Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 24, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PNC | |
Entity Registrant Name | PNC FINANCIAL SERVICES GROUP, INC. | |
Entity Central Index Key | 713,676 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 513,599,824 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest Income | ||||
Loans | $ 1,791,000,000 | $ 1,845,000,000 | $ 3,593,000,000 | $ 3,744,000,000 |
Investment securities | 407,000,000 | 412,000,000 | 813,000,000 | 839,000,000 |
Other | 107,000,000 | 99,000,000 | 218,000,000 | 183,000,000 |
Total interest income | 2,305,000,000 | 2,356,000,000 | 4,624,000,000 | 4,766,000,000 |
Interest Expense | ||||
Deposits | 98,000,000 | 80,000,000 | 190,000,000 | 158,000,000 |
Borrowed funds | 155,000,000 | 147,000,000 | 310,000,000 | 284,000,000 |
Total interest expense | 253,000,000 | 227,000,000 | 500,000,000 | 442,000,000 |
Net interest income | 2,052,000,000 | 2,129,000,000 | 4,124,000,000 | 4,324,000,000 |
Noninterest Income | ||||
Asset management | 416,000,000 | 362,000,000 | 792,000,000 | 726,000,000 |
Consumer services | 334,000,000 | 323,000,000 | 645,000,000 | 613,000,000 |
Corporate services | 369,000,000 | 343,000,000 | 713,000,000 | 644,000,000 |
Residential mortgage | 164,000,000 | 182,000,000 | 328,000,000 | 343,000,000 |
Service charges on deposits | 156,000,000 | 156,000,000 | 309,000,000 | 303,000,000 |
Net gains on sales of securities | 8,000,000 | (6,000,000) | 50,000,000 | 4,000,000 |
Other | 367,000,000 | 321,000,000 | 636,000,000 | 630,000,000 |
Total noninterest income | 1,814,000,000 | 1,681,000,000 | 3,473,000,000 | 3,263,000,000 |
Total revenue | 3,866,000,000 | 3,810,000,000 | 7,597,000,000 | 7,587,000,000 |
Provision For Credit Losses | 46,000,000 | 72,000,000 | 100,000,000 | 166,000,000 |
Noninterest Expense | ||||
Personnel | 1,200,000,000 | 1,172,000,000 | 2,357,000,000 | 2,252,000,000 |
Occupancy | 209,000,000 | 199,000,000 | 425,000,000 | 417,000,000 |
Equipment | 231,000,000 | 204,000,000 | 453,000,000 | 405,000,000 |
Marketing | 67,000,000 | 68,000,000 | 129,000,000 | 120,000,000 |
Other | 659,000,000 | 685,000,000 | 1,351,000,000 | 1,398,000,000 |
Total noninterest expense | 2,366,000,000 | 2,328,000,000 | 4,715,000,000 | 4,592,000,000 |
Income (loss) before income taxes and noncontrolling interests | 1,454,000,000 | 1,410,000,000 | 2,782,000,000 | 2,829,000,000 |
Income taxes | 410,000,000 | 358,000,000 | 734,000,000 | 717,000,000 |
Net income | 1,044,000,000 | 1,052,000,000 | 2,048,000,000 | 2,112,000,000 |
Net income (loss) attributable to noncontrolling interests | 4,000,000 | 3,000,000 | 5,000,000 | 1,000,000 |
Preferred stock dividends and discount accretion and redemptions | 48,000,000 | 48,000,000 | 118,000,000 | 118,000,000 |
Net income attributable to common shareholders | $ 992,000,000 | $ 1,001,000,000 | $ 1,925,000,000 | $ 1,993,000,000 |
Earnings Per Common Share | ||||
Basic | $ 1.92 | $ 1.88 | $ 3.71 | $ 3.73 |
Diluted | $ 1.88 | $ 1.85 | $ 3.63 | $ 3.67 |
Average Common Shares Outstanding | ||||
Basic | 517 | 532 | 519 | 532 |
Diluted | 525 | 539 | 527 | 539 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 1,044,000,000 | $ 1,052,000,000 | $ 2,048,000,000 | $ 2,112,000,000 |
Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Net unrealized gains (losses) on non-OTTI securities | (365,000,000) | 212,000,000 | (291,000,000) | 401,000,000 |
Net unrealized gains (losses) on OTTI securities | 4,000,000 | 41,000,000 | 7,000,000 | 107,000,000 |
Net unrealized gains (losses) on cash flow hedge derivatives | (170,000,000) | 81,000,000 | 69,000,000 | 76,000,000 |
Pension and other postretirement benefit plan adjustments | (10,000,000) | 9,000,000 | 50,000,000 | 91,000,000 |
Other | (9,000,000) | (4,000,000) | (36,000,000) | 7,000,000 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (550,000,000) | 339,000,000 | (201,000,000) | 682,000,000 |
Income tax benefit (expense) related to items of other comprehensive income | 226,000,000 | (114,000,000) | 77,000,000 | (237,000,000) |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (324,000,000) | 225,000,000 | (124,000,000) | 445,000,000 |
Comprehensive income | 720,000,000 | 1,277,000,000 | 1,924,000,000 | 2,557,000,000 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 4,000,000 | 3,000,000 | 5,000,000 | 1,000,000 |
Comprehensive income attributable to PNC | $ 716,000,000 | $ 1,274,000,000 | $ 1,919,000,000 | $ 2,556,000,000 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | |
Assets | |||
Cash and due from banks (includes $5 and $6 for VIEs) (a) | [1] | $ 4,412,000,000 | $ 4,360,000,000 |
Federal funds sold and resale agreements (includes $150 and $155 measured at fair value) (b) | [2] | 1,971,000,000 | 1,852,000,000 |
Trading securities | 2,334,000,000 | 2,353,000,000 | |
Interest-earning deposits with banks (includes $5 and $6 for VIEs) (a) | [1] | 33,969,000,000 | 31,779,000,000 |
Loans held for sale (includes $2,121 and $2,154 measured at fair value) (b) | [2] | 2,357,000,000 | 2,262,000,000 |
Investment securities | 61,362,000,000 | 55,823,000,000 | |
Loans (includes $1,463 and $1,606 for VIEs) (a) (includes $941 and $1,034 measured at fair value) (b) | [1],[2] | 205,153,000,000 | 204,817,000,000 |
Allowance for loan and lease losses (includes $(44) and $(50) for VIEs) (a) | [1] | (3,272,000,000) | (3,331,000,000) |
Net loans | 201,881,000,000 | 201,486,000,000 | |
Goodwill | 9,103,000,000 | 9,103,000,000 | |
Mortgage servicing rights | 1,558,000,000 | 1,351,000,000 | |
Other intangible assets | 435,000,000 | 493,000,000 | |
Equity investments (includes $256 and $492 for VIEs) (a) | [1] | 10,531,000,000 | 10,728,000,000 |
Other (includes $440 and $483 for VIEs) (a) (includes $411 and $412 measured at fair value) (b) | [1],[2] | 24,032,000,000 | 23,482,000,000 |
Total assets | 353,945,000,000 | 345,072,000,000 | |
Deposits | |||
Noninterest-bearing | 77,369,000,000 | 73,479,000,000 | |
Interest-bearing | 162,335,000,000 | 158,755,000,000 | |
Total deposits | 239,704,000,000 | 232,234,000,000 | |
Borrowed funds | |||
Federal funds purchased and repurchase agreements | 2,190,000,000 | 3,510,000,000 | |
Federal Home Loan Bank Borrowings | 22,193,000,000 | 20,005,000,000 | |
Bank notes and senior debt | 18,529,000,000 | 15,750,000,000 | |
Subordinated debt | 9,121,000,000 | 9,151,000,000 | |
Commercial paper | 2,956,000,000 | 4,995,000,000 | |
Other (includes $311 and $347 for VIEs) (a) (includes $224 and $273 measured at fair value) (b) | [1],[2] | 3,287,000,000 | 3,357,000,000 |
Borrowed funds | 58,276,000,000 | 56,768,000,000 | |
Allowance for unfunded loan commitments and letters of credit | 246,000,000 | 259,000,000 | |
Accrued expenses (includes $63 and $70 for VIEs) (a) | [1] | 5,031,000,000 | 5,187,000,000 |
Other (includes $136 and $206 for VIEs) (a) | [1] | 4,776,000,000 | 4,550,000,000 |
Total liabilities | 308,033,000,000 | 298,998,000,000 | |
Equity | |||
Preferred stock (c) | 0 | 0 | |
Common stock ($5 par value, authorized 800 shares, issued 542 and 541 shares) | 2,708,000,000 | 2,705,000,000 | |
Capital surplus - preferred stock | 3,449,000,000 | 3,946,000,000 | |
Capital surplus - common stock and other | 12,632,000,000 | 12,627,000,000 | |
Retained earnings | 27,609,000,000 | 26,200,000,000 | |
Accumulated other comprehensive income | 379,000,000 | 503,000,000 | |
Common stock held in treasury at cost: 26 and 18 shares | (2,262,000,000) | (1,430,000,000) | |
Total shareholders' equity | 44,515,000,000 | 44,551,000,000 | |
Noncontrolling interests | 1,397,000,000 | 1,523,000,000 | |
Total equity | 45,912,000,000 | 46,074,000,000 | |
Total liabilities and equity | $ 353,945,000,000 | $ 345,072,000,000 | |
[1] | Amounts represent the assets or liabilities of consolidated variable interest entities (VIEs). | ||
[2] | Amounts represent items for which we have elected the fair value option. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Cash and due from banks | [1] | $ 4,412,000,000 | $ 4,360,000,000 |
Interest-earning deposits with banks | [1] | 33,969,000,000 | 31,779,000,000 |
Total Loans | [1],[2] | 205,153,000,000 | 204,817,000,000 |
Allowance for loan and lease losses | [1] | (3,272,000,000) | (3,331,000,000) |
Equity investments | [1] | 10,531,000,000 | 10,728,000,000 |
Other assets | [1],[2] | 24,032,000,000 | 23,482,000,000 |
Other borrowed funds | [1],[2] | 3,287,000,000 | 3,357,000,000 |
Accrued expenses | [1] | 5,031,000,000 | 5,187,000,000 |
Other liabilities | [1] | $ 4,776,000,000 | $ 4,550,000,000 |
Common stock, par value | $ 5 | $ 5 | |
Common stock, authorized | 800 | 800 | |
Common stock, issued | 542 | 541 | |
Common stock held in treasury at cost, shares | 26 | 18 | |
Preferred stock | [3] | $ 500,000 | $ 500,000 |
Portion at Fair Value, Fair Value Disclosure | |||
Federal funds sold and resale agreements, fair value | [2] | 150,000,000 | 155,000,000 |
Loans held for sale, fair value | [2] | 2,121,000,000 | 2,154,000,000 |
Loans, Fair Value | [2] | 941,000,000 | 1,034,000,000 |
Other assets, fair value | [2] | 411,000,000 | 412,000,000 |
Other borrowed funds, fair value | [2] | 224,000,000 | 273,000,000 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and due from banks | [1] | 5,000,000 | 6,000,000 |
Interest-earning deposits with banks | [1] | 5,000,000 | 6,000,000 |
Total Loans | [1] | 1,463,000,000 | 1,606,000,000 |
Allowance for loan and lease losses | [1] | (44,000,000) | (50,000,000) |
Equity investments | [1] | 256,000,000 | 492,000,000 |
Other assets | [1] | 440,000,000 | 483,000,000 |
Other borrowed funds | [1] | 311,000,000 | 347,000,000 |
Accrued expenses | [1] | 63,000,000 | 70,000,000 |
Other liabilities | [1] | $ 136,000,000 | $ 206,000,000 |
[1] | Amounts represent the assets or liabilities of consolidated variable interest entities (VIEs). | ||
[2] | Amounts represent items for which we have elected the fair value option. | ||
[3] | Par value less than $.5 million at each date. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Operating Activities | |||
Net income | $ 2,048,000,000 | $ 2,112,000,000 | |
Adjustments to reconcile net income to net cash provided (used) by operating activities | |||
Provision for credit losses (benefit) | 100,000,000 | 166,000,000 | |
Depreciation and amortization | 530,000,000 | 476,000,000 | |
Deferred income taxes | 109,000,000 | 104,000,000 | |
Net gains on sales of securities | (50,000,000) | (4,000,000) | |
Changes in fair value of mortgage servicing rights | 43,000,000 | 250,000,000 | |
Gain on sales of Visa Class B common shares | (79,000,000) | (116,000,000) | |
Undistributed earnings of BlackRock | (196,000,000) | (193,000,000) | |
Excess tax benefits from share-based payment arrangements | (27,000,000) | (36,000,000) | |
Net change in | |||
Trading securities and other short-term investments | (22,000,000) | 839,000,000 | |
Loans held for sale | (391,000,000) | (99,000,000) | |
Other assets | 22,000,000 | (262,000,000) | |
Accrued expenses and other liabilities | (186,000,000) | 381,000,000 | |
Other | (272,000,000) | (148,000,000) | |
Net cash provided (used) by operating activities | 1,629,000,000 | 3,470,000,000 | |
Sales | |||
Securities available for sale | 2,402,000,000 | 3,359,000,000 | |
Loans | 958,000,000 | 1,295,000,000 | |
Repayments/maturities | |||
Securities available for sale | 3,933,000,000 | 3,434,000,000 | |
Securities held to maturity | 1,054,000,000 | 992,000,000 | |
Purchases | |||
Securities available for sale | (9,706,000,000) | (3,608,000,000) | |
Securities held to maturity | (3,049,000,000) | ||
Loans | (355,000,000) | (369,000,000) | |
Net change in | |||
Federal funds sold and resale agreements | (119,000,000) | 459,000,000 | |
Interest-earning deposits with banks | (2,190,000,000) | (4,741,000,000) | |
Loans | (1,017,000,000) | (6,837,000,000) | |
Other | (394,000,000) | (266,000,000) | |
Net cash provided (used) by investing activities | (8,483,000,000) | (6,282,000,000) | |
Net change in | |||
Noninterest-bearing deposits | 3,909,000,000 | 723,000,000 | |
Interest-bearing deposits | 3,580,000,000 | 928,000,000 | |
Federal funds purchased and repurchase agreements | (1,320,000,000) | (1,156,000,000) | |
Commercial paper | (158,000,000) | (268,000,000) | |
Other borrowed funds | 712,000,000 | (494,000,000) | |
Sales/issuances | |||
Federal Home Loan Bank borrowings | 2,250,000,000 | 7,650,000,000 | |
Bank notes and senior debt | 4,932,000,000 | 3,636,000,000 | |
Subordinated debt | 745,000,000 | ||
Commercial paper | 1,393,000,000 | 4,532,000,000 | |
Other borrowed funds | 586,000,000 | 380,000,000 | |
Common and treasury stock | 109,000,000 | 179,000,000 | |
Repayments Maturities Financing [Abstract] | |||
Federal Home Loan Bank borrowings | (62,000,000) | (5,539,000,000) | |
Bank notes and senior debt | (2,134,000,000) | (2,200,000,000) | |
Subordinated debt | 39,000,000 | 22,000,000 | |
Commercial paper | (3,274,000,000) | (4,262,000,000) | |
Other borrowed funds | (1,532,000,000) | (354,000,000) | |
Preferred stock redemption | (500,000,000) | ||
Excess tax benefits from share-based payment arrangements - financing | 27,000,000 | 36,000,000 | |
Acquisition of treasury stock | (1,020,000,000) | (291,000,000) | |
Preferred stock cash dividends paid | (115,000,000) | (115,000,000) | |
Common stock cash dividends paid | (516,000,000) | (491,000,000) | |
Net cash provided (used) by financing activities | 6,906,000,000 | 3,661,000,000 | |
Net Increase (Decrease) In Cash And Due From Banks | 52,000,000 | 849,000,000 | |
Cash and due from banks at beginning of period | 4,360,000,000 | [1] | 4,043,000,000 |
Cash and due from banks at end of period | 4,412,000,000 | [1] | 4,892,000,000 |
Supplemental Disclosures | |||
Interest paid | 503,000,000 | 418,000,000 | |
Income taxes paid | 191,000,000 | 551,000,000 | |
Income taxes refunded | 1,000,000 | 9,000,000 | |
Non-cash Investing and Financing Items | |||
Transfer from (to) loans to (from) loans held for sale, net | 3,000,000 | 390,000,000 | |
Transfer from loans to foreclosed assets | $ 227,000,000 | $ 315,000,000 | |
[1] | Amounts represent the assets or liabilities of consolidated variable interest entities (VIEs). |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Accounting Policies | Business The PNC Financial Services Group, Inc. (PNC) is one of the largest diversified financial services companies in the United States and is headquartered in Pittsburgh, Pennsylvania. We have businesses engaged in retail banking, corporate and institutional banking, asset management and residential mortgage banking, providing many of our products and services nationally, as well as other products and services in our primary geographic markets located in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, North Carolina, Florida, Kentucky, Washington, D.C., Delaware, Virginia, Alabama, Missouri, Georgia, Wisconsin and South Carolina. We also provide certain products and services internationally. Note 1 Accounting Policies 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, and certain partnership interests and variable interest entities. We prepared these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) . We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the 2015 presentation , which did not have a material impact on our consolidated financial condition or results of operations. Additionally, w e evaluate the materiality of identified errors in the financial statements using both an income statement and a balance sheet approach, based on relevant quantitative and qualitative factors. The consolidated financial statements include certain adjustme nts to correct immaterial errors related to previously reported periods . In addition, as disclosed in certain Notes to the Consolidated Financial Statements, we made adjustments to previously reported periods for immaterial errors 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 ye ar or any other interim period. When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2014 Annual Report on Form 10-K . Reference is made to Note 1 Accounting Policies in the 2014 Form 10-K for a detailed description of significant accounting policies. Included herein are policies that are required to be disclosed on an interim basis as well as policies where there has been a significant change within the first six months of 2015 . These interim consolidated financial statements serve to update the 2014 Form 10-K and may not include all information and notes necessary to constitute a complete set of financial statements. We have also considered the impact of subsequent events on these consolidated financial statements . Use Of Estimates We prepared these consolidated financial statements using financial information available at the time of preparation , which requires us to make estimates and assumptions that affect the amounts reported. Our most significant estimates pertain to our fair value measurements, allowances for loan and lease losses and unfunded loan commitments and letters of credit, and acc retion on purchased impaired loans. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements. Nonperforming Loans and Leases The matrix below summarizes PNC's policies for classifying certain loans as nonperforming loans and/or discontinuing the accrual of loan interest income. Commercial loans Loans Classified as Nonperforming and Accounted for as Nonaccrual ● Loans accounted for at amortized cost where: – The loan is 90 days or more past due. – The loan is rated substandard or worse due to the determination that full collection of principal and interest is not probable as demonstrated by the following conditions: ○ The collection of principal or interest is 90 days or more past due; ○ Reasonable doubt exists as to the certainty of the borrower's future debt service ability, according to the terms of the credit arrangement, regardless of whether 90 days have passed or not; ○ The borrower has filed or will likely file for bankruptcy; ○ The bank advances additional funds to cover principal or interest; ○ We are in the process of liquidating a commercial borrower; or ○ We are pursuing remedies under a guarantee. Loans Excluded from Nonperforming Classification but Accounted for as Nonaccrual ● Loans accounted for under the fair value option when we determine that full collection of principal and interest is not probable. ● Loans accounted for at the lower of cost or market less costs to sell (Held for Sale) when we determine that full collection of principal and interest is not probable. Loans Excluded from Nonperforming Classification and Nonaccrual Accounting ● Purchased impaired loans because interest income is accreted by nature of the accounting for these assets. ● Loans that are well secured and in the process of collection. Consumer loans Loans Classified as Nonperforming and Accounted for as Nonaccrual ● Loans accounted for at amortized cost where full collection of contractual principal and interest is not deemed probable as demonstrated in the policies below: – The loan is 90 days past due for home equity and installment loans, and 180 days past due for well secured residential real estate loans; – The loan has been modified and classified as a troubled debt restructuring (TDR); – Notification of bankruptcy has been received and the loan is 30 days or more past due; – The bank holds a subordinate lien position in the loan and the first lien loan is seriously stressed (i.e., 90 days or more past due); – Other loans within the same borrower relationship have been placed on nonaccrual or charge-offs have been taken on them; – The bank has repossessed non-real estate collateral securing the loan; or – The bank has charged-off the loan to the value of the collateral. Loans Excluded from Nonperforming Classification but Accounted for as Nonaccrual ● Loans accounted for under the fair value option when we determine that full collection of principal and interest is not probable. ● Loans accounted for at the lower of cost or market less costs to sell (Held for Sale) when we determine that full collection of principal and interest is not probable. Loans Excluded from Nonperforming Classification and Nonaccrual Accounting ● Purchased impaired loans because interest income is accreted through the accounting model. ● Certain government insured loans where substantially all principal and interest is insured. ● Residential real estate loans that are well secured and in the process of collection. ● Consumer loans and lines of credit, not secured by residential real estate, as permitted by regulatory guidance. See Note 3 Asset Quality in this Report for additional detail on nonperforming assets and asset quality indicators for commercial and consumer loans. Commercial Loans We generally charge off Commercial Lending (Commercial, Commercial Real Estate, and Equipment Lease Financing) nonperforming loans when we determine that a specific loan, or portion thereof, is uncollectible. This determination is based on the specific facts and circumstances of the individual loans. In making this determination, we cons ider the viability of the business or project as a going concern, the past due status when the asset is not well-secured, the expected cash flows to repay the loan, the value of the collateral, and the ability and willingness of any guarantors to perform. Additionally, in general, for smaller dollar commercial loans of $ 1 million or less, a partial or full charge-off occurs at 120 days past due for term loans and 180 days past due for revolvers. Certain small business credit card balances that are placed on nonaccrual status when they become 90 days or more past due are charged-off at 180 days past due. Consumer Loans Home equity installment loans, home equity lines of credit, and residential real estate loans that are not well-s ecured and in the process of collection are charged-off at no later than 180 days past due. At that time, the basis in the loan is reduced to the fair value of the collateral less costs to sell. In addition to this policy, the bank recognizes a charge-off on a secured consumer loan when: The bank holds a subordinate lien position in the loan and a foreclosure notice has been received on the first lien loan; The bank holds a subordinate lien position in the loan which is 30 days or more past due with a combi ned loan to value ratio of greater than or equal to 110% and the first lien loan is seriously stressed ( i.e ., 90 days or more past due); The loan is modified or otherwise restructured in a manner that results in the loan becoming collateral dependent; Not ification of bankruptcy has been received within the last 60 days and the loan is 60 days or more past due; The borrower has been discharged from personal liability through Chapter 7 bankruptcy and has not formally reaffirmed his or her loan obligation to PNC; or The collateral securing the loan has been repossessed and the value of the collateral is less than the recorded investment of the loan outstanding. For loans that continue to meet any of the above policies, collateral values are updated annually and subsequent declines in collateral values are charged-off resulting in incremental provision for credit loss. Most consumer loans and lines of credit, not secured by residential real estate, are charged off after 120-180 days past due. Accounting for Nonperforming Loans and Leases and Other Nonaccrual Loans For accrual loans, interest income is accrued on a monthly basis and certain fees and costs are deferred upon origination and recognized in income over the term of the loan utilizing an effective yield method. For nonaccrual loans, interest income accrual and deferred fee/cost amortization is discontinued. Additionally, the current year accrued and uncollected interest is reversed through Net interest income and prior year accrued and uncollected interest is charged-off. Nonaccrual loans may also be charged-off to reduce the basis to the fair value of collateral less cos ts to sell. If payment is received on a nonaccrual loan, generally the payment is first applied to the recorded investment; payments are then applied to recover any charged-off amounts related to the loan. Finally, if both recorded investment and any char ge-offs have been recovered, then the payment will be recorded as fee and interest income. For TDRs, payments are applied based upon their contractual terms unless the related loan is deemed non-performing. TDRs are generally included in nonperforming an d nonaccrual loans until returned to performing/accruing status through performance under restructured terms and other performance indicators for a reasonable period of time demonstrating that the bank expects to collect all of the loan’s remaining contrac tual principal and interest. TDRs resulting from 1) borrowers that have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to PNC and 2) borrowers that are not currently obligated to make both principal and interest payments under the restructured terms are not returned to accrual status. Other nonaccrual loans are generally not returned to accrual status until the borrower has performed in accordance with the contractual terms and other performance indicators for at least six months, the period of time which was determined to demonstrate the expected collection of the loan’s remaining contractual principal and interest. When a nonperforming loan is returned to accrual status, it is then considered a performing loan. See Note 3 Asset Quality and Note 5 Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit in this Report and in our 2014 Form 10-K for additional TDR information. Al lowance f or Loan a nd Lease Losses We maintain the ALLL at a level that we believe to be appropriate to absorb estimated probable credit losses incurred in the loan and lease portfolios as of the balance sheet date. Our determination of the allowance is bas ed on periodic evaluations of these loan and lease portfolios and other relevant factors. This critical estimate includes significant use of PNC’s own historical data and complex methods to interpret this data. These evaluations are inherently subjective, as they require material estimates and may be susceptible to significant change, and include, among others: Probability of default (PD), Loss given default (LGD), Outstanding balance of the loan, Movement through delinquency stages, Amounts and timing of expected future cash flows, Value of collateral, which may be obtained from third parties, and Qualitative factors, such as changes in current economic conditions, that may not be reflected in modeled results. For all loans, except purchased impaire d loans, the ALLL is the sum of three components: ( i ) asset specific/individual impaired reserves, (ii) quantitative (formulaic or pooled) reserves and (iii) qualitative (judgmental) reserves. The reserve calculation and determination process is dependen t on the use of key assumptions. 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 assumpt ions are periodically updated. Asset Specific/Individual Component Nonperforming loans that are considered impaired under ASC 310 – Receivables, which include all commercial and consumer TDRs, are evaluated for a specific reserve. Specific reserve allocations are determined as follows: For commercial nonperforming loans and commercial TDRs greater than or equal to a defined dollar threshold, specific reserves are based on an analysis of the present value of the loan’s expected future cash flows, the loan’s observable market price or the fair value of the collateral. For commercial nonperforming loans and commercial TDRs below the defined dollar threshold, the individual loan’s loss given default (LGD) percentage is multiplied by the loan balance and the results are aggregated for purposes of measuring specific reserve imp airment. Consumer nonperforming loans are collectively reserved for unless classified as consumer TDRs. For consumer TDRs, specific reserves are determined through an analysis of the present value of the loan’s expected future cash flows, except for those instances where loans have been deemed collateral dependent, including loans where borrowers have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to PNC. Once that determination has been made, those TDRs are charged down to the fair value of the collateral less costs to sell at each period end. Commercial Lending Quantitative Component The estimates of the quantitative component of ALLL for incurred losses within the commercial lending portfolio segment are determined through statistical loss modeling utilizing PD, LGD and outstanding balance of the loan. Based upon loan risk ratings, we assign PDs and LGDs. Each of these statistical parameters is determined based on internal his torical data and market data. PD is influenced by such factors as liquidity, industry, obligor financial structure, access to capital and cash flow. LGD is influenced by collateral type, original and/or updated loan-to-value ratio (LTV), facility structure and other factors. Consumer Lending Quantitative Component Quantitative estimates within the consumer lending portfolio segment are calculated primarily using a roll-rate model based on statistical relationships, calculated from historical data that esti mate the movement of loan outstandings through the various stages of delinquency and ultimately charge-off over our loss emergence period. Qualitative Component While our reserve methodologies strive to reflect all relevant risk factors, there continues t o be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between estimates and actual outcomes. We provide additional reserves that are designed to provide coverage for losses attributable to such risks. The ALLL also includes factors that may not be directly measured in the determination of specific or pooled reserves. Such qualitative factors may include: Industry concentrations and con ditions, Recent credit quality trends, Recent loss experience in particular portfolios, Recent macro-economic factors, Model imprecision, Changes in lending policies and procedures, Timing of available information, including the performance of first lien positions, and Limitations of available historical data. Allowance for Purchased Non-Impaired Loans ALLL for purchased non-impaired loans is determined based upon a comparison between the methodologies described above and the remaining acquisition da te fair value discount that has yet to be accreted into interest income. After making the comparison, an ALLL is recorded for the amount greater than the discount, or no ALLL is recorded if the discount is greater. Allowance for Purchased Impaired Loans A LLL for purchased impaired loans is determined in accordance with ASC 310-30 by comparing the net present value of the cash flows expected to be collected to the recorded investment for a given loan (or pool of loans). In cases where the net present value of expected cash flows is lower than the recorded investment, ALLL is established. Cash flows expected to be collected represent management’s best estimate of the cash flows expected over the life of a loan (or pool of loans). For large balance commercial loans, cash flows are separately estimated at the loan level. For smaller balance pooled loans, pool cash flows are estimated using cash flow models. Pools were defined at acquisition based on the risk characteristics of the loan. Our cash flow models use loan data including, but not limited to, contractual loan balance, delinquency status of the loan, updated borrower FICO credit scores, geographic information, historical loss experience, and updated LTVs, as well as best estimates for changes in unemploym ent rates, home prices and other economic factors, to determine estimated cash flows. See Note 4 Purchased Loans and Note 5 Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit for additional loan data and application of the policies disclosed herein. Our credit risk management policies, procedures and practices are designed to promote sound lending standards and prudent credit risk management. We have policies, procedures and practices that address financial statement requirements, collateral review and appraisal requirements, advance rates based upon collateral types, appropriate levels of exposure, cross-border risk, lending to specialized industries or borrower type, guarantor requirement s, and regulatory compliance. Allowance f or Unfunded Loan Commitments a nd Letters o f Credit We maintain the allowance for unfunded loan commitments and letters of credit at a level we believe is appropriate to absorb estimated probable credit losses on th ese unfunded credit facilities as of the balance sheet date. We determine the allowance based on periodic evaluations of the unfunded credit facilities, including an assessment of the probability of commitment usage, credit risk factors, and, solely for co mmercial lending, the terms and expiration dates of the unfunded credit facilities. Other than the estimation of the probability of funding, the reserve for unfunded loan commitments is estimated in a manner similar to the methodology used for determining reserves for funded exposures. The allowance for unfunded loan commitments and letters of credit is recorded as a liability on the Consolidated Balance Sheet. Net adjustments to the allowance for unfunded loan commitments and letters of credit are included in the provision for credit losses. See Note 5 Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit for additional loan data and application of the policies disclosed herein. Earnings Per Common Share Basic earnings per common share is calculated using the two-class method to determine income attributable to common shareholders. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities under the two-class method. Income attributable to common shareholders is then divided by the weighted-average common shares outstanding for the period. Diluted earnings per common share is calculated under the more dilutive of either the treasury method or the two-class method. For the diluted calculation, we increase the weighted-average number of shares of common stock outstanding by the assumed conversion of outstandi ng convertible preferred stock from the beginning of the year or date of issuance, if later, and the number of shares of common stock that would be issued assuming the exercise of stock options and warrants and the issuance of incentive shares using the tr easury stock method. These adjustments to the weighted-average number of shares of common stock outstanding are made only when such adjustments will dilute earnings per common share. See Note 12 Earnings Per Share for additional information. Recent ly Adopted Accounting Standards In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. This ASU impacts the accounting for repurchase-to-maturity transactions and transfers executed contemporaneously with a repurchase agreement with the same counterparty (i.e., a repurchase financing) by requiring secured borrow ing accounting. We adopted this accounting as of January 1, 2015. T he disclosure requirements were adopted in the current reporting period. Adoption of this ASU did not have a material effect on our results of operations or financial position. |
Loan Sale and Servicing Activit
Loan Sale and Servicing Activities and Variable Interest Entities | 6 Months Ended |
Jun. 30, 2015 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Loan Sale and Servicing Activities and Variable Interest Entities | Note 2 Loan Sale and Servicing Activities and Variable Interest Entities Loan Sale and Servicing Activities As more fully described in Note 2 Loan Sale and Servicing Activities and Variable Interest Entities in our 2014 Form 10-K, w e have transferred residential and commercial mortgage loans in securitization or sales transactions in which we have continuing involvement. Our continuing involvement generally consists of servicing, repurchasing previously transferred loans under certain conditions and loss share arrangements, and, in limited circumstances, holding of mortgage-backed securities issued by the securitization SPEs. The following table provides certain financial information and cash flows associated with PNC's loan sale and servicing activities: Table 50: Certain Financial Information and Cash Flows Associated with Loan Sale and Servicing Activities Residential Commercial Home Equity In millions Mortgages Mortgages (a) Loans/Lines (b) FINANCIAL INFORMATION - June 30, 2015 Servicing portfolio (c) $ 115,454 $ 197,932 $ 3,438 Carrying value of servicing assets (d) 1,015 543 Servicing advances (e) 463 271 6 Repurchase and recourse obligations (f) 97 35 28 Carrying value of mortgage-backed securities held (g) 5,639 1,170 FINANCIAL INFORMATION - December 31, 2014 Servicing portfolio (c) $ 108,010 $ 186,032 $ 3,833 Carrying value of servicing assets (d) 845 506 Servicing advances (e) 501 299 31 Repurchase and recourse obligations (f) 107 35 29 Carrying value of mortgage-backed securities held (g) 3,365 1,269 Residential Commercial Home Equity In millions Mortgages Mortgages (a) Loans/Lines (b) CASH FLOWS - Three months ended June 30, 2015 Sales of loans (h) $ 2,015 $ 1,159 Repurchases of previously transferred loans (i) 134 Servicing fees (j) 82 36 $ 4 Servicing advances recovered/(funded), net 47 21 1 Cash flows on mortgage-backed securities held (g) 429 54 CASH FLOWS - Three months ended June 30, 2014 Sales of loans (h) $ 2,189 $ 496 Repurchases of previously transferred loans (i) 159 $ 3 Servicing fees (j) 87 26 5 Servicing advances recovered/(funded), net 39 23 3 Cash flows on mortgage-backed securities held (g) 254 47 CASH FLOWS - Six months ended June 30, 2015 Sales of loans (h) $ 3,955 $ 2,179 Repurchases of previously transferred loans (i) 303 $ 2 Servicing fees (j) 165 68 8 Servicing advances recovered/(funded), net 38 28 25 Cash flows on mortgage-backed securities held (g) 669 114 CASH FLOWS - Six months ended June 30, 2014 Sales of loans (h) $ 4,284 $ 935 Repurchases of previously transferred loans (i) 368 $ 9 Servicing fees (j) 174 67 10 Servicing advances recovered/(funded), net 69 55 6 Cash flows on mortgage-backed securities held (g) 486 191 (a) Represents financial and cash flow information associated with both commercial mortgage loan transfer and servicing activities. (b) These activities were part of an acquired brokered home equity lending business in which PNC is no longer engaged. (c) For our continuing involvement with residential mortgages, this amount represents the outstanding balance of loans we service, including loans transferred by us and loans originated by others where we have purchased the associated servicing rights. For home equity loan/line of credit transfers, this amount represents the outstanding balance of loans transferred and serviced. For commercial mortgages, this amount represents our overall servicing portfolio in which loans have been transferred by us or third parties to VIEs. (d) See Note 7 Fair Value and Note 8 Goodwill and Other Intangible Assets for further information. (e) Pursuant to certain contractual servicing agreements, represents outstanding balance of funds advanced (i) to investors for monthly collections of borrower principal and interest, (ii) for borrower draws on unused home equity lines of credit, and (iii) for collateral protection associated with the underlying mortgage collateral. (f) Represents liability for our loss exposure associated with loan repurchases for breaches of representations and warranties for our Residential Mortgage Banking and Non-Strategic Assets Portfolio segments, and our commercial mortgage loss share arrangements for our Corporate & Institutional Banking segment. See Note 16 Commitments and Guarantees for further information. (g) Represents securities held where PNC transferred to and/or services loans for a securitization SPE and we hold securities issued by that SPE. (h) Gains/losses recognized on sales of loans were insignificant for the periods presented. (i) Includes government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option and loans repurchased due to breaches of origination covenants or representations and warranties made to purchasers. (j) Includes contractually specified servicing fees, late charges and ancillary fees. The table below presents information about the principal balances of transferred loans that we service and are not recorded on our balance sheet. Table 51: Principal Balance, Delinquent Loans, and Net Charge-offs Related to Serviced Loans Residential Commercial Home Equity In millions Mortgages Mortgages (a) Loans/Lines (b) June 30, 2015 Total principal balance $ 75,639 $ 56,552 $ 3,438 Delinquent loans (c) 2,161 672 1,129 December 31, 2014 Total principal balance $ 79,108 $ 60,873 $ 3,833 Delinquent loans (c) 2,657 707 1,303 Residential Commercial Home Equity In millions Mortgages Mortgages (a) Loans/Lines (b) Three months ended June 30, 2015 Net charge-offs (d) $ 37 $ 148 $ 8 Three months ended June 30, 2014 Net charge-offs (d) $ 34 $ 345 $ 15 Six months ended June 30, 2015 Net charge-offs (d) $ 69 $ 255 $ 15 Six months ended June 30, 2014 Net charge-offs (d) $ 75 $ 700 $ 32 (a) Represents information at the securitization level in which PNC has sold loans and is the servicer for the securitization. (b) These activities were part of an acquired brokered home equity lending business in which PNC is no longer engaged. (c) Serviced delinquent loans are 90 days or more past due or are in process of foreclosure. (d) Net charge-offs for Residential mortgages and Home equity loans/lines 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 CMBS securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information. Variable Interest Entities (VIEs) As discussed in Note 2 Loan Sale and Servicing Activities and Variable Interest Entities in our 2014 Form 10-K, we are involved with various entities in the normal course of business that are deemed to be VIEs. The following provides a summary of VIEs, including those that we have consolidated and those in which we hold variable interests but have not co nsolidated into our financial statements as of June 30, 2015 and December 31, 2014 , respectively . We have not provided additional financial support to these entities which we are not contractually required to provide. Table 52: Consolidated VIEs – Carrying Value (a) (b) June 30, 2015 Credit Card and Other Tax Credit In millions Securitization Trusts Investments Total Assets Cash and due from banks $ 5 $ 5 Interest-earning deposits with banks 5 5 Loans $ 1,457 6 1,463 Allowance for loan and lease losses (44) (44) Equity investments 256 256 Other assets 20 420 440 Total assets $ 1,433 $ 692 $ 2,125 Liabilities Other borrowed funds $ 154 $ 157 $ 311 Accrued expenses 63 63 Other liabilities 136 136 Total liabilities $ 154 $ 356 $ 510 December 31, 2014 Credit Card and Other Tax Credit In millions Securitization Trusts Investments Total Assets Cash and due from banks $ 6 $ 6 Interest-earning deposits with banks 6 6 Loans $ 1,606 1,606 Allowance for loan and lease losses (50) (50) Equity investments 492 492 Other assets 31 452 483 Total assets $ 1,587 $ 956 $ 2,543 Liabilities Other borrowed funds $ 166 $ 181 $ 347 Accrued expenses 70 70 Other liabilities 206 206 Total liabilities $ 166 $ 457 $ 623 (a) Amounts represent carrying value on PNC’s Consolidated Balance Sheet. (b) Difference between total assets and total liabilities represents the equity portion of the VIE or intercompany assets and liabilities which are eliminated in consolidation. Table 53: Non-Consolidated VIEs Carrying Value of Assets Owned by PNC Carrying Value of Liabilities Owned by PNC Aggregate Aggregate PNC Risk In millions Assets Liabilities of Loss (a) June 30, 2015 Commercial Mortgage-Backed Securitizations (b) $ 45,797 $ 45,797 $ 1,415 $ 1,415 (d) Residential Mortgage-Backed Securitizations (b) 323,975 323,975 5,678 5,678 (d) $ 1 (f) Tax Credit Investments and Other (c) 7,576 2,937 2,237 2,281 (e) 695 (g) Total $ 377,348 $ 372,709 $ 9,330 $ 9,374 $ 696 Carrying Value of Assets Owned by PNC Carrying Value of Liabilities Owned by PNC Aggregate Aggregate PNC Risk In millions Assets Liabilities of Loss (a) December 31, 2014 Commercial Mortgage-Backed Securitizations (b) $ 53,436 $ 53,436 $ 1,550 $ 1,550 (d) $ 1 (f) Residential Mortgage-Backed Securitizations (b) 62,236 62,236 3,385 3,385 (d) 4 (f) Tax Credit Investments and Other (c) 7,493 2,933 2,270 2,304 (e) 777 (g) Total $ 123,165 $ 118,605 $ 7,205 $ 7,239 $ 782 (a) This represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). Our total exposure related to our involvement in loan sale and servicing activities is disclosed in Table 50. Additionally, we also invest in other mortgage and asset-backed securities issued by third-party VIEs with which we have no continuing involvement. Further information on these securities is included in Note 6 Investment Securities and values disclosed represent our maximum exposure to loss for those securities’ holdings. (b) Amounts reflect involvement with securitization SPEs where PNC transferred to and/or services loans for an SPE and we hold securities issued by that SPE. Asset amounts equal outstanding liability amounts of the SPEs due to limited availability of SPE financial information. (c) Aggregate assets and aggregate liabilities are based on limited availability of financial information associated with certain acquired partnerships and certain LLCs engaged in solar power generation to which PNC provides lease financing. The aggregate assets and aggregate liabilities of LLCs engaged in solar power generation may not be reflective of the size of these VIEs due to differences in classification of leases by these entities. (d) Included in Trading securities, Investment securities, Other intangible assets and Other assets on our Consolidated Balance Sheet. (e) Included in Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (f) Included in Other liabilities on our Consolidated Balance Sheet. (g) Included in Deposits and Other liabilities on our Consolidated Balance Sheet. Our involvement with VIEs is discussed in further detail in Note 2 Loan Sale and Servicing Activities and Variable Interest Entities in our 2014 Form 10-K. |
Asset Quality
Asset Quality | 6 Months Ended |
Jun. 30, 2015 | |
Asset Quality [Abstract] | |
