and $4.1 billion at September 30, 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 September 30, 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 for both September 30, 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 96% of our net outstanding standby letters of credit were rated as Pass as of September 30, 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 September 30, 2020 had terms ranging from less than one year to six years. As of September 30, 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 September 30, 2020 and is included in Other liabilities on our Consolidated Balance Sheet. |
Total Equity and Other Comprehe
Total Equity and Other Comprehensive Income | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2020 and 2019 is as follows. Table 64 : 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 June 30, 2019 (a) 447 $ 2,711 $ 3,991 $ 12,257 $ 40,616 $ 631 $ (10,866 ) $ 41 $ 49,381 Net income 1,379 13 1,392 Other comprehensive income (loss), net of tax 206 206 Cash dividends declared - Common (518 ) (518 ) Cash dividends declared - Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Common stock activity Treasury stock activity (8 ) (5 ) (972 ) (977 ) Other 53 (19 ) 34 Balance at September 30, 2019 (a) 439 $ 2,711 $ 3,992 $ 12,305 $ 41,413 $ 837 $ (11,838 ) $ 35 $ 49,455 Balance at June 30, 2020 (a) 425 $ 2,712 $ 3,995 $ 12,289 $ 44,986 $ 3,069 $ (14,128 ) $ 25 $ 52,948 Net income 1,519 13 1,532 Other comprehensive income, net of tax (72 ) (72 ) Cash dividends declared - Common (494 ) (494 ) Cash dividends declared - Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Common stock activity Treasury stock activity (1 ) 1 (88 ) (87 ) Preferred stock redemption - Series Q (b) (480 ) (480 ) Other 30 (4 ) 26 Balance at September 30, 2020 (a) 424 $ 2,712 $ 3,516 $ 12,320 $ 45,947 $ 2,997 $ (14,216 ) $ 34 $ 53,310 Nine 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 (c) 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 4,002 35 4,037 Other comprehensive income (loss), net of tax 1,562 1,562 Cash dividends declared - Common (1,386 ) (1,386 ) Cash dividends declared - Preferred (181 ) (181 ) Preferred stock discount accretion 3 (3 ) Common stock activity 10 10 Treasury stock activity (18 ) 4 (2,384 ) (2,380 ) Other 3 (42 ) (39 ) Balance at September 30, 2019 (a) 439 $ 2,711 $ 3,992 $ 12,305 $ 41,413 $ 837 $ (11,838 ) $ 35 $ 49,455 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 (d) (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 6,075 27 6,102 Other comprehensive income, net of tax 2,198 2,198 Cash dividends declared - Common (1,488 ) (1,488 ) Cash dividends declared - Preferred (181 ) (181 ) Preferred stock discount accretion 3 (3 ) Common stock activity 11 11 Treasury stock activity (9 ) 52 (1,435 ) (1,383 ) Preferred stock redemption - Series Q (b) (480 ) (480 ) Other (119 ) (22 ) (141 ) Balance at September 30, 2020 (a) 424 $ 2,712 $ 3,516 $ 12,320 $ 45,947 $ 2,997 $ (14,216 ) $ 34 $ 53,310 (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) On September 1, 2020, PNC redeemed all 4,800 shares of its Series Q Preferred Stock, as well as all 19.2 million Depositary Shares representing fractional interests in such shares. (c) 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. (d) Represents the cumulative effect of adopting ASU 2016-13 - Financial Instruments - Credit Losses Table 65 : Other Comprehensive Income (Loss) Details of other comprehensive income (loss) are as follows: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 In millions Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Debt securities Increase in net unrealized gains (losses) on securities $ 42 $ (9 ) $ 33 $ 221 $ (51 ) $ 170 $ 2,283 $ (525 ) $ 1,758 $ 1,583 $ (363 ) $ 1,220 Less: Net realized gains (losses) reclassified to earnings (a) 32 (7 ) 25 7 (2 ) 5 255 (59 ) 196 27 (6 ) 21 Net change 10 (2 ) 8 214 (49 ) 165 2,028 (466 ) 1,562 1,556 (357 ) 1,199 Cash flow hedge derivatives Increase in net unrealized gains (losses) on cash flow hedges 15 (3 ) 12 84 (19 ) 65 960 (221 ) 739 438 (100 ) 338 Less: Net realized gains (losses) reclassified to earnings (a) 134 (30 ) 104 5 (1 ) 4 282 (65 ) 217 5 (1 ) 4 Net change (119 ) 27 (92 ) 79 (18 ) 61 678 (156 ) 522 433 (99 ) 334 Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit plan activity and other reclassified to earnings (b) 2 2 2 2 (3 ) 1 (2 ) 63 (14 ) 49 Net change 2 2 2 2 (3 ) 1 (2 ) 63 (14 ) 49 Other Net unrealized gains (losses) on other transactions 10 10 4 (7 ) (3 ) 10 (9 ) 1 14 (11 ) 3 Net change — 10 10 4 (7 ) (3 ) 10 (9 ) 1 14 (11 ) 3 Total other comprehensive income (loss) from continuing operations (107 ) 35 (72 ) 299 (74 ) 225 2,713 (630 ) 2,083 2,066 (481 ) 1,585 Total other comprehensive income (loss) from discontinued operations (23 ) 4 (19 ) 148 (33 ) 115 (29 ) 6 (23 ) Total other comprehensive income (loss) $ (107 ) $ 35 $ (72 ) $ 276 $ (70 ) $ 206 $ 2,861 $ (663 ) $ 2,198 $ 2,037 $ (475 ) $ 1,562 (a) Reclassifications for pre-tax debt securities and cash flow hedges are recorded in interest income and noninterest income on the Consolidated Income Statement. (b) Reclassifications include amortization of actuarial losses (gains) and amortization of prior period services costs (credits) which are recorded in noninterest expense on the Consolidated Income Statement. Table 66 : Accumulated Other Comprehensive Income (Loss) Components In millions, after-tax Debt securities Cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Accumulated other Comprehensive Income from Continuing Operations Accumulated other Comprehensive Income from Discontinued Operations Total Three months ended Balance at June 30, 2019 $ 954 $ 320 $ (483 ) $ (37 ) $ 754 $ (123 ) $ 631 Net activity 165 61 2 (3 ) 225 (19 ) 206 Balance at September 30, 2019 $ 1,119 $ 381 $ (481 ) $ (40 ) $ 979 $ (142 ) $ 837 Balance at June 30, 2020 $ 2,621 $ 890 $ (412 ) $ (30 ) $ 3,069 $ — $ 3,069 Net activity 8 (92 ) 2 10 (72 ) (72 ) Balance at September 30, 2020 $ 2,629 $ 798 $ (410 ) $ (20 ) $ 2,997 $ — $ 2,997 Nine months ended Balance at December 31, 2018 $ (80 ) $ 47 $ (530 ) $ (43 ) $ (606 ) $ (119 ) $ (725 ) Net activity 1,199 334 49 3 1,585 (23 ) 1,562 Balance at September 30, 2019 $ 1,119 $ 381 $ (481 ) $ (40 ) $ 979 $ (142 ) $ 837 Balance at December 31, 2019 $ 1,067 $ 276 $ (408 ) $ (21 ) $ 914 $ (115 ) $ 799 Net activity 1,562 522 (2 ) 1 2,083 115 2,198 Balance at September 30, 2020 $ 2,629 $ 798 $ (410 ) $ (20 ) $ 2,997 $ — $ 2,997 The following table provides the dividends per share for PNC's common and preferred stock. Table 67 : Dividends Per Share (a) Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 Common Stock $ 1.15 $ 1.15 $ 3.45 $ 3.05 Preferred Stock Series B $ .45 $ .45 $ 1.35 $ 1.35 Series O $ 3,375 $ 3,375 $ 6,750 $ 6,750 Series P $ 1,531 $ 1,531 $ 4,594 $ 4,594 Series Q $ 1,343 $ 1,343 $ 4,031 $ 4,031 Series R $ 2,425 $ 2,425 Series S $ 2,500 $ 2,500 (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 from the Series R and Series S preferred stock. The PNC board of directors declared a quarterly cash dividend on common stock payable on November 5, 2020 of $1.15 per share, consistent with the second quarter dividend paid on August 5, 2020. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | E ARNINGS P ER S HARE Table 68 : Basic and Diluted Earnings Per Common Share Three months ended Nine months ended In millions, except per share data 2020 2019 2020 2019 Basic Net income from continuing operations $ 1,532 $ 1,181 $ 1,547 $ 3,448 Less: Net income attributable to noncontrolling interests 13 13 27 35 Preferred stock dividends 63 63 181 181 Preferred stock discount accretion and redemptions 1 1 3 3 Net income from continuing operations attributable to common shareholders 1,455 1,104 1,336 3,229 Less: Dividends and undistributed earnings allocated to nonvested restricted shares 8 5 7 13 Net income from continuing operations attributable to basic common shareholders $ 1,447 $ 1,099 $ 1,329 $ 3,216 Net income from discontinued operations attributable to common shareholders $ 211 $ 4,555 $ 589 Less: Undistributed earnings allocated to nonvested restricted shares 1 22 2 Net income from discontinued operations attributable to basic common shareholders $ 210 $ 4,533 $ 587 Basic weighted-average common shares outstanding 426 444 427 450 Basic earnings per common share from continuing operations (a) $ 3.40 $ 2.47 $ 3.11 $ 7.15 Basic earnings per common share from discontinued operations (a) $ .48 $ 10.61 $ 1.30 Basic earnings per common share (b) $ 3.40 $ 2.95 $ 13.73 $ 8.45 Diluted Net income from continuing operations attributable to diluted common shareholders $ 1,447 $ 1,099 $ 1,329 $ 3,216 Net income from discontinued operations attributable to basic common shareholders $ 210 $ 4,533 $ 587 Less: Impact of earnings per share dilution from discontinued operations 2 2 7 Net income from discontinued operations attributable to diluted common shareholders $ 208 $ 4,531 $ 580 Basic weighted-average common shares outstanding 426 444 427 450 Dilutive potential common shares 1 1 1 Diluted weighted-average common shares outstanding 426 445 428 451 Diluted earnings per common share from continuing operations (a) $ 3.39 $ 2.47 $ 3.11 $ 7.13 Diluted earnings per common share from discontinued operations (a) $ .47 $ 10.59 $ 1.29 Diluted earnings per common share (b) $ 3.39 $ 2.94 $ 13.70 $ 8.42 (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). (b) See Note 1 Accounting Policies in the Notes to Consolidated Financial Statements of this Report for additional information on our policy for not allocating losses to participating securities. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 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. Assets and Liabilities Measured at Fair Value on a Recurring Basis For more information on the valuation methodologies used to measure assets and liabilities at fair value on a recurring basis, see Note 6 Fair Value in our 2019 Form 10-K. The following table summarizes our assets and liabilities measured at fair value on a recurring basis, including instruments for which we have elected the fair value option. Table 69 : Fair Value Measurements – Recurring Basis Summary September 30, 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 $ 583 $ 77 $ 660 $ 817 $ 2 $ 819 Commercial mortgage loans held for sale 647 59 706 182 64 246 Securities available for sale U.S. Treasury and government agencies $ 17,946 279 18,225 $ 16,236 280 16,516 Residential mortgage-backed Agency 52,928 52,928 36,321 36,321 Non-agency 165 1,438 1,603 73 1,741 1,814 Commercial mortgage-backed Agency 2,966 2,966 3,118 3,118 Non-agency 3,818 11 3,829 3,372 3,372 Asset-backed 5,032 208 5,240 4,874 240 5,114 Other 4,885 71 4,956 2,834 74 2,908 Total securities available for sale 17,946 70,073 1,728 89,747 16,236 50,872 2,055 69,163 Loans 654 647 1,301 442 300 742 Equity investments (a) 691 1,259 2,236 855 1,276 2,421 Residential mortgage servicing rights 598 598 995 995 Commercial mortgage servicing rights 515 515 649 649 Trading securities (b) 660 1,061 1,721 433 2,787 3,220 Financial derivatives (b) (c) 7,206 137 7,343 3,448 54 3,502 Other assets 344 60 404 339 131 470 Total assets (d) $ 19,641 $ 80,284 $ 5,020 $ 105,231 $ 17,863 $ 58,679 $ 5,395 $ 82,227 Liabilities Other borrowed funds $ 777 $ 41 $ 2 $ 820 $ 385 $ 126 $ 7 $ 518 Financial derivatives (c) (e) 2 2,565 143 2,710 1,819 200 2,019 Other liabilities 90 90 137 137 Total liabilities (f) $ 779 $ 2,606 $ 235 $ 3,620 $ 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 September 30, 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 13 Financial Derivatives for additional information related to derivative offsetting. (d) Total assets at fair value as a percentage of total consolidated assets was 23% and 20% as of September 30, 2020 and December 31, 2019, respectively. Level 3 assets as a percentage of total assets at fair value was 5% and 7% as of September 30, 2020 and December 31, 2019, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both September 30, 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 September 30, 2020 and December 31, 2019. Level 3 liabilities as a percentage of total liabilities at fair value was 6% and 13% as of September 30, 2020 and December 31, 2019, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both September 30, 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 and nine months ended September 30, 2020 and 2019 follow: Table 70 : Reconciliation of Level 3 Assets and Liabilities Three Months Ended September 30, 2020 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Value June 30, 2020 Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage loans $ 88 $ 15 $ (10 ) $ (9 ) $ 3 $ (10 ) $ 77 Commercial mortgage 60 $ (1 ) 59 Securities available for sale Residential mortgage- 1,491 12 $ 18 (83 ) 1,438 Commercial mortgage- 19 (8 ) 11 Asset-backed 210 1 5 (8 ) 208 Other 72 (1 ) 71 Total securities 1,792 13 15 (1 ) (91 ) 1,728 Loans 607 7 63 (3 ) (27 ) 647 $ 7 Equity investments 1,183 63 60 (47 ) 1,259 56 Residential mortgage 577 11 52 $ 12 (54 ) 598 11 Commercial mortgage 490 23 8 20 (26 ) 515 23 Trading securities Financial derivatives 141 41 3 (48 ) 137 52 Other assets Total assets $ 4,938 $ 157 $ 15 $ 200 $ (60 ) $ 32 $ (255 ) $ 3 $ (10 ) $ 5,020 $ 149 Liabilities Other borrowed funds $ 2 $ 2 $ (2 ) $ 2 Financial derivatives 209 $ (10 ) $ 1 (57 ) 143 $ (7 ) Other liabilities 85 7 17 (19 ) 90 6 Total liabilities $ 296 $ (3 ) $ 1 $ 19 $ (78 ) $ 235 $ (1 ) Net gains (losses) $ 160 (f) $ 150 (g) Three Months Ended September 30, 2019 Total realized / unrealized Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2019 Level 3 Instruments Only Fair Value June 30, 2019 Included in Earnings Included in Other comprehensive income (b) Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value Sept. 30, 2019 Assets Residential mortgage loans $ 2 $ 3 $ (1 ) $ 8 $ (8 ) (e) $ 4 Commercial mortgage 73 (1 ) 72 Securities available for sale Residential mortgage- 1,976 $ 23 $ (3 ) (143 ) 1,853 Asset-backed 261 2 1 (12 ) 252 Other 80 1 (3 ) 5 (6 ) 77 Total securities 2,317 26 (6 ) 6 (161 ) 2,182 Loans 259 5 93 $ (7 ) $ 1 (14 ) 2 (10 ) (e) 329 $ 4 Equity investments 1,323 48 65 (46 ) 1,390 50 Residential mortgage 997 (100 ) 22 9 (40 ) 888 (97 ) Commercial mortgage 630 (38 ) 25 13 (35 ) 595 (38 ) Trading securities Financial derivatives 86 17 6 (19 ) 90 16 Other assets Total assets $ 5,687 $ (42 ) $ (6 ) $ 220 $ (53 ) $ 23 $ (271 ) $ 10 $ (18 ) $ 5,550 $ (65 ) Liabilities Other borrowed funds $ 5 $ 13 $ (12 ) $ 6 Financial derivatives 221 $ 8 $ 4 (27 ) 206 $ 13 Other liabilities 78 14 $ 16 13 (16 ) 105 8 Total liabilities $ 304 $ 22 $ 16 $ 4 $ 26 $ (55 ) $ 317 $ 21 Net gains (losses) $ (64 ) (f) $ (86 ) (g) (continued from previous page) Nine Months Ended September 30, 2020 Total realized / unrealized Unrealized gains / losses on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2020 (a) (c) Level 3 Instruments Only In millions Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Value Sept. 30, 2020 Assets Residential mortgage loans $ 2 $ 22 $ (12 ) $ (12 ) $ 90 $ (13 ) (e) $ 77 Commercial mortgage 64 $ (2 ) (3 ) 59 $ (1 ) Securities available for sale Residential mortgage- 1,741 40 $ (81 ) (262 ) 1,438 Commercial mortgage- (8 ) 19 11 Asset-backed 240 5 (8 ) (29 ) 208 Other 74 (3 ) 3 (3 ) 71 Total securities 2,055 45 (100 ) 3 (294 ) 19 1,728 Loans 300 20 134 (34 ) 313 (d) (86 ) (e) 647 20 Equity investments 1,276 (68 ) 173 (122 ) 1,259 (69 ) Residential mortgage 995 (408 ) 113 $ 34 (136 ) 598 (408 ) Commercial mortgage 649 (143 ) 31 65 (87 ) 515 (144 ) Trading securities Financial derivatives 54 192 9 (118 ) 137 200 Other assets Total assets $ 5,395 $ (364 ) $ (100 ) $ 485 $ (168 ) $ 99 $ (337 ) $ 109 $ (99 ) $ 5,020 $ (402 ) Liabilities Other borrowed funds $ 7 $ 27 $ (32 ) $ 2 Financial derivatives 200 $ 26 $ 3 (86 ) 143 $ 30 Other liabilities 137 13 54 (116 ) $ 2 90 (2 ) Total liabilities $ 344 $ 39 $ 3 $ 81 $ (234 ) $ 2 $ 235 $ 28 Net gains (losses) $ (403 ) (f) $ (430 ) (g) Nine Months Ended September 30, 2019 Total realized / unrealized Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2019 (a) (c) Level 3 Instruments Only In millions Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Value Sept. 30, 2019 Assets Residential mortgage loans $ 2 $ 5 $ (1 ) $ (1 ) $ 12 $ (13 ) (e) $ 4 Commercial mortgage 87 $ 2 (17 ) 72 $ 2 Securities available for sale Residential mortgage- 2,128 59 $ 18 (352 ) 1,853 Asset-backed 274 4 6 1 (33 ) 252 Other 84 1 (4 ) 8 (3 ) (9 ) 77 Total securities 2,486 64 20 9 (3 ) (394 ) 2,182 Loans 272 10 126 (18 ) (39 ) 5 (27 ) (e) 329 6 Equity investments 1,255 104 260 (229 ) 1,390 53 Residential mortgage 1,257 (362 ) 87 $ 23 (117 ) 888 (353 ) Commercial mortgage 726 (126 ) 76 29 (110 ) 595 (126 ) Trading securities 2 (2 ) Financial derivatives 25 104 6 (45 ) 90 100 Other assets 45 (45 ) Total assets $ 6,157 $ (204 ) $ 20 $ 569 $ (251 ) $ 52 $ (770 ) $ 17 $ (40 ) $ 5,550 $ (318 ) Liabilities Other borrowed funds $ 7 $ 39 $ (40 ) $ 6 Financial derivatives 268 $ 58 $ 5 (125 ) 206 $ 65 Other liabilities 58 34 $ 16 2 66 (71 ) 105 20 Total liabilities $ 333 $ 92 $ 16 $ 7 $ 105 $ (236 ) $ 317 $ 85 Net gains (losses) $ (296 ) (f) $ (403 ) (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 71 : Fair Value Measurements – Recurring Quantitative Information September 30, 2020 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 59 Discounted cash flow Spread over the benchmark curve (b) 630bps - 4,490bps (2,784bps) Residential mortgage-backed 1,438 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 37.6% (8.5%) Constant default rate 0.0% - 12.2% (4.7%) Loss severity 25.0% - 95.7% (48.6%) Spread over the benchmark curve (b) 278bps weighted-average Asset-backed securities 208 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 22.0% (7.3%) Constant default rate 1.0% - 7.2% (3.3%) Loss severity 30.0% - 100.0% (59.1%) Spread over the benchmark curve (b) 335bps weighted-average Loans - Residential real estate 436 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (82.1%) Loss severity 0.0% - 100.0% (11.8%) Discount rate 4.8% - 6.8% (5.2%) 125 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 3.2% weighted-average Loans - Home equity 22 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (89.9%) Loss severity 0.0% - 98.4% (35.0%) Discount rate 4.8% - 6.8% (6.3%) 64 Consensus pricing (c) Credit and liquidity discount 17.5% - 97.0% (58.2%) Equity investments 1,259 Multiple of adjusted earnings Multiple of earnings 5.0x - 15.9x (8.6x) Residential mortgage servicing rights 598 Discounted cash flow Constant prepayment rate 0.0% - 56.0% (24.8%) Spread over the benchmark curve (b) 361bps - 3,348bps (927bps) Commercial mortgage servicing rights 515 Discounted cash flow Constant prepayment rate 3.7% - 19.2% (4.7%) Discount rate 4.5% - 7.9% (7.4%) Financial derivatives - Swaps related to (112 ) 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 173 Total Level 3 assets, net of liabilities (e) $ 4,785 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 $ 5.0 billion and total Level 3 liabilities of $.2 billion as of September 30, 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 72 . 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 72 : Fair Value Measurements – Nonrecurring (a) (b) (c) Fair Value Gains (Losses) Three months ended Gains (Losses) In millions September 30 December 31 September 30 September 30 September 30 September 30 Assets Nonaccrual loans $ 346 $ 136 $ (38 ) $ (22 ) $ (73 ) $ (55 ) OREO and foreclosed assets 25 57 (1 ) (2 ) (2 ) (6 ) Long-lived assets 9 5 (4 ) (1 ) (7 ) — Total assets $ 380 $ 198 $ (43 ) $ (25 ) $ (82 ) $ (61 ) (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 73 : Fair Value Option – Fair Value and Principal Balances September 30, 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 Accruing loans less than 90 days past due $ 642 $ 613 $ 29 $ 813 $ 792 $ 21 Accruing loans 90 days or more past due 3 3 2 2 Nonaccrual loans 15 17 (2 ) 4 4 Total $ 660 $ 633 $ 27 $ 819 $ 798 $ 21 Commercial mortgage loans held for sale (a) Accruing loans less than 90 days past due $ 706 $ 700 $ 6 $ 245 $ 263 $ (18 ) Nonaccrual loans 1 2 (1 ) Total $ 706 $ 700 $ 6 $ 246 $ 265 $ (19 ) Loans Accruing loans less than 90 days past due $ 491 $ 504 $ (13 ) $ 291 $ 304 $ (13 ) Accruing loans 90 days or more past due 247 259 (12 ) 285 296 (11 ) Nonaccrual loans 563 828 (265 ) 166 265 (99 ) Total $ 1,301 $ 1,591 $ (290 ) $ 742 $ 865 $ (123 ) Other assets $ 60 $ 61 $ (1 ) $ 132 $ 125 $ 7 Liabilities Other borrowed funds $ 28 $ 28 $ 63 $ 64 $ (1 ) (a) There were no accruing loans 90 days or more past due within this category at September 30, 2020 or December 31, 2019 . The changes in fair value for items for which we elected the fair value option are as follows: Table 74 : Fair Value Option – Changes in Fair Value (a) Gains (Losses) Gains (Losses) Three months ended Nine months ended September 30 September 30 September 30 September 30 In millions 2020 2019 2020 2019 Assets Residential mortgage loans held for sale $ 53 $ 29 $ 151 $ 63 Commercial mortgage loans held for sale $ 46 $ 25 $ 106 $ 48 Loans $ 5 $ 7 $ 31 $ 16 Other assets $ 3 $ 3 $ (24 ) $ 24 (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 September 30, 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 75 , see Note 6 Fair Value in our 2019 Form 10-K. Table 75 : Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 September 30, 2020 Assets Cash and due from banks $ 6,629 $ 6,629 $ 6,629 Interest-earning deposits with banks 70,959 70,959 $ 70,959 Securities held to maturity 1,442 1,614 932 489 $ 193 Net loans (excludes leases) 235,747 241,681 241,681 Other assets 4,071 4,071 3,945 126 Total assets $ 318,848 $ 324,954 $ 7,561 $ 75,393 $ 242,000 Liabilities Time deposits $ 19,755 $ 19,756 $ 19,756 Borrowed funds 41,290 41,716 39,996 $ 1,720 Unfunded lending related commitments 689 689 689 Other liabilities 395 395 395 Total liabilities $ 62,129 $ 62,556 $ 60,147 $ 2,409 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 lending related commitments 318 318 318 Other liabilities 506 506 506 Total liabilities $ 82,232 $ 82,648 $ 80,553 $ 2,095 The aggregate fair values in Table 75 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 69 ); • 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 | 9 Months Ended |
Sep. 30, 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 76 : Total Gross Derivatives (a) September 30, 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 $ 27,007 $ 30,663 Cash flow hedges 20,229 $ 9 23,642 $ 6 Foreign exchange contracts: Net investment hedges 1,160 33 1,102 $ 6 Total derivatives designated for hedging $ 48,396 $ 42 $ 55,407 $ 6 $ 6 Derivatives not used for hedging Derivatives used for mortgage banking activities (e): Interest rate contracts: Swaps $ 55,056 $ 52,007 $ 1 Futures (f) 2,809 3,487 Mortgage-backed commitments 13,460 $ 139 $ 82 7,738 60 $ 44 Other 3,580 7 5 3,134 32 23 Total interest rate contracts 74,905 146 87 66,366 93 67 Derivatives used for customer-related activities: Interest rate contracts: Swaps 278,984 6,167 1,717 249,075 2,769 1,187 Futures (f) 1,252 703 Mortgage-backed commitments 4,187 12 11 3,721 2 6 Other 22,057 231 83 21,379 113 33 Total interest rate contracts 306,480 6,410 1,811 274,878 2,884 1,226 Commodity contracts: Swaps 5,566 397 375 5,204 234 229 Other 3,042 100 100 4,203 72 72 Total commodity contracts 8,608 497 475 9,407 306 301 Foreign exchange contracts and other 25,044 211 208 27,120 204 162 Total derivatives for customer-related activities 340,132 7,118 2,494 311,405 3,394 1,689 Derivatives used for other risk management activities: Foreign exchange contracts and other 10,107 37 129 10,201 9 257 Total derivatives not designated for hedging $ 425,144 $ 7,301 $ 2,710 $ 387,972 $ 3,496 $ 2,013 Total gross derivatives $ 473,540 $ 7,343 $ 2,710 $ 443,379 $ 3,502 $ 2,019 Less: Impact of legally enforceable master netting agreements 864 864 690 690 Less: Cash collateral received/paid 1,699 1,308 616 790 Total derivatives $ 4,780 $ 538 $ 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 13 . 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 September 30, 2020 , we expect to reclassify net derivative gains of $402 million pretax, or $310 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 September 30, 2020 . As of September 30, 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 77 : 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 September 30, 2020 Total amounts on the Consolidated Income Statement $ 2,116 $ 490 $ 118 $ 457 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (13 ) $ 141 Derivatives $ 14 $ (166 ) Amounts related to interest settlements on derivatives $ (3 ) $ 149 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 118 $ 16 For the three months ended September 30, 2019 Total amounts on the Consolidated Income Statement $ 2,678 $ 617 $ 468 $ 342 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 76 $ (271 ) Derivatives $ (73 ) $ 235 Amounts related to interest settlements on derivatives $ 4 $ 16 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 2 $ 3 For the nine months ended September 30, 2020 Total amounts on the Consolidated Income Statement $ 6,853 $ 1,599 $ 619 $ 1,071 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 224 $ (1,300 ) Derivatives $ (219 ) $ 1,220 Amounts related to interest settlements on derivatives $ (7 ) $ 341 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 262 $ 19 $ 1 For the nine months ended September 30, 2019 Total amounts on the Consolidated Income Statement $ 7,952 $ 1,866 $ 1,433 $ 1,017 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 250 $ (1,068 ) Derivatives $ (241 ) $ 948 Amounts related to interest settlements on derivatives $ 14 $ 36 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ (18 ) $ 5 $ 18 (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 78 : Hedged Items - Fair Value Hedges September 30, 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) $ 3,237 $ 59 $ 5,666 $ 59 Borrowed funds $ 28,326 $ 1,850 $ 28,616 $ 548 (a) Includes $(.2) billion and $(.3) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships for September 30, 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 $(42) million and $38 million for the three and nine months ended September 30, 2020 , respectively, compared with $36 million and $50 million for the same periods in 2019. 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 79 : Gains (Losses) on Derivatives Not Designated for Hedging Three months ended Nine months ended In millions 2020 2019 2020 2019 Derivatives used for mortgage banking activities: Interest rate contracts (a) $ 20 $ 184 $ 799 $ 530 Derivatives used for customer-related activities: Interest rate contracts 59 45 99 84 Foreign exchange contracts and other (b) 43 11 83 64 Gains (losses) from customer-related activities (c) 102 56 182 148 Derivatives used for other risk management activities: Foreign exchange contracts and other (c) (106 ) 103 (1 ) 39 Total gains (losses) from derivatives not designated as hedging instruments $ 16 $ 343 $ 980 $ 717 (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 80 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities as of September 30, 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 80 Table 80 : 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 September 30, 2020 Derivative assets Interest rate contracts: Over-the-counter cleared $ 31 $ 31 $ 31 Over-the-counter 6,534 $ 433 $ 1,673 4,428 $ 616 3,812 Commodity contracts 497 299 14 184 184 Foreign exchange and other contracts 281 132 12 137 1 136 Total derivative assets $ 7,343 $ 864 $ 1,699 $ 4,780 (a) $ 617 $ 4,163 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 23 $ 23 $ 23 Over-the-counter 1,875 $ 589 $ 1,159 127 127 Commodity contracts 475 206 59 210 210 Foreign exchange and other contracts 337 69 90 178 178 Total derivative liabilities $ 2,710 $ 864 $ 1,308 $ 538 (b) $ 538 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 September 30, 2020 , we held cash, U.S. government securities and mortgage-backed securities totaling $2.6 billion under master netting agreements and other collateral agreements to collateralize net derivative assets due from counterparties, and we pledged cash totaling $2.1 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 September 30, 2020 was $2.9 billion for which we had posted collateral of $2.6 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 September 30, 2020 would be $.3 billion . |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 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 14 as well as those matters disclosed in Note 19 Legal Proceedings in Part II, Item 8 of our 2019 Form 10-K, in Note 13 Legal Proceedings in Part I, Item 1 of our first quarter 2020 Form 10-Q, and in Note 14 Legal Proceedings in Part I, Item 1 of our second quarter 2020 Form 10-Q (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 September 30, 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. USAA Patent Infringement Litigation In September 2020, a lawsuit (United Services Automobile Association v. PNC Bank N.A., Case No. 2:20-cv-319) was filed in the United States District Court for the Eastern District of Texas against PNC Bank for patent infringement. The plaintiff alleges that PNC’s mobile remote deposit capture systems infringe on two patents owned by the plaintiff. The plaintiff seeks, among other things, a judgment that PNC is infringing each of the patents, damages for infringement, and attorneys’ fees. 