Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 13, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 | 410,124,004 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest Income | ||||
Loans | $ 2,504 | $ 2,160 | $ 4,797 | $ 4,156 |
Investment securities | 631 | 469 | 1,175 | 890 |
Other | 146 | 72 | 223 | 138 |
Total interest income | 3,281 | 2,701 | 6,195 | 5,184 |
Interest Expense | ||||
Deposits | 88 | 30 | 115 | 70 |
Borrowed funds | 142 | 90 | 225 | 185 |
Total interest expense | 230 | 120 | 340 | 255 |
Net interest income | 3,051 | 2,581 | 5,855 | 4,929 |
Noninterest Income | ||||
Total noninterest income | 2,065 | 2,086 | 3,953 | 3,958 |
Total revenue | 5,116 | 4,667 | 9,808 | 8,887 |
Provision For (Recapture of) Credit Losses | 36 | 302 | (172) | (249) |
Noninterest Expense | ||||
Personnel | 1,779 | 1,640 | 3,496 | 3,117 |
Occupancy | 246 | 217 | 504 | 432 |
Equipment | 351 | 326 | 682 | 619 |
Marketing | 95 | 74 | 156 | 119 |
Other | 773 | 793 | 1,578 | 1,337 |
Total noninterest expense | 3,244 | 3,050 | 6,416 | 5,624 |
Income (loss) before income taxes (benefit) and noncontrolling interests | 1,836 | 1,315 | 3,564 | 3,512 |
Income taxes | 340 | 212 | 639 | 583 |
Net income | 1,496 | 1,103 | 2,925 | 2,929 |
Less: Net income (loss) attributable to noncontrolling interests | 15 | 12 | 36 | 22 |
Preferred stock dividends | 71 | 48 | 116 | 105 |
Preferred stock discount accretion and redemptions | 1 | 1 | 3 | 2 |
Net income attributable to common shareholders | $ 1,409 | $ 1,042 | $ 2,770 | $ 2,800 |
Earnings Per Common Share | ||||
Basic earnings per common share (in dollars per share) | $ 3.39 | $ 2.43 | $ 6.62 | $ 6.54 |
Diluted earnings per common share (in dollars per share) | $ 3.39 | $ 2.43 | $ 6.61 | $ 6.53 |
Average Common Shares Outstanding | ||||
Basic (in shares) | 414 | 427 | 417 | 426 |
Diluted (in shares) | 414 | 427 | 417 | 427 |
Asset management and brokerage | ||||
Noninterest Income | ||||
Total noninterest income | $ 365 | $ 350 | $ 742 | $ 678 |
Capital markets related | ||||
Noninterest Income | ||||
Total noninterest income | 409 | 324 | 661 | 635 |
Card and cash management | ||||
Noninterest Income | ||||
Total noninterest income | 671 | 597 | 1,291 | 1,089 |
Lending and deposit services | ||||
Noninterest Income | ||||
Total noninterest income | 282 | 270 | 551 | 524 |
Residential and commercial mortgage | ||||
Noninterest Income | ||||
Total noninterest income | 161 | 206 | 320 | 393 |
Other | ||||
Noninterest Income | ||||
Total noninterest income | $ 177 | $ 339 | $ 388 | $ 639 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,496 | $ 1,103 | $ 2,925 | $ 2,929 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | ||||
Net change in debt securities | (2,715) | 46 | (9,030) | (1,148) |
Net change in cash flow hedge derivatives | (701) | 222 | (2,459) | (553) |
Pension and other postretirement benefit plan adjustments | 8 | (43) | 62 | (13) |
Net change in Other | (4) | (7) | 1 | |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (3,412) | 225 | (11,434) | (1,713) |
Income tax benefit (expense) related to items of other comprehensive income | 785 | (52) | 2,667 | 406 |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (2,627) | 173 | (8,767) | (1,307) |
Comprehensive income (loss) | (1,131) | 1,276 | (5,842) | 1,622 |
Less: Comprehensive income attributable to noncontrolling interests | 15 | 12 | 36 | 22 |
Comprehensive income (loss) attributable to PNC | $ (1,146) | $ 1,264 | $ (5,878) | $ 1,600 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and due from banks | $ 8,582 | $ 8,004 | |
Interest-earning deposits with banks | 28,404 | 74,250 | |
Loans held for sale | [1] | 1,191 | 2,231 |
Investment securities – available for sale | 52,984 | 131,536 | |
Investment securities – held to maturity | 79,748 | 1,426 | |
Loans | [1] | 310,800 | 288,372 |
Allowance for loan and lease losses | (4,462) | (4,868) | |
Net loans | 306,338 | 283,504 | |
Equity investments | 8,441 | 8,180 | |
Mortgage servicing rights | 2,608 | 1,818 | |
Goodwill | 10,916 | 10,916 | |
Other | [1] | 41,574 | 35,326 |
Total assets | 540,786 | 557,191 | |
Deposits | |||
Noninterest-bearing | 146,438 | 155,175 | |
Interest-bearing | 294,373 | 302,103 | |
Total deposits | 440,811 | 457,278 | |
Borrowed funds | |||
Federal Home Loan Bank borrowings | 10,000 | ||
Bank notes and senior debt | 14,358 | 20,661 | |
Subordinated debt | 7,487 | 6,996 | |
Other | [2] | 4,139 | 3,127 |
Total borrowed funds | 35,984 | 30,784 | |
Allowance for unfunded lending related commitments | 681 | 662 | |
Accrued expenses and other liabilities | 15,622 | 12,741 | |
Total liabilities | 493,098 | 501,465 | |
Equity | |||
Preferred stock | [3] | ||
Common stock ($5 par value, Authorized 800 shares, issued 543 shares) | 2,714 | 2,713 | |
Capital surplus | 18,531 | 17,457 | |
Retained earnings | 51,841 | 50,228 | |
Accumulated other comprehensive income (loss) | (8,358) | 409 | |
Common stock held in treasury at cost: 132 and 123 shares | (17,076) | (15,112) | |
Total shareholders’ equity | 47,652 | 55,695 | |
Noncontrolling interests | 36 | 31 | |
Total equity | 47,688 | 55,726 | |
Total liabilities and equity | $ 540,786 | $ 557,191 | |
[1]Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.0 billion, Loans held for investment of $1.3 billion and Other assets of $0.1 billion at June 30, 2022. Comparable amounts at December 31, 2021 were $1.9 billion, $1.5 billion and $0.1 billion, respectively.[2]Our consolidated liabilities included the following for which we have elected the fair value option: Other borrowed funds of less than $0.1 billion and Other liabilities of $0.1 billion at June 30, 2022. Comparable amounts at December 31, 2021 were less than $0.1 billion and zero.[3]Par value less than $0.5 million at each date. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, authorized (shares) | 800,000,000 | 800,000,000 |
Common stock, issued (shares) | 543,000,000 | 543,000,000 |
Common stock held in treasury at cost (shares) | 132,000,000 | 123,000,000 |
Preferred stock, par value | $ 0.5 | $ 0.5 |
Portion at Fair Value, Fair Value Disclosure | ||
Loans held for sale, fair value | 1,000 | 1,900 |
Loans, fair value | 1,300 | 1,500 |
Other assets, fair value | 100 | 100 |
Other borrowed funds, fair value | 100 | 100 |
Other liabilities | $ 100 | $ 0 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Operating Activities | |||
Net income | $ 2,925 | $ 2,929 | |
Adjustments to reconcile net income to net cash provided (used) by operating activities | |||
Provision for (recapture of) credit losses | (172) | (249) | |
Depreciation and amortization | 529 | 794 | |
Deferred income taxes (benefit) | 203 | 165 | |
Net losses (gains) on sales of securities | 4 | (35) | |
Changes in fair value of mortgage servicing rights | (435) | (47) | |
Net change in | |||
Trading securities and other short-term investments | (1,325) | 776 | |
Loans held for sale and related securitization activity | 997 | (439) | |
Other assets | (2,989) | (784) | |
Accrued expenses and other liabilities | 1,491 | (782) | |
Other | 415 | (133) | |
Net cash provided (used) by operating activities | 1,643 | 2,195 | |
Sales | |||
Securities available for sale | 2,575 | 7,495 | |
Loans | 525 | 1,011 | |
Repayments/maturities | |||
Securities available for sale | 9,403 | 15,970 | |
Securities held to maturity | 1,395 | 46 | |
Purchases | |||
Securities available for sale | (22,145) | (44,380) | |
Securities held to maturity | (1,289) | (75) | |
Loans | (1,298) | (1,291) | |
Net change in | |||
Federal funds sold and resale agreements | (919) | (75) | |
Interest-earning deposits with banks | 45,846 | 26,039 | |
Loans | (21,929) | 9,739 | |
Net cash paid for acquisition | (10,511) | ||
Other | (1,147) | (1,018) | |
Net cash provided (used) by investing activities | 11,017 | 2,950 | |
Net change in | |||
Noninterest-bearing deposits | (8,717) | 5,771 | |
Interest-bearing deposits | (7,730) | (3,730) | |
Federal funds purchased and repurchase agreements | (5) | 75 | |
Other borrowed funds | 1,098 | 94 | |
Sales/issuances | |||
Federal Home Loan Bank borrowings | 10,000 | ||
Bank notes and senior debt | 996 | ||
Subordinated debt | 847 | ||
Other borrowed funds | 435 | 353 | |
Preferred stock | 990 | ||
Common and treasury stock | 34 | 36 | |
Repayments/maturities | |||
Federal Home Loan Bank borrowings | (3,680) | ||
Bank notes and senior debt | (5,250) | (1,850) | |
Other borrowed funds | (435) | (346) | |
Acquisition of treasury stock | (2,076) | (67) | |
Preferred stock cash dividends paid | (116) | (105) | |
Common stock cash dividends paid | (1,157) | (985) | |
Net cash provided (used) by financing activities | (12,082) | (3,438) | |
Net Increase (Decrease) In Cash And Due From Banks And Restricted Cash | 578 | 1,707 | |
Cash and due from banks and restricted cash at beginning of period | 8,004 | 7,017 | |
Cash and due from banks and restricted cash at end of period | 8,582 | 8,724 | |
Cash and due from banks and restricted cash | |||
Cash and due from banks at end of period (unrestricted cash) | 7,950 | 8,128 | |
Restricted cash | 632 | 596 | |
Cash and due from banks and restricted cash at end of period | 8,582 | 8,724 | |
Supplemental Disclosures | |||
Interest paid | 420 | 336 | |
Income taxes paid | 62 | 384 | |
Income taxes refunded | 8 | 65 | |
Leased assets obtained in exchange for new operating lease liabilities | 103 | 248 | |
Non-cash Investing and Financing Items | |||
Transfer from securities available for sale to securities held to maturity | [1] | 83,419 | |
Transfer from loans to loans held for sale, net | 330 | 489 | |
Transfer from loans to foreclosed assets | $ 25 | $ 15 | |
[1]During the first six months of 2022, we transferred securities from available for sale to held to maturity in non-cash transactions. The amount of $83.4 billion includes the aggregate fair value of the securities of $77.8 billion and aggregate net pretax unrealized losses of $5.6 billion included in AOCI at transfer. See Note 3 Investment Securities for more detailed information on the transfers. |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parenthetical) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) | ||
Statement of Cash Flows [Abstract] | ||
Transfer from securities available for sale to securities held to maturity | $ 83,419 | [1] |
Transferred securities at fair value from available for sale to held to maturity | 77,800 | |
Net unrealized losses, related to securities transferred to held to maturity | $ 5,600 | |
[1]During the first six months of 2022, we transferred securities from available for sale to held to maturity in non-cash transactions. The amount of $83.4 billion includes the aggregate fair value of the securities of $77.8 billion and aggregate net pretax unrealized losses of $5.6 billion included in AOCI at transfer. See Note 3 Investment Securities for more detailed information on the transfers. |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Accounting Policies | B USINESS PNC is one of the largest diversified financial services companies in the 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 VIEs. On June 1, 2021, we acquired BBVA, a U.S. financial holding company conducting its business operations primarily through its U.S. banking subsidiary, BBVA USA. Our results of operations and balance sheets for all periods presented in this Report reflect the benefit of BBVA's acquired businesses for the period since the acquisition closed on June 1, 2021. See Note 2 Acquisition Activity for additional information related to this acquisition. We prepared these consolidated financial statements in accordance with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation, which did not have a material impact on our consolidated financial condition or results of operations. In our opinion, the unaudited interim consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. We have also considered the impact of subsequent events on these consolidated financial statements. When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2021 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2021 Form 10-K for a detailed description of significant accounting policies. These interim consolidated financial statements serve to update our 2021 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. There have been no significant changes to our accounting policies as disclosed in our 2021 Form 10-K. Noninterest Income Presentation Effective for the first quarter of 2022, PNC updated the presentation of its noninterest income categorization to be based on product and service type, and accordingly, has changed the basis of presentation of its noninterest income revenue streams to: (i) Asset management and brokerage, (ii) Capital markets related, (iii) Card and cash management, (iv) Lending and deposit services, (v) Residential and commercial mortgage and (vi) Other noninterest income. A description of each revenue stream follows: Asset management and brokerage includes revenue from our asset management and retail brokerage businesses. Asset management services include investment management, custody, retirement planning, family planning, trust management and retirement administration. Brokerage services offer retail customers a wide range of investment options, including mutual funds, annuities, stock, bonds and managed accounts. Capital markets related includes revenue from services and activities primarily related to merger and acquisition advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting, credit valuation adjustments related to the derivatives portfolio and customer-related trading. Card and cash management includes revenue primarily from debit and credit card activities, inclusive of credit card points and rewards, treasury management services and ATM fees. Debit and credit card activities include interchange revenue and merchant service fees. Treasury management services include cash and investment management, receivables and disbursement management, funds transfer, international payment and access to online/mobile information management and reporting. Lending and deposit services includes revenue primarily related to service charges on deposits, loan commitment and usage fees, the issuance of standby letters of credit, operating lease income and long-term care and insurance products. Residential and commercial mortgage includes the gain and loss on sale of mortgages, revenue related to our mortgage servicing responsibilities, mortgage servicing rights valuation adjustments and net gains on originations and sales of loans held for sale. Other noninterest income is primarily composed of private equity revenue, net securities gains and losses, activity related to our equity investment in Visa and gains and losses on asset sales. See Note 16 Fee-based Revenue from Contracts with Customers for additional details related to these revenue streams within the scope of ASC 606 - Revenue from Contracts with Customers. 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 the ACL and our fair value measurements, including for the BBVA acquisition. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements. Recently Adopted Accounting Standards Accounting Standards Update Description Financial Statement Impact Reference Rate Reform - ASU 2020-04 Issued March 2020 Reference Rate Reform Scope - ASU 2021-01 Issued January 2021 • 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 (codified in ASC 848). • 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. • Includes optional expedients and exceptions for contract modifications and hedge accounting that apply to derivative instruments impacted by the market-wide discounting transition. • Guidance in these ASUs are effective as of March 12, 2020 through December 31, 2022. • ASU 2020-04 was adopted March 12, 2020. ASU 2021-01 was retrospectively adopted October 1, 2020. • Refer to Note 1 Accounting Policies in the 2021 Form 10-K for more information on elections of optional expedients that occurred in 2020 and 2021. • We did not make any additional elections for the second quarter of 2022. We expect to continue to elect various optional expedients for contract modifications and hedge relationships affected by reference rate reform through the effective date of this guidance. |
Acquisition Activity
Acquisition Activity | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition Activity | A CQUISITION A CTIVITY Acquisition of BBVA USA Bancshares, Inc. On June 1, 2021, PNC acquired BBVA including its U.S. banking subsidiary, BBVA USA, for $11.5 billion in cash. PNC did not acquire the following entities as part of the acquisition: BBVA Securities, Inc., Propel Venture Partners Fund I, L.P. and BBVA Processing Services, Inc. This transaction has been accounted for as a business combination. Accordingly, the assets and liabilities from BBVA were recorded at fair value as of the acquisition date. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. Fair value estimates related to the assets and liabilities from BBVA are subject to adjustment for up to one year after the closing date of the acquisition as additional information becomes available. Valuations subject to adjustment include, but are not limited to, loans, certain deposits, certain other assets, customer relationships and the core deposit intangibles. On October 12, 2021, PNC converted approximately 2.6 million customers, 9,000 employees and over 600 branches across seven states, merging BBVA USA into PNC Bank. PNC incurred merger and integration costs of $14 million and $45 million for the three and six months ended June 30, 2022, in connection with the transaction. These costs are recorded as contra-revenue and expense on the Consolidated Income Statement. The integration expenses are primarily related to retail services and realty expenses. Cumulative costs through June 30, 2022 were $850 million. The following table includes the fair value of the identifiable tangible and intangible assets and liabilities from BBVA: Table 36: Acquisition Consideration June 1, 2021 In millions Fair Value Fair value of acquisition consideration $ 11,480 Assets Cash and due from banks $ 969 Interest-earning deposits with banks 13,313 Loans held for sale 463 Investment securities – available for sale 18,358 Net loans 61,423 Equity investments 723 Mortgage servicing rights 35 Core deposit intangibles and other intangible assets 378 Other 3,527 Total assets $ 99,189 Liabilities Deposits $ 85,562 Borrowed funds 2,449 Accrued expenses and other liabilities 1,275 Total liabilities $ 89,286 Noncontrolling interests 22 Less: Net assets $ 9,881 Goodwill $ 1,599 Goodwill of $1.6 billion recorded in connection with the transaction resulted from the reputation, operating model and expertise of BBVA. The amount of goodwill recorded reflects the increased market share and related synergies that are expected to result from the acquisition, and represents the excess purchase price over the estimated fair value of the net assets from BBVA. The goodwill was allocated to each of our three business segments and is not deductible for income tax purposes. See Note 6 Goodwill and Mortgage Servicing Rights in Item 8 of our 2021 Form 10-K for additional information on the allocation of goodwill to the segments. For a description of the fair value and unpaid principal balance of loans from the BBVA acquisition, as well as the methods used to determine the fair values of significant assets and liabilities, see Note 2 Acquisition and Divestiture Activity in Item 8 of our 2021 Form 10-K. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities | I NVESTMENT S ECURITIES Table 37: Investment Securities Summary (a) June 30, 2022 December 31, 2021 In millions Amortized Unrealized Fair Amortized Unrealized Fair Gains Losses Gains Losses Securities Available for Sale U.S. Treasury and government agencies $ 13,877 $ 15 $ (849) $ 13,043 $ 46,210 $ 324 $ (370) $ 46,164 Residential mortgage-backed Agency 34,240 13 (2,074) 32,179 67,326 695 (389) 67,632 Non-agency 762 167 (4) 925 927 231 1,158 Commercial mortgage-backed Agency 2,040 1 (94) 1,947 1,740 39 (6) 1,773 Non-agency 1,396 (46) 1,350 3,423 31 (18) 3,436 Asset-backed 112 32 (1) 143 6,380 60 (31) 6,409 Other 3,548 48 (199) 3,397 4,792 186 (14) 4,964 Total securities available for sale $ 55,975 $ 276 $ (3,267) $ 52,984 $ 130,798 $ 1,566 $ (828) $ 131,536 Securities Held to Maturity U.S. Treasury and government agencies $ 31,582 $ 13 $ (407) $ 31,188 $ 814 $ 76 $ 890 Residential mortgage-backed Agency 36,880 8 (840) 36,048 Non-agency 288 (6) 282 Commercial mortgage-backed Agency 86 (1) 85 Non-agency 1,842 3 (20) 1,825 Asset-backed 6,690 3 (72) 6,621 Other 2,380 11 (26) 2,365 612 27 $ (7) 632 Total securities held to maturity (c) (d) $ 79,748 $ 38 $ (1,372) $ 78,414 $ 1,426 $ 103 $ (7) $ 1,522 (a) At June 30, 2022, the accrued interest associated with our held to maturity and available for sale portfolios totaled $191 million and $162 million, respectively. The comparable amounts at December 31, 2021 were $5 million and $322 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet. (b) Amortized cost is presented net of allowance of $133 million for securities available for sale and $4 million for securities held to maturity at June 30, 2022. The comparable amounts at December 31, 2021 are $130 million and $3 million, respectively. (c) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. 99% and 86% of our securities held to maturity were rated AAA/AA at June 30, 2022 and December 31, 2021, respectively. (d) Held to maturity securities transferred from available for sale are included in held to maturity at fair value at the time of the transfer. The amortized cost of held to maturity securities included net unrealized losses of $5.4 billion, at June 30, 2022, related to securities transferred, which are offset in AOCI, net of tax. 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 Total 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 June 30, 2022 included $0.4 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 June 30, 2021 was $0.3 billion. In the first quarter of 2022, we transferred securities with a fair value of $18.7 billion from available for sale to held to maturity. The securities transferred included $9.2 billion of U.S. Treasury and government agency securities and $9.5 billion of agency residential mortgage-backed securities. During the second quarter of 2022, we transferred securities with a fair value of $59.1 billion from available for sale to held to maturity. The securities transferred included $21.5 billion of U.S. Treasury and government agency securities, $27.9 billion of agency residential mortgage-backed securities, $6.3 billion of asset-backed securities and $3.4 billion of other securities. We changed our intent and committed to hold these high-quality securities to maturity in order to reduce the impact of price volatility on AOCI and tangible capital. The securities were reclassified at fair value at the time of the transfer and the transfers represented non-cash transactions. AOCI at June 30, 2022 included pretax unrealized losses of $5.4 billion related to the transfers. These unrealized losses will be amortized, consistent with the amortization of the discount on these securities, over the remaining life as an adjustment of yield, resulting in no impact to net interest income or net income. 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. At June 30, 2022, the allowance for investment securities was $137 million and primarily related to non-agency commercial mortgage-backed securities in the available for sale portfolio. The comparable amount at December 31, 2021 was $133 million. See Note 1 Accounting Policies included in Item 8 of our 2021 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities. At June 30, 2022, AOCI included pretax losses of $141 million from derivatives that hedged the purchase of investment securities classified as held to maturity. The losses will be accreted to interest income as an adjustment of yield on the securities. Table 38 presents the gross unrealized losses and fair value of securities available for sale that do not have an associated allowance for investment securities at June 30, 2022 and December 31, 2021. 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 June 30, 2022, 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 38: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses Unrealized loss position Unrealized loss position Total In millions Unrealized Fair Unrealized Fair Unrealized Fair June 30, 2022 U.S. Treasury and government agencies $ (729) $ 10,450 $ (120) $ 1,239 $ (849) $ 11,689 Residential mortgage-backed Agency (1,811) 28,806 (263) 2,135 (2,074) 30,941 Non-agency (2) 101 (2) 19 (4) 120 Commercial mortgage-backed Agency (88) 1,720 (6) 136 (94) 1,856 Non-agency (31) 1,078 (3) 140 (34) 1,218 Asset-backed Other (153) 2,311 (5) 36 (158) 2,347 Total securities available for sale $ (2,814) $ 44,466 $ (399) $ 3,705 $ (3,213) $ 48,171 December 31, 2021 U.S. Treasury and government agencies $ (370) $ 32,600 $ (370) $ 32,600 Agency residential mortgage-backed (369) 41,521 $ (20) $ 1,489 (389) 43,010 Commercial mortgage-backed Agency (5) 451 (1) 60 (6) 511 Non-agency (4) 1,453 (3) 474 (7) 1,927 Asset-backed (29) 3,465 (2) 188 (31) 3,653 Other (13) 1,405 (13) 1,405 Total securities available for sale $ (790) $ 80,895 $ (26) $ 2,211 $ (816) $ 83,106 Information relating to gross realized securities gains and losses from the sales of securities is set forth in the following table: Table 39: Gains (Losses) on Sales of Securities Available for Sale Six months ended June 30 Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit) 2022 $ 11 $ (15) $ (4) $ (1) 2021 $ 201 $ (166) $ 35 $ 7 The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at June 30, 2022: Table 40: Contractual Maturity of Debt Securities June 30, 2022 1 Year or Less After 1 Year After 5 Years After 10 Total Securities Available for Sale U.S. Treasury and government agencies $ 2,783 $ 5,835 $ 3,124 $ 2,135 $ 13,877 Residential mortgage-backed Agency 2 83 3,046 31,109 34,240 Non-agency 2 760 762 Commercial mortgage-backed Agency 62 243 1,363 372 2,040 Non-agency 7 224 1,165 1,396 Asset-backed 11 101 112 Other 148 2,243 971 186 3,548 Total securities available for sale at amortized cost $ 2,995 $ 8,411 $ 8,741 $ 35,828 $ 55,975 Fair value $ 2,988 $ 8,056 $ 8,209 $ 33,731 $ 52,984 Weighted-average yield, GAAP basis (a) 2.01 % 1.58 % 2.16 % 2.68 % 2.40 % Securities Held to Maturity U.S. Treasury and government agencies $ 474 $ 23,231 $ 7,484 $ 393 $ 31,582 Residential mortgage-backed Agency 12 34 36,834 36,880 Non-agency 288 288 Commercial mortgage-backed Agency 86 86 Non-agency 137 8 1,697 1,842 Asset-backed 16 1,872 1,609 3,193 6,690 Other 182 906 561 731 2,380 Total securities held to maturity at amortized cost $ 672 $ 26,158 $ 9,782 $ 43,136 $ 79,748 Fair value $ 671 $ 25,964 $ 9,603 $ 42,176 $ 78,414 Weighted-average yield, GAAP basis (a) 1.08 % 1.10 % 1.76 % 2.38 % 1.87 % (a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. Actual maturities and yields may differ as certain securities may be prepaid. At June 30, 2022, 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 $36.5 billion and $28.5 billion and fair value of $35.0 billion and $27.4 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 41: Fair Value of Securities Pledged and Accepted as Collateral In millions June 30 December 31 Pledged to others $ 20,603 $ 27,349 Accepted from others: Permitted by contract or custom to sell or repledge $ 1,588 $ 707 Permitted amount repledged to others $ 1,588 $ 707 |
Loans and Related Allowance for
Loans and Related Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2022 | |
Asset Quality [Abstract] | |
Loans and Related Allowance for Credit Losses | L OANS A ND R ELATED A LLOWANCE F OR C REDIT L OSSES 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 • Residential real estate • Commercial real estate • Home equity • Equipment lease financing • Automobile • Credit card • Education • Other consumer See Note 1 Accounting Policies included in Item 8 of our 2021 Form 10-K 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. Loan delinquencies include government insured or guaranteed loans, loans accounted for under the fair value option and PCD loans. Table 42 presents the composition and delinquency status of our loan portfolio at June 30, 2022 and December 31, 2021. We manage credit risk based on the risk profile of the borrower, repayment sources, underlying collateral and other support given current events, economic conditions and expectations. We refine our practices to meet the changing environment resulting from rising inflation levels, supply chain disruptions, higher rates, and secular changes fostered by the COVID-19 pandemic. To mitigate losses and enhance customer support, we have customer assistance, loan modification and collection programs that align with the CARES Act and subsequent interagency guidance. As a result, under the CARES Act credit reporting rules, certain loans modified due to COVID-19 related hardships are not being reported as past due as of June 30, 2022 and December 31, 2021 based on the contractual terms of the loan, even where borrowers may not be making payments on their loans during the modification period. Table 42: Analysis of Loan Portfolio (a) (b) Accruing Dollars in millions Current or Less 30-59 60-89 90 Days Total Nonperforming Fair Value Total Loans June 30, 2022 Commercial Commercial and industrial $ 170,817 $ 99 $ 128 $ 138 $ 365 $ 649 $ 171,831 Commercial real estate 34,252 28 11 39 161 34,452 Equipment lease financing 6,224 7 4 11 5 6,240 Total commercial 211,293 134 143 138 415 815 212,523 Consumer Residential real estate 42,067 298 95 202 595 (c) 457 $ 598 43,717 Home equity 23,994 43 14 57 556 86 24,693 Automobile 15,016 102 24 6 132 175 15,323 Credit card 6,528 37 25 54 116 6 6,650 Education 2,207 44 23 58 125 (c) 2,332 Other consumer 5,454 38 21 12 71 37 5,562 Total consumer 95,266 562 202 332 1,096 1,231 684 98,277 Total $ 306,559 $ 696 $ 345 $ 470 $ 1,511 $ 2,046 $ 684 $ 310,800 Percentage of total loans 98.63 % 0.22 % 0.11 % 0.15 % 0.49 % 0.66 % 0.22 % 100.00 % December 31, 2021 Commercial Commercial and industrial $ 151,698 $ 235 $ 72 $ 132 $ 439 $ 796 $ 152,933 Commercial real estate 33,580 46 24 1 71 364 34,015 Equipment lease financing 6,095 25 2 27 8 6,130 Total commercial 191,373 306 98 133 537 1,168 193,078 Consumer Residential real estate 37,706 379 119 328 826 (c) 517 $ 663 39,712 Home equity 23,305 53 18 71 596 89 24,061 Automobile 16,252 146 40 14 200 183 16,635 Credit card 6,475 49 33 62 144 7 6,626 Education 2,400 43 25 65 133 (c) 2,533 Other consumer 5,644 35 22 17 74 9 5,727 Total consumer 91,782 705 257 486 1,448 1,312 752 95,294 Total $ 283,155 $ 1,011 $ 355 $ 619 $ 1,985 $ 2,480 $ 752 $ 288,372 Percentage of total loans 98.19 % 0.35 % 0.12 % 0.21 % 0.69 % 0.86 % 0.26 % 100.00 % (a) Amounts in table represent loans held for investment and do not include any associated ALLL. (b) The accrued interest associated with our loan portfolio totaled $0.8 billion and $0.7 billion at June 30, 2022 and December 31, 2021, respectively. These amounts are 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 $0.3 billion and $0.1 billion at June 30, 2022. Comparable amounts at December 31, 2021 were $0.4 billion and $0.1 billion. (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) Includes unearned income, unamortized deferred fees and costs on originated loans and premiums or discounts on purchased loans totaling $0.7 billion at both June 30, 2022 and December 31, 2021. (f) Collateral dependent loans totaled $1.2 billion and $1.7 billion at June 30, 2022 and December 31, 2021, respectively. At June 30, 2022, we pledged $24.9 billion of commercial and other loans to the Federal Reserve Bank and $85.9 billion of residential real estate and other loans to the FHLB as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2021 were $25.7 billion and $66.2 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 and include nonperforming TDRs and PCD loans. 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 The following table presents our nonperforming assets as of June 30, 2022 and December 31, 2021, respectively: Table 43: Nonperforming Assets Dollars in millions June 30 December 31 Nonperforming loans Commercial $ 815 $ 1,168 Consumer (a) 1,231 1,312 Total nonperforming loans (b) 2,046 2,480 OREO and foreclosed assets 29 26 Total nonperforming assets $ 2,075 $ 2,506 Nonperforming loans to total loans 0.66 % 0.86 % Nonperforming assets to total loans, OREO and foreclosed assets 0.67 % 0.87 % Nonperforming assets to total assets 0.38 % 0.45 % (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 $0.8 billion at June 30, 2022 and primarily include loans with a fair value of collateral that exceeds the amortized cost basis. The comparable amount at December 31, 2021 was $1.0 billion. Nonperforming loans 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 included in Item 8 of our 2021 Form 10-K and the Troubled Debt Restructurings section of this Note 4 for additional information on TDRs. Total nonperforming loans in Table 43 include TDRs of $0.7 billion and $1.0 billion at June 30, 2022 and December 31, 2021, respectively. TDRs that are performing, including consumer credit card TDR loans, are excluded from nonperforming loans and totaled $0.7 billion and $0.6 billion at June 30, 2022 and December 31, 2021, respectively. Additional Credit Quality Indicators by Loan Class Commercial Loan Classes See Note 4 Loans and Related Allowance for Credit Losses included in Item 8 of our 2021 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class. The following table presents credit quality indicators for the commercial loan classes: Table 44: Commercial Credit Quality Indicators (a) Term Loans by Origination Year June 30, 2022 In millions 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total Commercial and industrial Pass Rated $ 20,359 $ 16,777 $ 10,272 $ 9,215 $ 5,342 $ 16,371 $ 86,988 $ 74 $ 165,398 Criticized 315 398 325 649 460 863 3,397 26 6,433 Total commercial and industrial 20,674 17,175 10,597 9,864 5,802 17,234 90,385 100 171,831 Commercial real estate Pass Rated 4,241 3,869 3,793 6,134 3,359 8,553 260 30,209 Criticized 240 158 260 748 883 1,905 49 4,243 Total commercial real estate 4,481 4,027 4,053 6,882 4,242 10,458 309 34,452 Equipment lease financing Pass Rated 817 1,078 1,065 788 556 1,730 6,034 Criticized 15 51 56 43 25 16 206 Total equipment lease financing 832 1,129 1,121 831 581 1,746 6,240 Total commercial $ 25,987 $ 22,331 $ 15,771 $ 17,577 $ 10,625 $ 29,438 $ 90,694 $ 100 $ 212,523 Term Loans by Origination Year December 31, 2021 In millions 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Commercial and industrial Pass Rated $ 27,104 $ 12,053 $ 10,731 $ 6,698 $ 6,355 $ 11,759 $ 71,230 $ 90 $ 146,020 Criticized 283 368 815 649 496 824 3,448 30 6,913 Total commercial and industrial 27,387 12,421 11,546 7,347 6,851 12,583 74,678 120 152,933 Commercial real estate Pass Rated 4,110 4,109 6,355 4,234 2,634 7,562 436 29,440 Criticized 294 298 999 820 566 1,552 46 4,575 Total commercial real estate 4,404 4,407 7,354 5,054 3,200 9,114 482 34,015 Equipment lease financing Pass Rated 1,212 1,190 942 682 507 1,410 5,943 Criticized 37 54 41 29 19 7 187 Total equipment lease financing 1,249 1,244 983 711 526 1,417 6,130 Total commercial $ 33,040 $ 18,072 $ 19,883 $ 13,112 $ 10,577 $ 23,114 $ 75,160 $ 120 $ 193,078 (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 June 30, 2022 and December 31, 2021. Consumer Loan Classes See Note 4 Loans and Related Allowance for Credit Losses included in Item 8 of our 2021 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class. Residential Real Estate and Home Equity The following table presents credit quality indicators for the residential real estate and home equity loan classes: Table 45: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes Term Loans by Origination Year June 30, 2022 In millions 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Residential real estate Current estimated LTV ratios Greater than 100% $ 65 $ 43 $ 15 $ 6 $ 46 $ 175 Greater than or equal to 80% to 100% $ 1,083 682 323 112 47 135 2,382 Less than 80% 5,893 16,007 7,312 2,471 877 7,896 40,456 No LTV available 48 1 9 58 Government insured or guaranteed loans 1 6 37 32 24 546 646 Total residential real estate $ 6,977 $ 16,808 $ 7,716 $ 2,630 $ 954 $ 8,632 $ 43,717 Updated FICO scores Greater than or equal to 780 $ 3,782 $ 12,363 $ 5,486 $ 1,721 $ 508 $ 4,469 $ 28,329 720 to 779 2,839 3,473 1,498 503 204 1,609 10,126 660 to 719 317 699 380 218 113 825 2,552 Less than 660 35 113 111 88 65 834 1,246 No FICO score available 3 154 204 68 40 349 818 Government insured or guaranteed loans 1 6 37 32 24 546 646 Total residential real estate $ 6,977 $ 16,808 $ 7,716 $ 2,630 $ 954 $ 8,632 $ 43,717 Home equity Current estimated LTV ratios Greater than 100% $ 1 $ 15 $ 10 $ 2 $ 19 $ 246 $ 87 $ 380 Greater than or equal to 80% to 100% 5 65 38 6 43 795 945 1,897 Less than 80% 184 2,213 1,040 315 3,200 7,701 7,763 22,416 Total home equity $ 190 $ 2,293 $ 1,088 $ 323 $ 3,262 $ 8,742 $ 8,795 $ 24,693 Updated FICO scores Greater than or equal to 780 $ 115 $ 1,457 $ 608 $ 172 $ 2,020 $ 5,177 $ 4,694 $ 14,243 720 to 779 51 570 280 73 638 2,234 2,323 6,169 660 to 719 20 212 144 46 324 1,013 1,098 2,857 Less than 660 4 51 55 31 270 298 608 1,317 No FICO score available 3 1 1 10 20 72 107 Total home equity $ 190 $ 2,293 $ 1,088 $ 323 $ 3,262 $ 8,742 $ 8,795 $ 24,693 (Continued from previous page) Term Loans by Origination Year December 31, 2021 In millions 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Residential real estate Current estimated LTV ratios Greater than 100% $ 10 $ 52 $ 21 $ 12 $ 13 $ 77 $ 185 Greater than or equal to 80% to 100% 1,460 560 221 86 66 190 2,583 Less than 80% 15,213 7,822 2,834 1,004 1,570 7,385 35,828 No LTV available 275 6 1 1 22 305 Government insured or guaranteed loans 3 33 37 30 39 669 811 Total residential real estate $ 16,961 $ 8,473 $ 3,114 $ 1,133 $ 1,688 $ 8,343 $ 39,712 Updated FICO scores Greater than or equal to 780 $ 11,110 $ 5,898 $ 1,996 $ 596 $ 1,029 $ 4,052 $ 24,681 720 to 779 4,921 1,735 643 247 345 1,619 9,510 660 to 719 717 463 255 136 133 796 2,500 Less than 660 83 103 96 75 94 848 1,299 No FICO score available 127 241 87 49 48 359 911 Government insured or guaranteed loans 3 33 37 30 39 669 811 Total residential real estate $ 16,961 $ 8,473 $ 3,114 $ 1,133 $ 1,688 $ 8,343 $ 39,712 Home equity Current estimated LTV ratios Greater than 100% $ 1 $ 16 $ 14 $ 3 $ 2 $ 25 $ 329 $ 90 $ 480 Greater than or equal to 80% to 100% 7 85 62 13 11 66 990 674 1,908 Less than 80% 204 2,487 1,189 370 549 3,200 7,868 5,806 21,673 Total home equity $ 212 $ 2,588 $ 1,265 $ 386 $ 562 $ 3,291 $ 9,187 $ 6,570 $ 24,061 Updated FICO scores Greater than or equal to 780 $ 124 $ 1,619 $ 692 $ 201 $ 364 $ 2,035 $ 5,490 $ 3,320 $ 13,845 720 to 779 61 666 348 96 116 642 2,283 1,679 5,891 660 to 719 23 248 167 56 53 327 1,071 872 2,817 Less than 660 4 53 57 32 28 277 325 615 1,391 No FICO score available 2 1 1 1 10 18 84 117 Total home equity $ 212 $ 2,588 $ 1,265 $ 386 $ 562 $ 3,291 $ 9,187 $ 6,570 $ 24,061 Automobile, Credit Card, Education and Other Consumer The following table presents credit quality indicators for the automobile, credit card, education and other consumer loan classes: Table 46: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes Term Loans by Origination Year June 30, 2022 In millions 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Updated FICO Scores Automobile FICO score greater than or equal to 780 $ 1,391 $ 2,543 $ 1,186 $ 1,032 $ 371 $ 161 $ 6,684 720 to 779 868 1,702 738 745 340 139 4,532 660 to 719 392 817 446 552 278 109 2,594 Less than 660 51 291 267 459 313 132 1,513 Total automobile $ 2,702 $ 5,353 $ 2,637 $ 2,788 $ 1,302 $ 541 $ 15,323 Credit card FICO score greater than or equal to 780 $ 1,864 $ 2 $ 1,866 720 to 779 1,912 8 1,920 660 to 719 1,807 16 1,823 Less than 660 897 33 930 No FICO score available or required (a) 108 3 111 Total credit card $ 6,588 $ 62 $ 6,650 Education FICO score greater than or equal to 780 $ 10 $ 58 $ 54 $ 67 $ 55 $ 391 $ 635 720 to 779 8 28 26 32 26 159 279 660 to 719 3 7 8 10 9 68 105 Less than 660 1 2 2 2 2 25 34 No FICO score available or required (a) 3 8 9 6 1 1 28 Education loans using FICO credit metric 25 103 99 117 93 644 1,081 Other internal credit metrics 1,251 1,251 Total education $ 25 $ 103 $ 99 $ 117 $ 93 $ 1,895 $ 2,332 Other consumer FICO score greater than or equal to 780 $ 116 $ 144 $ 86 $ 76 $ 28 $ 28 $ 58 $ 2 $ 538 720 to 779 151 179 107 102 38 21 99 3 700 660 to 719 124 138 98 106 49 15 99 2 631 Less than 660 6 51 49 57 33 9 44 1 250 Other consumer loans using FICO credit metric 397 512 340 341 148 73 300 8 2,119 Other internal credit metrics 60 46 35 58 15 44 3,158 27 3,443 Total other consumer $ 457 $ 558 $ 375 $ 399 $ 163 $ 117 $ 3,458 $ 35 $ 5,562 (Continued from previous page) Term Loans by Origination Year December 31, 2021 In millions 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Updated FICO Scores Automobile FICO score greater than or equal to 780 $ 3,247 $ 1,496 $ 1,380 $ 533 $ 226 $ 79 $ 6,961 720 to 779 2,119 983 1,030 499 195 62 4,888 660 to 719 969 609 772 413 155 44 2,962 Less than 660 277 315 583 429 162 58 1,824 Total automobile $ 6,612 $ 3,403 $ 3,765 $ 1,874 $ 738 $ 243 $ 16,635 Credit card FICO score greater than or equal to 780 $ 1,815 $ 2 $ 1,817 720 to 779 1,836 9 1,845 660 to 719 1,856 19 1,875 Less than 660 943 29 972 No FICO score available or required (a) 114 3 117 Total credit card $ 6,564 $ 62 $ 6,626 Education FICO score greater than or equal to 780 $ 37 $ 60 $ 77 $ 62 $ 48 $ 392 $ 676 720 to 779 20 29 37 30 21 160 297 660 to 719 7 9 11 11 7 73 118 Less than 660 1 1 2 2 2 25 33 No FICO score available or required (a) 11 10 7 2 1 31 Education loans using FICO credit metric 76 109 134 107 78 651 1,155 Other internal credit metrics 1,378 1,378 Total education $ 76 $ 109 $ 134 $ 107 $ 78 $ 2,029 $ 2,533 Other consumer FICO score greater than or equal to 780 $ 199 $ 131 $ 123 $ 47 $ 12 $ 32 $ 95 $ 1 $ 640 720 to 779 250 172 167 68 15 19 125 816 660 to 719 190 145 165 82 16 11 122 731 Less than 660 50 62 85 54 10 6 50 1 318 Other consumer loans using FICO credit metric 689 510 540 251 53 68 392 2 2,505 Other internal credit metrics 87 31 35 23 22 48 2,955 21 3,222 Total other consumer $ 776 $ 541 $ 575 $ 274 $ 75 $ 116 $ 3,347 $ 23 $ 5,727 (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. Troubled Debt Restructurings Table 47 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 six months ended June 30, 2022 and June 30, 2021. Additionally, the table provides information about the types of TDR concessions. See Note 1 Accounting Policies and Note 4 Loans and Related Allowance for Credit Losses included in Item 8 of our 2021 Form 10-K for additional discussion of TDRs. Table 47: Financial Impact and TDRs by Concession Type (a) Pre-TDR Post-TDR Amortized Cost Basis (c) During the three months ended June 30, 2022 Dollars in millions Number Principal Rate Other Total Commercial 15 $ 35 $ 9 $ 22 $ 31 Consumer 3,025 50 $ 40 5 45 Total TDRs 3,040 $ 85 $ 9 $ 40 $ 27 $ 76 During the six months ended June 30, 2022 Dollars in millions Commercial 27 $ 88 $ 9 $ 68 $ 77 Consumer 5,920 86 $ 66 12 78 Total TDRs 5,947 $ 174 $ 9 $ 66 $ 80 $ 155 Pre-TDR Post-TDR Amortized Cost Basis (c) During the three months ended June 30, 2021 Dollars in millions Number Principal Rate Other Total Commercial 11 $ 104 $ 82 $ 82 Consumer 1,386 23 $ 12 9 21 Total TDRs 1,397 $ 127 $ 12 $ 91 $ 103 During the six months ended June 30, 2021 Dollars in millions Commercial 30 $ 197 $ 176 $ 176 Consumer 3,482 55 $ 28 21 49 Total TDRs 3,512 $ 252 $ 28 $ 197 $ 225 (a) Impact of partial charge-offs at TDR date is 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. 