Asset Quality | Note 3 Asset Quality Asset Quality We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk. Trends in delinquency rates may be a key indicator, among other considerations, of credit risk within the loan portfolios. The measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due in terms of payment are considered delinquent. Loan delinquencies exclude loans held for sale, purchased impaired loans, nonperforming loans and loans accounted for under the fair value option which are on nonaccrual status, but include government insured or guaranteed loans and accruing loans accounted for under the fair value opti on. Nonperforming assets include nonperforming loans and leases , OREO and foreclosed assets , and nonperforming TDRs. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is not recognized on these loans. Loans accounted for under the fair value option are reported as performing loans as these loans are accounted for at fair value. Accordingly, when nonaccrual crite ria is met, interest income is not recognized on these loans. Additionally, certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest are not reported as nonperforming loans and continue to accru e interest . Purchased impaired loans are excluded from nonperforming loans as we are currently accreting interest income over the expected life of the loans. See Note 4 Purchased Loans for further information. See Note 1 Accounting Poli cies for additional delinquency, nonperforming, and charge-off information. The following tables display the delinquency status of our loans and our nonperforming assets at June 30, 2015 and December 31, 2014 , respectively. Table 54: Analysis of Loan Portfolio (a) Accruing Current or Less 30-59 60-89 90 Days Total Fair Value Option Purchased Total Than 30 Days Days Days Or More Past Nonperforming Nonaccrual Impaired Loans Dollars in millions Past Due Past Due Past Due Past Due Due (b) Loans Loans (c) Loans (d) (e) June 30, 2015 Commercial Lending Commercial $ 97,675 $ 83 $ 32 $ 35 $ 150 $ 258 $ 50 $ 98,133 Commercial real estate 24,368 5 5 1 11 242 185 24,806 Equipment lease financing 7,778 2 2 3 7,783 Total commercial lending 129,821 90 37 36 163 503 235 130,722 Consumer Lending Home equity 30,555 65 25 90 1,057 1,833 33,535 Residential real estate (f) 10,456 142 58 604 804 633 $ 242 2,397 14,532 Credit card 4,448 23 17 29 69 3 4,520 Other consumer (g) 21,273 172 98 245 515 56 21,844 Total consumer lending 66,732 402 198 878 1,478 1,749 242 4,230 74,431 Total $ 196,553 $ 492 $ 235 $ 914 $ 1,641 $ 2,252 $ 242 $ 4,465 $ 205,153 Percentage of total loans 95.80 % .24 % .11 % .45 % .80 % 1.10 % .12 % 2.18 % 100.00 % December 31, 2014 Commercial Lending Commercial $ 96,922 $ 73 $ 24 $ 37 $ 134 $ 290 $ 74 $ 97,420 Commercial real estate 22,667 23 2 25 334 236 23,262 Equipment lease financing 7,672 11 1 12 2 7,686 Total commercial lending 127,261 107 27 37 171 626 310 128,368 Consumer Lending Home equity 31,474 70 32 102 1,112 1,989 34,677 Residential real estate (f) 9,900 163 68 742 973 706 $ 269 2,559 14,407 Credit card 4,528 28 20 33 81 3 4,612 Other consumer (g) 22,071 214 112 293 619 63 22,753 Total consumer lending 67,973 475 232 1,068 1,775 1,884 269 4,548 76,449 Total $ 195,234 $ 582 $ 259 $ 1,105 $ 1,946 $ 2,510 $ 269 $ 4,858 $ 204,817 Percentage of total loans 95.32 % .28 % .13 % .54 % .95 % 1.23 % .13 % 2.37 % 100.00 % (a) Amounts in table represent recorded investment and exclude loans held for sale. (b) Past due loan amounts exclude purchased impaired loans, even if contractually past due (or if we do not expect to receive payment in full based on the original contractual terms), as we are currently accreting interest income over the expected life of the loans. (c) Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policies. Given that these loans are not accounted for at amortized cost, these loans have been excluded from the nonperforming loan population. (d) Net of unearned income, net deferred loan fees, unamortized discounts and premiums, and purchase discounts and premiums totaling $1.6 billion and $1.7 billion at June 30, 2015 and December 31, 2014, respectively. (e) Future accretable yield related to purchased impaired loans is not included in the analysis of loan portfolio. (f) Past due loan amounts at June 30, 2015 include government insured or guaranteed Residential real estate mortgages totaling $64 million for 30 to 59 days past due, $38 million for 60 to 89 days past due and $585 million for 90 days or more past due. Past due loan amounts at December 31, 2014 include government insured or guaranteed Residential real estate mortgages totaling $68 million for 30 to 59 days past due, $43 million for 60 to 89 days past due and $719 million for 90 days or more past due. (g) Past due loan amounts at June 30, 2015 include government insured or guaranteed Other consumer loans totaling $121 million for 30 to 59 days past due, $81 million for 60 to 89 days past due and $232 million for 90 days or more past due. Past due loan amounts at December 31, 2014 include government insured or guaranteed Other consumer loans totaling $152 million for 30 to 59 days past due, $93 million for 60 to 89 days past due and $277 million for 90 days or more past due. At June 30, 2015 , we pledged $ 18.7 billion of commercial loans to the Federal Reserve Bank (FRB) and $ 52.6 billion of residential real estate and other loans to the Federal Home Loan Bank (FHLB) as collateral for the contingent ability to borrow, if necessary. The comparable amounts at December 31, 2014 were $ 19.2 billion and $ 52.8 billion, respectively. In the normal course of business, we originate or purchase loan products with contractual characteristics that, when concentrated, may increase our exposure as a holder of those loan products. Possible product features th at may create a concentration of credit risk would include a high original or updated LTV ratio, terms that may expose the borrower to future increases in repayments above increases in market interest rates, and interest-only loans, among others. We origi nate interest-only loans to commercial borrowers. Such credit arrangements are usually designed to match borrower cash flow expectations (e.g., working capital lines, revolvers). These products are standard in the financial services industry and product fe atures are considered during the underwriting process to mitigate the increased risk that the interest-only feature may result in borrowers not being able to make interest and principal payments when due. We do not believe that these product features creat e a concentration of credit risk. Table 55: Nonperforming Assets June 30 December 31 Dollars in millions 2015 2014 Nonperforming loans Commercial lending Commercial $ 258 $ 290 Commercial real estate 242 334 Equipment lease financing 3 2 Total commercial lending 503 626 Consumer lending (a) Home equity 1,057 1,112 Residential real estate 633 706 Credit card 3 3 Other consumer 56 63 Total consumer lending 1,749 1,884 Total nonperforming loans (b) (c) 2,252 2,510 OREO and foreclosed assets Other real estate owned (OREO) 302 351 Foreclosed and other assets 24 19 Total OREO and foreclosed assets 326 370 Total nonperforming assets $ 2,578 $ 2,880 Nonperforming loans to total loans 1.10 % 1.23 % Nonperforming assets to total loans, OREO and foreclosed assets 1.25 1.40 Nonperforming assets to total assets .73 .83 (a) Excludes most consumer loans and lines of credit, not secured by residential real estate, which are charged off after 120 to 180 days past due and are not placed on nonperforming status. (b) Nonperforming loans exclude certain government insured or guaranteed loans, loans held for sale, loans accounted for under the fair value option and purchased impaired loans. (c) The recorded investment of loans collateralized by residential real estate property that are in process of foreclosure was $.6 billion and $.8 billion at June 30, 2015 and December 31, 2014, which included $.4 billion and $.5 billion, respectively, of loans that are government insured/guaranteed. Nonperforming loans also include certain l oans whose terms have bee n restructured in a manner that grants a concession to a borrower experiencing financial difficulties . In accordance with applicable accounting guidance, these loans are considered TDRs. See Note 1 Accounting Policies and the TDR section of Note 3 in our 2014 Form 10-K for additional information. For the six months ended June 30, 2015 , $ 442 million of Consumer loans held for sale, loans accounte d for under the fair value option, pooled purchased impaired loans, as well as certain government insured or guaranteed loans which were evaluated for TDR consideration, are not classified as TDRs. The comparable amount for the six months ended June 30, 2014 was $615 million. Total nonperforming loans in the nonperforming assets table above include TDRs of $ 1.2 billion at June 30, 2015 and $1.4 billion at December 31, 2014 . TDRs that are performing, in cluding credit card TDR loans, totaled $1.2 billion at June 30, 2015 and December 31, 2014 and are exc luded from nonperforming loans. T hese include TDRs that are not placed on nonaccrual status as permitted by regulatory guidance. No nperforming TDRs are returned to accrual and classified as performing after demonstrating a period of at least six months of consecutive performance under the restructured terms. Loans where borrowers have been discharged from personal liability through C hapter 7 bankruptcy and have not formally reaffirmed their loan obligation s to PNC and loans to borrowers not currently obligated to make both principal and interest payments under the restructured terms are not returned to accrual status . Additional Asset Quality Indicators We have two overall portfolio segments – Commercial Lending and Cons umer Lending. Each of these two segments is comprised of multiple loan classes. Classes are characterized by similarities in initial measurement, risk attributes and the manner in which we monitor and assess credit risk. The C ommercial Lending segment is comprised of the commercial, commercial real estate, equipment lease financing, a nd commercial purchased impaired loan c lasses . The Consumer Lending segment is comprised of the home equity, reside ntial real estate, credit card, other consumer, and consumer purchased impaired loan c lasses. Commercial Lending Asset Classes Commercial L oan Class For commercial loans, we monitor the performance of the borrower in a disciplined and regular manner based upon the level of credit risk inherent in the loan. To evaluate the level of credit risk, we assign an internal risk rating reflecting the borrower’s PD and LGD. This two-dimensional credit risk rating methodology provides granularity in the risk monitoring process on an ongoing basis. These ratings are reviewed and updated , generally at least once per year. Addition ally, no less frequently than on an annual basis, we review PD rates related to each rating grade based upon internal historical data. These rates are updated as needed and augmented by market data as deemed necessary. For small balance homogenous pools of commercial loans, mortgages and leases, we apply statistical modeling to assist in determining the probability of default within these pools. Further, on a periodic basis, we update our LGD estimates associated with each rating grade based upon histori cal data. The combination of the PD and LGD ratings assigned to a commercial loan, capturing both the combination of expectations of default and loss severity in event of default, reflects the relative estimated likelihood of loss for that loan at the rep orting date. In general, loans with better PD and LGD tend to have a lower likelihood of loss compared to loans with worse PD and LGD. The loss amount also considers exposure at date of default, which we also periodically update based upon historical data. Based upon the amount of the lending arrangement and our risk rating assessment, we follow a formal schedule of written periodic review. Quarterly, we conduct formal reviews of a market's or business unit's entire loan portfolio, focusing on those loans which we perceive to be of higher risk, based upon PDs and LGDs, or loans for which credit quality is weakening. If circumstances warrant, it is our practice to review any customer obligation and its level of credit risk more frequently. We attempt to proa ctively manage our loans by using various procedures that are customized to the risk of a given loan, including ongoing outreach, contact, and assessment of obligor financial conditions, collateral inspection and appraisal. Commercial Real Estate Loan Cla ss We manage credit risk associated with our commercial real estate projects and commercial mortgage activities similar to commercial loans by analyzing PD and LGD. Additionally, risks connected with commercial real estate projects and commercial mortgage activities tend to be correlated to the loan structure and collateral location, project progress and business environment. As a result, these attributes are also monitored and utilized in assessing credit risk. As with the commercial class, a formal sched ule of periodic review is also performed to assess market/geographic risk and business unit/industry risk. Often as a result of these overviews, more in-depth reviews and increased scrutiny are placed on areas of higher risk, including adverse changes in r isk ratings, deteriorating operating trends, and/or areas that concern management. These reviews are designed to assess risk and take actions to mitigate our exposure to such risks. Equipment Lease Financing Loan Class We manage credit risk associated wi th our equipment lease financing loan class similar to commercial loans by analyzing PD and LGD. Based upon the dollar amount of the lease and of the level of credit risk, we follow a formal schedule of periodic review. Generally, this occurs quarterly, a lthough we have established practices to review such credit risk more frequently if circumstances warrant. Our review process entails analysis of the following factors: equipment value/residual value, exposure levels, jurisdiction risk, industry risk, guar antor requirements, and regulatory compliance. Commercial Purchased Impaired Loan Class Estimates of the expected cash flows primarily determine the valuation of commercial purchased impaired loans. Commercial cash flow estimates are influenced by a number of credit related items, which include but are not limited to: estimated collateral value, receipt of additional collateral, secondary trading prices, circumstances of possible and/or ongoing liquidation, capital availability, business operations an d payment patterns. We attempt to proactively manage these factors by using various procedures that are customized to the risk of a given loan. These procedures include a review by our Special Asset Committee (SAC), ongoing outreach, contact, and assess ment of obligor financial conditions, collateral inspection and appraisal. See Note 4 Purchased Loans for additional information. Table 56: Commercial Lending Asset Quality Indicators (a)(b) Criticized Commercial Loans Pass Special Total In millions Rated Mention (c) Substandard (d) Doubtful (e) Loans June 30, 2015 Commercial $ 93,470 $ 1,848 $ 2,696 $ 69 $ 98,083 Commercial real estate 23,828 215 564 14 24,621 Equipment lease financing 7,621 84 76 2 7,783 Purchased impaired loans 6 208 21 235 Total commercial lending $ 124,919 $ 2,153 $ 3,544 $ 106 $ 130,722 December 31, 2014 Commercial $ 92,884 $ 1,984 $ 2,424 $ 55 $ 97,347 Commercial real estate 22,066 285 639 35 23,025 Equipment lease financing 7,518 73 93 2 7,686 Purchased impaired loans 4 280 26 310 Total commercial lending $ 122,468 $ 2,346 $ 3,436 $ 118 $ 128,368 (a) Based upon PDs and LGDs. We apply a split rating classification to certain loans meeting threshold criteria. By assigning a split classification, a loan's exposure amount may be split into more than one classification category in the above table. (b) Loans are included above based on the Regulatory Classification definitions of "Pass", "Special Mention", "Substandard" and "Doubtful". (c) Special Mention rated loans have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects at some future date. These loans do not expose us to sufficient risk to warrant a more adverse classification at this time. (d) Substandard rated loans have a well-defined weakness or weaknesses that jeopardize the collection or liquidation of debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. (e) Doubtful rated loans possess all the inherent weaknesses of a Substandard loan with the additional characteristics that the weakness makes collection or liquidation in full improbable due to existing facts, conditions, and values. Consumer Lending Asset Classes Home Equity and Residential Real Estate Loan Classes We use several credit quality indicators, including delinquency information, nonperforming loan information, updated credit scores, originated and updated LTV ratios, and geography, to monitor and manage credit risk within the home equity and residential real estate loan classes. We evaluate mortgage loan performance by source originators and loan servicers. A summary of asset quality indicators follows: Delinquency/De linquency Rates : We monitor trending of delinquency/delinquency rates for home equity and residential real estate loans. See the Asset Quality section of this Note 3 for additional information. Nonperforming Loans : We monitor trending of nonperforming lo ans for home equity and residential real estate loans. See the Asset Quality section of this Note 3 for additional information. Credit Scores : We use a national third-party provider to update FICO credit scores for home equity loans and lines of credit a nd residential real estate loans at least quarterly. The updated scores are incorporated into a series of credit management reports, which are utilized to monitor the risk in the loan classes. LTV (inclusive of combined loan-to-value (CLTV) for first and subordinate lien positions) : At least annually, we update the property values of real estate collateral and calculate an updated LTV ratio. For open-end credit lines secured by real estate in regions experiencing significant declines in property values, m ore frequent valuations may occur. We examine LTV migration and stratify LTV into categories to monitor the risk in the loan classes. Historically, we used, and we continue to use, a combination of original LTV and updated LTV for internal risk management and reporting purposes ( e.g. , line management, loss mitigation strategies). In addition to the fact that estimated property values by their nature are estimates, given certain data limitations it is important to note that updated LTVs may be based upon ma nagement’s assumptions ( e.g. , if an updated LTV is not provided by the third-party service provider, home price index (HPI) changes will be incorporated in arriving at management’s estimate of updated LTV). Geography : Geographic concentrations are monito red to evaluate and manage exposures. Loan purchase programs are sensitive to, and focused within, certain regions to manage geographic exposures and associated risks. A combination of updated FICO scores, originated and updated LTV ratios and geographic location assigned to home equity loans and lines of credit and residential real estate loans is used to monitor the risk in the loan classes. Loans with higher FICO scores and lower LTVs tend to have a lowe r level of risk. Conversely, loans with lower FICO scores, higher LTVs, and in certain geographic locations tend to have a higher level of risk. Consumer Purchased Impaired Loan Class Estimates of the expected cash flows primarily determine the valuation of consumer purchased impaired loans. Consumer cash flow estimates are influenced by a number of credit related items, which include, but are not limited to: estimated real estate values, payment patterns, updated FICO scores, the current economic environm ent, updated LTV ratios and the date of origination. These key factors are monitored to help ensure that concentrations of risk are managed and cash flows are maximized. See Note 4 Purchased Loans for additional information. Table 57: Home Equity and Residential Real Estate Balances June 30 December 31 In millions 2015 2014 Home equity and residential real estate loans - excluding purchased impaired loans (a) $ 42,830 $ 43,348 Home equity and residential real estate loans - purchased impaired loans (b) 4,136 4,541 Government insured or guaranteed residential real estate mortgages (a) 1,007 1,188 Difference between outstanding balance and recorded investment in purchased impaired loans (c) 94 7 Total home equity and residential real estate loans (a) $ 48,067 $ 49,084 (a) Represents recorded investment. (b) Represents outstanding balance. (c) Outstanding balance represents the balance on the loan servicing system for active loans. It is possible for the outstanding balance to be lower than the recorded investment for certain loans due to the use of pool accounting. Table 58: Home Equity and Residential Real Estate Asset Quality Indicators – Excluding Purchased Impaired Loans (a) (b) Home Equity Residential Real Estate June 30, 2015 - in millions 1st Liens 2nd Liens Total Current estimated LTV ratios (c) Greater than or equal to 125% and updated FICO scores: Greater than 660 $ 315 $ 1,223 $ 346 $ 1,884 Less than or equal to 660 (d) (e) 55 236 89 380 Missing FICO 1 7 6 14 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 797 2,016 763 3,576 Less than or equal to 660 (d) (e) 114 341 137 592 Missing FICO 2 5 8 15 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 863 1,659 774 3,296 Less than or equal to 660 98 236 102 436 Missing FICO 2 4 9 15 Less than 90% and updated FICO scores: Greater than 660 13,957 7,574 8,216 29,747 Less than or equal to 660 1,251 902 566 2,719 Missing FICO 29 15 112 156 Total home equity and residential real estate loans $ 17,484 $ 14,218 $ 11,128 $ 42,830 Home Equity Residential Real Estate December 31, 2014 - in millions 1st Liens 2nd Liens Total Current estimated LTV ratios (c) Greater than or equal to 125% and updated FICO scores: Greater than 660 $ 333 $ 1,399 $ 360 $ 2,092 Less than or equal to 660 (d) (e) 57 273 92 422 Missing FICO 1 9 8 18 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 839 2,190 772 3,801 Less than or equal to 660 (d) (e) 118 383 153 654 Missing FICO 1 5 12 18 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 891 1,703 755 3,349 Less than or equal to 660 103 271 118 492 Missing FICO 2 3 5 10 Less than 90% and updated FICO scores: Greater than 660 13,878 7,874 7,703 29,455 Less than or equal to 660 1,319 995 573 2,887 Missing FICO 27 14 109 150 Total home equity and residential real estate loans $ 17,569 $ 15,119 $ 10,660 $ 43,348 (a) Excludes purchased impaired loans of approximately $4.2 billion and $4.5 billion in recorded investment, certain government insured or guaranteed residential real estate mortgages of approximately $1.0 billion and $1.2 billion, and loans held for sale at June 30, 2015 and December 31, 2014, respectively. See the Home Equity and Residential Real Estate Asset Quality Indicators - Purchased Impaired Loans table below for additional information on purchased impaired loans. (b) Amounts shown represent recorded investment. (c) Based upon updated LTV (inclusive of combined loan-to-value (CLTV) for first and subordinate lien positions). Updated LTV is estimated using modeled property values. These ratios are updated at least semi-annually. The related estimates and inputs are based upon an approach that uses a combination of third-party automated valuation models (AVMs), broker price opinions (BPOs), HPI indices, property location, internal and external balance information, origination data and management assumptions. In cases where we are in an originated second lien position, we generally utilize origination balances provided by a third-party which do not include an amortization assumption when calculating updated LTV. Accordingly, the results of these calculations do not represent actual appraised loan level collateral or updated LTV based upon a current first lien balance, and as such, are necessarily imprecise and subject to change as we enhance our methodology. (d) Higher risk loans are defined as loans with both an updated FICO score of less than or equal to 660 and an updated LTV greater than or equal to 100%. (e) The following states had the highest percentage of higher risk loans at June 30, 2015: New Jersey 15%, Ohio 12%, Illinois 12%, Pennsylvania 12%, Florida 7%, Maryland 6% and Michigan 5%. The remainder of the states had lower than 4% of the higher risk loans individually, and collectively they represent approximately 31% of the higher risk loans. The following states had the highest percentage of higher risk loans at December 31, 2014: New Jersey 14%, Illinois 12%, Pennsylvania 12%, Ohio 12%, Florida 8%, Maryland 6%, Michigan 5%, and North Carolina 4%. The remainder of the states had lower than 4% of the high risk loans individually, and collectively they represent approximately 28% of the higher risk loans. Table 59: Home Equity and Residential Real Estate Asset Quality Indicators – Purchased Impaired Loans (a) Home Equity (b) (c) Residential Real Estate (b) (c) June 30, 2015 - in millions 1st Liens 2nd Liens Total Current estimated LTV ratios (d) Greater than or equal to 125% and updated FICO scores: Greater than 660 $ 6 $ 225 $ 221 $ 452 Less than or equal to 660 9 105 121 235 Missing FICO 7 7 14 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 14 387 245 646 Less than or equal to 660 11 166 173 350 Missing FICO 10 9 19 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 12 186 157 355 Less than or equal to 660 7 84 103 194 Missing FICO 4 6 10 Less than 90% and updated FICO scores: Greater than 660 109 320 625 1,054 Less than or equal to 660 97 175 472 744 Missing FICO 1 13 28 42 Missing LTV and updated FICO scores: Greater than 660 1 12 13 Less than or equal to 660 3 5 8 Total home equity and residential real estate loans $ 270 $ 1,682 $ 2,184 $ 4,136 Home Equity (b) (c ) Residential Real Estate (b) (c) December 31, 2014 - in millions 1st Liens 2nd Liens Total Current estimated LTV ratios (d) Greater than or equal to 125% and updated FICO scores: Greater than 660 $ 8 $ 243 $ 276 $ 527 Less than or equal to 660 9 125 144 278 Missing FICO 8 6 14 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 15 426 272 713 Less than or equal to 660 12 194 200 406 Missing FICO 11 5 16 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 12 207 186 405 Less than or equal to 660 9 93 123 225 Missing FICO 5 3 8 Less than 90% and updated FICO scores: Greater than 660 102 339 626 1,067 Less than or equal to 660 109 200 515 824 Missing FICO 1 12 15 28 Missing LTV and updated FICO scores: Greater than 660 1 14 15 Less than or equal to 660 4 10 14 Missing FICO 1 1 Total home equity and residential real estate loans $ 282 $ 1,863 $ 2,396 $ 4,541 (a) Amounts shown represent outstanding balance. See Note 4 Purchased Loans for additional information. (b) For the estimate of cash flows utilized in our purchased impaired loan accounting, other assumptions and estimates are made, including amortization of first lien balances, pre-payment rates, etc., which are not reflected in this table. (c) The following states had the highest percentage of purchased impaired loans at June 30, 2015: California 16%, Florida 14%, Illinois 11%, Ohio 8%, North Carolina 7%, and Michigan 5%. The remainder of the states had lower than a 4% concentration of purchased impaired loans individually, and collectively they represent approximately 39% of the purchased impaired portfolio. The following states had the highest percentage of purchased impaired loans at December 31, 2014: California 17%, Florida 15%, Illinois 11%, Ohio 8%, North Carolina 7% and Michigan 5%. The remainder of the states had lower than a 4% concentration of purchased impaired loans individually, and collectively they represent approximately 37% of the purchased impaired portfolio. (d) Based upon updated LTV (inclusive of combined loan-to-value (CLTV) for first and subordinate lien positions). Updated LTV is estimated using modeled property values. These ratios are updated at least semi-annually. The related estimates and inputs are based upon an approach that uses a combination of third-party automated valuation models (AVMs), broker price opinions (BPOs), HPI indices, property location, internal and external balance information, origination data and management assumptions. In cases where we are in an originated second lien position, we generally utilize origination balances provided by a third-party which do not include an amortization assumption when calculating updated LTV. Accordingly, the results of these calculations do not represent actual appraised loan level collateral or updated LTV based upon a current first lien balance, and as such, are necessarily imprecise and subject to change as we enhance our methodology. Credit Card and Other Consumer Loan Classes Table 60: Credit Card and Other Consumer Loan Classes Asset Quality Indicators Credit Card (a) Other Consumer (b) % of Total Loans % of Total Loans Using FICO Using FICO Dollars in millions Amount Credit Metric Amount Credit Metric June 30, 2015 FICO score greater than 719 $ 2,680 59 % $ 9,293 65 % 650 to 719 1,265 28 3,425 24 620 to 649 193 4 503 3 Less than 620 208 5 578 4 No FICO score available or required (c) 174 4 517 4 Total loans using FICO credit metric 4,520 100 % 14,316 100 % Consumer loans using other internal credit metrics (b) 7,528 Total loan balance $ 4,520 $ 21,844 Weighted-average updated FICO score (d) 734 745 December 31, 2014 FICO score greater than 719 $ 2,717 59 % $ 9,156 64 % 650 to 719 1,288 28 3,459 24 620 to 649 203 4 528 4 Less than 620 239 5 619 4 No FICO score available or required (c) 165 4 557 4 Total loans using FICO credit metric 4,612 100 % 14,319 100 % Consumer loans using other internal credit metrics (b) 8,434 Total loan balance $ 4,612 $ 22,753 Weighted-average updated FICO score (d) 732 744 (a) At June 30, 2015, we had $30 million of credit card loans that are higher risk (i.e., loans with both updated FICO scores less than 660 and in late stage (90+ days) delinquency status). The majority of the June 30, 2015 balance related to higher risk credit card loans was geographically distributed throughout the following areas: Ohio 17%, Pennsylvania 16%, Michigan 9%, New Jersey 8%, Illinois 7%, Florida 7% and Indiana 5%. All other states had less than 4% individually and make up the remainder of the balance. At December 31, 2014, we had $35 million of credit card loans that are higher risk. The majority of the December 31, 2014 balance related to higher risk credit card loans was geographically distributed throughout the following areas: Ohio 17%, Pennsylvania 16%, Michigan 9%, Illinois 7%, New Jersey 7%, Indiana 6%, Florida 6% and North Carolina 4%. All other states had less than 4% individually and make up the remainder of the balance. (b) Other consumer loans for which updated FICO scores are used as an asset quality indicator include non-government guaranteed or insured education loans, automobile loans and other secured and unsecured lines and loans. Other consumer loans for which other internal credit metrics are used as an asset quality indicator include primarily government guaranteed or insured education loans, as well as consumer loans to high net worth individual |
Purchased Loans
Purchased Loans | 6 Months Ended |
Jun. 30, 2015 | |
Purchased Loans [Abstract] | |
Purchased Loans | Note 4 Purchased Loans Purchased Impaired Loans Purchased impaired loan accounting addresses differences between contractual cash flows and cash flows expected to be collected from the initial investment in loans if those differences are attributable, at least in part, to credit quality. Several factors were considered when evaluating whether a loan was considered a purchased impaired loan, including the delinquency status of the loan, updated borrower credit status, geographic information, and updated LTV. GAAP allows purchasers to account for loans individually or to aggregate purchased impaired loans acquired in the same fiscal quarter into one or more pools, provided that the loans h ave common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Purchased impaired homogeneous consumer, residential real estate and smaller balance commercia l loans with common risk characteristics are aggregated into pools where appropriate, whereas commercial loans with a total commitment greater than a defined threshold are accounted for individually. For pooled loans, proceeds of individual loans are not a pplied individually to each loan within a pool, but to the pool’s recorded investment since it is accounted for as a single asset. Upon final disposition of a loan within a pool ( e.g ., payoff, short-sale, foreclosure, etc .), the loan’s carrying value is re moved from the pool and any gain or loss associated with the transaction is retained in the pool’s recorded investment. For example, upon final disposition of a loan by short-sale, the proceeds of the short - sale may be less (or more) than the loan’s record ed investment. This shortfall or loss (excess or gain) is not accounted for as an individual loan sale in our income statement and is instead retained as part of the pool’s recorded investment consistent with our accounting for the pool as a single asset. This treatment is designed to maintain a constant effective yield for recognition of interest income. Accordingly, a pool’s recorded investment includes the net accumulation of realized losses or gains attributable to these final dispositions. As there are no future expected cash flows related to these dispositions, their net carrying value is $0. The recorded investment, including these realized losses and gains, is evaluated for collectability based upon the net present value of the pool’s remaining expec ted cash flows when establishing our allowance for loan losses. See below and Note 1 Accounting Policies and Note 5 Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit for additional information. The following table provides balances of purchased impaired loans at June 30, 2015 and December 31, 2014 : Table 65: Purchased Impaired Loans - Balances June 30, 2015 December 31, 2014 In millions Outstanding Balance (a) Recorded Investment Carrying Value Outstanding Balance (a) Recorded Investment Carrying Value Commercial lending Commercial $ 129 $ 50 $ 34 $ 159 $ 74 $ 57 Commercial real estate 217 185 134 307 236 174 Total commercial lending 346 235 168 466 310 231 Consumer lending Consumer 1,952 1,833 1,517 2,145 1,989 1,661 Residential real estate 2,184 2,397 1,925 2,396 2,559 2,094 Total consumer lending 4,136 4,230 3,442 4,541 4,548 3,755 Total $ 4,482 $ 4,465 $ 3,610 $ 5,007 $ 4,858 $ 3,986 (a) Outstanding balance represents the balance on the loan servicing system for active loans. It is possible for the outstanding balance to be lower than the recorded investment for certain loans due to the use of pool accounting. The excess of undiscounted cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized as interest income over the remaining life of the loan using the constant effective yield method. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference and is not recognized in income . Subsequent changes in the expected cash flows of i ndividual or pooled purchased impaired loans will either impact the accretable yield or result in an impairment charge to provision for credit losses in the period in which the changes become probable. Decreases to the net present value of expected cash fl ows will generally result in an impairment charge recorded as a provision for credit losses, resulting in an increase to the allowance for loan and lease losses, and a reclassification from accretable yield to non-accretable difference. During the first six months of 2015 , $ 12 million of provision recapture was recorded for purchased impaired loans compared to $95 million of provision recapture during the first six months of 2014 . Charge-offs (which were specifically for com mercial loans greater than a defined threshold) during the first six months of 2015 were $ 5 million compared to $24 million during the first six months of 2014 . At both June 30, 2015 and December 31, 2014 , t he allowance for loan and lease losses on total purchased impaired loans was $ .9 billion . At June 30, 2015, an allowance was recognized on each consumer purchased impaired loan pool. Subsequent increases in the net present value of cash flows will result in a provision recapture of any previously recorded allowance for loan and lease losses, to the extent applicable, and/or a reclassification from non-accretable differen ce to accretabl e yield, which will be recognized prospectively. Individual loan transactions where final dispositions have occurred (as noted above) result in removal of the loans from their applicable pools for cash flow estimation purposes. The cash flow re-estimation process is completed quarterly to evaluate the appropriateness of the allowance associated with the purchased impaired loans. Activity for the accretable yield during the first six months of 2015 and 2014 follows: Table 66: Purchased Impaired Loans - Accretable Yield In millions 2015 2014 January 1 $ 1,558 $ 2,055 Accretion (including excess cash recoveries) (252) (309) Net reclassifications to accretable from non-accretable (a) 146 208 Disposals (9) (18) June 30 $ 1,443 $ 1,936 (a) Approximately 70% and 78% of the net reclassifications for the six months ended June 30, 2015 and 2014, respectively, were driven by the consumer portfolio and were due to improvements of cash expected to be collected on loans in future periods. The remaining net reclassifications were predominantly due to future cash flow changes in the commercial portfolio. |
Allowances for Loan and Lease L
Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters Of Credit | 6 Months Ended |
Jun. 30, 2015 | |
Allowance For Loan And Lease Losses [Abstract] | |
Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters Of Credit | Note 5 Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit Allowance for Loan and Lease Losses We maintain the ALLL at levels that we believe to be a ppropriate to absorb estimated probable credit losses incurred in the portfolios as of the balance sheet date. We use the two main portfolio segments – Commercial Lendi ng and Consumer Lending – and develop and document the ALLL under separate methodologies for each of these segments as discussed in Note 1 Accounting Policies. A rollforward of the ALLL and associated loan data follows. Table 67: Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data Commercial Consumer In millions Lending Lending Total June 30, 2015 Allowance for Loan and Lease Losses January 1 $ 1,571 $ 1,760 $ 3,331 Charge-offs (108) (284) (392) Recoveries 134 88 222 Net (charge-offs) / recoveries 26 (196) (170) Provision for credit losses 20 80 100 Net change in allowance for unfunded loan commitments and letters of credit 13 13 Other (2) (2) June 30 $ 1,628 $ 1,644 $ 3,272 TDRs individually evaluated for impairment $ 35 $ 274 $ 309 Other loans individually evaluated for impairment 65 65 Loans collectively evaluated for impairment 1,461 582 2,043 Purchased impaired loans 67 788 855 June 30 $ 1,628 $ 1,644 $ 3,272 Loan Portfolio TDRs individually evaluated for impairment (a) $ 414 $ 2,002 $ 2,416 Other loans individually evaluated for impairment 282 282 Loans collectively evaluated for impairment (b) 129,791 67,258 197,049 Fair value option loans (c) 941 941 Purchased impaired loans 235 4,230 4,465 June 30 $ 130,722 $ 74,431 $ 205,153 Portfolio segment ALLL as a percentage of total ALLL 50 % 50 % 100 % Ratio of the allowance for loan and lease losses to total loans 1.25 % 2.21 % 1.59 % June 30, 2014 Allowance for Loan and Lease Losses January 1 $ 1,547 $ 2,062 $ 3,609 Charge-offs (209) (355) (564) Recoveries 149 84 233 Net charge-offs (60) (271) (331) Provision for credit losses 108 58 166 Net change in allowance for unfunded loan commitments and letters of credit 10 10 Other (1) (1) June 30 $ 1,604 $ 1,849 $ 3,453 TDRs individually evaluated for impairment $ 29 $ 407 $ 436 Other loans individually evaluated for impairment 118 118 Loans collectively evaluated for impairment 1,349 664 2,013 Purchased impaired loans 108 778 886 June 30 $ 1,604 $ 1,849 $ 3,453 Loan Portfolio TDRs individually evaluated for impairment (a) $ 545 $ 2,121 $ 2,666 Other loans individually evaluated for impairment 526 526 Loans collectively evaluated for impairment (b) (d) 122,533 68,717 191,250 Fair value option loans (c) (d) 985 985 Purchased impaired loans 479 5,078 5,557 June 30 $ 124,083 $ 76,901 $ 200,984 Portfolio segment ALLL as a percentage of total ALLL 46 % 54 % 100 % Ratio of the allowance for loan and lease losses to total loans 1.29 % 2.40 % 1.72 % (a) TDRs individually evaluated for impairment exclude TDRs that were subsequently accounted for as held for sale loans, but continue to be disclosed as TDRs. (b) Includes $174 million of loans collectively evaluated for impairment based upon collateral values and written down to the respective collateral value less costs to sell at June 30, 2015. Accordingly, there is no allowance recorded for these loans. The comparative amount as of June 30, 2014 was $232 million. (c) Loans accounted for under the fair value option are not evaluated for impairment as these loans are accounted for at fair value. Accordingly, there is no allowance recorded on these loans. (d) Prior period amounts were corrected to include transferred loans over which PNC regained effective control as fair value option loans. This resulted in an increase of $101 million in consumer lending fair value option loans and a corresponding decrease of $101 million in consumer lending loans collectively evaluated for impairment. Allowance for Unfunded Loan Commitments and Letters of Credit We maintain the allowance for unfunded loan commitments and letters of credit at a level we believe is a ppropriate to absorb estimated probable credit losses on these unfunded credit facilities as of the balance sheet date as discussed in Note 1 Accounting Policies. A rollforward of the allowance is presented below. Table 68: Rollforward of Allowance for Unfunded Loan Commitments and Letters of Credit In millions 2015 2014 January 1 $ 259 $ 242 Net change in allowance for unfunded loan commitments and letters of credit (13) (10) June 30 $ 246 $ 232 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities | NOTE 6 INVESTMENT SECURITIES Table 69: Investment Securities Summary Amortized Unrealized Fair In millions Cost Gains Losses Value June 30, 2015 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ 5,931 $ 166 $ (2) $ 6,095 Residential mortgage-backed Agency 20,629 331 (118) 20,842 Non-agency 4,357 284 (89) 4,552 Commercial mortgage-backed Agency 1,980 21 (7) 1,994 Non-agency 4,368 62 (8) 4,422 Asset-backed 5,377 82 (24) 5,435 State and municipal 2,010 59 (11) 2,058 Other debt 1,822 39 (7) 1,854 Total debt securities 46,474 1,044 (266) 47,252 Corporate stocks and other 428 (1) 427 Total securities available for sale $ 46,902 $ 1,044 $ (267) $ 47,679 Securities Held to Maturity (a) Debt securities U.S. Treasury and government agencies $ 253 $ 37 $ 290 Residential mortgage-backed Agency 8,199 117 $ (58) 8,258 Non-agency 252 7 259 Commercial mortgage-backed Agency 1,142 48 1,190 Non-agency 812 13 825 Asset-backed 736 3 (6) 733 State and municipal 1,982 78 2,060 Other debt 307 6 313 Total securities held to maturity $ 13,683 $ 309 $ (64) $ 13,928 December 31, 2014 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ 5,237 $ 186 $ (1) $ 5,422 Residential mortgage-backed Agency 17,646 438 (41) 18,043 Non-agency 4,723 318 (99) 4,942 Commercial mortgage-backed Agency 2,178 23 (14) 2,187 Non-agency 4,085 88 (11) 4,162 Asset-backed 5,141 78 (32) 5,187 State and municipal 1,953 88 (3) 2,038 Other debt 1,776 43 (6) 1,813 Total debt securities 42,739 1,262 (207) 43,794 Corporate stocks and other 442 (1) 441 Total securities available for sale $ 43,181 $ 1,262 $ (208) $ 44,235 Securities Held to Maturity (a) Debt securities U.S. Treasury and government agencies $ 248 $ 44 $ 292 Residential mortgage-backed Agency 5,736 166 $ (10) 5,892 Non-agency 270 13 283 Commercial mortgage-backed Agency 1,200 53 1,253 Non-agency 1,010 19 1,029 Asset-backed 759 2 (8) 753 State and municipal 2,042 111 2,153 Other debt 323 6 329 Total securities held to maturity $ 11,588 $ 414 $ (18) $ 11,984 (a) Held to maturity securities transferred from available for sale are included in held to maturity at fair value at the time of transfer. The amortized cost of held to maturity securities included net unrealized gains of $110 million and $125 million at June 30, 2015 and December 31, 2014, respectively, related to securities transferred, which are offset in Accumulated Other Comprehensive Income, net of tax. The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Net unrealized gains and losses in the securities available for sale portfolio are included in Shareholders’ equity as A ccumulated other comprehensive income or loss, net of tax, unless credit-related. Securities held to maturity are carried at amortized cost. At June 30, 2015 , Accumulated other comprehensive income included pretax gains of $ 93 million from derivatives that hedged the purchase of investment securities classified as held to maturity. The gains will be accreted into interest income as an adjustment of yield on the securities. Table 70 presents gr oss unrealized losses on securities available for sale at June 30, 2015 and December 31, 2014 . The securities are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and t welve months or more based on the point in time that the fair value declined below the amortized cost basis. The table includes debt securities where a portion of other-than-temporary impairment (OTTI) has been recognized in A ccumulated other comprehensive income ( loss ) . Table 70: Gross Unrealized Loss and Fair Value of Securities Available for Sale Unrealized loss position less Unrealized loss position 12 In millions than 12 months months or more Total Unrealized Fair Unrealized Fair Unrealized Fair Loss Value Loss Value Loss Value June 30, 2015 Debt securities U.S. Treasury and government agencies $ (2) $ 1,167 $ (2) $ 1,167 Residential mortgage-backed Agency (94) 7,736 $ (24) $ 1,259 (118) 8,995 Non-agency (5) 443 (84) 1,395 (89) 1,838 Commercial mortgage-backed Agency (2) 429 (5) 150 (7) 579 Non-agency (5) 1,504 (3) 339 (8) 1,843 Asset-backed (5) 946 (19) 605 (24) 1,551 State and municipal (8) 503 (3) 49 (11) 552 Other debt (4) 332 (3) 139 (7) 471 Total debt securities (125) 13,060 (141) 3,936 (266) 16,996 Corporate stocks and other (1) 61 (1) 61 Total $ (125) $ 13,060 $ (142) $ 3,997 $ (267) $ 17,057 December 31, 2014 Debt securities U.S. Treasury and government agencies $ (1) $ 1,426 $ (1) $ 1,426 Residential mortgage-backed Agency (4) 644 $ (37) $ 1,963 (41) 2,607 Non-agency (5) 276 (94) 1,487 (99) 1,763 Commercial mortgage-backed Agency (2) 681 (12) 322 (14) 1,003 Non-agency (4) 928 (7) 335 (11) 1,263 Asset-backed (4) 913 (28) 1,133 (32) 2,046 State and municipal (a) 41 (3) 77 (3) 118 Other debt (2) 314 (4) 186 (6) 500 Total debt securities (22) 5,223 (185) 5,503 (207) 10,726 Corporate stocks and other (1) 15 (1) 15 Total $ (22) $ 5,223 $ (186) $ 5,518 $ (208) $ 10,741 (a) The unrealized loss on these securities was less than $.5 million. The gross unrealized loss on debt securities held to maturity was $ 74 million at June 30, 2015 , with $51 million of the loss related to securities with a fair value of $ 4.0 b illion that had been in a continuous loss position less than 12 months and $23 million of the loss related to securities with a fair value of $ 1.0 billion that had been in a continuous loss position for more than 12 months. The gross u nrealized loss on debt securities held to maturity was $22 million at December 31, 2014 , with $1 million of the loss related to securities with a fair value of $134 million that had been in a continuous loss position less than 12 months and $21 mil lion of the loss related to securities with a fair value of $ 1.6 billion that had been in a continuous loss position for more than 12 months. For securities transferred to held to maturity from available for sale, the unrealized loss for purposes of this analysis is determined by comparing the security’s original amortized cost to its current estimated fair value. Evaluating Investment Securities for Other-than-Temporary Impairments For the securities in the preceding Table 70 , as of June 30, 2015 we do not intend to sell and believe we will not be required to sell the securities prior to recovery of the amortized cost basis. A t least quarterly, we conduct a comprehensive security-level assessment on all securities . For those securities in an unrealized loss position we determine if OTTI exists. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. An OTTI loss must be recog nized for a debt security in an unrealized loss position if we intend to sell the security or it is more likely than not we will be required to sell the security prior to recovery of its amortized cost basis. In this situation, the amount of loss recognize d in income is equal to the difference between the fair value and the amortized cost basis of the security. Even if we do not expect to sell the security, we must evaluate the expected cash flows to be received to determine if we believe a credit loss has occurred. In the event of a credit loss, only the amount of impairment associated with the credit loss is recognized in income. The portion of the unrealized loss relating to other factors, such as liquidity conditions in the market or changes in market in terest rates, is recorded in accumulated other comprehensive income ( loss ) . The security-level assessment is performed on each investment security. Our assessment considers the security structure, recent security collateral performance metrics if applica ble, external credit ratings, failure of the issuer to make scheduled interest or principal payments, our judgment and expectations of future performance, and relevant independent industry research, analysis and forecasts. Results of the periodic assessmen t are reviewed by a cross-functional senior management team representing Asset & Liability Management, Finance, and Market Risk Management. The senior management team considers the results of the assessments, as well as other factors, in determining whethe r the impairment is other-than-temporary. Substantially all of the credit impairment we have recognized relates to non-agency residential mortgage-backed securities and asset-backed securities collateralized by first-lien and second-lien non-agency resid ential mortgage loans. Potential credit losses on these securit ies are evaluated on a security- by - security basis. Collateral performance assumptions are developed for each security after reviewing collateral composition and collateral performance statistic s. This includes analyzing recent delinquency roll rates, loss se verities, voluntary prepayments and various other collateral and performance metrics. This information is then combined with general expectations on the housing market , employment and other m acro economic factors to develop estimates of future performance. Security level assumptions for prepayments, loan defaults and loss given default are applied to each non-agency residential mortgage-backed security and asset-backed security collateralized by first-lien and second-lien non-agency residential mortgage loans using a third-party cash flow model. The third-party cash flow model then generates projected cash flows according to the structure of each security. Based on the results of the cash flow analysis, we determine whether we expect that we will recover the amortized cost basis of our security. For those securities on our balance sheet where we determined losses represented OTTI, we have recorded cumulative credit losses of $1.2 billion at Jun e 30, 2015. During the first s ix months and second quarters of 2015 and 2014, the OTTI credit losses recognized in noninterest income and the OTTI noncredit losses recognized in accumulated other comprehensive income (loss), net of tax, on securities were not significant. Information relating to gross realized securities gains and losses from the sales of securities is set forth in the following table. Table 71: Gains (Losses) on Sales of Securities Available for Sale Gross Gross Net Tax In millions Proceeds Gains Losses Gains Expense Six months ended June 30 2015 $ 2,441 $ 51 $ (1) $ 50 $ 17 2014 $ 3,401 $ 29 $ (25) $ 4 $ 1 The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at June 30, 2015 . Table 72: Contractual Maturity of Debt Securities June 30, 2015 After 1 Year After 5 Years After 10 Dollars in millions 1 Year or Less through 5 Years through 10 Years Years Total Securities Available for Sale U.S. Treasury and government agencies $ 513 $ 804 $ 3,976 $ 638 $ 5,931 Residential mortgage-backed Agency 123 760 19,746 20,629 Non-agency 5 1 4,351 4,357 Commercial mortgage-backed Agency 83 136 48 1,713 1,980 Non-agency 85 4,283 4,368 Asset-backed 5 1,150 2,104 2,118 5,377 State and municipal 9 129 316 1,556 2,010 Other debt 140 1,174 327 181 1,822 Total debt securities available for sale $ 750 $ 3,606 $ 7,532 $ 34,586 $ 46,474 Fair value $ 757 $ 3,682 $ 7,628 $ 35,185 $ 47,252 Weighted-average yield, GAAP basis 2.96 % 2.46 % 2.33 % 2.98 % 2.83 % Securities Held to Maturity U.S. Treasury and government agencies $ 253 $ 253 Residential mortgage-backed Agency $ 215 7,984 8,199 Non-agency 252 252 Commercial mortgage-backed Agency $ 940 144 58 1,142 Non-agency 6 806 812 Asset-backed 9 592 135 736 State and municipal 56 825 1,101 1,982 Other debt 307 307 Total debt securities held to maturity $ 1,011 $ 2,083 $ 10,589 $ 13,683 Fair value $ 1,050 $ 2,134 $ 10,744 $ 13,928 Weighted-average yield, GAAP basis 3.49 % 3.04 % 3.56 % 3.48 % Weighted-average yields are based on historical cost with effective yields weighted for the contractual maturity of each security. At June 30, 2015 , there were no securities of a single issuer, other than FNMA , that exceeded 10% of T otal shareholders’ equity. The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings. Table 73: Fair Value of Securities Pledged and Accepted as Collateral June 30 December 31 In millions 2015 2014 Pledged to others $ 10,051 $ 10,874 Accepted from others: Permitted by contract or custom to sell or repledge 1,569 1,658 Permitted amount repledged to others 1,399 1,488 The securities pledged to others include positions held in our portfolio of investment securities, trading securities, and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge , and were used to secure public and trust deposits, repurchase agreements, and for other purposes. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value [Abstract] | |