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 those 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 | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | S EGMENT R EPORTING We have three reportable business segments: • Retail Banking • Corporate & Institutional Banking • Asset Management Group 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. During the second quarter of 2020, we divested our entire 22.4% investment in BlackRock. See Note 2 Discontinued Operations for additional information on the sale and details on our results and cash flows for the three and nine months ended September 30, 2020 and 2019. Following the sale and donation, PNC only holds shares of BlackRock stock in a fiduciary capacity for clients of PNC. Total business segment financial results differ from total consolidated net income. These differences are reflected in the “Other” category in Table 81 . “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, ACL for 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, 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. The “Other” category also includes our BlackRock held for sale asset. 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 ALLL and the allowance for unfunded lending related commitments 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 81 : Results of Businesses Three months ended September 30 Retail Banking Corporate & Asset Other Consolidated (a) 2020 Income Statement Net interest income $ 1,383 $ 1,012 $ 89 $ — $ 2,484 Noninterest income 673 723 221 180 1,797 Total revenue 2,056 1,735 310 180 4,281 Provision for (recapture of) credit l osses (157 ) 211 (19 ) 17 52 Depreciation and amortization 64 50 11 121 246 Other noninterest expense 1,457 616 200 12 2,285 Income from continuing operations before income taxes (benefit) and noncontrolling interests 692 858 118 30 1,698 Income taxes (benefit) 162 188 27 (211 ) 166 Net income from continuing operations $ 530 $ 670 $ 91 $ 241 $ 1,532 Average Assets $ 98,731 $ 183,266 $ 8,361 $ 171,781 $ 462,139 2019 Income Statement Net interest income $ 1,393 $ 911 $ 70 $ 130 $ 2,504 Noninterest income 744 654 216 124 1,738 Total revenue 2,137 1,565 286 254 4,242 Provision for (recapture of ) credit losses 147 48 (1 ) (11 ) 183 Depreciation and amortization 60 51 11 125 247 Other noninterest expense 1,476 652 217 31 2,376 Income from continuing operations before income taxes (benefit) and 454 814 59 109 1,436 Income taxes (benefit) 107 169 13 (34 ) 255 Net income from continuing operations $ 347 $ 645 $ 46 $ 143 $ 1,181 Average Assets $ 93,222 $ 168,193 $ 7,331 $ 137,963 $ 406,709 Nine months ended September 30 Retail Corporate & Asset Other Consolidated (a) 2020 Income Statement Net interest income $ 4,229 $ 3,014 $ 266 $ 13 $ 7,522 Noninterest income 2,046 2,143 629 353 5,171 Total revenue 6,275 5,157 895 366 12,693 Provision for credit losses 1,049 2,254 23 103 3,429 Depreciation and amortization 188 149 34 366 737 Other noninterest expense 4,369 1,912 613 (42 ) 6,852 Income (loss) from continuing operations before income taxes (benefit) and 669 842 225 (61 ) 1,675 Income taxes (benefit) 161 160 52 (245 ) 128 Net income from continuing operations $ 508 $ 682 $ 173 $ 184 $ 1,547 Average Assets $ 98,764 $ 185,001 $ 8,041 $ 152,223 $ 444,029 2019 Income Statement Net interest income $ 4,118 $ 2,685 $ 208 $ 466 $ 7,477 Noninterest income 1,996 1,891 719 435 5,041 Total revenue 6,114 4,576 927 901 12,518 Provision for (recapture of) credit l osses 356 219 (2 ) (21 ) 552 Depreciation and amortization 170 151 51 366 738 Other noninterest expense 4,361 1,936 656 121 7,074 Income from continuing operations before income taxes (benefit) and 1,227 2,270 222 435 4,154 Income taxes (benefit) 291 471 51 (107 ) 706 Net income from continuing operations $ 936 $ 1,799 $ 171 $ 542 $ 3,448 Average Assets $ 92,282 $ 163,126 $ 7,247 $ 133,944 $ 396,599 (a) There were no material intersegment revenues for the three and nine months ended September 30, 2020 and 2019 . 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 a 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. |
Fee-Based Revenue from Contract
Fee-Based Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 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. 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 82 : Retail Banking Noninterest Income Disaggregation Three months ended Nine months ended In millions 2020 2019 2020 2019 Product Deposit account fees $ 108 $ 166 $ 339 $ 468 Debit card fees 136 139 385 399 Brokerage fees 94 92 273 267 Merchant services 40 55 112 159 Net credit card fees (a) 50 50 130 149 Other 62 65 170 193 Total in-scope noninterest income by product $ 490 $ 567 $ 1,409 $ 1,635 Reconciliation to total Retail Banking noninterest income Total in-scope noninterest income $ 490 $ 567 $ 1,409 $ 1,635 Total out-of-scope noninterest income (b) 183 177 637 361 Total Retail Banking noninterest income $ 673 $ 744 $ 2,046 $ 1,996 (a) Net credit card fees consists of interchange fees of $ 121 million and $128 million and credit card reward costs of $ 71 million and $78 million for the three months ended September 30, 2020 and 2019 , respectively. Net credit card fees consists of interchange fees of $ 341 million and $366 million and credit card reward costs of $211 million and $217 million for the nine months ended September 30, 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 83 : Corporate & Institutional Banking Noninterest Income Disaggregation Three months ended Nine months ended In millions 2020 2019 2020 2019 Product Treasury management fees $ 231 $ 210 $ 665 $ 621 Capital markets fees 132 131 494 407 Commercial mortgage banking activities 31 26 81 75 Other 18 17 55 53 Total in-scope noninterest income by product $ 412 $ 384 $ 1,295 $ 1,156 Reconciliation to total Corporate & Institutional Banking noninterest income Total in-scope noninterest income $ 412 $ 384 $ 1,295 $ 1,156 Total out-of-scope noninterest income (a) 311 270 848 735 Total Corporate & Institutional Banking noninterest income $ 723 $ 654 $ 2,143 $ 1,891 (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 84 : Asset Management Group Noninterest Income Disaggregation Three months ended Nine months ended In millions 2020 2019 2020 2019 Customer Type Personal $ 164 $ 155 $ 465 $ 459 Institutional 51 58 150 187 Total in-scope noninterest income by customer type $ 215 $ 213 $ 615 $ 646 Reconciliation to Asset Management Group noninterest income Total in-scope noninterest income $ 215 $ 213 $ 615 $ 646 Total out-of-scope noninterest income (a) 6 3 14 73 Total Asset Management Group noninterest income $ 221 $ 216 $ 629 $ 719 (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 (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
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 (CECL) standard and our discontinued operation as a result of the disposal of our equity investment in BlackRock. As a result of this disposal, BlackRock’s historical results of operations are reported as discontinued operations in our consolidated financial statements for all periods presented. The updated policies impacted by these changes are included in this Note 1. 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. |
Discontinued Operations | Discontinued Operations A disposal of an asset or business that meets the criteria for held for sale classification is reported as discontinued operations when the disposal represents a strategic shift that has had, or will have, a major effect on our operating results. We report an asset as held for sale when management has approved or received approval to sell the asset and is committed to a formal plan, the asset is available for immediate sale, the asset is being actively marketed, the sale is anticipated to occur during the ensuing year and certain other specified criteria are met. An asset classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the asset exceeds its estimated fair value, the asset is written down to its fair value upon the held for sale designation. Our BlackRock held for sale asset is recorded at its carrying amount as we accounted for this investment under the equity method of accounting and the fair value of the asset exceeded the carrying value at each balance sheet date. When presenting discontinued operations, assets classified as held for sale are segregated in the Consolidated Balance Sheet commencing in the period in which the asset meets all of the held for sale criteria described above and prior periods are recast. The results of discontinued operations are reported in Discontinued Operations in the Consolidated Statement of Income for current and prior periods commencing in the period in which the asset or business is either disposed of or is classified as held for sale, including any gain or loss recognized on the sale or adjustment of the carrying amount to fair value less cost to sell. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is calculated using the two-class method to determine income attributable to common shareholders. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities under the two-class method. Distributed dividends and dividend equivalents related to participating securities and an allocation of undistributed net income to participating securities reduce the amount of income attributable to common shareholders. In a period with a loss, no allocation will be made to the participating securities, as they do not have a contractual obligation to absorb losses. Income attributable to common shareholders is then divided by the weighted-average common shares outstanding for the period. |
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 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 3 Investment Securities, Note 4 Loans and Related Allowance for Credit Losses and Note 10 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 (PCD) loans. • There was no impact to the recorded investment of our investment securities or loans, except for our PCD loan portfolio. Accounting for these loans as PCD 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 35 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 September 30, 2020, we have not yet elected any optional expedients related to contract modifications or hedging relationships as outlined in this ASU. However, we plan to elect these optional expedients in the future. • During the second quarter of 2020, we elected to transfer all debt securities classified as held to maturity that are indexed to LIBOR to the available for sale portfolio. All securities were classified as held to maturity prior to January 1, 2020. These securities had an amortized cost and fair value of $49 million and $48 million, respectively, as of the transfer date. See Note 3 Investment Securities for more information. The following table presents the impact of adopting the CECL standard on January 1, 2020 on our allowance and retained earnings. Table 35 : Impact of the CECL Standard Adoption In millions December 31, 2019 Transition Adjustment January 1, 2020 Allowance for credit losses Allowance for loan and lease losses Commercial $ 1,812 $ (304 ) $ 1,508 Consumer 930 767 1,697 Total allowance for loan and lease losses 2,742 463 3,205 Unfunded lending related commitments 318 179 497 Other — 19 19 Total allowance for credit losses $ 3,060 $ 661 $ 3,721 In millions December 31, 2019 Transition Adjustment January 1, 2020 Impact to retained earnings (a) $ 42,215 $ (671 ) $ 41,544 (a) Transition adjustment includes the increase in the total ACL 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 allowance. 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 allowance 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 September 30, 2020 , nonaccrual or past due held-to-maturity securities were immaterial. A security may be partially or fully charged off against the allowance 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 allowance for investment securities. See Note 3 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. See Note 4 Loans and Related Allowance for Credit Losses for additional information on how COVID-19 hardship related loan modifications are reported from a delinquency perspective as of September 30, 2020. Loans held for investment, excluding PCD 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. The processing fee received for loans originated under the Paycheck Protection Program (PPP) is deferred and accreted into Net interest income using the 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 ALLL. 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 more than significant deterioration of credit quality since origination (i.e., PCD) are recognized at an amortized cost basis equal to their purchase price plus an ALLL measured at the acquisition date. 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 ALLL. Subsequent increases in expected cash flows are recognized as a provision recapture of previously recorded ALLL. 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. A troubled debt restructuring (TDR) is a loan whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulty. A concession has been granted when we do not expect to collect all amounts due, including original interest accrued at the original contract rate, as a result of the restructuring, or there is a delay in payment that is more than insignificant. 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. Potential incremental losses or recoveries on TDRs have been factored into the ALLL estimates for each loan class under the methodologies described in this Note. Once a loan becomes a TDR, it will continue to be reported as a TDR until it is ultimately repaid in full, the collateral is foreclosed upon, or it is fully charged off. PNC excludes consumer loans held for sale, loans accounted for under the fair value option and certain government insured or guaranteed loans from our TDR population. PCD loans that do not meet the criteria to be classified as TDRs are also excluded. In addition, PNC has elected not to apply a TDR designation to loans that have been restructured due to a COVID-19 hardship pursuant to specific criteria under the CARES Act. Since loans restructured due to a COVID-19 related hardship were not identified as TDRs, they are not placed on nonaccrual at the time of modification. However, these loans will be subject to our existing nonaccrual policy subsequent to the modification. See the following for additional information related to loans, including further discussion regarding our policies, the methodologies and significant inputs used to determine the ALLL, and additional details on the composition of our loan portfolio: • Nonperforming Loans and Leases section of this Note 1, • Allowance for Credit Losses section of this Note 1 , and • Note 4 Loans and Related Allowance for Credit Losses. 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 allowance is reversed, and a valuation allowance for the 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 12 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 that follows summarizes our policies for classifying certain loans as nonperforming loans and/or discontinuing the accrual of loan interest income. Commercial 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. • Certain government insured loans where substantially all principal and interest is insured. • Commercial purchasing card assets which do not accrue interest. Consumer 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 We generally charge off commercial (commercial and industrial, 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 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 automobiles or 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 the ALLL 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 ALLL. 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 4 Loans and Related Allowance for Credit Losses 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 risk 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), 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 (LRA) expected losses (reversion period) where applicable, and (iii) the 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 is incorporated into the expected credit loss estimates. Such forward looking information includes forecasted relevant macroeconomic variables, which are estimated using quantitative techniques, analysis from PNC economists and management judgment. The reversion period is used to bridge RSFP and LRA |
Goodwill | Goodwill Goodwill arising from business acquisitions represents the value attributable to unidentifiable intangible elements in the business acquired. At least annually, in the fourth quarter, or more frequently if events occur or circumstances have changed significantly from the annual test date, management performs our goodwill impairment test at a reporting unit level. PNC has the ability to first perform a qualitative analysis to evaluate whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, PNC determines it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then performing a quantitative impairment test is not necessary. If PNC elects to bypass the qualitative analysis, or concludes via qualitative analysis that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, a quantitative goodwill impairment test is performed. Inputs are generated and used in calculating the fair value of the reporting unit, which is compared to its carrying amount. The fair value of our reporting units is determined by using discounted cash flows and/or market comparability methodologies. If the fair value is greater than the carrying amount, then the reporting unit's goodwill is deemed not to be impaired. If the fair value is less than the carrying amount, an entity should recognize an impairment charge for the amount by which the carrying amount of goodwill exceeds the reporting unit’s fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Consolidated Income Statement - Discontinued Operations | Table 36 : Consolidated Income Statement - Discontinued Operations Three months ended Nine months ended In millions 2020 2019 2020 2019 Noninterest income $ 251 $ 5,777 $ 700 Total revenue 251 5,777 700 Income from discontinued operations before income taxes and noncontrolling interests 251 5,777 700 Income taxes 40 1,222 111 Net income from discontinued operations $ — $ 211 $ 4,555 $ 589 |
Consolidated Statement of Cash Flows - Discontinued Operations | The following table summarizes the cash flows of discontinued operations of BlackRock included in the Consolidated Statement of Cash Flows: Table 37 : Consolidated Statement of Cash Flows - Discontinued Operations Nine months ended In millions 2020 2019 Cash flows from discontinued operations Net cash provided (used) by operating activities of discontinued operations $ (1,981 ) $ 233 Net cash provided by investing activities of discontinued operations $ 14,225 |
Accounting Policies (Tables)
Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
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 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 3 Investment Securities, Note 4 Loans and Related Allowance for Credit Losses and Note 10 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 (PCD) loans. • There was no impact to the recorded investment of our investment securities or loans, except for our PCD loan portfolio. Accounting for these loans as PCD 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 35 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 September 30, 2020, we have not yet elected any optional expedients related to contract modifications or hedging relationships as outlined in this ASU. However, we plan to elect these optional expedients in the future. • During the second quarter of 2020, we elected to transfer all debt securities classified as held to maturity that are indexed to LIBOR to the available for sale portfolio. All securities were classified as held to maturity prior to January 1, 2020. These securities had an amortized cost and fair value of $49 million and $48 million, respectively, as of the transfer date. See Note 3 Investment Securities for more information. |
Impact of the CECL Standard Adoption | Impact of the CECL Standard Adoption In millions December 31, 2019 Transition Adjustment January 1, 2020 Allowance for credit losses Allowance for loan and lease losses Commercial $ 1,812 $ (304 ) $ 1,508 Consumer 930 767 1,697 Total allowance for loan and lease losses 2,742 463 3,205 Unfunded lending related commitments 318 179 497 Other — 19 19 Total allowance for credit losses $ 3,060 $ 661 $ 3,721 In millions December 31, 2019 Transition Adjustment January 1, 2020 Impact to retained earnings (a) $ 42,215 $ (671 ) $ 41,544 (a) Transition adjustment includes the increase in the total ACL 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) | 9 Months Ended |
Sep. 30, 2020 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities Summary | Table 38 : Investment Securities Summary September 30, 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 $ 17,273 $ 954 $ (2 ) $ 18,225 $ 16,150 $ 382 $ (16 ) $ 16,516 Residential mortgage-backed Agency 51,202 1,737 (11 ) 52,928 35,847 517 (43 ) 36,321 Non-agency 1,376 243 (16 ) 1,603 1,515 302 (3 ) 1,814 Commercial mortgage-backed Agency 2,824 144 (2 ) 2,966 3,094 42 (18 ) 3,118 Non-agency 3,851 73 (95 ) 3,829 3,352 29 (9 ) 3,372 Asset-backed 5,158 105 (23 ) 5,240 5,044 78 (8 ) 5,114 Other 4,660 297 (1 ) 4,956 2,788 121 (1 ) 2,908 Total securities available for sale (b) $ 86,344 $ 3,553 $ (150 ) $ 89,747 $ 67,790 $ 1,471 $ (98 ) $ 69,163 Securities Held to Maturity U.S. Treasury and government agencies $ 790 $ 142 $ 932 $ 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 52 52 Other 648 42 $ (8 ) 682 1,792 85 (14 ) 1,863 Total securities held to maturity (b) (c) $ 1,438 $ 184 $ (8 ) $ 1,614 $ 17,661 $ 423 $ (40 ) $ 18,044 (a) The accrued interest associated with our available for sale and held to maturity portfolios totaled $242 million and $2 million at September 30, 2020 , respectively. These amounts are included in Other assets on the Consolidated Balance Sheet. (b) Amortized cost is presented net of allowance of $ 68 million for securities available for sale and $ 3 million for securities held to maturity at September 30, 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 September 30, 2020 , 85% 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 39 : 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 September 30, 2020 U.S. Treasury and government agencies $ (2 ) $ 167 $ (2 ) $ 167 Residential mortgage-backed Agency (9 ) 2,860 $ (2 ) $ 102 (11 ) 2,962 Non-agency (9 ) 160 (7 ) 73 (16 ) 233 Commercial mortgage-backed Agency (2 ) 132 (2 ) 132 Non-agency (34 ) 1,638 (2 ) 236 (36 ) 1,874 Asset-backed (7 ) 844 (16 ) 741 (23 ) 1,585 Other (1 ) 27 (1 ) 27 Total securities available for sale $ (62 ) $ 5,696 $ (29 ) $ 1,284 $ (91 ) $ 6,980 |
Gross Unrealized Loss and Fair Value of Debt Securities | Table 40 : 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 41 : Gains (Losses) on Sales of Securities Available for Sale Nine months ended September 30 Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit) 2020 $ 256 $ (2 ) $ 254 $ 53 2019 $ 57 $ (21 ) $ 36 $ 8 |
Contractual Maturity of Securities | Table 42 : Contractual Maturity of Debt Securities September 30, 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 $ 3,891 $ 9,478 $ 2,979 $ 925 $ 17,273 Residential mortgage-backed Agency 1 155 2,098 48,948 51,202 Non-agency 1,376 1,376 Commercial mortgage-backed Agency 21 609 663 1,531 2,824 Non-agency 83 247 3,521 3,851 Asset-backed 26 2,625 1,316 1,191 5,158 Other 889 1,497 1,292 982 4,660 Total securities available for sale at amortized cost $ 4,828 $ 14,447 $ 8,595 $ 58,474 $ 86,344 Fair value $ 4,848 $ 15,081 $ 9,048 $ 60,770 $ 89,747 Weighted-average yield, GAAP basis (a) 1.10 % 2.08 % 2.05 % 2.92 % 2.62 % Securities Held to Maturity U.S. Treasury and government agencies $ 199 $ 309 $ 282 $ 790 Other $ 14 437 112 85 648 Total securities held to maturity at amortized cost $ 14 $ 636 $ 421 $ 367 $ 1,438 Fair value $ 14 $ 677 $ 513 $ 410 $ 1,614 Weighted-average yield, GAAP basis (a) 2.93 % 3.28 % 3.93 % 2.48 % 3.29 % (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 43 : Fair Value of Securities Pledged and Accepted as Collateral In millions September 30 December 31 Pledged to others $ 23,268 $ 14,609 Accepted from others: Permitted by contract or custom to sell or repledge (a) $ 710 $ 2,349 Permitted amount repledged to others $ 710 $ 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 and Related Allowance f_2
Loans and Related Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Asset Quality [Abstract] | |
Analysis of Loan Portfolio | Table 44 : 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 (c) Nonperforming Loans Fair Value Option Nonaccrual Loans (d) Total Loans (e)(f) September 30, 2020 (a) (b) Commercial Commercial and industrial $ 136,381 $ 56 $ 37 $ 36 $ 129 $ 677 $ 137,187 Commercial real estate 28,799 6 6 12 217 29,028 Equipment lease financing 6,447 7 4 11 21 6,479 Total commercial 171,627 69 47 36 152 915 172,694 Consumer Home equity 23,774 48 22 70 639 $ 56 24,539 Residential real estate 21,503 188 80 269 537 (c) 339 507 22,886 Automobile 14,646 116 32 12 160 171 14,977 Credit card 6,153 44 33 60 137 13 6,303 Education 2,905 57 26 63 146 (c) 3,051 Other consumer 4,785 17 11 8 36 8 4,829 Total consumer 73,766 470 204 412 1,086 1,170 563 76,585 Total $ 245,393 $ 539 $ 251 $ 448 $ 1,238 $ 2,085 $ 563 $ 249,279 Percentage of total loans 98.43 % .22 % .10 % .18 % .50 % .84 % .23 % 100.00 % (a) Amounts in table represent loans held for investment and do not include any associated valuation allowance. (b) The accrued interest associated with our loan portfolio at September 30, 2020 totaled $.7 billion and is included in Other assets on the Consolidated Balance Sheet. (c) Past due loan amounts include government insured or guaranteed Residential real estate loans and Education loans totaling $.4 billion and $.1 billion , respectively, at September 30, 2020 . (d) 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. (e) Net of unearned income, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans totaling $1.4 billion at September 30, 2020 . (f) Collateral dependent loans totaled $1.2 billion at September 30, 2020 . The majority of these loans are within the Home equity and Residential real estate loan classes and are secured by consumer real estate. 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 Commercial and industrial $ 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 159,825 155 36 85 276 501 160,602 Consumer 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 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 September 30, 2020 and December 31, 2019, respectively. Table 45 : Nonperforming Assets Dollars in millions September 30 December 31 Nonperforming loans Commercial $ 915 $ 501 Consumer (a) 1,170 1,134 Total nonperforming loans (b) 2,085 1,635 OREO and foreclosed assets 67 117 Total nonperforming assets $ 2,152 $ 1,752 Nonperforming loans to total loans .84 % .68 % Nonperforming assets to total loans, OREO and foreclosed assets .86 % .73 % Nonperforming assets to total assets .47 % .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 ALLL totaled $.6 billion at September 30, 2020 , and is primarily comprised of loans with a valuation that exceeds the amortized cost basis. |