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 June 30, 2022 and June 30, 2021. Table 48: Subsequently Defaulted TDRs In millions 2022 2021 Three months ended June 30 $ 20 $ 14 Six months ended June 30 $ 27 $ 26 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 included in Item 8 of our 2021 Form 10-K for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL related to loans follows: Table 49: Rollforward of Allowance for Credit Losses Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 In millions Commercial Consumer Total Commercial Consumer Total Commercial Consumer Total Commercial Consumer Total Allowance for loan and lease losses Beginning balance $ 3,003 $ 1,555 $ 4,558 $ 3,083 $ 1,631 $ 4,714 $ 3,185 $ 1,683 $ 4,868 $ 3,337 $ 2,024 $ 5,361 Acquisition PCD reserves 828 287 1,115 828 287 1,115 Charge-offs (37) (158) (195) (274) (154) (428) (89) (357) (446) (343) (328) (671) Recoveries 19 93 112 34 88 122 53 173 226 52 167 219 Net (charge-offs) (18) (65) (83) (240) (66) (306) (36) (184) (220) (291) (161) (452) Provision for (recapture of) credit losses (45) 35 (10) 140 66 206 (208) 26 (182) (64) (232) (296) Other (3) (3) 1 1 (4) (4) 2 2 Ending balance $ 2,937 $ 1,525 $ 4,462 $ 3,812 $ 1,918 $ 5,730 $ 2,937 $ 1,525 $ 4,462 $ 3,812 $ 1,918 $ 5,730 Allowance for unfunded lending related commitments (a) Beginning balance $ 587 $ 52 $ 639 $ 403 $ 104 $ 507 $ 564 $ 98 $ 662 $ 485 $ 99 $ 584 Acquisition PCD reserves 43 3 46 43 3 46 Provision for (recapture of) credit losses 43 (1) 42 87 5 92 66 (47) 19 5 10 15 Ending balance $ 630 $ 51 $ 681 $ 533 $ 112 $ 645 $ 630 $ 51 $ 681 $ 533 $ 112 $ 645 Allowance for credit losses at June 30 (b) $ 3,567 $ 1,576 $ 5,143 $ 4,345 $ 2,030 $ 6,375 $ 3,567 $ 1,576 $ 5,143 $ 4,345 $ 2,030 $ 6,375 (a) See Note 8 Commitments for additional information about the underlying commitments related to this allowance. (b) Represents the ALLL plus allowance for unfunded lending related commitments and excludes allowances for investment securities and other financial assets, which together totaled $163 million and $138 million at June 30, 2022 and 2021, respectively. The ACL related to loans at June 30, 2022 totaled $5.1 billion, a decrease of $0.4 billion since December 31, 2021. This decline was primarily driven by the impacts from portfolio changes and improved COVID-19 related economic conditions. The following summarizes the changes in these factors that influenced the ACL during the six months ended June 30, 2022: • Portfolio changes that drove reserve declines at June 30, 2022 reflected improvements in credit quality, partially offset by the impact from loan growth in the commercial and industrial portfolio. |
Loan Sale and Servicing Activit
Loan Sale and Servicing Activities and Variable Interest Entities | 6 Months Ended |
Jun. 30, 2022 | |
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 5 Loan Sale and Servicing Activities and Variable Interest Entities in Item 8 of our 2021 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 in the FNMA, FHLMC and GNMA securitizations, Non-agency securitizations and loan sale transactions 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 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 50: Cash Flows Associated with Loan Sale and Servicing Activities In millions Residential Commercial Cash Flows - Three months ended June 30, 2022 Sales of loans and related securitization activity (b) $ 1,454 $ 929 Repurchases of previously transferred loans (c) $ 57 Servicing fees (d) $ 91 $ 47 Servicing advances recovered/(funded), net $ 1 $ (17) Cash flows on mortgage-backed securities held (e) $ 1,029 $ 14 Cash Flows - Three months ended June 30, 2021 Sales of loans and related securitization activity (b) $ 2,283 $ 735 Repurchases of previously transferred loans (c) $ 51 $ 9 Servicing fees (d) $ 83 $ 38 Servicing advances recovered/(funded), net $ (5) $ (26) Cash flows on mortgage-backed securities held (e) $ 2,660 $ 19 Cash Flows - Six months ended June 30, 2022 Sales of loans and related securitization activity (b) $ 3,348 $ 1,839 Repurchases of previously transferred loans (c) $ 105 $ 27 Servicing fees (d) $ 184 $ 89 Servicing advances recovered/(funded), net $ 33 $ 4 Cash flows on mortgage-backed securities held (e) $ 2,325 $ 28 Cash Flows - Six months ended June 30, 2021 Sales of loans and related securitization activity (b) $ 3,522 $ 1,723 Repurchases of previously transferred loans (c) $ 144 $ 42 Servicing fees (d) $ 165 $ 76 Servicing advances recovered/(funded), net $ 12 $ (36) Cash flows on mortgage-backed securities held (e) $ 5,215 $ 48 (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 ROAP 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 $19.1 billion, $17.6 billion and $17.5 billion in residential mortgage-backed securities and $0.8 billion, $0.6 billion and $0.7 billion in commercial mortgage-backed securities at June 30, 2022, December 31, 2021 and June 30, 2021. Table 51: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others In millions Residential Mortgages Commercial Mortgages (a) June 30, 2022 Total principal balance $ 41,868 $ 39,661 Delinquent loans (b) $ 401 $ 4 December 31, 2021 Total principal balance $ 42,726 $ 39,551 Delinquent loans (b) $ 569 $ 42 Three months ended June 30, 2022 Net charge-offs (c) $ 1 $ 3 Three months ended June 30, 2021 Net charge-offs (c) $ 1 $ 25 Six months ended June 30, 2022 Net charge-offs (c) $ 2 $ 3 Six months ended June 30, 2021 Net charge-offs (c) $ 3 $ 178 (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 the 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 5 Loan Sale and Servicing Activities and Variable Interest Entities included in Item 8 of our 2021 Form 10-K, we are involved with various entities in the normal course of business that are deemed to be VIEs. The following table provides a summary of non-consolidated VIEs with which we have significant continuing involvement but are not the primary beneficiary. We have excluded certain transactions with non-consolidated VIEs from the balances presented in Table 52 where we have determined that our continuing involvement is insignificant. We do not consider our continuing involvement to be significant when it relates to a VIE where we only invest in securities issued by the VIE and were not involved in the design of the VIE or where no transfers have occurred between us and the VIE. In addition, where we only have lending arrangements in the normal course of business with entities that could be VIEs, we have excluded these transactions with non-consolidated entities from the balances presented in Table 52. These loans are included as part of the asset quality disclosures that we make in Note 4 Loans and Related Allowance for Credit Losses. Table 52 : Non-Consolidated VIEs In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities June 30, 2022 Mortgage-backed securitizations (b) $ 20,191 $ 20,191 (c) $ 1 Tax credit investments and other 4,158 3,985 (d) 1,919 (e) Total $ 24,349 $ 24,176 $ 1,920 December 31, 2021 Mortgage-backed securitizations (b) $ 18,708 $ 18,708 (c) $ 1 Tax credit investments and other 3,865 3,893 (d) 1,798 (e) Total $ 22,573 $ 22,601 $ 1,799 (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 Servicing
Goodwill and Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Mortgage Servicing Rights | G OODWILL AND M ORTGAGE S ERVICING R IGHTS Goodwill See Note 6 Goodwill and Mortgage Servicing Rights in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 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 our projected servicing costs. MSRs are recognized either when purchased or when originated loans are sold with servicing retained. MSRs totaled $2.6 billion at June 30, 2022 and $1.8 billion at December 31, 2021, and consisted of loan servicing contracts for commercial and residential mortgages measured at fair value. MSRs are subject to changes 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, derivative instruments and resale agreements 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 for more detail on our fair value measurement of MSRs. See Note 6 Goodwill and Mortgage Servicing Rights and Note 15 Fair Value in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 Form 10-K for more detail on our fair value measurement and our accounting of MSRs. Changes in the commercial and residential MSRs follow: Table 53: Mortgage Servicing Rights Commercial MSRs Residential MSRs In millions 2022 2021 2022 2021 January 1 $ 740 $ 569 $ 1,078 $ 673 Additions: BBVA Acquisition 35 From loans sold with servicing retained 35 39 38 37 Purchases 25 21 257 372 Changes in fair value due to: Time and payoffs (a) (74) (57) (123) (160) Other (b) 262 110 370 154 June 30 $ 988 $ 682 $ 1,620 $ 1,111 Related unpaid principal balance at June 30 $ 281,671 $ 262,856 $ 144,533 $ 145,312 Servicing advances at June 30 $ 459 $ 473 $ 143 $ 134 (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 June 30, 2022 and December 31, 2021 are shown in Tables 54 and 55. The expected and actual rates of mortgage loan prepayments are significant factors driving the fair value. Management uses both internal proprietary models and a third-party model to estimate future commercial mortgage loan prepayments and a third-party model to estimate future residential mortgage loan prepayments. These models have been refined based on current market conditions and management judgment. Future interest rates are another important factor in the valuation of MSRs. Management utilizes market implied forward interest rates to estimate the future direction of mortgage and discount rates. The forward rates utilized are derived from the current yield curve for U.S. dollar interest rate swaps and are consistent with pricing of capital markets instruments. Changes in the shape and slope of the forward curve in future periods may result in volatility in the fair value estimate. A sensitivity analysis of the hypothetical effect on the fair value of MSRs to adverse changes in key assumptions is presented in Tables 54 and 55. These sensitivities do not include the impact of the related hedging activities. Changes in fair value generally cannot be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated independently without changing any other assumption. In reality, changes in one factor may result in changes in another ( e.g. , changes in mortgage interest rates, which drive changes in prepayment rate estimates, could result in changes in the interest rate spread), which could either magnify or counteract the sensitivities. The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions. Table 54: Commercial Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions June 30 December 31 Fair value $ 988 $ 740 Weighted-average life (years) 4.1 4.2 Weighted-average constant prepayment rate 4.85 % 5.49 % Decline in fair value from 10% adverse change $ 11 $ 12 Decline in fair value from 20% adverse change $ 20 $ 21 Effective discount rate 8.94 % 7.75 % Decline in fair value from 10% adverse change $ 29 $ 20 Decline in fair value from 20% adverse change $ 58 $ 40 Table 55: Residential Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions June 30 December 31 Fair value $ 1,620 $ 1,078 Weighted-average life (years) 7.4 5.7 Weighted-average constant prepayment rate 8.08 % 12.63 % Decline in fair value from 10% adverse change $ 42 $ 46 Decline in fair value from 20% adverse change $ 82 $ 89 Weighted-average option adjusted spread 818 bps 857 bps Decline in fair value from 10% adverse change $ 50 $ 31 Decline in fair value from 20% adverse change $ 97 $ 60 Fees from mortgage loan servicing, which include contractually specified servicing fees, late fees and ancillary fees were $0.2 billion and $0.1 billion for the three months ended June 30, 2022 and 2021, and $0.3 billion and $0.2 billion for the six months ended June 30, 2022 and 2021, respectively. 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 Residential and commercial mortgage. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | LEASESPNC's lessor arrangements primarily consist of direct financing, sales-type and operating 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. For more information on lease accounting see Note 1 Accounting Policies and Note 7 Leases in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 Form 10-K. Table 56: Lessor Income Three months ended Six months ended In millions 2022 2021 2022 2021 Sales-type and direct financing leases (a) $ 57 $ 61 $ 116 $ 123 Operating leases (b) 16 20 33 40 Lease income $ 73 $ 81 $ 149 $ 163 (a) Included in Loans interest income on the Consolidated Income Statement. (b) Included in Lending and deposit services on the Consolidated Income Statement. |
Leases | LEASESPNC's lessor arrangements primarily consist of direct financing, sales-type and operating 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. For more information on lease accounting see Note 1 Accounting Policies and Note 7 Leases in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 Form 10-K. Table 56: Lessor Income Three months ended Six months ended In millions 2022 2021 2022 2021 Sales-type and direct financing leases (a) $ 57 $ 61 $ 116 $ 123 Operating leases (b) 16 20 33 40 Lease income $ 73 $ 81 $ 149 $ 163 (a) Included in Loans interest income on the Consolidated Income Statement. (b) Included in Lending and deposit services on the Consolidated Income Statement. |
Borrowed Funds
Borrowed Funds | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | B ORROWED F UNDS Table 57: Borrowed Funds In billions Less than 1 year $ 5.9 1 to 2 years $ 2.6 2 to 3 years $ 5.2 3 to 4 years $ 9.6 4 to 5 years $ 2.3 Over 5 years $ 10.4 The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of June 30, 2022, and the carrying values as of June 30, 2022 and December 31, 2021. Table 58: FHLB Borrowings, Senior Debt and Subordinated Debt Stated Rate Maturity Carrying Value Dollars in millions 2022 2022 2022 2021 Parent Company Senior debt 1.15% - 3.50% 2022 - 2032 $ 8,641 $ 10,369 Subordinated debt 3.90% - 4.63% 2024 - 2033 1,580 777 Junior subordinated debt 2.17 % 2028 205 205 Subtotal 10,426 11,351 Bank Federal Home Loan Bank borrowings (a) 1.87% - 1.93% 2025 - 2026 10,000 Senior debt 0.80% -3.50% 2022 - 2043 5,717 10,292 Subordinated debt 2.70% - 5.90% 2022 - 2029 5,702 6,014 Subtotal 21,419 16,306 Total $ 31,845 $ 27,657 (a) FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities. In Table 58, the carrying values for Parent Company senior and subordinated debt include basis adjustments of $(462) million and $(9) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(128) million and $(117) million, respectively, related to fair value accounting hedges as of June 30, 2022. Certain borrowings are reported at fair value. Refer to Note 12 Fair Value for more information on those borrowings. |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Guarantees [Abstract] | |
Commitments | COMMITMENTSIn 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 other commitments as of June 30, 2022 and December 31, 2021, respectively.Table 59: Commitments to Extend Credit and Other Commitments In millions June 30 December 31 Commitments to extend credit Commercial $ 186,684 $ 176,248 Home equity lines of credit 20,547 19,410 Credit card 32,873 32,499 Other 8,108 9,081 Total commitments to extend credit 248,212 237,238 Net outstanding standby letters of credit (a) 9,821 9,303 Standby bond purchase agreements (b) 1,250 1,268 Other commitments (c) 3,117 3,045 Total commitments to extend credit and other commitments $ 262,400 $ 250,854 (a) Net outstanding standby letters of credit include $3.9 billion and $3.3 billion at June 30, 2022 and December 31, 2021, respectively, which support remarketing programs. (b) We enter into standby bond purchase agreements to support municipal bond obligations. (c) Includes $2.1 billion and $2.0 billion related to investments in qualified affordable housing projects for June 30, 2022 and December 31, 2021, respectively. 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 98% of our net outstanding standby letters of credit were rated as Pass as of June 30, 2022, 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 June 30, 2022 had terms ranging from less than one year to eight years. As of June 30, 2022, assets of $1.3 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 $0.1 billion at June 30, 2022 and is included in Other liabilities on our Consolidated Balance Sheet. |
Total Equity and Other Comprehe
Total Equity and Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2022 | |
Other Comprehensive Income [Abstract] | |
Total Equity and Other Comprehensive Income Disclosure | T OTAL E QUITY A ND O THER C OMPREHENSIVE I NCOME Table 60: Rollforward of Total Equity Shareholders’ Equity In millions Shares Common Capital Capital Retained Accumulated Treasury Non- Total Equity Three months ended Balance at March 31, 2021 (a) 425 $ 2,713 $ 3,518 $ 12,361 $ 48,113 $ 1,290 $ (14,146) $ 30 $ 53,879 Net income 1,091 12 1,103 Other comprehensive income, net of tax 173 173 Cash dividends declared - Common (492) (492) Cash dividends declared - Preferred (48) (48) Preferred stock discount accretion 1 (1) Common stock activity 12 12 Treasury stock activity 4 6 10 Other 32 16 48 Balance at June 30, 2021 (a) 425 $ 2,713 $ 3,519 $ 12,409 $ 48,663 $ 1,463 $ (14,140) $ 58 $ 54,685 Balance at March 31, 2022 (a) 415 $ 2,713 $ 5,011 $ 12,476 $ 51,058 $ (5,731) $ (16,346) $ 35 $ 49,216 Net income 1,481 15 1,496 Other comprehensive income (loss), net of tax (2,627) (2,627) Cash dividends declared - Common (626) (626) Cash dividends declared - Preferred (71) (71) Preferred stock discount accretion 1 (1) Preferred stock issuance (b) 992 992 Common stock activity 1 14 15 Treasury stock activity (4) 5 (730) (725) Other 32 (14) 18 Balance at June 30, 2022 (a) 411 $ 2,714 $ 6,004 $ 12,527 $ 51,841 $ (8,358) $ (17,076) $ 36 $ 47,688 Six months ended Balance at December 31, 2020 (a) 424 $ 2,713 $ 3,517 $ 12,367 $ 46,848 $ 2,770 $ (14,205) $ 31 $ 54,041 Net income 2,907 22 2,929 Other comprehensive income (loss), net of tax (1,307) (1,307) Cash dividends declared - Common (985) (985) Cash dividends declared - Preferred (105) (105) Preferred stock discount accretion 2 (2) Common stock activity 12 12 Treasury stock activity 1 73 65 138 Other (43) 5 (38) Balance at June 30, 2021 (a) 425 $ 2,713 $ 3,519 $ 12,409 $ 48,663 $ 1,463 $ (14,140) $ 58 $ 54,685 Balance at December 31, 2021 (a) 420 $ 2,713 $ 5,009 $ 12,448 $ 50,228 $ 409 $ (15,112) $ 31 $ 55,726 Net income 2,889 36 2,925 Other comprehensive income (loss), net of tax (8,767) (8,767) Cash dividends declared - Common (1,157) (1,157) Cash dividends declared - Preferred (116) (116) Preferred stock discount accretion 3 (3) Preferred stock issuance (b) 992 992 Common stock activity 1 14 15 Treasury stock activity (9) 50 (1,964) (1,914) Other 15 (31) (16) Balance at June 30, 2022 (a) 411 $ 2,714 $ 6,004 $ 12,527 $ 51,841 $ (8,358) $ (17,076) $ 36 $ 47,688 (a) The par value of our preferred stock outstanding was less than $0.5 million at each date and, therefore, is excluded from this presentation. (b) On April 26, 2022, PNC issued 1,000,000 depositary shares each representing 1/100th ownership in a share of 6.000% fixed-rate reset non-cumulative perpetual preferred stock, Series U, with a par value of $1 per share. Details of other comprehensive income (loss) are as follows: Table 61: Other Comprehensive Income (Loss) Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 In millions Pre-tax Tax effect After- Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Debt securities Net unrealized gains (losses) on securities $ (2,929) $ 690 $ (2,239) $ 55 $ (13) $ 42 $ (9,247) $ 2,179 $ (7,068) $ (1,126) $ 265 $ (861) Less: Net realized gains (losses) reclassified to (214) 50 (164) 9 (2) 7 (217) 51 (166) 22 (5) 17 Net change (2,715) 640 (2,075) 46 (11) 35 (9,030) 2,128 (6,902) (1,148) 270 (878) Cash flow hedge derivatives Net unrealized gains (losses) on cash flow hedge derivatives (676) 159 (517) 330 (78) 252 (2,332) 549 (1,783) (310) 73 (237) Less: Net realized gains (losses) reclassified to earnings (a) 25 (6) 19 108 (25) 83 127 (30) 97 243 (57) 186 Net change (701) 165 (536) 222 (53) 169 (2,459) 579 (1,880) (553) 130 (423) Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit plan activity and other reclassified to earnings (b) 8 (2) 6 (43) 10 (33) 62 (15) 47 (13) 3 (10) Net change 8 (2) 6 (43) 10 (33) 62 (15) 47 (13) 3 (10) Other Net unrealized gains (losses) on other transactions (4) (18) (22) 2 2 (7) (25) (32) 1 3 4 Net change (4) (18) (22) 2 2 (7) (25) (32) 1 3 4 Total other comprehensive income (loss) $ (3,412) $ 785 $ (2,627) $ 225 $ (52) $ 173 $ (11,434) $ 2,667 $ (8,767) $ (1,713) $ 406 $ (1,307) (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 62: Accumulated Other Comprehensive Income (Loss) Components In millions, after-tax Debt securities Cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Total Three months ended Balance at March 31, 2021 $ 1,549 $ 67 $ (322) $ (4) $ 1,290 Net activity 35 169 (33) 2 173 Balance at June 30, 2021 $ 1,584 $ 236 $ (355) $ (2) $ 1,463 Balance at March 31, 2022 $ (4,238) $ (1,545) $ 68 $ (16) $ (5,731) Net activity (2,075) (536) 6 (22) (2,627) Balance at June 30, 2022 (a) $ (6,313) $ (2,081) $ 74 $ (38) $ (8,358) Six months ended Balance at December 31, 2020 $ 2,462 $ 659 $ (345) $ (6) $ 2,770 Net activity (878) (423) (10) 4 (1,307) Balance at June 30, 2021 $ 1,584 $ 236 $ (355) $ (2) $ 1,463 Balance at December 31, 2021 $ 589 $ (201) $ 27 $ (6) $ 409 Net activity (6,902) (1,880) 47 (32) (8,767) Balance at June 30, 2022 (a) $ (6,313) $ (2,081) $ 74 $ (38) $ (8,358) (a) At June 30, 2022, AOCI included pretax losses of $141 million from derivatives that hedged the purchase of investment securities classified as held to maturity. The following table provides the dividends per share for PNC's common and preferred stock: Table 63: Dividends Per Share (a) Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Common Stock $ 1.50 $ 1.15 $ 2.75 $ 2.30 Preferred Stock Series B $ 0.45 $ 0.45 $ 0.90 $ 0.90 Series O $ 987 $ 1,961 $ 3,375 Series P $ 1,532 $ 1,532 $ 3,063 $ 3,063 Series R $ 2,425 $ 2,425 $ 2,425 $ 2,425 Series S $ 2,500 $ 2,500 $ 2,500 $ 2,500 Series T $ 850 $ 1,700 (a) Dividends are payable quarterly other than Series R and Series S preferred stock, which are payable semiannually. On April 26, 2022, PNC issued 1,000,000 depositary shares each representing 1/100th ownership in a share of 6.000% fixed-rate reset non-cumulative perpetual preferred stock, Series U, with a par value of $1 per share. Beginning on August 15, 2022, dividends will be paid on the Series U on a quarterly basis (February 15, May 15, August 15, and November 15 of each year). On July 1, 2022, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.50 per share payable on August 5, 2022. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | E ARNINGS P ER S HARE Table 64: Basic and Diluted Earnings Per Common Share Three months ended June 30 Six months ended June 30 In millions, except per share data 2022 2021 2022 2021 Basic Net income $ 1,496 $ 1,103 $ 2,925 $ 2,929 Less: Net income attributable to noncontrolling interests 15 12 36 22 Preferred stock dividends 71 48 116 105 Preferred stock discount accretion and redemptions 1 1 3 2 Net income attributable to common shareholders 1,409 1,042 2,770 2,800 Less: Dividends and undistributed earnings allocated to nonvested restricted shares 7 5 13 13 Net income attributable to basic common shareholders $ 1,402 $ 1,037 $ 2,757 $ 2,787 Basic weighted-average common shares outstanding 414 427 417 426 Basic earnings per common share (a) $ 3.39 $ 2.43 $ 6.62 $ 6.54 Diluted Net income attributable to diluted common shareholders $ 1,402 $ 1,037 $ 2,757 $ 2,787 Basic weighted-average common shares outstanding 414 427 417 426 Dilutive potential common shares 1 Diluted weighted-average common shares outstanding 414 427 417 427 Diluted earnings per common share (a) $ 3.39 $ 2.43 $ 6.61 $ 6.53 (a) Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities). |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
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 15 Fair Value in Item 8 of our 2021 Form 10-K. Additionally, for more information regarding the fair value of assets and liabilities from our BBVA acquisition, see Note 2 Acquisition and Divestiture Activity in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 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 15 Fair Value in Item 8 of our 2021 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 65: Fair Value Measurements – Recurring Basis Summary June 30, 2022 December 31, 2021 In millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Residential mortgage loans held for sale $ 793 $ 83 $ 876 $ 1,221 $ 81 $ 1,302 Commercial mortgage loans held for sale 68 38 106 526 49 575 Securities available for sale U.S. Treasury and government agencies $ 11,820 1,223 13,043 $ 41,873 4,291 46,164 Residential mortgage-backed Agency 32,179 32,179 67,632 67,632 Non-agency 925 925 61 1,097 1,158 Commercial mortgage-backed Agency 1,947 1,947 1,773 1,773 Non-agency 1,347 3 1,350 3,433 3 3,436 Asset-backed 5 138 143 6,246 163 6,409 Other 3,330 67 3,397 4,895 69 4,964 Total securities available for sale 11,820 40,031 1,133 52,984 41,873 88,331 1,332 131,536 Loans 488 804 1,292 617 884 1,501 Equity investments (a) 1,269 1,867 3,318 1,373 1,680 3,231 Residential mortgage servicing rights 1,620 1,620 1,078 1,078 Commercial mortgage servicing rights 988 988 740 740 Trading securities (b) 829 1,402 2,231 250 1,601 1,851 Financial derivatives (b) (c) 10 5,369 13 5,392 5 5,109 38 5,152 Other assets 351 85 436 404 114 518 Total assets (d) $ 14,279 $ 48,236 $ 6,546 $ 69,243 $ 43,905 $ 97,519 $ 5,882 $ 147,484 Liabilities Other borrowed funds $ 1,561 $ 166 $ 3 $ 1,730 $ 725 $ 45 $ 3 $ 773 Financial derivatives (c) (e) 9 7,368 213 7,590 3,285 285 3,570 Other liabilities 182 182 175 175 Total liabilities (f) $ 1,570 $ 7,534 $ 398 $ 9,502 $ 725 $ 3,330 $ 463 $ 4,518 (a) Certain investments that are measured at fair value using the net asset value 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 June 30, 2022 and December 31, 2021 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 13% and 26% as of June 30, 2022 and December 31, 2021, respectively. Level 3 assets as a percentage of total assets at fair value was 10% and 4% at June 30, 2022 and December 31, 2021, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both June 30, 2022 and December 31, 2021 respectively. (e) Included in Other liabilities on the Consolidated Balance Sheet. (f) Total liabilities at fair value as a percentage of total consolidated liabilities was 2% and 1% at June 30, 2022 and December 31, 2021, respectively. Level 3 liabilities as a percentage of total liabilities at fair value was 4% and 10% at June 30, 2022 and December 31, 2021, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both June 30, 2022 and December 31, 2021 respectively. Table 66: Reconciliation of Level 3 Assets and Liabilities Three Months Ended June 30, 2022 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Value Mar. 31, 2022 Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage $ 108 $ (1) $ 8 $ (30) $ (4) $ 9 $ (7) (d) $ 83 $ (1) Commercial mortgage 45 (7) 38 Securities available for sale Residential mortgage- 1,019 7 $ (43) (58) 925 Commercial mortgage- 3 3 Asset-backed 152 1 (9) (6) 138 Other 66 (1) 2 67 Total securities 1,240 8 (53) 2 (64) 1,133 Loans 851 10 7 (1) (48) (15) (d) 804 9 Equity investments 1,751 92 87 (63) 1,867 94 Residential mortgage 1,322 163 181 $ 17 (63) 1,620 163 Commercial mortgage 886 111 17 14 (40) 988 111 Financial derivatives 10 7 2 (6) 13 13 Total assets $ 6,213 $ 390 $ (53) $ 304 $ (94) $ 31 $ (232) $ 9 $ (22) $ 6,546 $ 389 Liabilities Other borrowed funds $ 3 $ 2 $ (2) $ 3 Financial derivatives 234 $ 18 $ 3 (42) 213 $ 19 Other liabilities 158 14 171 (161) 182 10 Total liabilities $ 395 $ 32 $ 3 $ 173 $ (205) $ 398 $ 29 Net gains (losses) $ 358 (e) $ 360 (f) (continued from previous page) Three Months Ended June 30, 2021 Total realized / unrealized Unrealized gains/losses for the period on assets and liabilities held on Consolidated Balance Sheet at June 30, 2021 Level 3 Instruments Only Fair Value Mar. 31, 2021 Included in Earnings Included in Other comprehensive income (b) Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Impact from BBVA Acquisition Fair Value June 30, 2021 Assets Residential mortgage $ 165 $ (1) $ 3 $ (36) $ (12) $ 5 $ (5) (d) $ 119 Commercial mortgage 56 1 (6) 1 52 Securities available for sale $ 239 239 Residential mortgage- 1,316 11 (90) 1,237 Commercial mortgage-backed non-agency 11 11 Asset-backed 194 $ 2 (21) 175 Other 72 1 2 (2) 73 Total securities 1,593 11 3 2 (113) 1,496 Loans 711 10 9 (3) (35) (5) (d) 292 979 $ 10 Equity investments 1,343 157 92 (52) 1,540 136 Residential mortgage 979 (141) 301 $ 24 (87) 35 1,111 (141) Commercial mortgage 701 (19) 8 21 (29) 682 (18) Financial derivatives 63 60 2 (43) 5 87 57 Total assets $ 5,611 $ 78 $ 3 $ 417 $ (97) $ 45 $ (318) $ 5 $ (10) $ 571 $ 6,305 $ 44 Liabilities Other borrowed funds $ 2 $ 2 Financial derivatives 227 $ 4 $ 1 $ (39) $ 7 200 $ 19 Other liabilities 73 28 $ 287 (264) 124 27 Total liabilities $ 302 $ 32 $ 1 $ 287 $ (303) $ 7 $ 326 $ 46 Net gains (losses) $ 46 (e) $ (2) (f) (continued from previous page) Six Months Ended June 30, 2022 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage $ 81 $ (2) $ 45 $ (32) $ (9) $ 14 $ (14) (d) $ 83 $ (2) Commercial mortgage 49 (4) (7) 38 (4) Other consumer loans held for sale Securities available for sale Residential mortgage- 1,097 15 $ (66) (121) 925 Commercial mortgage- 3 3 Asset-backed 163 1 (13) (13) 138 Other 69 (2) 3 (3) 67 Total securities 1,332 16 (81) 3 (137) 1,133 Loans 884 21 20 (8) (97) (16) (d) 804 21 Equity investments 1,680 145 116 (74) 1,867 146 Residential mortgage 1,078 370 257 $ 38 (123) 1,620 371 Commercial mortgage 740 262 25 35 (74) 988 262 Financial derivatives 38 (6) 3 (22) 13 12 Total assets $ 5,882 $ 802 $ (81) $ 469 $ (114) $ 73 $ (469) $ 14 $ (30) $ 6,546 $ 806 Liabilities Other borrowed funds $ 3 $ 4 $ (4) $ 3 Financial derivatives 285 $ 23 $ 6 (101) 213 $ 18 Other liabilities 175 21 242 (256) 182 15 Total liabilities $ 463 $ 44 $ 6 $ 246 $ (361) $ 398 $ 33 Net gains (losses) $ 758 (e) $ 773 (f) (continued from previous page) Six Months Ended June 30, 2021 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Impact from BBVA Acquisition Fair Value June 30, 2021 Assets Residential mortgage $ 163 $ 38 $ (52) $ (28) $ 8 $ (10) (d) $ 119 Commercial mortgage 57 (6) 1 52 $ 1 Other consumer loans held for sale $ 239 239 Securities available for sale Residential mortgage- 1,365 $ 20 $ 16 (164) 1,237 Commercial mortgage- 11 11 Asset-backed 199 1 5 (30) 175 Other 72 1 3 (3) 73 Total securities 1,647 21 22 3 (197) 1,496 Loans 647 20 97 (6) (63) (d) (8) (d) 292 979 20 Equity investments 1,263 224 132 (79) 1,540 199 Residential mortgage 673 154 372 $ 37 (160) 35 1,111 154 Commercial mortgage 569 110 21 39 (57) 682 111 Financial derivatives 118 46 3 (85) 5 87 46 Total assets $ 5,137 $ 575 $ 22 $ 666 $ (143) $ 76 $ (589) $ 8 $ (18) $ 571 $ 6,305 $ 531 Liabilities Other borrowed funds $ 2 $ 1 $ (1) $ 2 Financial derivatives 273 $ (10) $ 3 (73) $ 7 200 $ (11) Other liabilities 43 63 317 (299) 124 31 Total liabilities $ 318 $ 53 $ 3 $ 318 $ (373) $ 7 $ 326 $ 20 Net gains (losses) $ 522 (e) $ 511 (f) (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 insignificant. (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) 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. (e) 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. (f) Net unrealized gains (losses) related to assets and liabilities held at the end of the reporting period were included in Noninterest income on the Consolidated Income Statement. An instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Changes from one quarter to the next related to the observability of inputs to a fair value measurement may result in a reclassification (transfer) of assets or liabilities between hierarchy levels. Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities follows: Table 67: Fair Value Measurements – Recurring Quantitative Information June 30, 2022 Level 3 Instruments Only Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 38 Discounted cash flow Spread over the benchmark curve (b) 565bps - 4,850bps (3,553bps) Residential mortgage-backed 925 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 30.7% (10.2%) Constant default rate 0.0% - 13.0% (4.1%) Loss severity 15.0% - 96.4% (46.2%) Spread over the benchmark curve (b) 222bps weighted-average Asset-backed securities 138 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 40.0% (11.1%) Constant default rate 0.7% - 7.3% (2.5%) Loss severity 15.0% - 100.0% (48.9%) Spread over the benchmark curve (b) 265bps weighted-average Loans - Residential real estate 589 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (69.8%) Loss severity 0.0% - 100.0% (5.9%) Discount rate 4.9% - 6.9% (5.3%) Loans - Residential real estate 78 Discounted cash flow Loss severity 6.0% weighted-average Discount rate 6.1% weighted-average Loans - Home equity 27 Consensus pricing (c) Cumulative default rate 3.6% -100.0% (74.8%) Loss severity 0.0% - 100.0% (18.9%) Discount rate 4.9% - 6.9% (5.9%) Loans - Home equity 110 Consensus pricing (c) Credit and liquidity discount 0.4% - 100.0% (45.5%) Equity investments 1,867 Multiple of adjusted earnings Multiple of earnings 5.0x - 16.8x (9.2x) Residential mortgage servicing rights 1,620 Discounted cash flow Constant prepayment rate 0.0% - 44.5% (8.1%) Spread over the benchmark curve (b) 268bps - 1,729bps (818bps) Commercial mortgage servicing rights 988 Discounted cash flow Constant prepayment rate 4.3% - 11.1% (4.9%) Discount rate 6.9% - 9.2% (8.9%) Financial derivatives - Swaps related to (197) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 160.6% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation resolution date Q2 2023 Insignificant Level 3 assets, net of (35) Total Level 3 assets, net of liabilities (e) $ 6,148 (continued from previous page) December 31, 2021 Level 3 Instruments Only Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 49 Discounted cash flow Spread over the benchmark curve (b) 555bps - 15,990bps (9,996bps) Residential mortgage-backed 1,097 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 30.7% (11.3%) Constant default rate 0.0% - 16.9% (4.6%) Loss severity 20.0% - 96.4% (47.6%) Spread over the benchmark curve (b) 163bps weighted-average Asset-backed securities 163 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% -40.0% (11.1%) Constant default rate 1.4% - 20.0% (3.2%) Loss severity 8.0% - 100.0% (57.4%) Spread over the benchmark curve (b) 182bps weighted-average Loans - Residential real estate 622 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (74.2%) Loss severity 0.0% - 100.0% (6.9%) Discount rate 4.8% - 6.8% (5.2%) Loans - Residential real estate 109 Discounted cash flow Loss severity 6.0% weighted-average Discount rate 3.5% weighted-average Loans - Home equity 28 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (75.8%) Loss severity 0.0% - 98.4% (17.7%) Discount rate 4.8% - 6.8% (6.0%) Loans - Home equity 125 Consensus pricing (c) Credit and Liquidity discount 0.5% - 100.0% (47.3%) Equity investments 1,680 Multiple of adjusted earnings Multiple of earnings 5.0x - 14.4x (8.8x) Residential mortgage servicing rights 1,078 Discounted cash flow Constant prepayment rate 0.0% - 41.0% (12.6%) Spread over the benchmark curve (b) 249bps - 2,218bps (857bps) Commercial mortgage servicing rights 740 Discounted cash flow Constant prepayment rate 5.0% - 15.5% (5.5%) Discount rate 5.4% - 8.0% (7.8%) Financial derivatives - Swaps related to (277) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 161.8% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation Q2 2023 Insignificant Level 3 assets, net of 5 Total Level 3 assets, net of liabilities (e) $ 5,419 (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 $6.5 billion and total Level 3 liabilities of $0.4 billion as of June 30, 2022 and $5.9 billion and $0.5 billion as of December 31, 2021, respectively. Financial Assets Accounted for at Fair Value on a Nonrecurring Basis We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment and are included in Table 68. For more information regarding the valuation methodologies of our financial assets measured at fair value on a nonrecurring basis, see Note 15 Fair Value in Item 8 of our 2021 Form 10-K. Table 68: Fair Value Measurements – Nonrecurring (a) (b) (c) Fair Value Gains (Losses) Gains (Losses) In millions June 30 December 31 June 30 June 30 June 30 June 30 Assets Nonaccrual loans $ 159 $ 348 $ (19) $ 5 $ (28) $ (4) Equity investments 48 1 OREO and foreclosed assets 8 6 Long-lived assets 9 103 (3) (9) (5) (11) Total assets $ 224 $ 457 $ (21) $ (4) $ (33) $ (15) (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 15 Fair Value in Item 8 of our 2021 Form 10-K. Fair values and aggregate unpaid principal balances of certain items for which we elected the fair value option follow: Table 69: Fair Value Option – Fair Value and Principal Balances June 30, 2022 December 31, 2021 In millions Fair Value Aggregate Unpaid Difference Fair Value Aggregate Unpaid Difference Assets Residential mortgage loans held for sale Accruing loans less than 90 days past due $ 802 $ 806 $ (4) $ 1,249 $ 1,219 $ 30 Accruing loans 90 days or more past due 11 11 6 6 Nonaccrual loans 63 75 (12) 47 57 (10) Total $ 876 $ 892 $ (16) $ 1,302 $ 1,282 $ 20 Commercial mortgage loans held for sale (a) (b) Accruing loans less than 90 days past due $ 106 $ 135 $ (29) $ 575 $ 580 $ (5) Loans Accruing loans less than 90 days past due $ 440 $ 451 $ (11) $ 487 $ 498 $ (11) Accruing loans 90 days or more past due 168 181 (13) 262 278 (16) Nonaccrual loans 684 928 (244) 752 1,028 (276) Total $ 1,292 $ 1,560 $ (268) $ 1,501 $ 1,804 $ (303) Other assets $ 85 $ 84 $ 1 $ 105 $ 107 $ (2) Liabilities Other borrowed funds $ 21 $ 22 $ (1) $ 30 $ 30 Other liabilities $ 121 $ 121 (a) There were no accruing loans 90 days or more past due within this category at June 30, 2022 or December 31, 2021. (b) There were no nonaccrual loans within this category at June 30, 2022 or December 31, 2021. The changes in fair value for items for which we elected the fair value option are as follows: Table 70: Fair Value Option – Changes in Fair Value (a) Gains (Losses) Gains (Losses) Three months ended Six months ended June 30 June 30 June 30 June 30 In millions 2022 2021 2022 2021 Assets Residential mortgage loans held for sale $ (23) $ 57 $ (63) $ 73 Commercial mortgage loans held for sale $ 14 $ 26 $ 20 $ 46 Loans $ 15 $ 17 $ 36 $ 31 Other assets $ (11) $ 8 $ (18) $ 22 Liabilities Other liabilities $ (10) $ (16) (a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts. Additional Fair Value Information Related to Financial Instruments Not Recorded at Fair Value The following table presents the carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of all other financial instruments that are not recorded on our Consolidated Balance Sheet at fair value as of June 30, 2022 and December 31, 2021. For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 71, see Note 15 Fair Value in Item 8 of our 2021 Form 10-K. Table 71: Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 June 30, 2022 Assets Cash and due from banks $ 8,582 $ 8,582 $ 8,582 Interest-earning deposits with banks 28,404 28,404 $ 28,404 Securities held to maturity 79,753 78,414 28,349 49,933 $ 132 Net loans (excludes leases) 298,807 299,021 299,021 Other assets 6,432 6,432 6,429 3 Total assets $ 421,978 $ 420,853 $ 36,931 $ 84,766 $ 299,156 Liabilities Time deposits $ 10,118 $ 9,842 $ 9,842 Borrowed funds 34,176 33,845 32,123 $ 1,722 Unfunded lending related commitments 681 681 681 Other liabilities 450 450 450 Total liabilities $ 45,425 $ 44,818 $ 42,415 $ 2,403 December 31, 2021 Assets Cash and due from banks $ 8,004 $ 8,004 $ 8,004 Interest-earning deposits with banks 74,250 74,250 $ 74,250 Securities held to maturity 1,429 1,522 890 456 $ 176 Net loans (excludes leases) 275,874 280,498 280,498 Other assets 4,205 4,204 4,141 63 Total assets $ 363,762 $ 368,478 $ 8,894 $ 78,847 $ 280,737 Liabilities Time deposits $ 17,366 $ 17,180 $ 17,180 Borrowed funds 30,011 30,616 28,936 $ 1,680 Unfunded lending related commitments 662 662 662 Other liabilities 449 449 449 Total liabilities $ 48,488 $ 48,907 $ 46,565 $ 2,342 The aggregate fair values in Table 71 represent only a portion of the total market value of our assets and liabilities as, in accordance with the guidance related to fair values about financial instruments, we exclude the following: • financial instruments recorded at fair value on a recurring basis (as they are disclosed in Table 65), • investments accounted for under the equity method, • equity securities without a readily determinable fair value that apply for the alternative measurement approach to fair value under ASU 2016-01, • real and personal property, • lease financing, • loan customer relationships, • deposit customer intangibles, • mortgage servicing rights (MSRs), • retail branch networks, • fee-based businesses, such as asset management and brokerage, • trademarks and brand names, • trade receivables and payables due in one year or less, • deposit liabilities with no defined or contractual maturities under ASU 2016-01, and • insurance contracts. |
Financial Derivatives
Financial Derivatives | 6 Months Ended |
Jun. 30, 2022 | |
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 risks 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, 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 16 Financial Derivatives in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 Form 10-K. The following table presents the notional and gross fair value amounts of all derivative assets and liabilities held by us: Table 72: Total Gross Derivatives (a) June 30, 2022 December 31, 2021 In millions Notional / Asset Fair Liability Fair Notional / Asset Fair Liability Fair Derivatives used for hedging Interest rate contracts (d): Fair value hedges $ 21,579 $ 23,345 Cash flow hedges 46,432 $ 19 $ 40 48,961 $ 15 $ 14 Foreign exchange contracts: Net investment hedges 1,235 85 1 1,113 24 Total derivatives designated for hedging $ 69,246 $ 104 $ 41 $ 73,419 $ 15 $ 38 Derivatives not used for hedging Derivatives used for mortgage banking activities (e): Interest rate contracts: Swaps $ 45,412 $ 3 $ 35,623 Futures (f) 5,228 4,592 Mortgage-backed commitments 6,189 $ 74 61 9,917 $ 55 $ 31 Other 18,456 124 15 12,225 46 12 Total interest rate contracts 75,285 198 79 62,357 101 43 Derivatives used for customer-related activities: Interest rate contracts: Swaps 320,717 1,259 3,459 297,711 3,335 1,520 Futures (f) 520 907 Mortgage-backed commitments 2,181 10 8 4,147 5 6 Other 30,112 250 229 25,718 125 72 Total interest rate contracts 353,530 1,519 3,696 328,483 3,465 1,598 Commodity contracts: Swaps 8,917 2,469 2,567 8,840 1,150 1,161 Other 6,049 665 663 3,128 213 212 Total commodity contracts 14,966 3,134 3,230 11,968 1,363 1,373 Foreign exchange contracts and other 29,074 375 329 27,563 199 179 Total derivatives for customer-related activities 397,570 5,028 7,255 368,014 5,027 3,150 Derivatives used for other risk management activities: Foreign exchange contracts and other 11,192 62 215 11,512 9 339 Total derivatives not designated for hedging $ 484,047 $ 5,288 $ 7,549 $ 441,883 $ 5,137 $ 3,532 Total gross derivatives $ 553,293 $ 5,392 $ 7,590 $ 515,302 $ 5,152 $ 3,570 Less: Impact of legally enforceable master netting agreements 1,577 1,577 928 928 Less: Cash collateral received/paid 578 2,288 604 1,657 Total derivatives $ 3,237 $ 3,725 $ 3,620 $ 985 (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 are settled in cash daily and result in no derivative asset or derivative liability being 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 and Counterparty Credit Risk 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 and interest rate caps and floors 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 hedging instruments 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 June 30, 2022, we expect to reclassify net derivative losses of $816 million pretax, or $628 million after-tax, from AOCI to interest income for these 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 June 30, 2022. As of June 30, 2022, the maximum length of time over which forecasted transactions are hedged is ten years. Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table: Table 73: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b) Location and Amount of Gains (Losses) Recognized in Income Interest Income Interest Expense Noninterest Income In millions Loans Investment Securities Borrowed Funds Other For the three months ended June 30, 2022 Total amounts in the Consolidated Income Statement $ 2,504 $ 631 $ 142 $ 177 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (28) $ 443 Derivatives $ 30 $ (451) Amounts related to interest settlements on derivatives $ (2) $ 74 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 25 For the three months ended June 30, 2021 Total amounts in the Consolidated Income Statement $ 2,160 $ 469 $ 90 $ 339 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 3 $ (106) Derivatives $ (2) $ 93 Amounts related to interest settlements on derivatives $ (1) $ 131 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 91 $ 16 $ 1 For the six months ended June 30, 2022 Total amounts on the Consolidated Income Statement $ 4,797 $ 1,175 $ 225 $ 388 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (46) $ 1,377 Derivatives $ 49 $ (1,395) Amounts related to interest settlements on derivatives $ (3) $ 184 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 117 $ 10 For the six months ended June 30, 2021 Total amounts on the Consolidated Income Statement $ 4,156 $ 890 $ 185 $ 639 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (5) $ 540 Derivatives $ 7 $ (571) Amounts related to interest settlements on derivatives $ (2) $ 265 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 191 $ 38 $ 14 (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. Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table: Table 74: Hedged Items - Fair Value Hedges June 30, 2022 December 31, 2021 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) $ 3,277 $ (23) $ 2,655 $ 23 Borrowed funds $ 20,346 $ (715) $ 24,259 $ 663 (a) Includes less than $(0.1) billion and $(0.1) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships at June 30, 2022 and December 31, 2021, 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 the periods presented. Derivatives Not Designated As Hedging Instruments For additional information on derivatives not designated as hedging instruments under GAAP, see Note 16 Financial Derivatives in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 Form 10-K. Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table: Table 75: Gains (Losses) on Derivatives Not Designated for Hedging Three months ended Six months ended In millions 2022 2021 2022 2021 Derivatives used for mortgage banking activities: Interest rate contracts (a) $ (190) $ 216 $ (455) $ (106) Derivatives used for customer-related activities: Interest rate contracts 69 15 166 97 Foreign exchange contracts and other (20) 43 24 65 Gains (losses) from customer-related activities (b) 49 58 190 162 Derivatives used for other risk management activities: Foreign exchange contracts and other (b) 216 (29) 263 19 Total gains (losses) from derivatives not designated as hedging instruments $ 75 $ 245 $ (2) $ 75 (a) Included in Residential and commercial mortgage noninterest income on our Consolidated Income Statement. (b) Included in Capital markets related and Other noninterest income on our Consolidated Income Statement. Offsetting and Counterparty Credit Risk 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 and counterparty credit risk, see Note 16 Financial Derivatives in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 Form 10-K. Table 76 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities at June 30, 2022 and December 31, 2021. The table includes cash collateral held or pledged under legally enforceable master netting agreements. The table also includes the fair value of any securities collateral held or pledged under legally enforceable master netting agreements. Cash and securities collateral amounts are included in the table only to the extent of the related net derivative fair values. Table 76: Derivative Assets and Liabilities Offsetting In millions Amounts Offset on the Securities Collateral Held/Pledged Under Master Netting Agreements Gross Fair Value Cash Net Net Amounts June 30, 2022 Derivative assets Interest rate contracts: Over-the-counter cleared $ 43 $ 43 $ 43 Over-the-counter 1,693 $ 634 $ 318 741 $ 23 718 Commodity contracts 3,134 676 138 2,320 2,320 Foreign exchange and other contracts 522 267 122 133 133 Total derivative assets $ 5,392 $ 1,577 $ 578 $ 3,237 (a) $ 23 $ 3,214 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 28 $ 28 $ 28 Over-the-counter 3,787 $ 680 $ 761 2,346 2,346 Commodity contracts 3,230 802 1,513 915 915 Foreign exchange and other contracts 545 95 14 436 436 Total derivative liabilities $ 7,590 $ 1,577 $ 2,288 $ 3,725 (b) $ 3,725 December 31, 2021 Derivative assets Interest rate contracts: Over-the-counter cleared $ 20 $ 20 $ 20 Over-the-counter 3,561 $ 533 $ 593 2,435 $ 300 2,135 Commodity contracts 1,363 299 1 1,063 1,063 Foreign exchange and other contracts 208 96 10 102 102 Total derivative assets $ 5,152 $ 928 $ 604 $ 3,620 (a) $ 300 $ 3,320 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 12 $ 12 $ 12 Over-the-counter 1,643 $ 569 $ 776 298 298 Commodity contracts 1,373 291 784 298 298 Foreign exchange and other contracts 542 68 97 377 377 Total derivative liabilities $ 3,570 $ 928 $ 1,657 $ 985 (b) $ 985 (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 June 30, 2022, cash and debt securities (primarily agency mortgage-backed securities) totaling $1.6 billion were pledged to us under master netting agreements and other collateral agreements to collateralize net derivative assets due from counterparties and to meet initial margin requirements, and we pledged cash and debt securities (primarily agency mortgage-backed securities) totaling $4.6 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 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 pledged to us by counterparties are not recognized on our balance sheet. Likewise, securities we have pledged to counterparties remain on our balance sheet. Credit-Risk Contingent Features 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 following table presents the aggregate fair value of derivative instruments with credit-risk-related contingent features, the associated collateral posted in the normal course of business and the maximum amount of collateral we would be required to post if the credit-risk-related contingent features underlying these agreements had been triggered on June 30, 2022 and December 31, 2021. Table 77: Credit-Risk Contingent Features In billions June 30 December 31 Net derivative liabilities with credit-risk contingent features $ 5.6 $ 2.4 Collateral posted 3.0 1.8 Maximum additional amount of collateral exposure $ 2.6 $ 0.6 |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2022 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | L EGAL P ROCEEDINGS We establish accruals for legal proceedings, including litigation and regulatory and governmental investigations and inquiries, when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances. When we are able to do so, we also determine estimates of possible losses or ranges of possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for disclosed legal proceedings (“Disclosed Matters,” which are those matters disclosed in this Note 13 as well as those matters disclosed in Note 21 Legal Proceedings in Part II, Item 8 of our 2021 Form 10-K and in Note 13 Legal Proceedings in Part I, Item 1 of our first quarter 2022 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 June 30, 2022, 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 $300 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 21 Legal Proceedings in Part II, Item 8 of our 2021 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 May 2022, following a jury trial in United Services Automobile Association v. PNC Bank N.A . (Case No. 2:20-cv-319) (the “first Texas case”) and United Services Automobile Association v. PNC Bank N.A. (Case No. 2:21-cv-110) (together, “the first consolidated cases”), a jury found against PNC for willful infringement of at least one of the plaintiff’s asserted patent claims and awarded approximately $218 million. The parties are in the process of submitting briefs on PNC’s remaining equitable defenses. United Services Automobile Association v. PNC Bank N.A. (Case No. 2:21-cv-246)) (“the third Texas case,” together with the fourth Texas case, “the second consolidated cases”). Trial in the second consolidated cases is presently scheduled to commence on August 22, 2022. In June 2022, in United Services Automobile Association v . BBVA USA (Case No. 2:21-cv-311), the court entered a stipulation proposed by the parties, stayed all deadlines, and administratively closed the matter. In May and June 2022, the Patent Trial and Appeal Board granted institution of inter partes review (“IPR”) with respect to petitions filed by PNC for two of the three patents at issue in the third Texas case. The Patent Trial and Appeal Board denied institution of an IPR with respect to PNC’s petitions for one of the three patents at issue in the third Texas case. IPR proceedings at the Patent Trial and Appeal Board, presently scheduled to commence on February 9 and March 13, 2023, will review the patentability of the claims in the two patents at issue in the third Texas case for which IPR has been granted. 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 have involved and may in the future involve or lead to regulatory enforcement actions and other administrative proceedings. These inquiries have also led to and may in the future 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 | 6 Months Ended |
Jun. 30, 2022 | |
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. Total business segment financial results differ from total consolidated net income. These differences are reflected in the “Other” category in Table 78. “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). Assets, revenue and earnings attributable to foreign activities were not material in the periods 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 78: Results of Businesses Three months ended June 30 Retail Banking Corporate & Asset Other Consolidated (a) 2022 Income Statement Net interest income $ 1,662 $ 1,232 $ 153 $ 4 $ 3,051 Noninterest income 748 968 234 115 2,065 Total revenue 2,410 2,200 387 119 5,116 Provision for (recapture of) credit losses 55 (17) 5 (7) 36 Depreciation and amortization 83 51 8 147 289 Other noninterest expense 1,830 883 262 (20) 2,955 Income (loss) before income taxes (benefit) and noncontrolling interests 442 1,283 112 (1) 1,836 Income taxes (benefit) 105 277 26 (68) 340 Net income 337 1,006 86 67 1,496 Less: Net income (loss) attributable to noncontrolling interests 15 3 (3) 15 Net income excluding noncontrolling interests $ 322 $ 1,003 $ 86 $ 70 $ 1,481 Average Assets $ 113,068 $ 219,513 $ 14,449 $ 199,848 $ 546,878 2021 Income Statement Net interest income $ 1,497 $ 1,083 $ 112 $ (111) $ 2,581 Noninterest income 706 867 244 269 2,086 Total revenue 2,203 1,950 356 158 4,667 Provision for (recapture of) credit losses 214 104 23 (39) 302 Depreciation and amortization 73 51 5 127 256 Other noninterest expense 1,604 762 214 214 2,794 Income (loss) before income taxes (benefit) and noncontrolling interests 312 1,033 114 (144) 1,315 Income taxes (benefit) 73 220 27 (108) 212 Net income (loss) 239 813 87 (36) 1,103 Less: Net income attributable to noncontrolling interests 7 4 1 12 Net income (loss) excluding noncontrolling interests $ 232 $ 809 $ 87 $ (37) $ 1,091 Average Assets $ 100,948 $ 181,770 $ 10,640 $ 211,071 $ 504,429 (Continued from previous page) Six months ended June 30 Retail Corporate & Asset Other Consolidated (a) 2022 Income Statement Net interest income $ 3,193 $ 2,375 $ 291 $ (4) $ 5,855 Noninterest income 1,493 1,772 482 206 3,953 Total revenue 4,686 4,147 773 202 9,808 Provision for (recapture of) credit losses (26) (135) 7 (18) (172) Depreciation and amortization 157 103 14 292 566 Other noninterest expense 3,648 1,668 507 27 5,850 Income (loss) before income taxes (benefit) and noncontrolling interests 907 2,511 245 (99) 3,564 Income taxes (benefit) 214 545 57 (177) 639 Net income 693 1,966 188 78 2,925 Less: Net income (loss) attributable to noncontrolling interests 31 7 (2) 36 Net income excluding noncontrolling interests $ 662 $ 1,959 $ 188 $ 80 $ 2,889 Average Assets $ 112,415 $ 210,171 $ 14,126 $ 212,415 $ 549,127 2021 Income Statement Net interest income $ 2,859 $ 2,074 $ 205 $ (209) $ 4,929 Noninterest income 1,360 1,674 473 451 3,958 Total revenue 4,219 3,748 678 242 8,887 Provision for (recapture of) credit losses (43) (178) 14 (42) (249) Depreciation and amortization 136 98 9 247 490 Other noninterest expense 3,017 1,426 412 279 5,134 Income (loss) before income taxes (benefit) and noncontrolling interests 1,109 2,402 243 (242) 3,512 Income taxes (benefit) 256 528 57 (258) 583 Net income 853 1,874 186 16 2,929 Less: Net income attributable to noncontrolling interests 14 7 1 22 Net income excluding noncontrolling interests $ 839 $ 1,867 $ 186 $ 15 $ 2,907 Average Assets $ 96,942 $ 176,182 $ 9,761 $ 203,540 $ 486,425 (a) There were no material intersegment revenues for the three and six months ended June 30, 2022 and 2021. 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. As a result of the BBVA acquisition, we have become a coast-to-coast retail bank. Our national expansion strategy is designed to grow customers with digitally-led banking and a thin branch network as we expand into new markets. 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 corporations with cash and investment management services, receivables and disbursement management services, funds transfer services, international payment services and access to online/mobile information management and reporting services. Within Treasury Management, PNC Global Transfers provides wholesale money transfer processing capabilities between the U.S., Mexico and other countries primarily in Central and South America. Capital markets related products and services include foreign exchange, derivatives, fixed income, 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 private banking for high net worth and ultra high net worth clients and institutional asset management. The Asset Management group is composed of two distinct operating units: • PNC Private Bank provides products and services to emerging affluent, high net worth and ultra high net worth individuals and their families including investment and retirement planning, customized investment management, credit and cash management solutions, trust management and administration. In addition, multi-generational family planning services are also provided to ultra high net worth individuals and their families which include estate, financial, tax, fiduciary and customized performance reporting through PNC Private Bank Hawthorn. • Institutional Asset Management provides outsourced chief investment officer, custody, private real estate, cash and fixed income client solutions, retirement plan fiduciary investment 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 24 Fee-based Revenue from Contracts with Customers in Item 8 of our 2021 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 our three reportable business segments: Retail Banking, Corporate & Institutional Banking and Asset Management Group. 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 are outside of the scope of Topic 606. Effective for the first quarter of 2022, PNC updated the presentation of its noninterest income categorization to be based on product and service type, and accordingly, has changed the basis of presentation of its noninterest income revenue streams to: (i) Asset management and brokerage, (ii) Capital markets related, (iii) Card and cash management, (iv) Lending and deposit services, (v) Residential and commercial mortgage and (vi) Other noninterest income. For a description of each updated noninterest income revenue stream, see Note 1 Accounting Policies. Table 79 presents the noninterest income recognized within the scope of Topic 606 for each of our three reportable business segments' principal products and services, along with the relationship to the noninterest income revenue streams shown on our Consolidated Income Statement. For a description of the fee-based revenue and how it is recognized for each segment's principal products and services, see Note 24 Fee-based Revenue from Contracts with Customers included in Item 8 of our 2021 Form 10-K. Table 79: In-Scope Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income Three Months Ended Three Months Ended Retail Banking Corporate & Asset Retail Banking Corporate & Asset Asset management and brokerage Asset management fees $ 228 $ 239 Brokerage fees $ 135 2 $ 109 2 Total asset management and brokerage 135 230 109 241 Card and cash management Treasury management fees 10 $ 327 11 $ 264 Debit card fees 177 164 Net credit card fees (a) 63 57 Merchant services 52 14 47 15 Other 27 30 Total card and cash management 329 341 309 279 Lending and deposit services Deposit account fees 145 129 Other 17 9 15 10 Total lending and deposit services 162 9 144 10 Residential and commercial mortgage (b) 33 35 Capital markets related 272 232 Other 9 8 Total revenue from contracts with customers 626 664 230 562 564 241 Out-of-scope noninterest income (c) 122 304 4 144 303 3 Noninterest income by business segment $ 748 $ 968 $ 234 $ 706 $ 867 $ 244 Reconciliation to consolidated noninterest income Total business segment revenue from contracts with customers $ 1,520 $ 1,367 Out-of-scope business segment noninterest income (c) 430 450 Noninterest income from other segments 115 269 Noninterest income as shown on the Consolidated Income Statement $ 2,065 $ 2,086 (Continued from previous page) Six Months Ended Six Months Ended Retail Banking Corporate & Asset Retail Banking Corporate & Asset Asset management and brokerage Asset management fees $ 469 $ 465 Brokerage fees $ 269 4 $ 211 2 Total asset management and brokerage 269 473 211 467 Card and cash management Treasury management fees 19 $ 629 18 $ 487 Debit card fees 338 302 Net credit card fees (a) 118 104 Merchant services 93 31 79 27 Other 50 57 Total card and cash management 618 660 560 514 Lending and deposit services Deposit account fees 287 248 Other 34 17 27 20 Total lending and deposit services 321 17 275 20 Residential and commercial mortgage (b) 64 66 Capital markets related 409 424 Other 22 27 Total revenue from contracts with customers 1,208 1,172 473 1,046 1,051 467 Out-of-scope noninterest income (c) 285 600 9 314 623 6 Noninterest income by business segment $ 1,493 $ 1,772 $ 482 $ 1,360 $ 1,674 $ 473 Reconciliation to consolidated noninterest income Total business segment revenue from contracts with customers $ 2,853 $ 2,564 Out-of-scope business segment noninterest income (c) 894 943 Noninterest income from other segments 206 451 Noninterest income as shown on the Consolidated Income Statement $ 3,953 $ 3,958 (a) Net credit card fees consists of interchange fees of $172 million and $146 million and credit card reward costs of $109 million and $89 million for the three months ended June 30, 2022 and 2021, respectively. Net credit card fees consists of interchange fees of $320 million and $266 million and credit card reward costs of $202 million and $162 million for the six months ended June 30, 2022 and 2021, respectively. (b) Residential mortgage noninterest income falls under the scope of other accounting and disclosure requirements outside of Topic 606 and is included within the out-of-scope noninterest income line for the Retail Banking segment. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | S UBSEQUENT E VENTS |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Business and Basis of Financial Statement Presentation | B USINESS PNC is one of the largest diversified financial services companies in the 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 VIEs. On June 1, 2021, we acquired BBVA, a U.S. financial holding company conducting its business operations primarily through its U.S. banking subsidiary, BBVA USA. Our results of operations and balance sheets for all periods presented in this Report reflect the benefit of BBVA's acquired businesses for the period since the acquisition closed on June 1, 2021. See Note 2 Acquisition Activity for additional information related to this acquisition. We prepared these consolidated financial statements in accordance with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation, which did not have a material impact on our consolidated financial condition or results of operations. In our opinion, the unaudited interim consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. We have also considered the impact of subsequent events on these consolidated financial statements. When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2021 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2021 Form 10-K for a detailed description of significant accounting policies. These interim consolidated financial statements serve to update our 2021 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. There have been no significant changes to our accounting policies as disclosed in our 2021 Form 10-K. |
Noninterest Income Presentation | Noninterest Income Presentation Effective for the first quarter of 2022, PNC updated the presentation of its noninterest income categorization to be based on product and service type, and accordingly, has changed the basis of presentation of its noninterest income revenue streams to: (i) Asset management and brokerage, (ii) Capital markets related, (iii) Card and cash management, (iv) Lending and deposit services, (v) Residential and commercial mortgage and (vi) Other noninterest income. A description of each revenue stream follows: Asset management and brokerage includes revenue from our asset management and retail brokerage businesses. Asset management services include investment management, custody, retirement planning, family planning, trust management and retirement administration. Brokerage services offer retail customers a wide range of investment options, including mutual funds, annuities, stock, bonds and managed accounts. Capital markets related includes revenue from services and activities primarily related to merger and acquisition advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting, credit valuation adjustments related to the derivatives portfolio and customer-related trading. Card and cash management includes revenue primarily from debit and credit card activities, inclusive of credit card points and rewards, treasury management services and ATM fees. Debit and credit card activities include interchange revenue and merchant service fees. Treasury management services include cash and investment management, receivables and disbursement management, funds transfer, international payment and access to online/mobile information management and reporting. Lending and deposit services includes revenue primarily related to service charges on deposits, loan commitment and usage fees, the issuance of standby letters of credit, operating lease income and long-term care and insurance products. Residential and commercial mortgage includes the gain and loss on sale of mortgages, revenue related to our mortgage servicing responsibilities, mortgage servicing rights valuation adjustments and net gains on originations and sales of loans held for sale. Other noninterest income is primarily composed of private equity revenue, net securities gains and losses, activity related to our equity investment in Visa and gains and losses on asset sales. |
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 the ACL and our fair value measurements, including for the BBVA acquisition. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Accounting Standards Update Description Financial Statement Impact Reference Rate Reform - ASU 2020-04 Issued March 2020 Reference Rate Reform Scope - ASU 2021-01 Issued January 2021 • 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 (codified in ASC 848). • 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. • Includes optional expedients and exceptions for contract modifications and hedge accounting that apply to derivative instruments impacted by the market-wide discounting transition. • Guidance in these ASUs are effective as of March 12, 2020 through December 31, 2022. • ASU 2020-04 was adopted March 12, 2020. ASU 2021-01 was retrospectively adopted October 1, 2020. • Refer to Note 1 Accounting Policies in the 2021 Form 10-K for more information on elections of optional expedients that occurred in 2020 and 2021. • We did not make any additional elections for the second quarter of 2022. We expect to continue to elect various optional expedients for contract modifications and hedge relationships affected by reference rate reform through the effective date of this guidance. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Accounting Standards Update Description Financial Statement Impact Reference Rate Reform - ASU 2020-04 Issued March 2020 Reference Rate Reform Scope - ASU 2021-01 Issued January 2021 • 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 (codified in ASC 848). • 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. • Includes optional expedients and exceptions for contract modifications and hedge accounting that apply to derivative instruments impacted by the market-wide discounting transition. • Guidance in these ASUs are effective as of March 12, 2020 through December 31, 2022. • ASU 2020-04 was adopted March 12, 2020. ASU 2021-01 was retrospectively adopted October 1, 2020. • Refer to Note 1 Accounting Policies in the 2021 Form 10-K for more information on elections of optional expedients that occurred in 2020 and 2021. • We did not make any additional elections for the second quarter of 2022. We expect to continue to elect various optional expedients for contract modifications and hedge relationships affected by reference rate reform through the effective date of this guidance. |
Acquisition Activity (Tables)
Acquisition Activity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition Consideration | The following table includes the fair value of the identifiable tangible and intangible assets and liabilities from BBVA: Table 36: Acquisition Consideration June 1, 2021 In millions Fair Value Fair value of acquisition consideration $ 11,480 Assets Cash and due from banks $ 969 Interest-earning deposits with banks 13,313 Loans held for sale 463 Investment securities – available for sale 18,358 Net loans 61,423 Equity investments 723 Mortgage servicing rights 35 Core deposit intangibles and other intangible assets 378 Other 3,527 Total assets $ 99,189 Liabilities Deposits $ 85,562 Borrowed funds 2,449 Accrued expenses and other liabilities 1,275 Total liabilities $ 89,286 Noncontrolling interests 22 Less: Net assets $ 9,881 Goodwill $ 1,599 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities Summary | The following table summarizes our available for sale and held to maturity portfolios by major security type: Table 37: Investment Securities Summary (a) June 30, 2022 December 31, 2021 In millions Amortized Unrealized Fair Amortized Unrealized Fair Gains Losses Gains Losses Securities Available for Sale U.S. Treasury and government agencies $ 13,877 $ 15 $ (849) $ 13,043 $ 46,210 $ 324 $ (370) $ 46,164 Residential mortgage-backed Agency 34,240 13 (2,074) 32,179 67,326 695 (389) 67,632 Non-agency 762 167 (4) 925 927 231 1,158 Commercial mortgage-backed Agency 2,040 1 (94) 1,947 1,740 39 (6) 1,773 Non-agency 1,396 (46) 1,350 3,423 31 (18) 3,436 Asset-backed 112 32 (1) 143 6,380 60 (31) 6,409 Other 3,548 48 (199) 3,397 4,792 186 (14) 4,964 Total securities available for sale $ 55,975 $ 276 $ (3,267) $ 52,984 $ 130,798 $ 1,566 $ (828) $ 131,536 Securities Held to Maturity U.S. Treasury and government agencies $ 31,582 $ 13 $ (407) $ 31,188 $ 814 $ 76 $ 890 Residential mortgage-backed Agency 36,880 8 (840) 36,048 Non-agency 288 (6) 282 Commercial mortgage-backed Agency 86 (1) 85 Non-agency 1,842 3 (20) 1,825 Asset-backed 6,690 3 (72) 6,621 Other 2,380 11 (26) 2,365 612 27 $ (7) 632 Total securities held to maturity (c) (d) $ 79,748 $ 38 $ (1,372) $ 78,414 $ 1,426 $ 103 $ (7) $ 1,522 (a) At June 30, 2022, the accrued interest associated with our held to maturity and available for sale portfolios totaled $191 million and $162 million, respectively. The comparable amounts at December 31, 2021 were $5 million and $322 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet. (b) Amortized cost is presented net of allowance of $133 million for securities available for sale and $4 million for securities held to maturity at June 30, 2022. The comparable amounts at December 31, 2021 are $130 million and $3 million, respectively. (c) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. 99% and 86% of our securities held to maturity were rated AAA/AA at June 30, 2022 and December 31, 2021, respectively. |
Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses | Table 38: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses Unrealized loss position Unrealized loss position Total In millions Unrealized Fair Unrealized Fair Unrealized Fair June 30, 2022 U.S. Treasury and government agencies $ (729) $ 10,450 $ (120) $ 1,239 $ (849) $ 11,689 Residential mortgage-backed Agency (1,811) 28,806 (263) 2,135 (2,074) 30,941 Non-agency (2) 101 (2) 19 (4) 120 Commercial mortgage-backed Agency (88) 1,720 (6) 136 (94) 1,856 Non-agency (31) 1,078 (3) 140 (34) 1,218 Asset-backed Other (153) 2,311 (5) 36 (158) 2,347 Total securities available for sale $ (2,814) $ 44,466 $ (399) $ 3,705 $ (3,213) $ 48,171 December 31, 2021 U.S. Treasury and government agencies $ (370) $ 32,600 $ (370) $ 32,600 Agency residential mortgage-backed (369) 41,521 $ (20) $ 1,489 (389) 43,010 Commercial mortgage-backed Agency (5) 451 (1) 60 (6) 511 Non-agency (4) 1,453 (3) 474 (7) 1,927 Asset-backed (29) 3,465 (2) 188 (31) 3,653 Other (13) 1,405 (13) 1,405 Total securities available for sale $ (790) $ 80,895 $ (26) $ 2,211 $ (816) $ 83,106 |
Gains (losses) on Sales Of Securities Available for Sale | Information relating to gross realized securities gains and losses from the sales of securities is set forth in the following table: Table 39: Gains (Losses) on Sales of Securities Available for Sale Six months ended June 30 Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit) 2022 $ 11 $ (15) $ (4) $ (1) 2021 $ 201 $ (166) $ 35 $ 7 |
Contractual Maturity of Securities | The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at June 30, 2022: Table 40: Contractual Maturity of Debt Securities June 30, 2022 1 Year or Less After 1 Year After 5 Years After 10 Total Securities Available for Sale U.S. Treasury and government agencies $ 2,783 $ 5,835 $ 3,124 $ 2,135 $ 13,877 Residential mortgage-backed Agency 2 83 3,046 31,109 34,240 Non-agency 2 760 762 Commercial mortgage-backed Agency 62 243 1,363 372 2,040 Non-agency 7 224 1,165 1,396 Asset-backed 11 101 112 Other 148 2,243 971 186 3,548 Total securities available for sale at amortized cost $ 2,995 $ 8,411 $ 8,741 $ 35,828 $ 55,975 Fair value $ 2,988 $ 8,056 $ 8,209 $ 33,731 $ 52,984 Weighted-average yield, GAAP basis (a) 2.01 % 1.58 % 2.16 % 2.68 % 2.40 % Securities Held to Maturity U.S. Treasury and government agencies $ 474 $ 23,231 $ 7,484 $ 393 $ 31,582 Residential mortgage-backed Agency 12 34 36,834 36,880 Non-agency 288 288 Commercial mortgage-backed Agency 86 86 Non-agency 137 8 1,697 1,842 Asset-backed 16 1,872 1,609 3,193 6,690 Other 182 906 561 731 2,380 Total securities held to maturity at amortized cost $ 672 $ 26,158 $ 9,782 $ 43,136 $ 79,748 Fair value $ 671 $ 25,964 $ 9,603 $ 42,176 $ 78,414 Weighted-average yield, GAAP basis (a) 1.08 % 1.10 % 1.76 % 2.38 % 1.87 % (a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. Actual maturities and yields may differ as certain securities may be prepaid. |
Fair Value of Securities Pledged and Accepted as Collateral | The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings: Table 41: Fair Value of Securities Pledged and Accepted as Collateral In millions June 30 December 31 Pledged to others $ 20,603 $ 27,349 Accepted from others: Permitted by contract or custom to sell or repledge $ 1,588 $ 707 Permitted amount repledged to others $ 1,588 $ 707 |
Loans and Related Allowance f_2
Loans and Related Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Asset Quality [Abstract] | |
Summary Of The Classification Of Portfolio Segments | Commercial Consumer • Commercial and industrial • Residential real estate • Commercial real estate • Home equity • Equipment lease financing • Automobile • Credit card • Education • Other consumer |
Analysis of Loan Portfolio | Table 42: Analysis of Loan Portfolio (a) (b) Accruing Dollars in millions Current or Less 30-59 60-89 90 Days Total Nonperforming Fair Value Total Loans June 30, 2022 Commercial Commercial and industrial $ 170,817 $ 99 $ 128 $ 138 $ 365 $ 649 $ 171,831 Commercial real estate 34,252 28 11 39 161 34,452 Equipment lease financing 6,224 7 4 11 5 6,240 Total commercial 211,293 134 143 138 415 815 212,523 Consumer Residential real estate 42,067 298 95 202 595 (c) 457 $ 598 43,717 Home equity 23,994 43 14 57 556 86 24,693 Automobile 15,016 102 24 6 132 175 15,323 Credit card 6,528 37 25 54 116 6 6,650 Education 2,207 44 23 58 125 (c) 2,332 Other consumer 5,454 38 21 12 71 37 5,562 Total consumer 95,266 562 202 332 1,096 1,231 684 98,277 Total $ 306,559 $ 696 $ 345 $ 470 $ 1,511 $ 2,046 $ 684 $ 310,800 Percentage of total loans 98.63 % 0.22 % 0.11 % 0.15 % 0.49 % 0.66 % 0.22 % 100.00 % December 31, 2021 Commercial Commercial and industrial $ 151,698 $ 235 $ 72 $ 132 $ 439 $ 796 $ 152,933 Commercial real estate 33,580 46 24 1 71 364 34,015 Equipment lease financing 6,095 25 2 27 8 6,130 Total commercial 191,373 306 98 133 537 1,168 193,078 Consumer Residential real estate 37,706 379 119 328 826 (c) 517 $ 663 39,712 Home equity 23,305 53 18 71 596 89 24,061 Automobile 16,252 146 40 14 200 183 16,635 Credit card 6,475 49 33 62 144 7 6,626 Education 2,400 43 25 65 133 (c) 2,533 Other consumer 5,644 35 22 17 74 9 5,727 Total consumer 91,782 705 257 486 1,448 1,312 752 95,294 Total $ 283,155 $ 1,011 $ 355 $ 619 $ 1,985 $ 2,480 $ 752 $ 288,372 Percentage of total loans 98.19 % 0.35 % 0.12 % 0.21 % 0.69 % 0.86 % 0.26 % 100.00 % (a) Amounts in table represent loans held for investment and do not include any associated ALLL. (b) The accrued interest associated with our loan portfolio totaled $0.8 billion and $0.7 billion at June 30, 2022 and December 31, 2021, respectively. These amounts are 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 $0.3 billion and $0.1 billion at June 30, 2022. Comparable amounts at December 31, 2021 were $0.4 billion and $0.1 billion. (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) Includes unearned income, unamortized deferred fees and costs on originated loans and premiums or discounts on purchased loans totaling $0.7 billion at both June 30, 2022 and December 31, 2021. (f) Collateral dependent loans totaled $1.2 billion and $1.7 billion at June 30, 2022 and December 31, 2021, respectively. |
Nonperforming Assets | The following table presents our nonperforming assets as of June 30, 2022 and December 31, 2021, respectively: Table 43: Nonperforming Assets Dollars in millions June 30 December 31 Nonperforming loans Commercial $ 815 $ 1,168 Consumer (a) 1,231 1,312 Total nonperforming loans (b) 2,046 2,480 OREO and foreclosed assets 29 26 Total nonperforming assets $ 2,075 $ 2,506 Nonperforming loans to total loans 0.66 % 0.86 % Nonperforming assets to total loans, OREO and foreclosed assets 0.67 % 0.87 % Nonperforming assets to total assets 0.38 % 0.45 % (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 $0.8 billion at June 30, 2022 and primarily include loans with a fair value of collateral that exceeds the amortized cost basis. The comparable amount at December 31, 2021 was $1.0 billion. |
Credit Quality Indicators By Loan Class | The following table presents credit quality indicators for the commercial loan classes: Table 44: Commercial Credit Quality Indicators (a) Term Loans by Origination Year June 30, 2022 In millions 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total Commercial and industrial Pass Rated $ 20,359 $ 16,777 $ 10,272 $ 9,215 $ 5,342 $ 16,371 $ 86,988 $ 74 $ 165,398 Criticized 315 398 325 649 460 863 3,397 26 6,433 Total commercial and industrial 20,674 17,175 10,597 9,864 5,802 17,234 90,385 100 171,831 Commercial real estate Pass Rated 4,241 3,869 3,793 6,134 3,359 8,553 260 30,209 Criticized 240 158 260 748 883 1,905 49 4,243 Total commercial real estate 4,481 4,027 4,053 6,882 4,242 10,458 309 34,452 Equipment lease financing Pass Rated 817 1,078 1,065 788 556 1,730 6,034 Criticized 15 51 56 43 25 16 206 Total equipment lease financing 832 1,129 1,121 831 581 1,746 6,240 Total commercial $ 25,987 $ 22,331 $ 15,771 $ 17,577 $ 10,625 $ 29,438 $ 90,694 $ 100 $ 212,523 Term Loans by Origination Year December 31, 2021 In millions 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Commercial and industrial Pass Rated $ 27,104 $ 12,053 $ 10,731 $ 6,698 $ 6,355 $ 11,759 $ 71,230 $ 90 $ 146,020 Criticized 283 368 815 649 496 824 3,448 30 6,913 Total commercial and industrial 27,387 12,421 11,546 7,347 6,851 12,583 74,678 120 152,933 Commercial real estate Pass Rated 4,110 4,109 6,355 4,234 2,634 7,562 436 29,440 Criticized 294 298 999 820 566 1,552 46 4,575 Total commercial real estate 4,404 4,407 7,354 5,054 3,200 9,114 482 34,015 Equipment lease financing Pass Rated 1,212 1,190 942 682 507 1,410 5,943 Criticized 37 54 41 29 19 7 187 Total equipment lease financing 1,249 1,244 983 711 526 1,417 6,130 Total commercial $ 33,040 $ 18,072 $ 19,883 $ 13,112 $ 10,577 $ 23,114 $ 75,160 $ 120 $ 193,078 (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 June 30, 2022 and December 31, 2021. Residential Real Estate and Home Equity The following table presents credit quality indicators for the residential real estate and home equity loan classes: Table 45: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes Term Loans by Origination Year June 30, 2022 In millions 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Residential real estate Current estimated LTV ratios Greater than 100% $ 65 $ 43 $ 15 $ 6 $ 46 $ 175 Greater than or equal to 80% to 100% $ 1,083 682 323 112 47 135 2,382 Less than 80% 5,893 16,007 7,312 2,471 877 7,896 40,456 No LTV available 48 1 9 58 Government insured or guaranteed loans 1 6 37 32 24 546 646 Total residential real estate $ 6,977 $ 16,808 $ 7,716 $ 2,630 $ 954 $ 8,632 $ 43,717 Updated FICO scores Greater than or equal to 780 $ 3,782 $ 12,363 $ 5,486 $ 1,721 $ 508 $ 4,469 $ 28,329 720 to 779 2,839 3,473 1,498 503 204 1,609 10,126 660 to 719 317 699 380 218 113 825 2,552 Less than 660 35 113 111 88 65 834 1,246 No FICO score available 3 154 204 68 40 349 818 Government insured or guaranteed loans 1 6 37 32 24 546 646 Total residential real estate $ 6,977 $ 16,808 $ 7,716 $ 2,630 $ 954 $ 8,632 $ 43,717 Home equity Current estimated LTV ratios Greater than 100% $ 1 $ 15 $ 10 $ 2 $ 19 $ 246 $ 87 $ 380 Greater than or equal to 80% to 100% 5 65 38 6 43 795 945 1,897 Less than 80% 184 2,213 1,040 315 3,200 7,701 7,763 22,416 Total home equity $ 190 $ 2,293 $ 1,088 $ 323 $ 3,262 $ 8,742 $ 8,795 $ 24,693 Updated FICO scores Greater than or equal to 780 $ 115 $ 1,457 $ 608 $ 172 $ 2,020 $ 5,177 $ 4,694 $ 14,243 720 to 779 51 570 280 73 638 2,234 2,323 6,169 660 to 719 20 212 144 46 324 1,013 1,098 2,857 Less than 660 4 51 55 31 270 298 608 1,317 No FICO score available 3 1 1 10 20 72 107 Total home equity $ 190 $ 2,293 $ 1,088 $ 323 $ 3,262 $ 8,742 $ 8,795 $ 24,693 (Continued from previous page) Term Loans by Origination Year December 31, 2021 In millions 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Residential real estate Current estimated LTV ratios Greater than 100% $ 10 $ 52 $ 21 $ 12 $ 13 $ 77 $ 185 Greater than or equal to 80% to 100% 1,460 560 221 86 66 190 2,583 Less than 80% 15,213 7,822 2,834 1,004 1,570 7,385 35,828 No LTV available 275 6 1 1 22 305 Government insured or guaranteed loans 3 33 37 30 39 669 811 Total residential real estate $ 16,961 $ 8,473 $ 3,114 $ 1,133 $ 1,688 $ 8,343 $ 39,712 Updated FICO scores Greater than or equal to 780 $ 11,110 $ 5,898 $ 1,996 $ 596 $ 1,029 $ 4,052 $ 24,681 720 to 779 4,921 1,735 643 247 345 1,619 9,510 660 to 719 717 463 255 136 133 796 2,500 Less than 660 83 103 96 75 94 848 1,299 No FICO score available 127 241 87 49 48 359 911 Government insured or guaranteed loans 3 33 37 30 39 669 811 Total residential real estate $ 16,961 $ 8,473 $ 3,114 $ 1,133 $ 1,688 $ 8,343 $ 39,712 Home equity Current estimated LTV ratios Greater than 100% $ 1 $ 16 $ 14 $ 3 $ 2 $ 25 $ 329 $ 90 $ 480 Greater than or equal to 80% to 100% 7 85 62 13 11 66 990 674 1,908 Less than 80% 204 2,487 1,189 370 549 3,200 7,868 5,806 21,673 Total home equity $ 212 $ 2,588 $ 1,265 $ 386 $ 562 $ 3,291 $ 9,187 $ 6,570 $ 24,061 Updated FICO scores Greater than or equal to 780 $ 124 $ 1,619 $ 692 $ 201 $ 364 $ 2,035 $ 5,490 $ 3,320 $ 13,845 720 to 779 61 666 348 96 116 642 2,283 1,679 5,891 660 to 719 23 248 167 56 53 327 1,071 872 2,817 Less than 660 4 53 57 32 28 277 325 615 1,391 No FICO score available 2 1 1 1 10 18 84 117 Total home equity $ 212 $ 2,588 $ 1,265 $ 386 $ 562 $ 3,291 $ 9,187 $ 6,570 $ 24,061 The following table presents credit quality indicators for the automobile, credit card, education and other consumer loan classes: Table 46: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes Term Loans by Origination Year June 30, 2022 In millions 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Updated FICO Scores Automobile FICO score greater than or equal to 780 $ 1,391 $ 2,543 $ 1,186 $ 1,032 $ 371 $ 161 $ 6,684 720 to 779 868 1,702 738 745 340 139 4,532 660 to 719 392 817 446 552 278 109 2,594 Less than 660 51 291 267 459 313 132 1,513 Total automobile $ 2,702 $ 5,353 $ 2,637 $ 2,788 $ 1,302 $ 541 $ 15,323 Credit card FICO score greater than or equal to 780 $ 1,864 $ 2 $ 1,866 720 to 779 1,912 8 1,920 660 to 719 1,807 16 1,823 Less than 660 897 33 930 No FICO score available or required (a) 108 3 111 Total credit card $ 6,588 $ 62 $ 6,650 Education FICO score greater than or equal to 780 $ 10 $ 58 $ 54 $ 67 $ 55 $ 391 $ 635 720 to 779 8 28 26 32 26 159 279 660 to 719 3 7 8 10 9 68 105 Less than 660 1 2 2 2 2 25 34 No FICO score available or required (a) 3 8 9 6 1 1 28 Education loans using FICO credit metric 25 103 99 117 93 644 1,081 Other internal credit metrics 1,251 1,251 Total education $ 25 $ 103 $ 99 $ 117 $ 93 $ 1,895 $ 2,332 Other consumer FICO score greater than or equal to 780 $ 116 $ 144 $ 86 $ 76 $ 28 $ 28 $ 58 $ 2 $ 538 720 to 779 151 179 107 102 38 21 99 3 700 660 to 719 124 138 98 106 49 15 99 2 631 Less than 660 6 51 49 57 33 9 44 1 250 Other consumer loans using FICO credit metric 397 512 340 341 148 73 300 8 2,119 Other internal credit metrics 60 46 35 58 15 44 3,158 27 3,443 Total other consumer $ 457 $ 558 $ 375 $ 399 $ 163 $ 117 $ 3,458 $ 35 $ 5,562 (Continued from previous page) Term Loans by Origination Year December 31, 2021 In millions 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Updated FICO Scores Automobile FICO score greater than or equal to 780 $ 3,247 $ 1,496 $ 1,380 $ 533 $ 226 $ 79 $ 6,961 720 to 779 2,119 983 1,030 499 195 62 4,888 660 to 719 969 609 772 413 155 44 2,962 Less than 660 277 315 583 429 162 58 1,824 Total automobile $ 6,612 $ 3,403 $ 3,765 $ 1,874 $ 738 $ 243 $ 16,635 Credit card FICO score greater than or equal to 780 $ 1,815 $ 2 $ 1,817 720 to 779 1,836 9 1,845 660 to 719 1,856 19 1,875 Less than 660 943 29 972 No FICO score available or required (a) 114 3 117 Total credit card $ 6,564 $ 62 $ 6,626 Education FICO score greater than or equal to 780 $ 37 $ 60 $ 77 $ 62 $ 48 $ 392 $ 676 720 to 779 20 29 37 30 21 160 297 660 to 719 7 9 11 11 7 73 118 Less than 660 1 1 2 2 2 25 33 No FICO score available or required (a) 11 10 7 2 1 31 Education loans using FICO credit metric 76 109 134 107 78 651 1,155 Other internal credit metrics 1,378 1,378 Total education $ 76 $ 109 $ 134 $ 107 $ 78 $ 2,029 $ 2,533 Other consumer FICO score greater than or equal to 780 $ 199 $ 131 $ 123 $ 47 $ 12 $ 32 $ 95 $ 1 $ 640 720 to 779 250 172 167 68 15 19 125 816 660 to 719 190 145 165 82 16 11 122 731 Less than 660 50 62 85 54 10 6 50 1 318 Other consumer loans using FICO credit metric 689 510 540 251 53 68 392 2 2,505 Other internal credit metrics 87 31 35 23 22 48 2,955 21 3,222 Total other consumer $ 776 $ 541 $ 575 $ 274 $ 75 $ 116 $ 3,347 $ 23 $ 5,727 (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. |
Financial Impact and TDRs by Concession Type | Table 47: Financial Impact and TDRs by Concession Type (a) Pre-TDR Post-TDR Amortized Cost Basis (c) During the three months ended June 30, 2022 Dollars in millions Number Principal Rate Other Total Commercial 15 $ 35 $ 9 $ 22 $ 31 Consumer 3,025 50 $ 40 5 45 Total TDRs 3,040 $ 85 $ 9 $ 40 $ 27 $ 76 During the six months ended June 30, 2022 Dollars in millions Commercial 27 $ 88 $ 9 $ 68 $ 77 Consumer 5,920 86 $ 66 12 78 Total TDRs 5,947 $ 174 $ 9 $ 66 $ 80 $ 155 Pre-TDR Post-TDR Amortized Cost Basis (c) During the three months ended June 30, 2021 Dollars in millions Number Principal Rate Other Total Commercial 11 $ 104 $ 82 $ 82 Consumer 1,386 23 $ 12 9 21 Total TDRs 1,397 $ 127 $ 12 $ 91 $ 103 During the six months ended June 30, 2021 Dollars in millions Commercial 30 $ 197 $ 176 $ 176 Consumer 3,482 55 $ 28 21 49 Total TDRs 3,512 $ 252 $ 28 $ 197 $ 225 (a) Impact of partial charge-offs at TDR date is 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. |
Subsequently Defaulted TDRs | Table 48: Subsequently Defaulted TDRs In millions 2022 2021 Three months ended June 30 $ 20 $ 14 Six months ended June 30 $ 27 $ 26 |
Rollforward of Allowance for Credit Losses | Table 49: Rollforward of Allowance for Credit Losses Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 In millions Commercial Consumer Total Commercial Consumer Total Commercial Consumer Total Commercial Consumer Total Allowance for loan and lease losses Beginning balance $ 3,003 $ 1,555 $ 4,558 $ 3,083 $ 1,631 $ 4,714 $ 3,185 $ 1,683 $ 4,868 $ 3,337 $ 2,024 $ 5,361 Acquisition PCD reserves 828 287 1,115 828 287 1,115 Charge-offs (37) (158) (195) (274) (154) (428) (89) (357) (446) (343) (328) (671) Recoveries 19 93 112 34 88 122 53 173 226 52 167 219 Net (charge-offs) (18) (65) (83) (240) (66) (306) (36) (184) (220) (291) (161) (452) Provision for (recapture of) credit losses (45) 35 (10) 140 66 206 (208) 26 (182) (64) (232) (296) Other (3) (3) 1 1 (4) (4) 2 2 Ending balance $ 2,937 $ 1,525 $ 4,462 $ 3,812 $ 1,918 $ 5,730 $ 2,937 $ 1,525 $ 4,462 $ 3,812 $ 1,918 $ 5,730 Allowance for unfunded lending related commitments (a) Beginning balance $ 587 $ 52 $ 639 $ 403 $ 104 $ 507 $ 564 $ 98 $ 662 $ 485 $ 99 $ 584 Acquisition PCD reserves 43 3 46 43 3 46 Provision for (recapture of) credit losses 43 (1) 42 87 5 92 66 (47) 19 5 10 15 Ending balance $ 630 $ 51 $ 681 $ 533 $ 112 $ 645 $ 630 $ 51 $ 681 $ 533 $ 112 $ 645 Allowance for credit losses at June 30 (b) $ 3,567 $ 1,576 $ 5,143 $ 4,345 $ 2,030 $ 6,375 $ 3,567 $ 1,576 $ 5,143 $ 4,345 $ 2,030 $ 6,375 (a) See Note 8 Commitments for additional information about the underlying commitments related to this allowance. (b) Represents the ALLL plus allowance for unfunded lending related commitments and excludes allowances for investment securities and other financial assets, which together totaled $163 million and $138 million at June 30, 2022 and 2021, respectively. |
Loan Sale and Servicing Activ_2
Loan Sale and Servicing Activities and Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Cash Flows Associated with Loan Sale and Servicing Activities | The following table provides cash flows associated with our loan sale and servicing activities: Table 50: Cash Flows Associated with Loan Sale and Servicing Activities In millions Residential Commercial Cash Flows - Three months ended June 30, 2022 Sales of loans and related securitization activity (b) $ 1,454 $ 929 Repurchases of previously transferred loans (c) $ 57 Servicing fees (d) $ 91 $ 47 Servicing advances recovered/(funded), net $ 1 $ (17) Cash flows on mortgage-backed securities held (e) $ 1,029 $ 14 Cash Flows - Three months ended June 30, 2021 Sales of loans and related securitization activity (b) $ 2,283 $ 735 Repurchases of previously transferred loans (c) $ 51 $ 9 Servicing fees (d) $ 83 $ 38 Servicing advances recovered/(funded), net $ (5) $ (26) Cash flows on mortgage-backed securities held (e) $ 2,660 $ 19 Cash Flows - Six months ended June 30, 2022 Sales of loans and related securitization activity (b) $ 3,348 $ 1,839 Repurchases of previously transferred loans (c) $ 105 $ 27 Servicing fees (d) $ 184 $ 89 Servicing advances recovered/(funded), net $ 33 $ 4 Cash flows on mortgage-backed securities held (e) $ 2,325 $ 28 Cash Flows - Six months ended June 30, 2021 Sales of loans and related securitization activity (b) $ 3,522 $ 1,723 Repurchases of previously transferred loans (c) $ 144 $ 42 Servicing fees (d) $ 165 $ 76 Servicing advances recovered/(funded), net $ 12 $ (36) Cash flows on mortgage-backed securities held (e) $ 5,215 $ 48 (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 ROAP 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. |
Principal Balance, Delinquent Loans (Loans 90 Days or More Past Due), and Net Charge-Offs Related to Serviced Loans | Table 51: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others In millions Residential Mortgages Commercial Mortgages (a) June 30, 2022 Total principal balance $ 41,868 $ 39,661 Delinquent loans (b) $ 401 $ 4 December 31, 2021 Total principal balance $ 42,726 $ 39,551 Delinquent loans (b) $ 569 $ 42 Three months ended June 30, 2022 Net charge-offs (c) $ 1 $ 3 Three months ended June 30, 2021 Net charge-offs (c) $ 1 $ 25 Six months ended June 30, 2022 Net charge-offs (c) $ 2 $ 3 Six months ended June 30, 2021 Net charge-offs (c) $ 3 $ 178 (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 the process of foreclosure. (c) Net charge-offs for Residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for Commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage-backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information. |
Non-Consolidated VIEs | Table 52 : Non-Consolidated VIEs In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities June 30, 2022 Mortgage-backed securitizations (b) $ 20,191 $ 20,191 (c) $ 1 Tax credit investments and other 4,158 3,985 (d) 1,919 (e) Total $ 24,349 $ 24,176 $ 1,920 December 31, 2021 Mortgage-backed securitizations (b) $ 18,708 $ 18,708 (c) $ 1 Tax credit investments and other 3,865 3,893 (d) 1,798 (e) Total $ 22,573 $ 22,601 $ 1,799 (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) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Mortgage Servicing Rights | Changes in the commercial and residential MSRs follow: Table 53: Mortgage Servicing Rights Commercial MSRs Residential MSRs In millions 2022 2021 2022 2021 January 1 $ 740 $ 569 $ 1,078 $ 673 Additions: BBVA Acquisition 35 From loans sold with servicing retained 35 39 38 37 Purchases 25 21 257 372 Changes in fair value due to: Time and payoffs (a) (74) (57) (123) (160) Other (b) 262 110 370 154 June 30 $ 988 $ 682 $ 1,620 $ 1,111 Related unpaid principal balance at June 30 $ 281,671 $ 262,856 $ 144,533 $ 145,312 Servicing advances at June 30 $ 459 $ 473 $ 143 $ 134 (a) Represents decrease in MSR value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period. (b) Represents MSR value changes resulting primarily from market-driven changes in interest rates. |
Commercial Mortgage Loan Servicing Assets - Key Valuation Assumptions | The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions. Table 54: Commercial Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions June 30 December 31 Fair value $ 988 $ 740 Weighted-average life (years) 4.1 4.2 Weighted-average constant prepayment rate 4.85 % 5.49 % Decline in fair value from 10% adverse change $ 11 $ 12 Decline in fair value from 20% adverse change $ 20 $ 21 Effective discount rate 8.94 % 7.75 % Decline in fair value from 10% adverse change $ 29 $ 20 Decline in fair value from 20% adverse change $ 58 $ 40 |
Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions | The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions. Table 55: Residential Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions June 30 December 31 Fair value $ 1,620 $ 1,078 Weighted-average life (years) 7.4 5.7 Weighted-average constant prepayment rate 8.08 % 12.63 % Decline in fair value from 10% adverse change $ 42 $ 46 Decline in fair value from 20% adverse change $ 82 $ 89 Weighted-average option adjusted spread 818 bps 857 bps Decline in fair value from 10% adverse change $ 50 $ 31 Decline in fair value from 20% adverse change $ 97 $ 60 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Components of Lease Income | Table 56: Lessor Income Three months ended Six months ended In millions 2022 2021 2022 2021 Sales-type and direct financing leases (a) $ 57 $ 61 $ 116 $ 123 Operating leases (b) 16 20 33 40 Lease income $ 73 $ 81 $ 149 $ 163 (a) Included in Loans interest income on the Consolidated Income Statement. (b) Included in Lending and deposit services on the Consolidated Income Statement. |
Sales-type Lease, Lease Income | Table 56: Lessor Income Three months ended Six months ended In millions 2022 2021 2022 2021 Sales-type and direct financing leases (a) $ 57 $ 61 $ 116 $ 123 Operating leases (b) 16 20 33 40 Lease income $ 73 $ 81 $ 149 $ 163 (a) Included in Loans interest income on the Consolidated Income Statement. (b) Included in Lending and deposit services on the Consolidated Income Statement. |
Direct Financing Lease, Lease Income | Table 56: Lessor Income Three months ended Six months ended In millions 2022 2021 2022 2021 Sales-type and direct financing leases (a) $ 57 $ 61 $ 116 $ 123 Operating leases (b) 16 20 33 40 Lease income $ 73 $ 81 $ 149 $ 163 (a) Included in Loans interest income on the Consolidated Income Statement. (b) Included in Lending and deposit services on the Consolidated Income Statement. |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Total Borrowed Funds | The following table shows the carrying value of total borrowed funds of $36.0 billion at June 30, 2022 (including adjustments related to accounting hedges and unamortized original issuance discounts) by remaining contractual maturity: Table 57: Borrowed Funds In billions Less than 1 year $ 5.9 1 to 2 years $ 2.6 2 to 3 years $ 5.2 3 to 4 years $ 9.6 4 to 5 years $ 2.3 Over 5 years $ 10.4 |
Contractual Rates and Maturity Dates of Borrowings | The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of June 30, 2022, and the carrying values as of June 30, 2022 and December 31, 2021. Table 58: FHLB Borrowings, Senior Debt and Subordinated Debt Stated Rate Maturity Carrying Value Dollars in millions 2022 2022 2022 2021 Parent Company Senior debt 1.15% - 3.50% 2022 - 2032 $ 8,641 $ 10,369 Subordinated debt 3.90% - 4.63% 2024 - 2033 1,580 777 Junior subordinated debt 2.17 % 2028 205 205 Subtotal 10,426 11,351 Bank Federal Home Loan Bank borrowings (a) 1.87% - 1.93% 2025 - 2026 10,000 Senior debt 0.80% -3.50% 2022 - 2043 5,717 10,292 Subordinated debt 2.70% - 5.90% 2022 - 2029 5,702 6,014 Subtotal 21,419 16,306 Total $ 31,845 $ 27,657 (a) FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities. |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Guarantees [Abstract] | |
Commitments to Extend Credit and Other Commitments | Table 59: Commitments to Extend Credit and Other Commitments In millions June 30 December 31 Commitments to extend credit Commercial $ 186,684 $ 176,248 Home equity lines of credit 20,547 19,410 Credit card 32,873 32,499 Other 8,108 9,081 Total commitments to extend credit 248,212 237,238 Net outstanding standby letters of credit (a) 9,821 9,303 Standby bond purchase agreements (b) 1,250 1,268 Other commitments (c) 3,117 3,045 Total commitments to extend credit and other commitments $ 262,400 $ 250,854 (a) Net outstanding standby letters of credit include $3.9 billion and $3.3 billion at June 30, 2022 and December 31, 2021, respectively, which support remarketing programs. (b) We enter into standby bond purchase agreements to support municipal bond obligations. |
Total Equity and Other Compre_2
Total Equity and Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Comprehensive Income [Abstract] | |
Rollforward of Total Equity | Activity in total equity for the three and six months ended June 30, 2022 and 2021 is as follows: Table 60: Rollforward of Total Equity Shareholders’ Equity In millions Shares Common Capital Capital Retained Accumulated Treasury Non- Total Equity Three months ended Balance at March 31, 2021 (a) 425 $ 2,713 $ 3,518 $ 12,361 $ 48,113 $ 1,290 $ (14,146) $ 30 $ 53,879 Net income 1,091 12 1,103 Other comprehensive income, net of tax 173 173 Cash dividends declared - Common (492) (492) Cash dividends declared - Preferred (48) (48) Preferred stock discount accretion 1 (1) Common stock activity 12 12 Treasury stock activity 4 6 10 Other 32 16 48 Balance at June 30, 2021 (a) 425 $ 2,713 $ 3,519 $ 12,409 $ 48,663 $ 1,463 $ (14,140) $ 58 $ 54,685 Balance at March 31, 2022 (a) 415 $ 2,713 $ 5,011 $ 12,476 $ 51,058 $ (5,731) $ (16,346) $ 35 $ 49,216 Net income 1,481 15 1,496 Other comprehensive income (loss), net of tax (2,627) (2,627) Cash dividends declared - Common (626) (626) Cash dividends declared - Preferred (71) (71) Preferred stock discount accretion 1 (1) Preferred stock issuance (b) 992 992 Common stock activity 1 14 15 Treasury stock activity (4) 5 (730) (725) Other 32 (14) 18 Balance at June 30, 2022 (a) 411 $ 2,714 $ 6,004 $ 12,527 $ 51,841 $ (8,358) $ (17,076) $ 36 $ 47,688 Six months ended Balance at December 31, 2020 (a) 424 $ 2,713 $ 3,517 $ 12,367 $ 46,848 $ 2,770 $ (14,205) $ 31 $ 54,041 Net income 2,907 22 2,929 Other comprehensive income (loss), net of tax (1,307) (1,307) Cash dividends declared - Common (985) (985) Cash dividends declared - Preferred (105) (105) Preferred stock discount accretion 2 (2) Common stock activity 12 12 Treasury stock activity 1 73 65 138 Other (43) 5 (38) Balance at June 30, 2021 (a) 425 $ 2,713 $ 3,519 $ 12,409 $ 48,663 $ 1,463 $ (14,140) $ 58 $ 54,685 Balance at December 31, 2021 (a) 420 $ 2,713 $ 5,009 $ 12,448 $ 50,228 $ 409 $ (15,112) $ 31 $ 55,726 Net income 2,889 36 2,925 Other comprehensive income (loss), net of tax (8,767) (8,767) Cash dividends declared - Common (1,157) (1,157) Cash dividends declared - Preferred (116) (116) Preferred stock discount accretion 3 (3) Preferred stock issuance (b) 992 992 Common stock activity 1 14 15 Treasury stock activity (9) 50 (1,964) (1,914) Other 15 (31) (16) Balance at June 30, 2022 (a) 411 $ 2,714 $ 6,004 $ 12,527 $ 51,841 $ (8,358) $ (17,076) $ 36 $ 47,688 (a) The par value of our preferred stock outstanding was less than $0.5 million at each date and, therefore, is excluded from this presentation. (b) On April 26, 2022, PNC issued 1,000,000 depositary shares each representing 1/100th ownership in a share of 6.000% fixed-rate reset non-cumulative perpetual preferred stock, Series U, with a par value of $1 per share. |
Other Comprehensive Income (Loss) | Details of other comprehensive income (loss) are as follows: Table 61: Other Comprehensive Income (Loss) Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 In millions Pre-tax Tax effect After- Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Debt securities Net unrealized gains (losses) on securities $ (2,929) $ 690 $ (2,239) $ 55 $ (13) $ 42 $ (9,247) $ 2,179 $ (7,068) $ (1,126) $ 265 $ (861) Less: Net realized gains (losses) reclassified to (214) 50 (164) 9 (2) 7 (217) 51 (166) 22 (5) 17 Net change (2,715) 640 (2,075) 46 (11) 35 (9,030) 2,128 (6,902) (1,148) 270 (878) Cash flow hedge derivatives Net unrealized gains (losses) on cash flow hedge derivatives (676) 159 (517) 330 (78) 252 (2,332) 549 (1,783) (310) 73 (237) Less: Net realized gains (losses) reclassified to earnings (a) 25 (6) 19 108 (25) 83 127 (30) 97 243 (57) 186 Net change (701) 165 (536) 222 (53) 169 (2,459) 579 (1,880) (553) 130 (423) Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit plan activity and other reclassified to earnings (b) 8 (2) 6 (43) 10 (33) 62 (15) 47 (13) 3 (10) Net change 8 (2) 6 (43) 10 (33) 62 (15) 47 (13) 3 (10) Other Net unrealized gains (losses) on other transactions (4) (18) (22) 2 2 (7) (25) (32) 1 3 4 Net change (4) (18) (22) 2 2 (7) (25) (32) 1 3 4 Total other comprehensive income (loss) $ (3,412) $ 785 $ (2,627) $ 225 $ (52) $ 173 $ (11,434) $ 2,667 $ (8,767) $ (1,713) $ 406 $ (1,307) (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 62: Accumulated Other Comprehensive Income (Loss) Components In millions, after-tax Debt securities Cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Total Three months ended Balance at March 31, 2021 $ 1,549 $ 67 $ (322) $ (4) $ 1,290 Net activity 35 169 (33) 2 173 Balance at June 30, 2021 $ 1,584 $ 236 $ (355) $ (2) $ 1,463 Balance at March 31, 2022 $ (4,238) $ (1,545) $ 68 $ (16) $ (5,731) Net activity (2,075) (536) 6 (22) (2,627) Balance at June 30, 2022 (a) $ (6,313) $ (2,081) $ 74 $ (38) $ (8,358) Six months ended Balance at December 31, 2020 $ 2,462 $ 659 $ (345) $ (6) $ 2,770 Net activity (878) (423) (10) 4 (1,307) Balance at June 30, 2021 $ 1,584 $ 236 $ (355) $ (2) $ 1,463 Balance at December 31, 2021 $ 589 $ (201) $ 27 $ (6) $ 409 Net activity (6,902) (1,880) 47 (32) (8,767) Balance at June 30, 2022 (a) $ (6,313) $ (2,081) $ 74 $ (38) $ (8,358) (a) At June 30, 2022, AOCI included pretax losses of $141 million from derivatives that hedged the purchase of investment securities classified as held to maturity. |
Dividends Per Share | The following table provides the dividends per share for PNC's common and preferred stock: Table 63: Dividends Per Share (a) Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Common Stock $ 1.50 $ 1.15 $ 2.75 $ 2.30 Preferred Stock Series B $ 0.45 $ 0.45 $ 0.90 $ 0.90 Series O $ 987 $ 1,961 $ 3,375 Series P $ 1,532 $ 1,532 $ 3,063 $ 3,063 Series R $ 2,425 $ 2,425 $ 2,425 $ 2,425 Series S $ 2,500 $ 2,500 $ 2,500 $ 2,500 Series T $ 850 $ 1,700 (a) Dividends are payable quarterly other than Series R and Series S preferred stock, which are payable semiannually. On April 26, 2022, PNC issued 1,000,000 depositary shares each representing 1/100th ownership in a share of 6.000% fixed-rate reset non-cumulative perpetual preferred stock, Series U, with a par value of $1 per share. Beginning on August 15, 2022, dividends will be paid on the Series U on a quarterly basis (February 15, May 15, August 15, and November 15 of each year). |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Common Share | Table 64: Basic and Diluted Earnings Per Common Share Three months ended June 30 Six months ended June 30 In millions, except per share data 2022 2021 2022 2021 Basic Net income $ 1,496 $ 1,103 $ 2,925 $ 2,929 Less: Net income attributable to noncontrolling interests 15 12 36 22 Preferred stock dividends 71 48 116 105 Preferred stock discount accretion and redemptions 1 1 3 2 Net income attributable to common shareholders 1,409 1,042 2,770 2,800 Less: Dividends and undistributed earnings allocated to nonvested restricted shares 7 5 13 13 Net income attributable to basic common shareholders $ 1,402 $ 1,037 $ 2,757 $ 2,787 Basic weighted-average common shares outstanding 414 427 417 426 Basic earnings per common share (a) $ 3.39 $ 2.43 $ 6.62 $ 6.54 Diluted Net income attributable to diluted common shareholders $ 1,402 $ 1,037 $ 2,757 $ 2,787 Basic weighted-average common shares outstanding 414 427 417 426 Dilutive potential common shares 1 Diluted weighted-average common shares outstanding 414 427 417 427 Diluted earnings per common share (a) $ 3.39 $ 2.43 $ 6.61 $ 6.53 (a) Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities). |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value [Abstract] | |
Fair Value Measurements - Recurring Basis Summary | Table 65: Fair Value Measurements – Recurring Basis Summary June 30, 2022 December 31, 2021 In millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Residential mortgage loans held for sale $ 793 $ 83 $ 876 $ 1,221 $ 81 $ 1,302 Commercial mortgage loans held for sale 68 38 106 526 49 575 Securities available for sale U.S. Treasury and government agencies $ 11,820 1,223 13,043 $ 41,873 4,291 46,164 Residential mortgage-backed Agency 32,179 32,179 67,632 67,632 Non-agency 925 925 61 1,097 1,158 Commercial mortgage-backed Agency 1,947 1,947 1,773 1,773 Non-agency 1,347 3 1,350 3,433 3 3,436 Asset-backed 5 138 143 6,246 163 6,409 Other 3,330 67 3,397 4,895 69 4,964 Total securities available for sale 11,820 40,031 1,133 52,984 41,873 88,331 1,332 131,536 Loans 488 804 1,292 617 884 1,501 Equity investments (a) 1,269 1,867 3,318 1,373 1,680 3,231 Residential mortgage servicing rights 1,620 1,620 1,078 1,078 Commercial mortgage servicing rights 988 988 740 740 Trading securities (b) 829 1,402 2,231 250 1,601 1,851 Financial derivatives (b) (c) 10 5,369 13 5,392 5 5,109 38 5,152 Other assets 351 85 436 404 114 518 Total assets (d) $ 14,279 $ 48,236 $ 6,546 $ 69,243 $ 43,905 $ 97,519 $ 5,882 $ 147,484 Liabilities Other borrowed funds $ 1,561 $ 166 $ 3 $ 1,730 $ 725 $ 45 $ 3 $ 773 Financial derivatives (c) (e) 9 7,368 213 7,590 3,285 285 3,570 Other liabilities 182 182 175 175 Total liabilities (f) $ 1,570 $ 7,534 $ 398 $ 9,502 $ 725 $ 3,330 $ 463 $ 4,518 (a) Certain investments that are measured at fair value using the net asset value 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 June 30, 2022 and December 31, 2021 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 13% and 26% as of June 30, 2022 and December 31, 2021, respectively. Level 3 assets as a percentage of total assets at fair value was 10% and 4% at June 30, 2022 and December 31, 2021, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both June 30, 2022 and December 31, 2021 respectively. (e) Included in Other liabilities on the Consolidated Balance Sheet. |