Fair Value | Note 7 Fair Value Fair Value Measurement PNC measures certain financial assets and liabilities at fair value in accordance with GAAP. Fair value is defined in GAAP 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. GAAP focuses on the exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. GAAP also establishes a fair value hierarchy to maximize the use of observable inputs when measuring fair value. For more information regarding the fair value hierarchy see Note 7 Fair Value in our 2014 Form 10-K. Assets and Liabilities Measured at Fair Value on a Recurring Basis For mo re information on the valuation methodologies used to measure assets and liabilities at fair value on a recurring basis, see Note 7 Fair Value in our 2014 Form 10-K. The following table summarizes our assets and liabilities measured at fair value on a recurring basis, including instruments for w hich PNC has elected the fair value option. Table 74: Fair Value Measurements - Recurring Basis Summary June 30, 2015 December 31, 2014 Total Total In millions Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Fair Value Assets Securities available for sale U.S. Treasury and government agencies $ 5,476 $ 619 $ 6,095 $ 4,795 $ 627 $ 5,422 Residential mortgage-backed Agency 20,842 20,842 18,043 18,043 Non-agency 128 $ 4,424 4,552 144 $ 4,798 4,942 Commercial mortgage-backed Agency 1,994 1,994 2,187 2,187 Non-agency 4,422 4,422 4,162 4,162 Asset-backed 4,904 531 5,435 4,624 563 5,187 State and municipal 2,042 16 2,058 1,904 134 2,038 Other debt 1,821 33 1,854 1,783 30 1,813 Total debt securities 5,476 36,772 5,004 47,252 4,795 33,474 5,525 43,794 Corporate stocks and other 365 62 427 426 15 441 Total securities available for sale 5,841 36,834 5,004 47,679 5,221 33,489 5,525 44,235 Financial derivatives (a) (b) Interest rate contracts 5 4,560 34 4,599 4 4,874 40 4,918 Other contracts 250 2 252 314 2 316 Total financial derivatives 5 4,810 36 4,851 4 5,188 42 5,234 Residential mortgage loans held for sale (c) 1,354 10 1,364 1,255 6 1,261 Trading securities (d) Debt (e) 1,048 1,272 3 2,323 1,340 960 32 2,332 Equity 11 11 21 21 Total trading securities 1,059 1,272 3 2,334 1,361 960 32 2,353 Trading loans (a) 48 48 30 7 37 Residential mortgage servicing rights (f) 1,015 1,015 845 845 Commercial mortgage servicing rights (f) 543 543 506 506 Commercial mortgage loans held for sale (c) 757 757 893 893 Equity investments (a) Direct investments 1,191 1,191 1,152 1,152 Indirect investments (g) 425 425 469 469 Total equity investments 1,616 1,616 1,621 1,621 Customer resale agreements (h) 150 150 155 155 Loans (i) 576 365 941 637 397 1,034 Other assets (a) BlackRock Series C Preferred Stock (j) 363 363 375 375 Other 248 186 7 441 190 226 8 424 Total other assets 248 186 370 804 190 226 383 799 Total assets $ 7,153 $ 45,230 $ 9,719 $ 62,102 $ 6,776 $ 41,940 $ 10,257 $ 58,973 Liabilities Financial derivatives (b) (k) Interest rate contracts $ 3 $ 3,101 $ 8 $ 3,112 $ 3,260 $ 12 $ 3,272 BlackRock LTIP 363 363 375 375 Other contracts 225 127 352 241 139 380 Total financial derivatives 3 3,326 498 3,827 3,501 526 4,027 Trading securities sold short (l) Debt 1,410 19 1,429 $ 1,479 11 1,490 Total trading securities sold short 1,410 19 1,429 1,479 11 1,490 Other borrowed funds (l) 59 165 224 92 181 273 Other liabilities (k) 3 10 13 9 9 Total liabilities $ 1,413 $ 3,407 $ 673 $ 5,493 $ 1,479 $ 3,604 $ 716 $ 5,799 (a) Included in Other assets on our Consolidated Balance Sheet. (b) Amounts at June 30, 2015 and December 31, 2014 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow PNC to net positive and negative positions and cash collateral held or placed with the same counterparty. At both June 30, 2015 and December 31, 2014, the net asset amounts were $2.6 billion and the net liability amounts were $1.4 billion. (c) Included in Loans held for sale on our Consolidated Balance Sheet. PNC has elected the fair value option for certain residential and commercial mortgage loans held for sale. (d) Fair value includes net unrealized gains of $18 million at June 30, 2015 compared with net unrealized gains of $54 million at December 31, 2014. (e) Approximately 37% of these securities are residential mortgage-backed securities and 45% are U.S. Treasury and government agencies securities at June 30, 2015. Comparable amounts at December 31, 2014 were 34% and 57%, respectively. (f) Included in Other intangible assets on our Consolidated Balance Sheet. (g) The indirect equity funds are not redeemable, but PNC receives distributions over the life of the partnership from liquidation of the underlying investments by the investee, which we expect to occur over the next twelve years. The amount of unfunded contractual commitments as of June 30, 2015 related to indirect equity investments was $118 million and related to direct equity investments was $26 million, respectively. Comparable amounts at December 31, 2014 were $112 million and $28 million, respectively. (h) Included in Federal funds sold and resale agreements on our Consolidated Balance Sheet. PNC has elected the fair value option for these items. (i) Included in Loans on our Consolidated Balance Sheet. (j) PNC has elected the fair value option for these shares. (k) Included in Other liabilities on our Consolidated Balance Sheet. (l) Included in Other borrowed funds on our Consolidated Balance Sheet. Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2015 and 2014 follow: Table 75: Reconciliation of Level 3 Assets and Liabilities Three Months Ended June 30, 2015 Unrealized gains (losses) Total realized / unrealized on assets and gains or losses for the period (a) liabilities held on Included Consolidated Level 3 Instruments Fair Value in Other Transfers Transfers Fair Value Balance Sheet Only March 31, Included in comprehensive into out of June 30, at June 30, In millions 2015 Earnings income Purchases Sales Issuances Settlements Level 3 (b) Level 3 (b) 2015 2015 (c) Assets Securities available for sale Residential mortgage- backed non-agency $ 4,624 $ 30 $ (8) $ (222) $ 4,424 Commercial mortgage- backed non-agency 1 (1) Asset-backed 548 5 5 (27) 531 State and municipal 133 (117) 16 Other debt 33 33 Total securities available for sale 5,338 36 (3) (367) 5,004 Financial derivatives 54 16 (34) 36 $ 33 Residential mortgage loans held for sale 7 $ 11 $ (2) (1) $ 1 $ (6) 10 Trading securities - Debt 3 3 Trading loans 2 (2) Residential mortgage servicing rights 839 135 67 $ 21 (47) 1,015 134 Commercial mortgage servicing rights 494 34 17 20 (22) 543 34 Commercial mortgage loans held for sale 975 23 (56) 1,008 (1,193) 757 Equity investments Direct investments 1,149 27 95 (80) 1,191 22 Indirect investments 442 21 5 (43) 425 20 Total equity investments 1,591 48 100 (123) 1,616 42 Loans 383 5 23 (4) (35) 6 (13) 365 1 Other assets BlackRock Series C Preferred Stock 384 (21) 363 (21) Other 8 (1) 7 Total other assets 392 (21) (1) 370 (21) Total assets $ 10,078 $ 276 (e) $ (3) $ 218 $ (187) $ 1,049 $ (1,700) $ 7 $ (19) $ 9,719 $ 223 (f) Liabilities Financial derivatives (d) $ 529 $ (15) $ 1 $ (17) $ 498 $ (25) Other borrowed funds 171 3 $ 21 (30) 165 Other liabilities 10 10 Total liabilities $ 710 $ (12) (e) $ 1 $ 21 $ (47) $ 673 $ (25) (f) Three Months Ended June 30, 2014 Unrealized gains (losses) Total realized / unrealized on assets and gains or losses for the period (a) liabilities held on Included Consolidated Level 3 Instruments Fair Value in Other Transfers Transfers Fair Value Balance Sheet Only March 31, Included in comprehensive into out of June 30, at June 30, In millions 2014 Earnings income Purchases Sales Issuances Settlements Level 3 (b) Level 3 (b) 2014 2014 (c) Assets Securities available for sale Residential mortgage- backed non-agency $ 5,234 $ 40 $ 31 $ (198) $ 5,107 $ (1) Asset-backed 642 4 (27) 619 State and municipal 331 13 1 345 Other debt 32 $ 1 $ (1) (1) 31 Total securities available for sale 6,239 44 44 1 (1) (225) 6,102 (1) Financial derivatives 30 59 1 (49) 41 47 Residential mortgage loans held for sale 5 1 3 (1) (1) $ 1 $ (4) 4 1 Trading securities - Debt 32 1 33 2 Residential mortgage servicing rights 1,039 (57) $ 20 (35) 967 (57) Commercial mortgage servicing rights 529 (11) 9 10 (22) 515 (11) Commercial mortgage loans held for sale 577 5 (61) 521 5 Equity investments Direct investments 1,163 38 99 (81) 1,219 30 Indirect investments 594 15 6 (39) (2) 574 14 Total equity investments 1,757 53 105 (120) (2) 1,793 44 Loans (g) 518 10 25 (132) (26) 3 (25) 373 8 Other assets BlackRock Series C Preferred Stock 330 5 335 5 Other 8 8 Total other assets 338 5 343 5 Total assets $ 11,064 $ 110 (e) $ 44 $ 144 $ (254) $ 30 $ (421) $ 4 $ (29) $ 10,692 $ 43 (f) Liabilities Financial derivatives (d) $ 440 $ 30 $ (16) $ 454 $ 16 Other borrowed funds (g) 193 (7) $ 10 (13) 183 Total liabilities $ 633 $ 23 (e) $ 10 $ (29) $ 637 $ 16 (f) Six Months Ended June 30, 2015 Unrealized Total realized / unrealized gains (losses) gains or losses for the period (a) on assets and Included liabilities held on Level 3 Instruments Fair Value in Other Transfers Transfers Fair Value Consolidated Only Dec. 31, Included in comprehensive into out of June 30, Balance Sheet In millions 2014 Earnings income Purchases Sales Issuances Settlements Level 3 (b) Level 3 (b) 2015 at June 30, 2015 (c) Assets Securities available for sale Residential mortgage- backed non-agency $ 4,798 $ 55 $ (22) $ (407) $ 4,424 $ (1) Commercial mortgage backed non-agency 8 (8) Asset-backed 563 11 9 (52) 531 State and municipal 134 (1) (117) 16 Other debt 30 1 $ 3 (1) 33 Total securities available for sale 5,525 75 (14) 3 (585) 5,004 (1) Financial derivatives 42 87 1 (94) 36 76 Residential mortgage loans held for sale 6 17 $ (2) (1) $ 2 $ (12) 10 Trading securities - Debt 32 (29) 3 Trading loans 7 (7) Residential mortgage servicing rights 845 68 150 $ 38 (86) 1,015 72 Commercial mortgage servicing rights 506 18 28 34 (43) 543 18 Commercial mortgage loans held for sale 893 44 (56) 2,091 (2,215) 757 2 Equity investments Direct investments 1,152 56 138 (155) 1,191 40 Indirect investments 469 35 8 (87) 425 33 Total equity investments 1,621 91 146 (242) 1,616 73 Loans 397 15 55 (8) (72) 11 (33) 365 9 Other assets BlackRock Series C Preferred Stock 375 (12) 363 (12) Other 8 (1) 7 Total other assets 383 (12) (1) 370 (12) Total assets $ 10,257 $ 386 (e) $ (14) $ 400 $ (315) $ 2,163 $ (3,126) $ 13 $ (45) $ 9,719 $ 237 (f) Liabilities Financial derivatives (d) $ 526 $ 26 $ 1 $ (55) $ 498 $ (17) Other borrowed funds 181 3 $ 46 (65) 165 Other liabilities 9 1 10 Total liabilities $ 716 $ 30 (e) $ 1 $ 46 $ (120) $ 673 $ (17) (f) Six Months Ended June 30, 2014 Unrealized Total realized / unrealized gains (losses) gains or losses for the period (a) on assets and Included liabilities held Level 3 Instruments Fair Value in Other Transfers Transfers Fair Value on Consolidated Only Dec. 31, Included in comprehensive into out of June 30, Balance Sheet In millions 2013 Earnings income Purchases Sales Issuances Settlements Level 3 (b) Level 3 (b) 2014 at June 30, 2014 (c) Assets Securities available for sale Residential mortgage- backed non-agency $ 5,358 $ 74 $ 85 $ (410) $ 5,107 $ (3) Asset-backed 641 8 19 (49) 619 State and municipal 333 (2) 14 345 Other debt 38 1 $ 1 $ (7) (2) 31 Total securities available for sale 6,370 81 118 1 (7) (461) 6,102 (3) Financial derivatives 36 119 1 (115) 41 80 Residential mortgage loans held for sale 8 1 8 (3) (1) $ 4 $ (13) 4 1 Trading securities - Debt 32 1 33 2 Residential mortgage servicing rights 1,087 (116) 17 $ 43 (64) 967 (114) Commercial mortgage servicing rights (25) 16 17 507 (h) 515 (25) Commercial mortgage loans held for sale 586 7 (72) 521 7 Equity investments Direct investments 1,069 72 168 (90) 1,219 63 Indirect investments 595 33 12 (65) (1) 574 31 Total equity investments 1,664 105 180 (155) (1) 1,793 94 Loans (g) 527 19 24 (138) (47) 42 (54) 373 14 Other assets BlackRock Series C Preferred Stock 332 3 335 3 Other 8 8 Total other assets 340 3 343 3 Total assets $ 10,650 $ 195 (e) $ 118 $ 247 $ (303) $ 60 $ (254) $ 46 $ (67) $ 10,692 $ 59 (f) Liabilities Financial derivatives (d) $ 439 $ 70 $ 1 $ (56) $ 454 $ 22 Other borrowed funds (g) 199 (3) $ 19 (32) 183 Total liabilities $ 638 $ 67 (e) $ 1 $ 19 $ (88) $ 637 $ 22 (f) (a) Losses for assets are bracketed while losses for liabilities are not. (b) PNC's policy is to recognize transfers in and transfers out as of the end of the reporting period. (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) Includes swaps entered into in connection with sales of certain Visa Class B common shares. (e) Net gains (realized and unrealized) included in earnings relating to Level 3 assets and liabilities were $288 million for the second quarter of 2015, while for the first six months of 2015 there were $356 million of net gains (realized and unrealized) included in earnings. The comparative amounts included net gains (realized and unrealized) of $87 million for the second quarter of 2014 and net gains (realized and unrealized) of $128 million for the first six months of 2014. These amounts also included amortization and accretion of $37 million for the second quarter of 2015 and $77 million for the first six months of 2015. The comparative amounts were $44 million for the second quarter of 2014 and $85 million for the first six months of 2014. 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 relating to those assets and liabilities held at the end of the reporting period were $248 million for the second quarter of 2015, while for the first six months of 2015 there were $254 million of net unrealized gains. The comparative amounts included net unrealized gains of $27 million for the second quarter of 2014 and net unrealized gains of $37 million for the first six months of 2014. These amounts were included in Noninterest income on the Consolidated Income Statement. (g) These line items were corrected for the three and six months ended June 30, 2014 to include transferred loans over which PNC regained effective control and the related liabilities that are recorded pursuant to ASC 860. (h) Settlements relating to commercial MSRs include $552 million, which represents the fair value as of January 1, 2014 as a result of an irrevocable election to measure all classes of commercial MSRs at fair value. Refer to Note 8 Goodwill and Other Intangible Assets in our 2014 Form 10-K for additional information on this election. 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. PNC’s policy is to recognize transfers in and transfers out as of the end of the reporting period. There were no significant transfers into or out of Level 3 assets and liabilities during the first six months of 2015 and 2014. Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities follows. Table 76: Fair Value Measurements - Recurring Quantitative Information June 30, 2015 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) Residential mortgage-backed non-agency securities $ 4,424 Priced by a third-party vendor Constant prepayment rate (CPR) 1.0%-24.2% (6.9%) (a) using a discounted cash flow Constant default rate (CDR) 0.0%-16.7% (5.4%) (a) pricing model (a) Loss severity 10.0%-98.5% (53.1%) (a) Spread over the benchmark curve (b) 242bps weighted average (a) Asset-backed securities 531 Priced by a third-party vendor Constant prepayment rate (CPR) 1.0%-15.7% (6.4%) (a) using a discounted cash flow Constant default rate (CDR) 1.7%-13.9% (6.9%) (a) pricing model (a) Loss severity 15.0%-100% (76.4%) (a) Spread over the benchmark curve (b) 308bps weighted average (a) Other debt securities 33 Consensus pricing (c) Credit and Liquidity discount 7.0%-100.0% (88.4%) Residential mortgage servicing rights 1,015 Discounted cash flow Constant prepayment rate (CPR) 0.3%-38.4% (9.7%) Spread over the benchmark curve (b) 558bps-1,861bps (966bps) Commercial mortgage servicing 543 Discounted cash flow Constant prepayment rate (CPR) 4.8%-13.8% (5.9%) rights Discount rate 3.5%-9.1% (7.6%) Commercial mortgage loans held 757 Discounted cash flow Spread over the benchmark curve (b) 32bps-3,115bps (455bps) for sale Estimated servicing cash flows 0.0%-5.2% (2.5%) Equity investments - Direct investments 1,191 Multiple of adjusted earnings Multiple of earnings 4.2x-14.0x (7.7x) Equity investments - Indirect (d) 425 Net asset value Net asset value Loans - Residential real estate 123 Consensus pricing (c) Cumulative default rate 2.0%-100% (86.6%) Loss severity 0.0%-100% (30.2%) Discount rate 4.9%-7.0% (5.1%) 123 Discounted cash flow Loss severity 8.0% weighted average Discount rate 3.5% weighted average Loans - Home equity 119 Consensus pricing (c) Credit and Liquidity discount 26.0%-99.0% (52.0%) BlackRock Series C Preferred Stock 363 Consensus pricing (c) Liquidity discount 20.0% BlackRock LTIP (363) Consensus pricing (c) Liquidity discount 20.0% Swaps related to sales of certain Visa (122) Discounted cash flow Estimated conversion factor of Class B common shares Class B shares into Class A shares 164.3% (e) Estimated growth rate of Visa Class A share price 17.3% Other borrowed funds - non-agency securitization (154) Consensus pricing (c) Credit and Liquidity discount 0%-99.0% (18.0%) Spread over the benchmark curve (b) 112bps Insignificant Level 3 assets, net of liabilities (f) 38 Total Level 3 assets, net of liabilities (g) $ 9,046 December 31, 2014 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) Residential mortgage-backed non-agency securities $ 4,798 Priced by a third-party vendor Constant prepayment rate (CPR) 1.0%-28.9% (6.8%) (a) using a discounted cash flow Constant default rate (CDR) 0.0%-16.7% (5.6%) (a) pricing model (a) Loss severity 6.1%-100.0% (53.1%) (a) Spread over the benchmark curve (b) 249bps weighted average (a) Asset-backed securities 563 Priced by a third-party vendor Constant prepayment rate (CPR) 1.0%-15.7% (5.9%) (a) using a discounted cash flow Constant default rate (CDR) 1.7%-13.9% (7.6%) (a) pricing model (a) Loss severity 14.6%-100.0% (73.5%) (a) Spread over the benchmark curve (b) 352bps weighted average (a) State and municipal securities 132 Discounted cash flow Spread over the benchmark curve (b) 55bps-165bps (67bps) 2 Consensus pricing (c) Credit and Liquidity discount 0.0%-20.0% (14.9%) Other debt securities 30 Consensus pricing (c) Credit and Liquidity discount 7.0%-95.0% (88.6%) Trading securities - Debt 32 Consensus pricing (c) Credit and Liquidity discount 0.0%-15.0% (8.0%) Residential mortgage servicing rights 845 Discounted cash flow Constant prepayment rate (CPR) 3.8%-32.7% (11.2%) Spread over the benchmark curve (b) 889bps-1,888bps (1,036bps) Commercial mortgage servicing rights 506 Discounted cash flow Constant prepayment rate (CPR) 7.0%-16.8% (8.0%) Discount rate 2.5%-8.6% (6.6%) Commercial mortgage loans held for sale 893 Discounted cash flow Spread over the benchmark curve (b) 37bps-4,025bps (549bps) Estimated servicing cash flows 0.0%-2.0% (1.2%) Equity investments - Direct investments 1,152 Multiple of adjusted earnings Multiple of earnings 3.2x-13.9x (7.7x) Equity investments - Indirect (d) 469 Net asset value Net asset value Loans - Residential real estate 114 Consensus pricing (c) Cumulative default rate 2.0%-100.0% (90.5%) Loss severity 0.0%-100.0% (35.6%) Discount rate 5.4%-7.0% (6.4%) 154 Discounted cash flow Loss severity 8.0% weighted average Discount rate 3.4% weighted average Loans - Home equity 129 Consensus pricing (c) Credit and Liquidity discount 26.0%-99.0% (51.0%) BlackRock Series C Preferred Stock 375 Consensus pricing (c) Liquidity discount 20.0% BlackRock LTIP (375) Consensus pricing (c) Liquidity discount 20.0% Swaps related to sales of certain (135) Discounted cash flow Estimated conversion factor of Visa Class B common shares Class B shares into Class A shares 41.1% Estimated growth rate of Visa Class A share price 14.8% Other borrowed funds - non-agency securitization (166) Consensus pricing (c) Credit and Liquidity discount 0.0%-99.0% (18.0%) Spread over the benchmark curve (b) 113bps Insignificant Level 3 assets, net of liabilities (f) 23 Total Level 3 assets, net of liabilities (g) $ 9,541 (a) Level 3 residential mortgage-backed non-agency and asset-backed securities with fair values as of June 30, 2015 totaling $3,749 million and $500 million, respectively, were priced by a third-party vendor using a discounted cash flow pricing model that incorporates consensus pricing, where available. The comparable amounts as of December 31, 2014 were $4,081 million and $532 million, respectively. The significant unobservable inputs for these securities were provided by the third-party vendor and are disclosed in the table. Our procedures to validate the prices provided by the third-party vendor related to these securities are discussed further in the Fair Value Measurement section of Note 7 Fair Value in our 2014 Form 10-K. Certain Level 3 residential mortgage-backed non-agency and asset-backed securities with fair values as of June 30, 2015 of $675 million and $31 million, respectively, were valued using a pricing source, such as a dealer quote or comparable security price, for which the significant unobservable inputs used to determine the price were not reasonably available. The comparable amounts as of December 31, 2014 were $717 million and $31 million, respectively. (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) The range on these indirect equity investments has not been disclosed since these investments are recorded at their net asset redemption values. (e) This conversion factor reflects the 4-for-1 split of Visa Class A common shares, which occurred during the first quarter of 2015. (f) 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 (for the 2015 period), state and municipal securities (for the 2015 period), residential mortgage loans held for sale, trading loans, other assets, other borrowed funds (ROAPs) and other liabilities. For additional information, please see the Fair Value Measurement discussion included in Note 7 Fair Value in our 2014 Form 10-K. (g) Consisted of total Level 3 assets of $9,719 million and total Level 3 liabilities of $673 million as of June 30, 2015 and $10,257 million and $716 million as of December 31, 2014, 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 77 and Table 78 . For more information regarding the valuation methodologie s of our financial assets measured at fair value on a nonrecurring basis, see Note 7 Fair Value in our 2014 Form 10-K. Table 77: Fair Value Measurements - Nonrecurring Gains (Losses) Gains (Losses) Fair Value (a) Three months ended Six months ended June 30 December 31 June 30 June 30 June 30 June 30 In millions 2015 2014 2015 2014 2015 2014 Assets Nonaccrual loans $ 33 $ 54 $ (15) $ (11) $ (15) $ (15) Loans held for sale 8 (1) (1) Equity investments 17 (3) (3) OREO and foreclosed assets 110 168 (12) (7) (18) (15) Long-lived assets held for sale 19 22 (5) (6) (13) (9) Total assets $ 162 $ 269 $ (32) $ (28) $ (46) $ (43) (a) All Level 3 as of June 30, 2015 and December 31, 2014, except for $8 million included in Loans held for sale which was categorized as Level 2 as of December 31, 2014. Quantitative information about the significant unobservable inputs within Level 3 nonrecurring assets follows. Table 78: Fair Value Measurements - Nonrecurring Quantitative Information Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) June 30, 2015 Assets Nonaccrual loans (a) $ 19 LGD percentage (b) Loss severity 10.9%-99.2% (44.1%) Other (c) 143 Fair value of property or collateral Appraised value/sales price Not meaningful Total assets $ 162 December 31, 2014 Assets Nonaccrual loans (a) $ 29 LGD percentage (b) Loss severity 2.9%-68.5% (42.1%) Equity investments 17 Discounted cash flow Market rate of return 6.0% Other (c) 215 Fair value of property or collateral Appraised value/sales price Not meaningful Total assets $ 261 (a) The fair value of nonaccrual loans included in this line item is determined based on internal loss rates. The fair value of nonaccrual loans where the fair value is determined based on the appraised value or sales price is included within Other, below. (b) LGD percentage represents the amount that PNC expects to lose in the event a borrower defaults on an obligation. (c) Other included Nonaccrual loans of $14 million, OREO and foreclosed assets of $110 million and Long-lived assets held for sale of $19 million as of June 30, 2015. Comparably, as of December 31, 2014, Other included Nonaccrual loans of $25 million, OREO and foreclosed assets of $168 million and Long-lived assets held for sale of $22 million. The fair value of these assets is determined based on appraised value or sales price, the range of which is not meaningful to disclose. 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, please refer to Note 7 Fair Value in our 2014 Form 10-K. The changes in fair value included in Noninterest income for items f or which we elected the fair value option follow. Table 79: 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 2015 2014 2015 2014 Assets Customer resale agreements $ (1) Trading loans $ 1 $ 1 $ 2 1 Commercial mortgage loans held for sale 31 5 56 7 Residential mortgage loans held for sale 25 64 71 129 Residential mortgage loans – portfolio 13 59 29 87 BlackRock Series C Preferred Stock (21) 5 (12) 3 Liabilities Other borrowed funds (2) 7 (2) 3 (a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts. Fair values and aggregate unpaid principal balances of items for which we elected the fair value option follow. Table 80: Fair Value Option - Fair Value and Principal Balances Aggregate Unpaid In millions Fair Value Principal Balance Difference June 30, 2015 Assets Customer resale agreements $ 150 $ 143 $ 7 Trading loans 48 48 Residential mortgage loans held for sale Performing loans 1,338 1,300 38 Accruing loans 90 days or more past due 3 3 Nonaccrual loans 23 25 (2) Total 1,364 1,328 36 Commercial mortgage loans held for sale (a) Performing loans 755 768 (13) Nonaccrual loans 2 3 (1) Total 757 771 (14) Residential mortgage loans - portfolio Performing loans 230 289 (59) Accruing loans 90 days or more past due 468 471 (3) Nonaccrual loans 243 397 (154) Total 941 1,157 (216) Liabilities Other borrowed funds $ 224 $ 260 $ (36) December 31, 2014 Assets Customer resale agreements $ 155 $ 148 $ 7 Trading loans 37 37 Residential mortgage loans held for sale Performing loans 1,236 1,176 60 Accruing loans 90 days or more past due 9 9 Nonaccrual loans 16 17 (1) Total 1,261 1,202 59 Commercial mortgage loans held for sale (a) Performing loans 873 908 (35) Nonaccrual loans 20 64 (44) Total 893 972 (79) Residential mortgage loans - portfolio Performing loans 194 256 (62) Accruing loans 90 days or more past due 570 573 (3) Nonaccrual loans 270 449 (179) Total 1,034 1,278 (244) Liabilities Other borrowed funds $ 273 $ 312 $ (39) (a) There were no accruing loans 90 days or more past due within this category at June 30, 2015 or December 31, 2014. Additional Fair Value Information Related to Other Financial Instruments The following table presents the carrying amounts and estimated fair values, including the level within the fair value hierarchy, of all other financial instruments that are not measured on the consolidated financial statements at fair value as of June 30, 2015 and December 31, 2014 . Table 81: Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 June 30, 2015 Assets Cash and due from banks $ 4,412 $ 4,412 $ 4,412 Short-term assets 36,743 36,743 $ 36,743 Securities held to maturity 13,683 13,928 290 13,631 $ 7 Loans held for sale 236 236 203 33 Net loans (excludes leases) 192,980 194,807 194,807 Other assets 1,936 2,531 1,882 649 (a) Total assets $ 249,990 $ 252,657 $ 4,702 $ 52,459 $ 195,496 Liabilities Demand, savings and money market deposits $ 219,114 $ 219,114 $ 219,114 Time deposits 20,590 20,509 20,509 Borrowed funds 56,931 57,316 56,020 $ 1,296 Unfunded loan commitments and letters of credit 228 228 228 Total liabilities $ 296,863 $ 297,167 $ 295,643 $ 1,524 December 31, 2014 Assets Cash and due from banks $ 4,360 $ 4,360 $ 4,360 Short-term assets 34,380 34,380 $ 34,380 Securities held to maturity 11,588 11,984 292 11,683 $ 9 Loans held for sale 108 108 56 52 Net loans (excludes leases) 192,573 194,564 194,564 Other assets 1,879 2,544 1,802 742 (a) Total assets $ 244,888 $ 247,940 $ 4,652 $ 47,921 $ 195,367 Liabilities Demand, savings and money market deposits $ 210,838 $ 210,838 $ 210,838 Time deposits 21,396 21,392 21,392 Borrowed funds 55,329 56,011 54,574 $ 1,437 Unfunded loan commitments and letters of credit 240 240 240 Total liabilities $ 287,803 $ 288,481 $ 286,804 $ 1,677 (a) Represents estimated fair value of Visa Class B common shares, which was estimated solely based upon the June 30, 2015 and December 31, 2014 closing price for the Visa Class A common shares, respectively, and the Visa Class B common share conversion rate, which reflects adjustments in respect of all litigation funding by Visa as of that date. The transfer restrictions on the Visa Class B common shares could impact the aforementioned estimate, until they can be converted to Class A common shares. See Note 22 Commitments and Guarantees in our 2014 Form 10-K for additional information. T he aggregate fair values in the preceding table represent only a portion of the total market value of PNC’s assets and liabilities as , in accordance with the guidance related to fair values of financial instruments, T able 81 excludes the following: financial instruments recorded at fair value on a recurring basis, real and personal property, lease financing, loan customer relationships, deposit customer intangibles, mortgage servicing rights, retail branch networks, fee-based busines ses, such as asset management and brokerage, and trademarks and brand names. For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 81 , see Note 7 Fair Value in our 2014 Form 10-K. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Other Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 8 Goodwill and Intangible Assets Goodwill Goodwill by business segment consisted of the following: Table 82: Goodwill by Business Segment (a) June 30 December 31 In millions 2015 2014 Retail Banking $ 5,795 $ 5,795 Corporate & Institutional Banking 3,244 3,244 Asset Management Group 64 64 Total $ 9,103 $ 9,103 (a) The Residential Mortgage Banking and Non-Strategic Assets Portfolio business segments did not have any goodwill allocated to them as of June 30, 2015 and December 31, 2014. Mortgage Servicing Rights We recognize the right to service mortgage loans for others as an intangible asset. MSRs are purchased or originated when loans are sold with servicing retained. MSRs totaled $1.6 billion and $1.4 billion at June 30, 2015 and December 31 , 2014 , respectively, and consisted of loan servicing contracts for commercial and residential mortgages measured at fair value . MSRs are subject to declines in value from actual or expected prepaym ent of t he underlying loans and defaults as well as market driven changes in interest rates . We manage this risk by economically hedging the fair value of MSRs with securities and derivative instruments which are expected to increase (or decrease) in value when th e value of MSRs declines (or increases). See the Sensitivity Analysis section of this Note 8, as well as Note 7 Fair Value for more detail on our fair value measurement of MSRs. Refer to Note 8 Goodwill and Other Intangible Assets in our 2014 Form 10-K for more information on our accounting and measurement of MSRs. Changes in the commercial and residential MSRs follow: Table 83: Mortgage Servicing Rights Commercial MSRs Residential MSRs In millions 2015 2014 2015 2014 January 1 $ 506 $ 552 $ 845 $ 1,087 Additions: From loans sold with servicing retained 34 17 38 43 Purchases 28 16 150 17 Changes in fair value due to: Time and payoffs (a) (43) (45) (86) (64) Other (b) 18 (25) 68 (116) June 30 $ 543 $ 515 $ 1,015 $ 967 Related unpaid principal balance at June 30 $ 144,416 $ 143,226 $ 115,454 $ 110,933 (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, 2015 are shown in the tables below. 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. T he s e model s 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 directio n 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 below. 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 fa ir value of the MSRs is calculated independently without changing any other assumption. In reality, changes in one factor may result in changes in another (for example, changes in mortgage interest rates, which drive changes in prepayment rate estimates, c ould 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 th e fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions: Table 84: Commercial Mortgage Loan Servicing Rights - Key Valuation Assumptions June 30 December 31 Dollars in millions 2015 2014 Fair value $ 543 $ 506 Weighted-average life (years) 4.9 4.7 Weighted-average constant prepayment rate 5.94 % 8.03 % Decline in fair value from 10% adverse change $ 10 $ 10 Decline in fair value from 20% adverse change $ 20 $ 19 Effective discount rate 7.62 % 6.59 % Decline in fair value from 10% adverse change $ 15 $ 13 Decline in fair value from 20% adverse change $ 29 $ 26 Table 85: Residential Mortgage Loan Servicing Rights - Key Valuation Assumptions June 30 December 31 Dollars in millions 2015 2014 Fair value $ 1,015 $ 845 Weighted-average life (years) 6.7 6.1 Weighted-average constant prepayment rate 9.69 % 11.16 % Decline in fair value from 10% adverse change $ 41 $ 36 Decline in fair value from 20% adverse change $ 78 $ 69 Weighted-average option adjusted spread 9.66 % 10.36 % Decline in fair value from 10% adverse change $ 37 $ 31 Decline in fair value from 20% adverse change $ 72 $ 61 Fees from mortgage and other loan servicing , comprised of contractually specified servicing fees, late fees and ancillary fees , follows: Table 86: Fees from Mortgage and Other Loan Servicing In millions 2015 2014 Six months ended June 30 $ 248 $ 256 Three months ended June 30 $ 127 $ 127 We also generate servicing fees from fee-based activities provided to others for which we do not have an associated servicing asset . Fees from comm ercial and resid ential MSRs are reported on our Consolidated Income Statement in th e line items Corporate services and Residential mortgage , respectively. Other Intangible Assets Other intangible assets consist primarily of core deposit intangibles, customer lists and non-compete agreements. Core deposit intangibles are amortized on an accelerated basis, whereas the remaining other intangible assets are amortized on a straight-line basis. The estimated remaining useful lives of our other intangible assets range from 1 year to 10 years , with a weighted-average remaining useful life of 6 years . Other intangible assets were as follows at June 30, 2015 and December 31 , 2014 : Table 87: Other Intangible Assets June 30 December 31 In millions 2015 2014 Gross carrying amount $ 1,499 $ 1,502 Accumulated amortization (1,064) (1,009) Net carrying amount $ 435 $ 493 Amortization expense on existing other intangible assets for the first six months of 2015 and 2014, as well as future amortization expense for the remainder of 2015 and the next five fiscal years, follows: Table 88: Amortization Expense on Existing Other Intangible Assets In millions Six months ended June 30, 2015 $ 58 Six months ended June 30, 2014 65 Remainder of 2015 56 2016 97 2017 83 2018 72 2019 61 2020 37 |
Capital Securities of a Subsidi
Capital Securities of a Subsidiary Trust and Perpetual Trust Securities | 6 Months Ended |
Jun. 30, 2015 | |
Capital Securities of Subsidiary Trusts [Abstract] | |
Capital Securities of a Subsidiary Trust and Perpetual Trust Securities | Note 9 Capital Securities of a Subsidiary Trust and Perpetual Trust Securities Capital Securities of a Subsidiary Trust Our capital securities of a subsidiary trust (“Trust”) are described in Note 1 2 Capital Securities of a Subsidiary Trust and Perpetual Trust Securities in our 2014 Form 10-K. This Trust is a wholly-owned finance subsidiary of PNC. In the event of certain changes or amendments to regulatory requirements or federal tax rules, th e capital securities are redeemable in whole. In accordance with GAAP, t he fi nancial statements of the Trust are not included in PNC's consolidated financial st atements . The obligations of the parent of the Trust, when taken collectively, are the equivale nt of a full and unconditional guarantee of the obligations of the Trust under the terms of the Capital S ecurities. Such guarantee is subordinate in right of payment in the same manner as other junior subordinated debt. There are certain restrictions on PN C’s overall ability to obtain funds from its subsidiaries. For additional disclosure on these funding restrictions, including an explanation of dividend and intercompa ny loan limitations, see Note 20 Regulatory Matters in our 2014 Form 10-K. PNC i s also subject to restrictions on dividends and other provisions potentially impos ed under the Exchange Agreement with PNC Preferred Funding Trust II, as described in Note 12 in our 2014 Form 10-K in the Perpetual Trust Securities section, and to other provisions similar to or in some ways more restrictive than those potentially imposed under that agreement . Perpetual Trust Securities Our perpetual trust securities are described in Note 12 in our 2014 Form 10-K. Our 2014 Form 1 0-K also includes additional information regarding the PNC Preferred Funding Trust I and Trust II Securities, including descriptions of replacement capital and dividend restriction covenants. |
Certain Employee Benefit and St
Certain Employee Benefit and Stock Based Compensation Plans | 6 Months Ended |
Jun. 30, 2015 | |
Employee Benefit Plans [Abstract] | |
Certain Employee Benefit and Stock Based Compensation Plans | Note 10 Certain Employee Benefit And Stock Based Compensation Plans Pension And Postretirement Plans As described in Note 13 Employee Benefit Plans in our 2014 Form 10-K, we have a noncontributory, qualified defined benefit pension plan covering eligible employees. Benefits are determined using a cash balance formula where earnings credits are a percentage of eligible compensation. Pension contributions are based on an actuarially determined amount necessary to fund total benefits payable to plan participants. We also maintain nonqualified supplemental retirement plans for certain employees and provide certain health care and life insurance benefits for qualifying retired employees (postretirement benefits) through various plans. The non qualified pension and postretirement benefit plans are unfunded . PNC reserves the right to terminate plans or make plan changes at any time. The components of our net periodic pensi on and post retirement benefit cost for the first six months of 2015 and 2014 , respectively, were as follows: Table 89: Net Periodic Pension and Postretirement Benefits Costs Qualified Pension Plan Nonqualified Retirement Plans Postretirement Benefits Three months ended June 30 In millions 2015 2014 2015 2014 2015 2014 Net periodic cost consists of: Service cost $ 26 $ 26 $ 1 $ 1 $ 2 $ 1 Interest cost 45 47 3 3 3 4 Expected return on plan assets (74) (72) Amortization of prior service credit (2) (2) Amortization of actuarial losses 8 1 1 Net periodic cost/(benefit) $ 3 $ (1) $ 5 $ 5 $ 5 $ 5 Qualified Pension Plan Nonqualified Retirement Plans Postretirement Benefits Six months ended June 30 In millions 2015 2014 2015 2014 2015 2014 Net periodic cost consists of: Service cost $ 53 $ 51 $ 1 $ 2 $ 3 $ 2 Interest cost 89 94 6 6 7 8 Expected return on plan assets (148) (144) Amortization of prior service credit (4) (4) Amortization of actuarial losses 15 3 2 Net periodic cost/(benefit) $ 5 $ (3) $ 10 $ 10 $ 10 $ 10 Stock Based Compensation Plans As more fully described in Note 14 Stock Based Compensation Plans in our 2014 Form 10-K, we have long-term incentive award plans (Incentive Plans) that provide for the granting of incentive stock options, nonqualified stock options, stock appreciation rights, incentive shares/performance units, restricted stock, restricted share units, other share-based awards and dollar-denominated awards to executives and, other than incentive stock options, to non-employ ee directors. Certain Incentive Plan awards may be paid in stock, cash or a combination of stock and cash. We typically grant a substantial portion of our stock-based compensation awards during the first quarter of the year. As of June 30, 2015 , no stock appreciation rights were outstanding. Total compensation expense recognized related to all share-based payment arrangements during the first six months of 2015 and 2014 was $ 88 million and $ 104 million, r espectively. At June 30, 2015 , there was $252 million of unamortized share-based compensation expense related to nonvested equity compensation arrangements, including liability awards granted under the Incentive Plans. This unamortized cost i s expected to be recognized as expense over a period of no longer than five years. Nonqualified Stock Options Beginning in 2014, PNC discontinued the use of stock options as a standard element of our long-term equity incentive compensation programs under our Incentive Plans. Additional information regarding PNC stock options is more fully described in Note 14 Stock Based Compensation Plans in our 2014 Form 10-K. The following table represents the stock option activity for the first six months of 2015. Table 90: Stock Option Rollforward PNC Options Converted From National City PNC Options Total Weighted-Average Weighted-Average Weighted-Average In thousands, except weighted-average data Shares Exercise Price Shares Exercise Price Shares Exercise Price Outstanding at December 31, 2014 6,701 $ 56.41 343 $ 585.23 7,044 $ 82.17 Granted (a) Exercised (1,533) 59.42 (1,533) 59.42 Cancelled (28) 44.42 (14) 474.12 (42) 187.83 Outstanding at June 30, 2015 5,140 $ 55.58 329 $ 590.02 5,469 $ 87.73 Exercisable at June 30, 2015 5,092 $ 55.50 329 $ 590.02 5,421 $ 87.94 (a) PNC did not grant any stock options in the first six months of 2015. During the first six months of 2015 , we issued approximately 1.1 million common shares from treasury stock in connection with stock option exercise activity. As with past exercise activity, we currently intend to utilize primarily treasury stock for any future stock option exercises. Incentive/Performance Unit Share Awards and Restricted Stock/Share Unit Awards Information on incentive/performance unit share awards and restricted stock/share unit awards is more fully described in Note 14 Stock Based Compensation Plans in our 2014 Form 10-K. Table 91: Nonvested Incentive/Performance Unit Share Awards and Restricted Stock/Share Unit Awards - Rollforward Nonvested Nonvested Weighted- Restricted Weighted- Incentive/ Average Stock/ Average Performance Grant Date Share Grant Date Shares in thousands Unit Shares Fair Value Units Fair Value December 31, 2014 1,837 $ 69.84 3,652 $ 69.03 Granted 649 90.35 1,019 92.17 Vested/Released (682) 66.17 (1,149) 61.17 Forfeited (24) 70.15 (90) 76.96 June 30, 2015 1,780 $ 78.72 3,432 $ 78.41 In the preceding table, the unit shares and related weighted-average grant date fair value of the incentive/performance awards exclude the effect of dividends on the underlying shares, as those dividends will be paid in cash if and when the underlying unit shares are released to the participants. Liability Awards A summary of all nonvested , cash-payable incentive/performance units and restricted share unit activity follows: Table 92: Nonvested Cash-Payable Incentive/Performance Units and Restricted Share Units – Rollforward Cash-Payable Incentive/ Cash-Payable Performance Restricted In thousands Units Share Units Total Outstanding at December 31, 2014 177 658 835 Granted 81 347 428 Vested and Released (98) (349) (447) Forfeited (43) (4) (47) Outstanding at June 30, 2015 117 652 769 Included in the preceding table are cash-payable restricted share units granted to certain executives. These grants were made primarily as part of an annual bonus incentive deferral plan. While there are time-based and other vesting criteria, there are generally no market or performance criteria associated with these awards. Prior to the 2015 grant, compensation expense recognized related to these awards was recorded in prior periods as part of the annual cash bonus process. Due to certain requisite serv ice period changes in the award agreements starting with the 2015 grant (for the 2014 performance year), compensation expense is recognized ratably over a four year period commensurate with the performance year plus the three years of service-based vesting requirements. As of June 30, 2015 , the aggregate intrinsic value of all outstanding nonvested cash-payable incentive/performance units and restricted share units was approximately $74 million. |