Commercial Lending Credit Quality Indicators | Table 46 : Commercial Credit Quality Indicators (a) Term Loans by Origination Year September 30, 2020 - In millions 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Commercial and industrial Pass Rated $ 30,385 $ 14,778 $ 9,241 $ 6,474 $ 4,531 $ 7,916 $ 56,000 $ 55 $ 129,380 Criticized 331 721 725 382 217 531 4,881 19 7,807 Total commercial and industrial 30,716 15,499 9,966 6,856 4,748 8,447 60,881 74 137,187 Commercial real estate Pass Rated 3,226 6,552 3,625 3,384 2,622 7,574 164 27,147 Criticized 194 139 53 305 340 753 97 1,881 Total commercial real estate 3,420 6,691 3,678 3,689 2,962 8,327 261 29,028 Equipment lease financing Pass Rated 1,048 1,258 1,043 826 494 1,454 6,123 Criticized 61 95 95 46 26 33 356 Total equipment lease financing 1,109 1,353 1,138 872 520 1,487 6,479 Total commercial $ 35,245 $ 23,543 $ 14,782 $ 11,417 $ 8,230 $ 18,261 $ 61,142 $ 74 $ 172,694 December 31, 2019 - In millions Pass Rated Criticized Total Loans Commercial and industrial $ 119,761 $ 5,576 $ 125,337 Commercial real estate 27,424 686 28,110 Equipment lease financing 6,891 264 7,155 Total commercial $ 154,076 $ 6,526 $ 160,602 (a) Loans in our commercial 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 September 30, 2020 and December 31, 2019. |
Home Equity and Residential Real Estate Asset Quality Indicators | Table 47 : Home Equity and Residential Real Estate Credit Quality Indicators Term Loans by Origination Year September 30, 2020 - In millions 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% $ 5 $ 41 $ 18 $ 17 $ 10 $ 100 $ 605 $ 309 $ 1,105 Greater than or equal to 90% to less than 100% 29 95 21 15 8 69 687 226 1,150 Less than 90% 2,609 2,121 621 889 750 4,225 7,941 3,128 22,284 Total home equity $ 2,643 $ 2,257 $ 660 $ 921 $ 768 $ 4,394 $ 9,233 $ 3,663 $ 24,539 Updated FICO scores Greater than 660 $ 2,580 $ 2,156 $ 605 $ 867 $ 725 $ 3,955 $ 8,818 $ 2,846 $ 22,552 Less than or equal to 660 62 101 54 53 42 429 402 732 1,875 No FICO score available 1 1 1 1 10 13 85 112 Total home equity $ 2,643 $ 2,257 $ 660 $ 921 $ 768 $ 4,394 $ 9,233 $ 3,663 $ 24,539 Residential real estate Current estimated LTV ratios Greater than or equal to 100% $ 34 $ 33 $ 49 $ 49 $ 189 $ 354 Greater than or equal to 90% to less than 100% $ 15 69 32 54 37 114 321 Less than 90% 6,174 4,757 1,329 2,153 2,254 4,693 21,360 Government insured or guaranteed loans 5 23 23 34 49 717 851 Total residential real estate $ 6,194 $ 4,883 $ 1,417 $ 2,290 $ 2,389 $ 5,713 $ 22,886 Updated FICO scores Greater than 660 $ 6,151 $ 4,813 $ 1,362 $ 2,215 $ 2,272 $ 4,295 $ 21,108 Less than or equal to 660 36 45 30 37 62 567 777 No FICO score available 2 2 2 4 6 134 150 Government insured or guaranteed loans 5 23 23 34 49 717 851 Total residential real estate $ 6,194 $ 4,883 $ 1,417 $ 2,290 $ 2,389 $ 5,713 $ 22,886 Home equity Residential real estate December 31, 2019 - In millions Current estimated LTV ratios Greater than or equal to 100% $ 1,243 $ 333 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 48 : Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes Term Loans by Origination Year September 30, 2020 - In millions 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Automobile FICO score greater than 719 $ 2,184 $ 3,573 $ 1,663 $ 916 $ 496 $ 141 $ 8,973 650 to 719 630 1,642 929 403 162 53 3,819 620 to 649 90 365 213 83 31 12 794 Less than 620 75 532 474 202 78 30 1,391 Total automobile $ 2,979 $ 6,112 $ 3,279 $ 1,604 $ 767 $ 236 $ 14,977 Credit card FICO score greater than 719 $ 3,309 $ 13 $ 3,322 650 to 719 2,033 31 2,064 620 to 649 348 13 361 Less than 620 419 40 459 No FICO score available or required (a) 94 3 97 Total credit card $ 6,203 $ 100 $ 6,303 Education FICO score greater than 719 $ 17 $ 88 $ 117 $ 89 $ 73 $ 651 $ 1,035 650 to 719 6 10 14 9 7 102 148 620 to 649 1 2 1 1 15 20 Less than 620 1 1 1 16 19 No FICO score available or required (a) 11 10 7 5 1 1 35 Total loans using FICO credit metric 34 109 141 105 83 785 1,257 Other internal credit metrics 30 58 1,706 1,794 Total education $ 64 $ 167 $ 141 $ 105 $ 83 $ 2,491 $ 3,051 Other consumer FICO score greater than 719 $ 338 $ 487 $ 164 $ 50 $ 14 $ 69 $ 209 $ 1 $ 1,332 650 to 719 129 273 112 25 6 19 138 1 703 620 to 649 12 42 18 4 1 4 22 103 Less than 620 9 38 25 7 2 7 32 1 121 Total loans using FICO credit metric 488 840 319 86 23 99 401 3 2,259 Other internal credit metrics 63 41 40 28 61 77 2,246 14 2,570 Total other consumer $ 551 $ 881 $ 359 $ 114 $ 84 $ 176 $ 2,647 $ 17 $ 4,829 December 31, 2019 - In millions Automobile Credit Card Education Other Consumer 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 49 : Financial Impact and TDRs by Concession Type Pre-TDR Amortized Cost Basis (b) Post-TDR Amortized Cost Basis (c) During the three months ended September 30, 2020 (a) Number Principal Forgiveness Rate Reduction Other Total Commercial 16 $ 95 $ 10 $ 69 $ 79 Consumer 2,769 46 26 14 40 Total TDRs 2,785 $ 141 $ 36 $ 83 $ 119 During the nine months ended September 30, 2020 (a) Commercial 58 $ 304 $ 39 $ 10 $ 231 $ 280 Consumer 9,925 139 67 59 126 Total TDRs 9,983 $ 443 $ 39 $ 77 $ 290 $ 406 (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 September 30, 2019 (d) Number Principal Forgiveness Rate Reduction Other Total Commercial 21 $ 97 $ 72 $ 72 Consumer 3,656 45 $ 24 19 43 Total TDRs 3,677 $ 142 $ 24 $ 91 $ 115 During the nine months ended September 30, 2019 (d) Commercial 58 $ 233 $ 1 $ 208 $ 209 Consumer 11,009 131 72 51 123 Total TDRs 11,067 $ 364 $ 73 $ 259 $ 332 (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. |
Subsequently Defaulted TDRs | Table 50 : Subsequently Defaulted TDRs In millions 2020 2019 Three months ended September 30 $ 26 $ 42 Nine months ended September 30 $ 46 $ 68 Allowance for Credit Losses We maintain the ACL related to loans at levels that we believe to be appropriate to absorb expected credit losses 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 related to loans follows. |
Analysis Of Changes In The Allowance For Credit Losses | Table 52 : Analysis of Changes in the Allowance for Credit Losses (a) In millions (a) Excludes allowances for investment securities and other financial assets, which together totaled $98 million at September 30, 2020 . (b) Portfolio changes primarily represents 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) Economic and qualitative factors primarily represent our evaluation and determination of an economic forecast applied to our loan portfolio, as well as updates to qualitative factor adjustments. |
Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data | Table 51 : Rollforward of Allowance for Credit Losses (a) Three months ended September 30, 2020 Nine months ended September 30, 2020 In millions Commercial Consumer Total Commercial Consumer Total Allowance for loan and lease losses Beginning balance $ 3,380 $ 2,548 $ 5,928 $ 1,812 $ 930 $ 2,742 Adoption of ASU 2016-13 (b) (304 ) 767 463 Beginning balance, adjusted 3,380 2,548 5,928 1,508 1,697 3,205 Charge-offs (64 ) (183 ) (247 ) (269 ) (596 ) (865 ) Recoveries 26 66 92 65 197 262 Net (charge-offs) (38 ) (117 ) (155 ) (204 ) (399 ) (603 ) Provision for (recapture of) credit losses 185 (208 ) (23 ) 2,224 925 3,149 Other 1 1 Ending balance $ 3,528 $ 2,223 $ 5,751 $ 3,528 $ 2,223 $ 5,751 Allowance for unfunded lending related commitments (c) Beginning balance $ 548 $ 114 $ 662 $ 316 $ 2 $ 318 Adoption of ASU 2016-13 (b) 53 126 179 Beginning balance, adjusted 548 114 662 369 128 497 Provision for (recapture of) credit losses 34 (7 ) 27 213 (21 ) 192 Ending balance $ 582 $ 107 $ 689 $ 582 $ 107 $ 689 Allowance for credit losses at September 30 $ 4,110 $ 2,330 $ 6,440 $ 4,110 $ 2,330 $ 6,440 (a) Excludes allowances for investment securities and other financial assets, which together totaled $98 million at September 30, 2020 . (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) See Note 9 Commitments for additional information about the underlying commitments related to this allowance. Table 53 : Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data At or for the nine months ended September 30, 2019 Commercial Consumer Total Allowance for loan and lease losses January 1, 2019 $ 1,663 $ 966 $ 2,629 Charge-offs (138 ) (545 ) (683 ) Recoveries 59 191 250 Net (charge-offs) (79 ) (354 ) (433 ) Provision for credit losses 247 305 552 Net decrease in allowance for unfunded loan commitments and letters of credit (20 ) 1 (19 ) Other 9 9 September 30, 2019 $ 1,811 $ 927 $ 2,738 TDRs individually evaluated for impairment $ 34 $ 95 $ 129 Other loans individually evaluated for impairment 47 47 Loans collectively evaluated for impairment 1,730 554 2,284 Purchased impaired loans 278 278 September 30, 2019 $ 1,811 $ 927 $ 2,738 Loan portfolio TDRs individually evaluated for impairment $ 420 $ 1,343 $ 1,763 Other loans individually evaluated for impairment 265 265 Loans collectively evaluated for impairment 159,503 73,298 232,801 Fair value option loans (a) 754 754 Purchased impaired loans 1,794 1,794 September 30, 2019 $ 160,188 $ 77,189 $ 237,377 (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) | 9 Months Ended |
Sep. 30, 2020 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Cash Flows Associated with Loan Sale and Servicing Activities | Table 54 : Cash Flows Associated with Loan Sale and Servicing Activities In millions Residential Commercial Cash Flows - Three months ended September 30, 2020 Sales of loans (b) $ 1,799 $ 839 Repurchases of previously transferred loans (c) $ 352 $ 107 Servicing fees (d) $ 85 $ 33 Servicing advances recovered/(funded), net $ (15 ) $ (78 ) Cash flows on mortgage-backed securities held (e) $ 2,829 $ 14 Cash Flows - Three months ended September 30, 2019 Sales of loans (b) $ 1,296 $ 1,122 Repurchases of previously transferred loans (c) $ 81 Servicing fees (d) $ 90 $ 34 Servicing advances recovered/(funded), net $ 5 $ 45 Cash flows on mortgage-backed securities held (e) $ 1,394 $ 14 Cash Flows - Nine months ended September 30, 2020 Sales of loans (b) $ 5,328 $ 2,666 Repurchases of previously transferred loans (c) $ 547 $ 132 Servicing fees (d) $ 251 $ 97 Servicing advances recovered/(funded), net $ 4 $ (206 ) Cash flows on mortgage-backed securities held (e) $ 6,374 $ 65 Cash Flows - Nine months ended September 30, 2019 Sales of loans (b) $ 2,902 $ 2,212 Repurchases of previously transferred loans (c) $ 235 $ 4 Servicing fees (d) $ 264 $ 97 Servicing advances recovered/(funded), net $ 33 $ 61 Cash flows on mortgage-backed securities held (e) $ 2,653 $ 43 (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 $19.5 billion, $ 17.8 billion, and $ 17.7 billion in residential mortgage-backed securities and $.8 billion, $ .6 billion, and $ .6 billion in commercial mortgage-backed securities at September 30, 2020 , December 31, 2019 and September 30, 2019 , respectively. |
Principal Balance, Delinquent Loans (Loans 90 Days or More Past Due), and Net Charge-Offs Related to Serviced Loans | Table 55 : Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others In millions Residential Mortgages Commercial Mortgages (a) September 30, 2020 Total principal balance $ 45,795 $ 41,379 Delinquent loans (b) $ 460 $ 311 December 31, 2019 Total principal balance $ 49,323 $ 42,414 Delinquent loans (b) $ 492 $ 64 Three months ended September 30, 2020 Net charge-offs (c) $ 4 $ 4 Three months ended September 30, 2019 Net charge-offs (c) $ 8 $ 52 Nine months ended September 30, 2020 Net charge-offs (c) $ 14 $ 103 Nine months ended September 30, 2019 Net charge-offs (c) $ 32 $ 348 (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 56 : Non-Consolidated VIEs In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities September 30, 2020 Mortgage-backed securitizations (b) $ 21,109 $ 21,109 (c) $ 1 Tax credit investments and other 3,005 2,886 (d) $ 920 (e) Total $ 24,114 $ 23,995 $ 921 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 credit investments. (b) Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings. (c) Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet. (d) Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (e) Included in Deposits and Other liabilities on our Consolidated Balance Sheet. |
Goodwill and Mortgage Servici_2
Goodwill and Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Mortgage Servicing Rights | Table 57 : 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 65 29 34 23 Purchases 31 76 113 87 Changes in fair value due to: Time and payoffs (a) (87 ) (110 ) (136 ) (117 ) Other (b) (143 ) (126 ) (408 ) (362 ) September 30 $ 515 $ 595 $ 598 $ 888 Related unpaid principal balance at September 30 $ 234,897 $ 203,808 $ 119,158 $ 122,886 Servicing advances at September 30 $ 363 $ 159 $ 107 $ 123 (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 58 : Commercial Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions September 30 December 31 Fair value $ 515 $ 649 Weighted-average life (years) 4.3 4.1 Weighted-average constant prepayment rate 4.70 % 4.56 % Decline in fair value from 10% adverse change $ 9 $ 9 Decline in fair value from 20% adverse change $ 17 $ 17 Effective discount rate 7.37 % 7.91 % Decline in fair value from 10% adverse change $ 14 $ 17 Decline in fair value from 20% adverse change $ 27 $ 34 |
Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions | Table 59 : Residential Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions September 30 December 31 Fair value $ 598 $ 995 Weighted-average life (years) 3.2 5.2 Weighted-average constant prepayment rate 24.82 % 13.51 % Decline in fair value from 10% adverse change $ 40 $ 46 Decline in fair value from 20% adverse change $ 78 $ 89 Weighted-average option adjusted spread 927 bps 769 bps Decline in fair value from 10% adverse change $ 16 $ 27 Decline in fair value from 20% adverse change $ 30 $ 52 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Components of Lease Income | Table 60 : Lessor Income Three months ended Nine months ended In millions 2020 2019 2020 2019 Product Sales-type leases and direct financing leases $ 66 $ 72 $ 207 $ 223 Operating leases 22 29 74 90 Lessor Income $ 88 $ 101 $ 281 $ 313 |
Sales-type Lease, Lease Income | Table 60 : Lessor Income Three months ended Nine months ended In millions 2020 2019 2020 2019 Product Sales-type leases and direct financing leases $ 66 $ 72 $ 207 $ 223 Operating leases 22 29 74 90 Lessor Income $ 88 $ 101 $ 281 $ 313 |
Direct Financing Lease, Lease Income | Table 60 : Lessor Income Three months ended Nine months ended In millions 2020 2019 2020 2019 Product Sales-type leases and direct financing leases $ 66 $ 72 $ 207 $ 223 Operating leases 22 29 74 90 Lessor Income $ 88 $ 101 $ 281 $ 313 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | Table 61 : Borrowed Funds In billions Less than 1 year $ 11.8 1 to 2 years $ 5.9 2 to 3 years $ 6.9 3 to 4 years $ 2.0 4 to 5 years $ 3.2 Over 5 years $ 12.3 |
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 September 30, 2020 , and the carrying values as of September 30, 2020 and December 31, 2019 . Table 62 : 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%-3.50% 2021-2030 $ 9,674 $ 8,843 Subordinated debt 3.90 % 2024 811 777 Junior subordinated debt 0.82 % 2028 205 205 Subtotal 10,690 9,825 Bank FHLB (a) 0.34%-0.57% 2020-2021 5,500 16,341 Senior debt 0.00%-3.50% 2020-2043 17,165 20,167 Subordinated debt 2.70%-4.20% 2022-2029 5,449 5,152 Subtotal 28,114 41,660 Total $ 38,804 $ 51,485 (a) FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities. |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Guarantees [Abstract] | |
Commitments to Extend Credit and Other Commitments | Table 63 : Commitments to Extend Credit and Other Commitments In millions September 30 December 31 Commitments to extend credit Total commercial lending $ 145,312 $ 131,762 Home equity lines of credit 16,793 16,803 Credit card 31,841 30,862 Other 6,905 6,162 Total commitments to extend credit 200,851 185,589 Net outstanding standby letters of credit (a) 9,080 9,843 Reinsurance agreements (b) 85 1,393 Standby bond purchase agreements (c) 1,434 1,295 Other commitments (d) 1,475 1,498 Total commitments to extend credit and other commitments $ 212,925 $ 199,618 (a) Net outstanding standby letters of credit include $3.9 billion and $4.1 billion at September 30, 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 September 30, 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 for both September 30, 2020 and December 31, 2019 . |
Total Equity and Other Compre_2
Total Equity and Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Comprehensive Income [Abstract] | |
Rollforward of Total Equity | Table 64 : 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 June 30, 2019 (a) 447 $ 2,711 $ 3,991 $ 12,257 $ 40,616 $ 631 $ (10,866 ) $ 41 $ 49,381 Net income 1,379 13 1,392 Other comprehensive income (loss), net of tax 206 206 Cash dividends declared - Common (518 ) (518 ) Cash dividends declared - Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Common stock activity Treasury stock activity (8 ) (5 ) (972 ) (977 ) Other 53 (19 ) 34 Balance at September 30, 2019 (a) 439 $ 2,711 $ 3,992 $ 12,305 $ 41,413 $ 837 $ (11,838 ) $ 35 $ 49,455 Balance at June 30, 2020 (a) 425 $ 2,712 $ 3,995 $ 12,289 $ 44,986 $ 3,069 $ (14,128 ) $ 25 $ 52,948 Net income 1,519 13 1,532 Other comprehensive income, net of tax (72 ) (72 ) Cash dividends declared - Common (494 ) (494 ) Cash dividends declared - Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Common stock activity Treasury stock activity (1 ) 1 (88 ) (87 ) Preferred stock redemption - Series Q (b) (480 ) (480 ) Other 30 (4 ) 26 Balance at September 30, 2020 (a) 424 $ 2,712 $ 3,516 $ 12,320 $ 45,947 $ 2,997 $ (14,216 ) $ 34 $ 53,310 Nine 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 (c) 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 4,002 35 4,037 Other comprehensive income (loss), net of tax 1,562 1,562 Cash dividends declared - Common (1,386 ) (1,386 ) Cash dividends declared - Preferred (181 ) (181 ) Preferred stock discount accretion 3 (3 ) Common stock activity 10 10 Treasury stock activity (18 ) 4 (2,384 ) (2,380 ) Other 3 (42 ) (39 ) Balance at September 30, 2019 (a) 439 $ 2,711 $ 3,992 $ 12,305 $ 41,413 $ 837 $ (11,838 ) $ 35 $ 49,455 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 (d) (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 6,075 27 6,102 Other comprehensive income, net of tax 2,198 2,198 Cash dividends declared - Common (1,488 ) (1,488 ) Cash dividends declared - Preferred (181 ) (181 ) Preferred stock discount accretion 3 (3 ) Common stock activity 11 11 Treasury stock activity (9 ) 52 (1,435 ) (1,383 ) Preferred stock redemption - Series Q (b) (480 ) (480 ) Other (119 ) (22 ) (141 ) Balance at September 30, 2020 (a) 424 $ 2,712 $ 3,516 $ 12,320 $ 45,947 $ 2,997 $ (14,216 ) $ 34 $ 53,310 (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) On September 1, 2020, PNC redeemed all 4,800 shares of its Series Q Preferred Stock, as well as all 19.2 million Depositary Shares representing fractional interests in such shares. (c) 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. (d) 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) | Table 65 : Other Comprehensive Income (Loss) Details of other comprehensive income (loss) are as follows: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 In millions Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Debt securities Increase in net unrealized gains (losses) on securities $ 42 $ (9 ) $ 33 $ 221 $ (51 ) $ 170 $ 2,283 $ (525 ) $ 1,758 $ 1,583 $ (363 ) $ 1,220 Less: Net realized gains (losses) reclassified to earnings (a) 32 (7 ) 25 7 (2 ) 5 255 (59 ) 196 27 (6 ) 21 Net change 10 (2 ) 8 214 (49 ) 165 2,028 (466 ) 1,562 1,556 (357 ) 1,199 Cash flow hedge derivatives Increase in net unrealized gains (losses) on cash flow hedges 15 (3 ) 12 84 (19 ) 65 960 (221 ) 739 438 (100 ) 338 Less: Net realized gains (losses) reclassified to earnings (a) 134 (30 ) 104 5 (1 ) 4 282 (65 ) 217 5 (1 ) 4 Net change (119 ) 27 (92 ) 79 (18 ) 61 678 (156 ) 522 433 (99 ) 334 Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit plan activity and other reclassified to earnings (b) 2 2 2 2 (3 ) 1 (2 ) 63 (14 ) 49 Net change 2 2 2 2 (3 ) 1 (2 ) 63 (14 ) 49 Other Net unrealized gains (losses) on other transactions 10 10 4 (7 ) (3 ) 10 (9 ) 1 14 (11 ) 3 Net change — 10 10 4 (7 ) (3 ) 10 (9 ) 1 14 (11 ) 3 Total other comprehensive income (loss) from continuing operations (107 ) 35 (72 ) 299 (74 ) 225 2,713 (630 ) 2,083 2,066 (481 ) 1,585 Total other comprehensive income (loss) from discontinued operations (23 ) 4 (19 ) 148 (33 ) 115 (29 ) 6 (23 ) Total other comprehensive income (loss) $ (107 ) $ 35 $ (72 ) $ 276 $ (70 ) $ 206 $ 2,861 $ (663 ) $ 2,198 $ 2,037 $ (475 ) $ 1,562 (a) Reclassifications for pre-tax debt securities and cash flow hedges are recorded in interest income and noninterest income on the Consolidated Income Statement. (b) Reclassifications include amortization of actuarial losses (gains) and amortization of prior period services costs (credits) which are recorded in noninterest expense on the Consolidated Income Statement. |
Accumulated Other Comprehensive Income (Loss) Components | Table 66 : Accumulated Other Comprehensive Income (Loss) Components In millions, after-tax Debt securities Cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Accumulated other Comprehensive Income from Continuing Operations Accumulated other Comprehensive Income from Discontinued Operations Total Three months ended Balance at June 30, 2019 $ 954 $ 320 $ (483 ) $ (37 ) $ 754 $ (123 ) $ 631 Net activity 165 61 2 (3 ) 225 (19 ) 206 Balance at September 30, 2019 $ 1,119 $ 381 $ (481 ) $ (40 ) $ 979 $ (142 ) $ 837 Balance at June 30, 2020 $ 2,621 $ 890 $ (412 ) $ (30 ) $ 3,069 $ — $ 3,069 Net activity 8 (92 ) 2 10 (72 ) (72 ) Balance at September 30, 2020 $ 2,629 $ 798 $ (410 ) $ (20 ) $ 2,997 $ — $ 2,997 Nine months ended Balance at December 31, 2018 $ (80 ) $ 47 $ (530 ) $ (43 ) $ (606 ) $ (119 ) $ (725 ) Net activity 1,199 334 49 3 1,585 (23 ) 1,562 Balance at September 30, 2019 $ 1,119 $ 381 $ (481 ) $ (40 ) $ 979 $ (142 ) $ 837 Balance at December 31, 2019 $ 1,067 $ 276 $ (408 ) $ (21 ) $ 914 $ (115 ) $ 799 Net activity 1,562 522 (2 ) 1 2,083 115 2,198 Balance at September 30, 2020 $ 2,629 $ 798 $ (410 ) $ (20 ) $ 2,997 $ — $ 2,997 |
Dividends Declared | Table 67 : Dividends Per Share (a) Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 Common Stock $ 1.15 $ 1.15 $ 3.45 $ 3.05 Preferred Stock Series B $ .45 $ .45 $ 1.35 $ 1.35 Series O $ 3,375 $ 3,375 $ 6,750 $ 6,750 Series P $ 1,531 $ 1,531 $ 4,594 $ 4,594 Series Q $ 1,343 $ 1,343 $ 4,031 $ 4,031 Series R $ 2,425 $ 2,425 Series S $ 2,500 $ 2,500 (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 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Common Share | Table 68 : Basic and Diluted Earnings Per Common Share Three months ended Nine months ended In millions, except per share data 2020 2019 2020 2019 Basic Net income from continuing operations $ 1,532 $ 1,181 $ 1,547 $ 3,448 Less: Net income attributable to noncontrolling interests 13 13 27 35 Preferred stock dividends 63 63 181 181 Preferred stock discount accretion and redemptions 1 1 3 3 Net income from continuing operations attributable to common shareholders 1,455 1,104 1,336 3,229 Less: Dividends and undistributed earnings allocated to nonvested restricted shares 8 5 7 13 Net income from continuing operations attributable to basic common shareholders $ 1,447 $ 1,099 $ 1,329 $ 3,216 Net income from discontinued operations attributable to common shareholders $ 211 $ 4,555 $ 589 Less: Undistributed earnings allocated to nonvested restricted shares 1 22 2 Net income from discontinued operations attributable to basic common shareholders $ 210 $ 4,533 $ 587 Basic weighted-average common shares outstanding 426 444 427 450 Basic earnings per common share from continuing operations (a) $ 3.40 $ 2.47 $ 3.11 $ 7.15 Basic earnings per common share from discontinued operations (a) $ .48 $ 10.61 $ 1.30 Basic earnings per common share (b) $ 3.40 $ 2.95 $ 13.73 $ 8.45 Diluted Net income from continuing operations attributable to diluted common shareholders $ 1,447 $ 1,099 $ 1,329 $ 3,216 Net income from discontinued operations attributable to basic common shareholders $ 210 $ 4,533 $ 587 Less: Impact of earnings per share dilution from discontinued operations 2 2 7 Net income from discontinued operations attributable to diluted common shareholders $ 208 $ 4,531 $ 580 Basic weighted-average common shares outstanding 426 444 427 450 Dilutive potential common shares 1 1 1 Diluted weighted-average common shares outstanding 426 445 428 451 Diluted earnings per common share from continuing operations (a) $ 3.39 $ 2.47 $ 3.11 $ 7.13 Diluted earnings per common share from discontinued operations (a) $ .47 $ 10.59 $ 1.29 Diluted earnings per common share (b) $ 3.39 $ 2.94 $ 13.70 $ 8.42 (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). (b) See Note 1 Accounting Policies in the Notes to Consolidated Financial Statements of this Report for additional information on our policy for not allocating losses to participating securities. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value [Abstract] | |
Fair Value Measurements - Recurring Basis Summary | Table 69 : Fair Value Measurements – Recurring Basis Summary September 30, 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 $ 583 $ 77 $ 660 $ 817 $ 2 $ 819 Commercial mortgage loans held for sale 647 59 706 182 64 246 Securities available for sale U.S. Treasury and government agencies $ 17,946 279 18,225 $ 16,236 280 16,516 Residential mortgage-backed Agency 52,928 52,928 36,321 36,321 Non-agency 165 1,438 1,603 73 1,741 1,814 Commercial mortgage-backed Agency 2,966 2,966 3,118 3,118 Non-agency 3,818 11 3,829 3,372 3,372 Asset-backed 5,032 208 5,240 4,874 240 5,114 Other 4,885 71 4,956 2,834 74 2,908 Total securities available for sale 17,946 70,073 1,728 89,747 16,236 50,872 2,055 69,163 Loans 654 647 1,301 442 300 742 Equity investments (a) 691 1,259 2,236 855 1,276 2,421 Residential mortgage servicing rights 598 598 995 995 Commercial mortgage servicing rights 515 515 649 649 Trading securities (b) 660 1,061 1,721 433 2,787 3,220 Financial derivatives (b) (c) 7,206 137 7,343 3,448 54 3,502 Other assets 344 60 404 339 131 470 Total assets (d) $ 19,641 $ 80,284 $ 5,020 $ 105,231 $ 17,863 $ 58,679 $ 5,395 $ 82,227 Liabilities Other borrowed funds $ 777 $ 41 $ 2 $ 820 $ 385 $ 126 $ 7 $ 518 Financial derivatives (c) (e) 2 2,565 143 2,710 1,819 200 2,019 Other liabilities 90 90 137 137 Total liabilities (f) $ 779 $ 2,606 $ 235 $ 3,620 $ 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 September 30, 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 13 Financial Derivatives for additional information related to derivative offsetting. (d) Total assets at fair value as a percentage of total consolidated assets was 23% and 20% as of September 30, 2020 and December 31, 2019, respectively. Level 3 assets as a percentage of total assets at fair value was 5% and 7% as of September 30, 2020 and December 31, 2019, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both September 30, 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 September 30, 2020 and December 31, 2019. Level 3 liabilities as a percentage of total liabilities at fair value was 6% and 13% as of September 30, 2020 and December 31, 2019, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both September 30, 2020 and December 31, 2019. |