Reconciliation of Level 3 Assets and Liabilities | Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the six months ended June 30, 2022 and 2021 follow: Table 66: Reconciliation of Level 3 Assets and Liabilities Three Months Ended June 30, 2022 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Value Mar. 31, 2022 Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage $ 108 $ (1) $ 8 $ (30) $ (4) $ 9 $ (7) (d) $ 83 $ (1) Commercial mortgage 45 (7) 38 Securities available for sale Residential mortgage- 1,019 7 $ (43) (58) 925 Commercial mortgage- 3 3 Asset-backed 152 1 (9) (6) 138 Other 66 (1) 2 67 Total securities 1,240 8 (53) 2 (64) 1,133 Loans 851 10 7 (1) (48) (15) (d) 804 9 Equity investments 1,751 92 87 (63) 1,867 94 Residential mortgage 1,322 163 181 $ 17 (63) 1,620 163 Commercial mortgage 886 111 17 14 (40) 988 111 Financial derivatives 10 7 2 (6) 13 13 Total assets $ 6,213 $ 390 $ (53) $ 304 $ (94) $ 31 $ (232) $ 9 $ (22) $ 6,546 $ 389 Liabilities Other borrowed funds $ 3 $ 2 $ (2) $ 3 Financial derivatives 234 $ 18 $ 3 (42) 213 $ 19 Other liabilities 158 14 171 (161) 182 10 Total liabilities $ 395 $ 32 $ 3 $ 173 $ (205) $ 398 $ 29 Net gains (losses) $ 358 (e) $ 360 (f) (continued from previous page) Three Months Ended June 30, 2021 Total realized / unrealized Unrealized gains/losses for the period on assets and liabilities held on Consolidated Balance Sheet at June 30, 2021 Level 3 Instruments Only Fair Value Mar. 31, 2021 Included in Earnings Included in Other comprehensive income (b) Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Impact from BBVA Acquisition Fair Value June 30, 2021 Assets Residential mortgage $ 165 $ (1) $ 3 $ (36) $ (12) $ 5 $ (5) (d) $ 119 Commercial mortgage 56 1 (6) 1 52 Securities available for sale $ 239 239 Residential mortgage- 1,316 11 (90) 1,237 Commercial mortgage-backed non-agency 11 11 Asset-backed 194 $ 2 (21) 175 Other 72 1 2 (2) 73 Total securities 1,593 11 3 2 (113) 1,496 Loans 711 10 9 (3) (35) (5) (d) 292 979 $ 10 Equity investments 1,343 157 92 (52) 1,540 136 Residential mortgage 979 (141) 301 $ 24 (87) 35 1,111 (141) Commercial mortgage 701 (19) 8 21 (29) 682 (18) Financial derivatives 63 60 2 (43) 5 87 57 Total assets $ 5,611 $ 78 $ 3 $ 417 $ (97) $ 45 $ (318) $ 5 $ (10) $ 571 $ 6,305 $ 44 Liabilities Other borrowed funds $ 2 $ 2 Financial derivatives 227 $ 4 $ 1 $ (39) $ 7 200 $ 19 Other liabilities 73 28 $ 287 (264) 124 27 Total liabilities $ 302 $ 32 $ 1 $ 287 $ (303) $ 7 $ 326 $ 46 Net gains (losses) $ 46 (e) $ (2) (f) Six Months Ended June 30, 2022 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage $ 81 $ (2) $ 45 $ (32) $ (9) $ 14 $ (14) (d) $ 83 $ (2) Commercial mortgage 49 (4) (7) 38 (4) Other consumer loans held for sale Securities available for sale Residential mortgage- 1,097 15 $ (66) (121) 925 Commercial mortgage- 3 3 Asset-backed 163 1 (13) (13) 138 Other 69 (2) 3 (3) 67 Total securities 1,332 16 (81) 3 (137) 1,133 Loans 884 21 20 (8) (97) (16) (d) 804 21 Equity investments 1,680 145 116 (74) 1,867 146 Residential mortgage 1,078 370 257 $ 38 (123) 1,620 371 Commercial mortgage 740 262 25 35 (74) 988 262 Financial derivatives 38 (6) 3 (22) 13 12 Total assets $ 5,882 $ 802 $ (81) $ 469 $ (114) $ 73 $ (469) $ 14 $ (30) $ 6,546 $ 806 Liabilities Other borrowed funds $ 3 $ 4 $ (4) $ 3 Financial derivatives 285 $ 23 $ 6 (101) 213 $ 18 Other liabilities 175 21 242 (256) 182 15 Total liabilities $ 463 $ 44 $ 6 $ 246 $ (361) $ 398 $ 33 Net gains (losses) $ 758 (e) $ 773 (f) (continued from previous page) Six Months Ended June 30, 2021 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Impact from BBVA Acquisition Fair Value June 30, 2021 Assets Residential mortgage $ 163 $ 38 $ (52) $ (28) $ 8 $ (10) (d) $ 119 Commercial mortgage 57 (6) 1 52 $ 1 Other consumer loans held for sale $ 239 239 Securities available for sale Residential mortgage- 1,365 $ 20 $ 16 (164) 1,237 Commercial mortgage- 11 11 Asset-backed 199 1 5 (30) 175 Other 72 1 3 (3) 73 Total securities 1,647 21 22 3 (197) 1,496 Loans 647 20 97 (6) (63) (d) (8) (d) 292 979 20 Equity investments 1,263 224 132 (79) 1,540 199 Residential mortgage 673 154 372 $ 37 (160) 35 1,111 154 Commercial mortgage 569 110 21 39 (57) 682 111 Financial derivatives 118 46 3 (85) 5 87 46 Total assets $ 5,137 $ 575 $ 22 $ 666 $ (143) $ 76 $ (589) $ 8 $ (18) $ 571 $ 6,305 $ 531 Liabilities Other borrowed funds $ 2 $ 1 $ (1) $ 2 Financial derivatives 273 $ (10) $ 3 (73) $ 7 200 $ (11) Other liabilities 43 63 317 (299) 124 31 Total liabilities $ 318 $ 53 $ 3 $ 318 $ (373) $ 7 $ 326 $ 20 Net gains (losses) $ 522 (e) $ 511 (f) (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 insignificant. (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) 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. (e) 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. (f) 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 | Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities follows: Table 67: Fair Value Measurements – Recurring Quantitative Information June 30, 2022 Level 3 Instruments Only Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 38 Discounted cash flow Spread over the benchmark curve (b) 565bps - 4,850bps (3,553bps) Residential mortgage-backed 925 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 30.7% (10.2%) Constant default rate 0.0% - 13.0% (4.1%) Loss severity 15.0% - 96.4% (46.2%) Spread over the benchmark curve (b) 222bps weighted-average Asset-backed securities 138 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 40.0% (11.1%) Constant default rate 0.7% - 7.3% (2.5%) Loss severity 15.0% - 100.0% (48.9%) Spread over the benchmark curve (b) 265bps weighted-average Loans - Residential real estate 589 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (69.8%) Loss severity 0.0% - 100.0% (5.9%) Discount rate 4.9% - 6.9% (5.3%) Loans - Residential real estate 78 Discounted cash flow Loss severity 6.0% weighted-average Discount rate 6.1% weighted-average Loans - Home equity 27 Consensus pricing (c) Cumulative default rate 3.6% -100.0% (74.8%) Loss severity 0.0% - 100.0% (18.9%) Discount rate 4.9% - 6.9% (5.9%) Loans - Home equity 110 Consensus pricing (c) Credit and liquidity discount 0.4% - 100.0% (45.5%) Equity investments 1,867 Multiple of adjusted earnings Multiple of earnings 5.0x - 16.8x (9.2x) Residential mortgage servicing rights 1,620 Discounted cash flow Constant prepayment rate 0.0% - 44.5% (8.1%) Spread over the benchmark curve (b) 268bps - 1,729bps (818bps) Commercial mortgage servicing rights 988 Discounted cash flow Constant prepayment rate 4.3% - 11.1% (4.9%) Discount rate 6.9% - 9.2% (8.9%) Financial derivatives - Swaps related to (197) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 160.6% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation resolution date Q2 2023 Insignificant Level 3 assets, net of (35) Total Level 3 assets, net of liabilities (e) $ 6,148 (continued from previous page) December 31, 2021 Level 3 Instruments Only Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 49 Discounted cash flow Spread over the benchmark curve (b) 555bps - 15,990bps (9,996bps) Residential mortgage-backed 1,097 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 30.7% (11.3%) Constant default rate 0.0% - 16.9% (4.6%) Loss severity 20.0% - 96.4% (47.6%) Spread over the benchmark curve (b) 163bps weighted-average Asset-backed securities 163 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% -40.0% (11.1%) Constant default rate 1.4% - 20.0% (3.2%) Loss severity 8.0% - 100.0% (57.4%) Spread over the benchmark curve (b) 182bps weighted-average Loans - Residential real estate 622 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (74.2%) Loss severity 0.0% - 100.0% (6.9%) Discount rate 4.8% - 6.8% (5.2%) Loans - Residential real estate 109 Discounted cash flow Loss severity 6.0% weighted-average Discount rate 3.5% weighted-average Loans - Home equity 28 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (75.8%) Loss severity 0.0% - 98.4% (17.7%) Discount rate 4.8% - 6.8% (6.0%) Loans - Home equity 125 Consensus pricing (c) Credit and Liquidity discount 0.5% - 100.0% (47.3%) Equity investments 1,680 Multiple of adjusted earnings Multiple of earnings 5.0x - 14.4x (8.8x) Residential mortgage servicing rights 1,078 Discounted cash flow Constant prepayment rate 0.0% - 41.0% (12.6%) Spread over the benchmark curve (b) 249bps - 2,218bps (857bps) Commercial mortgage servicing rights 740 Discounted cash flow Constant prepayment rate 5.0% - 15.5% (5.5%) Discount rate 5.4% - 8.0% (7.8%) Financial derivatives - Swaps related to (277) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 161.8% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation Q2 2023 Insignificant Level 3 assets, net of 5 Total Level 3 assets, net of liabilities (e) $ 5,419 (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. |
Fair Value Measurements - Nonrecurring | Assets measured at fair value on a nonrecurring basis follow: Table 68: Fair Value Measurements – Nonrecurring (a) (b) (c) Fair Value Gains (Losses) Gains (Losses) In millions June 30 December 31 June 30 June 30 June 30 June 30 Assets Nonaccrual loans $ 159 $ 348 $ (19) $ 5 $ (28) $ (4) Equity investments 48 1 OREO and foreclosed assets 8 6 Long-lived assets 9 103 (3) (9) (5) (11) Total assets $ 224 $ 457 $ (21) $ (4) $ (33) $ (15) (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 | Fair values and aggregate unpaid principal balances of certain items for which we elected the fair value option follow: Table 69: Fair Value Option – Fair Value and Principal Balances June 30, 2022 December 31, 2021 In millions Fair Value Aggregate Unpaid Difference Fair Value Aggregate Unpaid Difference Assets Residential mortgage loans held for sale Accruing loans less than 90 days past due $ 802 $ 806 $ (4) $ 1,249 $ 1,219 $ 30 Accruing loans 90 days or more past due 11 11 6 6 Nonaccrual loans 63 75 (12) 47 57 (10) Total $ 876 $ 892 $ (16) $ 1,302 $ 1,282 $ 20 Commercial mortgage loans held for sale (a) (b) Accruing loans less than 90 days past due $ 106 $ 135 $ (29) $ 575 $ 580 $ (5) Loans Accruing loans less than 90 days past due $ 440 $ 451 $ (11) $ 487 $ 498 $ (11) Accruing loans 90 days or more past due 168 181 (13) 262 278 (16) Nonaccrual loans 684 928 (244) 752 1,028 (276) Total $ 1,292 $ 1,560 $ (268) $ 1,501 $ 1,804 $ (303) Other assets $ 85 $ 84 $ 1 $ 105 $ 107 $ (2) Liabilities Other borrowed funds $ 21 $ 22 $ (1) $ 30 $ 30 Other liabilities $ 121 $ 121 (a) There were no accruing loans 90 days or more past due within this category at June 30, 2022 or December 31, 2021. (b) There were no nonaccrual loans within this category at June 30, 2022 or December 31, 2021. |
Fair Value Option - Changes in Fair Value | The changes in fair value for items for which we elected the fair value option are as follows: Table 70: Fair Value Option – Changes in Fair Value (a) Gains (Losses) Gains (Losses) Three months ended Six months ended June 30 June 30 June 30 June 30 In millions 2022 2021 2022 2021 Assets Residential mortgage loans held for sale $ (23) $ 57 $ (63) $ 73 Commercial mortgage loans held for sale $ 14 $ 26 $ 20 $ 46 Loans $ 15 $ 17 $ 36 $ 31 Other assets $ (11) $ 8 $ (18) $ 22 Liabilities Other liabilities $ (10) $ (16) (a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts. |
Additional Fair Value Information Related to Other Financial Instruments | Table 71: Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 June 30, 2022 Assets Cash and due from banks $ 8,582 $ 8,582 $ 8,582 Interest-earning deposits with banks 28,404 28,404 $ 28,404 Securities held to maturity 79,753 78,414 28,349 49,933 $ 132 Net loans (excludes leases) 298,807 299,021 299,021 Other assets 6,432 6,432 6,429 3 Total assets $ 421,978 $ 420,853 $ 36,931 $ 84,766 $ 299,156 Liabilities Time deposits $ 10,118 $ 9,842 $ 9,842 Borrowed funds 34,176 33,845 32,123 $ 1,722 Unfunded lending related commitments 681 681 681 Other liabilities 450 450 450 Total liabilities $ 45,425 $ 44,818 $ 42,415 $ 2,403 December 31, 2021 Assets Cash and due from banks $ 8,004 $ 8,004 $ 8,004 Interest-earning deposits with banks 74,250 74,250 $ 74,250 Securities held to maturity 1,429 1,522 890 456 $ 176 Net loans (excludes leases) 275,874 280,498 280,498 Other assets 4,205 4,204 4,141 63 Total assets $ 363,762 $ 368,478 $ 8,894 $ 78,847 $ 280,737 Liabilities Time deposits $ 17,366 $ 17,180 $ 17,180 Borrowed funds 30,011 30,616 28,936 $ 1,680 Unfunded lending related commitments 662 662 662 Other liabilities 449 449 449 Total liabilities $ 48,488 $ 48,907 $ 46,565 $ 2,342 |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Total Gross Derivatives | The following table presents the notional and gross fair value amounts of all derivative assets and liabilities held by us: Table 72: Total Gross Derivatives (a) June 30, 2022 December 31, 2021 In millions Notional / Asset Fair Liability Fair Notional / Asset Fair Liability Fair Derivatives used for hedging Interest rate contracts (d): Fair value hedges $ 21,579 $ 23,345 Cash flow hedges 46,432 $ 19 $ 40 48,961 $ 15 $ 14 Foreign exchange contracts: Net investment hedges 1,235 85 1 1,113 24 Total derivatives designated for hedging $ 69,246 $ 104 $ 41 $ 73,419 $ 15 $ 38 Derivatives not used for hedging Derivatives used for mortgage banking activities (e): Interest rate contracts: Swaps $ 45,412 $ 3 $ 35,623 Futures (f) 5,228 4,592 Mortgage-backed commitments 6,189 $ 74 61 9,917 $ 55 $ 31 Other 18,456 124 15 12,225 46 12 Total interest rate contracts 75,285 198 79 62,357 101 43 Derivatives used for customer-related activities: Interest rate contracts: Swaps 320,717 1,259 3,459 297,711 3,335 1,520 Futures (f) 520 907 Mortgage-backed commitments 2,181 10 8 4,147 5 6 Other 30,112 250 229 25,718 125 72 Total interest rate contracts 353,530 1,519 3,696 328,483 3,465 1,598 Commodity contracts: Swaps 8,917 2,469 2,567 8,840 1,150 1,161 Other 6,049 665 663 3,128 213 212 Total commodity contracts 14,966 3,134 3,230 11,968 1,363 1,373 Foreign exchange contracts and other 29,074 375 329 27,563 199 179 Total derivatives for customer-related activities 397,570 5,028 7,255 368,014 5,027 3,150 Derivatives used for other risk management activities: Foreign exchange contracts and other 11,192 62 215 11,512 9 339 Total derivatives not designated for hedging $ 484,047 $ 5,288 $ 7,549 $ 441,883 $ 5,137 $ 3,532 Total gross derivatives $ 553,293 $ 5,392 $ 7,590 $ 515,302 $ 5,152 $ 3,570 Less: Impact of legally enforceable master netting agreements 1,577 1,577 928 928 Less: Cash collateral received/paid 578 2,288 604 1,657 Total derivatives $ 3,237 $ 3,725 $ 3,620 $ 985 (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. |
Schedule of Fair Value and Cash Flow Hedges | Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table: Table 73: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b) Location and Amount of Gains (Losses) Recognized in Income Interest Income Interest Expense Noninterest Income In millions Loans Investment Securities Borrowed Funds Other For the three months ended June 30, 2022 Total amounts in the Consolidated Income Statement $ 2,504 $ 631 $ 142 $ 177 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (28) $ 443 Derivatives $ 30 $ (451) Amounts related to interest settlements on derivatives $ (2) $ 74 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 25 For the three months ended June 30, 2021 Total amounts in the Consolidated Income Statement $ 2,160 $ 469 $ 90 $ 339 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 3 $ (106) Derivatives $ (2) $ 93 Amounts related to interest settlements on derivatives $ (1) $ 131 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 91 $ 16 $ 1 For the six months ended June 30, 2022 Total amounts on the Consolidated Income Statement $ 4,797 $ 1,175 $ 225 $ 388 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (46) $ 1,377 Derivatives $ 49 $ (1,395) Amounts related to interest settlements on derivatives $ (3) $ 184 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 117 $ 10 For the six months ended June 30, 2021 Total amounts on the Consolidated Income Statement $ 4,156 $ 890 $ 185 $ 639 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (5) $ 540 Derivatives $ 7 $ (571) Amounts related to interest settlements on derivatives $ (2) $ 265 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 191 $ 38 $ 14 (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. |
Schedule of Fair Value Hedges | Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table: Table 74: Hedged Items - Fair Value Hedges June 30, 2022 December 31, 2021 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) $ 3,277 $ (23) $ 2,655 $ 23 Borrowed funds $ 20,346 $ (715) $ 24,259 $ 663 (a) Includes less than $(0.1) billion and $(0.1) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships at June 30, 2022 and December 31, 2021, respectively. (b) Carrying value shown represents amortized cost. |
Gains (Losses) on Derivatives Not Designated as Hedging Instruments under GAAP | Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table: Table 75: Gains (Losses) on Derivatives Not Designated for Hedging Three months ended Six months ended In millions 2022 2021 2022 2021 Derivatives used for mortgage banking activities: Interest rate contracts (a) $ (190) $ 216 $ (455) $ (106) Derivatives used for customer-related activities: Interest rate contracts 69 15 166 97 Foreign exchange contracts and other (20) 43 24 65 Gains (losses) from customer-related activities (b) 49 58 190 162 Derivatives used for other risk management activities: Foreign exchange contracts and other (b) 216 (29) 263 19 Total gains (losses) from derivatives not designated as hedging instruments $ 75 $ 245 $ (2) $ 75 (a) Included in Residential and commercial mortgage noninterest income on our Consolidated Income Statement. (b) Included in Capital markets related and Other noninterest income on our Consolidated Income Statement. |
Derivative Assets And Liabilities Offsetting | Table 76: Derivative Assets and Liabilities Offsetting In millions Amounts Offset on the Securities Collateral Held/Pledged Under Master Netting Agreements Gross Fair Value Cash Net Net Amounts June 30, 2022 Derivative assets Interest rate contracts: Over-the-counter cleared $ 43 $ 43 $ 43 Over-the-counter 1,693 $ 634 $ 318 741 $ 23 718 Commodity contracts 3,134 676 138 2,320 2,320 Foreign exchange and other contracts 522 267 122 133 133 Total derivative assets $ 5,392 $ 1,577 $ 578 $ 3,237 (a) $ 23 $ 3,214 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 28 $ 28 $ 28 Over-the-counter 3,787 $ 680 $ 761 2,346 2,346 Commodity contracts 3,230 802 1,513 915 915 Foreign exchange and other contracts 545 95 14 436 436 Total derivative liabilities $ 7,590 $ 1,577 $ 2,288 $ 3,725 (b) $ 3,725 December 31, 2021 Derivative assets Interest rate contracts: Over-the-counter cleared $ 20 $ 20 $ 20 Over-the-counter 3,561 $ 533 $ 593 2,435 $ 300 2,135 Commodity contracts 1,363 299 1 1,063 1,063 Foreign exchange and other contracts 208 96 10 102 102 Total derivative assets $ 5,152 $ 928 $ 604 $ 3,620 (a) $ 300 $ 3,320 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 12 $ 12 $ 12 Over-the-counter 1,643 $ 569 $ 776 298 298 Commodity contracts 1,373 291 784 298 298 Foreign exchange and other contracts 542 68 97 377 377 Total derivative liabilities $ 3,570 $ 928 $ 1,657 $ 985 (b) $ 985 (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. |
Credit-Risk Contingent Features | Table 77: Credit-Risk Contingent Features In billions June 30 December 31 Net derivative liabilities with credit-risk contingent features $ 5.6 $ 2.4 Collateral posted 3.0 1.8 Maximum additional amount of collateral exposure $ 2.6 $ 0.6 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Results of Businesses | Table 78: Results of Businesses Three months ended June 30 Retail Banking Corporate & Asset Other Consolidated (a) 2022 Income Statement Net interest income $ 1,662 $ 1,232 $ 153 $ 4 $ 3,051 Noninterest income 748 968 234 115 2,065 Total revenue 2,410 2,200 387 119 5,116 Provision for (recapture of) credit losses 55 (17) 5 (7) 36 Depreciation and amortization 83 51 8 147 289 Other noninterest expense 1,830 883 262 (20) 2,955 Income (loss) before income taxes (benefit) and noncontrolling interests 442 1,283 112 (1) 1,836 Income taxes (benefit) 105 277 26 (68) 340 Net income 337 1,006 86 67 1,496 Less: Net income (loss) attributable to noncontrolling interests 15 3 (3) 15 Net income excluding noncontrolling interests $ 322 $ 1,003 $ 86 $ 70 $ 1,481 Average Assets $ 113,068 $ 219,513 $ 14,449 $ 199,848 $ 546,878 2021 Income Statement Net interest income $ 1,497 $ 1,083 $ 112 $ (111) $ 2,581 Noninterest income 706 867 244 269 2,086 Total revenue 2,203 1,950 356 158 4,667 Provision for (recapture of) credit losses 214 104 23 (39) 302 Depreciation and amortization 73 51 5 127 256 Other noninterest expense 1,604 762 214 214 2,794 Income (loss) before income taxes (benefit) and noncontrolling interests 312 1,033 114 (144) 1,315 Income taxes (benefit) 73 220 27 (108) 212 Net income (loss) 239 813 87 (36) 1,103 Less: Net income attributable to noncontrolling interests 7 4 1 12 Net income (loss) excluding noncontrolling interests $ 232 $ 809 $ 87 $ (37) $ 1,091 Average Assets $ 100,948 $ 181,770 $ 10,640 $ 211,071 $ 504,429 (Continued from previous page) Six months ended June 30 Retail Corporate & Asset Other Consolidated (a) 2022 Income Statement Net interest income $ 3,193 $ 2,375 $ 291 $ (4) $ 5,855 Noninterest income 1,493 1,772 482 206 3,953 Total revenue 4,686 4,147 773 202 9,808 Provision for (recapture of) credit losses (26) (135) 7 (18) (172) Depreciation and amortization 157 103 14 292 566 Other noninterest expense 3,648 1,668 507 27 5,850 Income (loss) before income taxes (benefit) and noncontrolling interests 907 2,511 245 (99) 3,564 Income taxes (benefit) 214 545 57 (177) 639 Net income 693 1,966 188 78 2,925 Less: Net income (loss) attributable to noncontrolling interests 31 7 (2) 36 Net income excluding noncontrolling interests $ 662 $ 1,959 $ 188 $ 80 $ 2,889 Average Assets $ 112,415 $ 210,171 $ 14,126 $ 212,415 $ 549,127 2021 Income Statement Net interest income $ 2,859 $ 2,074 $ 205 $ (209) $ 4,929 Noninterest income 1,360 1,674 473 451 3,958 Total revenue 4,219 3,748 678 242 8,887 Provision for (recapture of) credit losses (43) (178) 14 (42) (249) Depreciation and amortization 136 98 9 247 490 Other noninterest expense 3,017 1,426 412 279 5,134 Income (loss) before income taxes (benefit) and noncontrolling interests 1,109 2,402 243 (242) 3,512 Income taxes (benefit) 256 528 57 (258) 583 Net income 853 1,874 186 16 2,929 Less: Net income attributable to noncontrolling interests 14 7 1 22 Net income excluding noncontrolling interests $ 839 $ 1,867 $ 186 $ 15 $ 2,907 Average Assets $ 96,942 $ 176,182 $ 9,761 $ 203,540 $ 486,425 (a) There were no material intersegment revenues for the three and six months ended June 30, 2022 and 2021. |
Fee-Based Revenue from Contra_2
Fee-Based Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
In-Scope Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income | Table 79 presents the noninterest income recognized within the scope of Topic 606 for each of our three reportable business segments' principal products and services, along with the relationship to the noninterest income revenue streams shown on our Consolidated Income Statement. For a description of the fee-based revenue and how it is recognized for each segment's principal products and services, see Note 24 Fee-based Revenue from Contracts with Customers included in Item 8 of our 2021 Form 10-K. Table 79: In-Scope Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income Three Months Ended Three Months Ended Retail Banking Corporate & Asset Retail Banking Corporate & Asset Asset management and brokerage Asset management fees $ 228 $ 239 Brokerage fees $ 135 2 $ 109 2 Total asset management and brokerage 135 230 109 241 Card and cash management Treasury management fees 10 $ 327 11 $ 264 Debit card fees 177 164 Net credit card fees (a) 63 57 Merchant services 52 14 47 15 Other 27 30 Total card and cash management 329 341 309 279 Lending and deposit services Deposit account fees 145 129 Other 17 9 15 10 Total lending and deposit services 162 9 144 10 Residential and commercial mortgage (b) 33 35 Capital markets related 272 232 Other 9 8 Total revenue from contracts with customers 626 664 230 562 564 241 Out-of-scope noninterest income (c) 122 304 4 144 303 3 Noninterest income by business segment $ 748 $ 968 $ 234 $ 706 $ 867 $ 244 Reconciliation to consolidated noninterest income Total business segment revenue from contracts with customers $ 1,520 $ 1,367 Out-of-scope business segment noninterest income (c) 430 450 Noninterest income from other segments 115 269 Noninterest income as shown on the Consolidated Income Statement $ 2,065 $ 2,086 (Continued from previous page) Six Months Ended Six Months Ended Retail Banking Corporate & Asset Retail Banking Corporate & Asset Asset management and brokerage Asset management fees $ 469 $ 465 Brokerage fees $ 269 4 $ 211 2 Total asset management and brokerage 269 473 211 467 Card and cash management Treasury management fees 19 $ 629 18 $ 487 Debit card fees 338 302 Net credit card fees (a) 118 104 Merchant services 93 31 79 27 Other 50 57 Total card and cash management 618 660 560 514 Lending and deposit services Deposit account fees 287 248 Other 34 17 27 20 Total lending and deposit services 321 17 275 20 Residential and commercial mortgage (b) 64 66 Capital markets related 409 424 Other 22 27 Total revenue from contracts with customers 1,208 1,172 473 1,046 1,051 467 Out-of-scope noninterest income (c) 285 600 9 314 623 6 Noninterest income by business segment $ 1,493 $ 1,772 $ 482 $ 1,360 $ 1,674 $ 473 Reconciliation to consolidated noninterest income Total business segment revenue from contracts with customers $ 2,853 $ 2,564 Out-of-scope business segment noninterest income (c) 894 943 Noninterest income from other segments 206 451 Noninterest income as shown on the Consolidated Income Statement $ 3,953 $ 3,958 (a) Net credit card fees consists of interchange fees of $172 million and $146 million and credit card reward costs of $109 million and $89 million for the three months ended June 30, 2022 and 2021, respectively. Net credit card fees consists of interchange fees of $320 million and $266 million and credit card reward costs of $202 million and $162 million for the six months ended June 30, 2022 and 2021, respectively. (b) Residential mortgage noninterest income falls under the scope of other accounting and disclosure requirements outside of Topic 606 and is included within the out-of-scope noninterest income line for the Retail Banking segment. |
Accounting Policies (Details)
Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2022 country | |
Accounting Policies [Abstract] | |
Number of countries outside the US where strategic international offices are held | 4 |
Acquisition Activity (Narrative
Acquisition Activity (Narrative) (Details) employee in Thousands, customer in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 18 Months Ended | |||
Jun. 01, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 12, 2021 customer branch employee state | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of customers converted | customer | 2.6 | |||||
Number of employees converted | employee | 9 | |||||
Number of branches converted | branch | 600 | |||||
Number of states converted | state | 7 | |||||
Goodwill | $ 10,916 | $ 10,916 | $ 10,916 | $ 10,916 | ||
Segment reporting, number of segments | segment | 3 | |||||
BBVA USA Bancshares, Inc. | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Business combination, consideration transferred | $ 11,500 | |||||
Acquisition costs | $ 14 | $ 45 | ||||
Cumulative nonrecurring merger and integration costs | $ 850 | |||||
Goodwill | $ 1,599 |
Acquisition Activity (Acquisiti
Acquisition Activity (Acquisition Consideration) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 01, 2021 |
Liabilities | |||
Goodwill | $ 10,916 | $ 10,916 | |
BBVA USA Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Fair value of acquisition consideration | $ 11,480 | ||
Assets | |||
Cash and due from banks | 969 | ||
Interest-earning deposits with banks | 13,313 | ||
Loans held for sale | 463 | ||
Investment securities – available for sale | 18,358 | ||
Net loans | 61,423 | ||
Equity investments | 723 | ||
Mortgage servicing rights | 35 | ||
Core deposit intangibles and other intangible assets | 378 | ||
Other | 3,527 | ||
Total assets | 99,189 | ||
Liabilities | |||
Deposits | 85,562 | ||
Borrowed funds | 2,449 | ||
Accrued expenses and other liabilities | 1,275 | ||
Total liabilities | 89,286 | ||
Noncontrolling interests | 22 | ||
Less: Net assets | 9,881 | ||
Goodwill | $ 1,599 |
Investment Securities (Summary)
Investment Securities (Summary) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | $ 55,975 | $ 130,798 |
Securities available for sale debt securities, unrealized gains | 276 | 1,566 |
Securities available for sale debt securities, unrealized losses | (3,267) | (828) |
Securities available for sale debt securities, fair value | 52,984 | 131,536 |
Held to maturity securities, amortized cost | 79,748 | 1,426 |
Held-to-maturity securities, unrealized gains | 38 | 103 |
Held-to-maturity securities, unrealized losses | (1,372) | (7) |
Held-to-maturity securities, fair value | 78,414 | 1,522 |
Accrued interest, held-to-maturity | 191 | 5 |
Accrued interest, available-for-sale | 162 | 322 |
Debt securities, available-for-sale, allowance for credit loss | 133 | 130 |
Debt securities, held-to-maturity, allowance for credit loss | 4 | $ 3 |
Net unrealized losses, related to securities transferred at fair value to held to maturity at a point in time | $ 5,400 | |
Fitch, AAA OR AA Rating | Credit Concentration Risk | Held-to-maturity Securities | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Concentration risk, percentage | 99% | 86% |
U.S. Treasury and government agencies | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | $ 13,877 | $ 46,210 |
Securities available for sale debt securities, unrealized gains | 15 | 324 |
Securities available for sale debt securities, unrealized losses | (849) | (370) |
Securities available for sale debt securities, fair value | 13,043 | 46,164 |
Held to maturity securities, amortized cost | 31,582 | 814 |
Held-to-maturity securities, unrealized gains | 13 | 76 |
Held-to-maturity securities, unrealized losses | (407) | |
Held-to-maturity securities, fair value | 31,188 | 890 |
Residential mortgage-backed | Mortgage-backed Securities Agency | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | 34,240 | 67,326 |
Securities available for sale debt securities, unrealized gains | 13 | 695 |
Securities available for sale debt securities, unrealized losses | (2,074) | (389) |
Securities available for sale debt securities, fair value | 32,179 | 67,632 |
Held to maturity securities, amortized cost | 36,880 | |
Held-to-maturity securities, unrealized gains | 8 | |
Held-to-maturity securities, unrealized losses | (840) | |
Held-to-maturity securities, fair value | 36,048 | |
Residential mortgage-backed | Mortgage-backed Securities Non-agency | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | 762 | 927 |
Securities available for sale debt securities, unrealized gains | 167 | 231 |
Securities available for sale debt securities, unrealized losses | (4) | |
Securities available for sale debt securities, fair value | 925 | 1,158 |
Held to maturity securities, amortized cost | 288 | |
Held-to-maturity securities, unrealized losses | (6) | |
Held-to-maturity securities, fair value | 282 | |
Commercial mortgage-backed | Mortgage-backed Securities Agency | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | 2,040 | 1,740 |
Securities available for sale debt securities, unrealized gains | 1 | 39 |
Securities available for sale debt securities, unrealized losses | (94) | (6) |
Securities available for sale debt securities, fair value | 1,947 | 1,773 |
Held to maturity securities, amortized cost | 86 | |
Held-to-maturity securities, unrealized losses | (1) | |
Held-to-maturity securities, fair value | 85 | |
Commercial mortgage-backed | Mortgage-backed Securities Non-agency | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | 1,396 | 3,423 |
Securities available for sale debt securities, unrealized gains | 31 | |
Securities available for sale debt securities, unrealized losses | (46) | (18) |
Securities available for sale debt securities, fair value | 1,350 | 3,436 |
Held to maturity securities, amortized cost | 1,842 | |
Held-to-maturity securities, unrealized gains | 3 | |
Held-to-maturity securities, unrealized losses | (20) | |
Held-to-maturity securities, fair value | 1,825 | |
Asset-backed | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | 112 | 6,380 |
Securities available for sale debt securities, unrealized gains | 32 | 60 |
Securities available for sale debt securities, unrealized losses | (1) | (31) |
Securities available for sale debt securities, fair value | 143 | 6,409 |
Held to maturity securities, amortized cost | 6,690 | |
Held-to-maturity securities, unrealized gains | 3 | |
Held-to-maturity securities, unrealized losses | (72) | |
Held-to-maturity securities, fair value | 6,621 | |
Other | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | 3,548 | 4,792 |
Securities available for sale debt securities, unrealized gains | 48 | 186 |
Securities available for sale debt securities, unrealized losses | (199) | (14) |
Securities available for sale debt securities, fair value | 3,397 | 4,964 |
Held to maturity securities, amortized cost | 2,380 | 612 |
Held-to-maturity securities, unrealized gains | 11 | 27 |
Held-to-maturity securities, unrealized losses | (26) | (7) |
Held-to-maturity securities, fair value | $ 2,365 | $ 632 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Schedule of Investments [Line Items] | |||||
Net unsettled investment purchases | $ 400 | $ 400 | $ 300 | ||
Transferred securities at fair value from available for sale to held to maturity | 59,100 | $ 18,700 | 77,800 | ||
Net unrealized losses, related to securities transferred at fair value to held to maturity at a point in time | 5,400 | 5,400 | |||
Investment securities, allowance for credit loss | 137 | 137 | $ 133 | ||
Pretax loss included in AOCI from derivatives | (141) | (141) | |||
U.S. Treasury and government agencies | |||||
Schedule of Investments [Line Items] | |||||
Transferred securities at fair value from available for sale to held to maturity | 21,500 | 9,200 | |||
Asset-backed | |||||
Schedule of Investments [Line Items] | |||||
Transferred securities at fair value from available for sale to held to maturity | 6,300 | ||||
Other | |||||
Schedule of Investments [Line Items] | |||||
Transferred securities at fair value from available for sale to held to maturity | 3,400 | ||||
Mortgage-backed Securities Agency | Residential mortgage-backed | |||||
Schedule of Investments [Line Items] | |||||
Transferred securities at fair value from available for sale to held to maturity | 27,900 | $ 9,500 | |||
Federal National Mortgage Association Certificates and Obligations (FNMA) | |||||
Schedule of Investments [Line Items] | |||||
Debt securities amortized cost amount of debt securities exceeds 10 percent of shareholders equity | 36,500 | 36,500 | |||
Fair value of debt securities of a single issuer that exceeds 10 percent of shareholders equity | 35,000 | 35,000 | |||
Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans | |||||
Schedule of Investments [Line Items] | |||||
Debt securities amortized cost amount of debt securities exceeds 10 percent of shareholders equity | 28,500 | 28,500 | |||
Fair value of debt securities of a single issuer that exceeds 10 percent of shareholders equity | $ 27,400 | $ 27,400 |
Investment Securities (Gross Un
Investment Securities (Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, unrealized loss | $ (2,814) | $ (790) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 44,466 | 80,895 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, unrealized loss | (399) | (26) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 3,705 | 2,211 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (3,213) | (816) |
Debt securities, available-for-sale, unrealized loss position, fair value | 48,171 | 83,106 |
U.S. Treasury and government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, unrealized loss | (729) | (370) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 10,450 | 32,600 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, unrealized loss | (120) | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 1,239 | |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (849) | (370) |
Debt securities, available-for-sale, unrealized loss position, fair value | 11,689 | 32,600 |
Residential mortgage-backed | Mortgage-backed Securities Agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, unrealized loss | (1,811) | (369) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 28,806 | 41,521 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, unrealized loss | (263) | (20) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 2,135 | 1,489 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (2,074) | (389) |
Debt securities, available-for-sale, unrealized loss position, fair value | 30,941 | 43,010 |
Residential mortgage-backed | Mortgage-backed Securities Non-agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, unrealized loss | (2) | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 101 | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, unrealized loss | (2) | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 19 | |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (4) | |
Debt securities, available-for-sale, unrealized loss position, fair value | 120 | |
Commercial mortgage-backed | Mortgage-backed Securities Agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, unrealized loss | (88) | (5) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 1,720 | 451 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, unrealized loss | (6) | (1) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 136 | 60 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (94) | (6) |
Debt securities, available-for-sale, unrealized loss position, fair value | 1,856 | 511 |
Commercial mortgage-backed | Mortgage-backed Securities Non-agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, unrealized loss | (31) | (4) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 1,078 | 1,453 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, unrealized loss | (3) | (3) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 140 | 474 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (34) | (7) |
Debt securities, available-for-sale, unrealized loss position, fair value | 1,218 | 1,927 |
Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, unrealized loss | (29) | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 3,465 | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, unrealized loss | (2) | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 188 | |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (31) | |
Debt securities, available-for-sale, unrealized loss position, fair value | 3,653 | |
Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, unrealized loss | (153) | (13) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 2,311 | 1,405 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, unrealized loss | (5) | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 36 | |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (158) | (13) |
Debt securities, available-for-sale, unrealized loss position, fair value | $ 2,347 | $ 1,405 |
Investment Securities (Gains (L
Investment Securities (Gains (Losses) on Sales of Securities Available for Sale) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Investment Securities Disclosure [Abstract] | ||
Gross Gains | $ 11 | $ 201 |
Gross Losses | (15) | (166) |
Net Gains (Losses) | (4) | 35 |
Tax Expense (Benefit) | $ (1) | $ 7 |
Investment Securities (Contract
Investment Securities (Contractual Maturity of Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities [Line Items] | ||
Available for sale securities, amortized cost, 1 year or less | $ 2,995 | |
Available for sale securities, amortized cost, after 1 year through 5 years | 8,411 | |
Available for sale securities, amortized cost, after 5 years through 10 years | 8,741 | |
Available for sale securities, amortized cost, after 10 years | 35,828 | |
Securities available for sale debt securities, amortized cost | 55,975 | $ 130,798 |