Financial Derivatives
Financial Derivatives | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Derivatives | Note 11 Financial Derivatives We use derivative financial instruments (derivatives) primarily to help manage exposure to interest rate, market and credit risk and reduce the effects that changes in interest rates may have on net income, the fair value of assets and liabilities, and cas h flows. We also enter into derivatives with customers to facilitate their risk management activities. Derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or anoth er type of asset to the other party based on a notional amount and an underlying as specified in the contract. For more information regarding derivatives see Note 1 Accounting Policies and Note 15 Financial Derivatives in our Notes To Consolidated Financ ial Statements under Item 8 of our 2014 Form 10-K. The following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by PNC : Table 93: Total Gross Derivatives June 30, 2015 December 31, 2014 Notional/ Asset Liability Notional/ Asset Liability Contract Fair Fair Contract Fair Fair In millions Amount Value (a) Value (b) Amount Value (a) Value (b) Derivatives designated as hedging instruments under GAAP $ 53,342 $ 1,172 $ 225 $ 49,061 $ 1,261 $ 186 Derivatives not designated as hedging instruments under GAAP 318,207 3,679 3,602 291,256 3,973 3,841 Total gross derivatives $ 371,549 $ 4,851 $ 3,827 $ 340,317 $ 5,234 $ 4,027 (a) Included in Other assets on our Consolidated Balance Sheet. (b) Included in Other liabilities 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 any related cash collateral exchanged with counterparties. Further discussion regarding the rights of setoff associated with these legally enforceable master n etting agreements is included in the Offsetting, Counterparty Credit Risk, and Contingent Features section below. Our exposure related to risk participations where we sold protection is discussed in the Credit Derivatives section below. 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 under GAAP Certain derivatives used to manage interest rate and foreign exchange risk as part of our asset and liability risk management activities are designated as accounting hedges under GAAP. Derivatives hedging the risks associated with changes in the fair value of assets or liabilities are considered fair value hedges, derivatives hedging the variability of expected future cash flows a re considered cash flow hedges , and derivatives hedging a net investme nt in a foreign subsidiary are considered net investment hedges. Designating derivatives as accounting hedges allows for gains and losses on those derivatives, to the extent effective, to be recognized in the income statement in the same period the hedged items affect earnings. Further detail regarding the notional amounts and fair values related to derivatives designated in hedge relationships is presented in the following table: Table 94: Derivatives Designated As Hedging Instruments under GAAP June 30, 2015 December 31, 2014 Notional/ Asset Liability Notional/ Asset Liability Contract Fair Fair Contract Fair Fair In millions Amount Value (a) Value (b) Amount Value (a) Value (b) Interest rate contracts: Fair value hedges: Receive-fixed swaps $ 23,713 $ 733 $ 59 $ 20,930 $ 827 $ 38 Pay-fixed swaps (c) 3,997 9 125 4,233 3 138 Subtotal $ 27,710 $ 742 $ 184 $ 25,163 $ 830 $ 176 Cash flow hedges: Receive-fixed swaps $ 20,516 $ 427 $ 17 $ 19,991 $ 400 $ 10 Forward purchase commitments 3,959 3 19 2,778 25 Subtotal $ 24,475 $ 430 $ 36 $ 22,769 $ 425 $ 10 Foreign exchange contracts: Net investment hedges $ 1,157 $ 5 $ 1,129 $ 6 Total derivatives designated as hedging instruments $ 53,342 $ 1,172 $ 225 $ 49,061 $ 1,261 $ 186 (a) Included in Other assets on our Consolidated Balance Sheet. (b) Included in Other liabilities on our Consolidated Balance Sheet. (c) Includes zero-coupon swaps. 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 and borrowings 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. For these hedge relationships, we use statistical regression analysis to assess hedge effectiveness at both the inception of the hedge relationship and on an ongoing basis. There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness. Further detail regarding gains (los ses) on fair value hedge derivatives and related hedged items is presented in the following table: Table 95: Gains (Losses) on Derivatives and Related Hedged Items - Fair Value Hedges Three months ended Six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain on Related Gain on Related Gain on Related Gain on Related (Loss) on Hedged (Loss) on Hedged (Loss) on Hedged (Loss) on Hedged Derivatives Items Derivatives Items Derivatives Items Derivatives Items Recognized Recognized Recognized Recognized Recognized Recognized Recognized Recognized in Income in Income in Income in Income in Income in Income in Income in Income In millions Hedged Items Location Amount Amount Amount Amount Amount Amount Amount Amount Interest rate U.S. Treasury and Investment contracts Government securities Agencies Securities (interest income) $ 63 $ (65) $ (53) $ 55 $ 12 $ (12) $ (83) $ 86 Interest rate Other Debt Investment contracts Securities securities (interest income) 1 (1) (2) 1 (1) 1 Interest rate Subordinated debt Borrowed funds contracts (interest expense) (138) 130 51 (60) (84) 67 74 (89) Borrowed funds Interest rate Bank notes and (interest contracts senior debt expense) (126) 129 50 (52) (23) 20 59 (62) Total (a) $ (200) $ 193 $ 46 $ (56) $ (95) $ 75 $ 49 $ (64) (a) The ineffective portion of the change in value of our fair value hedge derivatives resulted in net losses of $7 million for the three months ended June 30, 2015 and net losses of $20 million for the six months ended June 30, 2015 compared with net losses of $10 million for the three months ended June 30, 2014 and net losses of $15 million for the six months ended June 30, 2014. Cash Flow Hedges We enter into receive-fixed, pay-variable interest rate swaps to modify the interest rate characteristics of designated commercial loans from variable to fixed in order to reduce the impact of changes in future cash flows due to market interest rate changes. For these cash flow hedges, any changes in the fair value of the derivatives that are effective in offsetting changes in the forecasted interest cash flows are recorded in Accumulated other comprehensive income and are reclassified t o interest income in conjunction with the recognition of interest received on the loans. In the 12 months that follow June 30, 2015 , we expect to reclassify from the amount currently reported in Accumulated other comprehensive income, net der ivative gains of $ 256 million pretax, or $ 167 million after-tax, in association with interest received on the hedged loans. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to June 30, 2015 . The maximum length of time over which forecasted loan cash flows are hedged is 10 years. We use statistical regression analysis to assess the effectiveness of these hedge relationships at both the inception of the hedge relationship and on an ongoing basis. We also periodically enter into forward purchase and sale contracts to hedge the variability of the consideration that will be paid or rec eived related to the purchase or sale of investment securities. The forecasted purchase or sale is consummated upon gross settlement of the forward contract itself. As a result, hedge ineffectiveness, if any, is typically minimal. Gains and losses on these forward contracts are recorded in Accumulated other comprehensive income and are recognized in earnings when the hedged cash flows affect earnings. In the 12 months that follow June 30, 2015 , we expect to reclassify from the amount currently reported in Accumulated other comprehensive income, net derivative gains of $ 19 million pretax, or $ 12 million after-tax, as adjustments of yield on investment securities. As of June 30, 2015 , the maximu m length of time over which forecasted purchase contracts are hedged is t hree months. There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness related to either cash flow hedge strategy. During the first six months of 2015 and 2014 , there were no gains or losses from cash flow hedge derivatives reclassified to earnings because it became probable that the original forecasted transaction would not occur. Further detail regarding gains (losse s) on derivatives and related cash flows is presented in the following table: Table 96: Gains (Losses) on Derivatives and Related Cash Flows - Cash Flow Hedges (a) (b) Three months ended Six months ended June 30 June 30 In millions 2015 2014 2015 2014 Gains (losses) on derivatives recognized in OCI - (effective portion) $ (102) $ 138 $ 196 $ 210 Less: Gains (losses) reclassified from accumulated OCI into income - (effective portion) Interest income 72 64 140 136 Noninterest income (4) (7) (13) (2) Total gains (losses) reclassified from accumulated OCI into income - (effective portion) 68 57 127 134 Net unrealized gains (losses) on cash flow hedge derivatives $ (170) $ 81 $ 69 $ 76 (a) All cash flow hedge derivatives are interest rate contracts as of June 30, 2015 and June 30, 2014. (b) The amount of cash flow hedge ineffectiveness recognized in income was not material for the periods presented. Net Investment Hedges We enter into foreign currency forward contracts to hedge non-U.S. Dollar (USD) 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. There were no components of derivative gains or losses excluded from the assessment of the hedge effectiveness. For the first six months of 2015 and 2014 , there was no net investment hedge ineffectiveness. Further detail on gains (losses) on net investment hedge derivatives is presented in the following table: Table 97: Gains (Losses) on Derivatives - Net Investment Hedges Three months ended Six months ended June 30 June 30 In millions 2015 2014 2015 2014 Gains (losses) on derivatives recognized in OCI (effective portion) Foreign exchange contracts $ (65) $ (26) $ (11) $ (33) Derivatives Not Designated As Hedging Instruments under GAAP We also enter into derivatives that are not designated as accounting hedges under GAAP . For additional information on derivatives not designated as hedging instruments under GAAP see Note 15 Financial Derivatives in our 2014 Form 10-K. Further detail regarding the notional amounts and fair values related to derivatives not designated in hedge relationships is presented in the fo llowing table: Table 98: Derivatives Not Designated As Hedging Instruments under GAAP June 30, 2015 December 31, 2014 Notional/ Asset Liability Notional/ Asset Liability Contract Fair Fair Contract Fair Fair In millions Amount Value (a) Value (b) Amount Value (a) Value (b) Derivatives used for residential mortgage banking activities: Residential mortgage servicing Interest rate contracts: Swaps $ 35,043 $ 709 $ 396 $ 32,459 $ 777 $ 394 Swaptions 3,176 23 21 1,498 29 22 Futures (c) 19,177 22,084 Futures options 30,000 6 3 12,225 4 Mortgage-backed securities commitments 2,390 4 8 710 4 Subtotal 89,786 742 428 68,976 814 416 Loan sales Interest rate contracts: Futures (c) 40 58 Bond options 300 4 300 Mortgage-backed securities commitments 8,210 39 21 4,916 10 21 Residential mortgage loan commitments 2,437 21 1,852 22 Subtotal 10,987 64 21 7,126 32 21 Subtotal $ 100,773 $ 806 $ 449 $ 76,102 $ 846 $ 437 Derivatives used for commercial mortgage banking activities: Interest rate contracts: Swaps $ 3,793 $ 62 $ 49 $ 3,801 $ 67 $ 48 Swaptions 439 1 1 439 2 1 Futures (c) 20,146 19,913 Commercial mortgage loan commitments 1,295 10 6 2,042 16 10 Subtotal 25,673 73 56 26,195 85 59 Credit contracts: Credit default swaps 83 95 Subtotal $ 25,756 $ 73 $ 56 $ 26,290 $ 85 $ 59 Derivatives used for customer-related activities: Interest rate contracts: Swaps $ 149,054 $ 2,455 $ 2,350 $ 146,008 $ 2,632 $ 2,559 Caps/floors - Sold 5,142 15 4,846 16 Caps/floors - Purchased 6,462 28 6,339 34 Swaptions 4,496 59 17 3,361 62 12 Futures (c) 2,433 3,112 Mortgage-backed securities commitments 3,552 6 5 2,137 3 3 Subtotal 171,139 2,548 2,387 165,803 2,731 2,590 Foreign exchange contracts 10,895 215 202 12,547 223 240 Credit contracts: Risk participation agreements 5,076 2 5 5,124 2 4 Subtotal $ 187,110 $ 2,765 $ 2,594 $ 183,474 $ 2,956 $ 2,834 Derivatives used for other risk management activities: Interest rate contracts $ 833 $ 1 Foreign exchange contracts $ 2,519 $ 35 $ 18 2,661 85 $ 1 Credit contracts: Credit default swaps 15 15 Other contracts (d) 2,034 485 1,881 510 Subtotal 4,568 35 503 5,390 86 511 Total derivatives not designated as hedging instruments $ 318,207 $ 3,679 $ 3,602 $ 291,256 $ 3,973 $ 3,841 (a) Included in Other assets on our Consolidated Balance Sheet. (b) Included in Other liabilities on our Consolidated Balance Sheet. (c) Futures contracts settle in cash daily and, therefore, no derivative asset or derivative liability is recognized on our Consolidated Balance Sheet. (d) Includes PNC's obligation to fund a portion of certain BlackRock LTIP programs and the swaps entered into in connection with sales of a portion of Visa Class B common shares. Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table: Table 99: Gains (Losses) on Derivatives Not Designated As Hedging Instruments under GAAP Three months ended Six months ended June 30 June 30 In millions 2015 2014 2015 2014 Derivatives used for residential mortgage banking activities: Residential mortgage servicing Interest rate contracts $ (83) $ 57 $ 15 $ 110 Loan sales Interest rate contracts 47 (10) 68 (12) Gains (losses) included in residential mortgage banking activities (a) $ (36) $ 47 $ 83 $ 98 Derivatives used for commercial mortgage banking activities: Interest rate contracts (b) (c) $ (25) $ 23 $ 5 $ 43 Credit contracts (c) 1 (1) (1) Gains (losses) from commercial mortgage banking activities $ (24) $ 22 $ 5 $ 42 Derivatives used for customer-related activities: Interest rate contracts $ 30 $ 11 $ 34 $ 10 Foreign exchange contracts 32 22 33 48 Credit contracts (1) Gains (losses) from customer-related activities (c) $ 62 $ 32 $ 67 $ 58 Derivatives used for other risk management activities: Interest rate contracts $ 1 $ (11) $ 1 $ (15) Foreign exchange contracts (69) (5) 114 (7) Other contracts (d) 14 (19) 7 (27) Gains (losses) from other risk management activities (c) $ (54) $ (35) $ 122 $ (49) Total gains (losses) from derivatives not designated as hedging instruments $ (52) $ 66 $ 277 $ 149 (a) Included in Residential mortgage noninterest income. (b) Included in Corporate services noninterest income. (c) Included in Other noninterest income. (d) Includes BlackRock LTIP funding obligation and the swaps entered into in connection with sales of a portion of Visa Class B common shares. Credit Derivatives W e enter into credit derivatives, specifically credit default swaps and risk participation agreements, as part of our commercial mortgage banking hedging activities and for customer and other risk management purposes. The credit derivative underlying is based on the credit risk of a specific entity, entities, or an index. D etail regarding credit default swaps purchased and r isk participations sold follows. Table 100: Credit Default Swaps (a) June 30, 2015 December 31, 2014 Weighted- Weighted- Average Average Remaining Remaining Notional Maturity Notional Maturity Dollars in millions Amount In Years Amount In Years Credit Default Swaps – Purchased (b) Single name $ 50 5.2 $ 50 5.7 Index traded 48 33.7 60 34.2 Total $ 98 19.1 $ 110 21.3 (a) There were no credit default swaps sold as of June 30, 2015 and December 31, 2014. (b) The fair value of credit default swaps purchased was less than $1 million as of June 30, 2015 and December 31, 2014. The notional amount of these credit default swaps by credit rating is presented in the following table: Table 101: Credit Ratings of Credit Default Swaps (a) In millions June 30, 2015 December 31, 2014 Credit Default Swaps – Purchased Investment grade (b) $ 83 $ 95 Subinvestment grade (c) 15 15 Total $ 98 $ 110 (a) There were no credit default swaps sold as of June 30, 2015 and December 31, 2014. (b) Investment grade with a rating of BBB-/Baa3 or above based on published rating agency information. (c) Subinvestment grade represents a rating below BBB-/Baa3 based on published rating agency information. The referenced/underlying assets for these credit default swaps are presented in the following table: Table 102: Referenced/Underlying Assets of Credit Default Swaps June 30, 2015 December 31, 2014 Corporate debt 51% 45% Commercial mortgage-backed securities 49% 55% Risk Participation Agreements We also periodically enter into risk participation agreements to share some of the credit exposure with other counterparties related to interest rate derivative contracts or to take on credit exposure to generate revenue. We will make/receive payments under these agreements if a customer defaults on its obligation to perform under certain derivative swap contracts. Risk participation agreements purchased and sold are included in the se derivative tables: Tables 98 , 99 , and 103 . Further detail regarding the notional amount, fair value and weighted-average remaining maturities in years for risk participation agreements sold is presented in the followin g table: Table 103: Risk Participation Agreements Sold June 30, 2015 December 31, 2014 Weighted- Weighted- Average Average Remaining Remaining Notional Fair Maturity Notional Fair Maturity Dollars in millions Amount Value In Years Amount Value In Years Risk Participation Agreements Sold $ 2,669 $ (5) 5.0 $ 2,796 $ (4) 5.4 Based on our internal risk rating process of the underlying third party customers referenced in the swap contracts, all exposure related to risk participation agreements sold have an internal credit rating of pass, which indicates the expected risk of default is currently low. We have sold risk participation agreements with terms ranging from less than 1 year to 22 years. We will be required to make payments under these agreements if a customer defaults on its obligation to perform under certain derivative swap contracts with third parties . Assuming all underlying third party customer s referenced in the swap contrac ts defaulted at June 30, 2015 , the exposure from these agreements would be $ 115 million based on the fair value of the underlying swaps , compared with $ 124 million at December 31, 2014 . Offsetting, Counterparty Credit Risk, and Contingent Features We, generally, utilize a net presentation on the Consolidated Balance Sheet for those derivative financial instruments entered into with counterparties under legally enforceable master netting agreements. The master netting agreements reduce credit risk by permitting th e closeout netting of various types of derivative instruments with the same counterparty upon the occurrence of an event of default. For additional information on derivative offsetting, counterparty credit risk, and contingent features see Note 15 Financ ial Derivatives in our 2014 Form 10-K. Refer to Note 16 Commitments and Guarantees in this Report for additional information related to resale and repurchase agreements offsetting. The following derivative Table 104 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities as of June 30, 2015 and December 31, 2014 . The table also includ es 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 104: Derivative Assets and Liabilities Offsetting Amounts Securities Gross Offset on the Net Collateral Fair Value Consolidated Balance Sheet Fair Value Held Under June 30, 2015 Derivative Fair Value Cash Derivative Master Netting Net In millions Assets Offset Amount Collateral Assets Agreements Amounts Derivative assets Interest rate contracts $ 4,599 $ 1,806 $ 337 $ 2,456 $ 130 $ 2,326 Foreign exchange contracts 250 138 11 101 3 98 Credit contracts 2 1 1 Total derivative assets (a) $ 4,851 $ 1,945 $ 349 $ 2,557 (b) $ 133 $ 2,424 Amounts Securities Gross Offset on the Net Collateral Fair Value Consolidated Balance Sheet Fair Value Pledged Under June 30, 2015 Derivative Fair Value Cash Derivative Master Netting Net In millions Liabilities Offset Amount Collateral Liabilities Agreements Amounts Derivative liabilities Interest rate contracts $ 3,112 $ 1,856 $ 470 $ 786 $ 786 Foreign exchange contracts 225 85 20 120 120 Credit contracts 5 4 1 Other contracts 485 485 485 Total derivative liabilities (a) $ 3,827 $ 1,945 $ 491 $ 1,391 (c) $ 1,391 Amounts Securities Gross Offset on the Net Collateral Fair Value Consolidated Balance Sheet Fair Value Held Under December 31, 2014 Derivative Fair Value Cash Derivative Master Netting Net In millions Assets Offset Amount Collateral Assets Agreements Amounts Derivative assets Interest rate contracts $ 4,918 $ 1,981 $ 458 $ 2,479 $ 143 $ 2,336 Foreign exchange contracts 314 159 47 108 1 107 Credit contracts 2 1 1 Total derivative assets (a) $ 5,234 $ 2,141 $ 506 $ 2,587 (b) $ 144 $ 2,443 Amounts Securities Gross Offset on the Net Collateral Fair Value Consolidated Balance Sheet Fair Value Pledged Under December 31, 2014 Derivative Fair Value Cash Derivative Master Netting Net In millions Liabilities Offset Amount Collateral Liabilities Agreements Amounts Derivative liabilities Interest rate contracts $ 3,272 $ 2,057 $ 483 $ 732 $ 732 Foreign exchange contracts 241 80 20 141 141 Credit contracts 4 4 Other contracts 510 510 510 Total derivative liabilities (a) $ 4,027 $ 2,141 $ 503 $ 1,383 (c) $ 1,383 (a) Included derivative assets and derivative liabilities as of June 30, 2015 totaling $889 million and $725 million, respectively, related to interest rate contracts executed bilaterally with counterparties in the U.S. over-the-counter market and novated to and cleared through a central clearing house. The comparable amounts as of December 31, 2014 totaled $807 million and $657 million, respectively. Derivative assets and liabilities as of June 30, 2015 and December 31, 2014 related to exchange-traded interest rate contracts were not material. As of June 30, 2015 and December 31, 2014, these contracts were not subject to offsetting. The remaining gross and net derivative assets and liabilities relate to contracts executed bilaterally with counterparties that are not settled through an organized exchange or central clearing house. (b) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (c) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet. In addition to using master netting and related collateral agreements to reduce credit risk associated with derivative instruments, we also seek to manage credit risk by evaluating credit ratings of counterparties, by taking collateral and by using internal credit analysis, limits, and monitoring procedures. Collateral may also be exchanged under certain derivative agreements that are not considered master netting agreements. At June 30, 2015 , we held cash, U . S . government securities and mortgage-backed securities totaling $ 681 million under master netting and other collateral agreements to collateralize net derivative assets due from counterparties, and we have pledged cash totaling $ 555 million unde r these agreements to collateralize net derivative liabilities owed to counterparties. These totals may differ from the amounts presented in the preceding offsetting table because they may include collateral exchanged under an agreement that does not quali fy as a master netting agreement or because the total amount of collateral held or pledged exceeds the net derivative fair value with the counterparty as of the balance sheet date due to timing or other factors. To the extent not netted against the derivat ive fair value 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 borrowed funds on our Consolidated Balance Sheet. Securities held from counterparties are not recognized on our balance sheet. Likewise securities we have pledged to counterparties remain on our balance sheet. Certain of the master netting agreements and certain other derivative agreements also contain provisions that require PNC’s debt to maint ain an investment grade credit rating from each of the major credit rating agencies. If PNC’s debt ratings were to fall below investment grade, we would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position on June 30, 2015 was $ .6 billion for whi ch PNC had posted collateral of $ .5 billion in the normal course of business. The maximum additional amount of collateral P NC would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered on June 30, 2015 would be $ .1 billion. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings per Share | |
Earnings per Share | Note 12 Earnings Per Share Table 105: Basic and Diluted Earnings per Common Share Three months ended Six months ended June 30 June 30 In millions, except per share data 2015 2014 2015 2014 Basic Net income $ 1,044 $ 1,052 $ 2,048 $ 2,112 Less: Net income (loss) attributable to noncontrolling interests 4 3 5 1 Preferred stock dividends and discount accretion and redemptions 48 48 118 118 Net income attributable to common shares 992 1,001 1,925 1,993 Less: Dividends and undistributed earnings allocated to nonvested restricted shares 3 2 6 Net income attributable to basic common shares $ 992 $ 998 $ 1,923 $ 1,987 Basic weighted-average common shares outstanding 517 532 519 532 Basic earnings per common share (a) $ 1.92 $ 1.88 $ 3.71 $ 3.73 Diluted Net income attributable to basic common shares $ 992 $ 998 $ 1,923 $ 1,987 Less: Impact of BlackRock earnings per share dilution 5 3 10 9 Net income attributable to diluted common shares $ 987 $ 995 $ 1,913 $ 1,978 Basic weighted-average common shares outstanding 517 532 519 532 Dilutive potential common shares (b) (c) 8 7 8 7 Diluted weighted-average common shares outstanding 525 539 527 539 Diluted earnings per common share (a) $ 1.88 $ 1.85 $ 3.63 $ 3.67 (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 (participating securities). (b) Excludes number of stock options considered to be anti-dilutive of 1 million for the three and six months ended June 30, 2014. No stock options were considered to be anti-dilutive for the three and six months ended June 30, 2015. (c) No warrants were considered to be anti-dilutive for the three and six months ended June 30, 2015 and June 30, 2014, respectively. |
Total Equity and Other Comprehe
Total Equity and Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Other Comprehensive Income [Abstract] | |
Total Equity And Other Comprehensive Income Disclosure [Text Block] | Note 13 Total Equity And Other Comprehensive Income Activity in total equity for the first six months of 2014 and 2015 follows. Table 106: Rollforward of Total Equity Shareholders' Equity Capital Accumulated Shares Capital Surplus - Other Outstanding Surplus - Common Comprehensive Non- Common Common Preferred Stock Retained Income Treasury controlling Total In millions Stock Stock Stock and Other Earnings (Loss) Stock Interests Equity Balance at December 31, 2013 533 $ 2,698 $ 3,941 $ 12,416 $ 23,251 $ 436 $ (408) $ 1,703 $ 44,037 Cumulative effect of adopting ASC 860-50 (a) 2 2 Balance at January 1, 2014 533 $ 2,698 $ 3,941 $ 12,416 $ 23,253 $ 436 $ (408) $ 1,703 $ 44,039 Net income 2,111 1 2,112 Other comprehensive income (loss), net of tax 445 445 Cash dividends declared Common ($.92 per share) (491) (491) Preferred (115) (115) Preferred stock discount accretion 3 (3) Common stock activity 1 5 55 60 Treasury stock activity (2) 11 (176) (165) Other 24 (116) (92) Balance at June 30, 2014 (b) 532 $ 2,703 $ 3,944 $ 12,506 $ 24,755 $ 881 $ (584) $ 1,588 $ 45,793 Balance at January 1, 2015 523 $ 2,705 $ 3,946 $ 12,627 $ 26,200 $ 503 $ (1,430) $ 1,523 $ 46,074 Net income 2,043 5 2,048 Other comprehensive income (loss), net of tax (124) (124) Cash dividends declared Common ($.99 per share) (516) (516) Preferred (115) (115) Preferred stock discount accretion 3 (3) Common stock activity 1 3 34 37 Treasury stock activity (8) (55) (832) (887) Preferred stock redemption - Series K (c) (500) (500) Other 26 (131) (105) Balance at June 30, 2015 (b) 516 $ 2,708 $ 3,449 $ 12,632 $ 27,609 $ 379 $ (2,262) $ 1,397 $ 45,912 (a) Amount represents the cumulative impact of our January 1, 2014 irrevocable election to prospectively measure all classes of commercial MSRs at fair value. See Note 1 Accounting Policies and Note 8 Goodwill and Other Intangible Assets for more information on this election in our Notes To Consolidated Financial Statements under Item 8 of our 2014 Form 10-K. (b) The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation. (c) On May 4, 2015, PNC redeemed all 50,000 shares of its Series K Preferred Stock, as well as all 500,000 Depositary Shares representing fractional interests in such shares, resulting in net outflow of $500 million. Warrants We had 13,685,932 warrants outstanding as of June 30, 2015 compared to 16,885,192 as of December 31, 2014 . The reduction was due to 3,199,260 warrants that were exercised during 2015 . Each warrant entitles the holder to purchase one share of PNC common stock at an exercise price of $67.33 per share. In accordance with the terms of the warrants, the warrants are exercised on a non-cash net basis with the warrant holder receiving PNC common shares determined based on th e excess of the market price of PNC common stock on the exercise date over the exercise price of the warrant. In 2015 , we issued 971,570 common shares resulting from the exercise of the warrants. The issuance of these shares resulted in a reclass ification within Capital s urplus – C ommon s tock and o ther with no impact on PNC’s S hareholder’s equity. The remaining outstanding warrants will expire as of December 31, 2018, and are considered in the calculation of diluted earnings per common share in No te 12 Earnings Per Share in this Report. Table 107: Other Comprehensive Income Details of other comprehensive income (loss) are as follows: In millions Pretax Tax After-tax Net unrealized gains (losses) on non-OTTI securities Balance at March 31, 2014 $ 836 $ (307) $ 529 Second Quarter 2014 activity Increase in net unrealized gains (losses) on non-OTTI securities 220 (80) 140 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 7 (2) 5 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 1 1 Net unrealized gains (losses) on non-OTTI securities 212 (78) 134 Balance at June 30, 2014 1,048 (385) 663 Balance at March 31, 2015 1,096 (402) 694 Second Quarter 2015 activity Increase in net unrealized gains (losses) on non-OTTI securities (346) 128 (218) Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 7 (2) 5 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 12 (4) 8 Net unrealized gains (losses) on non-OTTI securities (365) 134 (231) Balance at June 30, 2015 $ 731 $ (268) $ 463 Net unrealized gains (losses) on OTTI securities Balance at March 31, 2014 $ 102 $ (37) $ 65 Second Quarter 2014 activity Increase in net unrealized gains (losses) on OTTI securities 40 (14) 26 Less: OTTI losses realized on securities reclassified to noninterest income (1) (1) Net unrealized gains (losses) on OTTI securities 41 (14) 27 Balance at June 30, 2014 143 (51) 92 Balance at March 31, 2015 118 (42) 76 Second Quarter 2015 activity Increase in net unrealized gains (losses) on OTTI securities 3 (1) 2 Less: OTTI losses realized on securities reclassified to noninterest income (1) 1 Net unrealized gains (losses) on OTTI securities 4 (2) 2 Balance at June 30, 2015 $ 122 $ (44) $ 78 Net unrealized gains (losses) on cash flow hedge derivatives Balance at March 31, 2014 $ 379 $ (139) $ 240 Second Quarter 2014 activity Increase in net unrealized gains (losses) on cash flow hedge derivatives 138 (50) 88 Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income (a) 61 (23) 38 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income (a) 3 (1) 2 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (a) (7) 3 (4) Net unrealized gains (losses) on cash flow hedge derivatives 81 (29) 52 Balance at June 30, 2014 460 (168) 292 Balance at March 31, 2015 791 (290) 501 Second Quarter 2015 activity Increase in net unrealized gains (losses) on cash flow hedge derivatives (102) 38 (64) Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income (a) 64 (24) 40 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income (a) 8 (3) 5 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (a) (4) 2 (2) Net unrealized gains (losses) on cash flow hedge derivatives (170) 63 (107) Balance at June 30, 2015 $ 621 $ (227) $ 394 In millions Pretax Tax After-tax Pension and other postretirement benefit plan adjustments Balance at March 31, 2014 $ (292) $ 107 $ (185) Second Quarter 2014 activity Net pension and other postretirement benefit plan activity 10 (4) 6 Amortization of actuarial loss (gain) reclassified to other noninterest expense 1 (1) Amortization of prior service cost (credit) reclassified to other noninterest expense (2) 1 (1) Total Second Quarter 2014 activity 9 (4) 5 Balance at June 30, 2014 (283) 103 (180) Balance at March 31, 2015 (760) 278 (482) Second Quarter 2015 activity Net pension and other postretirement benefit plan activity (17) 7 (10) Amortization of actuarial loss (gain) reclassified to other noninterest expense 9 (4) 5 Amortization of prior service cost (credit) reclassified to other noninterest expense (2) 1 (1) Total Second Quarter 2015 activity (10) 4 (6) Balance at June 30, 2015 $ (770) $ 282 $ (488) Other Balance at March 31, 2014 $ (9) $ 16 $ 7 Second Quarter 2014 Activity PNC's portion of BlackRock's OCI (4) 2 (2) Net investment hedge derivatives (b) (26) 9 (17) Foreign currency translation adjustments (c) 26 26 Total Second Quarter 2014 activity (4) 11 7 Balance at June 30, 2014 (13) 27 14 Balance at March 31, 2015 (86) (86) Second Quarter 2015 Activity PNC's portion of BlackRock's OCI (9) 3 (6) Net investment hedge derivatives (b) (65) 24 (41) Foreign currency translation adjustments (c) 65 65 Total Second Quarter 2015 activity (9) 27 18 Balance at June 30, 2015 $ (95) $ 27 $ (68) In millions Pretax Tax After-tax Net unrealized gains (losses) on non-OTTI securities Balance at December 31, 2013 $ 647 $ (238) $ 409 2014 activity Increase in net unrealized gains (losses) on non-OTTI securities 421 (154) 267 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 14 (5) 9 Less: Net gains (losses) realized on sale of securities reclassified to noninterest income 6 (2) 4 Net unrealized gains (losses) on non-OTTI securities 401 (147) 254 Balance at June 30, 2014 1,048 (385) 663 Balance at December 31, 2014 1,022 (375) 647 2015 activity Increase in net unrealized gains (losses) on non-OTTI securities (214) 79 (135) Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 14 (5) 9 Less: Net gains (losses) realized on sale of securities reclassified to noninterest income 63 (23) 40 Net unrealized gains (losses) on non-OTTI securities (291) 107 (184) Balance at June 30, 2015 $ 731 $ (268) $ 463 Net unrealized gains (losses) on OTTI securities Balance at December 31, 2013 $ 36 $ (12) $ 24 2014 activity Increase in net unrealized gains (losses) on OTTI securities 104 (38) 66 Less: OTTI losses realized on securities reclassified to noninterest income (3) 1 (2) Net unrealized gains (losses) on OTTI securities 107 (39) 68 Balance at June 30, 2014 143 (51) 92 Balance at December 31, 2014 115 (41) 74 2015 activity Increase in net unrealized gains (losses) on OTTI securities 5 (2) 3 Less: OTTI losses realized on securities reclassified to noninterest income (2) 1 (1) Net unrealized gains (losses) on OTTI securities 7 (3) 4 Balance at June 30, 2015 $ 122 $ (44) $ 78 Net unrealized gains (losses) on cash flow hedge derivatives Balance at December 31, 2013 $ 384 $ (141) $ 243 2014 activity Increase in net unrealized gains (losses) on cash flow hedge derivatives 210 (76) 134 Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income (a) 130 (48) 82 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income (a) 6 (2) 4 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (a) (2) 1 (1) Net unrealized gains (losses) on cash flow hedge derivatives 76 (27) 49 Balance at June 30, 2014 460 (168) 292 Balance at December 31, 2014 552 (202) 350 2015 activity Increase in net unrealized gains (losses) on cash flow hedge derivatives 196 (72) 124 Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income (a) 128 (47) 81 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income (a) 12 (5) 7 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (a) (13) 5 (8) Net unrealized gains (losses) on cash flow hedge derivatives 69 (25) 44 Balance at June 30, 2015 $ 621 $ (227) $ 394 In millions Pretax Tax After-tax Pension and other postretirement benefit plan adjustments Balance at December 31, 2013 $ (374) $ 137 $ (237) 2014 Activity Net pension and other postretirement benefit plan activity 93 (35) 58 Amortization of actuarial loss (gain) reclassified to other noninterest expense 2 (1) 1 Amortization of prior service cost (credit) reclassified to other noninterest expense (4) 2 (2) Total 2014 activity 91 (34) 57 Balance at June 30, 2014 (283) 103 (180) Balance at December 31, 2014 (820) 300 (520) 2015 Activity Net pension and other postretirement benefit plan activity 36 (13) 23 Amortization of actuarial loss (gain) reclassified to other noninterest expense 18 (7) 11 Amortization of prior service cost (credit) reclassified to other noninterest expense (4) 2 (2) Total 2015 Activity 50 (18) 32 Balance at June 30, 2015 $ (770) $ 282 $ (488) Other Balance at December 31, 2013 $ (20) $ 17 $ (3) 2014 Activity PNC's portion of BlackRock's OCI 7 (2) 5 Net investment hedge derivatives (b) (33) 12 (21) Foreign currency translation adjustments 33 33 Total 2014 activity 7 10 17 Balance at June 30, 2014 (13) 27 14 Balance at December 31, 2014 (59) 11 (48) 2015 Activity PNC's portion of BlackRock's OCI (34) 12 (22) Net investment hedge derivatives (b) (11) 4 (7) Foreign currency translation adjustments (c) 9 9 Total 2015 activity (36) 16 (20) Balance at June 30, 2015 $ (95) $ 27 $ (68) (a) Cash flow hedge derivatives are interest rate contract derivatives designated as hedging instruments under GAAP. (b) Net investment hedge derivatives are foreign exchange contracts designated as hedging instruments under GAAP. (c) The earnings of PNC's Luxembourg-UK lending business have been indefinitely reinvested: therefore, no U.S. deferred income tax has been recorded on the foreign currency translation of the investment. Table 108: Accumulated Other Comprehensive Income (Loss) Components June 30, 2015 December 31, 2014 In millions Pretax After-tax Pretax After-tax Net unrealized gains (losses) on non-OTTI securities $ 731 $ 463 $ 1,022 $ 647 Net unrealized gains (losses) on OTTI securities 122 78 115 74 Net unrealized gains (losses) on cash flow hedge derivatives 621 394 552 350 Pension and other postretirement benefit plan adjustments (770) (488) (820) (520) Other (95) (68) (59) (48) Accumulated other comprehensive income (loss) $ 609 $ 379 $ 810 $ 503 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 14 Income Taxes Table 109: Net Operating Loss Carryforwards and Tax Credit Carryforwards June 30 December 31 In millions 2015 2014 Net Operating Loss Carryforwards: Federal $ 947 $ 997 State $ 2,486 $ 2,594 Tax Credit Carryforwards: Federal $ 35 $ 35 State $ 7 $ 7 The federal net operating loss carryf orwards expire in 2032 . The state net operating loss carryforwards will expire from 201 5 to 2035. The majority of the tax credit carryforwards expire in 2032. All federal and most state net operating loss and credit carryforwards are from acquired entities and utilization is subject to various statutory limitations. It is anticipated that the company will be able to fully utilize its carryforwards for federal tax purposes, but a valuation allowance of $ 64 million has been recorded against certain state tax carryforwards as of June 30, 2015 . If select uncertain tax positions were successfully challenged by a state, the state net operating losses listed above could be reduced by $60 million. The Internal Revenue Service (IRS) is currently examining PNC's 2011 through 2013 returns. National City's consolidated federal income tax returns through 2008 have been a udited by the IRS. Certain adjustments remain under review by the IRS Appeals Division for years 2004 through 2008. The Company had unrecognized tax benefits of $ 80 million at June 30, 2015 and $77 million at Dec ember 31, 2014 . At June 30, 2015 , $ 66 million of unrecognized tax benefits, if recognized, would favorably impact the effective income tax rate. It is reasonably possible that the balance of unre cognized tax benefits could increase or decrease in the next twelve months due to completion of tax authorities’ exams or the expiration of statutes of limitations. Management estimates that the balance of unrecognized tax benefits could decrease by $ 53 million within the next twelve months. During the six months ended June 30, 2015, we recognized $102 million of amortization, $111 million of tax credits, and $37 million of other tax benefits associated with qualified i nvestments in low income housing tax credits within Income taxes. The amounts for the second quarter of 2015 were $51 million, $56 million and $18 million, respectively. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2015 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | Note 15 Legal Proceedings 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 ex cess 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 15 as well as those matters disclosed in Note 21 Legal Proceedings in Part II, Item 8 of our 2014 Form 10-K and in Note 15 Legal Proceedings in Part I, Item 1 of our first quarter 2015 Form 10-Q (such prior disclosure collectively referred to as “Prior Disclosure”)). For Disclosed Matters where we are able to estimate such p ossible losses or ranges of possible losses, as of June 30, 2015, we estimate that it is reasonably possible that we could incur losses in an aggregate amount of up to approximately $ 725 million. The estimates included in this a mount 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 a ssessments 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 highe r, and possibly significantly so, than the amounts accrued or this aggregate amount. In our experience, legal proceedings are inherently unpredictable. One or more of the following factors frequently contribute to this inherent unpredictability: the proce eding is in its early stages; the damages sought are unspecified, unsupported or uncertain; it is unclear whether a case brought as a class action will be allowed to proceed on that basis or, if permitted to proceed as a class action, how the class will be defined; the other party is seeking relief other than or in addition to compensatory damages (including, in the case of regulatory and governmental investigations and inquiries, the possibility of fines and penalties); the matter presents meaningful legal uncertainties, including novel issues of law; we have not engaged in meaningful settlement discussions; discovery has not started or is not complete; there are significant facts in dispute; the possible outcomes may not be amenable to the use of statistic al or quantitative analytical tools; predicting possible outcomes depends on making assumptions about future decisions of courts or regulatory bodies or the behavior of other parties; and there are a large number of parties named as defendants (including w here it is uncertain how damages or liability, if any, will be shared among multiple defendants). Generally, the less progress that has been made in the proceedings or the broader the range of potential results, the harder it is for us to estimate losses o r ranges of losses that it is reasonably possible we could incur. As a result of these types of factors, we are unable, at this time, to estimate the losses that it is reasonably possible that we could incur or ranges of such losses with respect to some o f 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 discl osed 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 includ e 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 in formation 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 Matt ers 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. The following updates our disclosure of legal proceedings from that provided in Prior Disclosure. CBNV Mortgage Litigation Between 2001 and 2003, on behalf of either individual plaintiffs or proposed classes of plaintiffs, several separate lawsuits were filed in state and federal courts against Community Bank of Northern Virginia (CBNV), a PNC Bank predecessor, and other defendants asserting claims arising from second mortgage loans made to the plaintiffs. The state lawsuits were removed to federal court and, with the lawsuits that had been filed in federal court, were consolidated for pre-trial proceedings in a multidistrict litigation (MDL) proceed ing in the United States District Court for the Western District of Pennsylvania under the caption In re: Community Bank of Northern Virginia Lending Practices Litigation (No. 03-0425 (W.D. Pa.), MDL No. 1674). MDL Proceedings in Pennsylvania . In July 20 15, the United States Court of Appeals for the Third Circuit affirmed the grant of class certification by the Pennsylvania district court. North Carolina Proceedings . In January 2008, the Pennsylvania district court issued an order sending back to the Ge neral Court of Justice, Superior Court Division, for Wake County, North Carolina the claims of two proposed class members, asserted in a case originally filed in 2001 and captioned Bumpers, et al. v. Community Bank of Northern Virginia (01-CVS-011342). Th e plaintiffs in Bumpers made similar allegations to those included in the amended complaint in the MDL proceedings. Following the remand to North Carolina state court, the plaintiffs in Bumpers sought to represent a class of North Carolina borrowers in sta te court proceedings in North Carolina. The plaintiffs claimed that this class consisted of approximately 650 borrowers. The district court in Pennsylvania handling the MDL proceedings enjoined class proceedings in Bumpers in March 2008. In April 2008, the North Carolina Superior Court granted the Bumpers plaintiffs’ motion for summary judgment on their individual claims and awarded them approximately $11,000 each plus interest. CBNV appealed the grant of the motion for summary judgment. In September 2011, the North Carolina Court of Appeals affirmed in part and reversed in part the granting of the plaintiffs’ motion for summary judgment. The court affirmed the judgment on the plaintiffs’ claim that they paid a loan discount fee but were not provided a loan discount. It reversed the judgment on the plaintiffs’ claim that they were overcharged for settlement services and remanded that claim for trial. The court also held that, in light of the Pennsylvania district court’s injunction against class proceedings h aving been vacated in September 2010, the trial court may on remand consider the issue of class certification. In August 2012, the North Carolina Supreme Court granted our petition for discretionary review of the decision of the North Carolina Court of App eals. The appeal was argued in January 2013. In August 2013, the North Carolina Supreme Court reversed the decision of the Court of Appeals and remanded the case to the Superior Court for further proceedings. In September 2013, after the other plaintiff vo luntarily dismissed his case, the remaining plaintiff filed a motion for leave to amend his complaint in the trial court. The plaintiff’s remaining claims, as reflected in the proposed amended complaint, related exclusively to loan discount fees. In June 2 015 the court denied the plaintiff’s motion to amend his complaint. The plaintiff then moved for an order allowing dismissal of his remaining claims, which was granted, thus ending the North Carolina proceedings. Lender Placed Insurance Litigation In May 2015, the parties reached an agreement to settle on a nationwide settlement class basis Montoya, et al. v. PNC Bank, N.A., et al. , (Case No. 1:14-cv-20474-JEM), pending in the United States District Court for the Southern District of Florida against, among others, PNC Bank. The agreement is subject to, among other things, notice to the class members and final approval by the court. In June 2015, the plaintiffs filed a motion for preliminary approval of the settlement. Notice to the class members will be pro vided following preliminary approval, if granted. In connection with the settlement agreement, the plaintiffs also filed a fourth amended complaint, which, among other things, adds claims regarding wind and flood insurance. The proposed settlement provides for certification of a class of borrowers who were charged by PNC under a hazard, flood, flood gap or wind only lender placed insurance policy for residential property during the period January 1, 2008 through the date of preliminary approval of the settl ement. The overall cost of the settlement is not expected to be material to PNC. Patent Infringement Litigation In separate decisions issued in April and May 2015, the Patent and Trademark Office (PTO) invalidated all c laims with respect to the patents that were still at issue in Intellectual Ventures I LLC and Intellectual Ventures II LLC vs. PNC Financial Services Group, Inc., and PNC Bank, NA , (Case No. 2:13-cv-00740-AJS)(“ IV 1 ”), pending in the United States District Court for the Western District of Pennsylvania against PNC and PNC Bank. In July 2015, in an appeal arising out of proceedings against a different defendant relating to some of the same patents, the United States Court of Appeals for the Federal Circuit a ffirmed a district court decision invalidating two of those same patents. As a result, all of the patents still at issue in IV 1 have been invalidated, and accordingly PNC should have no liability in this matter. In April 2015, the PTO, in a proceeding br ought by another defendant, upheld the patentability of one of the patents at issue in Intellectual Ventures I LLC and Intellectual Ventures II LLC v. PNC Bank Financial Services Group, Inc., PNC Bank NA, and PNC Merchant Services Company, LP , (Case No. 2: 14-cv-00832-AKS)(“ IV 2 ”), pending in the same court as IV 1 . Three patents of the four other patents at issue in IV 2 remain under review by the PTO while PTO review has been denied as to the fourth patent. Other Regulatory and Governmental Inquiries PNC is the subject of investigations, audits and other forms of regulatory and governmental inquiry covering a broad range of issues in our banking, securities and other financial services businesses, in some cases as part of reviews of specified activities at multiple industry participants. Over the last few years, we have experienced an increase in regulatory and governmental investigations, audits and other inquiries. Areas of current regulatory or governmental inquiry with respect to PNC include consumer pr otection, fair lending, mortgage origination and servicing, mortgage and non mortgage-related insurance and reinsurance, municipal finance activities, conduct by broker-dealers, automobile lending practices, and participation in government insurance or gua rantee programs, some of which are described below and in Prior Disclosure. These inquiries, including those described below and in Prior Disclosure, may lead to administrative, civil or criminal proceedings, and possibly result in remedies including fines , penalties, restitution, or alterations in our business practices, and in additional expenses and collateral costs. Our practice is to cooperate fully with regulatory and governmental investigations, audits and other inquiries, including those described below and in Prior Disclosure. Mortgage Servicing Consent Orders In June 2015, the Office of the Comptroller of the Currency issued an order finding that PNC Bank had satisfied all of its obligations under the OCC’s 2013 amended consent order and termina ting PNC Bank’s 2011 consent order and 2013 amended consent order relating to its residential mortgage servicing and foreclosure processes. The OCC retained jurisdiction over the distribution of remaining funds contributed by PNC Bank under its 2013 amende d consent order. PNC’s consent order with the Board of Governors of the Federal Reserve System, as amended, relating to the same subject matter remains open and does not foreclose the potential for civil money penalties from the Federal Reserve. The range of potential penalties communicated to PNC from the Federal Reserve in connection with these consent orders is not material and we do not otherwise expect any additional financial charges from the Federal Reserve consent orders to be material. Other In a ddition to the proceedings or other matters described above and in Prior Disclosure, PNC and persons to whom we may have indemnification obligations, in the normal course of business, are subject to various other pending and threatened legal proceedings in which claims for monetary damages and other relief are asserted. We do not anticipate, at the present time, that the ultimate aggregate liability, if any, arising out of such other legal proceedings will have a material adverse effect on our financial pos ition. 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 o n 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. See Note 16 Commitments and Guarantees for additional information regarding the Visa indemnification and our other obligations to provide indemnification, including to current and former officers, directors, employees and agents of PNC and companies we have acquired. |