Reconciliation of Level 3 Assets and Liabilities | Table 70 : Reconciliation of Level 3 Assets and Liabilities Three Months Ended September 30, 2020 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Value June 30, 2020 Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage loans $ 88 $ 15 $ (10 ) $ (9 ) $ 3 $ (10 ) $ 77 Commercial mortgage 60 $ (1 ) 59 Securities available for sale Residential mortgage- 1,491 12 $ 18 (83 ) 1,438 Commercial mortgage- 19 (8 ) 11 Asset-backed 210 1 5 (8 ) 208 Other 72 (1 ) 71 Total securities 1,792 13 15 (1 ) (91 ) 1,728 Loans 607 7 63 (3 ) (27 ) 647 $ 7 Equity investments 1,183 63 60 (47 ) 1,259 56 Residential mortgage 577 11 52 $ 12 (54 ) 598 11 Commercial mortgage 490 23 8 20 (26 ) 515 23 Trading securities Financial derivatives 141 41 3 (48 ) 137 52 Other assets Total assets $ 4,938 $ 157 $ 15 $ 200 $ (60 ) $ 32 $ (255 ) $ 3 $ (10 ) $ 5,020 $ 149 Liabilities Other borrowed funds $ 2 $ 2 $ (2 ) $ 2 Financial derivatives 209 $ (10 ) $ 1 (57 ) 143 $ (7 ) Other liabilities 85 7 17 (19 ) 90 6 Total liabilities $ 296 $ (3 ) $ 1 $ 19 $ (78 ) $ 235 $ (1 ) Net gains (losses) $ 160 (f) $ 150 (g) Three Months Ended September 30, 2019 Total realized / unrealized Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2019 Level 3 Instruments Only Fair Value June 30, 2019 Included in Earnings Included in Other comprehensive income (b) Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value Sept. 30, 2019 Assets Residential mortgage loans $ 2 $ 3 $ (1 ) $ 8 $ (8 ) (e) $ 4 Commercial mortgage 73 (1 ) 72 Securities available for sale Residential mortgage- 1,976 $ 23 $ (3 ) (143 ) 1,853 Asset-backed 261 2 1 (12 ) 252 Other 80 1 (3 ) 5 (6 ) 77 Total securities 2,317 26 (6 ) 6 (161 ) 2,182 Loans 259 5 93 $ (7 ) $ 1 (14 ) 2 (10 ) (e) 329 $ 4 Equity investments 1,323 48 65 (46 ) 1,390 50 Residential mortgage 997 (100 ) 22 9 (40 ) 888 (97 ) Commercial mortgage 630 (38 ) 25 13 (35 ) 595 (38 ) Trading securities Financial derivatives 86 17 6 (19 ) 90 16 Other assets Total assets $ 5,687 $ (42 ) $ (6 ) $ 220 $ (53 ) $ 23 $ (271 ) $ 10 $ (18 ) $ 5,550 $ (65 ) Liabilities Other borrowed funds $ 5 $ 13 $ (12 ) $ 6 Financial derivatives 221 $ 8 $ 4 (27 ) 206 $ 13 Other liabilities 78 14 $ 16 13 (16 ) 105 8 Total liabilities $ 304 $ 22 $ 16 $ 4 $ 26 $ (55 ) $ 317 $ 21 Net gains (losses) $ (64 ) (f) $ (86 ) (g) Nine Months Ended September 30, 2020 Total realized / unrealized Unrealized gains / losses on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2020 (a) (c) Level 3 Instruments Only In millions Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Value Sept. 30, 2020 Assets Residential mortgage loans $ 2 $ 22 $ (12 ) $ (12 ) $ 90 $ (13 ) (e) $ 77 Commercial mortgage 64 $ (2 ) (3 ) 59 $ (1 ) Securities available for sale Residential mortgage- 1,741 40 $ (81 ) (262 ) 1,438 Commercial mortgage- (8 ) 19 11 Asset-backed 240 5 (8 ) (29 ) 208 Other 74 (3 ) 3 (3 ) 71 Total securities 2,055 45 (100 ) 3 (294 ) 19 1,728 Loans 300 20 134 (34 ) 313 (d) (86 ) (e) 647 20 Equity investments 1,276 (68 ) 173 (122 ) 1,259 (69 ) Residential mortgage 995 (408 ) 113 $ 34 (136 ) 598 (408 ) Commercial mortgage 649 (143 ) 31 65 (87 ) 515 (144 ) Trading securities Financial derivatives 54 192 9 (118 ) 137 200 Other assets Total assets $ 5,395 $ (364 ) $ (100 ) $ 485 $ (168 ) $ 99 $ (337 ) $ 109 $ (99 ) $ 5,020 $ (402 ) Liabilities Other borrowed funds $ 7 $ 27 $ (32 ) $ 2 Financial derivatives 200 $ 26 $ 3 (86 ) 143 $ 30 Other liabilities 137 13 54 (116 ) $ 2 90 (2 ) Total liabilities $ 344 $ 39 $ 3 $ 81 $ (234 ) $ 2 $ 235 $ 28 Net gains (losses) $ (403 ) (f) $ (430 ) (g) Nine Months Ended September 30, 2019 Total realized / unrealized Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2019 (a) (c) Level 3 Instruments Only In millions Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Value Sept. 30, 2019 Assets Residential mortgage loans $ 2 $ 5 $ (1 ) $ (1 ) $ 12 $ (13 ) (e) $ 4 Commercial mortgage 87 $ 2 (17 ) 72 $ 2 Securities available for sale Residential mortgage- 2,128 59 $ 18 (352 ) 1,853 Asset-backed 274 4 6 1 (33 ) 252 Other 84 1 (4 ) 8 (3 ) (9 ) 77 Total securities 2,486 64 20 9 (3 ) (394 ) 2,182 Loans 272 10 126 (18 ) (39 ) 5 (27 ) (e) 329 6 Equity investments 1,255 104 260 (229 ) 1,390 53 Residential mortgage 1,257 (362 ) 87 $ 23 (117 ) 888 (353 ) Commercial mortgage 726 (126 ) 76 29 (110 ) 595 (126 ) Trading securities 2 (2 ) Financial derivatives 25 104 6 (45 ) 90 100 Other assets 45 (45 ) Total assets $ 6,157 $ (204 ) $ 20 $ 569 $ (251 ) $ 52 $ (770 ) $ 17 $ (40 ) $ 5,550 $ (318 ) Liabilities Other borrowed funds $ 7 $ 39 $ (40 ) $ 6 Financial derivatives 268 $ 58 $ 5 (125 ) 206 $ 65 Other liabilities 58 34 $ 16 2 66 (71 ) 105 20 Total liabilities $ 333 $ 92 $ 16 $ 7 $ 105 $ (236 ) $ 317 $ 85 Net gains (losses) $ (296 ) (f) $ (403 ) (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 71 : Fair Value Measurements – Recurring Quantitative Information September 30, 2020 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 59 Discounted cash flow Spread over the benchmark curve (b) 630bps - 4,490bps (2,784bps) Residential mortgage-backed 1,438 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 37.6% (8.5%) Constant default rate 0.0% - 12.2% (4.7%) Loss severity 25.0% - 95.7% (48.6%) Spread over the benchmark curve (b) 278bps weighted-average Asset-backed securities 208 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 22.0% (7.3%) Constant default rate 1.0% - 7.2% (3.3%) Loss severity 30.0% - 100.0% (59.1%) Spread over the benchmark curve (b) 335bps weighted-average Loans - Residential real estate 436 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (82.1%) Loss severity 0.0% - 100.0% (11.8%) Discount rate 4.8% - 6.8% (5.2%) 125 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 3.2% weighted-average Loans - Home equity 22 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (89.9%) Loss severity 0.0% - 98.4% (35.0%) Discount rate 4.8% - 6.8% (6.3%) 64 Consensus pricing (c) Credit and liquidity discount 17.5% - 97.0% (58.2%) Equity investments 1,259 Multiple of adjusted earnings Multiple of earnings 5.0x - 15.9x (8.6x) Residential mortgage servicing rights 598 Discounted cash flow Constant prepayment rate 0.0% - 56.0% (24.8%) Spread over the benchmark curve (b) 361bps - 3,348bps (927bps) Commercial mortgage servicing rights 515 Discounted cash flow Constant prepayment rate 3.7% - 19.2% (4.7%) Discount rate 4.5% - 7.9% (7.4%) Financial derivatives - Swaps related to (112 ) 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 173 Total Level 3 assets, net of liabilities (e) $ 4,785 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 $ 5.0 billion and total Level 3 liabilities of $.2 billion as of September 30, 2020 and $5.4 billion and $.3 billion as of December 31, 2019 , respectively. |
Fair Value Measurements - Nonrecurring | Table 72 : Fair Value Measurements – Nonrecurring (a) (b) (c) Fair Value Gains (Losses) Three months ended Gains (Losses) In millions September 30 December 31 September 30 September 30 September 30 September 30 Assets Nonaccrual loans $ 346 $ 136 $ (38 ) $ (22 ) $ (73 ) $ (55 ) OREO and foreclosed assets 25 57 (1 ) (2 ) (2 ) (6 ) Long-lived assets 9 5 (4 ) (1 ) (7 ) — Total assets $ 380 $ 198 $ (43 ) $ (25 ) $ (82 ) $ (61 ) (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 73 : Fair Value Option – Fair Value and Principal Balances September 30, 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 Accruing loans less than 90 days past due $ 642 $ 613 $ 29 $ 813 $ 792 $ 21 Accruing loans 90 days or more past due 3 3 2 2 Nonaccrual loans 15 17 (2 ) 4 4 Total $ 660 $ 633 $ 27 $ 819 $ 798 $ 21 Commercial mortgage loans held for sale (a) Accruing loans less than 90 days past due $ 706 $ 700 $ 6 $ 245 $ 263 $ (18 ) Nonaccrual loans 1 2 (1 ) Total $ 706 $ 700 $ 6 $ 246 $ 265 $ (19 ) Loans Accruing loans less than 90 days past due $ 491 $ 504 $ (13 ) $ 291 $ 304 $ (13 ) Accruing loans 90 days or more past due 247 259 (12 ) 285 296 (11 ) Nonaccrual loans 563 828 (265 ) 166 265 (99 ) Total $ 1,301 $ 1,591 $ (290 ) $ 742 $ 865 $ (123 ) Other assets $ 60 $ 61 $ (1 ) $ 132 $ 125 $ 7 Liabilities Other borrowed funds $ 28 $ 28 $ 63 $ 64 $ (1 ) (a) There were no accruing loans 90 days or more past due within this category at September 30, 2020 or December 31, 2019 . |
Fair Value Option - Changes in Fair Value | Table 74 : Fair Value Option – Changes in Fair Value (a) Gains (Losses) Gains (Losses) Three months ended Nine months ended September 30 September 30 September 30 September 30 In millions 2020 2019 2020 2019 Assets Residential mortgage loans held for sale $ 53 $ 29 $ 151 $ 63 Commercial mortgage loans held for sale $ 46 $ 25 $ 106 $ 48 Loans $ 5 $ 7 $ 31 $ 16 Other assets $ 3 $ 3 $ (24 ) $ 24 (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 75 : Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 September 30, 2020 Assets Cash and due from banks $ 6,629 $ 6,629 $ 6,629 Interest-earning deposits with banks 70,959 70,959 $ 70,959 Securities held to maturity 1,442 1,614 932 489 $ 193 Net loans (excludes leases) 235,747 241,681 241,681 Other assets 4,071 4,071 3,945 126 Total assets $ 318,848 $ 324,954 $ 7,561 $ 75,393 $ 242,000 Liabilities Time deposits $ 19,755 $ 19,756 $ 19,756 Borrowed funds 41,290 41,716 39,996 $ 1,720 Unfunded lending related commitments 689 689 689 Other liabilities 395 395 395 Total liabilities $ 62,129 $ 62,556 $ 60,147 $ 2,409 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 lending related commitments 318 318 318 Other liabilities 506 506 506 Total liabilities $ 82,232 $ 82,648 $ 80,553 $ 2,095 |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Total Gross Derivatives | Table 76 : Total Gross Derivatives (a) September 30, 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 $ 27,007 $ 30,663 Cash flow hedges 20,229 $ 9 23,642 $ 6 Foreign exchange contracts: Net investment hedges 1,160 33 1,102 $ 6 Total derivatives designated for hedging $ 48,396 $ 42 $ 55,407 $ 6 $ 6 Derivatives not used for hedging Derivatives used for mortgage banking activities (e): Interest rate contracts: Swaps $ 55,056 $ 52,007 $ 1 Futures (f) 2,809 3,487 Mortgage-backed commitments 13,460 $ 139 $ 82 7,738 60 $ 44 Other 3,580 7 5 3,134 32 23 Total interest rate contracts 74,905 146 87 66,366 93 67 Derivatives used for customer-related activities: Interest rate contracts: Swaps 278,984 6,167 1,717 249,075 2,769 1,187 Futures (f) 1,252 703 Mortgage-backed commitments 4,187 12 11 3,721 2 6 Other 22,057 231 83 21,379 113 33 Total interest rate contracts 306,480 6,410 1,811 274,878 2,884 1,226 Commodity contracts: Swaps 5,566 397 375 5,204 234 229 Other 3,042 100 100 4,203 72 72 Total commodity contracts 8,608 497 475 9,407 306 301 Foreign exchange contracts and other 25,044 211 208 27,120 204 162 Total derivatives for customer-related activities 340,132 7,118 2,494 311,405 3,394 1,689 Derivatives used for other risk management activities: Foreign exchange contracts and other 10,107 37 129 10,201 9 257 Total derivatives not designated for hedging $ 425,144 $ 7,301 $ 2,710 $ 387,972 $ 3,496 $ 2,013 Total gross derivatives $ 473,540 $ 7,343 $ 2,710 $ 443,379 $ 3,502 $ 2,019 Less: Impact of legally enforceable master netting agreements 864 864 690 690 Less: Cash collateral received/paid 1,699 1,308 616 790 Total derivatives $ 4,780 $ 538 $ 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 77 : 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 September 30, 2020 Total amounts on the Consolidated Income Statement $ 2,116 $ 490 $ 118 $ 457 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (13 ) $ 141 Derivatives $ 14 $ (166 ) Amounts related to interest settlements on derivatives $ (3 ) $ 149 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 118 $ 16 For the three months ended September 30, 2019 Total amounts on the Consolidated Income Statement $ 2,678 $ 617 $ 468 $ 342 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 76 $ (271 ) Derivatives $ (73 ) $ 235 Amounts related to interest settlements on derivatives $ 4 $ 16 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 2 $ 3 For the nine months ended September 30, 2020 Total amounts on the Consolidated Income Statement $ 6,853 $ 1,599 $ 619 $ 1,071 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 224 $ (1,300 ) Derivatives $ (219 ) $ 1,220 Amounts related to interest settlements on derivatives $ (7 ) $ 341 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 262 $ 19 $ 1 For the nine months ended September 30, 2019 Total amounts on the Consolidated Income Statement $ 7,952 $ 1,866 $ 1,433 $ 1,017 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 250 $ (1,068 ) Derivatives $ (241 ) $ 948 Amounts related to interest settlements on derivatives $ 14 $ 36 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ (18 ) $ 5 $ 18 (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 78 : Hedged Items - Fair Value Hedges September 30, 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) $ 3,237 $ 59 $ 5,666 $ 59 Borrowed funds $ 28,326 $ 1,850 $ 28,616 $ 548 (a) Includes $(.2) billion and $(.3) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships for September 30, 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 79 : Gains (Losses) on Derivatives Not Designated for Hedging Three months ended Nine months ended In millions 2020 2019 2020 2019 Derivatives used for mortgage banking activities: Interest rate contracts (a) $ 20 $ 184 $ 799 $ 530 Derivatives used for customer-related activities: Interest rate contracts 59 45 99 84 Foreign exchange contracts and other (b) 43 11 83 64 Gains (losses) from customer-related activities (c) 102 56 182 148 Derivatives used for other risk management activities: Foreign exchange contracts and other (c) (106 ) 103 (1 ) 39 Total gains (losses) from derivatives not designated as hedging instruments $ 16 $ 343 $ 980 $ 717 (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 80 : 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 September 30, 2020 Derivative assets Interest rate contracts: Over-the-counter cleared $ 31 $ 31 $ 31 Over-the-counter 6,534 $ 433 $ 1,673 4,428 $ 616 3,812 Commodity contracts 497 299 14 184 184 Foreign exchange and other contracts 281 132 12 137 1 136 Total derivative assets $ 7,343 $ 864 $ 1,699 $ 4,780 (a) $ 617 $ 4,163 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 23 $ 23 $ 23 Over-the-counter 1,875 $ 589 $ 1,159 127 127 Commodity contracts 475 206 59 210 210 Foreign exchange and other contracts 337 69 90 178 178 Total derivative liabilities $ 2,710 $ 864 $ 1,308 $ 538 (b) $ 538 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) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Results of Businesses | Table 81 : Results of Businesses Three months ended September 30 Retail Banking Corporate & Asset Other Consolidated (a) 2020 Income Statement Net interest income $ 1,383 $ 1,012 $ 89 $ — $ 2,484 Noninterest income 673 723 221 180 1,797 Total revenue 2,056 1,735 310 180 4,281 Provision for (recapture of) credit l osses (157 ) 211 (19 ) 17 52 Depreciation and amortization 64 50 11 121 246 Other noninterest expense 1,457 616 200 12 2,285 Income from continuing operations before income taxes (benefit) and noncontrolling interests 692 858 118 30 1,698 Income taxes (benefit) 162 188 27 (211 ) 166 Net income from continuing operations $ 530 $ 670 $ 91 $ 241 $ 1,532 Average Assets $ 98,731 $ 183,266 $ 8,361 $ 171,781 $ 462,139 2019 Income Statement Net interest income $ 1,393 $ 911 $ 70 $ 130 $ 2,504 Noninterest income 744 654 216 124 1,738 Total revenue 2,137 1,565 286 254 4,242 Provision for (recapture of ) credit losses 147 48 (1 ) (11 ) 183 Depreciation and amortization 60 51 11 125 247 Other noninterest expense 1,476 652 217 31 2,376 Income from continuing operations before income taxes (benefit) and 454 814 59 109 1,436 Income taxes (benefit) 107 169 13 (34 ) 255 Net income from continuing operations $ 347 $ 645 $ 46 $ 143 $ 1,181 Average Assets $ 93,222 $ 168,193 $ 7,331 $ 137,963 $ 406,709 Nine months ended September 30 Retail Corporate & Asset Other Consolidated (a) 2020 Income Statement Net interest income $ 4,229 $ 3,014 $ 266 $ 13 $ 7,522 Noninterest income 2,046 2,143 629 353 5,171 Total revenue 6,275 5,157 895 366 12,693 Provision for credit losses 1,049 2,254 23 103 3,429 Depreciation and amortization 188 149 34 366 737 Other noninterest expense 4,369 1,912 613 (42 ) 6,852 Income (loss) from continuing operations before income taxes (benefit) and 669 842 225 (61 ) 1,675 Income taxes (benefit) 161 160 52 (245 ) 128 Net income from continuing operations $ 508 $ 682 $ 173 $ 184 $ 1,547 Average Assets $ 98,764 $ 185,001 $ 8,041 $ 152,223 $ 444,029 2019 Income Statement Net interest income $ 4,118 $ 2,685 $ 208 $ 466 $ 7,477 Noninterest income 1,996 1,891 719 435 5,041 Total revenue 6,114 4,576 927 901 12,518 Provision for (recapture of) credit l osses 356 219 (2 ) (21 ) 552 Depreciation and amortization 170 151 51 366 738 Other noninterest expense 4,361 1,936 656 121 7,074 Income from continuing operations before income taxes (benefit) and 1,227 2,270 222 435 4,154 Income taxes (benefit) 291 471 51 (107 ) 706 Net income from continuing operations $ 936 $ 1,799 $ 171 $ 542 $ 3,448 Average Assets $ 92,282 $ 163,126 $ 7,247 $ 133,944 $ 396,599 (a) There were no material intersegment revenues for the three and nine months ended September 30, 2020 and 2019 . |
Fee-Based Revenue from Contra_2
Fee-Based Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Retail Banking Noninterest Income Disaggregation | Table 82 : Retail Banking Noninterest Income Disaggregation Three months ended Nine months ended In millions 2020 2019 2020 2019 Product Deposit account fees $ 108 $ 166 $ 339 $ 468 Debit card fees 136 139 385 399 Brokerage fees 94 92 273 267 Merchant services 40 55 112 159 Net credit card fees (a) 50 50 130 149 Other 62 65 170 193 Total in-scope noninterest income by product $ 490 $ 567 $ 1,409 $ 1,635 Reconciliation to total Retail Banking noninterest income Total in-scope noninterest income $ 490 $ 567 $ 1,409 $ 1,635 Total out-of-scope noninterest income (b) 183 177 637 361 Total Retail Banking noninterest income $ 673 $ 744 $ 2,046 $ 1,996 (a) Net credit card fees consists of interchange fees of $ 121 million and $128 million and credit card reward costs of $ 71 million and $78 million for the three months ended September 30, 2020 and 2019 , respectively. Net credit card fees consists of interchange fees of $ 341 million and $366 million and credit card reward costs of $211 million and $217 million for the nine months ended September 30, 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 83 : Corporate & Institutional Banking Noninterest Income Disaggregation Three months ended Nine months ended In millions 2020 2019 2020 2019 Product Treasury management fees $ 231 $ 210 $ 665 $ 621 Capital markets fees 132 131 494 407 Commercial mortgage banking activities 31 26 81 75 Other 18 17 55 53 Total in-scope noninterest income by product $ 412 $ 384 $ 1,295 $ 1,156 Reconciliation to total Corporate & Institutional Banking noninterest income Total in-scope noninterest income $ 412 $ 384 $ 1,295 $ 1,156 Total out-of-scope noninterest income (a) 311 270 848 735 Total Corporate & Institutional Banking noninterest income $ 723 $ 654 $ 2,143 $ 1,891 (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 84 : Asset Management Group Noninterest Income Disaggregation Three months ended Nine months ended In millions 2020 2019 2020 2019 Customer Type Personal $ 164 $ 155 $ 465 $ 459 Institutional 51 58 150 187 Total in-scope noninterest income by customer type $ 215 $ 213 $ 615 $ 646 Reconciliation to Asset Management Group noninterest income Total in-scope noninterest income $ 215 $ 213 $ 615 $ 646 Total out-of-scope noninterest income (a) 6 3 14 73 Total Asset Management Group noninterest income $ 221 $ 216 $ 629 $ 719 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - Discontinued Operations, Disposed of by Sale - BlackRock, Inc. | May 18, 2020shares |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued operations, number of shares contributed | 500,000 |
Registered Secondary Offering | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Sale of stock, number of shares issued in transaction (in shares) | 31,600,000 |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Retained earnings | $ (45,947) | $ (45,947) | $ (42,215) | ||||
Held-to-maturity securities, amortized cost | 1,438 | 1,438 | 17,661 | ||||
Held-to-maturity securities, fair value | 1,614 | 1,614 | 18,044 | ||||
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (107) | $ 276 | 2,861 | $ 2,037 | |||
Available for sale debt securities, amortized cost | 86,344 | 86,344 | 67,790 | ||||
Investment securities – available for sale | $ 89,747 | $ 89,747 | $ 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 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Held-to-maturity securities, amortized cost | (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 | ||||||
Accounting Standards Update 2020-04 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Held-to-maturity securities, amortized cost | $ (49) | ||||||
Held-to-maturity securities, fair value | (48) | ||||||
Available for sale debt securities, amortized cost | 49 | ||||||
Investment securities – available for sale | $ 48 |
Discontinued Operations (Consol
Discontinued Operations (Consolidated Income Statement - Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations before taxes | $ 251 | $ 5,777 | $ 700 | |
Income taxes from discontinued operations | 40 | 1,222 | 111 | |
Net income from discontinued operations | 211 | 4,555 | 589 | |
BlackRock, Inc. | Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Noninterest income | 251 | 5,777 | 700 | |
Total revenue | 251 | 5,777 | 700 | |
Income from discontinued operations before taxes | 251 | 5,777 | 700 | |
Income taxes from discontinued operations | 40 | 1,222 | 111 | |
Net income from discontinued operations | $ 0 | $ 211 | $ 4,555 | $ 589 |
Accounting Policies - Impact of
Accounting Policies - Impact of CECL Standard Adoption (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | Jan. 01, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Off-balance sheet credit exposures | $ 689 | $ 689 | $ 318 | $ 662 | |||
Other | 0 | ||||||
Total allowance for credit losses | 3,060 | ||||||
Retained earnings | 45,947 | 45,947 | 42,215 | ||||
Income taxes from continuing operations | 166 | $ 255 | 128 | $ 706 | |||
Total commercial | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Off-balance sheet credit exposures | 582 | 582 | 316 | 548 | |||
Total consumer | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Off-balance sheet credit exposures | $ 107 | $ 107 | 2 | 114 | |||
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 | $ 179 | |||||
Other | 19 | ||||||
Total allowance for credit losses | 700 | 661 | |||||
Retained earnings | (671) | ||||||
Fair Value - Assets | 200 | ||||||
Income taxes from continuing operations | 200 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Total commercial | 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 | 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 | 662 | 497 | ||||
Other | 19 | ||||||
Total allowance for credit losses | 3,721 | ||||||
Retained earnings | $ 41,544 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Total commercial | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Off-balance sheet credit exposures | 369 | 548 | |||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Total consumer | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Off-balance sheet credit exposures | $ 128 | $ 114 |
Discontinued Operations (Cons_2
Discontinued Operations (Consolidated Statement of Cash Flows - Discontinued Operations) (Details) - BlackRock, Inc. - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net cash provided (used) by operating activities of discontinued operations | $ (1,981) | $ 233 |
Net cash provided by investing activities of discontinued operations | $ 14,225 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Schedule of Investments [Line Items] | ||||||
Investment securities, allowance for credit loss | $ 71 | $ 71 | ||||
Provision for credit losses on investment securities | 39 | 69 | ||||
Available for sale debt securities, amortized cost | 86,344 | 86,344 | $ 67,790 | |||
Available-for-sale securities, fair value | 89,747 | 89,747 | 69,163 | |||
Investment securities, net unsettled investment purchases | 700 | 700 | $ 300 | |||
Held-to-maturity securities, amortized cost | 1,438 | 1,438 | 17,661 | |||
Held-to-maturity securities, fair value | 1,614 | 1,614 | $ 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 | 36,900 | 36,900 | ||||
Fair value of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | 38,300 | 38,300 | ||||
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 | 9,800 | 9,800 | ||||
Fair value of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | $ 10,100 | $ 10,100 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2019-04 | ||||||
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) | |||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-04 | ||||||
Schedule of Investments [Line Items] | ||||||
Available for sale debt securities, amortized cost | $ 49 | |||||
Available-for-sale securities, fair value | 48 | |||||
Held-to-maturity securities, amortized cost | (49) | |||||
Held-to-maturity securities, fair value | $ (48) |
Investment Securities (Summary)
Investment Securities (Summary) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale debt securities, amortized cost | $ 86,344 | $ 67,790 |
Securities available for sale debt securities, unrealized gains | 3,553 | 1,471 |
Securities available for sale debt securities, unrealized losses | (150) | (98) |
Investment securities – available for sale | 89,747 | 69,163 |
Held to maturity securities, amortized cost | 1,438 | 17,661 |
Held-to-maturity securities, unrealized gains | 184 | 423 |
Held-to-maturity securities, unrealized losses | (8) | (40) |
Held-to-maturity securities, fair value | 1,614 | 18,044 |
Debt securities, available-for-sale, accrued interest | 242 | |
Debt securities, held-to-maturity, accrued interest | 2 | |
Debt securities, available-for-sale, allowance for credit loss | 68 | |
Debt securities, held-to-maturity, allowance for credit loss | $ 3 | |
Credit Concentration Risk [Member] | Fitch, AAA or AA Rating [Member] | ||
Debt Securities, Held-to-maturity [Abstract] | ||
Concentration risk, percentage | 85.00% | |
US Treasury and Government [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale debt securities, amortized cost | $ 17,273 | 16,150 |
Securities available for sale debt securities, unrealized gains | 954 | 382 |
Securities available for sale debt securities, unrealized losses | (2) | (16) |
Investment securities – available for sale | 18,225 | 16,516 |
Held to maturity securities, amortized cost | 790 | 776 |
Held-to-maturity securities, unrealized gains | 142 | 56 |
Held-to-maturity securities, fair value | 932 | 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 | 51,202 | 35,847 |
Securities available for sale debt securities, unrealized gains | 1,737 | 517 |
Securities available for sale debt securities, unrealized losses | (11) | (43) |
Investment securities – available for sale | 52,928 | 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 | 1,376 | 1,515 |