Available-for-sale securities, fair value, 1 year or less | 2,988 | |
Available-for-sale securities, fair value, after 1 year through 5 years | 8,056 | |
Available-for-sale securities, fair value, after 5 years through 10 years | 8,209 | |
Available-for-sale securities, fair value, after 10 years | 33,731 | |
Available-for-sale securities, fair value | $ 52,984 | 131,536 |
Weighted-average yield, GAAP basis, available for sale securities | 2.40% | |
Held to maturity securities, amortized cost, 1 year or less | $ 672 | |
Held to maturity securities, amortized cost, after 1 year through 5 years | 26,158 | |
Held to maturity securities, amortized cost, after 5 years through 10 years | 9,782 | |
Held to maturity securities, amortized cost, after 10 years | 43,136 | |
Held to maturity securities, amortized cost | 79,748 | $ 1,426 |
Held-to-maturity securities, fair value, 1 year or less | 671 | |
Held-to-maturity securities, fair value, after 1 year through 5 years | 25,964 | |
Held-to-maturity securities, fair value, after 5 years through 10 years | 9,603 | |
Held-to-maturity securities, fair value, after 10 years | 42,176 | |
Held-to-maturity securities, fair value | $ 78,414 | |
Weighted-average yield, GAAP basis, held to maturity securities | 1.87% | |
1 Year or Less | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.01% | |
Weighted-average yield, GAAP basis, held to maturity securities | 1.08% | |
After 1 Year through 5 Years | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 1.58% | |
Weighted-average yield, GAAP basis, held to maturity securities | 1.10% | |
After 5 Years through 10 Years | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.16% | |
Weighted-average yield, GAAP basis, held to maturity securities | 1.76% | |
After 10 Years | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.68% | |
Weighted-average yield, GAAP basis, held to maturity securities | 2.38% | |
U.S. Treasury and government agencies | ||
Debt Securities [Line Items] | ||
Available for sale securities, amortized cost, 1 year or less | $ 2,783 | |
Available for sale securities, amortized cost, after 1 year through 5 years | 5,835 | |
Available for sale securities, amortized cost, after 5 years through 10 years | 3,124 | |
Available for sale securities, amortized cost, after 10 years | 2,135 | |
Securities available for sale debt securities, amortized cost | 13,877 | |
Held to maturity securities, amortized cost, 1 year or less | 474 | |
Held to maturity securities, amortized cost, after 1 year through 5 years | 23,231 | |
Held to maturity securities, amortized cost, after 5 years through 10 years | 7,484 | |
Held to maturity securities, amortized cost, after 10 years | 393 | |
Held to maturity securities, amortized cost | 31,582 | |
Residential mortgage-backed | Mortgage-backed Securities Agency | ||
Debt Securities [Line Items] | ||
Available for sale securities, amortized cost, 1 year or less | 2 | |
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 | 3,046 | |
Available for sale securities, amortized cost, after 10 years | 31,109 | |
Securities available for sale debt securities, amortized cost | 34,240 | |
Held to maturity securities, amortized cost, after 1 year through 5 years | 12 | |
Held to maturity securities, amortized cost, after 5 years through 10 years | 34 | |
Held to maturity securities, amortized cost, after 10 years | 36,834 | |
Held to maturity securities, amortized cost | 36,880 | |
Residential mortgage-backed | Mortgage-backed Securities Non-agency | ||
Debt Securities [Line Items] | ||
Available for sale securities, amortized cost, after 5 years through 10 years | 2 | |
Available for sale securities, amortized cost, after 10 years | 760 | |
Securities available for sale debt securities, amortized cost | 762 | |
Held to maturity securities, amortized cost, after 10 years | 288 | |
Held to maturity securities, amortized cost | 288 | |
Commercial mortgage-backed | Mortgage-backed Securities Agency | ||
Debt Securities [Line Items] | ||
Available for sale securities, amortized cost, 1 year or less | 62 | |
Available for sale securities, amortized cost, after 1 year through 5 years | 243 | |
Available for sale securities, amortized cost, after 5 years through 10 years | 1,363 | |
Available for sale securities, amortized cost, after 10 years | 372 | |
Securities available for sale debt securities, amortized cost | 2,040 | |
Held to maturity securities, amortized cost, after 5 years through 10 years | 86 | |
Held to maturity securities, amortized cost | 86 | |
Commercial mortgage-backed | Mortgage-backed Securities Non-agency | ||
Debt Securities [Line Items] | ||
Available for sale securities, amortized cost, after 1 year through 5 years | 7 | |
Available for sale securities, amortized cost, after 5 years through 10 years | 224 | |
Available for sale securities, amortized cost, after 10 years | 1,165 | |
Securities available for sale debt securities, amortized cost | 1,396 | |
Held to maturity securities, amortized cost, after 1 year through 5 years | 137 | |
Held to maturity securities, amortized cost, after 5 years through 10 years | 8 | |
Held to maturity securities, amortized cost, after 10 years | 1,697 | |
Held to maturity securities, amortized cost | 1,842 | |
Asset-backed | ||
Debt Securities [Line Items] | ||
Available for sale securities, amortized cost, after 5 years through 10 years | 11 | |
Available for sale securities, amortized cost, after 10 years | 101 | |
Securities available for sale debt securities, amortized cost | 112 | |
Held to maturity securities, amortized cost, 1 year or less | 16 | |
Held to maturity securities, amortized cost, after 1 year through 5 years | 1,872 | |
Held to maturity securities, amortized cost, after 5 years through 10 years | 1,609 | |
Held to maturity securities, amortized cost, after 10 years | 3,193 | |
Held to maturity securities, amortized cost | 6,690 | |
Other | ||
Debt Securities [Line Items] | ||
Available for sale securities, amortized cost, 1 year or less | 148 | |
Available for sale securities, amortized cost, after 1 year through 5 years | 2,243 | |
Available for sale securities, amortized cost, after 5 years through 10 years | 971 | |
Available for sale securities, amortized cost, after 10 years | 186 | |
Securities available for sale debt securities, amortized cost | 3,548 | |
Held to maturity securities, amortized cost, 1 year or less | 182 | |
Held to maturity securities, amortized cost, after 1 year through 5 years | 906 | |
Held to maturity securities, amortized cost, after 5 years through 10 years | 561 | |
Held to maturity securities, amortized cost, after 10 years | 731 | |
Held to maturity securities, amortized cost | $ 2,380 |
Investment Securities (Fair Val
Investment Securities (Fair Value of Securities Pledged and Accepted as Collateral) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Investment Securities Disclosure [Abstract] | ||
Pledged to others | $ 20,603 | $ 27,349 |
Permitted by contract or custom to sell or repledge | 1,588 | 707 |
Permitted amount repledged to others | $ 1,588 | $ 707 |
Loans and Related Allowance f_3
Loans and Related Allowance for Credit Losses (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) portfolio_segment | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) portfolio_segment | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Number of portfolio segments | portfolio_segment | 2 | 2 | |||
Financing receivable, threshold period past due, subsequently defaulted | 60 days | ||||
Allowance for credit loss | $ 5,143 | $ 6,375 | $ 5,143 | $ 6,375 | |
Decrease in allowance for credit loss | 400 | ||||
Performing Financial Instruments | |||||
Troubled debt restructurings (TDRs) | 700 | 700 | $ 600 | ||
TDRs | |||||
Amortized Cost - Subsequently Defaulted TDRs | 20 | $ 14 | 27 | $ 26 | |
TDRs | Nonperforming loans | |||||
Troubled debt restructurings (TDRs) | 700 | 700 | 1,000 | ||
Federal Reserve Bank | |||||
Loans pledged as collateral for the ability to borrow | 24,900 | 24,900 | 25,700 | ||
Federal Home Loan Bank | |||||
Loans pledged as collateral for the ability to borrow | $ 85,900 | $ 85,900 | $ 66,200 |
Loans and Related Allowance f_4
Loans and Related Allowance for Credit Losses (Analysis of Loan Portfolio) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Past Due [Line Items] | |||
Total loans | [1] | $ 310,800 | $ 288,372 |
Percentage of total loans, past due | 100% | 100% | |
Unearned income, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans | $ 700 | $ 700 | |
Collateral Dependent | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 1,200 | 1,700 | |
Other assets | |||
Financing Receivable, Past Due [Line Items] | |||
Accrued interest on loan portfolio | 800 | 700 | |
Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 1,511 | $ 1,985 | |
Percentage of total loans, past due | 0.49% | 0.69% | |
Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 306,559 | $ 283,155 | |
Percentage of total loans, past due | 98.63% | 98.19% | |
30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 696 | $ 1,011 | |
Percentage of total loans, past due | 0.22% | 0.35% | |
60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 345 | $ 355 | |
Percentage of total loans, past due | 0.11% | 0.12% | |
90 Days Or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 470 | $ 619 | |
Percentage of total loans, past due | 0.15% | 0.21% | |
Nonperforming Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 2,046 | $ 2,480 | |
Percentage of total loans, past due | 0.66% | 0.86% | |
Fair Value Option Nonaccrual Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | $ 684 | $ 752 | |
Percentage of total loans, nonaccrual, past due | 0.22% | 0.26% | |
Total commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 212,523 | $ 193,078 | |
Total commercial | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 415 | 537 | |
Total commercial | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 211,293 | 191,373 | |
Total commercial | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 134 | 306 | |
Total commercial | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 143 | 98 | |
Total commercial | 90 Days Or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 138 | 133 | |
Total commercial | Nonperforming Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 815 | 1,168 | |
Total consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 98,277 | 95,294 | |
Total consumer | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 1,096 | 1,448 | |
Total consumer | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 95,266 | 91,782 | |
Total consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 562 | 705 | |
Total consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 202 | 257 | |
Total consumer | 90 Days Or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 332 | 486 | |
Total consumer | Nonperforming Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 1,231 | 1,312 | |
Total consumer | Fair Value Option Nonaccrual Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 684 | 752 | |
Commercial and industrial | Total commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 171,831 | 152,933 | |
Commercial and industrial | Total commercial | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 365 | 439 | |
Commercial and industrial | Total commercial | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 170,817 | 151,698 | |
Commercial and industrial | Total commercial | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 99 | 235 | |
Commercial and industrial | Total commercial | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 128 | 72 | |
Commercial and industrial | Total commercial | 90 Days Or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 138 | 132 | |
Commercial and industrial | Total commercial | Nonperforming Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 649 | 796 | |
Commercial real estate | Total commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 34,452 | 34,015 | |
Commercial real estate | Total commercial | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 39 | 71 | |
Commercial real estate | Total commercial | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 34,252 | 33,580 | |
Commercial real estate | Total commercial | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 28 | 46 | |
Commercial real estate | Total commercial | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 11 | 24 | |
Commercial real estate | Total commercial | 90 Days Or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 1 | ||
Commercial real estate | Total commercial | Nonperforming Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 161 | 364 | |
Equipment lease financing | Total commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 6,240 | 6,130 | |
Equipment lease financing | Total commercial | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 11 | 27 | |
Equipment lease financing | Total commercial | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 6,224 | 6,095 | |
Equipment lease financing | Total commercial | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 7 | 25 | |
Equipment lease financing | Total commercial | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 4 | 2 | |
Equipment lease financing | Total commercial | Nonperforming Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 5 | 8 | |
Residential real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 43,717 | 39,712 | |
Residential real estate | Government insured or guaranteed loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 646 | 811 | |
Residential real estate | Total consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 43,717 | 39,712 | |
Residential real estate | Total consumer | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 595 | 826 | |
Residential real estate | Total consumer | Financial Asset, Past Due | Government insured or guaranteed loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 300 | 400 | |
Residential real estate | Total consumer | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 42,067 | 37,706 | |
Residential real estate | Total consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 298 | 379 | |
Residential real estate | Total consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 95 | 119 | |
Residential real estate | Total consumer | 90 Days Or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 202 | 328 | |
Residential real estate | Total consumer | Nonperforming Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 457 | 517 | |
Residential real estate | Total consumer | Fair Value Option Nonaccrual Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 598 | 663 | |
Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 24,693 | 24,061 | |
Home equity | Total consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 24,693 | 24,061 | |
Home equity | Total consumer | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 57 | 71 | |
Home equity | Total consumer | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 23,994 | 23,305 | |
Home equity | Total consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 43 | 53 | |
Home equity | Total consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 14 | 18 | |
Home equity | Total consumer | Nonperforming Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 556 | 596 | |
Home equity | Total consumer | Fair Value Option Nonaccrual Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 86 | 89 | |
Automobile | Total consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 15,323 | 16,635 | |
Automobile | Total consumer | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 132 | 200 | |
Automobile | Total consumer | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 15,016 | 16,252 | |
Automobile | Total consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 102 | 146 | |
Automobile | Total consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 24 | 40 | |
Automobile | Total consumer | 90 Days Or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 6 | 14 | |
Automobile | Total consumer | Nonperforming Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 175 | 183 | |
Credit card | Total consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 6,650 | 6,626 | |
Credit card | Total consumer | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 116 | 144 | |
Credit card | Total consumer | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 6,528 | 6,475 | |
Credit card | Total consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 37 | 49 | |
Credit card | Total consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 25 | 33 | |
Credit card | Total consumer | 90 Days Or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 54 | 62 | |
Credit card | Total consumer | Nonperforming Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 6 | 7 | |
Education | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 2,332 | 2,533 | |
Education | Total consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 2,332 | 2,533 | |
Education | Total consumer | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 125 | 133 | |
Education | Total consumer | Financial Asset, Past Due | Government insured or guaranteed loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 100 | 100 | |
Education | Total consumer | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 2,207 | 2,400 | |
Education | Total consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 44 | 43 | |
Education | Total consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 23 | 25 | |
Education | Total consumer | 90 Days Or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 58 | 65 | |
Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 5,562 | 5,727 | |
Other consumer | Total consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 5,562 | 5,727 | |
Other consumer | Total consumer | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 71 | 74 | |
Other consumer | Total consumer | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 5,454 | 5,644 | |
Other consumer | Total consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 38 | 35 | |
Other consumer | Total consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 21 | 22 | |
Other consumer | Total consumer | 90 Days Or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 12 | 17 | |
Other consumer | Total consumer | Nonperforming Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 37 | $ 9 | |
[1]Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.0 billion, Loans held for investment of $1.3 billion and Other assets of $0.1 billion at June 30, 2022. Comparable amounts at December 31, 2021 were $1.9 billion, $1.5 billion and $0.1 billion, respectively. |
Loans and Related Allowance f_5
Loans and Related Allowance for Credit Losses (Nonperforming Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Nonperforming loans, without allowance for credit losses | $ 800 | $ 1,000 |
Nonperforming loans | ||
Nonperforming loans | 2,046 | 2,480 |
OREO and foreclosed assets | 29 | 26 |
Total nonperforming assets | $ 2,075 | $ 2,506 |
Nonperforming loans to total loans | 0.66% | 0.86% |
Nonperforming assets to total loans, OREO and foreclosed assets | 0.67% | 0.87% |
Nonperforming assets to total assets | 0.38% | 0.45% |
Total commercial | Nonperforming loans | ||
Nonperforming loans | $ 815 | $ 1,168 |
Total consumer | Nonperforming loans | ||
Nonperforming loans | $ 1,231 | $ 1,312 |
Unsecured Consumer Loans | Minimum | ||
Threshold period of financing receivable past due, writeoff | 120 days | |
Unsecured Consumer Loans | Maximum | ||
Threshold period of financing receivable past due, writeoff | 180 days |
Loans and Related Allowance f_6
Loans and Related Allowance for Credit Losses (Commercial Lending Asset Quality Indicators) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans, net | [1] | $ 310,800 | $ 288,372 |
Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 25,987 | 33,040 | |
Year two | 22,331 | 18,072 | |
Year three | 15,771 | 19,883 | |
Year four | 17,577 | 13,112 | |
Year five | 10,625 | 10,577 | |
Prior | 29,438 | 23,114 | |
Revolving Loans | 90,694 | 75,160 | |
Revolving Loans Converted to Term | 100 | 120 | |
Total loans, net | 212,523 | 193,078 | |
Commercial | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 20,674 | 27,387 | |
Year two | 17,175 | 12,421 | |
Year three | 10,597 | 11,546 | |
Year four | 9,864 | 7,347 | |
Year five | 5,802 | 6,851 | |
Prior | 17,234 | 12,583 | |
Revolving Loans | 90,385 | 74,678 | |
Revolving Loans Converted to Term | 100 | 120 | |
Total loans, net | 171,831 | 152,933 | |
Commercial | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 4,481 | 4,404 | |
Year two | 4,027 | 4,407 | |
Year three | 4,053 | 7,354 | |
Year four | 6,882 | 5,054 | |
Year five | 4,242 | 3,200 | |
Prior | 10,458 | 9,114 | |
Revolving Loans | 309 | 482 | |
Total loans, net | 34,452 | 34,015 | |
Commercial | Equipment lease financing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 832 | 1,249 | |
Year two | 1,129 | 1,244 | |
Year three | 1,121 | 983 | |
Year four | 831 | 711 | |
Year five | 581 | 526 | |
Prior | 1,746 | 1,417 | |
Total loans, net | 6,240 | 6,130 | |
Pass Rated | Commercial | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 20,359 | 27,104 | |
Year two | 16,777 | 12,053 | |
Year three | 10,272 | 10,731 | |
Year four | 9,215 | 6,698 | |
Year five | 5,342 | 6,355 | |
Prior | 16,371 | 11,759 | |
Revolving Loans | 86,988 | 71,230 | |
Revolving Loans Converted to Term | 74 | 90 | |
Total loans, net | 165,398 | 146,020 | |
Pass Rated | Commercial | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 4,241 | 4,110 | |
Year two | 3,869 | 4,109 | |
Year three | 3,793 | 6,355 | |
Year four | 6,134 | 4,234 | |
Year five | 3,359 | 2,634 | |
Prior | 8,553 | 7,562 | |
Revolving Loans | 260 | 436 | |
Total loans, net | 30,209 | 29,440 | |
Pass Rated | Commercial | Equipment lease financing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 817 | 1,212 | |
Year two | 1,078 | 1,190 | |
Year three | 1,065 | 942 | |
Year four | 788 | 682 | |
Year five | 556 | 507 | |
Prior | 1,730 | 1,410 | |
Total loans, net | 6,034 | 5,943 | |
Criticized | Commercial | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 315 | 283 | |
Year two | 398 | 368 | |
Year three | 325 | 815 | |
Year four | 649 | 649 | |
Year five | 460 | 496 | |
Prior | 863 | 824 | |
Revolving Loans | 3,397 | 3,448 | |
Revolving Loans Converted to Term | 26 | 30 | |
Total loans, net | 6,433 | 6,913 | |
Criticized | Commercial | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 240 | 294 | |
Year two | 158 | 298 | |
Year three | 260 | 999 | |
Year four | 748 | 820 | |
Year five | 883 | 566 | |
Prior | 1,905 | 1,552 | |
Revolving Loans | 49 | 46 | |
Total loans, net | 4,243 | 4,575 | |
Criticized | Commercial | Equipment lease financing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 15 | 37 | |
Year two | 51 | 54 | |
Year three | 56 | 41 | |
Year four | 43 | 29 | |
Year five | 25 | 19 | |
Prior | 16 | 7 | |
Total loans, net | $ 206 | $ 187 | |
[1]Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.0 billion, Loans held for investment of $1.3 billion and Other assets of $0.1 billion at June 30, 2022. Comparable amounts at December 31, 2021 were $1.9 billion, $1.5 billion and $0.1 billion, respectively. |
Loans and Related Allowance f_7
Loans and Related Allowance for Credit Losses (Home Equity and Residential Real Estate Credit Quality Indicators) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans, net | [1] | $ 310,800 | $ 288,372 |
Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 6,977 | 16,961 | |
Year two | 16,808 | 8,473 | |
Year three | 7,716 | 3,114 | |
Year four | 2,630 | 1,133 | |
Year five | 954 | 1,688 | |
Prior | 8,632 | 8,343 | |
Total loans, net | 43,717 | 39,712 | |
Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 212 | ||
Year two | 190 | 2,588 | |
Year three | 2,293 | 1,265 | |
Year four | 1,088 | 386 | |
Year five | 323 | 562 | |
Prior | 3,262 | 3,291 | |
Revolving Loans | 8,742 | 9,187 | |
Revolving Loans Converted to Term | 8,795 | 6,570 | |
Total loans, net | 24,693 | 24,061 | |
Greater than or equal to 780 | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 3,782 | 11,110 | |
Year two | 12,363 | 5,898 | |
Year three | 5,486 | 1,996 | |
Year four | 1,721 | 596 | |
Year five | 508 | 1,029 | |
Prior | 4,469 | 4,052 | |
Total loans, net | 28,329 | 24,681 | |
Greater than or equal to 780 | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 124 | ||
Year two | 115 | 1,619 | |
Year three | 1,457 | 692 | |
Year four | 608 | 201 | |
Year five | 172 | 364 | |
Prior | 2,020 | 2,035 | |
Revolving Loans | 5,177 | 5,490 | |
Revolving Loans Converted to Term | 4,694 | 3,320 | |
Total loans, net | 14,243 | 13,845 | |
720 to 779 | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 2,839 | 4,921 | |
Year two | 3,473 | 1,735 | |
Year three | 1,498 | 643 | |
Year four | 503 | 247 | |
Year five | 204 | 345 | |
Prior | 1,609 | 1,619 | |
Total loans, net | 10,126 | 9,510 | |
720 to 779 | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 61 | ||
Year two | 51 | 666 | |
Year three | 570 | 348 | |
Year four | 280 | 96 | |
Year five | 73 | 116 | |
Prior | 638 | 642 | |
Revolving Loans | 2,234 | 2,283 | |
Revolving Loans Converted to Term | 2,323 | 1,679 | |
Total loans, net | 6,169 | 5,891 | |
660 to 719 | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 317 | 717 | |
Year two | 699 | 463 | |
Year three | 380 | 255 | |
Year four | 218 | 136 | |
Year five | 113 | 133 | |
Prior | 825 | 796 | |
Total loans, net | 2,552 | 2,500 | |
660 to 719 | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 23 | ||
Year two | 20 | 248 | |
Year three | 212 | 167 | |
Year four | 144 | 56 | |
Year five | 46 | 53 | |
Prior | 324 | 327 | |
Revolving Loans | 1,013 | 1,071 | |
Revolving Loans Converted to Term | 1,098 | 872 | |
Total loans, net | 2,857 | 2,817 | |
Less than 660 | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 35 | 83 | |
Year two | 113 | 103 | |
Year three | 111 | 96 | |
Year four | 88 | 75 | |
Year five | 65 | 94 | |
Prior | 834 | 848 | |
Total loans, net | 1,246 | 1,299 | |
Less than 660 | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 4 | ||
Year two | 4 | 53 | |
Year three | 51 | 57 | |
Year four | 55 | 32 | |
Year five | 31 | 28 | |
Prior | 270 | 277 | |
Revolving Loans | 298 | 325 | |
Revolving Loans Converted to Term | 608 | 615 | |
Total loans, net | 1,317 | 1,391 | |
No FICO score available | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 3 | 127 | |
Year two | 154 | 241 | |
Year three | 204 | 87 | |
Year four | 68 | 49 | |
Year five | 40 | 48 | |
Prior | 349 | 359 | |
Total loans, net | 818 | 911 | |
No FICO score available | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year two | 2 | ||
Year three | 3 | 1 | |
Year four | 1 | 1 | |
Year five | 1 | 1 | |
Prior | 10 | 10 | |
Revolving Loans | 20 | 18 | |
Revolving Loans Converted to Term | 72 | 84 | |
Total loans, net | 107 | 117 | |
Government insured or guaranteed loans | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 1 | 3 | |
Year two | 6 | 33 | |
Year three | 37 | 37 | |
Year four | 32 | 30 | |
Year five | 24 | 39 | |
Prior | 546 | 669 | |
Total loans, net | 646 | 811 | |
Greater than 100% | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 10 | ||
Year two | 65 | 52 | |
Year three | 43 | 21 | |
Year four | 15 | 12 | |
Year five | 6 | 13 | |
Prior | 46 | 77 | |
Total loans, net | 175 | 185 | |
Greater than 100% | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 1 | ||
Year two | 1 | 16 | |
Year three | 15 | 14 | |
Year four | 10 | 3 | |
Year five | 2 | 2 | |
Prior | 19 | 25 | |
Revolving Loans | 246 | 329 | |
Revolving Loans Converted to Term | 87 | 90 | |
Total loans, net | 380 | 480 | |
Greater than or equal to 80% to 100% | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 1,083 | 1,460 | |
Year two | 682 | 560 | |
Year three | 323 | 221 | |
Year four | 112 | 86 | |
Year five | 47 | 66 | |
Prior | 135 | 190 | |
Total loans, net | 2,382 | 2,583 | |
Greater than or equal to 80% to 100% | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 7 | ||
Year two | 5 | 85 | |
Year three | 65 | 62 | |
Year four | 38 | 13 | |
Year five | 6 | 11 | |
Prior | 43 | 66 | |
Revolving Loans | 795 | 990 | |
Revolving Loans Converted to Term | 945 | 674 | |
Total loans, net | 1,897 | 1,908 | |
Less than 80% | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 5,893 | 15,213 | |
Year two | 16,007 | 7,822 | |
Year three | 7,312 | 2,834 | |
Year four | 2,471 | 1,004 | |
Year five | 877 | 1,570 | |
Prior | 7,896 | 7,385 | |
Total loans, net | 40,456 | 35,828 | |
Less than 80% | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 204 | ||
Year two | 184 | 2,487 | |
Year three | 2,213 | 1,189 | |
Year four | 1,040 | 370 | |
Year five | 315 | 549 | |
Prior | 3,200 | 3,200 | |
Revolving Loans | 7,701 | 7,868 | |
Revolving Loans Converted to Term | 7,763 | 5,806 | |
Total loans, net | 22,416 | 21,673 | |
No LTV available | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 275 | ||
Year two | 48 | 6 | |
Year three | 1 | 1 | |
Year four | 1 | ||
Prior | 9 | 22 | |
Total loans, net | $ 58 | $ 305 | |
[1]Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.0 billion, Loans held for investment of $1.3 billion and Other assets of $0.1 billion at June 30, 2022. Comparable amounts at December 31, 2021 were $1.9 billion, $1.5 billion and $0.1 billion, respectively. |
Loans and Related Allowance f_8
Loans and Related Allowance for Credit Losses (Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans, net | [1] | $ 310,800 | $ 288,372 |
Automobile | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 2,702 | 6,612 | |
Year two | 5,353 | 3,403 | |
Year three | 2,637 | 3,765 | |
Year four | 2,788 | 1,874 | |
Year five | 1,302 | 738 | |
Prior | 541 | 243 | |
Total loans, net | 15,323 | 16,635 | |
Automobile | Greater than or equal to 780 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 1,391 | 3,247 | |
Year two | 2,543 | 1,496 | |
Year three | 1,186 | 1,380 | |
Year four | 1,032 | 533 | |
Year five | 371 | 226 | |
Prior | 161 | 79 | |
Total loans, net | 6,684 | 6,961 | |
Automobile | 720 to 779 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 868 | 2,119 | |
Year two | 1,702 | 983 | |
Year three | 738 | 1,030 | |
Year four | 745 | 499 | |
Year five | 340 | 195 | |
Prior | 139 | 62 | |
Total loans, net | 4,532 | 4,888 | |
Automobile | 660 to 719 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 392 | 969 | |
Year two | 817 | 609 | |
Year three | 446 | 772 | |
Year four | 552 | 413 | |
Year five | 278 | 155 | |
Prior | 109 | 44 | |
Total loans, net | 2,594 | 2,962 | |
Automobile | Less than 660 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 51 | 277 | |
Year two | 291 | 315 | |
Year three | 267 | 583 | |
Year four | 459 | 429 | |
Year five | 313 | 162 | |
Prior | 132 | 58 | |
Total loans, net | 1,513 | 1,824 | |
Credit card | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans | 6,588 | 6,564 | |
Revolving Loans Converted to Term | 62 | 62 | |
Total loans, net | 6,650 | 6,626 | |
Credit card | Greater than or equal to 780 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans | 1,864 | 1,815 | |
Revolving Loans Converted to Term | 2 | 2 | |
Total loans, net | 1,866 | 1,817 | |
Credit card | 720 to 779 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans | 1,912 | 1,836 | |
Revolving Loans Converted to Term | 8 | 9 | |
Total loans, net | 1,920 | 1,845 | |
Credit card | 660 to 719 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans | 1,807 | 1,856 | |
Revolving Loans Converted to Term | 16 | 19 | |
Total loans, net | 1,823 | 1,875 | |
Credit card | Less than 660 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans | 897 | 943 | |
Revolving Loans Converted to Term | 33 | 29 | |
Total loans, net | 930 | 972 | |
Credit card | No FICO score available or required | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans | 108 | 114 | |
Revolving Loans Converted to Term | 3 | 3 | |
Total loans, net | 111 | 117 | |
Education | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 25 | 76 | |
Year two | 103 | 109 | |
Year three | 99 | 134 | |
Year four | 117 | 107 | |
Year five | 93 | 78 | |
Prior | 1,895 | 2,029 | |
Total loans, net | 2,332 | 2,533 | |
Education | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 25 | 76 | |
Year two | 103 | 109 | |
Year three | 99 | 134 | |
Year four | 117 | 107 | |
Year five | 93 | 78 | |
Prior | 644 | 651 | |
Total loans, net | 1,081 | 1,155 | |
Education | Greater than or equal to 780 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 10 | 37 | |
Year two | 58 | 60 | |
Year three | 54 | 77 | |
Year four | 67 | 62 | |
Year five | 55 | 48 | |
Prior | 391 | 392 | |
Total loans, net | 635 | 676 | |
Education | 720 to 779 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 8 | 20 | |
Year two | 28 | 29 | |
Year three | 26 | 37 | |
Year four | 32 | 30 | |
Year five | 26 | 21 | |
Prior | 159 | 160 | |
Total loans, net | 279 | 297 | |
Education | 660 to 719 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 3 | 7 | |
Year two | 7 | 9 | |
Year three | 8 | 11 | |
Year four | 10 | 11 | |
Year five | 9 | 7 | |
Prior | 68 | 73 | |
Total loans, net | 105 | 118 | |
Education | Less than 660 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 1 | 1 | |
Year two | 2 | 1 | |
Year three | 2 | 2 | |
Year four | 2 | 2 | |
Year five | 2 | 2 | |
Prior | 25 | 25 | |
Total loans, net | 34 | 33 | |
Education | No FICO score available or required | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 3 | 11 | |
Year two | 8 | 10 | |
Year three | 9 | 7 | |
Year four | 6 | 2 | |
Year five | 1 | ||
Prior | 1 | 1 | |
Total loans, net | 28 | 31 | |
Education | Other internal credit metrics | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 1,251 | 1,378 | |
Total loans, net | 1,251 | 1,378 | |
Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 457 | 776 | |
Year two | 558 | 541 | |
Year three | 375 | 575 | |
Year four | 399 | 274 | |
Year five | 163 | 75 | |
Prior | 117 | 116 | |
Revolving Loans | 3,458 | 3,347 | |
Revolving Loans Converted to Term | 35 | 23 | |
Total loans, net | 5,562 | 5,727 | |
Other consumer | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 397 | 689 | |
Year two | 512 | 510 | |
Year three | 340 | 540 | |
Year four | 341 | 251 | |
Year five | 148 | 53 | |
Prior | 73 | 68 | |
Revolving Loans | 300 | 392 | |
Revolving Loans Converted to Term | 8 | 2 | |
Total loans, net | 2,119 | 2,505 | |
Other consumer | Greater than or equal to 780 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 116 | 199 | |
Year two | 144 | 131 | |
Year three | 86 | 123 | |
Year four | 76 | 47 | |
Year five | 28 | 12 | |
Prior | 28 | 32 | |
Revolving Loans | 58 | 95 | |
Revolving Loans Converted to Term | 2 | 1 | |
Total loans, net | 538 | 640 | |
Other consumer | 720 to 779 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 151 | 250 | |
Year two | 179 | 172 | |
Year three | 107 | 167 | |
Year four | 102 | 68 | |
Year five | 38 | 15 | |
Prior | 21 | 19 | |
Revolving Loans | 99 | 125 | |
Revolving Loans Converted to Term | 3 | ||
Total loans, net | 700 | 816 | |
Other consumer | 660 to 719 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 124 | 190 | |
Year two | 138 | 145 | |
Year three | 98 | 165 | |
Year four | 106 | 82 | |
Year five | 49 | 16 | |
Prior | 15 | 11 | |
Revolving Loans | 99 | 122 | |
Revolving Loans Converted to Term | 2 | ||
Total loans, net | 631 | 731 | |
Other consumer | Less than 660 | Using FICO Credit Metric | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 6 | 50 | |
Year two | 51 | 62 | |
Year three | 49 | 85 | |
Year four | 57 | 54 | |
Year five | 33 | 10 | |
Prior | 9 | 6 | |
Revolving Loans | 44 | 50 | |
Revolving Loans Converted to Term | 1 | 1 | |
Total loans, net | 250 | 318 | |
Other consumer | Other internal credit metrics | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 60 | 87 | |
Year two | 46 | 31 | |
Year three | 35 | 35 | |
Year four | 58 | 23 | |
Year five | 15 | 22 | |
Prior | 44 | 48 | |
Revolving Loans | 3,158 | 2,955 | |
Revolving Loans Converted to Term | 27 | 21 | |
Total loans, net | $ 3,443 | $ 3,222 | |
[1]Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.0 billion, Loans held for investment of $1.3 billion and Other assets of $0.1 billion at June 30, 2022. Comparable amounts at December 31, 2021 were $1.9 billion, $1.5 billion and $0.1 billion, respectively. |
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 | 6 Months Ended | ||
Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) loan | Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 3,040 | 1,397 | 5,947 | 3,512 |
Pre-TDR Amortized Cost Basis | $ 85 | $ 127 | $ 174 | $ 252 |
Post-TDR Amortized Cost Basis | 76 | 103 | 155 | 225 |
Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | 40 | 12 | 66 | 28 |
Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | 27 | $ 91 | 80 | $ 197 |
Principal Forgiveness | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | $ 9 | $ 9 | ||
Total commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 15 | 11 | 27 | 30 |
Pre-TDR Amortized Cost Basis | $ 35 | $ 104 | $ 88 | $ 197 |
Post-TDR Amortized Cost Basis | 31 | 82 | 77 | 176 |
Total commercial | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | 22 | $ 82 | 68 | $ 176 |
Total commercial | Principal Forgiveness | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | $ 9 | $ 9 | ||
Total consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 3,025 | 1,386 | 5,920 | 3,482 |
Pre-TDR Amortized Cost Basis | $ 50 | $ 23 | $ 86 | $ 55 |
Post-TDR Amortized Cost Basis | 45 | 21 | 78 | 49 |
Total consumer | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | 40 | 12 | 66 | 28 |
Total consumer | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-TDR Amortized Cost Basis | $ 5 | $ 9 | $ 12 | $ 21 |
Loans and Related Allowance _10
Loans and Related Allowance for Credit Losses (Subsequently Defaulted TDRs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
TDRs | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized Cost - Subsequently Defaulted TDRs | $ 20 | $ 14 | $ 27 | $ 26 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 4,558 | $ 4,714 | $ 4,868 | $ 5,361 |
Acquisition PCD reserves | 1,115 | 1,115 | ||
Charge-offs | (195) | (428) | (446) | (671) |
Recoveries | 112 | 122 | 226 | 219 |
Net (charge-offs) | (83) | (306) | (220) | (452) |
Provision for (recapture of) credit losses | (10) | 206 | (182) | (296) |
Other | (3) | 1 | (4) | 2 |
Ending balance | 4,462 | 5,730 | 4,462 | 5,730 |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 639 | 507 | 662 | 584 |
Acquisition PCD reserves | 46 | 46 | ||
Provision for (recapture of) credit losses | 42 | 92 | 19 | 15 |
Ending balance | 681 | 645 | 681 | 645 |
Allowance for credit loss | 5,143 | 6,375 | 5,143 | 6,375 |
Allowances for investment securities and other financial assets | 163 | 138 | 163 | 138 |
Total commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 3,003 | 3,083 | 3,185 | 3,337 |
Acquisition PCD reserves | 828 | 828 | ||
Charge-offs | (37) | (274) | (89) | (343) |
Recoveries | 19 | 34 | 53 | 52 |
Net (charge-offs) | (18) | (240) | (36) | (291) |