Commitments and Guarantees
Commitments and Guarantees | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Guarantees [Abstract] | |
Commitments and Guarantees | Note 16 Commitments and Guarantees Commitments In the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. The following table presents our outstanding commitments to extend credit along with significant other commitments as of June 30, 2015 and December 31, 2014 , respectively. Table 110: Commitments to Extend Credit and Other Commitments June 30 December 31 In millions 2015 2014 Commitments to extend credit Total commercial lending $ 97,334 $ 98,742 Home equity lines of credit 17,570 17,839 Credit card 18,999 17,833 Other 4,339 4,178 Total commitments to extend credit 138,242 138,592 Net outstanding standby letters of credit (a) 9,509 9,991 Reinsurance agreements 2,118 4,297 Standby bond purchase agreements (b) 959 1,095 Other commitments (c) 964 962 Total commitments to extend credit and other commitments $ 151,792 $ 154,937 (a) Net outstanding standby letters of credit include $5.2 billion which support remarketing programs at both June 30, 2015 and December 31, 2014, respectively. (b) We enter into standby bond purchase agreements to support municipal bond obligations. (c) Includes $579 million and $441 million related to investments in qualified affordable housing projects at June 30, 2015 and December 31, 2014, 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 c ommitments generally have fixed expiration dates, may require payment of a fee, and contain termination clauses in the event the customer’s credit quality deteriorates. Based on our historical experience, some commitments expire unfunded, and therefore cas h requirements are substantially less than the total commitment. 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 t o support obligations of our customers to third parties, such as insurance requirements and the facilitation of transactions involving capital markets pro duct execution. I nternal credit ratings related to our net outstanding standby letters of credit were as follows: Table 111: Internal Credit Ratings Related to Net Outstanding Standby Letters of Credit June 30 December 31 2015 2014 Internal credit ratings (as a percentage of portfolio): Pass (a) 94 % 95 % Below pass (b) 6 % 5 % (a) Indicates that expected risk of loss is currently low. (b) Indicates a higher degree of risk of default. 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, 2015 had terms ranging from less than 1 year to 8 years. As of June 30, 2015 , assets of $ 1.0 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 custo mers’ 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 $ 187 million at June 30, 2015 and is included in Ot her liabilities on our Consolidated Balance Sheet. Reinsurance Agreements We have a wholly-owned captive insurance subsidiary which provides reinsurance for accidental death & dismemberment, credit life, accident & health and lender placed hazard, all o f which are in run-off. Aggregate maximum exposure up to the specified limits for all reinsurance contracts is as follows: Table 112: Reinsurance Agreements Exposure (a) June 30 December 31 In millions 2015 2014 Accidental Death & Dismemberment $ 1,705 $ 1,774 Credit Life, Accident & Health 413 467 Lender Placed Hazard (b) (c) 2,056 Maximum Exposure (d) $ 2,118 $ 4,297 Maximum Exposure to Quota Share Agreements with 100% Reinsurance $ 412 $ 466 (a) Reinsurance agreements exposure balances represent estimates based on availability of financial information from insurance carriers. (b) Through the purchase of catastrophe reinsurance connected to the Lender Placed Hazard Exposure, should a catastrophic event occur, PNC will benefit from this reinsurance. No credit for the catastrophe reinsurance protection is applied to the aggregate exposure figure. (c) Program was placed into run-off for coverage issued or renewed on or after June 1, 2014 with policy terms one year or less. (d) The Borrower and Lender Paid Mortgage Insurance program was placed into run-off. Most of these policies carry no liability to PNC, and due to immateriality this program is no longer included in the maximum exposure amount. A rollforward of the reinsurance reserves for probable losses for the first six months of 2015 and 2014 follows: Table 113: Reinsurance Reserves - Rollforward In millions 2015 2014 January 1 $ 13 $ 32 Paid Losses (6) (12) Net Provision 4 6 Changes to Agreements (10) June 30 $ 11 $ 16 The reinsurance reserves are declining as the programs are in run-off. There were no other changes to existing agreements nor did we enter into any new relationships. There is a reasonable possibility that losses could be more than or less than the amount reserved due to ongoing uncertainty in various economic, social and other factors that could impact the frequency and severity of claims covered by these reinsurance agreements. At June 30, 2015 , the reasonably possible loss above our accrual was not material . Indemnifications We are a party to numerous acquisition or divestiture agreements under which we have purchased or sold, or agreed to purchase or sell, various types of assets. These agreements can cover the purchase or sale of entire businesses, loan portfolios, branch banks, partial interests in companies, or other types of assets. These agreements generally include indemnification provisions under which we indemnify the third part ies to these agreements against a variety of risks to the indemnified parties as a result of the transaction in question. When PNC is the seller, the indemnification provisions will generally also provide the buyer with protection relating to the quality o f the assets we are selling and the extent of any liabilities being assumed by the buyer. Due to the nature of these indemnification provisions, we cannot quantify the total potential exposure to us resulting from them. We provide indemnification in conn ection with securities offering transactions in which we are involved. When we are the issuer of the securities, we provide indemnification to the underwriters or placement agents analogous to the indemnification provided to the purchasers of businesses fr om us, as described above. When we are an underwriter or placement agent, we provide a limited indemnification to the issuer related to our actions in connection with the offering and, if there are other underwriters, indemnification to the other underwrit ers intended to result in an appropriate sharing of the risk of participating in the offering. Due to the nature of these indemnification provisions, we cannot quantify the total potential exposure to us resulting from them. In the ordinary course of busi ness, we enter into certain types of agreements that include provisions for indemnifying third parties. We also enter into certain types of agreements, including leases, assignments of leases, and subleases, in which we agree to indemnify third parties for acts by our agents, assignees and/or sublessees , and employees. We also enter into contracts for the delivery of technology service in which we indemnify the other party against claims of patent and copyright infringement by third parties. Due to the natu re of these indemnification provisions, we cannot calculate our aggregate potential exposure under them. In the ordinary course of business, we enter into contracts with third parties under which the third parties provide services on behalf of PNC. In man y of these contracts, we agree to indemnify the third party service provider under certain circumstances. The terms of the indemnity vary from contract to contract and the amount of the indemnification liability, if any, cannot be determined. We are a ge neral or limited partner in certain asset management and investment limited partnerships, many of which contain indemnification provisions that would require us to make payments in excess of our remaining unfunded commitments. While in certain of these par tnerships the maximum liability to us is limited to the sum of our unfunded commitments and partnership distributions received by us, in the others the indemnification liability is unlimited. As a result, we cannot determine our aggregate potential exposur e for these indemnifications. In some cases, indemnification obligations of the types described above arise under arrangements entered into by predecessor companies for which we become responsible as a result of the acquisition. Pursuant to their bylaws, PNC and its subsidiaries provide indemnification to directors, officers and, in some cases, employees and agents against certain liabilities incurred as a result of their service on behalf of or at the request of PNC and its subsidiaries. PNC and its subs idiaries also advance on behalf of covered individuals costs incurred in connection with certain claims or proceedings, subject to written undertakings by each such individual to repay all amounts advanced if it is ultimately determined that the individual is not entitled to indemnification. We generally are responsible for similar indemnifications and advancement obligations that companies we acquire had to their officers, directors and sometimes employees and agents at the time of acquisition. We advanced such costs on behalf of several such individuals with respect to pending litigation or investigations during 2015 . It is not possible for us to determine the aggregate potential exposure resulting from the obligation to provide this indemnity or t o advance such costs. Visa Indemnification Our payment services business issues and acquires credit and debit card transactions through Visa U.S.A. Inc. card association or its affiliates (Visa). For additional information on our Visa indemnification and the related interchange litigation see Note 21 Legal Proceedings and Note 22 Commitments and Guarantees in our 2014 Form 10-K. Recourse and Repurchase Obligations As discussed in Note 2 Loan Sale and Servicing Activities and Variable Interest Entities, P NC has sold commercial mortgage, residential mortgage and home equity loans/lines of credit directly or indirectly through securitization and loan sale transactions in which we have continuing involvement. One form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets. Commerc ial Mortgage Loan Recourse Obligations We originate and service certain multi-family commercial mortgage loans which are sold to FNMA under FNMA’s Delegated Underwriting and Servicing (DUS) program. We participated in a similar program with the FHLMC. U nder these programs, we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement. At June 30, 2015 and December 31, 2014 , the unpaid principal balance outstanding of loan s sold as a participant in these programs was $ 12.9 billion and $ 12.3 billion, respectively. The potential maximum exposure under the loss share arrangements was $ 3.9 billion at June 30, 2015 and $ 3.7 billion at December 31, 2014 . If payment is required under these programs, we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred, althou gh the value of the collateral is taken into account in determining our share of such losses. Our exposure and activity associated with these recourse obligations are reported in the Corporate & Institutional Banking segment. We maintain a reserve for est imated losses based upon our exposure. The reserve for losses under these programs totaled $ 35 million at both June 30, 2015 and June 30, 2014 , and was included in Other liabilities on our Consolidated Balance Sheet. An analysis of the changes in this liability during 2015 and 2014 follows: Table 114: Analysis of Commercial Mortgage Recourse Obligations In millions 2015 2014 January 1 $ 35 $ 33 Reserve adjustments, net 2 June 30 $ 35 $ 35 Residential Mortgage Loan and Home Equity Loan/ Line of Credit Repurchase Obligations While residential mortgage loans are sold on a non-recourse basis, we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors. These loan repurchase obligations primarily relate to situations where PNC is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreement s. Repurchase obligation activity associated with residential mortgages is reported in the Residential Mortgage Banking segment. PNC’s repurchase obligations also include certain brokered home equity loans/lines of credit that were sold to a limited numbe r of private investors in the financial services industry by National City prior to our acquisition of National City. PNC is no longer engaged in the brokered home equity lending business, and our exposure under these loan repurchase obligations is limited to repurchases of loans sold in these transactions. Repurchase activity associated with brokered home equity loans/lines of credit is reported in the Non-Strategic Assets Portfolio segment. Indemnification and repurchase liabilities are initially recogn ized when loans are sold to investors and are subsequently evaluated by management. Initial recognition and subsequent adjustments to the indemnification and repurchase liability for the sold residential mortgage portfolio are recognized in Residential mor tgage revenue on the Consolidated Income Statement. Since PNC is no longer engaged in the brokered home equity lending business, only subsequent adjustments are recognized to the home equity loans/lines indemnification and repurchase liability. These adjus tments are recognized in Other noninterest income on the Consolidated Income Statement. Management’s subsequent evaluation of these indemnification and repurchase liabilities is based upon trends in indemnification and repurchase requests, actual loss exp erience, risks in the underlying serviced loan portfolios, and current economic conditions. As part of its evaluation, management considers estimated loss projections over the life of the subject loan portfolio. At June 30, 2015 and June 30, 2014 , the total indemnification and repurchase liability for estimated losses on indemnification and repurchase claims totaled $ 125 million and $ 126 million, respectively, and was included in Other lia bilities on the Consolidated Balance Sheet. An analysis of the changes in this liability during 2015 and 2014 follows: Table 115: Analysis of Indemnification and Repurchase Liability for Asserted Claims and Unasserted Claims 2015 2014 Home Home Equity Equity Residential Loans/ Residential Loans/ In millions Mortgages (a) Lines (b) Total Mortgages (a) Lines (b) Total January 1 $ 107 $ 29 $ 136 $ 131 $ 22 $ 153 Reserve adjustments, net 2 2 (17) 12 (5) Losses - loan repurchases and private investor settlements (12) (1) (13) (13) (9) (22) June 30 $ 97 $ 28 $ 125 $ 101 $ 25 $ 126 (a) The unpaid principal balance of loans associated with our exposure to repurchase obligations totaled $66.5 billion and $69.8 billion at June 30, 2015 and June 30, 2014, respectively. (b) Repurchase obligation was associated with sold loan portfolios of $2.3 billion and $2.7 billion at June 30, 2015 and June 30, 2014, respectively. PNC is no longer engaged in the brokered home equity lending business, which was acquired with National City. Management believes the indemnification and repurchase liabilities appropriately reflect the estimated probable losses on indemnification and repurchase claims for all loans sold and outstanding as of June 30, 2015 . In making these estimates, we consider the losses that we expect to incur over the life of the sold loans. While management seeks to obtain all relevant information in estimating the indemnification and repurchase liability, the estimation process is inherently uncertain and imprecise and, accordingly, it is reasonably possible that future indemnification and repurchase losses could be more or less than our established liability. Factors that could affect our estimate include the volume of valid claims driven by investor s trategies and behavior, our ability to successfully negotiate claims with investors, housing prices and other economic conditions. At June 30, 2015 , we estimate that it is reasonably possible that we could incur additional losses in excess of our accrued indemnification and repurchase liability of up to approximately $ 81 million for our portfolio of residential mortgage loans sold. At June 30, 2015 , the reasonably possible loss above our accrual for our p ortfolio of home equity loans/lines of credit sold was not material . This estimate of potential additional losses in excess of our liability is based on assumed higher repurchase claims and lower claim rescissions than our current assumptions. Resale and Repurchase Agreements We enter into repurchase and resale agreements where we transfer investment securities to/from a third party with the agreement to repurchase/resell those investment securities at a fut ure date for a specified price. These agreements are entered into primarily to provide short-term financing for securities inventory positions, acquire securities to cover short positions and accommodate customers’ investing and financing needs. Repurchase and resale agreements are treated as collateralized financing transactions for accounting purposes and are generally carried at the amounts at which the securities will be subsequently reacquired or resold, including accrued interest. Our policy is to take possession of securities purchased under agreements to resell. We monitor the market value of securities to be repurchased and resold and additional collateral may be obtained where considered appropriate to protect against credit exposure. R epurchase and resale agreements are typically entered into with counterparties under industry standard master netting agreements which provide for the right to setoff amounts owed to one another with respect to multiple repurchase and resale agreements und er such master netting agreement (referred to as netting arrangements) and liquidate the purchased or borrowed securities in the event of counterparty default. In order for an arrangement to be eligible for netting under GAAP, we must obtain the requisite assurance that the offsetting rights included in the master netting agreement would be legally enforceable in the event of bankruptcy, insolvency, or a similar proceeding of such third party. Enforceability is evidenced by obtaining a legal opinion that su pports, with sufficient confidence, the enforceability of the master netting agreement in bankruptcy. Table 116 shows the amounts owed under resale and repurchase agreements and the securities collateral associated with those agree ments where a legal opinion supporting the enforceability of the offsetting rights has been obtained. We do not present resale and repurchase agreements entered into with the same counterparty under a legally enforceable master netting agreement on a net b asis on our Consolidated Balance Sheet or within Table 116 . The amounts reported in Table 116 exclude the fair value adjustment on the structured resale agreements of $ 7 millio n at both June 30 , 2015 and December 31, 2014 , respectively, that we have elected to account for at fair value. Refer to Note 7 Fair Value for additional information regarding the structured resale agreements at fair value . Refer to Note 11 Financial Derivatives for additional information related to offsetting of financial derivatives. Table 116: Resale and Repurchase Agreements Offsetting Amounts Securities Offset Collateral Gross on the Net Held Under Resale Consolidated Resale Master Netting Net In millions Agreements Balance Sheet Agreements (a) Agreements (b) Amounts (c) Resale Agreements June 30, 2015 $ 1,548 $ 1,548 $ 1,474 $ 74 December 31, 2014 $ 1,646 $ 1,646 $ 1,569 $ 77 Amounts Securities Offset Collateral Gross on the Net Pledged Under Repurchase Consolidated Repurchase Master Netting Net In millions Agreements Balance Sheet Agreements (d) Agreements (b) Amounts (e) Repurchase Agreements June 30, 2015 $ 2,132 $ 2,132 $ 1,332 $ 800 December 31, 2014 $ 3,406 $ 3,406 $ 2,580 $ 826 (a) Represents the resale agreement amount included in Federal funds sold and resale agreements on our Consolidated Balance Sheet and the related accrued interest income in the amount of less than $1 million at June 30, 2015 and $1 million at December 31, 2014, respectively, which is included in Other Assets on the Consolidated Balance Sheet. (b) Represents the fair value of securities collateral purchased or sold, up to the amount owed under the agreement, for agreements supported by a legally enforceable master netting agreement. (c) Represents certain long term resale agreements which are fully collateralized but do not have the benefits of a netting opinion and, therefore, might be subject to a stay in insolvency proceedings and therefore are not eligible under ASC 210-20 for netting. (d) Represents the repurchase agreement amount included in Federal funds purchased and repurchase agreements on our Consolidated Balance Sheet and the related accrued interest expense in the amount of less than $1 million at both June 30, 2015 and December 31, 2014, which is included in Other Liabilities on the Consolidated Balance Sheet. (e) Represents overnight repurchase agreements entered into with municipalities, pension plans, and certain trusts and insurance companies which are fully collateralized but do not have the benefits of a netting opinion and, therefore, might be subject to a stay in insolvency proceedings and therefore are not eligible under ASC 210-20 for netting. There were no long term repurchase agreements as of June 30, 2015 and December 31, 2014. Table 117 summarizes our gross repurchase agreements as of June 30, 2015 by type of collateral pledged. All repurchase agreements have remaining contractual maturities that are classified as overnight or continuous as of June 30, 2015 . Overnight repurchase agreements have a one-day maturity while continuous repurc hase agreements have no fixed maturity date and are cancellable by either party at any time. Table 117: Repurchase Agreements By Type of Collateral Pledged Overnight June 30, 2015- In millions or Continuous Gross Repurchase Agreements U.S. Treasury and government agency securities $ 48 Residential mortgage-backed agency securities 1,994 Commercial mortgage-backed agency securities 90 Total $ 2,132 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 17 Segment Reporting We have six reportable business segments: Retail Banking Corporate & Institutional Banking Asset Management Group Residential Mortgage Banking BlackRock Non-Strategic Assets Portfolio 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 practicable, retrospective application of new methodol ogies is made to prior period reportable business segment results and disclosures to create comparability with the current period. Financial results are presented, to the extent practicable, as if each business operated on a stand-alone basis. Additionall y, we have aggregated the results for corporate support functions within “Other” for financial reporting purposes. Net interest income in business segment results reflects PNC’s 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. In the first quarter of 2015, enhancements were made to PNC’s funds transfer pricing methodology primarily for costs related to the new regulatory short-term liquidity standards. The enhancements incorporate an additional charge assigned to assets, including for unfunded loan commitments. Conversely, a higher transfer pricing credit has be en assigned to those deposits that are accorded higher value under Liquidity Coverage Ratio (LCR) rules for liquidity purposes. Please see the Supervision and Regulation section in Item 1 and the Liquidity Risk Management section in Item 7 of our 2014 Form 10-K for more information about the LCR . These adjustments apply to business segment results, primarily favorably impacting Retail Banking and adversely impacting Corporate & Institutional Banking, prospectively beginning with the first quarter of 2015. Prior periods have not been adj usted due to the impracticability of estimating the impact of the change for prior periods. A portion of capital is intended to cover unexpected losses and is assigned to our business segments using our risk-based economic capital model, including conside ration of the goodwill at those business segments, as well as the diversification of risk among the business segments, ultimately reflecting PNC’s portfolio risk adjusted capital allocation. We have allocated the allowances for loan and lease losses and f or unfunded loan commitments and letters of credit based on the loan exposures within each business segment’s portfolio. Key reserve assumptions and estimation processes react to and are influenced by observed changes in loan portfolio performance experien ce, the financial strength of the borrower, and economic conditions. Key reserve assumptions are periodically updated. Our allocation of the costs incurred by operations and other shared support areas not directly aligned with the businesses is primarily based on the use of services. Total business segment financial results differ from total consolidated net income. The impact of these differences is reflected in the “Other” category in the business segment tables. “Other” includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as gains or losses related to BlackRock transactions, integration costs, asset and liability management activities including net securities gains or losses, other-than-temporary impairment of investment se curities and certain trading activities, exited businesses, private equity investments, intercompany eliminations, most corporate overhead, tax adjustments that are not allocated to business segments, and differences between business segment performance re porting and financial statement reporting (GAAP), including the presentation of net income attributable to noncontrolling interests as the segments’ results exclude their portion of net income attributable to noncontrolling interests. Assets, revenue and e arnings attributable to foreign activities were not material in the periods presented for comparative purposes. Business Segment Products a nd Services Retail Banking provides deposit, lending, b rokerage, investment management and cash management services to consumer and small business customers within our primary geographic markets. Our customers are serviced through our branch network, ATMs, call centers, online banking and mobile channels. The branch network is located prima rily in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, North Carolina, Florida, Kentucky, Washington, D.C., Delaware, Virginia, Alabama, Missouri, Georgia, Wisconsin and South Carolina . Corporate & Institutional Banking provides le nding, treasury management, and capital markets-related products and services to mid-sized and large corporations, government and not-for-profit entities. Lending products include secured and unsecured loans, letters of credit and equipment leases. Treasur y management services include cash and investment management, receivables management, disbursement services, funds transfer services, information reporting and global trade services. Capital markets-related products and services include foreign exchange, d erivatives, securities, loan syndications , mergers and acquisitions advisory , equity capital markets advisory and related services . We also provide commercial loan servicing and real estate advisory and technology solutions for the commercial real estate f inance industry. P roducts and services are generally provided within our primary geographic markets, with certain products and services offered nationally and internationally. Asset Management Group includes personal wealth management for high net worth a nd ultra high net worth clients and institutional asset management. Wealth management products and services include investment and retirement planning, customized investment management, private banking, tailored credit solutions, and trust management and a dministration for individuals and their families. Hawthorn provides multi-generational family planning including wealth strategy, investment management, private banking, tax and estate planning guidance, performance reporting and personal administration se rvices to ultra high net worth families. Institutional asset management provides investment management, custody administration and retirement administration services. The business also offers PNC proprietary mutual funds. Institutional clients include corp orations, unions, municipalities, non-profits, foundations and endowments, primarily located in our geographic footprint. Residential Mortgage Banking directly originates first lien residential mortgage loans on a nationwide basis with a significant prese nce within the retail banking footprint. Mortgage loans represent loans collateralized by one-to-four family residential real estate. These loans are typically underwritten to government agency and/or third-party standards, and either sold, servicing retai ned, or held on PNC’s balance sheet. Loan sales are primarily to secondary mortgage conduits of FNMA, FHLMC, Federal Home Loan Banks and third-party investors, or are securitized and issued under the GNMA program. The mortgage servicing operation performs all functions related to servicing mortgage loans, primarily those in first lien position, for various investors and for loans owned by PNC. BlackRock is a leading publicly traded investment management firm providing a broad range of investment and risk m anagement services to institutional and retail clients worldwide. Using a diverse platform of active and index investment strategies across asset classes, BlackRock develops investment outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments. BlackRock also offers an investment and risk management technology platform, risk analytics and advisory services and solutions to a broad base of institutional investors. We hold an equity investment in BlackRock, which is a key component of our diversified revenue strategy. BlackRock is a publicly traded company, and additional information regarding its business is available i n its filings with the Securities and Exchange Commission (SEC). At June 30, 2015 , our economic interest in BlackRock was 22% . PNC received cash dividends from BlackRock of $160 million and $142 million during the first six month s of 2015 and 2014 , respectively. Non-Strategic Assets Portfolio includes a consumer portfolio of mainly residential mortgage and brokered home equity loans and lines of credit, and a small commercial/commercial real estate loan and lease portfolio. We obta ined a significant portion of these non-strategic assets through acquisitions of other companies. Table 118: Results Of Businesses Corporate & Asset Residential Non-Strategic Three months ended June 30 Retail Institutional Management Mortgage Assets In millions Banking Banking Group Banking BlackRock Portfolio Other (a) Consolidated (a) 2015 Income Statement Net interest income $ 1,045 $ 837 $ 71 $ 30 $ 100 $ (31) $ 2,052 Noninterest income 590 492 243 176 $ 175 9 129 1,814 Total revenue 1,635 1,329 314 206 175 109 98 3,866 Provision for credit losses (benefit) 45 20 1 (2) (5) (13) 46 Depreciation and amortization 42 37 12 4 106 201 Other noninterest expense 1,168 510 203 174 26 84 2,165 Income (loss) before income taxes and noncontrolling interests 380 762 98 30 175 88 (79) 1,454 Income taxes (benefit) 139 254 36 11 40 32 (102) 410 Net income $ 241 $ 508 $ 62 $ 19 $ 135 $ 56 $ 23 $ 1,044 Inter-segment revenue $ 1 $ 11 $ 3 $ 4 $ 4 $ (2) $ (21) Average Assets (a) $ 73,369 $ 132,239 $ 8,005 $ 7,136 $ 6,760 $ 6,914 $ 118,217 $ 352,640 2014 Income Statement Net interest income $ 973 $ 889 $ 72 $ 37 $ 137 $ 21 $ 2,129 Noninterest income 541 427 207 190 $ 172 10 134 1,681 Total revenue 1,514 1,316 279 227 172 147 155 3,810 Provision for credit losses (benefit) 4 103 (6) 1 (39) 9 72 Depreciation and amortization 44 32 11 3 95 185 Other noninterest expense 1,111 472 191 166 30 173 2,143 Income (loss) before income taxes and noncontrolling interests 355 709 83 57 172 156 (122) 1,410 Income taxes (benefit) 130 239 30 21 42 57 (161) 358 Net income $ 225 $ 470 $ 53 $ 36 $ 130 $ 99 $ 39 $ 1,052 Inter-segment revenue $ 1 $ 7 $ 3 $ 8 $ 4 $ (5) $ (18) Average Assets (a) $ 75,203 $ 122,025 $ 7,685 $ 7,486 $ 6,400 $ 8,577 $ 95,144 $ 322,520 Corporate & Asset Residential Non-Strategic Six months ended June 30 Retail Institutional Management Mortgage Assets In millions Banking Banking Group Banking BlackRock Portfolio Other Consolidated 2015 Income Statement Net interest income $ 2,082 $ 1,660 $ 144 $ 60 $ 212 $ (34) $ 4,124 Noninterest income 1,078 921 451 353 $ 351 18 301 3,473 Total revenue 3,160 2,581 595 413 351 230 267 7,597 Provision for credit losses (benefit) 94 37 13 (36) (8) 100 Depreciation and amortization 85 73 23 7 206 394 Other noninterest expense 2,283 988 402 332 50 266 4,321 Income (loss) before income taxes and noncontrolling interests 698 1,483 157 74 351 216 (197) 2,782 Income taxes (benefit) 255 493 58 27 82 79 (260) 734 Net income $ 443 $ 990 $ 99 $ 47 $ 269 $ 137 $ 63 $ 2,048 Inter-segment revenue $ 1 $ 13 $ 5 $ 9 $ 8 $ (4) $ (32) Average Assets (a) $ 73,691 $ 131,711 $ 7,974 $ 7,190 $ 6,760 $ 7,094 $ 115,941 $ 350,361 2014 Income Statement Net interest income $ 1,953 $ 1,791 $ 143 $ 77 $ 279 $ 81 $ 4,324 Noninterest income 1,055 791 406 356 $ 332 16 307 3,263 Total revenue 3,008 2,582 549 433 332 295 388 7,587 Provision for credit losses (benefit) 149 90 6 (91) 12 166 Depreciation and amortization 88 63 21 6 188 366 Other noninterest expense 2,167 929 380 376 56 318 4,226 Income (loss) before income taxes and noncontrolling interests 604 1,500 142 51 332 330 (130) 2,829 Income taxes (benefit) 221 507 52 19 79 121 (282) 717 Net income $ 383 $ 993 $ 90 $ 32 $ 253 $ 209 $ 152 $ 2,112 Inter-segment revenue $ 2 $ 5 $ 6 $ 12 $ 8 $ (8) $ (25) Average Assets (a) $ 75,559 $ 119,992 $ 7,642 $ 8,128 $ 6,400 $ 8,732 $ 94,596 $ 321,049 (a) Period-end balances for BlackRock. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 18 S ubsequent Events On July 21, 2015, PNC Bank issued: • $750 million of senior notes with a maturity date of July 20, 2018. Interest is payable semi-annually at a fixed rate of 1.850% on January 20 and July 20 of each year, beginning on January 20, 2016, and • $750 million of senior notes with a maturity date of July 21, 2020. Interest is payable semi-annually at a fixed rate of 2.600% on January 21 and July 21 of each year, beginning on January 21, 2016. |
Accounting Policies (Policy)
Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Business The PNC Financial Services Group, Inc. (PNC) is one of the largest diversified financial services companies in the United States and is headquartered in Pittsburgh, Pennsylvania. We have businesses engaged in retail banking, corporate and institutional banking, asset management and residential mortgage banking, providing many of our products and services nationally, as well as other products and services in our primary geographic markets located in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, North Carolina, Florida, Kentucky, Washington, D.C., Delaware, Virginia, Alabama, Missouri, Georgia, Wisconsin and South Carolina. We also provide certain products and services internationally. Note 1 Accounting Policies 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, and certain partnership interests and variable interest entities. We prepared these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) . We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the 2015 presentation , which did not have a material impact on our consolidated financial condition or results of operations. Additionally, w e evaluate the materiality of identified errors in the financial statements using both an income statement and a balance sheet approach, based on relevant quantitative and qualitative factors. The consolidated financial statements include certain adjustme nts to correct immaterial errors related to previously reported periods . In addition, as disclosed in certain Notes to the Consolidated Financial Statements, we made adjustments to previously reported periods for immaterial errors 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 ye ar or any other interim period. When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2014 Annual Report on Form 10-K . Reference is made to Note 1 Accounting Policies in the 2014 Form 10-K for a detailed description of significant accounting policies. Included herein are policies that are required to be disclosed on an interim basis as well as policies where there has been a significant change within the first six months of 2015 . These interim consolidated financial statements serve to update the 2014 Form 10-K and may not include all information and notes necessary to constitute a complete set of financial statements. We have also considered the impact of subsequent events on these consolidated financial statements . |
Use of Estimates, Policy [Policy Text Block] | We have also considered the impact of subsequent events on these consolidated financial statements . Use Of Estimates We prepared these consolidated financial statements using financial information available at the time of preparation , which requires us to make estimates and assumptions that affect the amounts reported. Our most significant estimates pertain to our fair value measurements, allowances for loan and lease losses and unfunded loan commitments and letters of credit, and acc retion on purchased impaired loans. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements. |