Securities available for sale debt securities, unrealized gains | 243 | 302 |
Securities available for sale debt securities, unrealized losses | (16) | (3) |
Investment securities – available for sale | 1,603 | 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 | 2,824 | 3,094 |
Securities available for sale debt securities, unrealized gains | 144 | 42 |
Securities available for sale debt securities, unrealized losses | (2) | (18) |
Investment securities – available for sale | 2,966 | 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 | 3,851 | 3,352 |
Securities available for sale debt securities, unrealized gains | 73 | 29 |
Securities available for sale debt securities, unrealized losses | (95) | (9) |
Investment securities – available for sale | 3,829 | 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 | 5,158 | 5,044 |
Securities available for sale debt securities, unrealized gains | 105 | 78 |
Securities available for sale debt securities, unrealized losses | (23) | (8) |
Investment securities – available for sale | 5,240 | 5,114 |
Held to maturity securities, amortized cost | 52 | |
Held-to-maturity securities, fair value | 52 | |
Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale debt securities, amortized cost | 4,660 | 2,788 |
Securities available for sale debt securities, unrealized gains | 297 | 121 |
Securities available for sale debt securities, unrealized losses | (1) | (1) |
Investment securities – available for sale | 4,956 | 2,908 |
Held to maturity securities, amortized cost | 648 | 1,792 |
Held-to-maturity securities, unrealized gains | 42 | 85 |
Held-to-maturity securities, unrealized losses | (8) | (14) |
Held-to-maturity securities, fair value | $ 682 | $ 1,863 |
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 | Sep. 30, 2020USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | $ (62) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 5,696 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (29) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 1,284 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (91) |
Debt securities, available-for-sale, unrealized loss position | 6,980 |
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 | (2) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 167 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (2) |
Debt securities, available-for-sale, unrealized loss position | 167 |
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 | (9) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 2,860 |
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 | 102 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (11) |
Debt securities, available-for-sale, unrealized loss position | 2,962 |
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 | (9) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 160 |
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 | 73 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (16) |
Debt securities, available-for-sale, unrealized loss position | 233 |
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, 12 months or longer, accumulated loss | (2) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 132 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (2) |
Debt securities, available-for-sale, unrealized loss position | 132 |
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 | (34) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 1,638 |
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 | 236 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (36) |
Debt securities, available-for-sale, unrealized loss position | 1,874 |
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 | (7) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 844 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (16) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 741 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (23) |
Debt securities, available-for-sale, unrealized loss position | 1,585 |
Other [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 | 27 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (1) |
Debt securities, available-for-sale, unrealized loss position | $ 27 |
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 | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Investment Securities Disclosure [Abstract] | ||
Gross Gains | $ 256 | $ 57 |
Gross Losses | (2) | (21) |
Net Gains (Losses) | 254 | 36 |
Tax Expense (Benefit) | $ 53 | $ 8 |
Investment Securities (Contract
Investment Securities (Contractual Maturity of Securities) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Securities [Line Items] | ||
Document Period End Date | Sep. 30, 2020 | |
Available for Sale Securities, Amortized Cost, 1 year or less | $ 4,828 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 14,447 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 8,595 | |
Available for Sale Securities, Amortized Cost, After 10 years | 58,474 | |
Securities available for sale debt securities, amortized cost | 86,344 | $ 67,790 |
Available-for-sale Securities, Fair value, 1 year or less | 4,848 | |
Available-for-sale Securities, Fair value, After 1 year through 5 years | 15,081 | |
Available-for-sale Securities, Fair value, After 5 years through 10 years | 9,048 | |
Available-for-sale Securities, Fair value, After 10 years | 60,770 | |
Available-for-sale Securities, Fair value, Total | $ 89,747 | 69,163 |
Weighted-average yield, GAAP basis, available for sale securities | 2.62% | |
Held to Maturity Securities, Amortized Cost, 1 year or less | $ 14 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 636 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 421 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 367 | |
Held to maturity securities, amortized cost | 1,438 | 17,661 |
Held-to-maturity Securities, Fair Value, 1 year or less | 14 | |
Held-to-maturity Securities, Fair Value, After 1 year through 5 years | 677 | |
Held-to-maturity Securities, Fair Value, After 5 years through 10 years | 513 | |
Held-to-maturity Securities, Fair Value, After 10 years | 410 | |
Held-to-maturity Securities, Debt Maturities, Fair Value, Total | $ 1,614 | $ 18,044 |
Weighted-average yield, GAAP basis, held to maturity securities | 3.29% | |
One Year or Less [Member] | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 1.10% | |
Weighted-average yield, GAAP basis, held to maturity securities | 2.93% | |
After One Year Through Five Years [Member] | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.08% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.28% | |
After Five Years Through Ten Years [Member] | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.05% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.93% | |
After Ten Years [Member] | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.92% | |
Weighted-average yield, GAAP basis, held to maturity securities | 2.48% | |
US Treasury and Government [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | $ 3,891 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 9,478 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 2,979 | |
Available for Sale Securities, Amortized Cost, After 10 years | 925 | |
Securities available for sale debt securities, amortized cost | 17,273 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 199 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 309 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 282 | |
Held to maturity securities, amortized cost | 790 | |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 1 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 155 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 2,098 | |
Available for Sale Securities, Amortized Cost, After 10 years | 48,948 | |
Securities available for sale debt securities, amortized cost | 51,202 | |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 10 years | 1,376 | |
Securities available for sale debt securities, amortized cost | 1,376 | |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 21 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 609 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 663 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,531 | |
Securities available for sale debt securities, amortized cost | 2,824 | |
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 | 83 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 247 | |
Available for Sale Securities, Amortized Cost, After 10 years | 3,521 | |
Securities available for sale debt securities, amortized cost | 3,851 | |
Asset backed [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 26 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 2,625 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 1,316 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,191 | |
Securities available for sale debt securities, amortized cost | 5,158 | |
Other [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 889 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 1,497 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 1,292 | |
Available for Sale Securities, Amortized Cost, After 10 years | 982 | |
Securities available for sale debt securities, amortized cost | 4,660 | |
Held to Maturity Securities, Amortized Cost, 1 year or less | 14 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 437 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 112 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 85 | |
Held to maturity securities, amortized cost | $ 648 |
Investment Securities (Fair Val
Investment Securities (Fair Value of Securities Pledged and Accepted as Collateral) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Investment Securities Disclosure [Abstract] | ||
Pledged to others | $ 23,268 | $ 14,609 |
Permitted by contract or custom to sell or repledge | 710 | 2,349 |
Permitted amount repledged to others | $ 710 | 360 |
Fair value of securities received as collateral that have not been repledged | $ 2,000 |
Loans and Related Allowance f_3
Loans and Related Allowance for Credit Losses (Analysis of Loan Portfolio) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 249,279 | $ 239,843 |
% of Loans | 100.00% | 100.00% |
Unearned income, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans | $ 1,400 | $ 1,100 |
Collateral Dependent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,200 | |
Other Assets [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, accrued interest | 700 | |
Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 245,393 | $ 234,819 |
% of Loans | 98.43% | 97.90% |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 539 | $ 661 |
% of Loans | 0.22% | 0.28% |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 251 | $ 258 |
% of Loans | 0.10% | 0.11% |
90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 448 | $ 585 |
% of Loans | 0.18% | 0.24% |
Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 1,238 | $ 1,504 |
% of Loans | 0.50% | 0.63% |
Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 2,085 | $ 1,635 |
% of Loans | 0.84% | 0.68% |
Fair Value Option Nonaccrual Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 563 | $ 166 |
% of Loans | 0.23% | 0.07% |
Purchased Impaired Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 1,719 | |
% of Loans | 0.72% | |
Total commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 172,694 | $ 160,602 |
Total commercial | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 171,627 | 159,825 |
Total commercial | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 69 | 155 |
Total commercial | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 47 | 36 |
Total commercial | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 36 | 85 |
Total commercial | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 152 | 276 |
Total commercial | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 915 | 501 |
Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 76,585 | 79,241 |
Total consumer | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 73,766 | 74,994 |
Total consumer | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 470 | 506 |
Total consumer | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 204 | 222 |
Total consumer | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 412 | 500 |
Total consumer | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,086 | 1,228 |
Total consumer | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,170 | 1,134 |
Total consumer | Fair Value Option Nonaccrual Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 563 | 166 |
Total consumer | Purchased Impaired Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,719 | |
Commercial and industrial [Member] | Total commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 137,187 | 125,337 |
Commercial and industrial [Member] | Total commercial | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 136,381 | 124,695 |
Commercial and industrial [Member] | Total commercial | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 56 | 102 |
Commercial and industrial [Member] | Total commercial | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 37 | 30 |
Commercial and industrial [Member] | Total commercial | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 36 | 85 |
Commercial and industrial [Member] | Total commercial | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 129 | 217 |
Commercial and industrial [Member] | Total commercial | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 677 | 425 |
Commercial Real Estate [Member] | Total commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 29,028 | 28,110 |
Commercial Real Estate [Member] | Total commercial | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 28,799 | 28,061 |
Commercial Real Estate [Member] | Total commercial | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6 | 4 |
Commercial Real Estate [Member] | Total commercial | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6 | 1 |
Commercial Real Estate [Member] | Total commercial | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 12 | 5 |
Commercial Real Estate [Member] | Total commercial | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 217 | 44 |
Equipment Lease Financing [Member] | Total commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,479 | 7,155 |
Equipment Lease Financing [Member] | Total commercial | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,447 | 7,069 |
Equipment Lease Financing [Member] | Total commercial | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7 | 49 |
Equipment Lease Financing [Member] | Total commercial | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 4 | 5 |
Equipment Lease Financing [Member] | Total commercial | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 11 | 54 |
Equipment Lease Financing [Member] | Total commercial | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 21 | 32 |
Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 24,539 | 25,085 |
Home Equity [Member] | Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 24,539 | 25,085 |
Home Equity [Member] | Total consumer | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 23,774 | 23,791 |
Home Equity [Member] | Total consumer | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 48 | 58 |
Home Equity [Member] | Total consumer | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 22 | 24 |
Home Equity [Member] | Total consumer | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 70 | 82 |
Home Equity [Member] | Total consumer | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 639 | 669 |
Home Equity [Member] | Total consumer | Fair Value Option Nonaccrual Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 56 | |
Home Equity [Member] | Total consumer | 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 | 22,886 | 21,821 |
Residential Real Estate [Member] | Government Insured or Guaranteed Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 851 | 584 |
Residential Real Estate [Member] | Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 22,886 | 21,821 |
Residential Real Estate [Member] | Total consumer | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 21,503 | 19,640 |
Residential Real Estate [Member] | Total consumer | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 188 | 140 |
Residential Real Estate [Member] | Total consumer | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 80 | 69 |
Residential Real Estate [Member] | Total consumer | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 269 | 315 |
Residential Real Estate [Member] | Total consumer | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 537 | 524 |
Residential Real Estate [Member] | Total consumer | 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 | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 339 | 315 |
Residential Real Estate [Member] | Total consumer | Fair Value Option Nonaccrual Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 507 | 166 |
Residential Real Estate [Member] | Total consumer | Purchased Impaired Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,176 | |
Automobile [Member] | Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 14,977 | 16,754 |
Automobile [Member] | Total consumer | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 14,646 | 16,376 |
Automobile [Member] | Total consumer | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 116 | 178 |
Automobile [Member] | Total consumer | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 32 | 47 |
Automobile [Member] | Total consumer | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 12 | 18 |
Automobile [Member] | Total consumer | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 160 | 243 |
Automobile [Member] | Total consumer | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 171 | 135 |
Credit Card [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7,308 | |
Credit Card [Member] | Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,303 | 7,308 |
Credit Card [Member] | Total consumer | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,153 | 7,133 |
Credit Card [Member] | Total consumer | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 44 | 60 |
Credit Card [Member] | Total consumer | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 33 | 37 |
Credit Card [Member] | Total consumer | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 60 | 67 |
Credit Card [Member] | Total consumer | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 137 | 164 |
Credit Card [Member] | Total consumer | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 13 | 11 |
Education [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,051 | 3,336 |
Education [Member] | Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,051 | 3,336 |
Education [Member] | Total consumer | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,905 | 3,156 |
Education [Member] | Total consumer | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 57 | 55 |
Education [Member] | Total consumer | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 26 | 34 |
Education [Member] | Total consumer | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 63 | 91 |
Education [Member] | Total consumer | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 146 | 180 |
Education [Member] | Total consumer | Total Past Due [Member] | Government Insured or Guaranteed Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 100 | 200 |
Other Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 4,829 | 4,937 |
Other Consumer [Member] | Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 4,829 | 4,937 |
Other Consumer [Member] | Total consumer | Current or Less Than 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 4,785 | 4,898 |
Other Consumer [Member] | Total consumer | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 17 | 15 |
Other Consumer [Member] | Total consumer | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 11 | 11 |
Other Consumer [Member] | Total consumer | 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 8 | 9 |
Other Consumer [Member] | Total consumer | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 36 | 35 |
Other Consumer [Member] | Total consumer | Nonperforming Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 8 | $ 4 |
Loans and Related Allowance f_4
Loans and Related Allowance for Credit Losses (Narrative) (Details) - USD ($) $ in Billions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Increase (decrease) in financing receivable and off-balance sheet, credit loss, allowance | $ 2.7 | |
Nonperforming Financial Instruments [Member] | ||
Troubled debt restructurings (TDRs) | 0.8 | $ 0.9 |
Performing, including Consumer Credit Card TDRs [Member] | ||
Troubled debt restructurings (TDRs) | 0.8 | 0.8 |
Federal Reserve Bank [Member] | ||
Loans pledged as collateral for the ability to borrow | 30.5 | 16.9 |
Federal Home Loan Bank [Member] | ||
Loans pledged as collateral for the ability to borrow | 68.9 | $ 68 |
Total commercial | ||
Increase (decrease) in commercial reserves | 2.2 | |
Total consumer | ||
Increase (decrease) in consumer reserves | $ 0.5 |
Loans and Related Allowance f_5
Loans and Related Allowance for Credit Losses (Nonperforming Assets) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Document Period End Date | Sep. 30, 2020 | |
Nonperforming loans | $ 2,085 | $ 1,635 |
OREO and foreclosed assets | 67 | 117 |
Total nonperforming assets | $ 2,152 | $ 1,752 |
Nonperforming loans to total loans | 0.84% | 0.68% |
Nonperforming assets to total loans, OREO and foreclosed assets | 0.86% | 0.73% |
Nonperforming assets to total assets | 0.47% | 0.43% |
Nonperforming loans, without allowance for credit losses | $ 600 | |
Total commercial | ||
Nonperforming loans | 915 | $ 501 |
Total consumer | ||
Nonperforming loans | $ 1,170 | $ 1,134 |
Loans and Related Allowance f_6
Loans and Related Allowance for Credit Losses (Commercial Lending Asset Quality Indicators) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 249,279 | $ 239,843 |
Total commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 35,245 | |
Financing receivable, originated in 2019 | 23,543 | |
Financing receivable, originated in 2018 | 14,782 | |
Financing receivable, originated in 2017 | 11,417 | |
Financing receivable, originated in 2016 | 8,230 | |
Prior | 18,261 | |
Revolving Loans | 61,142 | |
Revolving Loans Converted to Term | 74 | |
Total Loans | 172,694 | 160,602 |
Total commercial | Commercial and industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 30,716 | |
Financing receivable, originated in 2019 | 15,499 | |
Financing receivable, originated in 2018 | 9,966 | |
Financing receivable, originated in 2017 | 6,856 | |
Financing receivable, originated in 2016 | 4,748 | |
Prior | 8,447 | |
Revolving Loans | 60,881 | |
Revolving Loans Converted to Term | 74 | |
Total Loans | 137,187 | 125,337 |
Total commercial | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 3,420 | |
Financing receivable, originated in 2019 | 6,691 | |
Financing receivable, originated in 2018 | 3,678 | |
Financing receivable, originated in 2017 | 3,689 | |
Financing receivable, originated in 2016 | 2,962 | |
Prior | 8,327 | |
Revolving Loans | 261 | |
Revolving Loans Converted to Term | ||
Total Loans | 29,028 | 28,110 |
Total commercial | Equipment Lease Financing [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 1,109 | |
Financing receivable, originated in 2019 | 1,353 | |
Financing receivable, originated in 2018 | 1,138 | |
Financing receivable, originated in 2017 | 872 | |
Financing receivable, originated in 2016 | 520 | |
Prior | 1,487 | |
Total Loans | 6,479 | 7,155 |
Pass [Member] | Total commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 154,076 | |
Pass [Member] | Total commercial | Commercial and industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 30,385 | |
Financing receivable, originated in 2019 | 14,778 | |
Financing receivable, originated in 2018 | 9,241 | |
Financing receivable, originated in 2017 | 6,474 | |
Financing receivable, originated in 2016 | 4,531 | |
Prior | 7,916 | |
Revolving Loans | 56,000 | |
Revolving Loans Converted to Term | 55 | |
Total Loans | 129,380 | 119,761 |
Pass [Member] | Total commercial | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 3,226 | |
Financing receivable, originated in 2019 | 6,552 | |
Financing receivable, originated in 2018 | 3,625 | |
Financing receivable, originated in 2017 | 3,384 | |
Financing receivable, originated in 2016 | 2,622 | |
Prior | 7,574 | |
Revolving Loans | 164 | |
Total Loans | 27,147 | 27,424 |
Pass [Member] | Total commercial | Equipment Lease Financing [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 1,048 | |
Financing receivable, originated in 2019 | 1,258 | |
Financing receivable, originated in 2018 | 1,043 | |
Financing receivable, originated in 2017 | 826 | |
Financing receivable, originated in 2016 | 494 | |
Prior | 1,454 | |
Total Loans | 6,123 | 6,891 |
Criticized [Member] | Total commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 6,526 | |
Criticized [Member] | Total commercial | Commercial and industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 331 | |
Financing receivable, originated in 2019 | 721 | |
Financing receivable, originated in 2018 | 725 | |
Financing receivable, originated in 2017 | 382 | |
Financing receivable, originated in 2016 | 217 | |
Prior | 531 | |
Revolving Loans | 4,881 | |
Revolving Loans Converted to Term | 19 | |
Total Loans | 7,807 | 5,576 |
Criticized [Member] | Total commercial | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 194 | |
Financing receivable, originated in 2019 | 139 | |
Financing receivable, originated in 2018 | 53 | |
Financing receivable, originated in 2017 | 305 | |
Financing receivable, originated in 2016 | 340 | |
Prior | 753 | |
Revolving Loans | 97 | |
Total Loans | 1,881 | 686 |
Criticized [Member] | Total commercial | Equipment Lease Financing [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 61 | |
Financing receivable, originated in 2019 | 95 | |
Financing receivable, originated in 2018 | 95 | |
Financing receivable, originated in 2017 | 46 | |
Financing receivable, originated in 2016 | 26 | |
Prior | 33 | |
Total Loans | $ 356 | $ 264 |
Loans and Related Allowance f_7
Loans and Related Allowance for Credit Losses (Home Equity and Residential Real Estate Credit Quality Indicators) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 249,279 | $ 239,843 |
Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 2,643 | |
Financing receivable, originated in 2019 | 2,257 | |
Financing receivable, originated in 2018 | 660 | |
Financing receivable, originated in 2017 | 921 | |
Financing receivable, originated in 2016 | 768 | |
Prior | 4,394 | |
Revolving Loans | 9,233 | |
Revolving Loans Converted to Term | 3,663 | |
Total Loans | 24,539 | 25,085 |
Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 6,194 | |
Financing receivable, originated in 2019 | 4,883 | |
Financing receivable, originated in 2018 | 1,417 | |
Financing receivable, originated in 2017 | 2,290 | |
Financing receivable, originated in 2016 | 2,389 | |
Prior | 5,713 | |
Total Loans | 22,886 | 21,821 |
FICO Score- Greater than 660 [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 2,580 | |
Financing receivable, originated in 2019 | 2,156 | |
Financing receivable, originated in 2018 | 605 | |
Financing receivable, originated in 2017 | 867 | |
Financing receivable, originated in 2016 | 725 | |
Prior | 3,955 | |
Revolving Loans | 8,818 | |
Revolving Loans Converted to Term | 2,846 | |
Total Loans | 22,552 | 22,245 |
FICO Score- Greater than 660 [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 6,151 | |
Financing receivable, originated in 2019 | 4,813 | |
Financing receivable, originated in 2018 | 1,362 | |
Financing receivable, originated in 2017 | 2,215 | |
Financing receivable, originated in 2016 | 2,272 | |
Prior | 4,295 | |
Total Loans | 21,108 | 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 | 62 | |
Financing receivable, originated in 2019 | 101 | |