Provision for (recapture of) credit losses | (45) | 140 | (208) | (64) |
Other | (3) | 1 | (4) | 2 |
Ending balance | 2,937 | 3,812 | 2,937 | 3,812 |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 587 | 403 | 564 | 485 |
Acquisition PCD reserves | 43 | 43 | ||
Provision for (recapture of) credit losses | 43 | 87 | 66 | 5 |
Ending balance | 630 | 533 | 630 | 533 |
Allowance for credit loss | 3,567 | 4,345 | 3,567 | 4,345 |
Total consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,555 | 1,631 | 1,683 | 2,024 |
Acquisition PCD reserves | 287 | 287 | ||
Charge-offs | (158) | (154) | (357) | (328) |
Recoveries | 93 | 88 | 173 | 167 |
Net (charge-offs) | (65) | (66) | (184) | (161) |
Provision for (recapture of) credit losses | 35 | 66 | 26 | (232) |
Ending balance | 1,525 | 1,918 | 1,525 | 1,918 |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 52 | 104 | 98 | 99 |
Acquisition PCD reserves | 3 | 3 | ||
Provision for (recapture of) credit losses | (1) | 5 | (47) | 10 |
Ending balance | 51 | 112 | 51 | 112 |
Allowance for credit loss | $ 1,576 | $ 2,030 | $ 1,576 | $ 2,030 |
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 | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Residential mortgage loans held for sale | |||||
Cash flows from sales of loans and related securitization activity | $ 1,454 | $ 2,283 | $ 3,348 | $ 3,522 | |
Cash flows from repurchases of previously transferred loans | 57 | 51 | 105 | 144 | |
Cash flows from servicing fees | 91 | 83 | 184 | 165 | |
Cash flows from servicing advances recovered/(funded), net | 1 | (5) | 33 | 12 | |
Cash flows on mortgage-backed securities held | 1,029 | 2,660 | 2,325 | 5,215 | |
Carrying value of mortgage-backed securities held | 19,100 | 17,500 | 19,100 | 17,500 | $ 17,600 |
Commercial mortgage loans held for sale | |||||
Cash flows from sales of loans and related securitization activity | 929 | 735 | 1,839 | 1,723 | |
Cash flows from repurchases of previously transferred loans | 9 | 27 | 42 | ||
Cash flows from servicing fees | 47 | 38 | 89 | 76 | |
Cash flows from servicing advances recovered/(funded), net | (17) | (26) | 4 | (36) | |
Cash flows on mortgage-backed securities held | 14 | 19 | 28 | 48 | |
Carrying value of mortgage-backed securities held | $ 800 | $ 700 | $ 800 | $ 700 | $ 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 | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Residential mortgage loans held for sale | |||||
Total principal balance | $ 41,868 | $ 41,868 | $ 42,726 | ||
Delinquent loans | 401 | 401 | 569 | ||
Net charge-offs | 1 | $ 1 | 2 | $ 3 | |
Commercial mortgage loans held for sale | |||||
Total principal balance | 39,661 | 39,661 | 39,551 | ||
Delinquent loans | 4 | 4 | $ 42 | ||
Net charge-offs | $ 3 | $ 25 | $ 3 | $ 178 |
Loan Sale and Servicing Activ_5
Loan Sale and Servicing Activities and Variable Interest Entities (Non-Consolidated VIEs) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
PNC Risk of Loss | $ 24,349 | $ 22,573 |
Carrying Value of Assets Owned by PNC | 540,786 | 557,191 |
Carrying Value of Liabilities Owned by PNC | 493,098 | 501,465 |
Variable Interest Entity, Primary Beneficiary | ||
Carrying Value of Assets Owned by PNC | 24,176 | 22,601 |
Carrying Value of Liabilities Owned by PNC | 1,920 | 1,799 |
Variable Interest Entity, Primary Beneficiary | Mortgage-Backed Securitizations | ||
PNC Risk of Loss | 20,191 | 18,708 |
Carrying Value of Assets Owned by PNC | 20,191 | 18,708 |
Carrying Value of Liabilities Owned by PNC | 1 | 1 |
Variable Interest Entity, Primary Beneficiary | Tax Credit Investments And Other | ||
PNC Risk of Loss | 4,158 | 3,865 |
Carrying Value of Assets Owned by PNC | 3,985 | 3,893 |
Carrying Value of Liabilities Owned by PNC | $ 1,919 | $ 1,798 |
Loan Sale and Servicing Activ_6
Loan Sale and Servicing Activities and Variable Interest Entities Loan Sale and Servicing Activities and Variable Interest Entities (Narrative) (Details) - USD ($) $ in Billions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Low Income Housing Tax Credit Investments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortization, tax credits, and other tax benefits recognized low income housing tax credit investments (less than) | $ 0.1 | $ 0.1 |
Goodwill Mortgage Servicing Rig
Goodwill Mortgage Servicing Rights (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Mortgage servicing rights | $ 2,608 | $ 2,608 | $ 1,818 | ||
Fees from mortgage and other loan servicing | $ 200 | $ 100 | $ 300 | $ 200 |
Goodwill and Mortgage Servici_3
Goodwill and Mortgage Servicing Rights (Mortgage Servicing Rights) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | $ 1,818 | |
Mortgage servicing rights, ending balance | 2,608 | |
Mortgage Servicing Rights | Commercial real estate | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | 740 | $ 569 |
Mortgage servicing rights, ending balance | 988 | 682 |
Unpaid principal balance of loans serviced for others at end of period | 281,671 | 262,856 |
Servicing advances | 459 | 473 |
Mortgage Servicing Rights | Commercial real estate | Time and Payoffs | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (74) | (57) |
Mortgage Servicing Rights | Commercial real estate | Other | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | 262 | 110 |
Mortgage Servicing Rights | Commercial real estate | From loans sold with servicing retained | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 35 | 39 |
Mortgage Servicing Rights | Commercial real estate | Purchases | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 25 | 21 |
Mortgage Servicing Rights | Residential mortgage loans held for sale | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | 1,078 | 673 |
Mortgage servicing rights, ending balance | 1,620 | 1,111 |
Unpaid principal balance of loans serviced for others at end of period | 144,533 | 145,312 |
Servicing advances | 143 | 134 |
Mortgage Servicing Rights | Residential mortgage loans held for sale | Time and Payoffs | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (123) | (160) |
Mortgage Servicing Rights | Residential mortgage loans held for sale | Other | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | 370 | 154 |
Mortgage Servicing Rights | Residential mortgage loans held for sale | From loans sold with servicing retained | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 38 | 37 |
Mortgage Servicing Rights | Residential mortgage loans held for sale | Purchases | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | $ 257 | 372 |
Mortgage Servicing Rights | Residential mortgage loans held for sale | BBVA USA Bancshares, Inc. | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | $ 35 |
Goodwill Mortgage Servicing R_2
Goodwill Mortgage Servicing Rights (Commercial and Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions) (Details) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
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 | $ 2,608 | $ 1,818 | ||
Mortgage Servicing Rights | Commercial real estate | ||||
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 | $ 988 | $ 740 | $ 682 | $ 569 |
Weighted-average life (years) | 4 years 1 month 6 days | 4 years 2 months 12 days | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 11 | $ 12 | ||
Decline in fair value from 20% adverse change in prepayment rate | 20 | 21 | ||
Decline in fair value from 10% adverse change in interest rate | 29 | 20 | ||
Decline in fair value from 20% adverse change in interest rate | 58 | 40 | ||
Mortgage Servicing Rights | Residential mortgage loans held for sale | ||||
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 | $ 1,620 | $ 1,078 | $ 1,111 | $ 673 |
Weighted-average life (years) | 7 years 4 months 24 days | 5 years 8 months 12 days | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 42 | $ 46 | ||
Decline in fair value from 20% adverse change in prepayment rate | $ 82 | $ 89 | ||
Spread over the benchmark curve | 8.18% | 8.57% | ||
Decline in fair value from 10% adverse change in adjusted spread | $ 50 | $ 31 | ||
Decline in fair value from 20% adverse change in adjusted spread | $ 97 | $ 60 | ||
Mortgage Servicing Rights | Measurement Input, Constant Prepayment Rate | Commercial real estate | ||||
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 | 0.0485 | 0.0549 | ||
Mortgage Servicing Rights | Measurement Input, Constant Prepayment Rate | Residential mortgage loans held for sale | ||||
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 | 0.0808 | 0.1263 | ||
Mortgage Servicing Rights | Measurement Input, Discount Rate | Commercial real estate | ||||
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 | 0.0894 | 0.0775 |
Leases (Lessor Income) (Details
Leases (Lessor Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Sales-type and direct financing leases | $ 57 | $ 61 | $ 116 | $ 123 |
Operating leases | 16 | 20 | 33 | 40 |
Lease income | $ 73 | $ 81 | $ 149 | $ 163 |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Borrowed funds | $ 35,984 | $ 30,784 |
Parent Company | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 10,426 | 11,351 |
Parent Company | Senior debt | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 8,641 | 10,369 |
Basis adjustments - Fair value accounting hedges | (462) | |
Parent Company | Subordinated debt | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 1,580 | 777 |
Basis adjustments - Fair value accounting hedges | (9) | |
Subsidiaries | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 21,419 | 16,306 |
Subsidiaries | Senior debt | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 5,717 | 10,292 |
Basis adjustments - Fair value accounting hedges | (128) | |
Subsidiaries | Subordinated debt | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 5,702 | $ 6,014 |
Basis adjustments - Fair value accounting hedges | $ (117) |
Borrowed Funds (Remaining Matur
Borrowed Funds (Remaining Maturity) (Details) $ in Billions | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
Less than 1 year | $ 5.9 |
1 to 2 years | 2.6 |
2 to 3 years | 5.2 |
3 to 4 years | 9.6 |
4 to 5 years | 2.3 |
Over 5 years | $ 10.4 |
Borrowed Funds (FHLB Borrowings
Borrowed Funds (FHLB Borrowings, Senior Debt and Subordinated Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Borrowed funds | $ 35,984 | $ 30,784 |
Total FHLB, Senior and Sub Debt | 31,845 | 27,657 |
Parent Company | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 10,426 | 11,351 |
Parent Company | Senior debt | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 8,641 | 10,369 |
Parent Company | Senior debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.15% | |
Parent Company | Senior debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.50% | |
Parent Company | Subordinated debt | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 1,580 | 777 |
Parent Company | Subordinated debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.90% | |
Parent Company | Subordinated debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.63% | |
Parent Company | Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.17% | |
Borrowed funds | $ 205 | 205 |
Subsidiaries | ||
Debt Instrument [Line Items] | ||
Borrowed funds | 21,419 | 16,306 |
Subsidiaries | Senior debt | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 5,717 | 10,292 |
Subsidiaries | Senior debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.80% | |
Subsidiaries | Senior debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.50% | |
Subsidiaries | Subordinated debt | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 5,702 | 6,014 |
Subsidiaries | Subordinated debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.70% | |
Subsidiaries | Subordinated debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.90% | |
Subsidiaries | FHLB | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 10,000 | |
Subsidiaries | FHLB | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.87% | |
Subsidiaries | FHLB | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.93% |
Commitments (Other Commitments)
Commitments (Other Commitments) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
Commitments | $ 262,400 | $ 250,854 |
Liability Related To Investments In Low Income Housing Tax Credits | 2,100 | 2,000 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments | 248,212 | 237,238 |
Commitments to extend credit | Commercial | ||
Other Commitments [Line Items] | ||
Commitments | 186,684 | 176,248 |
Commitments to extend credit | Home equity lines of credit | ||
Other Commitments [Line Items] | ||
Commitments | 20,547 | 19,410 |
Commitments to extend credit | Credit card | ||
Other Commitments [Line Items] | ||
Commitments | 32,873 | 32,499 |
Commitments to extend credit | Other | ||
Other Commitments [Line Items] | ||
Commitments | 8,108 | 9,081 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments | 9,821 | 9,303 |
Standby letters of credit | Remarketing Programs | ||
Other Commitments [Line Items] | ||
Commitments | 3,900 | 3,300 |
Standby bond purchase agreements | ||
Other Commitments [Line Items] | ||
Commitments | 1,250 | 1,268 |
Other commitments | ||
Other Commitments [Line Items] | ||
Commitments | $ 3,117 | $ 3,045 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Billions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Minimum | |
Loss Contingencies [Line Items] | |
Standby letter of credit, term | 1 year |
Maximum | |
Loss Contingencies [Line Items] | |
Standby letter of credit, term | 8 years |
Standby letters of credit | |
Loss Contingencies [Line Items] | |
Internal credit ratings (as a percentage of portfolio) - Pass | 98% |
Standby letters of credit - Assets securing certain specifically identified standby letters of credit | $ 1.3 |
Standby letters of credit and participations in standby letters of credit - Liability carrying amount | $ 0.1 |
Total Equity and Other Compre_3
Total Equity and Other Comprehensive Income (Rollforward of Total Equity) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Apr. 26, 2022 $ / shares shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) shares | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | $ 49,216 | $ 53,879 | $ 55,726 | $ 54,041 | |||||
Net income | 1,496 | 1,103 | 2,925 | 2,929 | |||||
Other comprehensive income (loss), net of tax | (2,627) | 173 | (8,767) | (1,307) | |||||
Dividends, Cash [Abstract] | |||||||||
Common | (626) | (492) | (1,157) | (985) | |||||
Preferred | (71) | (48) | (116) | (105) | |||||
Preferred stock discount accretion | |||||||||
Preferred stock issuance | 992 | 992 | |||||||
Common stock activity | 15 | 12 | 15 | 12 | |||||
Treasury stock activity | (725) | 10 | (1,914) | 138 | |||||
Other | 18 | 48 | (16) | (38) | |||||
Equity, Ending Balance | 47,688 | 54,685 | 47,688 | 54,685 | |||||
Preferred stock, par value | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | |
Series U Preferred Stock | |||||||||
Dividends, Cash [Abstract] | |||||||||
Depositary shares issued (shares) | shares | 1,000,000 | ||||||||
Depositary shares conversion ratio | 0.01 | ||||||||
Fixed interest rate | 6% | ||||||||
Preferred stock, par or stated value per share (in dollars per share) | $ / shares | $ 1 | ||||||||
Common Stock | |||||||||
Common Stock [Abstract] | |||||||||
Beginning Balance (in shares) | shares | 415,000,000 | 425,000,000 | 420,000,000 | 424,000,000 | |||||
Treasury stock activity, shares | shares | (4,000,000) | (9,000,000) | 1,000,000 | ||||||
Ending Balance, (in shares) | shares | 411,000,000 | 425,000,000 | 411,000,000 | 425,000,000 | |||||
Equity, Beginning Balance | $ 2,713 | $ 2,713 | $ 2,713 | $ 2,713 | |||||
Dividends, Cash [Abstract] | |||||||||
Common stock activity | 1 | 1 | |||||||
Equity, Ending Balance | 2,714 | 2,713 | 2,714 | 2,713 | |||||
Capital Surplus - Preferred Stock | |||||||||
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | 5,011 | 3,518 | 5,009 | 3,517 | |||||
Dividends, Cash [Abstract] | |||||||||
Preferred stock discount accretion | 1 | 1 | 3 | 2 | |||||
Preferred stock issuance | 992 | 992 | |||||||
Equity, Ending Balance | 6,004 | 3,519 | 6,004 | 3,519 | |||||
Capital Surplus - Common Stock and Other | |||||||||
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | 12,476 | 12,361 | 12,448 | 12,367 | |||||
Dividends, Cash [Abstract] | |||||||||
Common stock activity | 14 | 12 | 14 | 12 | |||||
Treasury stock activity | 5 | 4 | 50 | 73 | |||||
Other | 32 | 32 | 15 | (43) | |||||
Equity, Ending Balance | 12,527 | 12,409 | 12,527 | 12,409 | |||||
Retained Earnings | |||||||||
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | 51,058 | 48,113 | 50,228 | 46,848 | |||||
Net income | 1,481 | 1,091 | 2,889 | 2,907 | |||||
Dividends, Cash [Abstract] | |||||||||
Common | (626) | (492) | (1,157) | (985) | |||||
Preferred | (71) | (48) | (116) | (105) | |||||
Preferred stock discount accretion | (1) | (1) | (3) | (2) | |||||
Equity, Ending Balance | 51,841 | 48,663 | 51,841 | 48,663 | |||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | (5,731) | 1,290 | 409 | 2,770 | |||||
Other comprehensive income (loss), net of tax | (2,627) | 173 | (8,767) | (1,307) | |||||
Dividends, Cash [Abstract] | |||||||||
Equity, Ending Balance | (8,358) | 1,463 | (8,358) | 1,463 | |||||
Treasury Stock | |||||||||
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | (16,346) | (14,146) | (15,112) | (14,205) | |||||
Dividends, Cash [Abstract] | |||||||||
Treasury stock activity | (730) | 6 | (1,964) | 65 | |||||
Equity, Ending Balance | (17,076) | (14,140) | (17,076) | (14,140) | |||||
Non- controlling Interests | |||||||||
Common Stock [Abstract] | |||||||||
Equity, Beginning Balance | 35 | 30 | 31 | 31 | |||||
Net income | 15 | 12 | 36 | 22 | |||||
Dividends, Cash [Abstract] | |||||||||
Other | (14) | 16 | (31) | 5 | |||||
Equity, Ending Balance | $ 36 | $ 58 | $ 36 | $ 58 |
Total Equity and Other Compre_4
Total Equity and Other Comprehensive Income (Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax [Abstract] | ||||
Net unrealized gains (losses) on securities, pre-tax | $ (2,929) | $ 55 | $ (9,247) | $ (1,126) |
Less: Net realized gains (losses) reclassified to earnings | (214) | 9 | (217) | 22 |
Net increase (decrease), pre-tax | (2,715) | 46 | (9,030) | (1,148) |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax [Abstract] | ||||
Net unrealized gains (losses) on securities, tax effect | 690 | (13) | 2,179 | 265 |
Less: Net realized gains (losses) reclassified to earnings, tax effect | 50 | (2) | 51 | (5) |
Effect of income taxes | 640 | (11) | 2,128 | 270 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, After Reclassification Adjustments, after Tax [Abstract] | ||||
Net unrealized gains (losses) on securities, after tax | (2,239) | 42 | (7,068) | (861) |
Less: Net realized gains (losses) reclassified to earnings, after tax | (164) | 7 | (166) | 17 |
Net increase (decrease), after-tax | (2,075) | 35 | (6,902) | (878) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||||
Net unrealized gains (losses) on cash flow hedges, pre-tax | (676) | 330 | (2,332) | (310) |
Less: Net realized gains (losses) reclassified to earnings, pre-tax | 25 | 108 | 127 | 243 |
Net increase (decrease), pre-tax | (701) | 222 | (2,459) | (553) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract] | ||||
Net unrealized gains (losses) on cash flow hedges, tax effect | 159 | (78) | 549 | 73 |
Less: Net realized gains (losses) reclassified to earnings, tax effect | (6) | (25) | (30) | (57) |
Effect of income taxes | 165 | (53) | 579 | 130 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||||
Net unrealized gains (losses) on cash flow hedges, after tax | (517) | 252 | (1,783) | (237) |
Less: Net realized gains (losses) reclassified to earnings, after tax | 19 | 83 | 97 | 186 |
Net increase (decrease), after-tax | (536) | 169 | (1,880) | (423) |
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 | 8 | (43) | 62 | (13) |
Net increase (decrease), pre-tax | 8 | (43) | 62 | (13) |
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 | (2) | 10 | (15) | 3 |
Effect of income taxes | (2) | 10 | (15) | 3 |
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 | 6 | (33) | 47 | (10) |
Net increase (decrease), after-tax | 6 | (33) | 47 | (10) |
Other Comprehensive Income Other Adjustments [Abstract] | ||||
Net unrealized gains (losses) on other transactions, pre-tax | (4) | (7) | 1 | |
Net increase (decrease), pre-tax | (4) | (7) | 1 | |
Net unrealized gains (losses) on other transactions, tax effect | (18) | 2 | (25) | 3 |
Effect of income taxes | (18) | 2 | (25) | 3 |
Net unrealized gains (losses) on other transactions, after tax | (22) | 2 | (32) | 4 |
Net increase (decrease), after-tax | (22) | 2 | (32) | 4 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (3,412) | 225 | (11,434) | (1,713) |
Total other comprehensive income (loss), tax effect | 785 | (52) | 2,667 | 406 |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | $ (2,627) | $ 173 | $ (8,767) | $ (1,307) |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Equity, Beginning Balance | $ 49,216 | $ 53,879 | $ 55,726 | $ 54,041 |
Other comprehensive income (loss), net of tax | (2,627) | 173 | (8,767) | (1,307) |
Equity, Ending Balance | 47,688 | 54,685 | 47,688 | 54,685 |
Pretax loss included in AOCI from derivatives | (141) | (141) | ||
Total | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Equity, Beginning Balance | (5,731) | 1,290 | 409 | 2,770 |
Other comprehensive income (loss), net of tax | (2,627) | 173 | (8,767) | (1,307) |
Equity, Ending Balance | (8,358) | 1,463 | (8,358) | 1,463 |
Debt securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Equity, Beginning Balance | (4,238) | 1,549 | 589 | 2,462 |
Other comprehensive income (loss), net of tax | (2,075) | 35 | (6,902) | (878) |
Equity, Ending Balance | (6,313) | 1,584 | (6,313) | 1,584 |
Cash flow hedge derivatives | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Equity, Beginning Balance | (1,545) | 67 | (201) | 659 |
Other comprehensive income (loss), net of tax | (536) | 169 | (1,880) | (423) |
Equity, Ending Balance | (2,081) | 236 | (2,081) | 236 |
Pension and other postretirement benefit plan adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Equity, Beginning Balance | 68 | (322) | 27 | (345) |
Other comprehensive income (loss), net of tax | 6 | (33) | 47 | (10) |
Equity, Ending Balance | 74 | (355) | 74 | (355) |
Other | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Equity, Beginning Balance | (16) | (4) | (6) | (6) |
Other comprehensive income (loss), net of tax | (22) | 2 | (32) | 4 |
Equity, Ending Balance | $ (38) | $ (2) | $ (38) | $ (2) |
Total Equity and Other Compre_6
Total Equity and Other Comprehensive Income (Dividends Per Share) (Details) | 3 Months Ended | 6 Months Ended | ||||
Jul. 01, 2022 $ / shares | Apr. 26, 2022 $ / shares shares | Jun. 30, 2022 $ / shares | Jun. 30, 2021 $ / shares | Jun. 30, 2022 $ / shares | Jun. 30, 2021 $ / shares | |
Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends declared, common, per share (in dollars per share) | $ 1.50 | |||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends declared, common, per share (in dollars per share) | $ 1.50 | $ 1.15 | $ 2.75 | $ 2.30 | ||
Series B | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends declared, Preferred, per share (in dollars per share) | 0.45 | 0.45 | 0.90 | 0.90 | ||
Series O | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends declared, Preferred, per share (in dollars per share) | 987 | 1,961 | 3,375 | |||
Series P | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends declared, Preferred, per share (in dollars per share) | 1,532 | 1,532 | 3,063 | 3,063 | ||
Series R | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends declared, Preferred, per share (in dollars per share) | 2,425 | 2,425 | 2,425 | 2,425 | ||
Series S | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends declared, Preferred, per share (in dollars per share) | 2,500 | 2,500 | 2,500 | 2,500 | ||
Series T | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends declared, Preferred, per share (in dollars per share) | $ 850 | $ 1,700 | ||||
Series U Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Depositary shares issued (shares) | shares | 1,000,000 | |||||
Depositary shares conversion ratio | 0.01 | |||||
Fixed interest rate | 6% | |||||
Preferred stock, par or stated value per share (in dollars per share) | $ 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 1,496 | $ 1,103 | $ 2,925 | $ 2,929 |
Less: | ||||
Net income attributable to noncontrolling interests | 15 | 12 | 36 | 22 |
Preferred stock dividends | 71 | 48 | 116 | 105 |
Preferred stock discount accretion and redemptions | 1 | 1 | 3 | 2 |
Net income attributable to common shareholders | 1,409 | 1,042 | 2,770 | 2,800 |
Less: Dividends and undistributed earnings allocated to nonvested restricted shares | 7 | 5 | 13 | 13 |
Net income attributable to basic common shareholders | $ 1,402 | $ 1,037 | $ 2,757 | $ 2,787 |
Basic weighted-average common shares outstanding (in shares) | 414 | 427 | 417 | 426 |
Basic earnings per common share (in dollars per share) | $ 3.39 | $ 2.43 | $ 6.62 | $ 6.54 |
Net income attributable to diluted common shareholders | $ 1,402 | $ 1,037 | $ 2,757 | $ 2,787 |
Dilutive potential common shares (in shares) | 1 | |||
Diluted (in shares) | 414 | 427 | 417 | 427 |
Diluted earnings per common share (in dollars per share) | $ 3.39 | $ 2.43 | $ 6.61 | $ 6.53 |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Assets | ||
Investment securities – available for sale | $ 52,984 | $ 131,536 |
Mortgage servicing rights | 2,608 | 1,818 |
Financial derivatives | 3,237 | 3,620 |
Liabilities | ||
Financial derivatives | $ 3,725 | $ 985 |
Assets At Fair Value | Assets, Total | Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 13% | 26% |
Level 3 Assets | Assets, Total | Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 10% | 4% |
Level 3 Assets | Assets | Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 1% | 1% |
Liabilities At Fair Value | Liabilities, Total | Liability | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 2% | 1% |
Level Three Liabilities | Liabilities, Total | Liability | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 4% | 10% |
Level Three Liabilities | Liability | Liability | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Concentration risk, percentage | 1% | 1% |
Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | $ 52,984 | $ 131,536 |
Loans | 1,292 | 1,501 |
Equity investments | 3,318 | 3,231 |
Trading securities | 2,231 | 1,851 |
Financial derivatives | 5,392 | 5,152 |
Other assets | 436 | 518 |
Total Assets | 69,243 | 147,484 |
Liabilities | ||
Other borrowed funds | 1,730 | 773 |
Financial derivatives | 7,590 | 3,570 |
Other liabilities | 182 | 175 |
Total liabilities | 9,502 | 4,518 |
Level 1 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 11,820 | 41,873 |
Equity investments | 1,269 | 1,373 |
Trading securities | 829 | 250 |
Financial derivatives | 10 | 5 |
Other assets | 351 | 404 |
Total Assets | 14,279 | 43,905 |
Liabilities | ||
Other borrowed funds | 1,561 | 725 |
Financial derivatives | 9 | |
Total liabilities | 1,570 | 725 |
Level 2 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 40,031 | 88,331 |
Loans | 488 | 617 |
Trading securities | 1,402 | 1,601 |
Financial derivatives | 5,369 | 5,109 |
Other assets | 85 | 114 |
Total Assets | 48,236 | 97,519 |
Liabilities | ||
Other borrowed funds | 166 | 45 |
Financial derivatives | 7,368 | 3,285 |
Total liabilities | 7,534 | 3,330 |
Level 3 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 1,133 | 1,332 |
Loans | 804 | 884 |
Equity investments | 1,867 | 1,680 |
Financial derivatives | 13 | 38 |
Total Assets | 6,546 | 5,882 |
Liabilities | ||
Other borrowed funds | 3 | 3 |
Financial derivatives | 213 | 285 |
Other liabilities | 182 | 175 |
Total liabilities | 398 | 463 |
Residential mortgage loans held for sale | Fair Value, Recurring | ||
Assets | ||
Loans held for sale | 876 | 1,302 |
Residential mortgage loans held for sale | Level 2 | Fair Value, Recurring | ||
Assets | ||
Loans held for sale | 793 | 1,221 |
Residential mortgage loans held for sale | Level 3 | Fair Value, Recurring | ||
Assets | ||
Loans held for sale | 83 | 81 |
Commercial mortgage loans held for sale | Fair Value, Recurring | ||
Assets | ||
Loans held for sale | 106 | 575 |
Commercial mortgage loans held for sale | Level 2 | Fair Value, Recurring | ||
Assets | ||
Loans held for sale | 68 | 526 |
Commercial mortgage loans held for sale | Level 3 | Fair Value, Recurring | ||
Assets | ||
Loans held for sale | 38 | 49 |
U.S. Treasury and government agencies | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 13,043 | 46,164 |
U.S. Treasury and government agencies | Level 1 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 11,820 | 41,873 |
U.S. Treasury and government agencies | Level 2 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 1,223 | 4,291 |
Residential mortgage-backed | Mortgage-backed Securities Agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 32,179 | 67,632 |
Residential mortgage-backed | Mortgage-backed Securities Non-agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 925 | 1,158 |
Residential mortgage-backed | Level 2 | Mortgage-backed Securities Agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 32,179 | 67,632 |
Residential mortgage-backed | Level 2 | Mortgage-backed Securities Non-agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 61 | |
Residential mortgage-backed | Level 3 | Mortgage-backed Securities Non-agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 925 | 1,097 |
Commercial mortgage-backed | Mortgage-backed Securities Agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 1,947 | 1,773 |
Commercial mortgage-backed | Mortgage-backed Securities Non-agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 1,350 | 3,436 |
Commercial mortgage-backed | Level 2 | Mortgage-backed Securities Agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 1,947 | 1,773 |
Commercial mortgage-backed | Level 2 | Mortgage-backed Securities Non-agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 1,347 | 3,433 |
Commercial mortgage-backed | Level 3 | Mortgage-backed Securities Non-agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 3 | 3 |
Asset-backed | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 143 | 6,409 |
Asset-backed | Level 2 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 5 | 6,246 |
Asset-backed | Level 3 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 138 | 163 |
Other | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 3,397 | 4,964 |
Other | Level 2 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 3,330 | 4,895 |
Other | Level 3 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 67 | 69 |
Residential mortgage servicing rights | Fair Value, Recurring | ||
Assets | ||
Mortgage servicing rights | 1,620 | 1,078 |
Residential mortgage servicing rights | Level 3 | Fair Value, Recurring | ||
Assets | ||
Mortgage servicing rights | 1,620 | 1,078 |
Commercial mortgage servicing rights | Fair Value, Recurring | ||
Assets | ||
Mortgage servicing rights | 988 | 740 |
Commercial mortgage servicing rights | Level 3 | Fair Value, Recurring | ||
Assets | ||
Mortgage servicing rights | $ 988 | $ 740 |
Fair Value (Reconciliation of R
Fair Value (Reconciliation of Recurring Fair Value Measurements) (Details) - Fair Value, Recurring - Level 3 - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ 6,213 | $ 5,611 | $ 5,882 | $ 5,137 |
Included in Earnings | 390 | 78 | 802 | 575 |
Included in other comprehensive income | (53) | 3 | (81) | 22 |
Purchases | 304 | 417 | 469 | 666 |
Sales | (94) | (97) | (114) | (143) |
Issuances | 31 | 45 | 73 | 76 |
Settlements | (232) | (318) | (469) | (589) |
Transfers into Level 3 | 9 | 5 | 14 | 8 |
Transfers out of Level 3 | (22) | (10) | (30) | (18) |
Impact from BBVA Acquisition | 571 | 571 | ||
Ending Balance | 6,546 | 6,305 | 6,546 | 6,305 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 389 | 44 | 806 | 531 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 395 | 302 | 463 | 318 |
Included in Earnings | 32 | 32 | 44 | 53 |
Sales | 3 | 1 | 6 | 3 |
Issuances | 173 | 287 | 246 | 318 |
Settlements | (205) | (303) | (361) | (373) |
Impact from BBVA Acquisition | 7 | 7 | ||
Ending Balance | 398 | 326 | 398 | 326 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | 29 | 46 | 33 | 20 |
Fair Value Additional Information [Abstract] | ||||
Net gains (losses) included in earnings (realized and unrealized) relating to Level 3 assets and liabilities | 358 | 46 | 758 | 522 |
Net unrealized gains (losses) relating to Level 3 assets and liabilities | 360 | (2) | 773 | 511 |
Loans held for sale | Residential mortgage loans held for sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 108 | 165 | 81 | 163 |
Included in Earnings | (1) | (1) | (2) | |
Purchases | 8 | 3 | 45 | 38 |
Sales | (30) | (36) | (32) | (52) |
Settlements | (4) | (12) | (9) | (28) |
Transfers into Level 3 | 9 | 5 | 14 | 8 |
Transfers out of Level 3 | (7) | (5) | (14) | (10) |
Ending Balance | 83 | 119 | 83 | 119 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (1) | (2) | ||
Loans held for sale | Commercial mortgage loans held for sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 45 | 56 | 49 | 57 |
Included in Earnings | 1 | (4) | ||
Sales | (6) | (6) | ||
Settlements | (7) | 1 | (7) | 1 |
Ending Balance | 38 | 52 | 38 | 52 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (4) | 1 | ||
Loans held for sale | Other consumer loans held for sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Impact from BBVA Acquisition | 239 | 239 | ||
Ending Balance | 239 | 239 | ||
Securities available for sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 1,240 | 1,593 | 1,332 | 1,647 |
Included in Earnings | 8 | 11 | 16 | 21 |
Included in other comprehensive income | (53) | 3 | (81) | 22 |
Purchases | 2 | 2 | 3 | 3 |
Sales | ||||
Settlements | (64) | (113) | (137) | (197) |
Ending Balance | 1,133 | 1,496 | 1,133 | 1,496 |
Securities available for sale | Residential mortgage-backed | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 1,019 | 1,316 | 1,097 | 1,365 |
Included in Earnings | 7 | 11 | 15 | 20 |
Included in other comprehensive income | (43) | (66) | 16 | |
Settlements | (58) | (90) | (121) | (164) |
Ending Balance | 925 | 1,237 | 925 | 1,237 |
Securities available for sale | Commercial mortgage-backed | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 3 | 11 | 3 | 11 |
Ending Balance | 3 | 11 | 3 | 11 |
Securities available for sale | Asset-backed | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 152 | 194 | 163 | 199 |
Included in Earnings | 1 | 1 | 1 | |
Included in other comprehensive income | (9) | 2 | (13) | 5 |
Settlements | (6) | (21) | (13) | (30) |
Ending Balance | 138 | 175 | 138 | 175 |
Securities available for sale | Other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 66 | 72 | 69 | 72 |
Included in other comprehensive income | (1) | 1 | (2) | 1 |
Purchases | 2 | 2 | 3 | 3 |
Settlements | (2) | (3) | (3) | |
Ending Balance | 67 | 73 | 67 | 73 |
Loans | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 851 | 711 | 884 | 647 |
Included in Earnings | 10 | 10 | 21 | 20 |
Purchases | 7 | 9 | 20 | 97 |
Sales | (1) | (3) | (8) | (6) |
Settlements | (48) | (35) | (97) | (63) |
Transfers out of Level 3 | (15) | (5) | (16) | (8) |
Impact from BBVA Acquisition | 292 | 292 | ||
Ending Balance | 804 | 979 | 804 | 979 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 9 | 10 | 21 | 20 |
Equity investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 1,751 | 1,343 | 1,680 | 1,263 |
Included in Earnings | 92 | 157 | 145 | 224 |
Purchases | 87 | 92 | 116 | 132 |
Sales | (63) | (52) | (74) | (79) |
Ending Balance | 1,867 | 1,540 | 1,867 | 1,540 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 94 | 136 | 146 | 199 |
Mortgage Servicing Rights | Residential mortgage loans held for sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 1,322 | 979 | 1,078 | 673 |
Included in Earnings | 163 | (141) | 370 | 154 |
Purchases | 181 | 301 | 257 | 372 |
Issuances | 17 | 24 | 38 | 37 |
Settlements | (63) | (87) | (123) | (160) |
Impact from BBVA Acquisition | 35 | 35 | ||
Ending Balance | 1,620 | 1,111 | 1,620 | 1,111 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 163 | (141) | 371 | 154 |
Mortgage Servicing Rights | Commercial mortgage loans held for sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 886 | 701 | 740 | 569 |
Included in Earnings | 111 | (19) | 262 | 110 |
Purchases | 17 | 8 | 25 | 21 |
Issuances | 14 | 21 | 35 | 39 |
Settlements | (40) | (29) | (74) | (57) |
Ending Balance | 988 | 682 | 988 | 682 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 111 | (18) | 262 | 111 |
Financial derivatives | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 10 | 63 | 38 | 118 |
Included in Earnings | 7 | 60 | (6) | 46 |
Purchases | 2 | 2 | 3 | 3 |
Settlements | (6) | (43) | (22) | (85) |
Impact from BBVA Acquisition | 5 | 5 | ||
Ending Balance | 13 | 87 | 13 | 87 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 13 | 57 | 12 | 46 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 234 | 227 | 285 | 273 |
Included in Earnings | 18 | 4 | 23 | (10) |
Sales | 3 | 1 | 6 | 3 |
Settlements | (42) | (39) | (101) | (73) |
Impact from BBVA Acquisition | 7 | 7 | ||
Ending Balance | 213 | 200 | 213 | 200 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | 19 | 19 | 18 | (11) |
Other borrowed funds | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 3 | 2 | 3 | 2 |
Issuances | 2 | 4 | 1 | |
Settlements | (2) | (4) | (1) | |
Ending Balance | 3 | 2 | 3 | 2 |
Other liabilities | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 158 | 73 | 175 | 43 |
Included in Earnings | 14 | 28 | 21 | 63 |
Issuances | 171 | 287 | 242 | 317 |
Settlements | (161) | (264) | (256) | (299) |
Ending Balance | 182 | 124 | 182 | 124 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | $ 10 | $ 27 | $ 15 | $ 31 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements - Recurring Quantitative Information) (Details) - Fair Value, Recurring $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 69,243 | $ 147,484 |
Financial and nonfinancial liabilities, fair value disclosure | (9,502) | (4,518) |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | 6,546 | 5,882 |
Financial and nonfinancial liabilities, fair value disclosure | (398) | (463) |
Total recurring assets net of recurring liabilities - fair value | 6,148 | 5,419 |
Level 3 | Loans held for sale | Commercial mortgage loans held for sale | Discounted Cash Flow, Spread Over the Benchmark Curve | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 38 | $ 49 |
Level 3 | Loans held for sale | Commercial mortgage loans held for sale | Discounted Cash Flow, Spread Over the Benchmark Curve | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 5.65% | 5.55% |
Level 3 | Loans held for sale | Commercial mortgage loans held for sale | Discounted Cash Flow, Spread Over the Benchmark Curve | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 48.50% | 159.90% |