Loans and Leases Receivable, Nonperforming Loan and Lease, Policy [Policy Text Block] | Nonperforming Loans and Leases The matrix below summarizes PNC's policies for classifying certain loans as nonperforming loans and/or discontinuing the accrual of loan interest income. Commercial loans Loans Classified as Nonperforming and Accounted for as Nonaccrual ● Loans accounted for at amortized cost where: – The loan is 90 days or more past due. – The loan is rated substandard or worse due to the determination that full collection of principal and interest is not probable as demonstrated by the following conditions: ○ The collection of principal or interest is 90 days or more past due; ○ Reasonable doubt exists as to the certainty of the borrower's future debt service ability, according to the terms of the credit arrangement, regardless of whether 90 days have passed or not; ○ The borrower has filed or will likely file for bankruptcy; ○ The bank advances additional funds to cover principal or interest; ○ We are in the process of liquidating a commercial borrower; or ○ We are pursuing remedies under a guarantee. Loans Excluded from Nonperforming Classification but Accounted for as Nonaccrual ● Loans accounted for under the fair value option when we determine that full collection of principal and interest is not probable. ● Loans accounted for at the lower of cost or market less costs to sell (Held for Sale) when we determine that full collection of principal and interest is not probable. Loans Excluded from Nonperforming Classification and Nonaccrual Accounting ● Purchased impaired loans because interest income is accreted by nature of the accounting for these assets. ● Loans that are well secured and in the process of collection. Consumer loans Loans Classified as Nonperforming and Accounted for as Nonaccrual ● Loans accounted for at amortized cost where full collection of contractual principal and interest is not deemed probable as demonstrated in the policies below: – The loan is 90 days past due for home equity and installment loans, and 180 days past due for well secured residential real estate loans; – The loan has been modified and classified as a troubled debt restructuring (TDR); – Notification of bankruptcy has been received and the loan is 30 days or more past due; – The bank holds a subordinate lien position in the loan and the first lien loan is seriously stressed (i.e., 90 days or more past due); – Other loans within the same borrower relationship have been placed on nonaccrual or charge-offs have been taken on them; – The bank has repossessed non-real estate collateral securing the loan; or – The bank has charged-off the loan to the value of the collateral. Loans Excluded from Nonperforming Classification but Accounted for as Nonaccrual ● Loans accounted for under the fair value option when we determine that full collection of principal and interest is not probable. ● Loans accounted for at the lower of cost or market less costs to sell (Held for Sale) when we determine that full collection of principal and interest is not probable. Loans Excluded from Nonperforming Classification and Nonaccrual Accounting ● Purchased impaired loans because interest income is accreted through the accounting model. ● Certain government insured loans where substantially all principal and interest is insured. ● Residential real estate loans that are well secured and in the process of collection. ● Consumer loans and lines of credit, not secured by residential real estate, as permitted by regulatory guidance. See Note 3 Asset Quality in this Report for additional detail on nonperforming assets and asset quality indicators for commercial and consumer loans. Commercial Loans We generally charge off Commercial Lending (Commercial, Commercial Real Estate, and Equipment Lease Financing) nonperforming loans when we determine that a specific loan, or portion thereof, is uncollectible. This determination is based on the specific facts and circumstances of the individual loans. In making this determination, we cons ider the viability of the business or project as a going concern, the past due status when the asset is not well-secured, the expected cash flows to repay the loan, the value of the collateral, and the ability and willingness of any guarantors to perform. Additionally, in general, for smaller dollar commercial loans of $ 1 million or less, a partial or full charge-off occurs at 120 days past due for term loans and 180 days past due for revolvers. Certain small business credit card balances that are placed on nonaccrual status when they become 90 days or more past due are charged-off at 180 days past due. Consumer Loans Home equity installment loans, home equity lines of credit, and residential real estate loans that are not well-s ecured and in the process of collection are charged-off at no later than 180 days past due. At that time, the basis in the loan is reduced to the fair value of the collateral less costs to sell. In addition to this policy, the bank recognizes a charge-off on a secured consumer loan when: The bank holds a subordinate lien position in the loan and a foreclosure notice has been received on the first lien loan; The bank holds a subordinate lien position in the loan which is 30 days or more past due with a combi ned loan to value ratio of greater than or equal to 110% and the first lien loan is seriously stressed ( i.e ., 90 days or more past due); The loan is modified or otherwise restructured in a manner that results in the loan becoming collateral dependent; Not ification of bankruptcy has been received within the last 60 days and the loan is 60 days or more past due; The borrower has been discharged from personal liability through Chapter 7 bankruptcy and has not formally reaffirmed his or her loan obligation to PNC; or The collateral securing the loan has been repossessed and the value of the collateral is less than the recorded investment of the loan outstanding. For loans that continue to meet any of the above policies, collateral values are updated annually and subsequent declines in collateral values are charged-off resulting in incremental provision for credit loss. Most consumer loans and lines of credit, not secured by residential real estate, are charged off after 120-180 days past due. Accounting for Nonperforming Loans and Leases and Other Nonaccrual Loans For accrual loans, interest income is accrued on a monthly basis and certain fees and costs are deferred upon origination and recognized in income over the term of the loan utilizing an effective yield method. For nonaccrual loans, interest income accrual and deferred fee/cost amortization is discontinued. Additionally, the current year accrued and uncollected interest is reversed through Net interest income and prior year accrued and uncollected interest is charged-off. Nonaccrual loans may also be charged-off to reduce the basis to the fair value of collateral less cos ts to sell. If payment is received on a nonaccrual loan, generally the payment is first applied to the recorded investment; payments are then applied to recover any charged-off amounts related to the loan. Finally, if both recorded investment and any char ge-offs have been recovered, then the payment will be recorded as fee and interest income. For TDRs, payments are applied based upon their contractual terms unless the related loan is deemed non-performing. TDRs are generally included in nonperforming an d nonaccrual loans until returned to performing/accruing status through performance under restructured terms and other performance indicators for a reasonable period of time demonstrating that the bank expects to collect all of the loan’s remaining contrac tual principal and interest. TDRs resulting from 1) borrowers that have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to PNC and 2) borrowers that are not currently obligated to make both principal and interest payments under the restructured terms are not returned to accrual status. Other nonaccrual loans are generally not returned to accrual status until the borrower has performed in accordance with the contractual terms and other performance indicators for at least six months, the period of time which was determined to demonstrate the expected collection of the loan’s remaining contractual principal and interest. When a nonperforming loan is returned to accrual status, it is then considered a performing loan. See Note 3 Asset Quality and Note 5 Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit in this Report and in our 2014 Form 10-K for additional TDR information. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Al lowance f or Loan a nd Lease Losses We maintain the ALLL at a level that we believe to be appropriate to absorb estimated probable credit losses incurred in the loan and lease portfolios as of the balance sheet date. Our determination of the allowance is bas ed on periodic evaluations of these loan and lease portfolios and other relevant factors. This critical estimate includes significant use of PNC’s own historical data and complex methods to interpret this data. These evaluations are inherently subjective, as they require material estimates and may be susceptible to significant change, and include, among others: Probability of default (PD), Loss given default (LGD), Outstanding balance of the loan, Movement through delinquency stages, Amounts and timing of expected future cash flows, Value of collateral, which may be obtained from third parties, and Qualitative factors, such as changes in current economic conditions, that may not be reflected in modeled results. For all loans, except purchased impaire d loans, the ALLL is the sum of three components: ( i ) asset specific/individual impaired reserves, (ii) quantitative (formulaic or pooled) reserves and (iii) qualitative (judgmental) reserves. The reserve calculation and determination process is dependen t on the use of key assumptions. 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 assumpt ions are periodically updated. Asset Specific/Individual Component Nonperforming loans that are considered impaired under ASC 310 – Receivables, which include all commercial and consumer TDRs, are evaluated for a specific reserve. Specific reserve allocations are determined as follows: For commercial nonperforming loans and commercial TDRs greater than or equal to a defined dollar threshold, specific reserves are based on an analysis of the present value of the loan’s expected future cash flows, the loan’s observable market price or the fair value of the collateral. For commercial nonperforming loans and commercial TDRs below the defined dollar threshold, the individual loan’s loss given default (LGD) percentage is multiplied by the loan balance and the results are aggregated for purposes of measuring specific reserve imp airment. Consumer nonperforming loans are collectively reserved for unless classified as consumer TDRs. For consumer TDRs, specific reserves are determined through an analysis of the present value of the loan’s expected future cash flows, except for those instances where loans have been deemed collateral dependent, including loans where borrowers have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to PNC. Once that determination has been made, those TDRs are charged down to the fair value of the collateral less costs to sell at each period end. Commercial Lending Quantitative Component The estimates of the quantitative component of ALLL for incurred losses within the commercial lending portfolio segment are determined through statistical loss modeling utilizing PD, LGD and outstanding balance of the loan. Based upon loan risk ratings, we assign PDs and LGDs. Each of these statistical parameters is determined based on internal his torical data and market data. PD is influenced by such factors as liquidity, industry, obligor financial structure, access to capital and cash flow. LGD is influenced by collateral type, original and/or updated loan-to-value ratio (LTV), facility structure and other factors. Consumer Lending Quantitative Component Quantitative estimates within the consumer lending portfolio segment are calculated primarily using a roll-rate model based on statistical relationships, calculated from historical data that esti mate the movement of loan outstandings through the various stages of delinquency and ultimately charge-off over our loss emergence period. Qualitative Component While our reserve methodologies strive to reflect all relevant risk factors, there continues t o be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between estimates and actual outcomes. We provide additional reserves that are designed to provide coverage for losses attributable to such risks. The ALLL also includes factors that may not be directly measured in the determination of specific or pooled reserves. Such qualitative factors may include: Industry concentrations and con ditions, Recent credit quality trends, Recent loss experience in particular portfolios, Recent macro-economic factors, Model imprecision, Changes in lending policies and procedures, Timing of available information, including the performance of first lien positions, and Limitations of available historical data. Allowance for Purchased Non-Impaired Loans ALLL for purchased non-impaired loans is determined based upon a comparison between the methodologies described above and the remaining acquisition da te fair value discount that has yet to be accreted into interest income. After making the comparison, an ALLL is recorded for the amount greater than the discount, or no ALLL is recorded if the discount is greater. Allowance for Purchased Impaired Loans A LLL for purchased impaired loans is determined in accordance with ASC 310-30 by comparing the net present value of the cash flows expected to be collected to the recorded investment for a given loan (or pool of loans). In cases where the net present value of expected cash flows is lower than the recorded investment, ALLL is established. Cash flows expected to be collected represent management’s best estimate of the cash flows expected over the life of a loan (or pool of loans). For large balance commercial loans, cash flows are separately estimated at the loan level. For smaller balance pooled loans, pool cash flows are estimated using cash flow models. Pools were defined at acquisition based on the risk characteristics of the loan. Our cash flow models use loan data including, but not limited to, contractual loan balance, delinquency status of the loan, updated borrower FICO credit scores, geographic information, historical loss experience, and updated LTVs, as well as best estimates for changes in unemploym ent rates, home prices and other economic factors, to determine estimated cash flows. See Note 4 Purchased Loans and Note 5 Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit for additional loan data and application of the policies disclosed herein. Our credit risk management policies, procedures and practices are designed to promote sound lending standards and prudent credit risk management. We have policies, procedures and practices that address financial statement requirements, collateral review and appraisal requirements, advance rates based upon collateral types, appropriate levels of exposure, cross-border risk, lending to specialized industries or borrower type, guarantor requirement s, and regulatory compliance. |
Allowance For Unfunded Loan Commitments And Letters Of Credit [Policy Text Block] | Allowance f or Unfunded Loan Commitments a nd Letters o f Credit We maintain the allowance for unfunded loan commitments and letters of credit at a level we believe is appropriate to absorb estimated probable credit losses on th ese unfunded credit facilities as of the balance sheet date. We determine the allowance based on periodic evaluations of the unfunded credit facilities, including an assessment of the probability of commitment usage, credit risk factors, and, solely for co mmercial lending, the terms and expiration dates of the unfunded credit facilities. Other than the estimation of the probability of funding, the reserve for unfunded loan commitments is estimated in a manner similar to the methodology used for determining reserves for funded exposures. The allowance for unfunded loan commitments and letters of credit is recorded as a liability on the Consolidated Balance Sheet. Net adjustments to the allowance for unfunded loan commitments and letters of credit are included in the provision for credit losses. See Note 5 Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit for additional loan data and application of the policies disclosed herein. |
Earnings Per Share, Policy [Text Block] | Earnings Per Common Share Basic earnings per common share is calculated using the two-class method to determine income attributable to common shareholders. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities under the two-class method. Income attributable to common shareholders is then divided by the weighted-average common shares outstanding for the period. Diluted earnings per common share is calculated under the more dilutive of either the treasury method or the two-class method. For the diluted calculation, we increase the weighted-average number of shares of common stock outstanding by the assumed conversion of outstandi ng convertible preferred stock from the beginning of the year or date of issuance, if later, and the number of shares of common stock that would be issued assuming the exercise of stock options and warrants and the issuance of incentive shares using the tr easury stock method. These adjustments to the weighted-average number of shares of common stock outstanding are made only when such adjustments will dilute earnings per common share. See Note 12 Earnings Per Share for additional information. |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent ly Adopted Accounting Standards In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. This ASU impacts the accounting for repurchase-to-maturity transactions and transfers executed contemporaneously with a repurchase agreement with the same counterparty (i.e., a repurchase financing) by requiring secured borrow ing accounting. We adopted this accounting as of January 1, 2015. T he disclosure requirements were adopted in the current reporting period. Adoption of this ASU did not have a material effect on our results of operations or financial position. |
Loan Sale and Servicing Activ26
Loan Sale and Servicing Activities and Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Certain Financial Information and Cash Flows Associated with Loan Sale and Servicing Activities | Table 50: Certain Financial Information and Cash Flows Associated with Loan Sale and Servicing Activities Residential Commercial Home Equity In millions Mortgages Mortgages (a) Loans/Lines (b) FINANCIAL INFORMATION - June 30, 2015 Servicing portfolio (c) $ 115,454 $ 197,932 $ 3,438 Carrying value of servicing assets (d) 1,015 543 Servicing advances (e) 463 271 6 Repurchase and recourse obligations (f) 97 35 28 Carrying value of mortgage-backed securities held (g) 5,639 1,170 FINANCIAL INFORMATION - December 31, 2014 Servicing portfolio (c) $ 108,010 $ 186,032 $ 3,833 Carrying value of servicing assets (d) 845 506 Servicing advances (e) 501 299 31 Repurchase and recourse obligations (f) 107 35 29 Carrying value of mortgage-backed securities held (g) 3,365 1,269 Residential Commercial Home Equity In millions Mortgages Mortgages (a) Loans/Lines (b) CASH FLOWS - Three months ended June 30, 2015 Sales of loans (h) $ 2,015 $ 1,159 Repurchases of previously transferred loans (i) 134 Servicing fees (j) 82 36 $ 4 Servicing advances recovered/(funded), net 47 21 1 Cash flows on mortgage-backed securities held (g) 429 54 CASH FLOWS - Three months ended June 30, 2014 Sales of loans (h) $ 2,189 $ 496 Repurchases of previously transferred loans (i) 159 $ 3 Servicing fees (j) 87 26 5 Servicing advances recovered/(funded), net 39 23 3 Cash flows on mortgage-backed securities held (g) 254 47 CASH FLOWS - Six months ended June 30, 2015 Sales of loans (h) $ 3,955 $ 2,179 Repurchases of previously transferred loans (i) 303 $ 2 Servicing fees (j) 165 68 8 Servicing advances recovered/(funded), net 38 28 25 Cash flows on mortgage-backed securities held (g) 669 114 CASH FLOWS - Six months ended June 30, 2014 Sales of loans (h) $ 4,284 $ 935 Repurchases of previously transferred loans (i) 368 $ 9 Servicing fees (j) 174 67 10 Servicing advances recovered/(funded), net 69 55 6 Cash flows on mortgage-backed securities held (g) 486 191 (a) Represents financial and cash flow information associated with both commercial mortgage loan transfer and servicing activities. (b) These activities were part of an acquired brokered home equity lending business in which PNC is no longer engaged. (c) For our continuing involvement with residential mortgages, this amount represents the outstanding balance of loans we service, including loans transferred by us and loans originated by others where we have purchased the associated servicing rights. For home equity loan/line of credit transfers, this amount represents the outstanding balance of loans transferred and serviced. For commercial mortgages, this amount represents our overall servicing portfolio in which loans have been transferred by us or third parties to VIEs. (d) See Note 7 Fair Value and Note 8 Goodwill and Other Intangible Assets for further information. (e) Pursuant to certain contractual servicing agreements, represents outstanding balance of funds advanced (i) to investors for monthly collections of borrower principal and interest, (ii) for borrower draws on unused home equity lines of credit, and (iii) for collateral protection associated with the underlying mortgage collateral. (f) Represents liability for our loss exposure associated with loan repurchases for breaches of representations and warranties for our Residential Mortgage Banking and Non-Strategic Assets Portfolio segments, and our commercial mortgage loss share arrangements for our Corporate & Institutional Banking segment. See Note 16 Commitments and Guarantees for further information. (g) Represents securities held where PNC transferred to and/or services loans for a securitization SPE and we hold securities issued by that SPE. (h) Gains/losses recognized on sales of loans were insignificant for the periods presented. (i) Includes government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option and loans repurchased due to breaches of origination covenants or representations and warranties made to purchasers. (j) 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 Residential Commercial Home Equity In millions Mortgages Mortgages (a) Loans/Lines (b) June 30, 2015 Total principal balance $ 75,639 $ 56,552 $ 3,438 Delinquent loans (c) 2,161 672 1,129 December 31, 2014 Total principal balance $ 79,108 $ 60,873 $ 3,833 Delinquent loans (c) 2,657 707 1,303 Residential Commercial Home Equity In millions Mortgages Mortgages (a) Loans/Lines (b) Three months ended June 30, 2015 Net charge-offs (d) $ 37 $ 148 $ 8 Three months ended June 30, 2014 Net charge-offs (d) $ 34 $ 345 $ 15 Six months ended June 30, 2015 Net charge-offs (d) $ 69 $ 255 $ 15 Six months ended June 30, 2014 Net charge-offs (d) $ 75 $ 700 $ 32 (a) Represents information at the securitization level in which PNC has sold loans and is the servicer for the securitization. (b) These activities were part of an acquired brokered home equity lending business in which PNC is no longer engaged. (c) Serviced delinquent loans are 90 days or more past due or are in process of foreclosure. (d) Net charge-offs for Residential mortgages and Home equity loans/lines 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 CMBS 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. |
Consolidated VIEs - Carrying Value | Table 52: Consolidated VIEs – Carrying Value (a) (b) June 30, 2015 Credit Card and Other Tax Credit In millions Securitization Trusts Investments Total Assets Cash and due from banks $ 5 $ 5 Interest-earning deposits with banks 5 5 Loans $ 1,457 6 1,463 Allowance for loan and lease losses (44) (44) Equity investments 256 256 Other assets 20 420 440 Total assets $ 1,433 $ 692 $ 2,125 Liabilities Other borrowed funds $ 154 $ 157 $ 311 Accrued expenses 63 63 Other liabilities 136 136 Total liabilities $ 154 $ 356 $ 510 December 31, 2014 Credit Card and Other Tax Credit In millions Securitization Trusts Investments Total Assets Cash and due from banks $ 6 $ 6 Interest-earning deposits with banks 6 6 Loans $ 1,606 1,606 Allowance for loan and lease losses (50) (50) Equity investments 492 492 Other assets 31 452 483 Total assets $ 1,587 $ 956 $ 2,543 Liabilities Other borrowed funds $ 166 $ 181 $ 347 Accrued expenses 70 70 Other liabilities 206 206 Total liabilities $ 166 $ 457 $ 623 (a) Amounts represent carrying value on PNC’s Consolidated Balance Sheet. (b) Difference between total assets and total liabilities represents the equity portion of the VIE or intercompany assets and liabilities which are eliminated in consolidation. |
Non-Consolidated VIEs | Table 53: Non-Consolidated VIEs Carrying Value of Assets Owned by PNC Carrying Value of Liabilities Owned by PNC Aggregate Aggregate PNC Risk In millions Assets Liabilities of Loss (a) June 30, 2015 Commercial Mortgage-Backed Securitizations (b) $ 45,797 $ 45,797 $ 1,415 $ 1,415 (d) Residential Mortgage-Backed Securitizations (b) 323,975 323,975 5,678 5,678 (d) $ 1 (f) Tax Credit Investments and Other (c) 7,576 2,937 2,237 2,281 (e) 695 (g) Total $ 377,348 $ 372,709 $ 9,330 $ 9,374 $ 696 Carrying Value of Assets Owned by PNC Carrying Value of Liabilities Owned by PNC Aggregate Aggregate PNC Risk In millions Assets Liabilities of Loss (a) December 31, 2014 Commercial Mortgage-Backed Securitizations (b) $ 53,436 $ 53,436 $ 1,550 $ 1,550 (d) $ 1 (f) Residential Mortgage-Backed Securitizations (b) 62,236 62,236 3,385 3,385 (d) 4 (f) Tax Credit Investments and Other (c) 7,493 2,933 2,270 2,304 (e) 777 (g) Total $ 123,165 $ 118,605 $ 7,205 $ 7,239 $ 782 (a) This represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). Our total exposure related to our involvement in loan sale and servicing activities is disclosed in Table 50. Additionally, we also invest in other mortgage and asset-backed securities issued by third-party VIEs with which we have no continuing involvement. Further information on these securities is included in Note 6 Investment Securities and values disclosed represent our maximum exposure to loss for those securities’ holdings. (b) Amounts reflect involvement with securitization SPEs where PNC transferred to and/or services loans for an SPE and we hold securities issued by that SPE. Asset amounts equal outstanding liability amounts of the SPEs due to limited availability of SPE financial information. (c) Aggregate assets and aggregate liabilities are based on limited availability of financial information associated with certain acquired partnerships and certain LLCs engaged in solar power generation to which PNC provides lease financing. The aggregate assets and aggregate liabilities of LLCs engaged in solar power generation may not be reflective of the size of these VIEs due to differences in classification of leases by these entities. (d) Included in Trading securities, Investment securities, Other intangible assets and Other assets on our Consolidated Balance Sheet. (e) Included in Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (f) Included in Other liabilities on our Consolidated Balance Sheet. (g) Included in Deposits and Other liabilities on our Consolidated Balance Sheet. |
Asset Quality (Tables)
Asset Quality (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Asset Quality [Abstract] | |
Analysis of Loan Portfolio | Table 54: Analysis of Loan Portfolio (a) Accruing Current or Less 30-59 60-89 90 Days Total Fair Value Option Purchased Total Than 30 Days Days Days Or More Past Nonperforming Nonaccrual Impaired Loans Dollars in millions Past Due Past Due Past Due Past Due Due (b) Loans Loans (c) Loans (d) (e) June 30, 2015 Commercial Lending Commercial $ 97,675 $ 83 $ 32 $ 35 $ 150 $ 258 $ 50 $ 98,133 Commercial real estate 24,368 5 5 1 11 242 185 24,806 Equipment lease financing 7,778 2 2 3 7,783 Total commercial lending 129,821 90 37 36 163 503 235 130,722 Consumer Lending Home equity 30,555 65 25 90 1,057 1,833 33,535 Residential real estate (f) 10,456 142 58 604 804 633 $ 242 2,397 14,532 Credit card 4,448 23 17 29 69 3 4,520 Other consumer (g) 21,273 172 98 245 515 56 21,844 Total consumer lending 66,732 402 198 878 1,478 1,749 242 4,230 74,431 Total $ 196,553 $ 492 $ 235 $ 914 $ 1,641 $ 2,252 $ 242 $ 4,465 $ 205,153 Percentage of total loans 95.80 % .24 % .11 % .45 % .80 % 1.10 % .12 % 2.18 % 100.00 % December 31, 2014 Commercial Lending Commercial $ 96,922 $ 73 $ 24 $ 37 $ 134 $ 290 $ 74 $ 97,420 Commercial real estate 22,667 23 2 25 334 236 23,262 Equipment lease financing 7,672 11 1 12 2 7,686 Total commercial lending 127,261 107 27 37 171 626 310 128,368 Consumer Lending Home equity 31,474 70 32 102 1,112 1,989 34,677 Residential real estate (f) 9,900 163 68 742 973 706 $ 269 2,559 14,407 Credit card 4,528 28 20 33 81 3 4,612 Other consumer (g) 22,071 214 112 293 619 63 22,753 Total consumer lending 67,973 475 232 1,068 1,775 1,884 269 4,548 76,449 Total $ 195,234 $ 582 $ 259 $ 1,105 $ 1,946 $ 2,510 $ 269 $ 4,858 $ 204,817 Percentage of total loans 95.32 % .28 % .13 % .54 % .95 % 1.23 % .13 % 2.37 % 100.00 % (a) Amounts in table represent recorded investment and exclude loans held for sale. (b) Past due loan amounts exclude purchased impaired loans, even if contractually past due (or if we do not expect to receive payment in full based on the original contractual terms), as we are currently accreting interest income over the expected life of the loans. (c) Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policies. Given that these loans are not accounted for at amortized cost, these loans have been excluded from the nonperforming loan population. (d) Net of unearned income, net deferred loan fees, unamortized discounts and premiums, and purchase discounts and premiums totaling $1.6 billion and $1.7 billion at June 30, 2015 and December 31, 2014, respectively. (e) Future accretable yield related to purchased impaired loans is not included in the analysis of loan portfolio. (f) Past due loan amounts at June 30, 2015 include government insured or guaranteed Residential real estate mortgages totaling $64 million for 30 to 59 days past due, $38 million for 60 to 89 days past due and $585 million for 90 days or more past due. Past due loan amounts at December 31, 2014 include government insured or guaranteed Residential real estate mortgages totaling $68 million for 30 to 59 days past due, $43 million for 60 to 89 days past due and $719 million for 90 days or more past due. (g) Past due loan amounts at June 30, 2015 include government insured or guaranteed Other consumer loans totaling $121 million for 30 to 59 days past due, $81 million for 60 to 89 days past due and $232 million for 90 days or more past due. Past due loan amounts at December 31, 2014 include government insured or guaranteed Other consumer loans totaling $152 million for 30 to 59 days past due, $93 million for 60 to 89 days past due and $277 million for 90 days or more past due. |
Nonperforming Assets | Table 55: Nonperforming Assets June 30 December 31 Dollars in millions 2015 2014 Nonperforming loans Commercial lending Commercial $ 258 $ 290 Commercial real estate 242 334 Equipment lease financing 3 2 Total commercial lending 503 626 Consumer lending (a) Home equity 1,057 1,112 Residential real estate 633 706 Credit card 3 3 Other consumer 56 63 Total consumer lending 1,749 1,884 Total nonperforming loans (b) (c) 2,252 2,510 OREO and foreclosed assets Other real estate owned (OREO) 302 351 Foreclosed and other assets 24 19 Total OREO and foreclosed assets 326 370 Total nonperforming assets $ 2,578 $ 2,880 Nonperforming loans to total loans 1.10 % 1.23 % Nonperforming assets to total loans, OREO and foreclosed assets 1.25 1.40 Nonperforming assets to total assets .73 .83 (a) Excludes most consumer loans and lines of credit, not secured by residential real estate, which are charged off after 120 to 180 days past due and are not placed on nonperforming status. (b) Nonperforming loans exclude certain government insured or guaranteed loans, loans held for sale, loans accounted for under the fair value option and purchased impaired loans. (c) The recorded investment of loans collateralized by residential real estate property that are in process of foreclosure was $.6 billion and $.8 billion at June 30, 2015 and December 31, 2014, which included $.4 billion and $.5 billion, respectively, of loans that are government insured/guaranteed. |
Commercial Lending Asset Quality Indicators | Table 56: Commercial Lending Asset Quality Indicators (a)(b) Criticized Commercial Loans Pass Special Total In millions Rated Mention (c) Substandard (d) Doubtful (e) Loans June 30, 2015 Commercial $ 93,470 $ 1,848 $ 2,696 $ 69 $ 98,083 Commercial real estate 23,828 215 564 14 24,621 Equipment lease financing 7,621 84 76 2 7,783 Purchased impaired loans 6 208 21 235 Total commercial lending $ 124,919 $ 2,153 $ 3,544 $ 106 $ 130,722 December 31, 2014 Commercial $ 92,884 $ 1,984 $ 2,424 $ 55 $ 97,347 Commercial real estate 22,066 285 639 35 23,025 Equipment lease financing 7,518 73 93 2 7,686 Purchased impaired loans 4 280 26 310 Total commercial lending $ 122,468 $ 2,346 $ 3,436 $ 118 $ 128,368 (a) Based upon PDs and LGDs. We apply a split rating classification to certain loans meeting threshold criteria. By assigning a split classification, a loan's exposure amount may be split into more than one classification category in the above table. (b) Loans are included above based on the Regulatory Classification definitions of "Pass", "Special Mention", "Substandard" and "Doubtful". (c) Special Mention rated loans have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects at some future date. These loans do not expose us to sufficient risk to warrant a more adverse classification at this time. (d) Substandard rated loans have a well-defined weakness or weaknesses that jeopardize the collection or liquidation of debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. (e) Doubtful rated loans possess all the inherent weaknesses of a Substandard loan with the additional characteristics that the weakness makes collection or liquidation in full improbable due to existing facts, conditions, and values. |
Home Equity and Residential Real Estate Balances | Table 57: Home Equity and Residential Real Estate Balances June 30 December 31 In millions 2015 2014 Home equity and residential real estate loans - excluding purchased impaired loans (a) $ 42,830 $ 43,348 Home equity and residential real estate loans - purchased impaired loans (b) 4,136 4,541 Government insured or guaranteed residential real estate mortgages (a) 1,007 1,188 Difference between outstanding balance and recorded investment in purchased impaired loans (c) 94 7 Total home equity and residential real estate loans (a) $ 48,067 $ 49,084 (a) Represents recorded investment. (b) Represents outstanding balance. (c) Outstanding balance represents the balance on the loan servicing system for active loans. It is possible for the outstanding balance to be lower than the recorded investment for certain loans due to the use of pool accounting. |
Home Equity and Residential Real Estate Asset Quality Indicators | Table 58: Home Equity and Residential Real Estate Asset Quality Indicators – Excluding Purchased Impaired Loans (a) (b) Home Equity Residential Real Estate June 30, 2015 - in millions 1st Liens 2nd Liens Total Current estimated LTV ratios (c) Greater than or equal to 125% and updated FICO scores: Greater than 660 $ 315 $ 1,223 $ 346 $ 1,884 Less than or equal to 660 (d) (e) 55 236 89 380 Missing FICO 1 7 6 14 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 797 2,016 763 3,576 Less than or equal to 660 (d) (e) 114 341 137 592 Missing FICO 2 5 8 15 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 863 1,659 774 3,296 Less than or equal to 660 98 236 102 436 Missing FICO 2 4 9 15 Less than 90% and updated FICO scores: Greater than 660 13,957 7,574 8,216 29,747 Less than or equal to 660 1,251 902 566 2,719 Missing FICO 29 15 112 156 Total home equity and residential real estate loans $ 17,484 $ 14,218 $ 11,128 $ 42,830 Home Equity Residential Real Estate December 31, 2014 - in millions 1st Liens 2nd Liens Total Current estimated LTV ratios (c) Greater than or equal to 125% and updated FICO scores: Greater than 660 $ 333 $ 1,399 $ 360 $ 2,092 Less than or equal to 660 (d) (e) 57 273 92 422 Missing FICO 1 9 8 18 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 839 2,190 772 3,801 Less than or equal to 660 (d) (e) 118 383 153 654 Missing FICO 1 5 12 18 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 891 1,703 755 3,349 Less than or equal to 660 103 271 118 492 Missing FICO 2 3 5 10 Less than 90% and updated FICO scores: Greater than 660 13,878 7,874 7,703 29,455 Less than or equal to 660 1,319 995 573 2,887 Missing FICO 27 14 109 150 Total home equity and residential real estate loans $ 17,569 $ 15,119 $ 10,660 $ 43,348 (a) Excludes purchased impaired loans of approximately $4.2 billion and $4.5 billion in recorded investment, certain government insured or guaranteed residential real estate mortgages of approximately $1.0 billion and $1.2 billion, and loans held for sale at June 30, 2015 and December 31, 2014, respectively. See the Home Equity and Residential Real Estate Asset Quality Indicators - Purchased Impaired Loans table below for additional information on purchased impaired loans. (b) Amounts shown represent recorded investment. (c) Based upon updated LTV (inclusive of combined loan-to-value (CLTV) for first and subordinate lien positions). Updated LTV is estimated using modeled property values. These ratios are updated at least semi-annually. The related estimates and inputs are based upon an approach that uses a combination of third-party automated valuation models (AVMs), broker price opinions (BPOs), HPI indices, property location, internal and external balance information, origination data and management assumptions. In cases where we are in an originated second lien position, we generally utilize origination balances provided by a third-party which do not include an amortization assumption when calculating updated LTV. Accordingly, the results of these calculations do not represent actual appraised loan level collateral or updated LTV based upon a current first lien balance, and as such, are necessarily imprecise and subject to change as we enhance our methodology. (d) Higher risk loans are defined as loans with both an updated FICO score of less than or equal to 660 and an updated LTV greater than or equal to 100%. (e) The following states had the highest percentage of higher risk loans at June 30, 2015: New Jersey 15%, Ohio 12%, Illinois 12%, Pennsylvania 12%, Florida 7%, Maryland 6% and Michigan 5%. The remainder of the states had lower than 4% of the higher risk loans individually, and collectively they represent approximately 31% of the higher risk loans. The following states had the highest percentage of higher risk loans at December 31, 2014: New Jersey 14%, Illinois 12%, Pennsylvania 12%, Ohio 12%, Florida 8%, Maryland 6%, Michigan 5%, and North Carolina 4%. The remainder of the states had lower than 4% of the high risk loans individually, and collectively they represent approximately 28% of the higher risk loans. Table 59: Home Equity and Residential Real Estate Asset Quality Indicators – Purchased Impaired Loans (a) Home Equity (b) (c) Residential Real Estate (b) (c) June 30, 2015 - in millions 1st Liens 2nd Liens Total Current estimated LTV ratios (d) Greater than or equal to 125% and updated FICO scores: Greater than 660 $ 6 $ 225 $ 221 $ 452 Less than or equal to 660 9 105 121 235 Missing FICO 7 7 14 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 14 387 245 646 Less than or equal to 660 11 166 173 350 Missing FICO 10 9 19 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 12 186 157 355 Less than or equal to 660 7 84 103 194 Missing FICO 4 6 10 Less than 90% and updated FICO scores: Greater than 660 109 320 625 1,054 Less than or equal to 660 97 175 472 744 Missing FICO 1 13 28 42 Missing LTV and updated FICO scores: Greater than 660 1 12 13 Less than or equal to 660 3 5 8 Total home equity and residential real estate loans $ 270 $ 1,682 $ 2,184 $ 4,136 Home Equity (b) (c ) Residential Real Estate (b) (c) December 31, 2014 - in millions 1st Liens 2nd Liens Total Current estimated LTV ratios (d) Greater than or equal to 125% and updated FICO scores: Greater than 660 $ 8 $ 243 $ 276 $ 527 Less than or equal to 660 9 125 144 278 Missing FICO 8 6 14 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 15 426 272 713 Less than or equal to 660 12 194 200 406 Missing FICO 11 5 16 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 12 207 186 405 Less than or equal to 660 9 93 123 225 Missing FICO 5 3 8 Less than 90% and updated FICO scores: Greater than 660 102 339 626 1,067 Less than or equal to 660 109 200 515 824 Missing FICO 1 12 15 28 Missing LTV and updated FICO scores: Greater than 660 1 14 15 Less than or equal to 660 4 10 14 Missing FICO 1 1 Total home equity and residential real estate loans $ 282 $ 1,863 $ 2,396 $ 4,541 (a) Amounts shown represent outstanding balance. See Note 4 Purchased Loans for additional information. (b) For the estimate of cash flows utilized in our purchased impaired loan accounting, other assumptions and estimates are made, including amortization of first lien balances, pre-payment rates, etc., which are not reflected in this table. (c) The following states had the highest percentage of purchased impaired loans at June 30, 2015: California 16%, Florida 14%, Illinois 11%, Ohio 8%, North Carolina 7%, and Michigan 5%. The remainder of the states had lower than a 4% concentration of purchased impaired loans individually, and collectively they represent approximately 39% of the purchased impaired portfolio. The following states had the highest percentage of purchased impaired loans at December 31, 2014: California 17%, Florida 15%, Illinois 11%, Ohio 8%, North Carolina 7% and Michigan 5%. The remainder of the states had lower than a 4% concentration of purchased impaired loans individually, and collectively they represent approximately 37% of the purchased impaired portfolio. (d) Based upon updated LTV (inclusive of combined loan-to-value (CLTV) for first and subordinate lien positions). Updated LTV is estimated using modeled property values. These ratios are updated at least semi-annually. The related estimates and inputs are based upon an approach that uses a combination of third-party automated valuation models (AVMs), broker price opinions (BPOs), HPI indices, property location, internal and external balance information, origination data and management assumptions. In cases where we are in an originated second lien position, we generally utilize origination balances provided by a third-party which do not include an amortization assumption when calculating updated LTV. Accordingly, the results of these calculations do not represent actual appraised loan level collateral or updated LTV based upon a current first lien balance, and as such, are necessarily imprecise and subject to change as we enhance our methodology. |
Credit Card and Other Consumer Loan Classes Asset Quality Indicators | Table 60: Credit Card and Other Consumer Loan Classes Asset Quality Indicators Credit Card (a) Other Consumer (b) % of Total Loans % of Total Loans Using FICO Using FICO Dollars in millions Amount Credit Metric Amount Credit Metric June 30, 2015 FICO score greater than 719 $ 2,680 59 % $ 9,293 65 % 650 to 719 1,265 28 3,425 24 620 to 649 193 4 503 3 Less than 620 208 5 578 4 No FICO score available or required (c) 174 4 517 4 Total loans using FICO credit metric 4,520 100 % 14,316 100 % Consumer loans using other internal credit metrics (b) 7,528 Total loan balance $ 4,520 $ 21,844 Weighted-average updated FICO score (d) 734 745 December 31, 2014 FICO score greater than 719 $ 2,717 59 % $ 9,156 64 % 650 to 719 1,288 28 3,459 24 620 to 649 203 4 528 4 Less than 620 239 5 619 4 No FICO score available or required (c) 165 4 557 4 Total loans using FICO credit metric 4,612 100 % 14,319 100 % Consumer loans using other internal credit metrics (b) 8,434 Total loan balance $ 4,612 $ 22,753 Weighted-average updated FICO score (d) 732 744 (a) At June 30, 2015, we had $30 million of credit card loans that are higher risk (i.e., loans with both updated FICO scores less than 660 and in late stage (90+ days) delinquency status). The majority of the June 30, 2015 balance related to higher risk credit card loans was geographically distributed throughout the following areas: Ohio 17%, Pennsylvania 16%, Michigan 9%, New Jersey 8%, Illinois 7%, Florida 7% and Indiana 5%. All other states had less than 4% individually and make up the remainder of the balance. At December 31, 2014, we had $35 million of credit card loans that are higher risk. The majority of the December 31, 2014 balance related to higher risk credit card loans was geographically distributed throughout the following areas: Ohio 17%, Pennsylvania 16%, Michigan 9%, Illinois 7%, New Jersey 7%, Indiana 6%, Florida 6% and North Carolina 4%. All other states had less than 4% individually and make up the remainder of the balance. (b) Other consumer loans for which updated FICO scores are used as an asset quality indicator include non-government guaranteed or insured education loans, automobile loans and other secured and unsecured lines and loans. Other consumer loans for which other internal credit metrics are used as an asset quality indicator include primarily government guaranteed or insured education loans, as well as consumer loans to high net worth individuals. Other internal credit metrics may include delinquency status, geography or other factors. (c) Credit card loans and other consumer loans with no FICO score available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score (e.g., recent profile changes), cards issued with a business name, and/or cards secured by collateral. Management proactively assesses the risk and size of this loan portfolio and, when necessary, takes actions to mitigate the credit risk. (d) Weighted-average updated FICO score excludes accounts with no FICO score available or required. |
Summary of Troubled Debt Restructurings | Table 61: Summary of Troubled Debt Restructurings June 30 December 31 In millions 2015 2014 Total consumer lending $ 2,002 $ 2,041 Total commercial lending 414 542 Total TDRs $ 2,416 $ 2,583 Nonperforming $ 1,208 $ 1,370 Accruing (a) 1,091 1,083 Credit card 117 130 Total TDRs $ 2,416 $ 2,583 (a) Accruing TDR loans have demonstrated a period of at least six months of performance under the restructured terms and are excluded from nonperforming loans. Loans where borrowers have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to PNC and loans to borrowers not currently obligated to make both principal and interest payments under the restructured terms are not returned to accrual status. |
Financial Impact and TDRs by Concession Type | Table 62: Financial Impact and TDRs by Concession Type (a) Pre-TDR Post-TDR Recorded Investment (c) During the three months ended June 30, 2015 Number Recorded Principal Rate Dollars in millions of Loans Investment (b) Forgiveness Reduction Other Total Commercial lending Commercial 27 $ 38 $ 4 $ 2 $ 19 $ 25 Commercial real estate 9 4 1 2 3 Equipment lease financing 1 - Total commercial lending 37 42 4 3 21 28 Consumer lending Home equity 818 57 27 28 55 Residential real estate 78 12 6 6 12 Credit card 1,641 14 13 13 Other consumer 232 3 1 2 3 Total consumer lending 2,769 86 47 36 83 Total TDRs 2,806 $ 128 $ 4 $ 50 $ 57 $ 111 During the three months ended June 30, 2014 Dollars in millions Commercial lending Commercial 29 $ 48 $ 3 $ 4 $ 40 $ 47 Commercial real estate 23 40 4 32 36 Total commercial lending (d) 52 88 3 8 72 83 Consumer lending Home equity 561 40 9 29 38 Residential real estate 161 22 7 15 22 Credit card 1,717 14 14 14 Other consumer 222 4 3 3 Total consumer lending 2,661 80 30 47 77 Total TDRs 2,713 $ 168 $ 3 $ 38 $ 119 $ 160 Table 62: Financial Impact and TDRs by Concession Type (Continued) (a) Pre-TDR Post-TDR Recorded Investment (c) During the six months ended June 30, 2015 Number Recorded Principal Rate Dollars in millions of Loans Investment (b) Forgiveness Reduction Other Total Commercial lending Commercial 57 $ 91 $ 5 $ 2 $ 68 $ 75 Commercial real estate 17 14 1 1 4 6 Equipment lease financing 1 - Total commercial lending 75 105 6 3 72 81 Consumer lending Home equity 1,530 102 50 47 97 Residential real estate 148 20 11 10 21 Credit card 3,204 26 25 25 Other consumer 504 7 2 4 6 Total consumer lending 5,386 155 88 61 149 Total TDRs 5,461 $ 260 $ 6 $ 91 $ 133 $ 230 During the six months ended June 30, 2014 Dollars in millions Commercial lending Commercial 63 $ 89 $ 3 $ 4 $ 78 $ 85 Commercial real estate 46 81 19 4 43 66 Total commercial lending (d) 109 170 22 8 121 151 Consumer lending Home equity 1,392 92 29 56 85 Residential real estate 280 40 13 27 40 Credit card 3,568 29 28 28 Other consumer 487 8 6 6 Total consumer lending 5,727 169 70 89 159 Total TDRs 5,836 $ 339 $ 22 $ 78 $ 210 $ 310 (a) Impact of partial charge-offs at TDR date are included in this table. (b) Represents the recorded investment of the loans as of the quarter end immediately preceding TDR designation, and excludes immaterial amounts of accrued interest receivable. (c) Represents the recorded investment of the TDRs as of the quarter end and immediately following the TDR designation, and excludes immaterial amounts of accrued interest receivable. (d) During the three and six months ended June 30, 2014, there were no loans classified as TDRs in the Equipment lease financing loan class. |
TDRs that were Modified in the Past Twelve Months which have Subsequently Defaulted | Table 63: TDRs that were Modified in the Past Twelve Months which have Subsequently Defaulted During the three months ended June 30, 2015 Dollars in millions Number of Contracts Recorded Investment Commercial lending Commercial 8 $ 3 Commercial real estate 1 1 Equipment lease financing 1 - Total commercial lending 10 4 Consumer lending Home equity 102 5 Residential real estate 60 8 Credit card 1,140 10 Other consumer 38 Total consumer lending 1,340 23 Total TDRs 1,350 $ 27 During the three months ended June 30, 2014 Dollars in millions Number of Contracts Recorded Investment Commercial lending Commercial 23 $ 16 Commercial real estate 14 21 Total commercial lending (a) 37 37 Consumer lending Home equity 100 6 Residential real estate 51 11 Credit card 1,446 12 Other consumer 34 Total consumer lending 1,631 29 Total TDRs 1,668 $ 66 Table 63: TDRs that were Modified in the Past Twelve Months which have Subsequently Defaulted (Continued) During the six months ended June 30, 2015 Dollars in millions Number of Contracts Recorded Investment Commercial lending Commercial 13 $ 4 Commercial real estate 8 9 Equipment lease financing 1 - Total commercial lending (a) 22 13 Consumer lending Home equity 168 9 Residential real estate 71 10 Credit card 1,482 12 Other consumer 75 1 Total consumer lending 1,796 32 Total TDRs 1,818 $ 45 During the six months ended June 30, 2014 Dollars in millions Number of Contracts Recorded Investment Commercial lending Commercial 33 $ 22 Commercial real estate 21 31 Total commercial lending (a) 54 53 Consumer lending Home equity 216 13 Residential real estate 76 14 Credit card 1,894 15 Other consumer 79 1 Total consumer lending 2,265 43 Total TDRs 2,319 $ 96 (a) During the three and six months ended June 30, 2014, there were no loans classified as TDRs in the Equipment lease financing loan class that have subsequently defaulted. |