Financing receivable, originated in 2018 | 54 | |
Financing receivable, originated in 2017 | 53 | |
Financing receivable, originated in 2016 | 42 | |
Prior | 429 | |
Revolving Loans | 402 | |
Revolving Loans Converted to Term | 732 | |
Total Loans | 1,875 | 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 | 36 | |
Financing receivable, originated in 2019 | 45 | |
Financing receivable, originated in 2018 | 30 | |
Financing receivable, originated in 2017 | 37 | |
Financing receivable, originated in 2016 | 62 | |
Prior | 567 | |
Total Loans | 777 | 569 |
No FICO Score Available [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 1 | |
Financing receivable, originated in 2018 | 1 | |
Financing receivable, originated in 2017 | 1 | |
Financing receivable, originated in 2016 | 1 | |
Prior | 10 | |
Revolving Loans | 13 | |
Revolving Loans Converted to Term | 85 | |
Total Loans | 112 | 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 | 2 | |
Financing receivable, originated in 2018 | 2 | |
Financing receivable, originated in 2017 | 4 | |
Financing receivable, originated in 2016 | 6 | |
Prior | 134 | |
Total Loans | 150 | 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 2020 | 5 | |
Financing receivable, originated in 2019 | 23 | |
Financing receivable, originated in 2018 | 23 | |
Financing receivable, originated in 2017 | 34 | |
Financing receivable, originated in 2016 | 49 | |
Prior | 717 | |
Total Loans | 851 | 584 |
LTV Greater Than Or Equal To 100 Percent [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 5 | |
Financing receivable, originated in 2019 | 41 | |
Financing receivable, originated in 2018 | 18 | |
Financing receivable, originated in 2017 | 17 | |
Financing receivable, originated in 2016 | 10 | |
Prior | 100 | |
Revolving Loans | 605 | |
Revolving Loans Converted to Term | 309 | |
Total Loans | 1,105 | 1,243 |
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 | 34 | |
Financing receivable, originated in 2018 | 33 | |
Financing receivable, originated in 2017 | 49 | |
Financing receivable, originated in 2016 | 49 | |
Prior | 189 | |
Total Loans | 354 | 333 |
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 2020 | 29 | |
Financing receivable, originated in 2019 | 95 | |
Financing receivable, originated in 2018 | 21 | |
Financing receivable, originated in 2017 | 15 | |
Financing receivable, originated in 2016 | 8 | |
Prior | 69 | |
Revolving Loans | 687 | |
Revolving Loans Converted to Term | 226 | |
Total Loans | 1,150 | 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 | 15 | |
Financing receivable, originated in 2019 | 69 | |
Financing receivable, originated in 2018 | 32 | |
Financing receivable, originated in 2017 | 54 | |
Financing receivable, originated in 2016 | 37 | |
Prior | 114 | |
Total Loans | 321 | 340 |
LTV Less Than 90 Percent [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 2,609 | |
Financing receivable, originated in 2019 | 2,121 | |
Financing receivable, originated in 2018 | 621 | |
Financing receivable, originated in 2017 | 889 | |
Financing receivable, originated in 2016 | 750 | |
Prior | 4,225 | |
Revolving Loans | 7,941 | |
Revolving Loans Converted to Term | 3,128 | |
Total Loans | 22,284 | 22,068 |
LTV Less Than 90 Percent [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 6,174 | |
Financing receivable, originated in 2019 | 4,757 | |
Financing receivable, originated in 2018 | 1,329 | |
Financing receivable, originated in 2017 | 2,153 | |
Financing receivable, originated in 2016 | 2,254 | |
Prior | 4,693 | |
Total Loans | $ 21,360 | 19,305 |
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 and Related Allowance f_8
Loans and Related Allowance for Credit Losses (Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes) (Details) $ in Millions | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 249,279 | $ 239,843 |
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 | 2,979 | |
Financing receivable, originated in 2019 | 6,112 | |
Financing receivable, originated in 2018 | 3,279 | |
Financing receivable, originated in 2017 | 1,604 | |
Financing receivable, originated in 2016 | 767 | |
Prior | 236 | |
Total Loans | 14,977 | $ 16,754 |
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 | 2,184 | |
Financing receivable, originated in 2019 | 3,573 | |
Financing receivable, originated in 2018 | 1,663 | |
Financing receivable, originated in 2017 | 916 | |
Financing receivable, originated in 2016 | 496 | |
Prior | 141 | |
Total Loans | 8,973 | $ 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 | 630 | |
Financing receivable, originated in 2019 | 1,642 | |
Financing receivable, originated in 2018 | 929 | |
Financing receivable, originated in 2017 | 403 | |
Financing receivable, originated in 2016 | 162 | |
Prior | 53 | |
Total Loans | 3,819 | 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 | 90 | |
Financing receivable, originated in 2019 | 365 | |
Financing receivable, originated in 2018 | 213 | |
Financing receivable, originated in 2017 | 83 | |
Financing receivable, originated in 2016 | 31 | |
Prior | 12 | |
Total Loans | 794 | 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 | 75 | |
Financing receivable, originated in 2019 | 532 | |
Financing receivable, originated in 2018 | 474 | |
Financing receivable, originated in 2017 | 202 | |
Financing receivable, originated in 2016 | 78 | |
Prior | 30 | |
Total Loans | 1,391 | 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 | 6,203 | |
Revolving Loans Converted to Term | 100 | |
Total Loans | 6,303 | $ 7,308 |
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 | 3,309 | |
Revolving Loans Converted to Term | 13 | |
Total Loans | 3,322 | $ 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 | 2,033 | |
Revolving Loans Converted to Term | 31 | |
Total Loans | 2,064 | 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 | 348 | |
Revolving Loans Converted to Term | 13 | |
Total Loans | 361 | 419 |
Credit Card [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 419 | |
Revolving Loans Converted to Term | 40 | |
Total Loans | 459 | 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 | 94 | |
Revolving Loans Converted to Term | 3 | |
Total Loans | 97 | 152 |
Education [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 64 | |
Financing receivable, originated in 2019 | 167 | |
Financing receivable, originated in 2018 | 141 | |
Financing receivable, originated in 2017 | 105 | |
Financing receivable, originated in 2016 | 83 | |
Prior | 2,491 | |
Total Loans | 3,051 | 3,336 |
Education [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 34 | |
Financing receivable, originated in 2019 | 109 | |
Financing receivable, originated in 2018 | 141 | |
Financing receivable, originated in 2017 | 105 | |
Financing receivable, originated in 2016 | 83 | |
Prior | 785 | |
Total Loans | 1,257 | $ 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 | 17 | |
Financing receivable, originated in 2019 | 88 | |
Financing receivable, originated in 2018 | 117 | |
Financing receivable, originated in 2017 | 89 | |
Financing receivable, originated in 2016 | 73 | |
Prior | 651 | |
Total Loans | 1,035 | $ 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 | 6 | |
Financing receivable, originated in 2019 | 10 | |
Financing receivable, originated in 2018 | 14 | |
Financing receivable, originated in 2017 | 9 | |
Financing receivable, originated in 2016 | 7 | |
Prior | 102 | |
Total Loans | 148 | 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 | 15 | |
Total Loans | 20 | 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 2018 | 1 | |
Financing receivable, originated in 2017 | 1 | |
Financing receivable, originated in 2016 | 1 | |
Prior | 16 | |
Total Loans | 19 | 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 | 11 | |
Financing receivable, originated in 2019 | 10 | |
Financing receivable, originated in 2018 | 7 | |
Financing receivable, originated in 2017 | 5 | |
Financing receivable, originated in 2016 | 1 | |
Prior | 1 | |
Total Loans | 35 | 15 |
Education [Member] | Other Internal Credit Metrics [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 30 | |
Financing receivable, originated in 2019 | 58 | |
Prior | 1,706 | |
Total Loans | 1,794 | 1,933 |
Other Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 551 | |
Financing receivable, originated in 2019 | 881 | |
Financing receivable, originated in 2018 | 359 | |
Financing receivable, originated in 2017 | 114 | |
Financing receivable, originated in 2016 | 84 | |
Prior | 176 | |
Revolving Loans | 2,647 | |
Revolving Loans Converted to Term | 17 | |
Total Loans | 4,829 | 4,937 |
Other Consumer [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 488 | |
Financing receivable, originated in 2019 | 840 | |
Financing receivable, originated in 2018 | 319 | |
Financing receivable, originated in 2017 | 86 | |
Financing receivable, originated in 2016 | 23 | |
Prior | 99 | |
Revolving Loans | 401 | |
Revolving Loans Converted to Term | 3 | |
Total Loans | 2,259 | $ 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 | 338 | |
Financing receivable, originated in 2019 | 487 | |
Financing receivable, originated in 2018 | 164 | |
Financing receivable, originated in 2017 | 50 | |
Financing receivable, originated in 2016 | 14 | |
Prior | 69 | |
Revolving Loans | 209 | |
Revolving Loans Converted to Term | 1 | |
Total Loans | 1,332 | $ 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 | 129 | |
Financing receivable, originated in 2019 | 273 | |
Financing receivable, originated in 2018 | 112 | |
Financing receivable, originated in 2017 | 25 | |
Financing receivable, originated in 2016 | 6 | |
Prior | 19 | |
Revolving Loans | 138 | |
Revolving Loans Converted to Term | 1 | |
Total Loans | 703 | 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 | 12 | |
Financing receivable, originated in 2019 | 42 | |
Financing receivable, originated in 2018 | 18 | |
Financing receivable, originated in 2017 | 4 | |
Financing receivable, originated in 2016 | 1 | |
Prior | 4 | |
Revolving Loans | 22 | |
Total Loans | 103 | 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 | 9 | |
Financing receivable, originated in 2019 | 38 | |
Financing receivable, originated in 2018 | 25 | |
Financing receivable, originated in 2017 | 7 | |
Financing receivable, originated in 2016 | 2 | |
Prior | 7 | |
Revolving Loans | 32 | |
Revolving Loans Converted to Term | 1 | |
Total Loans | 121 | 143 |
Other Consumer [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 27 | |
Other Consumer [Member] | Other Internal Credit Metrics [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in 2020 | 63 | |
Financing receivable, originated in 2019 | 41 | |
Financing receivable, originated in 2018 | 40 | |
Financing receivable, originated in 2017 | 28 | |
Financing receivable, originated in 2016 | 61 | |
Prior | 77 | |
Revolving Loans | 2,246 | |
Revolving Loans Converted to Term | 14 | |
Total Loans | $ 2,570 | $ 2,371 |
Loans and Related Allowance f_9
Loans and Related Allowance for Credit Losses (Financial Impact and TDRs by Concession Type) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)my_loan | Sep. 30, 2019USD ($)my_loan | Sep. 30, 2020USD ($)my_loan | Sep. 30, 2019USD ($)my_loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | my_loan | 2,785 | 3,677 | 9,983 | 11,067 |
Pre-TDR Amortized Cost Basis | $ 141 | $ 443 | ||
Post-TDR Amortized Cost Basis | 119 | 406 | ||
Pre-TDR Recorded Investment | $ 142 | $ 364 | ||
Post-TDR Recorded Investment | 115 | 332 | ||
Principal Forgiveness [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | 39 | |||
Post-TDR Recorded Investment | ||||
Rate Reduction [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | 36 | 77 | ||
Post-TDR Recorded Investment | 24 | 73 | ||
Other [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | $ 83 | $ 290 | ||
Post-TDR Recorded Investment | $ 91 | $ 259 | ||
Total commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | my_loan | 16 | 21 | 58 | 58 |
Pre-TDR Amortized Cost Basis | $ 95 | $ 304 | ||
Post-TDR Amortized Cost Basis | 79 | 280 | ||
Pre-TDR Recorded Investment | $ 97 | $ 233 | ||
Post-TDR Recorded Investment | 72 | 209 | ||
Total commercial | Principal Forgiveness [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | 39 | |||
Post-TDR Recorded Investment | ||||
Total commercial | Rate Reduction [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | 10 | 10 | ||
Post-TDR Recorded Investment | 1 | |||
Total commercial | Other [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | $ 69 | $ 231 | ||
Post-TDR Recorded Investment | $ 72 | $ 208 | ||
Total consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | my_loan | 2,769 | 3,656 | 9,925 | 11,009 |
Pre-TDR Amortized Cost Basis | $ 46 | $ 139 | ||
Post-TDR Amortized Cost Basis | 40 | 126 | ||
Pre-TDR Recorded Investment | $ 45 | $ 131 | ||
Post-TDR Recorded Investment | 43 | 123 | ||
Total consumer | Principal Forgiveness [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | ||||
Post-TDR Recorded Investment | ||||
Total consumer | Rate Reduction [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | 26 | 67 | ||
Post-TDR Recorded Investment | 24 | 72 | ||
Total consumer | Other [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | $ 14 | $ 59 | ||
Post-TDR Recorded Investment | $ 19 | $ 51 |
Loans and Related Allowance _10
Loans and Related Allowance for Credit Losses (Subsequently Defaulted TDRs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
TDRs [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment - Subsequently defaulted TDRs | $ 26 | $ 42 | $ 46 | $ 68 |
Loans and Related Allowance _11
Loans and Related Allowance for Credit Losses (Rollforward of Allowance for Credit Losses of Loans and Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 5,928 | $ 2,742 | $ 2,629 | |
Charge-offs | (247) | (865) | (683) | |
Recoveries | 92 | 262 | 250 | |
Net (charge-offs) | (155) | (603) | (433) | |
Provision for (recapture of) credit losses | (23) | 3,149 | 552 | |
Other | 1 | |||
Ending balance | 5,751 | 5,751 | 2,738 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 662 | 318 | ||
Provision for (recapture of) credit losses | 27 | 192 | ||
Ending balance | 689 | 689 | ||
Allowance for credit loss | 6,440 | 6,440 | ||
Allowances for investment securities and other financial assets | 98 | 98 | ||
Total commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 3,380 | 1,812 | 1,663 | |
Charge-offs | (64) | (269) | (138) | |
Recoveries | 26 | 65 | 59 | |
Net (charge-offs) | (38) | (204) | (79) | |
Provision for (recapture of) credit losses | 185 | 2,224 | 247 | |
Other | 1 | |||
Ending balance | 3,528 | 3,528 | 1,811 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 548 | 316 | ||
Provision for (recapture of) credit losses | 34 | 213 | ||
Ending balance | 582 | 582 | ||
Allowance for credit loss | 4,110 | 4,110 | ||
Total consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,548 | 930 | 966 | |
Charge-offs | (183) | (596) | (545) | |
Recoveries | 66 | 197 | 191 | |
Net (charge-offs) | (117) | (399) | (354) | |
Provision for (recapture of) credit losses | (208) | 925 | 305 | |
Ending balance | 2,223 | 2,223 | $ 927 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 114 | 2 | ||
Provision for (recapture of) credit losses | (7) | (21) | ||
Ending balance | 107 | 107 | ||
Allowance for credit loss | 2,330 | 2,330 | ||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 463 | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 179 | |||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Total commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (304) | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 53 | |||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Total consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 767 | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 126 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5,928 | 3,205 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 662 | 497 | ||
Allowance for credit loss | 6,440 | 6,440 | $ 3,702 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | Total commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 3,380 | 1,508 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 548 | 369 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Total consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,548 | 1,697 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | $ 114 | $ 128 |
Loans and Related Allowance _12
Loans and Related Allowance for Credit Losses (Analysis of Changes in the Allowance for Credit Losses) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Changes in the Allowance for Credit Losses [Roll Forward] | |
Portfolio changes | $ 595 |
Economic/Qualitative Factors | 2,143 |
Ending balance | 6,440 |
Allowances for investment securities and other financial assets | 98 |
Cumulative Effect, Period of Adoption, Adjusted Balance | |
Changes in the Allowance for Credit Losses [Roll Forward] | |
Beginning balance | 3,702 |
Ending balance | $ 6,440 |
Loans and Related Allowance _13
Loans and Related Allowance for Credit Losses (Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 5,928 | $ 2,742 | $ 2,629 |
Charge-offs | (247) | (865) | (683) |
Recoveries | 92 | 262 | 250 |
Net (charge-offs) | (155) | (603) | (433) |
Provision for credit losses | (23) | 3,149 | 552 |
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit | (19) | ||
Other | 9 | ||
Loans collectively evaluated for impairment - associated allowance | 2,284 | ||
Ending balance | 5,751 | 5,751 | 2,738 |
Loans collectively evaluated for impairment | 232,801 | ||
Fair value option loans | 754 | ||
Purchased impaired loans | 1,794 | ||
Total loans | 237,377 | ||
TDRs [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans individually evaluated for impairment - associated allowance | 129 | ||
Loans individually evaluated for impairment | 1,763 | ||
Other Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans individually evaluated for impairment - associated allowance | 47 | ||
Loans individually evaluated for impairment | 265 | ||
Purchased Impaired Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Impaired loans - associated allowance | 278 | ||
Total commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 3,380 | 1,812 | 1,663 |
Charge-offs | (64) | (269) | (138) |
Recoveries | 26 | 65 | 59 |
Net (charge-offs) | (38) | (204) | (79) |
Provision for credit losses | 185 | 2,224 | 247 |
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit | (20) | ||
Other | |||
Loans collectively evaluated for impairment - associated allowance | 1,730 | ||
Ending balance | 3,528 | 3,528 | 1,811 |
Loans collectively evaluated for impairment | 159,503 | ||
Purchased impaired loans | |||
Total loans | 160,188 | ||
Total commercial | TDRs [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans individually evaluated for impairment - associated allowance | 34 | ||
Loans individually evaluated for impairment | 420 | ||
Total commercial | Other Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans individually evaluated for impairment - associated allowance | 47 | ||
Loans individually evaluated for impairment | 265 | ||
Total commercial | Purchased Impaired Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Impaired loans - associated allowance | |||
Total consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,548 | 930 | 966 |
Charge-offs | (183) | (596) | (545) |
Recoveries | 66 | 197 | 191 |
Net (charge-offs) | (117) | (399) | (354) |
Provision for credit losses | (208) | 925 | 305 |
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit | 1 | ||
Other | 9 | ||
Loans collectively evaluated for impairment - associated allowance | 554 | ||
Ending balance | $ 2,223 | $ 2,223 | 927 |
Loans collectively evaluated for impairment | 73,298 | ||
Fair value option loans | 754 | ||
Purchased impaired loans | 1,794 | ||
Total loans | 77,189 | ||
Total consumer | TDRs [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans individually evaluated for impairment - associated allowance | 95 | ||
Loans individually evaluated for impairment | 1,343 | ||
Total consumer | Purchased Impaired Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Impaired loans - associated allowance | $ 278 |
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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Residential Mortgage [Member] | |||||
Cash flows from sales of loans | $ 1,799 | $ 1,296 | $ 5,328 | $ 2,902 | |
Cash flows from repurchases of previously transferred loans | 352 | 81 | 547 | 235 | |
Cash flows from servicing fees | 85 | 90 | 251 | 264 | |
Cash flows from servicing advances recovered/(funded), net | (15) | 5 | 4 | 33 | |
Cash flows on mortgage-backed securities held | 2,829 | 1,394 | 6,374 | 2,653 | |
Carrying value of mortgage-backed securities held | 19,500 | 17,700 | 19,500 | 17,700 | $ 17,800 |
Commercial Mortgages [Member] | |||||
Cash flows from sales of loans | 839 | 1,122 | 2,666 | 2,212 | |
Cash flows from repurchases of previously transferred loans | 107 | 132 | 4 | ||
Cash flows from servicing fees | 33 | 34 | 97 | 97 | |
Cash flows from servicing advances recovered/(funded), net | (78) | 45 | (206) | 61 | |
Cash flows on mortgage-backed securities held | 14 | 14 | 65 | 43 | |
Carrying value of mortgage-backed securities held | $ 800 | $ 600 | $ 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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Residential Mortgage [Member] | |||||
Total principal balance | $ 45,795 | $ 45,795 | $ 49,323 | ||
Delinquent loans | 460 | 460 | 492 | ||
Net charge-offs | 4 | $ 8 | 14 | $ 32 | |
Commercial Mortgages [Member] | |||||
Total principal balance | 41,379 | 41,379 | 42,414 | ||
Delinquent loans | 311 | 311 | $ 64 | ||
Net charge-offs | $ 4 | $ 52 | $ 103 | $ 348 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
PNC Risk of Loss | $ 24,114 | $ 22,418 |
Carrying Value of Assets Owned by PNC | 23,995 | 22,315 |
Carrying Value of Liabilities Owned by PNC | 921 | 1,101 |
Mortgage-Backed Securitizations [Member] | ||
PNC Risk of Loss | 21,109 | 19,287 |
Carrying Value of Assets Owned by PNC | 21,109 | 19,287 |
Carrying Value of Liabilities Owned by PNC | 1 | |
Tax Credit Investments And Other [Member] | ||
PNC Risk of Loss | 3,005 | 3,131 |
Carrying Value of Assets Owned by PNC | 2,886 | 3,028 |
Carrying Value of Liabilities Owned by PNC | $ 920 | $ 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] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other tax benefits recognized on low income housing tax credit investments | $ 10 | $ 32 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortization recognized on low income housing tax credit investments | 44 | 140 |
Tax credits recognized on low income housing tax credit investments | $ 46 | $ 144 |
Goodwill Mortgage Servicing Rig
Goodwill Mortgage Servicing Rights (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Mortgage servicing rights | $ 1,113 | $ 1,113 | $ 1,644 | ||
Fees from mortgage and other loan servicing | $ 200 | $ 200 | $ 400 | $ 400 |
Goodwill and Mortgage Servici_3
Goodwill and Mortgage Servicing Rights (Mortgage Servicing Rights) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | $ 1,644 | |
Mortgage servicing rights, ending balance | 1,113 | |
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 | 515 | 595 |
Unpaid principal balance of loans serviced for others at end of period | 234,897 | 203,808 |
Servicing Advances | 363 | 159 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Time and Payoffs [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (87) | (110) |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Other [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (143) | (126) |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | From loans sold with servicing retained [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 65 | 29 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Purchases [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 31 | 76 |
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 | 598 | 888 |
Unpaid principal balance of loans serviced for others at end of period | 119,158 | 122,886 |
Servicing Advances | 107 | 123 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Time and Payoffs [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (136) | (117) |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Other [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (408) | (362) |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | From loans sold with servicing retained [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 34 | 23 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Purchases [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | $ 113 | $ 87 |
Goodwill Mortgage Servicing R_2
Goodwill Mortgage Servicing Rights (Commercial and Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions) (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 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 | $ 1,113 | $ 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 | $ 515 | $ 649 | $ 595 | $ 726 |
Weighted-average life (years) | 4 years 4 months | 4 years 1 month | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 9 | $ 9 | ||
Decline in fair value from 20% adverse change in prepayment rate | 17 | 17 | ||
Decline in fair value from 10% adverse change in interest rate | 14 | 17 | ||
Decline in fair value from 20% adverse change in interest rate | 27 | 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 | $ 598 | $ 995 | $ 888 | $ 1,257 |
Weighted-average life (years) | 3 years 2 months | 5 years 2 months | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 40 | $ 46 | ||
Decline in fair value from 20% adverse change in prepayment rate | $ 78 | $ 89 | ||
Spread over the benchmark curve | 9.27% | 7.69% | ||
Decline in fair value from 10% adverse change in adjusted spread | $ 16 | $ 27 | ||
Decline in fair value from 20% adverse change in adjusted spread | $ 30 | $ 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 | 0.0470 | 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 | 0.2482 | 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 | 0.0737 | 0.0791 |
Leases (Lessor Income) (Details
Leases (Lessor Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Sales-type leases and direct financing leases | $ 66 | $ 72 | $ 207 | $ 223 |
Operating leases | 22 | 29 | 74 | 90 |
Lessor Income | $ 88 | $ 101 | $ 281 | $ 313 |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Borrowed funds | $ 42,110 | $ 60,263 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 10,690 | 9,825 |
Parent Company [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 9,674 | 8,843 |
Basis adjustments - Fair value accounting hedges | 763 | |
Parent Company [Member] | Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 811 | 777 |
Basis adjustments - Fair value accounting hedges | 63 | |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 28,114 | 41,660 |
Subsidiaries [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 17,165 | 20,167 |
Basis adjustments - Fair value accounting hedges | 555 | |
Subsidiaries [Member] | Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 5,449 | $ 5,152 |
Basis adjustments - Fair value accounting hedges | $ 469 |
Borrowed Funds (Remaining Matur
Borrowed Funds (Remaining Maturity) (Details) $ in Billions | Sep. 30, 2020USD ($) |
Debt Disclosure [Abstract] | |
Less than 1 year | $ 11.8 |
1 to 2 years | 5.9 |
2 to 3 years | 6.9 |
3 to 4 years | 2 |
4 to 5 years | 3.2 |
Over 5 years | $ 12.3 |
Borrowed Funds (FHLB Borrowings
Borrowed Funds (FHLB Borrowings, Senior Debt and Subordinated Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Borrowed funds | $ 42,110 | $ 60,263 |
Total FHLB, Senior and Sub Debt | 38,804 | 51,485 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 10,690 | 9,825 |
Parent Company [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 9,674 | 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 | 3.50% | |
Parent Company [Member] | Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.90% | |