Level 3 | Loans held for sale | Commercial mortgage loans held for sale | Discounted Cash Flow, Spread Over the Benchmark Curve | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 35.53% | 99.96% |
Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 925 | $ 1,097 |
Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 2.22% | 1.63% |
Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 138 | $ 163 |
Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 2.65% | 1.82% |
Level 3 | Loans - Residential real estate | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 78 | $ 109 |
Level 3 | Loans - Residential real estate | Consensus Pricing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 589 | $ 622 |
Level 3 | Loans - Residential real estate | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 3.60% | 3.60% |
Level 3 | Loans - Residential real estate | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 100% | 100% |
Level 3 | Loans - Residential real estate | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 69.80% | 74.20% |
Level 3 | Loans - Home equity | Consensus Pricing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 27 | $ 28 |
Level 3 | Loans - Home equity | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 3.60% | 3.60% |
Level 3 | Loans - Home equity | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 100% | 100% |
Level 3 | Loans - Home equity | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 74.80% | 75.80% |
Level 3 | Loans - Home equity | Consensus Pricing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 110 | $ 125 |
Level 3 | Equity investments | Multiple of adjusted earnings | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 1,867 | $ 1,680 |
Level 3 | Equity investments | Multiple of adjusted earnings | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 0.050 | 0.050 |
Level 3 | Equity investments | Multiple of adjusted earnings | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 0.168 | 0.144 |
Level 3 | Equity investments | Multiple of adjusted earnings | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 0.092 | 0.088 |
Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 988 | $ 740 |
Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 1,620 | $ 1,078 |
Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 2.68% | 2.49% |
Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 17.29% | 22.18% |
Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 8.18% | 8.57% |
Level 3 | Financial derivatives | Visa Class B Swap | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial and nonfinancial liabilities, fair value disclosure | $ (197) | $ (277) |
Estimated growth rate of Visa Class A share price | 16% | 16% |
Level 3 | Financial derivatives | Visa Class B Swap | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated conversion factor of Class B shares into Class A shares | 160.60% | 161.80% |
Level 3 | Insignificant Assets, Net of Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 5 | |
Financial and nonfinancial liabilities, fair value disclosure | $ (35) | |
Measurement Input, Constant Prepayment Rate | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.010 | 0.010 |
Measurement Input, Constant Prepayment Rate | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.307 | 0.307 |
Measurement Input, Constant Prepayment Rate | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.102 | 0.113 |
Measurement Input, Constant Prepayment Rate | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.010 | 0.010 |
Measurement Input, Constant Prepayment Rate | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.400 | 0.400 |
Measurement Input, Constant Prepayment Rate | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.111 | 0.111 |
Measurement Input, Constant Prepayment Rate | Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.043 | 0.050 |
Measurement Input, Constant Prepayment Rate | Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.111 | 0.155 |
Measurement Input, Constant Prepayment Rate | Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.049 | 0.055 |
Measurement Input, Constant Prepayment Rate | Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0 | 0 |
Measurement Input, Constant Prepayment Rate | Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.445 | 0.410 |
Measurement Input, Constant Prepayment Rate | Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.081 | 0.126 |
Measurement Input, Constant Default Rate | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0 | 0 |
Measurement Input, Constant Default Rate | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.130 | 0.169 |
Measurement Input, Constant Default Rate | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.041 | 0.046 |
Measurement Input, Constant Default Rate | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.007 | 0.014 |
Measurement Input, Constant Default Rate | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.073 | 0.200 |
Measurement Input, Constant Default Rate | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.025 | 0.032 |
Measurement Input, Loss Severity | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.150 | 0.200 |
Measurement Input, Loss Severity | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.964 | 0.964 |
Measurement Input, Loss Severity | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.462 | 0.476 |
Measurement Input, Loss Severity | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.150 | 0.080 |
Measurement Input, Loss Severity | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 1 | 1 |
Measurement Input, Loss Severity | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.489 | 0.574 |
Measurement Input, Loss Severity | Level 3 | Loans - Residential real estate | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.060 | 0.060 |
Measurement Input, Loss Severity | Level 3 | Loans - Residential real estate | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0 | 0 |
Measurement Input, Loss Severity | Level 3 | Loans - Residential real estate | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 1 | 1 |
Measurement Input, Loss Severity | Level 3 | Loans - Residential real estate | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.059 | 0.069 |
Measurement Input, Loss Severity | Level 3 | Loans - Home equity | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0 | 0 |
Measurement Input, Loss Severity | Level 3 | Loans - Home equity | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 1 | 0.984 |
Measurement Input, Loss Severity | Level 3 | Loans - Home equity | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.189 | 0.177 |
Measurement Input, Discount Rate | Level 3 | Loans - Residential real estate | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.061 | 0.035 |
Measurement Input, Discount Rate | Level 3 | Loans - Residential real estate | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.049 | 0.048 |
Measurement Input, Discount Rate | Level 3 | Loans - Residential real estate | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.069 | 0.068 |
Measurement Input, Discount Rate | Level 3 | Loans - Residential real estate | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.053 | 0.052 |
Measurement Input, Discount Rate | Level 3 | Loans - Home equity | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.049 | 0.048 |
Measurement Input, Discount Rate | Level 3 | Loans - Home equity | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.069 | 0.068 |
Measurement Input, Discount Rate | Level 3 | Loans - Home equity | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.059 | 0.060 |
Measurement Input, Discount Rate | Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.069 | 0.054 |
Measurement Input, Discount Rate | Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.092 | 0.080 |
Measurement Input, Discount Rate | Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.089 | 0.078 |
Credit And Liquidity Discount | Level 3 | Loans - Home equity | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and liquidity discount | 0.40% | 0.50% |
Credit And Liquidity Discount | Level 3 | Loans - Home equity | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and liquidity discount | 100% | 100% |
Credit And Liquidity Discount | Level 3 | Loans - Home equity | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and liquidity discount | 45.50% | 47.30% |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Nonrecurring - Level 3 - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | $ 224 | $ 224 | $ 457 | ||
Nonrecurring Assets - Gains (Losses) | (21) | $ (4) | (33) | $ (15) | |
Nonaccrual loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 159 | 159 | 348 | ||
Nonrecurring Assets - Gains (Losses) | (19) | 5 | (28) | (4) | |
Equity investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 48 | 48 | |||
Nonrecurring Assets - Gains (Losses) | 1 | ||||
OREO and foreclosed assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 8 | 8 | 6 | ||
Nonrecurring Assets - Gains (Losses) | |||||
Long-lived assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 9 | 9 | $ 103 | ||
Nonrecurring Assets - Gains (Losses) | $ (3) | $ (9) | $ (5) | $ (11) |
Fair Value (Fair Value Option -
Fair Value (Fair Value Option - Fair Value and Principal Balances) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | $ 1,292 | $ 1,501 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 1,560 | 1,804 |
Fair value option aggregate difference assets | (268) | (303) |
Other assets | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 85 | 105 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 84 | 107 |
Fair value option aggregate difference assets | 1 | (2) |
Other borrowed funds | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value of liabilities for which fair value option was elected | 21 | 30 |
Aggregate unpaid principal balance, other borrowed funds | 22 | 30 |
Difference, Other borrowed funds | (1) | |
Other liabilities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value of liabilities for which fair value option was elected | 121 | |
Difference, Other borrowed funds | 121 | |
Accruing loans less than 90 days past due | Loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 440 | 487 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 451 | 498 |
Fair value option aggregate difference assets | (11) | (11) |
Accruing loans 90 days or more past due | Loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 168 | 262 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 181 | 278 |
Fair value option aggregate difference assets | (13) | (16) |
Nonaccrual loans | Loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 684 | 752 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 928 | 1,028 |
Fair value option aggregate difference assets | (244) | (276) |
Residential mortgage loans held for sale | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 876 | 1,302 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 892 | 1,282 |
Fair value option aggregate difference assets | (16) | 20 |
Residential mortgage loans held for sale | Accruing loans less than 90 days past due | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 802 | 1,249 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 806 | 1,219 |
Fair value option aggregate difference assets | (4) | 30 |
Residential mortgage loans held for sale | Accruing loans 90 days or more past due | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 11 | 6 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 11 | 6 |
Residential mortgage loans held for sale | Nonaccrual loans | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 63 | 47 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 75 | 57 |
Fair value option aggregate difference assets | (12) | (10) |
Commercial mortgage loans held for sale | Accruing loans less than 90 days past due | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 106 | 575 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 135 | 580 |
Fair value option aggregate difference assets | $ (29) | $ (5) |
Fair Value (Fair Value Option_2
Fair Value (Fair Value Option - Changes in Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Loans held for sale | Residential mortgage loans held for sale | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) - FVO: changes in fair value | $ (23) | $ 57 | $ (63) | $ 73 |
Loans held for sale | Commercial mortgage loans held for sale | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) - FVO: changes in fair value | 14 | 26 | 20 | 46 |
Loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) - FVO: changes in fair value | 15 | 17 | 36 | 31 |
Other assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) - FVO: changes in fair value | (11) | $ 8 | (18) | $ 22 |
Other liabilities | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) - FVO: changes in fair value | $ (10) | $ (16) |
Fair Value (Additional Fair Val
Fair Value (Additional Fair Value Information Related To Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | $ 78,414 | |
Carrying Amount | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 8,582 | $ 8,004 |
Interest-earning deposits with banks | 28,404 | 74,250 |
Securities held to maturity | 79,753 | 1,429 |
Net loans (excludes leases) | 298,807 | 275,874 |
Other assets | 6,432 | 4,205 |
Total assets | 421,978 | 363,762 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 10,118 | 17,366 |
Borrowed funds | 34,176 | 30,011 |
Unfunded lending related commitments | 681 | 662 |
Other liabilities | 450 | 449 |
Total liabilities | 45,425 | 48,488 |
Fair Value | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 8,582 | 8,004 |
Interest-earning deposits with banks | 28,404 | 74,250 |
Securities held to maturity | 78,414 | 1,522 |
Net loans (excludes leases) | 299,021 | 280,498 |
Other assets | 6,432 | 4,204 |
Total assets | 420,853 | 368,478 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 9,842 | 17,180 |
Borrowed funds | 33,845 | 30,616 |
Unfunded lending related commitments | 681 | 662 |
Other liabilities | 450 | 449 |
Total liabilities | 44,818 | 48,907 |
Fair Value | Level 1 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 8,582 | 8,004 |
Securities held to maturity | 28,349 | 890 |
Total assets | 36,931 | 8,894 |
Fair Value | Level 2 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Interest-earning deposits with banks | 28,404 | 74,250 |
Securities held to maturity | 49,933 | 456 |
Other assets | 6,429 | 4,141 |
Total assets | 84,766 | 78,847 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 9,842 | 17,180 |
Borrowed funds | 32,123 | 28,936 |
Other liabilities | 450 | 449 |
Total liabilities | 42,415 | 46,565 |
Fair Value | Level 3 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | 132 | 176 |
Net loans (excludes leases) | 299,021 | 280,498 |
Other assets | 3 | 63 |
Total assets | 299,156 | 280,737 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 1,722 | 1,680 |
Unfunded lending related commitments | 681 | 662 |
Total liabilities | $ 2,403 | $ 2,342 |
Financial Derivatives (Total De
Financial Derivatives (Total Derivatives) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Derivative, notional amount | $ 553,293 | $ 515,302 |
Derivative asset, fair value | 5,392 | 5,152 |
Derivative liability, fair value | 7,590 | 3,570 |
Derivative asset, fair value offset amount | 1,577 | 928 |
Derivative liability, fair value offset amount | 1,577 | 928 |
Derivative asset, cash collateral | 578 | 604 |
Derivative liability, cash collateral | 2,288 | 1,657 |
Derivative asset, net fair value | 3,237 | 3,620 |
Derivative liability, net fair value | 3,725 | 985 |
Commodity contracts: | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 3,134 | 1,363 |
Derivative liability, fair value | 3,230 | 1,373 |
Derivative asset, cash collateral | 138 | 1 |
Derivative liability, cash collateral | 1,513 | 784 |
Foreign exchange contracts and other | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 522 | 208 |
Derivative liability, fair value | 545 | 542 |
Derivative asset, cash collateral | 122 | 10 |
Derivative liability, cash collateral | 14 | 97 |
Designated as Hedging Instruments under GAAP | ||
Derivative [Line Items] | ||
Derivative, notional amount | 69,246 | 73,419 |
Derivative asset, fair value | 104 | 15 |
Derivative liability, fair value | 41 | 38 |
Designated as Hedging Instruments under GAAP | Fair value hedges | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 21,579 | 23,345 |
Designated as Hedging Instruments under GAAP | Cash flow hedges | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 46,432 | 48,961 |
Derivative asset, fair value | 19 | 15 |
Derivative liability, fair value | 40 | 14 |
Designated as Hedging Instruments under GAAP | Net investment hedges | Foreign exchange contracts: | ||
Derivative [Line Items] | ||
Derivative, notional amount | 1,235 | 1,113 |
Derivative asset, fair value | 85 | |
Derivative liability, fair value | 1 | 24 |
Not Designated as Hedging Instrument under GAAP | ||
Derivative [Line Items] | ||
Derivative, notional amount | 484,047 | 441,883 |
Derivative asset, fair value | 5,288 | 5,137 |
Derivative liability, fair value | 7,549 | 3,532 |
Not Designated as Hedging Instrument under GAAP | Mortgage Banking | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 75,285 | 62,357 |
Derivative asset, fair value | 198 | 101 |
Derivative liability, fair value | 79 | 43 |
Not Designated as Hedging Instrument under GAAP | Mortgage Banking | Swaps | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 45,412 | 35,623 |
Derivative liability, fair value | 3 | |
Not Designated as Hedging Instrument under GAAP | Mortgage Banking | Futures | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 5,228 | 4,592 |
Not Designated as Hedging Instrument under GAAP | Mortgage Banking | Mortgage-backed commitments | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 6,189 | 9,917 |
Derivative asset, fair value | 74 | 55 |
Derivative liability, fair value | 61 | 31 |
Not Designated as Hedging Instrument under GAAP | Mortgage Banking | Other | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 18,456 | 12,225 |
Derivative asset, fair value | 124 | 46 |
Derivative liability, fair value | 15 | 12 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 397,570 | 368,014 |
Derivative asset, fair value | 5,028 | 5,027 |
Derivative liability, fair value | 7,255 | 3,150 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 353,530 | 328,483 |
Derivative asset, fair value | 1,519 | 3,465 |
Derivative liability, fair value | 3,696 | 1,598 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Commodity contracts: | ||
Derivative [Line Items] | ||
Derivative, notional amount | 14,966 | 11,968 |
Derivative asset, fair value | 3,134 | 1,363 |
Derivative liability, fair value | 3,230 | 1,373 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Foreign exchange contracts and other | ||
Derivative [Line Items] | ||
Derivative, notional amount | 29,074 | 27,563 |
Derivative asset, fair value | 375 | 199 |
Derivative liability, fair value | 329 | 179 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Swaps | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 320,717 | 297,711 |
Derivative asset, fair value | 1,259 | 3,335 |
Derivative liability, fair value | 3,459 | 1,520 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Swaps | Commodity contracts: | ||
Derivative [Line Items] | ||
Derivative, notional amount | 8,917 | 8,840 |
Derivative asset, fair value | 2,469 | 1,150 |
Derivative liability, fair value | 2,567 | 1,161 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Futures | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 520 | 907 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Mortgage-backed commitments | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 2,181 | 4,147 |
Derivative asset, fair value | 10 | 5 |
Derivative liability, fair value | 8 | 6 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Other | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 30,112 | 25,718 |
Derivative asset, fair value | 250 | 125 |
Derivative liability, fair value | 229 | 72 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Other | Commodity contracts: | ||
Derivative [Line Items] | ||
Derivative, notional amount | 6,049 | 3,128 |
Derivative asset, fair value | 665 | 213 |
Derivative liability, fair value | 663 | 212 |
Not Designated as Hedging Instrument under GAAP | Other Risk Management Activity | Foreign exchange contracts and other | ||
Derivative [Line Items] | ||
Derivative, notional amount | 11,192 | 11,512 |
Derivative asset, fair value | 62 | 9 |
Derivative liability, fair value | $ 215 | $ 339 |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||
Cash and securities held to collateralize net derivative assets | $ 1,600,000,000 | |
Cash and securities pledged to collateralize net derivative liabilities | 4,600,000,000 | |
Cash flow hedges | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Cash flow hedge loss to be reclassified within twelve months | 816,000,000 | |
Cash flow hedge loss to be reclassified within twelve months, net of tax | $ 628,000,000 | |
Maximum length of time hedged in cash flow hedge | 10 years | |
Net investment hedges | Foreign exchange contracts: | ||
Derivative [Line Items] | ||
Gain (loss) from components excluded from assessment of net investment hedge effectiveness net | $ 0 | $ 0 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loans | $ 2,504 | $ 2,160 | $ 4,797 | $ 4,156 |
Investment Securities | 631 | 469 | 1,175 | 890 |
Borrowed Funds | 142 | 90 | 225 | 185 |
Noninterest income | 2,065 | 2,086 | 3,953 | 3,958 |
Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Noninterest income | 177 | 339 | 388 | 639 |
Fair value hedges | Designated as Hedging Instrument | Investment Securities | Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged items | (28) | 3 | (46) | (5) |
Derivatives | 30 | (2) | 49 | 7 |
Amounts related to interest settlements on derivatives | (2) | (1) | (3) | (2) |
Fair value hedges | Designated as Hedging Instrument | Borrowed Funds | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged items | 443 | (106) | 1,377 | 540 |
Derivatives | (451) | 93 | (1,395) | (571) |
Amounts related to interest settlements on derivatives | 74 | 131 | 184 | 265 |
Cash flow hedges | Designated as Hedging Instrument | Loans | Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of derivative gains (losses) reclassified from AOCI | $ 25 | 91 | 117 | 191 |
Cash flow hedges | Designated as Hedging Instrument | Investment Securities | Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of derivative gains (losses) reclassified from AOCI | 16 | $ 10 | 38 | |
Cash flow hedges | Designated as Hedging Instrument | Other | Noninterest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of derivative gains (losses) reclassified from AOCI | $ 1 | $ 14 |
Financial Derivatives (Impact o
Financial Derivatives (Impact of Fair Value Hedge Accounting on the Carrying Value of Hedged Items) (Details) - Fair value hedges - Designated as Hedging Instruments under GAAP - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Investment Securities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of the Hedged Items | $ 3,277 | $ 2,655 |
Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items | (23) | 23 |
Borrowed Funds | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of the Hedged Items | 20,346 | 24,259 |
Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items | (715) | 663 |
Borrowed Funds Discontinued Relationships | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative fair value hedge adjustment included in carrying value of hedged items | $ (100) | $ (100) |
Financial Derivatives (Gains _2
Financial Derivatives (Gains (Losses) on Derivatives Not Designated As Hedging Instruments under GAAP) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Derivative instruments not designated as hedging instruments gain (loss), net | $ 75 | $ 245 | $ (2) | $ 75 |
Mortgage Banking | Interest Rate Contracts | ||||
Derivative [Line Items] | ||||
Derivative instruments not designated as hedging instruments gain (loss), net | (190) | 216 | (455) | (106) |
Customer Contracts | ||||
Derivative [Line Items] | ||||
Derivative instruments not designated as hedging instruments gain (loss), net | 49 | 58 | 190 | 162 |
Customer Contracts | Interest Rate Contracts | ||||
Derivative [Line Items] | ||||
Derivative instruments not designated as hedging instruments gain (loss), net | 69 | 15 | 166 | 97 |
Customer Contracts | Foreign exchange contracts and other | ||||
Derivative [Line Items] | ||||
Derivative instruments not designated as hedging instruments gain (loss), net | (20) | 43 | 24 | 65 |
Other Risk Management Activity | Foreign exchange contracts and other | ||||
Derivative [Line Items] | ||||
Derivative instruments not designated as hedging instruments gain (loss), net | $ 216 | $ (29) | $ 263 | $ 19 |
Financial Derivatives (Derivati
Financial Derivatives (Derivative Assets and Liabilities Offsetting) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Offsetting Derivative Assets [Abstract] | ||
Derivative asset, gross fair value | $ 5,392 | $ 5,152 |
Derivative Asset, Fair Value Offset Amount | 1,577 | 928 |
Derivative asset, cash collateral | 578 | 604 |
Derivative Asset, Net | 3,237 | 3,620 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 23 | 300 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 3,214 | 3,320 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative liability, gross fair value | 7,590 | 3,570 |
Derivative liability, fair value offset amount | 1,577 | 928 |
Derivative liability, cash collateral | 2,288 | 1,657 |
Derivative liability, net | 3,725 | 985 |
Derivative liability, fair value of collateral | ||
Derivative liability, fair value, amount offset against collateral | 3,725 | 985 |
Interest Rate Contracts | Over-the-counter cleared | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative asset, gross fair value | 43 | 20 |
Derivative Asset, Net | 43 | 20 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 43 | 20 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative liability, gross fair value | 28 | 12 |
Derivative liability, net | 28 | 12 |
Derivative liability, fair value, amount offset against collateral | 28 | 12 |
Interest Rate Contracts | Over-the-counter | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative asset, gross fair value | 1,693 | 3,561 |
Derivative Asset, Fair Value Offset Amount | 634 | 533 |
Derivative asset, cash collateral | 318 | 593 |
Derivative Asset, Net | 741 | 2,435 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 23 | 300 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 718 | 2,135 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative liability, gross fair value | 3,787 | 1,643 |
Derivative liability, fair value offset amount | 680 | 569 |
Derivative liability, cash collateral | 761 | 776 |
Derivative liability, net | 2,346 | 298 |
Derivative liability, fair value, amount offset against collateral | 2,346 | 298 |
Commodity contracts: | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative asset, gross fair value | 3,134 | 1,363 |
Derivative Asset, Fair Value Offset Amount | 676 | 299 |
Derivative asset, cash collateral | 138 | 1 |
Derivative Asset, Net | 2,320 | 1,063 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2,320 | 1,063 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative liability, gross fair value | 3,230 | 1,373 |
Derivative liability, fair value offset amount | 802 | 291 |
Derivative liability, cash collateral | 1,513 | 784 |
Derivative liability, net | 915 | 298 |
Derivative liability, fair value, amount offset against collateral | 915 | 298 |
Foreign exchange contracts and other | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative asset, gross fair value | 522 | 208 |
Derivative Asset, Fair Value Offset Amount | 267 | 96 |
Derivative asset, cash collateral | 122 | 10 |
Derivative Asset, Net | 133 | 102 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 133 | 102 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative liability, gross fair value | 545 | 542 |
Derivative liability, fair value offset amount | 95 | 68 |
Derivative liability, cash collateral | 14 | 97 |
Derivative liability, net | 436 | 377 |
Derivative liability, fair value, amount offset against collateral | $ 436 | $ 377 |
Financial Derivatives (Credit-R
Financial Derivatives (Credit-Risk Contingent Features) (Details) - USD ($) $ in Billions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, net liability position, aggregate fair value | $ 5.6 | $ 2.4 |
Collateral already posted, aggregate fair value | 3 | 1.8 |
Maximum amount of collateral PNC would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered | $ 2.6 | $ 0.6 |
Legal Proceedings (Narrative) (
Legal Proceedings (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | |
May 31, 2022 | Jun. 30, 2022 | |
Judicial Ruling | The First Consolidated Cases | ||
Loss Contingencies [Line Items] | ||
Litigation settlement, amount awarded to other party | $ 218 | |
SEC Schedule, 12-09, Reserve, Legal | Maximum | ||
Loss Contingencies [Line Items] | ||
Range of possible loss not accrued | $ 300 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2022 segment operating_unit | |
Segment Reporting [Abstract] | |
Segment reporting, number of segments | segment | 3 |
Number of distinct operating units | operating_unit | 2 |
Segment Reporting (Segment Repo
Segment Reporting (Segment Reporting Table) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 3,051 | $ 2,581 | $ 5,855 | $ 4,929 |
Noninterest income | 2,065 | 2,086 | 3,953 | 3,958 |
Total revenue | 5,116 | 4,667 | 9,808 | 8,887 |
Provision for (recapture of) credit losses | 36 | 302 | (172) | (249) |
Depreciation and amortization | 289 | 256 | 566 | 490 |
Other noninterest expense | 2,955 | 2,794 | 5,850 | 5,134 |
Income (loss) before income taxes (benefit) and noncontrolling interests | 1,836 | 1,315 | 3,564 | 3,512 |
Income taxes (benefit) | 340 | 212 | 639 | 583 |
Net income | 1,496 | 1,103 | 2,925 | 2,929 |
Less: Net income (loss) attributable to noncontrolling interests | 15 | 12 | 36 | 22 |
Net income excluding noncontrolling interests | 1,481 | 1,091 | 2,889 | 2,907 |
Average Assets | 546,878 | 504,429 | 549,127 | 486,425 |
Retail Banking | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 748 | 706 | 1,493 | 1,360 |
Retail Banking | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 1,662 | 1,497 | 3,193 | 2,859 |
Noninterest income | 748 | 706 | 1,493 | 1,360 |
Total revenue | 2,410 | 2,203 | 4,686 | 4,219 |
Provision for (recapture of) credit losses | 55 | 214 | (26) | (43) |
Depreciation and amortization | 83 | 73 | 157 | 136 |
Other noninterest expense | 1,830 | 1,604 | 3,648 | 3,017 |
Income (loss) before income taxes (benefit) and noncontrolling interests | 442 | 312 | 907 | 1,109 |
Income taxes (benefit) | 105 | 73 | 214 | 256 |
Net income | 337 | 239 | 693 | 853 |
Less: Net income (loss) attributable to noncontrolling interests | 15 | 7 | 31 | 14 |
Net income excluding noncontrolling interests | 322 | 232 | 662 | 839 |
Average Assets | 113,068 | 100,948 | 112,415 | 96,942 |
Corporate & Institutional Banking | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 968 | 867 | 1,772 | 1,674 |
Corporate & Institutional Banking | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 1,232 | 1,083 | 2,375 | 2,074 |
Noninterest income | 968 | 867 | 1,772 | 1,674 |
Total revenue | 2,200 | 1,950 | 4,147 | 3,748 |
Provision for (recapture of) credit losses | (17) | 104 | (135) | (178) |
Depreciation and amortization | 51 | 51 | 103 | 98 |
Other noninterest expense | 883 | 762 | 1,668 | 1,426 |
Income (loss) before income taxes (benefit) and noncontrolling interests | 1,283 | 1,033 | 2,511 | 2,402 |
Income taxes (benefit) | 277 | 220 | 545 | 528 |
Net income | 1,006 | 813 | 1,966 | 1,874 |
Less: Net income (loss) attributable to noncontrolling interests | 3 | 4 | 7 | 7 |
Net income excluding noncontrolling interests | 1,003 | 809 | 1,959 | 1,867 |
Average Assets | 219,513 | 181,770 | 210,171 | 176,182 |
Asset Management Group | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 234 | 244 | 482 | 473 |
Asset Management Group | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 153 | 112 | 291 | 205 |
Noninterest income | 234 | 244 | 482 | 473 |
Total revenue | 387 | 356 | 773 | 678 |
Provision for (recapture of) credit losses | 5 | 23 | 7 | 14 |
Depreciation and amortization | 8 | 5 | 14 | 9 |
Other noninterest expense | 262 | 214 | 507 | 412 |
Income (loss) before income taxes (benefit) and noncontrolling interests | 112 | 114 | 245 | 243 |
Income taxes (benefit) | 26 | 27 | 57 | 57 |
Net income | 86 | 87 | 188 | 186 |
Net income excluding noncontrolling interests | 86 | 87 | 188 | 186 |
Average Assets | 14,449 | 10,640 | 14,126 | 9,761 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 4 | (111) | (4) | (209) |
Noninterest income | 115 | 269 | 206 | 451 |
Total revenue | 119 | 158 | 202 | 242 |
Provision for (recapture of) credit losses | (7) | (39) | (18) | (42) |
Depreciation and amortization | 147 | 127 | 292 | 247 |
Other noninterest expense | (20) | 214 | 27 | 279 |
Income (loss) before income taxes (benefit) and noncontrolling interests | (1) | (144) | (99) | (242) |
Income taxes (benefit) | (68) | (108) | (177) | (258) |
Net income | 67 | (36) | 78 | 16 |
Less: Net income (loss) attributable to noncontrolling interests | (3) | 1 | (2) | 1 |
Net income excluding noncontrolling interests | 70 | (37) | 80 | 15 |
Average Assets | $ 199,848 | $ 211,071 | $ 212,415 | $ 203,540 |
Fee-Based Revenue from Contra_3
Fee-Based Revenue from Contracts with Customers (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
Revenue from Contract with Customer [Abstract] | |
Segment reporting, number of segments | 3 |
Fee-Based Revenue from Contra_4
Fee-Based Revenue from Contracts with Customers (In-Scope Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 2,065 | $ 2,086 | $ 3,953 | $ 3,958 |
Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 1,520 | 1,367 | 2,853 | 2,564 |
Out-of-Scope | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 430 | 450 | 894 | 943 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 177 | 339 | 388 | 639 |
Retail Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 748 | 706 | 1,493 | 1,360 |
Retail Banking | Asset management and brokerage | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 135 | 109 | 269 | 211 |
Retail Banking | Card and cash management | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 329 | 309 | 618 | 560 |
Retail Banking | Lending and deposit services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 162 | 144 | 321 | 275 |
Retail Banking | Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 626 | 562 | 1,208 | 1,046 |
Retail Banking | Out-of-Scope | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 122 | 144 | 285 | 314 |
Retail Banking | Brokerage fees | Asset management and brokerage | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 135 | 109 | 269 | 211 |
Retail Banking | Treasury management fees | Card and cash management | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 10 | 11 | 19 | 18 |
Retail Banking | Debit card fees | Card and cash management | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 177 | 164 | 338 | 302 |
Retail Banking | Net credit card fees | Card and cash management | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 63 | 57 | 118 | 104 |
Retail Banking | Merchant services | Card and cash management | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 52 | 47 | 93 | 79 |
Retail Banking | Other | Card and cash management | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 27 | 30 | 50 | 57 |
Retail Banking | Deposit account fees | Lending and deposit services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 145 | 129 | 287 | 248 |
Retail Banking | Other | Lending and deposit services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 17 | 15 | 34 | 27 |
Retail Banking | Net credit card fees | In-Scope | ||||
Disaggregation of Revenue [Line Items] | ||||
Interchange fees | 172 | 146 | 320 | 266 |
Credit card reward costs | 109 | 89 | 202 | 162 |
Corporate & Institutional Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 968 | 867 | 1,772 | 1,674 |
Corporate & Institutional Banking | Card and cash management | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 341 | 279 | 660 | 514 |
Corporate & Institutional Banking | Lending and deposit services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 9 | 10 | 17 | 20 |
Corporate & Institutional Banking | Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 664 | 564 | 1,172 | 1,051 |
Corporate & Institutional Banking | Out-of-Scope | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 304 | 303 | 600 | 623 |
Corporate & Institutional Banking | Treasury management fees | Card and cash management | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 327 | 264 | 629 | 487 |
Corporate & Institutional Banking | Merchant services | Card and cash management | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 14 | 15 | 31 | 27 |
Corporate & Institutional Banking | Other | Lending and deposit services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 9 | 10 | 17 | 20 |
Corporate & Institutional Banking | Residential and commercial mortgage | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 33 | 35 | 64 | 66 |
Corporate & Institutional Banking | Capital markets related | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 272 | 232 | 409 | 424 |
Corporate & Institutional Banking | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 9 | 8 | 22 | 27 |
Asset Management Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 234 | 244 | 482 | 473 |
Asset Management Group | Asset management and brokerage | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 230 | 241 | 473 | 467 |
Asset Management Group | Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 230 | 241 | 473 | 467 |
Asset Management Group | Out-of-Scope | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 4 | 3 | 9 | 6 |
Asset Management Group | Asset management fees | Asset management and brokerage | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 228 | 239 | 469 | 465 |
Asset Management Group | Brokerage fees | Asset management and brokerage | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 2 | 2 | 4 | 2 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 115 | $ 269 | $ 206 | $ 451 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Billions | 3 Months Ended | 6 Months Ended | ||
Jul. 28, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | |
Subsequent Event [Line Items] | ||||
Transferred securities at fair value from available for sale to held to maturity | $ 59.1 | $ 18.7 | $ 77.8 | |
Net unrealized losses, related to securities transferred at fair value to held to maturity at a point in time | $ 5.4 | $ 5.4 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Transferred securities at fair value from available for sale to held to maturity | $ 5 | |||
Net unrealized losses, related to securities transferred at fair value to held to maturity at a point in time | $ 0.2 |