Impaired Loans | Table 64: Impaired Loans Unpaid Average Principal Recorded Associated Recorded In millions Balance Investment (a) Allowance (b) Investment (c) June 30, 2015 Impaired loans with an associated allowance Commercial $ 398 $ 305 $ 59 $ 305 Commercial real estate 367 196 41 230 Home equity 1,006 982 189 984 Residential real estate 478 362 58 398 Credit card 117 117 26 124 Other consumer 58 40 1 44 Total impaired loans with an associated allowance $ 2,424 $ 2,002 $ 374 $ 2,085 Impaired loans without an associated allowance Commercial $ 45 $ 38 $ 73 Commercial real estate 183 157 171 Home equity 421 147 144 Residential real estate 369 354 328 Total impaired loans without an associated allowance $ 1,018 $ 696 $ 716 Total impaired loans $ 3,442 $ 2,698 $ 374 $ 2,801 December 31, 2014 Impaired loans with an associated allowance Commercial $ 432 $ 318 $ 74 $ 360 Commercial real estate 418 262 65 283 Home equity 1,021 984 215 986 Residential real estate 397 420 75 422 Credit card 130 130 32 147 Other consumer 64 47 2 51 Total impaired loans with an associated allowance $ 2,462 $ 2,161 $ 463 $ 2,249 Impaired loans without an associated allowance Commercial $ 106 $ 84 $ 133 Commercial real estate 249 187 276 Home equity 403 145 134 Residential real estate 344 315 365 Total impaired loans without an associated allowance $ 1,102 $ 731 $ 908 Total impaired loans $ 3,564 $ 2,892 $ 463 $ 3,157 (a) Recorded investment in a loan includes the unpaid principal balance plus accrued interest and net accounting adjustments, less any charge-offs. Recorded investment does not include any associated valuation allowance. (b) Associated allowance amounts include $.3 billion and $.4 billion for TDRs at June 30, 2015 and December 31, 2014, respectively. (c) Average recorded investment is for the six months ended June 30, 2015 and the year ended December 31, 2014, respectively. |
Purchased Loans (Tables)
Purchased Loans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting for Acquired Loans Disclosure | |
Purchased Impaired Loans - Balances | Table 65: Purchased Impaired Loans - Balances June 30, 2015 December 31, 2014 In millions Outstanding Balance (a) Recorded Investment Carrying Value Outstanding Balance (a) Recorded Investment Carrying Value Commercial lending Commercial $ 129 $ 50 $ 34 $ 159 $ 74 $ 57 Commercial real estate 217 185 134 307 236 174 Total commercial lending 346 235 168 466 310 231 Consumer lending Consumer 1,952 1,833 1,517 2,145 1,989 1,661 Residential real estate 2,184 2,397 1,925 2,396 2,559 2,094 Total consumer lending 4,136 4,230 3,442 4,541 4,548 3,755 Total $ 4,482 $ 4,465 $ 3,610 $ 5,007 $ 4,858 $ 3,986 (a) Outstanding balance represents the balance on the loan servicing system for active loans. It is possible for the outstanding balance to be lower than the recorded investment for certain loans due to the use of pool accounting. |
Purchased Impaired Loans - Accretable Yield | Activity for the accretable yield during the first six months of 2015 and 2014 follows: Table 66: Purchased Impaired Loans - Accretable Yield In millions 2015 2014 January 1 $ 1,558 $ 2,055 Accretion (including excess cash recoveries) (252) (309) Net reclassifications to accretable from non-accretable (a) 146 208 Disposals (9) (18) June 30 $ 1,443 $ 1,936 (a) Approximately 70% and 78% of the net reclassifications for the six months ended June 30, 2015 and 2014, respectively, were driven by the consumer portfolio and were due to improvements of cash expected to be collected on loans in future periods. The remaining net reclassifications were predominantly due to future cash flow changes in the commercial portfolio. |
Allowances for Loan and Lease29
Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters Of Credit (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Allowance For Loan And Lease Losses [Abstract] | |
Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data | Table 67: Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data Commercial Consumer In millions Lending Lending Total June 30, 2015 Allowance for Loan and Lease Losses January 1 $ 1,571 $ 1,760 $ 3,331 Charge-offs (108) (284) (392) Recoveries 134 88 222 Net (charge-offs) / recoveries 26 (196) (170) Provision for credit losses 20 80 100 Net change in allowance for unfunded loan commitments and letters of credit 13 13 Other (2) (2) June 30 $ 1,628 $ 1,644 $ 3,272 TDRs individually evaluated for impairment $ 35 $ 274 $ 309 Other loans individually evaluated for impairment 65 65 Loans collectively evaluated for impairment 1,461 582 2,043 Purchased impaired loans 67 788 855 June 30 $ 1,628 $ 1,644 $ 3,272 Loan Portfolio TDRs individually evaluated for impairment (a) $ 414 $ 2,002 $ 2,416 Other loans individually evaluated for impairment 282 282 Loans collectively evaluated for impairment (b) 129,791 67,258 197,049 Fair value option loans (c) 941 941 Purchased impaired loans 235 4,230 4,465 June 30 $ 130,722 $ 74,431 $ 205,153 Portfolio segment ALLL as a percentage of total ALLL 50 % 50 % 100 % Ratio of the allowance for loan and lease losses to total loans 1.25 % 2.21 % 1.59 % June 30, 2014 Allowance for Loan and Lease Losses January 1 $ 1,547 $ 2,062 $ 3,609 Charge-offs (209) (355) (564) Recoveries 149 84 233 Net charge-offs (60) (271) (331) Provision for credit losses 108 58 166 Net change in allowance for unfunded loan commitments and letters of credit 10 10 Other (1) (1) June 30 $ 1,604 $ 1,849 $ 3,453 TDRs individually evaluated for impairment $ 29 $ 407 $ 436 Other loans individually evaluated for impairment 118 118 Loans collectively evaluated for impairment 1,349 664 2,013 Purchased impaired loans 108 778 886 June 30 $ 1,604 $ 1,849 $ 3,453 Loan Portfolio TDRs individually evaluated for impairment (a) $ 545 $ 2,121 $ 2,666 Other loans individually evaluated for impairment 526 526 Loans collectively evaluated for impairment (b) (d) 122,533 68,717 191,250 Fair value option loans (c) (d) 985 985 Purchased impaired loans 479 5,078 5,557 June 30 $ 124,083 $ 76,901 $ 200,984 Portfolio segment ALLL as a percentage of total ALLL 46 % 54 % 100 % Ratio of the allowance for loan and lease losses to total loans 1.29 % 2.40 % 1.72 % (a) TDRs individually evaluated for impairment exclude TDRs that were subsequently accounted for as held for sale loans, but continue to be disclosed as TDRs. (b) Includes $174 million of loans collectively evaluated for impairment based upon collateral values and written down to the respective collateral value less costs to sell at June 30, 2015. Accordingly, there is no allowance recorded for these loans. The comparative amount as of June 30, 2014 was $232 million. (c) Loans accounted for under the fair value option are not evaluated for impairment as these loans are accounted for at fair value. Accordingly, there is no allowance recorded on these loans. (d) Prior period amounts were corrected to include transferred loans over which PNC regained effective control as fair value option loans. This resulted in an increase of $101 million in consumer lending fair value option loans and a corresponding decrease of $101 million in consumer lending loans collectively evaluated for impairment. |
Rollforward of Allowance for Unfunded Loan Commitments and Letters of Credit | Table 68: Rollforward of Allowance for Unfunded Loan Commitments and Letters of Credit In millions 2015 2014 January 1 $ 259 $ 242 Net change in allowance for unfunded loan commitments and letters of credit (13) (10) June 30 $ 246 $ 232 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities Summary | NOTE 6 INVESTMENT SECURITIES Table 69: Investment Securities Summary Amortized Unrealized Fair In millions Cost Gains Losses Value June 30, 2015 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ 5,931 $ 166 $ (2) $ 6,095 Residential mortgage-backed Agency 20,629 331 (118) 20,842 Non-agency 4,357 284 (89) 4,552 Commercial mortgage-backed Agency 1,980 21 (7) 1,994 Non-agency 4,368 62 (8) 4,422 Asset-backed 5,377 82 (24) 5,435 State and municipal 2,010 59 (11) 2,058 Other debt 1,822 39 (7) 1,854 Total debt securities 46,474 1,044 (266) 47,252 Corporate stocks and other 428 (1) 427 Total securities available for sale $ 46,902 $ 1,044 $ (267) $ 47,679 Securities Held to Maturity (a) Debt securities U.S. Treasury and government agencies $ 253 $ 37 $ 290 Residential mortgage-backed Agency 8,199 117 $ (58) 8,258 Non-agency 252 7 259 Commercial mortgage-backed Agency 1,142 48 1,190 Non-agency 812 13 825 Asset-backed 736 3 (6) 733 State and municipal 1,982 78 2,060 Other debt 307 6 313 Total securities held to maturity $ 13,683 $ 309 $ (64) $ 13,928 December 31, 2014 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ 5,237 $ 186 $ (1) $ 5,422 Residential mortgage-backed Agency 17,646 438 (41) 18,043 Non-agency 4,723 318 (99) 4,942 Commercial mortgage-backed Agency 2,178 23 (14) 2,187 Non-agency 4,085 88 (11) 4,162 Asset-backed 5,141 78 (32) 5,187 State and municipal 1,953 88 (3) 2,038 Other debt 1,776 43 (6) 1,813 Total debt securities 42,739 1,262 (207) 43,794 Corporate stocks and other 442 (1) 441 Total securities available for sale $ 43,181 $ 1,262 $ (208) $ 44,235 Securities Held to Maturity (a) Debt securities U.S. Treasury and government agencies $ 248 $ 44 $ 292 Residential mortgage-backed Agency 5,736 166 $ (10) 5,892 Non-agency 270 13 283 Commercial mortgage-backed Agency 1,200 53 1,253 Non-agency 1,010 19 1,029 Asset-backed 759 2 (8) 753 State and municipal 2,042 111 2,153 Other debt 323 6 329 Total securities held to maturity $ 11,588 $ 414 $ (18) $ 11,984 (a) Held to maturity securities transferred from available for sale are included in held to maturity at fair value at the time of transfer. The amortized cost of held to maturity securities included net unrealized gains of $110 million and $125 million at June 30, 2015 and December 31, 2014, respectively, related to securities transferred, which are offset in Accumulated Other Comprehensive Income, net of tax. |
Gross Unrealized Loss and Fair Value of Securities Available for Sale | Table 70: Gross Unrealized Loss and Fair Value of Securities Available for Sale Unrealized loss position less Unrealized loss position 12 In millions than 12 months months or more Total Unrealized Fair Unrealized Fair Unrealized Fair Loss Value Loss Value Loss Value June 30, 2015 Debt securities U.S. Treasury and government agencies $ (2) $ 1,167 $ (2) $ 1,167 Residential mortgage-backed Agency (94) 7,736 $ (24) $ 1,259 (118) 8,995 Non-agency (5) 443 (84) 1,395 (89) 1,838 Commercial mortgage-backed Agency (2) 429 (5) 150 (7) 579 Non-agency (5) 1,504 (3) 339 (8) 1,843 Asset-backed (5) 946 (19) 605 (24) 1,551 State and municipal (8) 503 (3) 49 (11) 552 Other debt (4) 332 (3) 139 (7) 471 Total debt securities (125) 13,060 (141) 3,936 (266) 16,996 Corporate stocks and other (1) 61 (1) 61 Total $ (125) $ 13,060 $ (142) $ 3,997 $ (267) $ 17,057 December 31, 2014 Debt securities U.S. Treasury and government agencies $ (1) $ 1,426 $ (1) $ 1,426 Residential mortgage-backed Agency (4) 644 $ (37) $ 1,963 (41) 2,607 Non-agency (5) 276 (94) 1,487 (99) 1,763 Commercial mortgage-backed Agency (2) 681 (12) 322 (14) 1,003 Non-agency (4) 928 (7) 335 (11) 1,263 Asset-backed (4) 913 (28) 1,133 (32) 2,046 State and municipal (a) 41 (3) 77 (3) 118 Other debt (2) 314 (4) 186 (6) 500 Total debt securities (22) 5,223 (185) 5,503 (207) 10,726 Corporate stocks and other (1) 15 (1) 15 Total $ (22) $ 5,223 $ (186) $ 5,518 $ (208) $ 10,741 (a) The unrealized loss on these securities was less than $.5 million. |
Gains (Losses) on Sales Of Securities Available for Sale | Table 71: Gains (Losses) on Sales of Securities Available for Sale Gross Gross Net Tax In millions Proceeds Gains Losses Gains Expense Six months ended June 30 2015 $ 2,441 $ 51 $ (1) $ 50 $ 17 2014 $ 3,401 $ 29 $ (25) $ 4 $ 1 |
Contractual Maturity of Debt Securities | Table 72: Contractual Maturity of Debt Securities June 30, 2015 After 1 Year After 5 Years After 10 Dollars in millions 1 Year or Less through 5 Years through 10 Years Years Total Securities Available for Sale U.S. Treasury and government agencies $ 513 $ 804 $ 3,976 $ 638 $ 5,931 Residential mortgage-backed Agency 123 760 19,746 20,629 Non-agency 5 1 4,351 4,357 Commercial mortgage-backed Agency 83 136 48 1,713 1,980 Non-agency 85 4,283 4,368 Asset-backed 5 1,150 2,104 2,118 5,377 State and municipal 9 129 316 1,556 2,010 Other debt 140 1,174 327 181 1,822 Total debt securities available for sale $ 750 $ 3,606 $ 7,532 $ 34,586 $ 46,474 Fair value $ 757 $ 3,682 $ 7,628 $ 35,185 $ 47,252 Weighted-average yield, GAAP basis 2.96 % 2.46 % 2.33 % 2.98 % 2.83 % Securities Held to Maturity U.S. Treasury and government agencies $ 253 $ 253 Residential mortgage-backed Agency $ 215 7,984 8,199 Non-agency 252 252 Commercial mortgage-backed Agency $ 940 144 58 1,142 Non-agency 6 806 812 Asset-backed 9 592 135 736 State and municipal 56 825 1,101 1,982 Other debt 307 307 Total debt securities held to maturity $ 1,011 $ 2,083 $ 10,589 $ 13,683 Fair value $ 1,050 $ 2,134 $ 10,744 $ 13,928 Weighted-average yield, GAAP basis 3.49 % 3.04 % 3.56 % 3.48 % |
Fair Value of Securities Pledged and Accepted as Collateral | Table 73: Fair Value of Securities Pledged and Accepted as Collateral June 30 December 31 In millions 2015 2014 Pledged to others $ 10,051 $ 10,874 Accepted from others: Permitted by contract or custom to sell or repledge 1,569 1,658 Permitted amount repledged to others 1,399 1,488 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value [Abstract] | |
Fair Value Measurements - Recurring Basis Summary | Table 74: Fair Value Measurements - Recurring Basis Summary June 30, 2015 December 31, 2014 Total Total In millions Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Fair Value Assets Securities available for sale U.S. Treasury and government agencies $ 5,476 $ 619 $ 6,095 $ 4,795 $ 627 $ 5,422 Residential mortgage-backed Agency 20,842 20,842 18,043 18,043 Non-agency 128 $ 4,424 4,552 144 $ 4,798 4,942 Commercial mortgage-backed Agency 1,994 1,994 2,187 2,187 Non-agency 4,422 4,422 4,162 4,162 Asset-backed 4,904 531 5,435 4,624 563 5,187 State and municipal 2,042 16 2,058 1,904 134 2,038 Other debt 1,821 33 1,854 1,783 30 1,813 Total debt securities 5,476 36,772 5,004 47,252 4,795 33,474 5,525 43,794 Corporate stocks and other 365 62 427 426 15 441 Total securities available for sale 5,841 36,834 5,004 47,679 5,221 33,489 5,525 44,235 Financial derivatives (a) (b) Interest rate contracts 5 4,560 34 4,599 4 4,874 40 4,918 Other contracts 250 2 252 314 2 316 Total financial derivatives 5 4,810 36 4,851 4 5,188 42 5,234 Residential mortgage loans held for sale (c) 1,354 10 1,364 1,255 6 1,261 Trading securities (d) Debt (e) 1,048 1,272 3 2,323 1,340 960 32 2,332 Equity 11 11 21 21 Total trading securities 1,059 1,272 3 2,334 1,361 960 32 2,353 Trading loans (a) 48 48 30 7 37 Residential mortgage servicing rights (f) 1,015 1,015 845 845 Commercial mortgage servicing rights (f) 543 543 506 506 Commercial mortgage loans held for sale (c) 757 757 893 893 Equity investments (a) Direct investments 1,191 1,191 1,152 1,152 Indirect investments (g) 425 425 469 469 Total equity investments 1,616 1,616 1,621 1,621 Customer resale agreements (h) 150 150 155 155 Loans (i) 576 365 941 637 397 1,034 Other assets (a) BlackRock Series C Preferred Stock (j) 363 363 375 375 Other 248 186 7 441 190 226 8 424 Total other assets 248 186 370 804 190 226 383 799 Total assets $ 7,153 $ 45,230 $ 9,719 $ 62,102 $ 6,776 $ 41,940 $ 10,257 $ 58,973 Liabilities Financial derivatives (b) (k) Interest rate contracts $ 3 $ 3,101 $ 8 $ 3,112 $ 3,260 $ 12 $ 3,272 BlackRock LTIP 363 363 375 375 Other contracts 225 127 352 241 139 380 Total financial derivatives 3 3,326 498 3,827 3,501 526 4,027 Trading securities sold short (l) Debt 1,410 19 1,429 $ 1,479 11 1,490 Total trading securities sold short 1,410 19 1,429 1,479 11 1,490 Other borrowed funds (l) 59 165 224 92 181 273 Other liabilities (k) 3 10 13 9 9 Total liabilities $ 1,413 $ 3,407 $ 673 $ 5,493 $ 1,479 $ 3,604 $ 716 $ 5,799 (a) Included in Other assets on our Consolidated Balance Sheet. (b) Amounts at June 30, 2015 and December 31, 2014 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow PNC to net positive and negative positions and cash collateral held or placed with the same counterparty. At both June 30, 2015 and December 31, 2014, the net asset amounts were $2.6 billion and the net liability amounts were $1.4 billion. (c) Included in Loans held for sale on our Consolidated Balance Sheet. PNC has elected the fair value option for certain residential and commercial mortgage loans held for sale. (d) Fair value includes net unrealized gains of $18 million at June 30, 2015 compared with net unrealized gains of $54 million at December 31, 2014. (e) Approximately 37% of these securities are residential mortgage-backed securities and 45% are U.S. Treasury and government agencies securities at June 30, 2015. Comparable amounts at December 31, 2014 were 34% and 57%, respectively. (f) Included in Other intangible assets on our Consolidated Balance Sheet. (g) The indirect equity funds are not redeemable, but PNC receives distributions over the life of the partnership from liquidation of the underlying investments by the investee, which we expect to occur over the next twelve years. The amount of unfunded contractual commitments as of June 30, 2015 related to indirect equity investments was $118 million and related to direct equity investments was $26 million, respectively. Comparable amounts at December 31, 2014 were $112 million and $28 million, respectively. (h) Included in Federal funds sold and resale agreements on our Consolidated Balance Sheet. PNC has elected the fair value option for these items. (i) Included in Loans on our Consolidated Balance Sheet. (j) PNC has elected the fair value option for these shares. (k) Included in Other liabilities on our Consolidated Balance Sheet. (l) Included in Other borrowed funds on our Consolidated Balance Sheet. |
Reconciliation of Level 3 Assets and Liabilities | Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2015 and 2014 follow: Table 75: Reconciliation of Level 3 Assets and Liabilities Three Months Ended June 30, 2015 Unrealized gains (losses) Total realized / unrealized on assets and gains or losses for the period (a) liabilities held on Included Consolidated Level 3 Instruments Fair Value in Other Transfers Transfers Fair Value Balance Sheet Only March 31, Included in comprehensive into out of June 30, at June 30, In millions 2015 Earnings income Purchases Sales Issuances Settlements Level 3 (b) Level 3 (b) 2015 2015 (c) Assets Securities available for sale Residential mortgage- backed non-agency $ 4,624 $ 30 $ (8) $ (222) $ 4,424 Commercial mortgage- backed non-agency 1 (1) Asset-backed 548 5 5 (27) 531 State and municipal 133 (117) 16 Other debt 33 33 Total securities available for sale 5,338 36 (3) (367) 5,004 Financial derivatives 54 16 (34) 36 $ 33 Residential mortgage loans held for sale 7 $ 11 $ (2) (1) $ 1 $ (6) 10 Trading securities - Debt 3 3 Trading loans 2 (2) Residential mortgage servicing rights 839 135 67 $ 21 (47) 1,015 134 Commercial mortgage servicing rights 494 34 17 20 (22) 543 34 Commercial mortgage loans held for sale 975 23 (56) 1,008 (1,193) 757 Equity investments Direct investments 1,149 27 95 (80) 1,191 22 Indirect investments 442 21 5 (43) 425 20 Total equity investments 1,591 48 100 (123) 1,616 42 Loans 383 5 23 (4) (35) 6 (13) 365 1 Other assets BlackRock Series C Preferred Stock 384 (21) 363 (21) Other 8 (1) 7 Total other assets 392 (21) (1) 370 (21) Total assets $ 10,078 $ 276 (e) $ (3) $ 218 $ (187) $ 1,049 $ (1,700) $ 7 $ (19) $ 9,719 $ 223 (f) Liabilities Financial derivatives (d) $ 529 $ (15) $ 1 $ (17) $ 498 $ (25) Other borrowed funds 171 3 $ 21 (30) 165 Other liabilities 10 10 Total liabilities $ 710 $ (12) (e) $ 1 $ 21 $ (47) $ 673 $ (25) (f) Three Months Ended June 30, 2014 Unrealized gains (losses) Total realized / unrealized on assets and gains or losses for the period (a) liabilities held on Included Consolidated Level 3 Instruments Fair Value in Other Transfers Transfers Fair Value Balance Sheet Only March 31, Included in comprehensive into out of June 30, at June 30, In millions 2014 Earnings income Purchases Sales Issuances Settlements Level 3 (b) Level 3 (b) 2014 2014 (c) Assets Securities available for sale Residential mortgage- backed non-agency $ 5,234 $ 40 $ 31 $ (198) $ 5,107 $ (1) Asset-backed 642 4 (27) 619 State and municipal 331 13 1 345 Other debt 32 $ 1 $ (1) (1) 31 Total securities available for sale 6,239 44 44 1 (1) (225) 6,102 (1) Financial derivatives 30 59 1 (49) 41 47 Residential mortgage loans held for sale 5 1 3 (1) (1) $ 1 $ (4) 4 1 Trading securities - Debt 32 1 33 2 Residential mortgage servicing rights 1,039 (57) $ 20 (35) 967 (57) Commercial mortgage servicing rights 529 (11) 9 10 (22) 515 (11) Commercial mortgage loans held for sale 577 5 (61) 521 5 Equity investments Direct investments 1,163 38 99 (81) 1,219 30 Indirect investments 594 15 6 (39) (2) 574 14 Total equity investments 1,757 53 105 (120) (2) 1,793 44 Loans (g) 518 10 25 (132) (26) 3 (25) 373 8 Other assets BlackRock Series C Preferred Stock 330 5 335 5 Other 8 8 Total other assets 338 5 343 5 Total assets $ 11,064 $ 110 (e) $ 44 $ 144 $ (254) $ 30 $ (421) $ 4 $ (29) $ 10,692 $ 43 (f) Liabilities Financial derivatives (d) $ 440 $ 30 $ (16) $ 454 $ 16 Other borrowed funds (g) 193 (7) $ 10 (13) 183 Total liabilities $ 633 $ 23 (e) $ 10 $ (29) $ 637 $ 16 (f) Six Months Ended June 30, 2015 Unrealized Total realized / unrealized gains (losses) gains or losses for the period (a) on assets and Included liabilities held on Level 3 Instruments Fair Value in Other Transfers Transfers Fair Value Consolidated Only Dec. 31, Included in comprehensive into out of June 30, Balance Sheet In millions 2014 Earnings income Purchases Sales Issuances Settlements Level 3 (b) Level 3 (b) 2015 at June 30, 2015 (c) Assets Securities available for sale Residential mortgage- backed non-agency $ 4,798 $ 55 $ (22) $ (407) $ 4,424 $ (1) Commercial mortgage backed non-agency 8 (8) Asset-backed 563 11 9 (52) 531 State and municipal 134 (1) (117) 16 Other debt 30 1 $ 3 (1) 33 Total securities available for sale 5,525 75 (14) 3 (585) 5,004 (1) Financial derivatives 42 87 1 (94) 36 76 Residential mortgage loans held for sale 6 17 $ (2) (1) $ 2 $ (12) 10 Trading securities - Debt 32 (29) 3 Trading loans 7 (7) Residential mortgage servicing rights 845 68 150 $ 38 (86) 1,015 72 Commercial mortgage servicing rights 506 18 28 34 (43) 543 18 Commercial mortgage loans held for sale 893 44 (56) 2,091 (2,215) 757 2 Equity investments Direct investments 1,152 56 138 (155) 1,191 40 Indirect investments 469 35 8 (87) 425 33 Total equity investments 1,621 91 146 (242) 1,616 73 Loans 397 15 55 (8) (72) 11 (33) 365 9 Other assets BlackRock Series C Preferred Stock 375 (12) 363 (12) Other 8 (1) 7 Total other assets 383 (12) (1) 370 (12) Total assets $ 10,257 $ 386 (e) $ (14) $ 400 $ (315) $ 2,163 $ (3,126) $ 13 $ (45) $ 9,719 $ 237 (f) Liabilities Financial derivatives (d) $ 526 $ 26 $ 1 $ (55) $ 498 $ (17) Other borrowed funds 181 3 $ 46 (65) 165 Other liabilities 9 1 10 Total liabilities $ 716 $ 30 (e) $ 1 $ 46 $ (120) $ 673 $ (17) (f) Six Months Ended June 30, 2014 Unrealized Total realized / unrealized gains (losses) gains or losses for the period (a) on assets and Included liabilities held Level 3 Instruments Fair Value in Other Transfers Transfers Fair Value on Consolidated Only Dec. 31, Included in comprehensive into out of June 30, Balance Sheet In millions 2013 Earnings income Purchases Sales Issuances Settlements Level 3 (b) Level 3 (b) 2014 at June 30, 2014 (c) Assets Securities available for sale Residential mortgage- backed non-agency $ 5,358 $ 74 $ 85 $ (410) $ 5,107 $ (3) Asset-backed 641 8 19 (49) 619 State and municipal 333 (2) 14 345 Other debt 38 1 $ 1 $ (7) (2) 31 Total securities available for sale 6,370 81 118 1 (7) (461) 6,102 (3) Financial derivatives 36 119 1 (115) 41 80 Residential mortgage loans held for sale 8 1 8 (3) (1) $ 4 $ (13) 4 1 Trading securities - Debt 32 1 33 2 Residential mortgage servicing rights 1,087 (116) 17 $ 43 (64) 967 (114) Commercial mortgage servicing rights (25) 16 17 507 (h) 515 (25) Commercial mortgage loans held for sale 586 7 (72) 521 7 Equity investments Direct investments 1,069 72 168 (90) 1,219 63 Indirect investments 595 33 12 (65) (1) 574 31 Total equity investments 1,664 105 180 (155) (1) 1,793 94 Loans (g) 527 19 24 (138) (47) 42 (54) 373 14 Other assets BlackRock Series C Preferred Stock 332 3 335 3 Other 8 8 Total other assets 340 3 343 3 Total assets $ 10,650 $ 195 (e) $ 118 $ 247 $ (303) $ 60 $ (254) $ 46 $ (67) $ 10,692 $ 59 (f) Liabilities Financial derivatives (d) $ 439 $ 70 $ 1 $ (56) $ 454 $ 22 Other borrowed funds (g) 199 (3) $ 19 (32) 183 Total liabilities $ 638 $ 67 (e) $ 1 $ 19 $ (88) $ 637 $ 22 (f) (a) Losses for assets are bracketed while losses for liabilities are not. (b) PNC's policy is to recognize transfers in and transfers out as of the end of the reporting period. (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) Includes swaps entered into in connection with sales of certain Visa Class B common shares. (e) Net gains (realized and unrealized) included in earnings relating to Level 3 assets and liabilities were $288 million for the second quarter of 2015, while for the first six months of 2015 there were $356 million of net gains (realized and unrealized) included in earnings. The comparative amounts included net gains (realized and unrealized) of $87 million for the second quarter of 2014 and net gains (realized and unrealized) of $128 million for the first six months of 2014. These amounts also included amortization and accretion of $37 million for the second quarter of 2015 and $77 million for the first six months of 2015. The comparative amounts were $44 million for the second quarter of 2014 and $85 million for the first six months of 2014. 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 relating to those assets and liabilities held at the end of the reporting period were $248 million for the second quarter of 2015, while for the first six months of 2015 there were $254 million of net unrealized gains. The comparative amounts included net unrealized gains of $27 million for the second quarter of 2014 and net unrealized gains of $37 million for the first six months of 2014. These amounts were included in Noninterest income on the Consolidated Income Statement. (g) These line items were corrected for the three and six months ended June 30, 2014 to include transferred loans over which PNC regained effective control and the related liabilities that are recorded pursuant to ASC 860. (h) Settlements relating to commercial MSRs include $552 million, which represents the fair value as of January 1, 2014 as a result of an irrevocable election to measure all classes of commercial MSRs at fair value. Refer to Note 8 Goodwill and Other Intangible Assets in our 2014 Form 10-K for additional information on this election. |
Fair Value Measurements - Recurring Quantitative Information | Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities follows. Table 76: Fair Value Measurements - Recurring Quantitative Information June 30, 2015 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) Residential mortgage-backed non-agency securities $ 4,424 Priced by a third-party vendor Constant prepayment rate (CPR) 1.0%-24.2% (6.9%) (a) using a discounted cash flow Constant default rate (CDR) 0.0%-16.7% (5.4%) (a) pricing model (a) Loss severity 10.0%-98.5% (53.1%) (a) Spread over the benchmark curve (b) 242bps weighted average (a) Asset-backed securities 531 Priced by a third-party vendor Constant prepayment rate (CPR) 1.0%-15.7% (6.4%) (a) using a discounted cash flow Constant default rate (CDR) 1.7%-13.9% (6.9%) (a) pricing model (a) Loss severity 15.0%-100% (76.4%) (a) Spread over the benchmark curve (b) 308bps weighted average (a) Other debt securities 33 Consensus pricing (c) Credit and Liquidity discount 7.0%-100.0% (88.4%) Residential mortgage servicing rights 1,015 Discounted cash flow Constant prepayment rate (CPR) 0.3%-38.4% (9.7%) Spread over the benchmark curve (b) 558bps-1,861bps (966bps) Commercial mortgage servicing 543 Discounted cash flow Constant prepayment rate (CPR) 4.8%-13.8% (5.9%) rights Discount rate 3.5%-9.1% (7.6%) Commercial mortgage loans held 757 Discounted cash flow Spread over the benchmark curve (b) 32bps-3,115bps (455bps) for sale Estimated servicing cash flows 0.0%-5.2% (2.5%) Equity investments - Direct investments 1,191 Multiple of adjusted earnings Multiple of earnings 4.2x-14.0x (7.7x) Equity investments - Indirect (d) 425 Net asset value Net asset value Loans - Residential real estate 123 Consensus pricing (c) Cumulative default rate 2.0%-100% (86.6%) Loss severity 0.0%-100% (30.2%) Discount rate 4.9%-7.0% (5.1%) 123 Discounted cash flow Loss severity 8.0% weighted average Discount rate 3.5% weighted average Loans - Home equity 119 Consensus pricing (c) Credit and Liquidity discount 26.0%-99.0% (52.0%) BlackRock Series C Preferred Stock 363 Consensus pricing (c) Liquidity discount 20.0% BlackRock LTIP (363) Consensus pricing (c) Liquidity discount 20.0% Swaps related to sales of certain Visa (122) Discounted cash flow Estimated conversion factor of Class B common shares Class B shares into Class A shares 164.3% (e) Estimated growth rate of Visa Class A share price 17.3% Other borrowed funds - non-agency securitization (154) Consensus pricing (c) Credit and Liquidity discount 0%-99.0% (18.0%) Spread over the benchmark curve (b) 112bps Insignificant Level 3 assets, net of liabilities (f) 38 Total Level 3 assets, net of liabilities (g) $ 9,046 December 31, 2014 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) Residential mortgage-backed non-agency securities $ 4,798 Priced by a third-party vendor Constant prepayment rate (CPR) 1.0%-28.9% (6.8%) (a) using a discounted cash flow Constant default rate (CDR) 0.0%-16.7% (5.6%) (a) pricing model (a) Loss severity 6.1%-100.0% (53.1%) (a) Spread over the benchmark curve (b) 249bps weighted average (a) Asset-backed securities 563 Priced by a third-party vendor Constant prepayment rate (CPR) 1.0%-15.7% (5.9%) (a) using a discounted cash flow Constant default rate (CDR) 1.7%-13.9% (7.6%) (a) pricing model (a) Loss severity 14.6%-100.0% (73.5%) (a) Spread over the benchmark curve (b) 352bps weighted average (a) State and municipal securities 132 Discounted cash flow Spread over the benchmark curve (b) 55bps-165bps (67bps) 2 Consensus pricing (c) Credit and Liquidity discount 0.0%-20.0% (14.9%) Other debt securities 30 Consensus pricing (c) Credit and Liquidity discount 7.0%-95.0% (88.6%) Trading securities - Debt 32 Consensus pricing (c) Credit and Liquidity discount 0.0%-15.0% (8.0%) Residential mortgage servicing rights 845 Discounted cash flow Constant prepayment rate (CPR) 3.8%-32.7% (11.2%) Spread over the benchmark curve (b) 889bps-1,888bps (1,036bps) Commercial mortgage servicing rights 506 Discounted cash flow Constant prepayment rate (CPR) 7.0%-16.8% (8.0%) Discount rate 2.5%-8.6% (6.6%) Commercial mortgage loans held for sale 893 Discounted cash flow Spread over the benchmark curve (b) 37bps-4,025bps (549bps) Estimated servicing cash flows 0.0%-2.0% (1.2%) Equity investments - Direct investments 1,152 Multiple of adjusted earnings Multiple of earnings 3.2x-13.9x (7.7x) Equity investments - Indirect (d) 469 Net asset value Net asset value Loans - Residential real estate 114 Consensus pricing (c) Cumulative default rate 2.0%-100.0% (90.5%) Loss severity 0.0%-100.0% (35.6%) Discount rate 5.4%-7.0% (6.4%) 154 Discounted cash flow Loss severity 8.0% weighted average Discount rate 3.4% weighted average Loans - Home equity 129 Consensus pricing (c) Credit and Liquidity discount 26.0%-99.0% (51.0%) BlackRock Series C Preferred Stock 375 Consensus pricing (c) Liquidity discount 20.0% BlackRock LTIP (375) Consensus pricing (c) Liquidity discount 20.0% Swaps related to sales of certain (135) Discounted cash flow Estimated conversion factor of Visa Class B common shares Class B shares into Class A shares 41.1% Estimated growth rate of Visa Class A share price 14.8% Other borrowed funds - non-agency securitization (166) Consensus pricing (c) Credit and Liquidity discount 0.0%-99.0% (18.0%) Spread over the benchmark curve (b) 113bps Insignificant Level 3 assets, net of liabilities (f) 23 Total Level 3 assets, net of liabilities (g) $ 9,541 (a) Level 3 residential mortgage-backed non-agency and asset-backed securities with fair values as of June 30, 2015 totaling $3,749 million and $500 million, respectively, were priced by a third-party vendor using a discounted cash flow pricing model that incorporates consensus pricing, where available. The comparable amounts as of December 31, 2014 were $4,081 million and $532 million, respectively. The significant unobservable inputs for these securities were provided by the third-party vendor and are disclosed in the table. Our procedures to validate the prices provided by the third-party vendor related to these securities are discussed further in the Fair Value Measurement section of Note 7 Fair Value in our 2014 Form 10-K. Certain Level 3 residential mortgage-backed non-agency and asset-backed securities with fair values as of June 30, 2015 of $675 million and $31 million, respectively, were valued using a pricing source, such as a dealer quote or comparable security price, for which the significant unobservable inputs used to determine the price were not reasonably available. The comparable amounts as of December 31, 2014 were $717 million and $31 million, respectively. (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) The range on these indirect equity investments has not been disclosed since these investments are recorded at their net asset redemption values. (e) This conversion factor reflects the 4-for-1 split of Visa Class A common shares, which occurred during the first quarter of 2015. (f) 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 (for the 2015 period), state and municipal securities (for the 2015 period), residential mortgage loans held for sale, trading loans, other assets, other borrowed funds (ROAPs) and other liabilities. For additional information, please see the Fair Value Measurement discussion included in Note 7 Fair Value in our 2014 Form 10-K. (g) Consisted of total Level 3 assets of $9,719 million and total Level 3 liabilities of $673 million as of June 30, 2015 and $10,257 million and $716 million as of December 31, 2014, respectively. |
Fair Value Measurements - Nonrecurring | Table 77: Fair Value Measurements - Nonrecurring Gains (Losses) Gains (Losses) Fair Value (a) Three months ended Six months ended June 30 December 31 June 30 June 30 June 30 June 30 In millions 2015 2014 2015 2014 2015 2014 Assets Nonaccrual loans $ 33 $ 54 $ (15) $ (11) $ (15) $ (15) Loans held for sale 8 (1) (1) Equity investments 17 (3) (3) OREO and foreclosed assets 110 168 (12) (7) (18) (15) Long-lived assets held for sale 19 22 (5) (6) (13) (9) Total assets $ 162 $ 269 $ (32) $ (28) $ (46) $ (43) (a) All Level 3 as of June 30, 2015 and December 31, 2014, except for $8 million included in Loans held for sale which was categorized as Level 2 as of December 31, 2014. |
Fair Value Measurements - Nonrecurring Quantitative Information | Quantitative information about the significant unobservable inputs within Level 3 nonrecurring assets follows. Table 78: Fair Value Measurements - Nonrecurring Quantitative Information Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) June 30, 2015 Assets Nonaccrual loans (a) $ 19 LGD percentage (b) Loss severity 10.9%-99.2% (44.1%) Other (c) 143 Fair value of property or collateral Appraised value/sales price Not meaningful Total assets $ 162 December 31, 2014 Assets Nonaccrual loans (a) $ 29 LGD percentage (b) Loss severity 2.9%-68.5% (42.1%) Equity investments 17 Discounted cash flow Market rate of return 6.0% Other (c) 215 Fair value of property or collateral Appraised value/sales price Not meaningful Total assets $ 261 (a) The fair value of nonaccrual loans included in this line item is determined based on internal loss rates. The fair value of nonaccrual loans where the fair value is determined based on the appraised value or sales price is included within Other, below. (b) LGD percentage represents the amount that PNC expects to lose in the event a borrower defaults on an obligation. (c) Other included Nonaccrual loans of $14 million, OREO and foreclosed assets of $110 million and Long-lived assets held for sale of $19 million as of June 30, 2015. Comparably, as of December 31, 2014, Other included Nonaccrual loans of $25 million, OREO and foreclosed assets of $168 million and Long-lived assets held for sale of $22 million. The fair value of these assets is determined based on appraised value or sales price, the range of which is not meaningful to disclose. |
Fair Value Option - Changes in Fair Value | Table 79: 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 2015 2014 2015 2014 Assets Customer resale agreements $ (1) Trading loans $ 1 $ 1 $ 2 1 Commercial mortgage loans held for sale 31 5 56 7 Residential mortgage loans held for sale 25 64 71 129 Residential mortgage loans – portfolio 13 59 29 87 BlackRock Series C Preferred Stock (21) 5 (12) 3 Liabilities Other borrowed funds (2) 7 (2) 3 (a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts. |
Fair Value Option - Fair Value and Principal Balances | Fair values and aggregate unpaid principal balances of items for which we elected the fair value option follow. Table 80: Fair Value Option - Fair Value and Principal Balances Aggregate Unpaid In millions Fair Value Principal Balance Difference June 30, 2015 Assets Customer resale agreements $ 150 $ 143 $ 7 Trading loans 48 48 Residential mortgage loans held for sale Performing loans 1,338 1,300 38 Accruing loans 90 days or more past due 3 3 Nonaccrual loans 23 25 (2) Total 1,364 1,328 36 Commercial mortgage loans held for sale (a) Performing loans 755 768 (13) Nonaccrual loans 2 3 (1) Total 757 771 (14) Residential mortgage loans - portfolio Performing loans 230 289 (59) Accruing loans 90 days or more past due 468 471 (3) Nonaccrual loans 243 397 (154) Total 941 1,157 (216) Liabilities Other borrowed funds $ 224 $ 260 $ (36) December 31, 2014 Assets Customer resale agreements $ 155 $ 148 $ 7 Trading loans 37 37 Residential mortgage loans held for sale Performing loans 1,236 1,176 60 Accruing loans 90 days or more past due 9 9 Nonaccrual loans 16 17 (1) Total 1,261 1,202 59 Commercial mortgage loans held for sale (a) Performing loans 873 908 (35) Nonaccrual loans 20 64 (44) Total 893 972 (79) Residential mortgage loans - portfolio Performing loans 194 256 (62) Accruing loans 90 days or more past due 570 573 (3) Nonaccrual loans 270 449 (179) Total 1,034 1,278 (244) Liabilities Other borrowed funds $ 273 $ 312 $ (39) (a) There were no accruing loans 90 days or more past due within this category at June 30, 2015 or December 31, 2014. |
Additional Fair Value Information Related to Other Financial Instruments | Table 81: Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 June 30, 2015 Assets Cash and due from banks $ 4,412 $ 4,412 $ 4,412 Short-term assets 36,743 36,743 $ 36,743 Securities held to maturity 13,683 13,928 290 13,631 $ 7 Loans held for sale 236 236 203 33 Net loans (excludes leases) 192,980 194,807 194,807 Other assets 1,936 2,531 1,882 649 (a) Total assets $ 249,990 $ 252,657 $ 4,702 $ 52,459 $ 195,496 Liabilities Demand, savings and money market deposits $ 219,114 $ 219,114 $ 219,114 Time deposits 20,590 20,509 20,509 Borrowed funds 56,931 57,316 56,020 $ 1,296 Unfunded loan commitments and letters of credit 228 228 228 Total liabilities $ 296,863 $ 297,167 $ 295,643 $ 1,524 December 31, 2014 Assets Cash and due from banks $ 4,360 $ 4,360 $ 4,360 Short-term assets 34,380 34,380 $ 34,380 Securities held to maturity 11,588 11,984 292 11,683 $ 9 Loans held for sale 108 108 56 52 Net loans (excludes leases) 192,573 194,564 194,564 Other assets 1,879 2,544 1,802 742 (a) Total assets $ 244,888 $ 247,940 $ 4,652 $ 47,921 $ 195,367 Liabilities Demand, savings and money market deposits $ 210,838 $ 210,838 $ 210,838 Time deposits 21,396 21,392 21,392 Borrowed funds 55,329 56,011 54,574 $ 1,437 Unfunded loan commitments and letters of credit 240 240 240 Total liabilities $ 287,803 $ 288,481 $ 286,804 $ 1,677 (a) Represents estimated fair value of Visa Class B common shares, which was estimated solely based upon the June 30, 2015 and December 31, 2014 closing price for the Visa Class A common shares, respectively, and the Visa Class B common share conversion rate, which reflects adjustments in respect of all litigation funding by Visa as of that date. The transfer restrictions on the Visa Class B common shares could impact the aforementioned estimate, until they can be converted to Class A common shares. See Note 22 Commitments and Guarantees in our 2014 Form 10-K for additional information. |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Other Intangible Assets Disclosure [Abstract] | |
Goodwill by Business Segment | Note 8 Goodwill and Intangible Assets Goodwill Goodwill by business segment consisted of the following: Table 82: Goodwill by Business Segment (a) June 30 December 31 In millions 2015 2014 Retail Banking $ 5,795 $ 5,795 Corporate & Institutional Banking 3,244 3,244 Asset Management Group 64 64 Total $ 9,103 $ 9,103 (a) The Residential Mortgage Banking and Non-Strategic Assets Portfolio business segments did not have any goodwill allocated to them as of June 30, 2015 and December 31, 2014. |
Mortgage Servicing Rights | Table 83: Mortgage Servicing Rights Commercial MSRs Residential MSRs In millions 2015 2014 2015 2014 January 1 $ 506 $ 552 $ 845 $ 1,087 Additions: From loans sold with servicing retained 34 17 38 43 Purchases 28 16 150 17 Changes in fair value due to: Time and payoffs (a) (43) (45) (86) (64) Other (b) 18 (25) 68 (116) June 30 $ 543 $ 515 $ 1,015 $ 967 Related unpaid principal balance at June 30 $ 144,416 $ 143,226 $ 115,454 $ 110,933 (a) Represents decrease in MSR value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period. (b) Represents MSR value changes resulting primarily from market-driven changes in interest rates. |
Commercial Mortgage Loan Servicing Assets - Key Valuation Assumptions | Table 84: Commercial Mortgage Loan Servicing Rights - Key Valuation Assumptions June 30 December 31 Dollars in millions 2015 2014 Fair value $ 543 $ 506 Weighted-average life (years) 4.9 4.7 Weighted-average constant prepayment rate 5.94 % 8.03 % Decline in fair value from 10% adverse change $ 10 $ 10 Decline in fair value from 20% adverse change $ 20 $ 19 Effective discount rate 7.62 % 6.59 % Decline in fair value from 10% adverse change $ 15 $ 13 Decline in fair value from 20% adverse change $ 29 $ 26 |
Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions | Table 85: Residential Mortgage Loan Servicing Rights - Key Valuation Assumptions June 30 December 31 Dollars in millions 2015 2014 Fair value $ 1,015 $ 845 Weighted-average life (years) 6.7 6.1 Weighted-average constant prepayment rate 9.69 % 11.16 % Decline in fair value from 10% adverse change $ 41 $ 36 Decline in fair value from 20% adverse change $ 78 $ 69 Weighted-average option adjusted spread 9.66 % 10.36 % Decline in fair value from 10% adverse change $ 37 $ 31 Decline in fair value from 20% adverse change $ 72 $ 61 |
Fees from Mortgage Loan Servicing | Table 86: Fees from Mortgage and Other Loan Servicing In millions 2015 2014 Six months ended June 30 $ 248 $ 256 Three months ended June 30 $ 127 $ 127 |
Other Intangible Assets | Table 87: Other Intangible Assets June 30 December 31 In millions 2015 2014 Gross carrying amount $ 1,499 $ 1,502 Accumulated amortization (1,064) (1,009) Net carrying amount $ 435 $ 493 |
Amortization Expense on Existing Intangible Assets | Table 88: Amortization Expense on Existing Other Intangible Assets In millions Six months ended June 30, 2015 $ 58 Six months ended June 30, 2014 65 Remainder of 2015 56 2016 97 2017 83 2018 72 2019 61 2020 37 |
Certain Employee Benefit and 33
Certain Employee Benefit and Stock Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation [Abstract] | |
Net Periodic Pension and Postretirement Benefits Costs | Table 89: Net Periodic Pension and Postretirement Benefits Costs Qualified Pension Plan Nonqualified Retirement Plans Postretirement Benefits Three months ended June 30 In millions 2015 2014 2015 2014 2015 2014 Net periodic cost consists of: Service cost $ 26 $ 26 $ 1 $ 1 $ 2 $ 1 Interest cost 45 47 3 3 3 4 Expected return on plan assets (74) (72) Amortization of prior service credit (2) (2) Amortization of actuarial losses 8 1 1 Net periodic cost/(benefit) $ 3 $ (1) $ 5 $ 5 $ 5 $ 5 Qualified Pension Plan Nonqualified Retirement Plans Postretirement Benefits Six months ended June 30 In millions 2015 2014 2015 2014 2015 2014 Net periodic cost consists of: Service cost $ 53 $ 51 $ 1 $ 2 $ 3 $ 2 Interest cost 89 94 6 6 7 8 Expected return on plan assets (148) (144) Amortization of prior service credit (4) (4) Amortization of actuarial losses 15 3 2 Net periodic cost/(benefit) $ 5 $ (3) $ 10 $ 10 $ 10 $ 10 |
Stock Option Rollforward | The following table represents the stock option activity for the first six months of 2015. Table 90: Stock Option Rollforward PNC Options Converted From National City PNC Options Total Weighted-Average Weighted-Average Weighted-Average In thousands, except weighted-average data Shares Exercise Price Shares Exercise Price Shares Exercise Price Outstanding at December 31, 2014 6,701 $ 56.41 343 $ 585.23 7,044 $ 82.17 Granted (a) Exercised (1,533) 59.42 (1,533) 59.42 Cancelled (28) 44.42 (14) 474.12 (42) 187.83 Outstanding at June 30, 2015 5,140 $ 55.58 329 $ 590.02 5,469 $ 87.73 Exercisable at June 30, 2015 5,092 $ 55.50 329 $ 590.02 5,421 $ 87.94 (a) PNC did not grant any stock options in the first six months of 2015. |
Nonvested Incentive/Performance Unit Share Awards and Restricted Stock/Share Unit Awards - Rollforward | Table 91: Nonvested Incentive/Performance Unit Share Awards and Restricted Stock/Share Unit Awards - Rollforward Nonvested Nonvested Weighted- Restricted Weighted- Incentive/ Average Stock/ Average Performance Grant Date Share Grant Date Shares in thousands Unit Shares Fair Value Units Fair Value December 31, 2014 1,837 $ 69.84 3,652 $ 69.03 Granted 649 90.35 1,019 92.17 Vested/Released (682) 66.17 (1,149) 61.17 Forfeited (24) 70.15 (90) 76.96 June 30, 2015 1,780 $ 78.72 3,432 $ 78.41 |
Nonvested Cash-Payable Incentive/Performance Units and Restricted Share Units - Rollforward | Table 92: Nonvested Cash-Payable Incentive/Performance Units and Restricted Share Units – Rollforward Cash-Payable Incentive/ Cash-Payable Performance Restricted In thousands Units Share Units Total Outstanding at December 31, 2014 177 658 835 Granted 81 347 428 Vested and Released (98) (349) (447) Forfeited (43) (4) (47) Outstanding at June 30, 2015 117 652 769 |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Total Gross Derivatives | Table 93: Total Gross Derivatives June 30, 2015 December 31, 2014 Notional/ Asset Liability Notional/ Asset Liability Contract Fair Fair Contract Fair Fair In millions Amount Value (a) Value (b) Amount Value (a) Value (b) Derivatives designated as hedging instruments under GAAP $ 53,342 $ 1,172 $ 225 $ 49,061 $ 1,261 $ 186 Derivatives not designated as hedging instruments under GAAP 318,207 3,679 3,602 291,256 3,973 3,841 Total gross derivatives $ 371,549 $ 4,851 $ 3,827 $ 340,317 $ 5,234 $ 4,027 (a) Included in Other assets on our Consolidated Balance Sheet. (b) Included in Other liabilities on our Consolidated Balance Sheet. |
Derivatives Designated as Hedging Instruments under GAAP | Table 94: Derivatives Designated As Hedging Instruments under GAAP June 30, 2015 December 31, 2014 Notional/ Asset Liability Notional/ Asset Liability Contract Fair Fair Contract Fair Fair In millions Amount Value (a) Value (b) Amount Value (a) Value (b) Interest rate contracts: Fair value hedges: Receive-fixed swaps $ 23,713 $ 733 $ 59 $ 20,930 $ 827 $ 38 Pay-fixed swaps (c) 3,997 9 125 4,233 3 138 Subtotal $ 27,710 $ 742 $ 184 $ 25,163 $ 830 $ 176 Cash flow hedges: Receive-fixed swaps $ 20,516 $ 427 $ 17 $ 19,991 $ 400 $ 10 Forward purchase commitments 3,959 3 19 2,778 25 Subtotal $ 24,475 $ 430 $ 36 $ 22,769 $ 425 $ 10 Foreign exchange contracts: Net investment hedges $ 1,157 $ 5 $ 1,129 $ 6 Total derivatives designated as hedging instruments $ 53,342 $ 1,172 $ 225 $ 49,061 $ 1,261 $ 186 (a) Included in Other assets on our Consolidated Balance Sheet. (b) Included in Other liabilities on our Consolidated Balance Sheet. (c) Includes zero-coupon swaps. |