Borrowed funds | $ 811 | 777 |
Parent Company [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.82% | |
Borrowed funds | $ 205 | 205 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 28,114 | 41,660 |
Subsidiaries [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 17,165 | 20,167 |
Subsidiaries [Member] | Senior Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.00% | |
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 | $ 5,449 | 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 | $ 5,500 | $ 16,341 |
Subsidiaries [Member] | Federal Home Loan Bank Borrowings [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.34% | |
Subsidiaries [Member] | Federal Home Loan Bank Borrowings [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.57% |
Commitments (Other Commitments)
Commitments (Other Commitments) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Other Commitments [Line Items] | ||
Commitments | $ 212,925 | $ 199,618 |
Liability Related To Investments In Low Income Housing Tax Credits | 600 | 600 |
Commitments to extend credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 200,851 | 185,589 |
Commitments to extend credit [Member] | Total commercial | ||
Other Commitments [Line Items] | ||
Commitments | 145,312 | 131,762 |
Commitments to extend credit [Member] | Home Equity Line of Credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 16,793 | 16,803 |
Commitments to extend credit [Member] | Credit Card [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 31,841 | 30,862 |
Commitments to extend credit [Member] | Other [Member] | ||
Other Commitments [Line Items] | ||
Commitments | $ 6,905 | 6,162 |
Standby letters of credit [Member] | ||
Other Commitments [Line Items] | ||
Standby Letters of Credit Pass | 96.00% | |
Commitments | $ 9,080 | 9,843 |
Standby letters of credit [Member] | Remarketing Programs [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 3,900 | 4,100 |
Reinsurance Agreements [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 85 | 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 | 1,434 | 1,295 |
Other commitments [Member] | ||
Other Commitments [Line Items] | ||
Commitments | $ 1,475 | $ 1,498 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - Standby letters of credit [Member] $ in Billions | Sep. 30, 2020USD ($) |
Loss Contingencies [Line Items] | |
Internal credit ratings (as a percentage of portfolio) - Pass | 96.00% |
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 ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 01, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | |
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | $ 52,948 | $ 49,343 | $ 47,770 | ||||||
Adjusted opening balance | $ 48,672 | $ 49,381 | $ 47,832 | ||||||
Net income | 1,532 | $ 1,392 | 6,102 | 4,037 | |||||
Other comprehensive income (loss), net of tax | (72) | 206 | 2,198 | 1,562 | |||||
Dividends, Cash [Abstract] | |||||||||
Common | (494) | (518) | (1,488) | (1,386) | |||||
Preferred | (63) | (63) | (181) | (181) | |||||
Common stock activity | 11 | 10 | |||||||
Treasury stock activity | (87) | (977) | (1,383) | (2,380) | |||||
Preferred stock redemption - Series Q | (480) | (480) | |||||||
Other | 26 | 34 | (141) | (39) | |||||
Equity, Ending Balance | 53,310 | 49,455 | 53,310 | 49,455 | |||||
Preferred stock (less than) | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | ||||
Common stock held in treasury at cost (shares) | 118,000,000 | 118,000,000 | 109,000,000 | ||||||
Series Q Preferred Stock [Member] | |||||||||
Dividends, Cash [Abstract] | |||||||||
Treasury Stock, Preferred, Shares | 4,800 | ||||||||
Depositary Shares [Member] | |||||||||
Dividends, Cash [Abstract] | |||||||||
Common stock held in treasury at cost (shares) | 19,200,000 | ||||||||
Accounting Standards Update 2016-02 | |||||||||
Common Stock [Abstract] | |||||||||
Cumulative effect of new accounting principle in period of adoption | 62 | ||||||||
Accounting Standards Update 2016-13 | |||||||||
Common Stock [Abstract] | |||||||||
Cumulative effect of new accounting principle in period of adoption | (671) | ||||||||
Common Stock, par value $5.00 | |||||||||
Common Stock [Abstract] | |||||||||
Beginning Balance (in shares) | 425,000,000 | 447,000,000 | 433,000,000 | 457,000,000 | |||||
Treasury stock activity, shares | (1,000,000) | (8,000,000) | (9,000,000) | (18,000,000) | |||||
Ending Balance, (in shares) | 424,000,000 | 439,000,000 | 424,000,000 | 439,000,000 | |||||
Equity, Beginning Balance | $ 2,712 | $ 2,712 | $ 2,711 | ||||||
Adjusted opening balance | 2,712 | 2,711 | 2,711 | ||||||
Dividends, Cash [Abstract] | |||||||||
Equity, Ending Balance | 2,712 | $ 2,711 | 2,712 | 2,711 | |||||
Capital Surplus - Preferred Stock [Member] | |||||||||
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | 3,995 | 3,993 | 3,986 | ||||||
Adjusted opening balance | 3,993 | 3,991 | 3,986 | ||||||
Dividends, Cash [Abstract] | |||||||||
Preferred stock discount accretion | 1 | 1 | 3 | 3 | |||||
Preferred stock redemption - Series Q | (480) | (480) | |||||||
Other | 3 | ||||||||
Equity, Ending Balance | 3,516 | 3,992 | 3,516 | 3,992 | |||||
Capital Surplus - Common Stock and Other [Member] | |||||||||
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | 12,289 | 12,376 | 12,291 | ||||||
Adjusted opening balance | 12,376 | 12,257 | 12,291 | ||||||
Dividends, Cash [Abstract] | |||||||||
Common stock activity | 11 | 10 | |||||||
Treasury stock activity | 1 | (5) | 52 | 4 | |||||
Other | 30 | 53 | (119) | ||||||
Equity, Ending Balance | 12,320 | 12,305 | 12,320 | 12,305 | |||||
Retained Earnings [Member] | |||||||||
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | 44,986 | 42,215 | 38,919 | ||||||
Adjusted opening balance | 41,544 | 40,616 | 38,981 | ||||||
Net income | 1,519 | 1,379 | 6,075 | 4,002 | |||||
Dividends, Cash [Abstract] | |||||||||
Common | (494) | (518) | (1,488) | (1,386) | |||||
Preferred | (63) | (63) | (181) | (181) | |||||
Preferred stock discount accretion | (1) | (1) | (3) | (3) | |||||
Equity, Ending Balance | 45,947 | 41,413 | 45,947 | 41,413 | |||||
Retained Earnings [Member] | Accounting Standards Update 2016-02 | |||||||||
Common Stock [Abstract] | |||||||||
Cumulative effect of new accounting principle in period of adoption | 62 | ||||||||
Retained Earnings [Member] | Accounting Standards Update 2016-13 | |||||||||
Common Stock [Abstract] | |||||||||
Cumulative effect of new accounting principle in period of adoption | (671) | ||||||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | 3,069 | 631 | 799 | (725) | |||||
Adjusted opening balance | 799 | 631 | (725) | ||||||
Other comprehensive income (loss), net of tax | (72) | 206 | 2,198 | 1,562 | |||||
Dividends, Cash [Abstract] | |||||||||
Equity, Ending Balance | 2,997 | 837 | 2,997 | 837 | |||||
Treasury Stock [Member] | |||||||||
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | (14,128) | (12,781) | (9,454) | ||||||
Adjusted opening balance | (12,781) | (10,866) | (9,454) | ||||||
Dividends, Cash [Abstract] | |||||||||
Treasury stock activity | (88) | (972) | (1,435) | (2,384) | |||||
Equity, Ending Balance | (14,216) | (11,838) | (14,216) | (11,838) | |||||
Noncontrolling Interest [Member] | |||||||||
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | 25 | 29 | 42 | ||||||
Adjusted opening balance | $ 29 | $ 41 | $ 42 | ||||||
Net income | 13 | 13 | 27 | 35 | |||||
Dividends, Cash [Abstract] | |||||||||
Other | (4) | (19) | (22) | (42) | |||||
Equity, Ending Balance | $ 34 | $ 35 | $ 34 | $ 35 |
Total Equity and Other Compre_4
Total Equity and Other Comprehensive Income (Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax [Abstract] | ||||
Increase in net unrealized gains (losses) on securities, pre-tax | $ 42 | $ 221 | $ 2,283 | $ 1,583 |
Less: Net realized gains (losses) reclassified to earnings | 32 | 7 | 255 | 27 |
Net increase (decrease), pre-tax | 10 | 214 | 2,028 | 1,556 |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax [Abstract] | ||||
Increase in net unrealized gains (losses) on securities, tax effect | (9) | (51) | (525) | (363) |
Less: Net realized gains (losses) reclassified to earnings, tax effect | (7) | (2) | (59) | (6) |
Effect of income taxes | (2) | (49) | (466) | (357) |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, After Reclassification Adjustments, after Tax [Abstract] | ||||
Increase in net unrealized gains (losses) on securities, after tax | 33 | 170 | 1,758 | 1,220 |
Less: Net realized gains (losses) reclassified to earnings, after tax | 25 | 5 | 196 | 21 |
Net increase (decrease), after-tax | 8 | 165 | 1,562 | 1,199 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||||
Increase in net unrealized gains (losses) on cash flow hedges, pre-tax | 15 | 84 | 960 | 438 |
Less: Net realized gains (losses) reclassified to earnings, pre-tax | 134 | 5 | 282 | 5 |
Net increase (decrease), pre-tax | (119) | 79 | 678 | 433 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract] | ||||
Increase in net unrealized gains (losses) on cash flow hedges, tax effect | (3) | (19) | (221) | (100) |
Less: Net realized gains (losses) reclassified to earnings, tax effect | (30) | (1) | (65) | (1) |
Effect of income taxes | 27 | (18) | (156) | (99) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||||
Increase in net unrealized gains (losses) on cash flow hedges, after tax | 12 | 65 | 739 | 338 |
Less: Net realized gains (losses) reclassified to earnings, after tax | 104 | 4 | 217 | 4 |
Net increase (decrease), after-tax | (92) | 61 | 522 | 334 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax [Abstract] | ||||
Net pension and other postretirement benefit plan activity and other reclassified to earnings, pre-tax | 2 | 2 | (3) | 63 |
Net increase (decrease), pre-tax | 2 | 2 | (3) | 63 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract] | ||||
Net pension and other postretirement benefit plan activity and other reclassified to earnings, tax effect | 1 | (14) | ||
Effect of income taxes | 1 | (14) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract] | ||||
Net pension and other postretirement benefit plan activity and other reclassified to earnings, after-tax | 2 | 2 | (2) | 49 |
Net increase (decrease), after-tax | 2 | 2 | (2) | 49 |
Other Comprehensive Income Other Adjustments [Abstract] | ||||
Net unrealized gains (losses) on other transactions, pre-tax | 0 | 4 | 10 | 14 |
Net increase (decrease), pre-tax | 0 | 4 | 10 | 14 |
Net unrealized gains (losses) on other transactions, tax effect | 10 | (7) | (9) | (11) |
Effect of income taxes | 10 | (7) | (9) | (11) |
Net unrealized gains (losses) on other transactions, after tax | 10 | (3) | 1 | 3 |
Net increase (decrease), after-tax | 10 | (3) | 1 | 3 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (107) | 276 | 2,861 | 2,037 |
Total other comprehensive income (loss), tax effect | 35 | (70) | (663) | (475) |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (72) | 206 | 2,198 | 1,562 |
Continuing Operations | ||||
Other Comprehensive Income Other Adjustments [Abstract] | ||||
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (107) | 299 | 2,713 | 2,066 |
Total other comprehensive income (loss), tax effect | 35 | (74) | (630) | (481) |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | $ (72) | 225 | 2,083 | 1,585 |
Discontinued Operations | ||||
Other Comprehensive Income Other Adjustments [Abstract] | ||||
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (23) | 148 | (29) | |
Total other comprehensive income (loss), tax effect | 4 | (33) | 6 | |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | $ (19) | $ 115 | $ (23) |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity, Beginning Balance | $ 52,948 | $ 49,343 | $ 47,770 | |
Other comprehensive income (loss), net of tax | (72) | $ 206 | 2,198 | 1,562 |
Equity, Ending Balance | 53,310 | 49,455 | 53,310 | 49,455 |
Continuing Operations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), net of tax | (72) | 225 | 2,083 | 1,585 |
Discontinued Operations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), net of tax | (19) | 115 | (23) | |
Debt securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity, Beginning Balance | 2,621 | 954 | 1,067 | (80) |
Other comprehensive income (loss), net of tax | 8 | 165 | 1,562 | 1,199 |
Equity, Ending Balance | 2,629 | 1,119 | 2,629 | 1,119 |
Net unrealized gains (losses) on cash flow hedge derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity, Beginning Balance | 890 | 320 | 276 | 47 |
Other comprehensive income (loss), net of tax | (92) | 61 | 522 | 334 |
Equity, Ending Balance | 798 | 381 | 798 | 381 |
Pension and other postretirement benefit plan adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity, Beginning Balance | (412) | (483) | (408) | (530) |
Other comprehensive income (loss), net of tax | 2 | 2 | (2) | 49 |
Equity, Ending Balance | (410) | (481) | (410) | (481) |
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity, Beginning Balance | (30) | (37) | (21) | (43) |
Other comprehensive income (loss), net of tax | 10 | (3) | 1 | 3 |
Equity, Ending Balance | (20) | (40) | (20) | (40) |
Total [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity, Beginning Balance | 3,069 | 631 | 799 | (725) |
Other comprehensive income (loss), net of tax | (72) | 206 | 2,198 | 1,562 |
Equity, Ending Balance | 2,997 | 837 | 2,997 | 837 |
Total [Member] | Continuing Operations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity, Beginning Balance | 3,069 | 754 | 914 | (606) |
Other comprehensive income (loss), net of tax | (72) | 225 | 2,083 | 1,585 |
Equity, Ending Balance | 2,997 | 979 | 2,997 | 979 |
Total [Member] | Discontinued Operations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity, Beginning Balance | 0 | (123) | (115) | (119) |
Other comprehensive income (loss), net of tax | (19) | 115 | (23) | |
Equity, Ending Balance | $ 0 | $ (142) | $ 0 | $ (142) |
Total Equity and Other Compre_6
Total Equity and Other Comprehensive Income (Dividends per Share) (Details) - $ / shares | Nov. 05, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Common Stock, par value $5.00 | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Common, per share (in dollars per share) | $ 1.15 | $ 1.15 | $ 3.45 | $ 3.05 | |
Common Stock, par value $5.00 | Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Common, per share (in dollars per share) | $ 1.15 | ||||
Series B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | 0.45 | 0.45 | 1.35 | 1.35 | |
Series O Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | 3,375 | 3,375 | 6,750 | 6,750 | |
Series P Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | 1,531 | 1,531 | 4,594 | 4,594 | |
Series Q Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | $ 1,343 | 1,343 | 4,031 | 4,031 | |
Series R Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | 2,425 | 2,425 | |||
Series S Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | $ 2,500 | $ 2,500 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) from continuing operations | $ 1,532 | $ 1,181 | $ 1,547 | $ 3,448 |
Net income attributable to noncontrolling interests | 13 | 13 | 27 | 35 |
Preferred stock dividends | 63 | 63 | 181 | 181 |
Preferred stock discount accretion and redemptions | 1 | 1 | 3 | 3 |
Net income from continuing operations attributable to common shareholders | 1,455 | 1,104 | 1,336 | 3,229 |
Less: Dividends and undistributed earnings allocated to nonvested restricted shares | 8 | 5 | 7 | 13 |
Net income from continuing operations attributable to basic common shareholders | 1,447 | 1,099 | 1,329 | 3,216 |
Net income from discontinued operations attributable to common shareholders | 211 | 4,555 | 589 | |
Less: Undistributed earnings allocated to nonvested restricted shares | 1 | 22 | 2 | |
Net income from discontinued operations attributable to basic common shareholders | $ 210 | $ 4,533 | $ 587 | |
Basic weighted-average common shares outstanding (in shares) | 426 | 444 | 427 | 450 |
Basic earnings (loss) per common share from continuing operations (in dollars per share) | $ 3.40 | $ 2.47 | $ 3.11 | $ 7.15 |
Basic earnings per common share from discontinued operations (in dollars per share) | 0.48 | 10.61 | 1.30 | |
Basic earnings per common share (in dollars per share) | $ 3.40 | $ 2.95 | $ 13.73 | $ 8.45 |
Less: Impact of earnings per share dilution from discontinued operations | $ 2 | $ 2 | $ 7 | |
Net income from discontinued operations attributable to diluted common shareholders | $ 208 | $ 4,531 | $ 580 | |
Dilutive potential common shares (in shares) | 1 | 1 | 1 | |
Diluted weighted-average common shares outstanding (in shares) | 426 | 445 | 428 | 451 |
Diluted earnings (loss) per common share from continuing operations (in dollars per share) | $ 3.39 | $ 2.47 | $ 3.11 | $ 7.13 |
Diluted earnings per common share from discontinued operations (in dollars per share) | 0.47 | 10.59 | 1.29 | |
Diluted earnings per common share (in dollars per share) | $ 3.39 | $ 2.94 | $ 13.70 | $ 8.42 |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Assets | ||
Investment securities – available for sale | $ 89,747 | $ 69,163 |
Mortgage servicing rights | 1,113 | 1,644 |
Financial derivatives | 4,780 | 2,196 |
Liabilities | ||
Financial derivatives | $ 538 | $ 539 |
Assets At Fair Value [Member] | Assets, Total [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 23.00% | 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 | 6.00% | 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 | $ 89,747 | $ 69,163 |
Loans | 1,301 | 742 |
Equity investments | 2,236 | 2,421 |
Trading securities | 1,721 | 3,220 |
Financial derivatives | 7,343 | 3,502 |
Other assets | 404 | 470 |
Total Assets | 105,231 | 82,227 |
Liabilities | ||
Other borrowed funds | 820 | 518 |
Financial derivatives | 2,710 | 2,019 |
Other liabilities | 90 | 137 |
Total liabilities | 3,620 | 2,674 |
Level 1 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 17,946 | 16,236 |
Equity investments | 691 | 855 |
Trading securities | 660 | 433 |
Other assets | 344 | 339 |
Total Assets | 19,641 | 17,863 |
Liabilities | ||
Other borrowed funds | 777 | 385 |
Financial derivatives | 2 | |
Total liabilities | 779 | 385 |
Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 70,073 | 50,872 |
Loans | 654 | 442 |
Trading securities | 1,061 | 2,787 |
Financial derivatives | 7,206 | 3,448 |
Other assets | 60 | 131 |
Total Assets | 80,284 | 58,679 |
Liabilities | ||
Other borrowed funds | 41 | 126 |
Financial derivatives | 2,565 | 1,819 |
Total liabilities | 2,606 | 1,945 |
Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 1,728 | 2,055 |
Loans | 647 | 300 |
Equity investments | 1,259 | 1,276 |
Financial derivatives | 137 | 54 |
Total Assets | 5,020 | 5,395 |
Liabilities | ||
Other borrowed funds | 2 | 7 |
Financial derivatives | 143 | 200 |
Other liabilities | 90 | 137 |
Total liabilities | 235 | 344 |
Residential Mortgage [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Loans held for sale | 660 | 819 |
Mortgage servicing rights | 598 | 995 |
Residential Mortgage [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Loans held for sale | 583 | 817 |
Residential Mortgage [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Loans held for sale | 77 | 2 |
Mortgage servicing rights | 598 | 995 |
Commercial Mortgage [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Loans held for sale | 706 | 246 |
Mortgage servicing rights | 515 | 649 |
Commercial Mortgage [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Loans held for sale | 647 | 182 |
Commercial Mortgage [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Loans held for sale | 59 | 64 |
Mortgage servicing rights | 515 | 649 |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 18,225 | 16,516 |
US Treasury and Government [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 17,946 | 16,236 |
US Treasury and Government [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 279 | 280 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 52,928 | 36,321 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 1,603 | 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 | 52,928 | 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 | 165 | 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 | 1,438 | 1,741 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 2,966 | 3,118 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 3,829 | 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 | 2,966 | 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 | 3,818 | 3,372 |
Commercial Mortgage Backed Securities [Member] | Level 3 [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 11 | |
Asset backed [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 5,240 | 5,114 |
Asset backed [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 5,032 | 4,874 |
Asset backed [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 208 | 240 |
Other [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 4,956 | 2,908 |
Other [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 4,885 | 2,834 |
Other [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | $ 71 | $ 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ 4,938 | $ 5,687 | $ 5,395 | $ 6,157 |
Included in earnings | 157 | (42) | (364) | (204) |
Included in other comprehensive income | 15 | (6) | (100) | 20 |
Purchases | 200 | 220 | 485 | 569 |
Sales | (60) | (53) | (168) | (251) |
Issuances | 32 | 23 | 99 | 52 |
Settlements | (255) | (271) | (337) | (770) |
Transfers Into Level 3 | 3 | 10 | 109 | 17 |
Transfers out of Level 3 | (10) | (18) | (99) | (40) |
Ending Balance | 5,020 | 5,550 | 5,020 | 5,550 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 149 | (65) | (402) | (318) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 296 | 304 | 344 | 333 |
Included in earnings | (3) | 22 | 39 | 92 |
Purchases | 16 | 16 | ||
Sales | 1 | 4 | 3 | 7 |
Issuances | 19 | 26 | 81 | 105 |
Settlements | (78) | (55) | (234) | (236) |
Transfers into Level 3 | 2 | |||
Ending Balance | 235 | 317 | 235 | 317 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | (1) | 21 | 28 | 85 |
Fair Value Additional Information [Abstract] | ||||
Net gains (losses) included in earnings (realized and unrealized) relating to Level 3 assets and liabilities | 160 | (64) | (403) | (296) |
Net unrealized gains (losses) relating to Level 3 assets and liabilities | 150 | (86) | (430) | (403) |
Loans Held For Sale [Member] | Residential Mortgage [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 88 | 2 | 2 | 2 |
Purchases | 15 | 3 | 22 | 5 |
Sales | (10) | (12) | (1) | |
Settlements | (9) | (1) | (12) | (1) |
Transfers Into Level 3 | 3 | 8 | 90 | 12 |
Transfers out of Level 3 | (10) | (8) | (13) | (13) |
Ending Balance | 77 | 4 | 77 | 4 |
Loans Held For Sale [Member] | Commercial Mortgages [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 60 | 73 | 64 | 87 |
Included in earnings | (1) | (2) | 2 | |
Settlements | (1) | (3) | (17) | |
Ending Balance | 59 | 72 | 59 | 72 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (1) | 2 | ||
Available-for-sale Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 1,792 | 2,317 | 2,055 | 2,486 |
Included in earnings | 13 | 26 | 45 | 64 |
Included in other comprehensive income | 15 | (6) | (100) | 20 |
Purchases | (1) | 6 | 3 | 9 |
Sales | (3) | |||
Settlements | (91) | (161) | (294) | (394) |
Transfers Into Level 3 | 19 | |||
Ending Balance | 1,728 | 2,182 | 1,728 | 2,182 |
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 | 1,491 | 1,976 | 1,741 | 2,128 |
Included in earnings | 12 | 23 | 40 | 59 |
Included in other comprehensive income | 18 | (3) | (81) | 18 |
Settlements | (83) | (143) | (262) | (352) |
Ending Balance | 1,438 | 1,853 | 1,438 | 1,853 |
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 19 | |||
Included in other comprehensive income | (8) | (8) | ||
Transfers Into Level 3 | 19 | |||
Ending Balance | 11 | 11 | ||
Available-for-sale Securities [Member] | Asset backed [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 210 | 261 | 240 | 274 |
Included in earnings | 1 | 2 | 5 | 4 |
Included in other comprehensive income | 5 | (8) | 6 | |
Purchases | 1 | 1 | ||
Settlements | (8) | (12) | (29) | (33) |
Ending Balance | 208 | 252 | 208 | 252 |
Available-for-sale Securities [Member] | Other [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 72 | 80 | 74 | 84 |
Included in earnings | 1 | 1 | ||
Included in other comprehensive income | (3) | (3) | (4) | |
Purchases | (1) | 5 | 3 | 8 |
Sales | (3) | |||
Settlements | (6) | (3) | (9) | |
Ending Balance | 71 | 77 | 71 | 77 |
Loans [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 607 | 259 | 300 | 272 |
Included in earnings | 7 | 5 | 20 | 10 |
Purchases | 63 | 93 | 134 | 126 |
Sales | (3) | (7) | (34) | (18) |
Issuances | 1 | |||
Settlements | (27) | (14) | 313 | (39) |
Transfers Into Level 3 | 2 | 5 | ||
Transfers out of Level 3 | (10) | (86) | (27) | |
Ending Balance | 647 | 329 | 647 | 329 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 7 | 4 | 20 | 6 |
Equity Investments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 1,183 | 1,323 | 1,276 | 1,255 |
Included in earnings | 63 | 48 | (68) | 104 |
Purchases | 60 | 65 | 173 | 260 |
Sales | (47) | (46) | (122) | (229) |
Ending Balance | 1,259 | 1,390 | 1,259 | 1,390 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 56 | 50 | (69) | 53 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 577 | 997 | 995 | 1,257 |
Included in earnings | 11 | (100) | (408) | (362) |
Purchases | 52 | 22 | 113 | 87 |
Issuances | 12 | 9 | 34 | 23 |
Settlements | (54) | (40) | (136) | (117) |
Ending Balance | 598 | 888 | 598 | 888 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 11 | (97) | (408) | (353) |
Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 490 | 630 | 649 | 726 |
Included in earnings | 23 | (38) | (143) | (126) |
Purchases | 8 | 25 | 31 | 76 |
Issuances | 20 | 13 | 65 | 29 |
Settlements | (26) | (35) | (87) | (110) |
Ending Balance | 515 | 595 | 515 | 595 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 23 | (38) | (144) | (126) |
Trading Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 2 | |||
Settlements | (2) | |||
Derivative [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 141 | 86 | 54 | 25 |
Included in earnings | 41 | 17 | 192 | 104 |
Purchases | 3 | 6 | 9 | 6 |
Settlements | (48) | (19) | (118) | (45) |
Ending Balance | 137 | 90 | 137 | 90 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 52 | 16 | 200 | 100 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 209 | 221 | 200 | 268 |
Included in earnings | (10) | 8 | 26 | 58 |
Sales | 1 | 4 | 3 | 5 |
Settlements | (57) | (27) | (86) | (125) |
Ending Balance | 143 | 206 | 143 | 206 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | (7) | 13 | 30 | 65 |
Other Assets [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 45 | |||
Settlements | (45) | |||
Other Borrowed Funds [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 2 | 5 | 7 | 7 |
Issuances | 2 | 13 | 27 | 39 |
Settlements | (2) | (12) | (32) | (40) |
Ending Balance | 2 | 6 | 2 | 6 |
Other liabilities [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 85 | 78 | 137 | 58 |
Included in earnings | 7 | 14 | 13 | 34 |
Purchases | 16 | 16 | ||
Sales | 2 | |||
Issuances | 17 | 13 | 54 | 66 |
Settlements | (19) | (16) | (116) | (71) |
Transfers into Level 3 | 2 | |||
Ending Balance | 90 | 105 | 90 | 105 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | $ 6 | $ 8 | $ (2) | $ 20 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements- Recurring Quantitative Information) (Details) - Fair Value, Recurring [Member] $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 105,231 | $ 82,227 |
Financial and nonfinancial liabilities, fair value disclosure | (3,620) | (2,674) |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, recurring, fair value disclosure | 5,000 | 5,400 |
Recurring Assets - Fair Value | 5,020 | 5,395 |
Financial and nonfinancial liabilities, fair value disclosure | (235) | (344) |
Total Recurring Assets Net of Recurring Liabilities - Fair Value | 4,785 | 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 | $ 59 | $ 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 | 6.30% | 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 | 44.90% | 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 | 27.84% | 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 | $ 208 | $ 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 | 3.35% | 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 | $ 1,438 | $ 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 | 2.78% | 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 | $ 125 | $ 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 | $ 436 | $ 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 | 82.10% | 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 | $ 22 | $ 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] | ||
Cumulative default rate | 3.60% | |
Credit and Liquidity discount | 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] | ||
Cumulative default rate | 100.00% | |
Credit and Liquidity discount | 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] | ||
Cumulative default rate | 89.90% | |
Credit and Liquidity discount | 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 | $ 64 | |
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 | 17.50% | |
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 | 58.20% | |
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 | $ 1,259 | $ 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 | 15.9 | 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 | 8.6 | 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 | $ 598 | $ 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 | 3.61% | 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 | 33.48% | 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 | 9.27% | 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 | $ 515 | $ 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 | $ (112) | $ (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 | $ 173 | |
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) | 0.220 | 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) | 0.073 | 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) | 0.376 | 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) | 0.085 | 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 | 0.560 | 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 | 0.248 | 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 | 0.037 | 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 | 0.192 | 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 | 0.047 | 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) | 0.122 | 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) | 0.047 | 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) | 0.591 | 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) | 0.250 | 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) | 0.486 | 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 | 0.118 | 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 | 0.984 | |
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 | 0.350 | |
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 | 0.032 | 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 | 0.048 | 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 | 0.068 | 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 | 0.052 | 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 | 0.048 | |
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 | 0.068 | |
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 | 0.063 | |
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 | 0.045 | 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 | 0.079 | 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 | 0.074 | 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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | $ 380 | $ 380 | $ 198 | ||
Nonrecurring Assets - Gains (Losses) | (43) | $ (25) | (82) | $ (61) | |
Nonaccrual Loans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 346 | 346 | 136 | ||
Nonrecurring Assets - Gains (Losses) | (38) | (22) | (73) | (55) | |
OREO and Foreclosed Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 25 | 25 | 57 | ||
Nonrecurring Assets - Gains (Losses) | (1) | (2) | (2) | (6) | |
Long-lived Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 9 | 9 | $ 5 | ||
Nonrecurring Assets - Gains (Losses) | $ (4) | $ (1) | $ (7) | $ 0 |
Fair Value (Fair Value Option -
Fair Value (Fair Value Option - Fair Value and Principal Balances) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Other Assets Fair Value [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | $ 60 | $ 132 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 61 | 125 |
Fair Value Option Aggregate Difference Assets | (1) | 7 |
Other Borrowed Funds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of liabilities for which fair value option was elected | 28 | 63 |
Aggregate Unpaid Principal Balance, Other borrowed funds | 28 | 64 |
Difference, Other borrowed funds | (1) | |
Residential Mortgage [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 660 | 819 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 633 | 798 |
Fair Value Option Aggregate Difference Assets | 27 | 21 |
Residential Mortgage [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 1,301 | 742 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 1,591 | 865 |
Fair Value Option Aggregate Difference Assets | (290) | (123) |
Residential Mortgage [Member] | Loans Less Than 90 Days Past Due [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 642 | 813 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 613 | 792 |
Fair Value Option Aggregate Difference Assets | 29 | 21 |
Residential Mortgage [Member] | Loans Less Than 90 Days Past Due [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 491 | 291 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 504 | 304 |
Fair Value Option Aggregate Difference Assets | (13) | (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 | 247 | 285 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 259 | 296 |
Fair Value Option Aggregate Difference Assets | (12) | (11) |
Residential Mortgage [Member] | Nonaccrual Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 15 | 4 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 17 | 4 |
Fair Value Option Aggregate Difference Assets | (2) | |
Residential Mortgage [Member] | Nonaccrual Loans [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 563 | 166 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 828 | 265 |
Fair Value Option Aggregate Difference Assets | (265) | (99) |
Commercial Mortgage [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 706 | 246 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 700 | 265 |
Fair Value Option Aggregate Difference Assets | 6 | (19) |
Commercial Mortgage [Member] | Loans Less Than 90 Days Past Due [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 706 | 245 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 700 | 263 |
Fair Value Option Aggregate Difference Assets | 6 | (18) |
Commercial Mortgage [Member] | Nonaccrual Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 1 | |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Loans Held For Sale [Member] | Residential Mortgage [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) - FVO: Changes in Fair Value | $ 53 | $ 29 | $ 151 | $ 63 |
Loans Held For Sale [Member] | Commercial Mortgages [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) - FVO: Changes in Fair Value | 46 | 25 | 106 | 48 |
Loans [Member] | Residential Mortgage [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) - FVO: Changes in Fair Value | 5 | 7 | 31 | 16 |
Other Assets Fair Value [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) - FVO: Changes in Fair Value | $ 3 | $ 3 | $ (24) | $ 24 |
Fair Value (Additional Fair Val
Fair Value (Additional Fair Value Information Related To Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | $ 1,614 | $ 18,044 |
Carrying Amount [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 6,629 | 5,061 |
Interest-earning deposits with banks | 70,959 | 23,413 |
Securities held to maturity | 1,442 | 17,661 |
Net loans (excludes leases) | 235,747 | 229,205 |
Other assets | 4,071 | 5,700 |
Total assets | 318,848 | 281,040 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 19,755 | 21,663 |
Borrowed funds | 41,290 | 59,745 |
Unfunded loan commitments and letters of credit | 689 | 318 |
Other liabilities | 395 | 506 |
Total liabilities | 62,129 | 82,232 |
Fair Value [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 6,629 | 5,061 |
Interest-earning deposits with banks | 70,959 | 23,413 |
Securities held to maturity | 1,614 | 18,044 |
Net loans (excludes leases) | 241,681 | 232,670 |
Other assets | 4,071 | 5,700 |
Total assets | 324,954 | 284,888 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 19,756 | 21,425 |
Borrowed funds | 41,716 | 60,399 |
Unfunded loan commitments and letters of credit | 689 | 318 |
Other liabilities | 395 | 506 |
Total liabilities | 62,556 | 82,648 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 6,629 | 5,061 |
Securities held to maturity | 932 | 832 |
Total assets | 7,561 | 5,893 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Interest-earning deposits with banks | 70,959 | 23,413 |
Securities held to maturity | 489 | 17,039 |
Other assets | 3,945 | 5,692 |
Total assets | 75,393 | 46,144 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 19,756 | 21,425 |
Borrowed funds | 39,996 | 58,622 |
Other liabilities | 395 | 506 |
Total liabilities | 60,147 | 80,553 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | 193 | 173 |
Net loans (excludes leases) | 241,681 | 232,670 |
Other assets | 126 | 8 |
Total assets | 242,000 | 232,851 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 1,720 | 1,777 |
Unfunded loan commitments and letters of credit | 689 | 318 |
Total liabilities | $ 2,409 | $ 2,095 |
Financial Derivatives (Total De
Financial Derivatives (Total Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 473,540 | $ 443,379 |
Derivative Asset, Fair Value | 7,343 | 3,502 |
Derivative Liability, Fair Value | 2,710 | 2,019 |
Derivative Asset, Fair Value Offset Amount | 864 | 690 |
Derivative Liability, Fair Value Offset Amount | 864 | 690 |
Derivative Asset, Cash Collateral | 1,699 | 616 |
Derivative Liability, Cash Collateral | 1,308 | 790 |
Derivative Asset, Net Fair Value | 4,780 | 2,196 |
Derivative Liability, Net Fair Value | 538 | 539 |
Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 497 | 306 |
Derivative Liability, Fair Value | 475 | 301 |
Derivative Asset, Cash Collateral | 14 | 18 |
Derivative Liability, Cash Collateral | 59 | 17 |
Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 281 | 213 |
Derivative Liability, Fair Value | 337 | 425 |
Derivative Asset, Cash Collateral | 12 | 5 |
Derivative Liability, Cash Collateral | 90 | 81 |
Designated as Hedging Instruments under GAAP [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 48,396 | 55,407 |
Derivative Asset, Fair Value | 42 | 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 | 27,007 | 30,663 |
Designated as Hedging Instruments under GAAP [Member] | Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 20,229 | 23,642 |
Derivative Asset, Fair Value | 9 | 6 |
Designated as Hedging Instruments under GAAP [Member] | Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,160 | 1,102 |
Derivative Asset, Fair Value | 33 | |
Derivative Liability, Fair Value | 6 | |
Not Designated as Hedging Instrument under GAAP [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 425,144 | 387,972 |
Derivative Asset, Fair Value | 7,301 | 3,496 |
Derivative Liability, Fair Value | 2,710 | 2,013 |
Not Designated as Hedging Instrument under GAAP [Member] | Mortgage Banking [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 74,905 | 66,366 |
Derivative Asset, Fair Value | 146 | 93 |
Derivative Liability, Fair Value | 87 | 67 |
Not Designated as Hedging Instrument under GAAP [Member] | Mortgage Banking [Member] | Swap [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 55,056 | 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 | 2,809 | 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 | 13,460 | 7,738 |
Derivative Asset, Fair Value | 139 | 60 |
Derivative Liability, Fair Value | 82 | 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 | 3,580 | 3,134 |
Derivative Asset, Fair Value | 7 | 32 |
Derivative Liability, Fair Value | 5 | 23 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 340,132 | 311,405 |
Derivative Asset, Fair Value | 7,118 | 3,394 |
Derivative Liability, Fair Value | 2,494 | 1,689 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 306,480 | 274,878 |
Derivative Asset, Fair Value | 6,410 | 2,884 |
Derivative Liability, Fair Value | 1,811 | 1,226 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 8,608 | 9,407 |
Derivative Asset, Fair Value | 497 | 306 |
Derivative Liability, Fair Value | 475 | 301 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 25,044 | 27,120 |
Derivative Asset, Fair Value | 211 | 204 |
Derivative Liability, Fair Value | 208 | 162 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Swap [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 278,984 | 249,075 |
Derivative Asset, Fair Value | 6,167 | 2,769 |
Derivative Liability, Fair Value | 1,717 | 1,187 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Swap [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 5,566 | 5,204 |
Derivative Asset, Fair Value | 397 | 234 |
Derivative Liability, Fair Value | 375 | 229 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Future [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,252 | 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 | 4,187 | 3,721 |
Derivative Asset, Fair Value | 12 | 2 |
Derivative Liability, Fair Value | 11 | 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 | 22,057 | 21,379 |
Derivative Asset, Fair Value | 231 | 113 |
Derivative Liability, Fair Value | 83 | 33 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Other Contract [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 3,042 | 4,203 |
Derivative Asset, Fair Value | 100 | 72 |
Derivative Liability, Fair Value | 100 | 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 | 10,107 | 10,201 |
Derivative Asset, Fair Value | 37 | 9 |
Derivative Liability, Fair Value | $ 129 | $ 257 |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Cash and securities held to collateralize net derivative assets | $ 2,600,000,000 | $ 2,600,000,000 | ||
Cash and securities pledged to collateralize net derivative liabilities | 2,100,000,000 | 2,100,000,000 | ||
Derivative, net liability position, aggregate fair value | 2,900,000,000 | 2,900,000,000 | ||
Collateral already posted, aggregate fair value | 2,600,000,000 | 2,600,000,000 | ||
Maximum amount of collateral PNC would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered | 300,000,000 | 300,000,000 | ||
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ||||
Cash flow hedge gain (loss) to be reclassified within twelve months | 402,000,000 | |||
Cash flow hedge gain (loss) to be reclassified within twelve months, net of tax | $ 310,000,000 | |||
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 | $ 0 | $ 0 |
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net | 0 | 0 | 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 | 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 | 0 |
Derivative instruments, gain (loss) reclassified from accumulated oci into income, effective portion, net | $ (42,000,000) | $ 36,000,000 | $ 38,000,000 | $ 50,000,000 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loans | $ 2,116 | $ 2,678 | $ 6,853 | $ 7,952 |
Investment Securities | 490 | 617 | 1,599 | 1,866 |
Borrowed Funds | 118 | 468 | 619 | 1,433 |
Other | 457 | 342 | 1,071 | 1,017 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Investment Securities [Member] | Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged items | (13) | 76 | 224 | 250 |
Derivatives | 14 | (73) | (219) | (241) |
Amounts related to interest settlements on derivatives | (3) | 4 | (7) | 14 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Borrowed Funds [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged items | 141 | (271) | (1,300) | (1,068) |
Derivatives | (166) | 235 | 1,220 | 948 |
Amounts related to interest settlements on derivatives | 149 | 16 | 341 | 36 |
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 | 118 | 2 | 262 | (18) |
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 | $ 16 | 3 | 19 | 5 |
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 | $ 18 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Investment Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of the Hedged Items | $ 3,237 | $ 5,666 |
Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items | 59 | 59 |
Borrowed Funds [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of the Hedged Items | 28,326 | 28,616 |
Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items | 1,850 | 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | $ 16 | $ 343 | $ 980 | $ 717 |
Mortgage Banking [Member] | Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 20 | 184 | 799 | 530 |
Customer Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 102 | 56 | 182 | 148 |
Customer Contracts [Member] | Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 59 | 45 | 99 | 84 |
Customer Contracts [Member] | Foreign Exchange And Other Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 43 | 11 | 83 | 64 |
Other Risk Management Activity [Member] | Foreign Exchange And Other Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | $ (106) | $ 103 | $ (1) | $ 39 |
Financial Derivatives (Derivati
Financial Derivatives (Derivative Assets and Liabilitites Offsetting) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | $ 7,343 | $ 3,502 |
Derivative Asset, Fair Value Offset Amount | 864 | 690 |
Derivative Asset, Cash Collateral | 1,699 | 616 |
Derivative Asset, Net | 4,780 | 2,196 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 617 | 215 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 4,163 | 1,981 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 2,710 | 2,019 |
Derivative Liability, Fair Value Offset Amount | 864 | 690 |
Derivative Liability, Cash Collateral | 1,308 | 790 |
Derivative Liability, Net | 538 | 539 |
Derivative Liability, Fair Value of Collateral | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 538 | 539 |
Interest Rate Contracts [Member] | Over the Counter Cleared [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | 31 | 14 |
Derivative Asset, Net | 31 | 14 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 31 | 14 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 23 | 14 |
Derivative Liability, Net | 23 | 14 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 23 | 14 |
Interest Rate Contracts [Member] | Over the Counter [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | 6,534 | 2,969 |
Derivative Asset, Fair Value Offset Amount | 433 | 365 |
Derivative Asset, Cash Collateral | 1,673 | 593 |
Derivative Asset, Net | 4,428 | 2,011 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 616 | 215 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 3,812 | 1,796 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 1,875 | 1,279 |
Derivative Liability, Fair Value Offset Amount | 589 | 475 |
Derivative Liability, Cash Collateral | 1,159 | 692 |
Derivative Liability, Net | 127 | 112 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 127 | 112 |
Commodity Contract [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | 497 | 306 |
Derivative Asset, Fair Value Offset Amount | 299 | 198 |
Derivative Asset, Cash Collateral | 14 | 18 |
Derivative Asset, Net | 184 | 90 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 184 | 90 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 475 | 301 |
Derivative Liability, Fair Value Offset Amount | 206 | 152 |
Derivative Liability, Cash Collateral | 59 | 17 |
Derivative Liability, Net | 210 | 132 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 210 | 132 |
Foreign Exchange And Other Contract [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | 281 | 213 |
Derivative Asset, Fair Value Offset Amount | 132 | 127 |
Derivative Asset, Cash Collateral | 12 | 5 |
Derivative Asset, Net | 137 | 81 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 1 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 136 | 81 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 337 | 425 |
Derivative Liability, Fair Value Offset Amount | 69 | 63 |
Derivative Liability, Cash Collateral | 90 | 81 |
Derivative Liability, Net | 178 | 281 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 178 | $ 281 |
Legal Proceedings (Narrative) (
Legal Proceedings (Narrative) (Details) $ in Millions | Sep. 30, 2020USD ($) |
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) - segment | 9 Months Ended | |
Sep. 30, 2020 | Jun. 30, 2020 | |
Segment Reporting [Abstract] | ||
Segment reporting, number of segments | 3 | |
BlackRock, Inc. | Discontinued Operations, Disposed of by Sale | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 22.40% |
Segment Reporting (Segment Repo
Segment Reporting (Segment Reporting Table) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 2,484 | $ 2,504 | $ 7,522 | $ 7,477 |
Noninterest income | 1,797 | 1,738 | 5,171 | 5,041 |
Total revenue | 4,281 | 4,242 | 12,693 | 12,518 |
Provision for credit losses | 52 | 183 | 3,429 | 552 |
Depreciation and amortization | 246 | 247 | 737 | 738 |
Other noninterest expense | 2,285 | 2,376 | 6,852 | 7,074 |
Income from continuing operations before income taxes and noncontrolling interests | 1,698 | 1,436 | 1,675 | 4,154 |
Income taxes (benefit) | 166 | 255 | 128 | 706 |
Net income from continuing operations | 1,532 | 1,181 | 1,547 | 3,448 |
Average Assets | 462,139 | 406,709 | 444,029 | 396,599 |
Retail Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 1,383 | 1,393 | 4,229 | 4,118 |
Noninterest income | 673 | 744 | 2,046 | 1,996 |
Total revenue | 2,056 | 2,137 | 6,275 | 6,114 |
Provision for credit losses | (157) | 147 | 1,049 | 356 |
Depreciation and amortization | 64 | 60 | 188 | 170 |
Other noninterest expense | 1,457 | 1,476 | 4,369 | 4,361 |
Income from continuing operations before income taxes and noncontrolling interests | 692 | 454 | 669 | 1,227 |
Income taxes (benefit) | 162 | 107 | 161 | 291 |
Net income from continuing operations | 530 | 347 | 508 | 936 |
Average Assets | 98,731 | 93,222 | 98,764 | 92,282 |
Corporate & Institutional Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 1,012 | 911 | 3,014 | 2,685 |
Noninterest income | 723 | 654 | 2,143 | 1,891 |
Total revenue | 1,735 | 1,565 | 5,157 | 4,576 |
Provision for credit losses | 211 | 48 | 2,254 | 219 |
Depreciation and amortization | 50 | 51 | 149 | 151 |
Other noninterest expense | 616 | 652 | 1,912 | 1,936 |
Income from continuing operations before income taxes and noncontrolling interests | 858 | 814 | 842 | 2,270 |
Income taxes (benefit) | 188 | 169 | 160 | 471 |
Net income from continuing operations | 670 | 645 | 682 | 1,799 |
Average Assets | 183,266 | 168,193 | 185,001 | 163,126 |
Asset Management Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 89 | 70 | 266 | 208 |
Noninterest income | 221 | 216 | 629 | 719 |
Total revenue | 310 | 286 | 895 | 927 |
Provision for credit losses | (19) | (1) | 23 | (2) |
Depreciation and amortization | 11 | 11 | 34 | 51 |
Other noninterest expense | 200 | 217 | 613 | 656 |
Income from continuing operations before income taxes and noncontrolling interests | 118 | 59 | 225 | 222 |
Income taxes (benefit) | 27 | 13 | 52 | 51 |
Net income from continuing operations | 91 | 46 | 173 | 171 |
Average Assets | 8,361 | 7,331 | 8,041 | 7,247 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 0 | 130 | 13 | 466 |
Noninterest income | 180 | 124 | 353 | 435 |
Total revenue | 180 | 254 | 366 | 901 |
Provision for credit losses | 17 | (11) | 103 | (21) |
Depreciation and amortization | 121 | 125 | 366 | 366 |
Other noninterest expense | 12 | 31 | (42) | 121 |
Income from continuing operations before income taxes and noncontrolling interests | 30 | 109 | (61) | 435 |
Income taxes (benefit) | (211) | (34) | (245) | (107) |
Net income from continuing operations | 241 | 143 | 184 | 542 |
Average Assets | $ 171,781 | $ 137,963 | $ 152,223 | $ 133,944 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 1,797 | $ 1,738 | $ 5,171 | $ 5,041 |
Document Period End Date | Sep. 30, 2020 | |||
Retail Banking [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 673 | 744 | $ 2,046 | 1,996 |
Retail Banking [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 490 | 567 | 1,409 | 1,635 |
Retail Banking [Member] | Out-of-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 183 | 177 | 637 | 361 |
Retail Banking [Member] | Deposit Account Fees [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 108 | 166 | 339 | 468 |
Retail Banking [Member] | Debit Card Fees [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 136 | 139 | 385 | 399 |
Retail Banking [Member] | Brokerage Fees [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 94 | 92 | 273 | 267 |
Retail Banking [Member] | Merchant Services [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 40 | 55 | 112 | 159 |
Retail Banking [Member] | Net Credit Card Fees [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 50 | 50 | 130 | 149 |
Interchange fees | 121 | 128 | 341 | 366 |
Credit card reward costs | 71 | 78 | 211 | 217 |
Retail Banking [Member] | Other | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 62 | $ 65 | $ 170 | $ 193 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 1,797 | $ 1,738 | $ 5,171 | $ 5,041 |
Corporate & Institutional Banking [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 723 | 654 | 2,143 | 1,891 |
Corporate & Institutional Banking [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 412 | 384 | 1,295 | 1,156 |
Corporate & Institutional Banking [Member] | Out-of-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 311 | 270 | 848 | 735 |
Corporate & Institutional Banking [Member] | Treasury Management Fees [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 231 | 210 | 665 | 621 |
Corporate & Institutional Banking [Member] | Capital Markets Fees [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 132 | 131 | 494 | 407 |
Corporate & Institutional Banking [Member] | Commercial Mortgage Banking Activities [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 31 | 26 | 81 | 75 |
Corporate & Institutional Banking [Member] | Other | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 18 | $ 17 | $ 55 | $ 53 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 1,797 | $ 1,738 | $ 5,171 | $ 5,041 |
Asset Management Group [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 221 | 216 | 629 | 719 |
Asset Management Group [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 215 | 213 | 615 | 646 |
Asset Management Group [Member] | Out-of-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 6 | 3 | 14 | 73 |
Asset Management Group [Member] | Personal [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 164 | 155 | 465 | 459 |
Asset Management Group [Member] | Institutional [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 51 | $ 58 | $ 150 | $ 187 |
Uncategorized Items - pncq32020
Label | Element | Value |
Common Stock [Member] | ||
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 433,000,000 |
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 457,000,000 |
Cumulative Effect, Period Of Adoption, Adjusted Balance [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | $ 3,205,000,000 |
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 |
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 |
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) |
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 |