Gains (Losses) on Derivatives and Related Hedged Items - Fair Value Hedges | Table 95: Gains (Losses) on Derivatives and Related Hedged Items - Fair Value Hedges Three months ended Six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain on Related Gain on Related Gain on Related Gain on Related (Loss) on Hedged (Loss) on Hedged (Loss) on Hedged (Loss) on Hedged Derivatives Items Derivatives Items Derivatives Items Derivatives Items Recognized Recognized Recognized Recognized Recognized Recognized Recognized Recognized in Income in Income in Income in Income in Income in Income in Income in Income In millions Hedged Items Location Amount Amount Amount Amount Amount Amount Amount Amount Interest rate U.S. Treasury and Investment contracts Government securities Agencies Securities (interest income) $ 63 $ (65) $ (53) $ 55 $ 12 $ (12) $ (83) $ 86 Interest rate Other Debt Investment contracts Securities securities (interest income) 1 (1) (2) 1 (1) 1 Interest rate Subordinated debt Borrowed funds contracts (interest expense) (138) 130 51 (60) (84) 67 74 (89) Borrowed funds Interest rate Bank notes and (interest contracts senior debt expense) (126) 129 50 (52) (23) 20 59 (62) Total (a) $ (200) $ 193 $ 46 $ (56) $ (95) $ 75 $ 49 $ (64) (a) The ineffective portion of the change in value of our fair value hedge derivatives resulted in net losses of $7 million for the three months ended June 30, 2015 and net losses of $20 million for the six months ended June 30, 2015 compared with net losses of $10 million for the three months ended June 30, 2014 and net losses of $15 million for the six months ended June 30, 2014. |
Gains (Losses) on Derivatives and Related Cash Flows - Cash Flow Hedges | Table 96: Gains (Losses) on Derivatives and Related Cash Flows - Cash Flow Hedges (a) (b) Three months ended Six months ended June 30 June 30 In millions 2015 2014 2015 2014 Gains (losses) on derivatives recognized in OCI - (effective portion) $ (102) $ 138 $ 196 $ 210 Less: Gains (losses) reclassified from accumulated OCI into income - (effective portion) Interest income 72 64 140 136 Noninterest income (4) (7) (13) (2) Total gains (losses) reclassified from accumulated OCI into income - (effective portion) 68 57 127 134 Net unrealized gains (losses) on cash flow hedge derivatives $ (170) $ 81 $ 69 $ 76 (a) All cash flow hedge derivatives are interest rate contracts as of June 30, 2015 and June 30, 2014. (b) The amount of cash flow hedge ineffectiveness recognized in income was not material for the periods presented. |
Gains (Losses) on Derivatives - Net Investment Hedges | Table 97: Gains (Losses) on Derivatives - Net Investment Hedges Three months ended Six months ended June 30 June 30 In millions 2015 2014 2015 2014 Gains (losses) on derivatives recognized in OCI (effective portion) Foreign exchange contracts $ (65) $ (26) $ (11) $ (33) |
Derivatives Not Designated as Hedging Instruments under GAAP | Table 98: Derivatives Not Designated As Hedging Instruments under GAAP June 30, 2015 December 31, 2014 Notional/ Asset Liability Notional/ Asset Liability Contract Fair Fair Contract Fair Fair In millions Amount Value (a) Value (b) Amount Value (a) Value (b) Derivatives used for residential mortgage banking activities: Residential mortgage servicing Interest rate contracts: Swaps $ 35,043 $ 709 $ 396 $ 32,459 $ 777 $ 394 Swaptions 3,176 23 21 1,498 29 22 Futures (c) 19,177 22,084 Futures options 30,000 6 3 12,225 4 Mortgage-backed securities commitments 2,390 4 8 710 4 Subtotal 89,786 742 428 68,976 814 416 Loan sales Interest rate contracts: Futures (c) 40 58 Bond options 300 4 300 Mortgage-backed securities commitments 8,210 39 21 4,916 10 21 Residential mortgage loan commitments 2,437 21 1,852 22 Subtotal 10,987 64 21 7,126 32 21 Subtotal $ 100,773 $ 806 $ 449 $ 76,102 $ 846 $ 437 Derivatives used for commercial mortgage banking activities: Interest rate contracts: Swaps $ 3,793 $ 62 $ 49 $ 3,801 $ 67 $ 48 Swaptions 439 1 1 439 2 1 Futures (c) 20,146 19,913 Commercial mortgage loan commitments 1,295 10 6 2,042 16 10 Subtotal 25,673 73 56 26,195 85 59 Credit contracts: Credit default swaps 83 95 Subtotal $ 25,756 $ 73 $ 56 $ 26,290 $ 85 $ 59 Derivatives used for customer-related activities: Interest rate contracts: Swaps $ 149,054 $ 2,455 $ 2,350 $ 146,008 $ 2,632 $ 2,559 Caps/floors - Sold 5,142 15 4,846 16 Caps/floors - Purchased 6,462 28 6,339 34 Swaptions 4,496 59 17 3,361 62 12 Futures (c) 2,433 3,112 Mortgage-backed securities commitments 3,552 6 5 2,137 3 3 Subtotal 171,139 2,548 2,387 165,803 2,731 2,590 Foreign exchange contracts 10,895 215 202 12,547 223 240 Credit contracts: Risk participation agreements 5,076 2 5 5,124 2 4 Subtotal $ 187,110 $ 2,765 $ 2,594 $ 183,474 $ 2,956 $ 2,834 Derivatives used for other risk management activities: Interest rate contracts $ 833 $ 1 Foreign exchange contracts $ 2,519 $ 35 $ 18 2,661 85 $ 1 Credit contracts: Credit default swaps 15 15 Other contracts (d) 2,034 485 1,881 510 Subtotal 4,568 35 503 5,390 86 511 Total derivatives not designated as hedging instruments $ 318,207 $ 3,679 $ 3,602 $ 291,256 $ 3,973 $ 3,841 (a) Included in Other assets on our Consolidated Balance Sheet. (b) Included in Other liabilities on our Consolidated Balance Sheet. (c) Futures contracts settle in cash daily and, therefore, no derivative asset or derivative liability is recognized on our Consolidated Balance Sheet. (d) Includes PNC's obligation to fund a portion of certain BlackRock LTIP programs and the swaps entered into in connection with sales of a portion of Visa Class B common shares. |
Gains (Losses) on Derivatives Not Designated as Hedging Instruments under GAAP | Table 99: Gains (Losses) on Derivatives Not Designated As Hedging Instruments under GAAP Three months ended Six months ended June 30 June 30 In millions 2015 2014 2015 2014 Derivatives used for residential mortgage banking activities: Residential mortgage servicing Interest rate contracts $ (83) $ 57 $ 15 $ 110 Loan sales Interest rate contracts 47 (10) 68 (12) Gains (losses) included in residential mortgage banking activities (a) $ (36) $ 47 $ 83 $ 98 Derivatives used for commercial mortgage banking activities: Interest rate contracts (b) (c) $ (25) $ 23 $ 5 $ 43 Credit contracts (c) 1 (1) (1) Gains (losses) from commercial mortgage banking activities $ (24) $ 22 $ 5 $ 42 Derivatives used for customer-related activities: Interest rate contracts $ 30 $ 11 $ 34 $ 10 Foreign exchange contracts 32 22 33 48 Credit contracts (1) Gains (losses) from customer-related activities (c) $ 62 $ 32 $ 67 $ 58 Derivatives used for other risk management activities: Interest rate contracts $ 1 $ (11) $ 1 $ (15) Foreign exchange contracts (69) (5) 114 (7) Other contracts (d) 14 (19) 7 (27) Gains (losses) from other risk management activities (c) $ (54) $ (35) $ 122 $ (49) Total gains (losses) from derivatives not designated as hedging instruments $ (52) $ 66 $ 277 $ 149 (a) Included in Residential mortgage noninterest income. (b) Included in Corporate services noninterest income. (c) Included in Other noninterest income. (d) Includes BlackRock LTIP funding obligation and the swaps entered into in connection with sales of a portion of Visa Class B common shares. |
Credit Default Swaps | Table 100: Credit Default Swaps (a) June 30, 2015 December 31, 2014 Weighted- Weighted- Average Average Remaining Remaining Notional Maturity Notional Maturity Dollars in millions Amount In Years Amount In Years Credit Default Swaps – Purchased (b) Single name $ 50 5.2 $ 50 5.7 Index traded 48 33.7 60 34.2 Total $ 98 19.1 $ 110 21.3 (a) There were no credit default swaps sold as of June 30, 2015 and December 31, 2014. (b) The fair value of credit default swaps purchased was less than $1 million as of June 30, 2015 and December 31, 2014. |
Credit Ratings of Credit Default Swaps | Table 101: Credit Ratings of Credit Default Swaps (a) In millions June 30, 2015 December 31, 2014 Credit Default Swaps – Purchased Investment grade (b) $ 83 $ 95 Subinvestment grade (c) 15 15 Total $ 98 $ 110 (a) There were no credit default swaps sold as of June 30, 2015 and December 31, 2014. (b) Investment grade with a rating of BBB-/Baa3 or above based on published rating agency information. (c) Subinvestment grade represents a rating below BBB-/Baa3 based on published rating agency information. |
Referenced/Underlying Assets of Credit Default Swaps | Table 102: Referenced/Underlying Assets of Credit Default Swaps June 30, 2015 December 31, 2014 Corporate debt 51% 45% Commercial mortgage-backed securities 49% 55% |
Risk Participation Agreements Sold | Table 103: Risk Participation Agreements Sold June 30, 2015 December 31, 2014 Weighted- Weighted- Average Average Remaining Remaining Notional Fair Maturity Notional Fair Maturity Dollars in millions Amount Value In Years Amount Value In Years Risk Participation Agreements Sold $ 2,669 $ (5) 5.0 $ 2,796 $ (4) 5.4 |
Derivative Assets And Liabilities Offsetting | Table 104: Derivative Assets and Liabilities Offsetting Amounts Securities Gross Offset on the Net Collateral Fair Value Consolidated Balance Sheet Fair Value Held Under June 30, 2015 Derivative Fair Value Cash Derivative Master Netting Net In millions Assets Offset Amount Collateral Assets Agreements Amounts Derivative assets Interest rate contracts $ 4,599 $ 1,806 $ 337 $ 2,456 $ 130 $ 2,326 Foreign exchange contracts 250 138 11 101 3 98 Credit contracts 2 1 1 Total derivative assets (a) $ 4,851 $ 1,945 $ 349 $ 2,557 (b) $ 133 $ 2,424 Amounts Securities Gross Offset on the Net Collateral Fair Value Consolidated Balance Sheet Fair Value Pledged Under June 30, 2015 Derivative Fair Value Cash Derivative Master Netting Net In millions Liabilities Offset Amount Collateral Liabilities Agreements Amounts Derivative liabilities Interest rate contracts $ 3,112 $ 1,856 $ 470 $ 786 $ 786 Foreign exchange contracts 225 85 20 120 120 Credit contracts 5 4 1 Other contracts 485 485 485 Total derivative liabilities (a) $ 3,827 $ 1,945 $ 491 $ 1,391 (c) $ 1,391 Amounts Securities Gross Offset on the Net Collateral Fair Value Consolidated Balance Sheet Fair Value Held Under December 31, 2014 Derivative Fair Value Cash Derivative Master Netting Net In millions Assets Offset Amount Collateral Assets Agreements Amounts Derivative assets Interest rate contracts $ 4,918 $ 1,981 $ 458 $ 2,479 $ 143 $ 2,336 Foreign exchange contracts 314 159 47 108 1 107 Credit contracts 2 1 1 Total derivative assets (a) $ 5,234 $ 2,141 $ 506 $ 2,587 (b) $ 144 $ 2,443 Amounts Securities Gross Offset on the Net Collateral Fair Value Consolidated Balance Sheet Fair Value Pledged Under December 31, 2014 Derivative Fair Value Cash Derivative Master Netting Net In millions Liabilities Offset Amount Collateral Liabilities Agreements Amounts Derivative liabilities Interest rate contracts $ 3,272 $ 2,057 $ 483 $ 732 $ 732 Foreign exchange contracts 241 80 20 141 141 Credit contracts 4 4 Other contracts 510 510 510 Total derivative liabilities (a) $ 4,027 $ 2,141 $ 503 $ 1,383 (c) $ 1,383 (a) Included derivative assets and derivative liabilities as of June 30, 2015 totaling $889 million and $725 million, respectively, related to interest rate contracts executed bilaterally with counterparties in the U.S. over-the-counter market and novated to and cleared through a central clearing house. The comparable amounts as of December 31, 2014 totaled $807 million and $657 million, respectively. Derivative assets and liabilities as of June 30, 2015 and December 31, 2014 related to exchange-traded interest rate contracts were not material. As of June 30, 2015 and December 31, 2014, these contracts were not subject to offsetting. The remaining gross and net derivative assets and liabilities relate to contracts executed bilaterally with counterparties that are not settled through an organized exchange or central clearing house. (b) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (c) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings per Share | |
Basic and Diluted Earnings per Common Share | Note 12 Earnings Per Share Table 105: Basic and Diluted Earnings per Common Share Three months ended Six months ended June 30 June 30 In millions, except per share data 2015 2014 2015 2014 Basic Net income $ 1,044 $ 1,052 $ 2,048 $ 2,112 Less: Net income (loss) attributable to noncontrolling interests 4 3 5 1 Preferred stock dividends and discount accretion and redemptions 48 48 118 118 Net income attributable to common shares 992 1,001 1,925 1,993 Less: Dividends and undistributed earnings allocated to nonvested restricted shares 3 2 6 Net income attributable to basic common shares $ 992 $ 998 $ 1,923 $ 1,987 Basic weighted-average common shares outstanding 517 532 519 532 Basic earnings per common share (a) $ 1.92 $ 1.88 $ 3.71 $ 3.73 Diluted Net income attributable to basic common shares $ 992 $ 998 $ 1,923 $ 1,987 Less: Impact of BlackRock earnings per share dilution 5 3 10 9 Net income attributable to diluted common shares $ 987 $ 995 $ 1,913 $ 1,978 Basic weighted-average common shares outstanding 517 532 519 532 Dilutive potential common shares (b) (c) 8 7 8 7 Diluted weighted-average common shares outstanding 525 539 527 539 Diluted earnings per common share (a) $ 1.88 $ 1.85 $ 3.63 $ 3.67 (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 (participating securities). (b) Excludes number of stock options considered to be anti-dilutive of 1 million for the three and six months ended June 30, 2014. No stock options were considered to be anti-dilutive for the three and six months ended June 30, 2015. (c) No warrants were considered to be anti-dilutive for the three and six months ended June 30, 2015 and June 30, 2014, respectively. |
Total Equity and Other Compre36
Total Equity and Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Comprehensive Income [Abstract] | |
Rollforward of Total Equity | Table 106: Rollforward of Total Equity Shareholders' Equity Capital Accumulated Shares Capital Surplus - Other Outstanding Surplus - Common Comprehensive Non- Common Common Preferred Stock Retained Income Treasury controlling Total In millions Stock Stock Stock and Other Earnings (Loss) Stock Interests Equity Balance at December 31, 2013 533 $ 2,698 $ 3,941 $ 12,416 $ 23,251 $ 436 $ (408) $ 1,703 $ 44,037 Cumulative effect of adopting ASC 860-50 (a) 2 2 Balance at January 1, 2014 533 $ 2,698 $ 3,941 $ 12,416 $ 23,253 $ 436 $ (408) $ 1,703 $ 44,039 Net income 2,111 1 2,112 Other comprehensive income (loss), net of tax 445 445 Cash dividends declared Common ($.92 per share) (491) (491) Preferred (115) (115) Preferred stock discount accretion 3 (3) Common stock activity 1 5 55 60 Treasury stock activity (2) 11 (176) (165) Other 24 (116) (92) Balance at June 30, 2014 (b) 532 $ 2,703 $ 3,944 $ 12,506 $ 24,755 $ 881 $ (584) $ 1,588 $ 45,793 Balance at January 1, 2015 523 $ 2,705 $ 3,946 $ 12,627 $ 26,200 $ 503 $ (1,430) $ 1,523 $ 46,074 Net income 2,043 5 2,048 Other comprehensive income (loss), net of tax (124) (124) Cash dividends declared Common ($.99 per share) (516) (516) Preferred (115) (115) Preferred stock discount accretion 3 (3) Common stock activity 1 3 34 37 Treasury stock activity (8) (55) (832) (887) Preferred stock redemption - Series K (c) (500) (500) Other 26 (131) (105) Balance at June 30, 2015 (b) 516 $ 2,708 $ 3,449 $ 12,632 $ 27,609 $ 379 $ (2,262) $ 1,397 $ 45,912 (a) Amount represents the cumulative impact of our January 1, 2014 irrevocable election to prospectively measure all classes of commercial MSRs at fair value. See Note 1 Accounting Policies and Note 8 Goodwill and Other Intangible Assets for more information on this election in our Notes To Consolidated Financial Statements under Item 8 of our 2014 Form 10-K. (b) The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation. (c) On May 4, 2015, PNC redeemed all 50,000 shares of its Series K Preferred Stock, as well as all 500,000 Depositary Shares representing fractional interests in such shares, resulting in net outflow of $500 million. |
Other Comprehensive Income | Table 107: Other Comprehensive Income Details of other comprehensive income (loss) are as follows: In millions Pretax Tax After-tax Net unrealized gains (losses) on non-OTTI securities Balance at March 31, 2014 $ 836 $ (307) $ 529 Second Quarter 2014 activity Increase in net unrealized gains (losses) on non-OTTI securities 220 (80) 140 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 7 (2) 5 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 1 1 Net unrealized gains (losses) on non-OTTI securities 212 (78) 134 Balance at June 30, 2014 1,048 (385) 663 Balance at March 31, 2015 1,096 (402) 694 Second Quarter 2015 activity Increase in net unrealized gains (losses) on non-OTTI securities (346) 128 (218) Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 7 (2) 5 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 12 (4) 8 Net unrealized gains (losses) on non-OTTI securities (365) 134 (231) Balance at June 30, 2015 $ 731 $ (268) $ 463 Net unrealized gains (losses) on OTTI securities Balance at March 31, 2014 $ 102 $ (37) $ 65 Second Quarter 2014 activity Increase in net unrealized gains (losses) on OTTI securities 40 (14) 26 Less: OTTI losses realized on securities reclassified to noninterest income (1) (1) Net unrealized gains (losses) on OTTI securities 41 (14) 27 Balance at June 30, 2014 143 (51) 92 Balance at March 31, 2015 118 (42) 76 Second Quarter 2015 activity Increase in net unrealized gains (losses) on OTTI securities 3 (1) 2 Less: OTTI losses realized on securities reclassified to noninterest income (1) 1 Net unrealized gains (losses) on OTTI securities 4 (2) 2 Balance at June 30, 2015 $ 122 $ (44) $ 78 Net unrealized gains (losses) on cash flow hedge derivatives Balance at March 31, 2014 $ 379 $ (139) $ 240 Second Quarter 2014 activity Increase in net unrealized gains (losses) on cash flow hedge derivatives 138 (50) 88 Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income (a) 61 (23) 38 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income (a) 3 (1) 2 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (a) (7) 3 (4) Net unrealized gains (losses) on cash flow hedge derivatives 81 (29) 52 Balance at June 30, 2014 460 (168) 292 Balance at March 31, 2015 791 (290) 501 Second Quarter 2015 activity Increase in net unrealized gains (losses) on cash flow hedge derivatives (102) 38 (64) Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income (a) 64 (24) 40 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income (a) 8 (3) 5 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (a) (4) 2 (2) Net unrealized gains (losses) on cash flow hedge derivatives (170) 63 (107) Balance at June 30, 2015 $ 621 $ (227) $ 394 In millions Pretax Tax After-tax Pension and other postretirement benefit plan adjustments Balance at March 31, 2014 $ (292) $ 107 $ (185) Second Quarter 2014 activity Net pension and other postretirement benefit plan activity 10 (4) 6 Amortization of actuarial loss (gain) reclassified to other noninterest expense 1 (1) Amortization of prior service cost (credit) reclassified to other noninterest expense (2) 1 (1) Total Second Quarter 2014 activity 9 (4) 5 Balance at June 30, 2014 (283) 103 (180) Balance at March 31, 2015 (760) 278 (482) Second Quarter 2015 activity Net pension and other postretirement benefit plan activity (17) 7 (10) Amortization of actuarial loss (gain) reclassified to other noninterest expense 9 (4) 5 Amortization of prior service cost (credit) reclassified to other noninterest expense (2) 1 (1) Total Second Quarter 2015 activity (10) 4 (6) Balance at June 30, 2015 $ (770) $ 282 $ (488) Other Balance at March 31, 2014 $ (9) $ 16 $ 7 Second Quarter 2014 Activity PNC's portion of BlackRock's OCI (4) 2 (2) Net investment hedge derivatives (b) (26) 9 (17) Foreign currency translation adjustments (c) 26 26 Total Second Quarter 2014 activity (4) 11 7 Balance at June 30, 2014 (13) 27 14 Balance at March 31, 2015 (86) (86) Second Quarter 2015 Activity PNC's portion of BlackRock's OCI (9) 3 (6) Net investment hedge derivatives (b) (65) 24 (41) Foreign currency translation adjustments (c) 65 65 Total Second Quarter 2015 activity (9) 27 18 Balance at June 30, 2015 $ (95) $ 27 $ (68) In millions Pretax Tax After-tax Net unrealized gains (losses) on non-OTTI securities Balance at December 31, 2013 $ 647 $ (238) $ 409 2014 activity Increase in net unrealized gains (losses) on non-OTTI securities 421 (154) 267 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 14 (5) 9 Less: Net gains (losses) realized on sale of securities reclassified to noninterest income 6 (2) 4 Net unrealized gains (losses) on non-OTTI securities 401 (147) 254 Balance at June 30, 2014 1,048 (385) 663 Balance at December 31, 2014 1,022 (375) 647 2015 activity Increase in net unrealized gains (losses) on non-OTTI securities (214) 79 (135) Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 14 (5) 9 Less: Net gains (losses) realized on sale of securities reclassified to noninterest income 63 (23) 40 Net unrealized gains (losses) on non-OTTI securities (291) 107 (184) Balance at June 30, 2015 $ 731 $ (268) $ 463 Net unrealized gains (losses) on OTTI securities Balance at December 31, 2013 $ 36 $ (12) $ 24 2014 activity Increase in net unrealized gains (losses) on OTTI securities 104 (38) 66 Less: OTTI losses realized on securities reclassified to noninterest income (3) 1 (2) Net unrealized gains (losses) on OTTI securities 107 (39) 68 Balance at June 30, 2014 143 (51) 92 Balance at December 31, 2014 115 (41) 74 2015 activity Increase in net unrealized gains (losses) on OTTI securities 5 (2) 3 Less: OTTI losses realized on securities reclassified to noninterest income (2) 1 (1) Net unrealized gains (losses) on OTTI securities 7 (3) 4 Balance at June 30, 2015 $ 122 $ (44) $ 78 Net unrealized gains (losses) on cash flow hedge derivatives Balance at December 31, 2013 $ 384 $ (141) $ 243 2014 activity Increase in net unrealized gains (losses) on cash flow hedge derivatives 210 (76) 134 Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income (a) 130 (48) 82 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income (a) 6 (2) 4 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (a) (2) 1 (1) Net unrealized gains (losses) on cash flow hedge derivatives 76 (27) 49 Balance at June 30, 2014 460 (168) 292 Balance at December 31, 2014 552 (202) 350 2015 activity Increase in net unrealized gains (losses) on cash flow hedge derivatives 196 (72) 124 Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income (a) 128 (47) 81 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income (a) 12 (5) 7 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (a) (13) 5 (8) Net unrealized gains (losses) on cash flow hedge derivatives 69 (25) 44 Balance at June 30, 2015 $ 621 $ (227) $ 394 In millions Pretax Tax After-tax Pension and other postretirement benefit plan adjustments Balance at December 31, 2013 $ (374) $ 137 $ (237) 2014 Activity Net pension and other postretirement benefit plan activity 93 (35) 58 Amortization of actuarial loss (gain) reclassified to other noninterest expense 2 (1) 1 Amortization of prior service cost (credit) reclassified to other noninterest expense (4) 2 (2) Total 2014 activity 91 (34) 57 Balance at June 30, 2014 (283) 103 (180) Balance at December 31, 2014 (820) 300 (520) 2015 Activity Net pension and other postretirement benefit plan activity 36 (13) 23 Amortization of actuarial loss (gain) reclassified to other noninterest expense 18 (7) 11 Amortization of prior service cost (credit) reclassified to other noninterest expense (4) 2 (2) Total 2015 Activity 50 (18) 32 Balance at June 30, 2015 $ (770) $ 282 $ (488) Other Balance at December 31, 2013 $ (20) $ 17 $ (3) 2014 Activity PNC's portion of BlackRock's OCI 7 (2) 5 Net investment hedge derivatives (b) (33) 12 (21) Foreign currency translation adjustments 33 33 Total 2014 activity 7 10 17 Balance at June 30, 2014 (13) 27 14 Balance at December 31, 2014 (59) 11 (48) 2015 Activity PNC's portion of BlackRock's OCI (34) 12 (22) Net investment hedge derivatives (b) (11) 4 (7) Foreign currency translation adjustments (c) 9 9 Total 2015 activity (36) 16 (20) Balance at June 30, 2015 $ (95) $ 27 $ (68) (a) Cash flow hedge derivatives are interest rate contract derivatives designated as hedging instruments under GAAP. (b) Net investment hedge derivatives are foreign exchange contracts designated as hedging instruments under GAAP. (c) The earnings of PNC's Luxembourg-UK lending business have been indefinitely reinvested: therefore, no U.S. deferred income tax has been recorded on the foreign currency translation of the investment. |
Accumulated Other Comprehensive Income (Loss) Components | Table 108: Accumulated Other Comprehensive Income (Loss) Components June 30, 2015 December 31, 2014 In millions Pretax After-tax Pretax After-tax Net unrealized gains (losses) on non-OTTI securities $ 731 $ 463 $ 1,022 $ 647 Net unrealized gains (losses) on OTTI securities 122 78 115 74 Net unrealized gains (losses) on cash flow hedge derivatives 621 394 552 350 Pension and other postretirement benefit plan adjustments (770) (488) (820) (520) Other (95) (68) (59) (48) Accumulated other comprehensive income (loss) $ 609 $ 379 $ 810 $ 503 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Net Operating Loss Carryforwards and Tax Credit Carryforwards | Table 109: Net Operating Loss Carryforwards and Tax Credit Carryforwards June 30 December 31 In millions 2015 2014 Net Operating Loss Carryforwards: Federal $ 947 $ 997 State $ 2,486 $ 2,594 Tax Credit Carryforwards: Federal $ 35 $ 35 State $ 7 $ 7 |
Commitments And Guarantees (Tab
Commitments And Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Guarantees [Abstract] | |
Commitments to Extend Credit and Other Commitments | Table 110: Commitments to Extend Credit and Other Commitments June 30 December 31 In millions 2015 2014 Commitments to extend credit Total commercial lending $ 97,334 $ 98,742 Home equity lines of credit 17,570 17,839 Credit card 18,999 17,833 Other 4,339 4,178 Total commitments to extend credit 138,242 138,592 Net outstanding standby letters of credit (a) 9,509 9,991 Reinsurance agreements 2,118 4,297 Standby bond purchase agreements (b) 959 1,095 Other commitments (c) 964 962 Total commitments to extend credit and other commitments $ 151,792 $ 154,937 (a) Net outstanding standby letters of credit include $5.2 billion which support remarketing programs at both June 30, 2015 and December 31, 2014, respectively. (b) We enter into standby bond purchase agreements to support municipal bond obligations. (c) Includes $579 million and $441 million related to investments in qualified affordable housing projects at June 30, 2015 and December 31, 2014, respectively. |
Internal Credit Ratings Related to Net Outstanding Standby Letters of Credit | Table 111: Internal Credit Ratings Related to Net Outstanding Standby Letters of Credit June 30 December 31 2015 2014 Internal credit ratings (as a percentage of portfolio): Pass (a) 94 % 95 % Below pass (b) 6 % 5 % (a) Indicates that expected risk of loss is currently low. (b) Indicates a higher degree of risk of default. |
Reinsurance Agreements Exposure | Table 112: Reinsurance Agreements Exposure (a) June 30 December 31 In millions 2015 2014 Accidental Death & Dismemberment $ 1,705 $ 1,774 Credit Life, Accident & Health 413 467 Lender Placed Hazard (b) (c) 2,056 Maximum Exposure (d) $ 2,118 $ 4,297 Maximum Exposure to Quota Share Agreements with 100% Reinsurance $ 412 $ 466 (a) Reinsurance agreements exposure balances represent estimates based on availability of financial information from insurance carriers. (b) Through the purchase of catastrophe reinsurance connected to the Lender Placed Hazard Exposure, should a catastrophic event occur, PNC will benefit from this reinsurance. No credit for the catastrophe reinsurance protection is applied to the aggregate exposure figure. (c) Program was placed into run-off for coverage issued or renewed on or after June 1, 2014 with policy terms one year or less. (d) The Borrower and Lender Paid Mortgage Insurance program was placed into run-off. Most of these policies carry no liability to PNC, and due to immateriality this program is no longer included in the maximum exposure amount. |
Reinsurance Reserves - Rollforward | A rollforward of the reinsurance reserves for probable losses for the first six months of 2015 and 2014 follows: Table 113: Reinsurance Reserves - Rollforward In millions 2015 2014 January 1 $ 13 $ 32 Paid Losses (6) (12) Net Provision 4 6 Changes to Agreements (10) June 30 $ 11 $ 16 |
Analysis of Commercial Mortgage Recourse Obligations | Table 114: Analysis of Commercial Mortgage Recourse Obligations In millions 2015 2014 January 1 $ 35 $ 33 Reserve adjustments, net 2 June 30 $ 35 $ 35 |
Analysis of Indemnification and Repurchase Liability for Asserted Claims and Unasserted Claims | Table 115: Analysis of Indemnification and Repurchase Liability for Asserted Claims and Unasserted Claims 2015 2014 Home Home Equity Equity Residential Loans/ Residential Loans/ In millions Mortgages (a) Lines (b) Total Mortgages (a) Lines (b) Total January 1 $ 107 $ 29 $ 136 $ 131 $ 22 $ 153 Reserve adjustments, net 2 2 (17) 12 (5) Losses - loan repurchases and private investor settlements (12) (1) (13) (13) (9) (22) June 30 $ 97 $ 28 $ 125 $ 101 $ 25 $ 126 (a) The unpaid principal balance of loans associated with our exposure to repurchase obligations totaled $66.5 billion and $69.8 billion at June 30, 2015 and June 30, 2014, respectively. (b) Repurchase obligation was associated with sold loan portfolios of $2.3 billion and $2.7 billion at June 30, 2015 and June 30, 2014, respectively. PNC is no longer engaged in the brokered home equity lending business, which was acquired with National City. |
Resale and Repurchase Agreements Offsetting | Table 116: Resale and Repurchase Agreements Offsetting Amounts Securities Offset Collateral Gross on the Net Held Under Resale Consolidated Resale Master Netting Net In millions Agreements Balance Sheet Agreements (a) Agreements (b) Amounts (c) Resale Agreements June 30, 2015 $ 1,548 $ 1,548 $ 1,474 $ 74 December 31, 2014 $ 1,646 $ 1,646 $ 1,569 $ 77 Amounts Securities Offset Collateral Gross on the Net Pledged Under Repurchase Consolidated Repurchase Master Netting Net In millions Agreements Balance Sheet Agreements (d) Agreements (b) Amounts (e) Repurchase Agreements June 30, 2015 $ 2,132 $ 2,132 $ 1,332 $ 800 December 31, 2014 $ 3,406 $ 3,406 $ 2,580 $ 826 (a) Represents the resale agreement amount included in Federal funds sold and resale agreements on our Consolidated Balance Sheet and the related accrued interest income in the amount of less than $1 million at June 30, 2015 and $1 million at December 31, 2014, respectively, which is included in Other Assets on the Consolidated Balance Sheet. (b) Represents the fair value of securities collateral purchased or sold, up to the amount owed under the agreement, for agreements supported by a legally enforceable master netting agreement. (c) Represents certain long term resale agreements which are fully collateralized but do not have the benefits of a netting opinion and, therefore, might be subject to a stay in insolvency proceedings and therefore are not eligible under ASC 210-20 for netting. (d) Represents the repurchase agreement amount included in Federal funds purchased and repurchase agreements on our Consolidated Balance Sheet and the related accrued interest expense in the amount of less than $1 million at both June 30, 2015 and December 31, 2014, which is included in Other Liabilities on the Consolidated Balance Sheet. (e) Represents overnight repurchase agreements entered into with municipalities, pension plans, and certain trusts and insurance companies which are fully collateralized but do not have the benefits of a netting opinion and, therefore, might be subject to a stay in insolvency proceedings and therefore are not eligible under ASC 210-20 for netting. There were no long term repurchase agreements as of June 30, 2015 and December 31, 2014. |
Repurchase Agreements By Type of Collateral Pledged | Table 117: Repurchase Agreements By Type of Collateral Pledged Overnight June 30, 2015- In millions or Continuous Gross Repurchase Agreements U.S. Treasury and government agency securities $ 48 Residential mortgage-backed agency securities 1,994 Commercial mortgage-backed agency securities 90 Total $ 2,132 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Results of Businesses | Table 118: Results Of Businesses Corporate & Asset Residential Non-Strategic Three months ended June 30 Retail Institutional Management Mortgage Assets In millions Banking Banking Group Banking BlackRock Portfolio Other (a) Consolidated (a) 2015 Income Statement Net interest income $ 1,045 $ 837 $ 71 $ 30 $ 100 $ (31) $ 2,052 Noninterest income 590 492 243 176 $ 175 9 129 1,814 Total revenue 1,635 1,329 314 206 175 109 98 3,866 Provision for credit losses (benefit) 45 20 1 (2) (5) (13) 46 Depreciation and amortization 42 37 12 4 106 201 Other noninterest expense 1,168 510 203 174 26 84 2,165 Income (loss) before income taxes and noncontrolling interests 380 762 98 30 175 88 (79) 1,454 Income taxes (benefit) 139 254 36 11 40 32 (102) 410 Net income $ 241 $ 508 $ 62 $ 19 $ 135 $ 56 $ 23 $ 1,044 Inter-segment revenue $ 1 $ 11 $ 3 $ 4 $ 4 $ (2) $ (21) Average Assets (a) $ 73,369 $ 132,239 $ 8,005 $ 7,136 $ 6,760 $ 6,914 $ 118,217 $ 352,640 2014 Income Statement Net interest income $ 973 $ 889 $ 72 $ 37 $ 137 $ 21 $ 2,129 Noninterest income 541 427 207 190 $ 172 10 134 1,681 Total revenue 1,514 1,316 279 227 172 147 155 3,810 Provision for credit losses (benefit) 4 103 (6) 1 (39) 9 72 Depreciation and amortization 44 32 11 3 95 185 Other noninterest expense 1,111 472 191 166 30 173 2,143 Income (loss) before income taxes and noncontrolling interests 355 709 83 57 172 156 (122) 1,410 Income taxes (benefit) 130 239 30 21 42 57 (161) 358 Net income $ 225 $ 470 $ 53 $ 36 $ 130 $ 99 $ 39 $ 1,052 Inter-segment revenue $ 1 $ 7 $ 3 $ 8 $ 4 $ (5) $ (18) Average Assets (a) $ 75,203 $ 122,025 $ 7,685 $ 7,486 $ 6,400 $ 8,577 $ 95,144 $ 322,520 Corporate & Asset Residential Non-Strategic Six months ended June 30 Retail Institutional Management Mortgage Assets In millions Banking Banking Group Banking BlackRock Portfolio Other Consolidated 2015 Income Statement Net interest income $ 2,082 $ 1,660 $ 144 $ 60 $ 212 $ (34) $ 4,124 Noninterest income 1,078 921 451 353 $ 351 18 301 3,473 Total revenue 3,160 2,581 595 413 351 230 267 7,597 Provision for credit losses (benefit) 94 37 13 (36) (8) 100 Depreciation and amortization 85 73 23 7 206 394 Other noninterest expense 2,283 988 402 332 50 266 4,321 Income (loss) before income taxes and noncontrolling interests 698 1,483 157 74 351 216 (197) 2,782 Income taxes (benefit) 255 493 58 27 82 79 (260) 734 Net income $ 443 $ 990 $ 99 $ 47 $ 269 $ 137 $ 63 $ 2,048 Inter-segment revenue $ 1 $ 13 $ 5 $ 9 $ 8 $ (4) $ (32) Average Assets (a) $ 73,691 $ 131,711 $ 7,974 $ 7,190 $ 6,760 $ 7,094 $ 115,941 $ 350,361 2014 Income Statement Net interest income $ 1,953 $ 1,791 $ 143 $ 77 $ 279 $ 81 $ 4,324 Noninterest income 1,055 791 406 356 $ 332 16 307 3,263 Total revenue 3,008 2,582 549 433 332 295 388 7,587 Provision for credit losses (benefit) 149 90 6 (91) 12 166 Depreciation and amortization 88 63 21 6 188 366 Other noninterest expense 2,167 929 380 376 56 318 4,226 Income (loss) before income taxes and noncontrolling interests 604 1,500 142 51 332 330 (130) 2,829 Income taxes (benefit) 221 507 52 19 79 121 (282) 717 Net income $ 383 $ 993 $ 90 $ 32 $ 253 $ 209 $ 152 $ 2,112 Inter-segment revenue $ 2 $ 5 $ 6 $ 12 $ 8 $ (8) $ (25) Average Assets (a) $ 75,559 $ 119,992 $ 7,642 $ 8,128 $ 6,400 $ 8,732 $ 94,596 $ 321,049 (a) Period-end balances for BlackRock. |
Accounting Policies (Details)
Accounting Policies (Details) $ in Millions | Jun. 30, 2015USD ($) |
Charge off threshold - small business commercial loans | $ 1 |
Loan Sale and Servicing Activ41
Loan Sale and Servicing Activities and Variable Interest Entities (Certain Financial Information and Cash Flows Associated with Loan Sale and Servicing Activities) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Residential Mortgages [Member] | |||||
Servicing portfolio | $ 115,454,000,000 | $ 115,454,000,000 | $ 108,010,000,000 | ||
Carrying value of servicing assets | 1,015,000,000 | 1,015,000,000 | 845,000,000 | ||
Servicing advances | 463,000,000 | 463,000,000 | 501,000,000 | ||
Repurchase and recourse obligations | 97,000,000 | 97,000,000 | 107,000,000 | ||
Carrying value of mortgage-backed securities held | 5,639,000,000 | 5,639,000,000 | 3,365,000,000 | ||
Cash flows from sales of loans | 2,015,000,000 | $ 2,189,000,000 | 3,955,000,000 | $ 4,284,000,000 | |
Cash flows from repurchases of previously transferred loans | 134,000,000 | 159,000,000 | 303,000,000 | 368,000,000 | |
Cash flows from servicing fees | 82,000,000 | 87,000,000 | 165,000,000 | 174,000,000 | |
Cash flows from servicing advances recovered | 47,000,000 | 39,000,000 | 38,000,000 | 69,000,000 | |
Cash flows on mortgage-backed securities held | 429,000,000 | 254,000,000 | 669,000,000 | 486,000,000 | |
Commercial Mortgages [Member] | |||||
Servicing portfolio | 197,932,000,000 | 197,932,000,000 | 186,032,000,000 | ||
Carrying value of servicing assets | 543,000,000 | 543,000,000 | 506,000,000 | ||
Servicing advances | 271,000,000 | 271,000,000 | 299,000,000 | ||
Repurchase and recourse obligations | 35,000,000 | 35,000,000 | 35,000,000 | ||
Carrying value of mortgage-backed securities held | 1,170,000,000 | 1,170,000,000 | 1,269,000,000 | ||
Cash flows from sales of loans | 1,159,000,000 | 496,000,000 | 2,179,000,000 | 935,000,000 | |
Cash flows from servicing fees | 36,000,000 | 26,000,000 | 68,000,000 | 67,000,000 | |
Cash flows from servicing advances recovered | 21,000,000 | 23,000,000 | 28,000,000 | 55,000,000 | |
Cash flows on mortgage-backed securities held | 54,000,000 | 47,000,000 | 114,000,000 | 191,000,000 | |
Home Equity Loans Lines [Member] | |||||
Servicing portfolio | 3,438,000,000 | 3,438,000,000 | 3,833,000,000 | ||
Servicing advances | 6,000,000 | 6,000,000 | 31,000,000 | ||
Repurchase and recourse obligations | 28,000,000 | 28,000,000 | $ 29,000,000 | ||
Cash flows from repurchases of previously transferred loans | 3,000,000 | 2,000,000 | 9,000,000 | ||
Cash flows from servicing fees | 4,000,000 | 5,000,000 | 8,000,000 | 10,000,000 | |
Cash flows from servicing advances recovered | $ 1,000,000 | $ 3,000,000 | $ 25,000,000 | $ 6,000,000 |
Loan Sale and Servicing Activ42
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 ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Residential Mortgages [Member] | |||||
Total principal balance | $ 75,639,000,000 | $ 75,639,000,000 | $ 79,108,000,000 | ||
Delinquent loans | 2,161,000,000 | 2,161,000,000 | 2,657,000,000 | ||
Net charge-offs | 37,000,000 | $ 34,000,000 | 69,000,000 | $ 75,000,000 | |
Commercial Mortgages [Member] | |||||
Total principal balance | 56,552,000,000 | 56,552,000,000 | 60,873,000,000 | ||
Delinquent loans | 672,000,000 | 672,000,000 | 707,000,000 | ||
Net charge-offs | 148,000,000 | 345,000,000 | 255,000,000 | 700,000,000 | |
Home Equity Loans Lines [Member] | |||||
Total principal balance | 3,438,000,000 | 3,438,000,000 | 3,833,000,000 | ||
Delinquent loans | 1,129,000,000 | 1,129,000,000 | $ 1,303,000,000 | ||
Net charge-offs | $ 8,000,000 | $ 15,000,000 | $ 15,000,000 | $ 32,000,000 |
Loan Sale and Servicing Activ43
Loan Sale and Servicing Activities and Variable Interest Entities (Consolidated VIEs - Carrying Value) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||||
Cash and due from banks | $ 4,412,000,000 | [1] | $ 4,360,000,000 | [1] | $ 4,892,000,000 | $ 4,043,000,000 | ||
Interest-earning deposits with banks | [1] | 33,969,000,000 | 31,779,000,000 | |||||
Total Loans | 205,153,000,000 | [1],[2] | 204,817,000,000 | [1],[2] | 200,984,000,000 | |||
Allowance for loan and lease losses | (3,272,000,000) | [1] | (3,331,000,000) | [1] | $ (3,453,000,000) | [1] | $ (3,609,000,000) | |
Equity investments | [1] | 10,531,000,000 | 10,728,000,000 | |||||
Other assets | [1],[2] | 24,032,000,000 | 23,482,000,000 | |||||
Total assets | 353,945,000,000 | 345,072,000,000 | ||||||
Other borrowed funds | [1],[2] | 3,287,000,000 | 3,357,000,000 | |||||
Accrued expenses | [1] | 5,031,000,000 | 5,187,000,000 | |||||
Other liabilities | [1] | 4,776,000,000 | 4,550,000,000 | |||||
Total liabilities | 308,033,000,000 | 298,998,000,000 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Cash and due from banks | [1] | 5,000,000 | 6,000,000 | |||||
Interest-earning deposits with banks | [1] | 5,000,000 | 6,000,000 | |||||
Total Loans | [1] | 1,463,000,000 | 1,606,000,000 | |||||
Allowance for loan and lease losses | [1] | (44,000,000) | (50,000,000) | |||||
Equity investments | [1] | 256,000,000 | 492,000,000 | |||||
Other assets | [1] | 440,000,000 | 483,000,000 | |||||
Total assets | 2,125,000,000 | 2,543,000,000 | ||||||
Other borrowed funds | [1] | 311,000,000 | 347,000,000 | |||||
Accrued expenses | [1] | 63,000,000 | 70,000,000 | |||||
Other liabilities | [1] | 136,000,000 | 206,000,000 | |||||
Total liabilities | 510,000,000 | 623,000,000 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | Credit Card and Other Securitization Trusts [Member] | ||||||||
Total Loans | 1,457,000,000 | 1,606,000,000 | ||||||
Allowance for loan and lease losses | (44,000,000) | (50,000,000) | ||||||
Other assets | 20,000,000 | 31,000,000 | ||||||
Total assets | 1,433,000,000 | 1,587,000,000 | ||||||
Other borrowed funds | 154,000,000 | 166,000,000 | ||||||
Total liabilities | 154,000,000 | 166,000,000 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | Tax Credit Investments | ||||||||
Cash and due from banks | 5,000,000 | 6,000,000 | ||||||
Interest-earning deposits with banks | 5,000,000 | 6,000,000 | ||||||
Total Loans | 6,000,000 | |||||||
Equity investments | 256,000,000 | 492,000,000 | ||||||
Other assets | 420,000,000 | 452,000,000 | ||||||
Total assets | 692,000,000 | 956,000,000 | ||||||
Other borrowed funds | 157,000,000 | 181,000,000 | ||||||
Accrued expenses | 63,000,000 | 70,000,000 | ||||||
Other liabilities | 136,000,000 | 206,000,000 | ||||||
Total liabilities | $ 356,000,000 | $ 457,000,000 | ||||||
[1] | Amounts represent the assets or liabilities of consolidated variable interest entities (VIEs). | |||||||
[2] | Amounts represent items for which we have elected the fair value option. |
Loan Sale and Servicing Activ44
Loan Sale and Servicing Activities and Variable Interest Entities (Non-Consolidated VIEs) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Aggregate Assets | $ 377,348,000,000 | $ 123,165,000,000 |
Aggregate Liabilities | 372,709,000,000 | 118,605,000,000 |
PNC Risk of Loss | 9,330,000,000 | 7,205,000,000 |
Carrying Value of Assets Owned by PNC | 9,374,000,000 | 7,239,000,000 |
Carrying Value of Liabilities Owned by PNC | 696,000,000 | 782,000,000 |
Commercial Mortgage-Backed Securitizations [Member] | ||
Aggregate Assets | 45,797,000,000 | 53,436,000,000 |
Aggregate Liabilities | 45,797,000,000 | 53,436,000,000 |
PNC Risk of Loss | 1,415,000,000 | 1,550,000,000 |
Carrying Value of Assets Owned by PNC | 1,415,000,000 | 1,550,000,000 |
Carrying Value of Liabilities Owned by PNC | 0 | 1,000,000 |
Residential Mortgage-Backed Securitizations [Member] | ||
Aggregate Assets | 323,975,000,000 | 62,236,000,000 |
Aggregate Liabilities | 323,975,000,000 | 62,236,000,000 |
PNC Risk of Loss | 5,678,000,000 | 3,385,000,000 |
Carrying Value of Assets Owned by PNC | 5,678,000,000 | 3,385,000,000 |
Carrying Value of Liabilities Owned by PNC | 1,000,000 | 4,000,000 |
Tax Credit Investments And Other [Member] | ||
Aggregate Assets | 7,576,000,000 | 7,493,000,000 |
Aggregate Liabilities | 2,937,000,000 | 2,933,000,000 |
PNC Risk of Loss | 2,237,000,000 | 2,270,000,000 |
Carrying Value of Assets Owned by PNC | 2,281,000,000 | 2,304,000,000 |
Carrying Value of Liabilities Owned by PNC | $ 695,000,000 | $ 777,000,000 |
Asset Quality (Narrative) (Deta
Asset Quality (Narrative) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Exclusions from TDRs | $ 442,000,000 | $ 615,000,000 | |
Troubled debt restructurings (TDRs) | 2,416,000,000 | $ 2,583,000,000 | |
Specific ALLL reserve for TDRs | 309,000,000 | $ 436,000,000 | 386,000,000 |
Nonperforming loans | 2,252,000,000 | 2,510,000,000 | |
Federal Reserve Bank [Member] | |||
Loans pledged as collateral for contingent borrowings | 18,700,000,000 | 19,200,000,000 | |
Federal Home Loan Bank [Member] | |||
Loans pledged as collateral for contingent borrowings | 52,600,000,000 | 52,800,000,000 | |
Equipment Lease Financing [Member] | Excluded from impaired loans due to authoritative lease accounting guidance [Member] | |||
Nonperforming loans | 3,000,000 | 2,000,000 | |
Nonperforming [Member] | |||
Troubled debt restructurings (TDRs) | 1,208,000,000 | 1,370,000,000 | |
Accruing [Member] | |||
Troubled debt restructurings (TDRs) | 1,091,000,000 | 1,083,000,000 | |
Performing TDRs, including credit card loans | |||
Troubled debt restructurings (TDRs) | $ 1,200,000,000 | $ 1,200,000,000 |
Asset Quality (Analysis of Loan
Asset Quality (Analysis of Loan Portfolio) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | ||
Financing Receivable, Recorded Investment [Line Items] | |||||
Current or Less Than 30 Days Past Due | $ 196,553,000,000 | $ 195,234,000,000 | |||
30-59 Days Past Due | 492,000,000 | 582,000,000 | |||
60-89 Days Past Due | 235,000,000 | 259,000,000 | |||
90 Days Or More Past Due | 914,000,000 | 1,105,000,000 | |||
Total Past Due | 1,641,000,000 | 1,946,000,000 | |||
Nonperforming loans | 2,252,000,000 | 2,510,000,000 | |||
Fair Value Option Nonaccrual Loans | 242,000,000 | 269,000,000 | |||
Purchased impaired loans | 4,465,000,000 | 4,858,000,000 | $ 5,557,000,000 | ||
Total loans | 205,153,000,000 | [1],[2] | 204,817,000,000 | [1],[2] | 200,984,000,000 |
Unearned income, net deferred loan fees, unamortized discounts and premiums, and purchase discounts and premiums | $ 1,600,000,000 | $ 1,700,000,000 | |||
Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Percentage of total loans | 95.80% | 95.32% | |||
30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Percentage of total loans | 0.24% | 0.28% | |||
60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Percentage of total loans | 0.11% | 0.13% | |||
90 Days Or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Percentage of total loans | 0.45% | 0.54% | |||
Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Percentage of total loans | 0.80% | 0.95% | |||
Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Percentage of total loans | 1.10% | 1.23% | |||
Fair Value Option Nonaccrual Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Percentage of total loans | 0.12% | 0.13% | |||
Purchased Impaired [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Percentage of total loans | 2.18% | 2.37% | |||
Total Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Percentage of total loans | 100.00% | 100.00% | |||
Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Current or Less Than 30 Days Past Due | $ 129,821,000,000 | $ 127,261,000,000 | |||
30-59 Days Past Due | 90,000,000 | 107,000,000 | |||
60-89 Days Past Due | 37,000,000 | 27,000,000 | |||
90 Days Or More Past Due | 36,000,000 | 37,000,000 | |||
Total Past Due | 163,000,000 | 171,000,000 | |||
Nonperforming loans | 503,000,000 | 626,000,000 | |||
Purchased impaired loans | 235,000,000 | 310,000,000 | 479,000,000 | ||
Total loans | 130,722,000,000 | 128,368,000,000 | 124,083,000,000 | ||
Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Current or Less Than 30 Days Past Due | 66,732,000,000 | 67,973,000,000 | |||
30-59 Days Past Due | 402,000,000 | 475,000,000 | |||
60-89 Days Past Due | 198,000,000 | 232,000,000 | |||
90 Days Or More Past Due | 878,000,000 | 1,068,000,000 | |||
Total Past Due | 1,478,000,000 | 1,775,000,000 | |||
Nonperforming loans | 1,749,000,000 | 1,884,000,000 | |||
Fair Value Option Nonaccrual Loans | 242,000,000 | 269,000,000 | |||
Purchased impaired loans | 4,230,000,000 | 4,548,000,000 | 5,078,000,000 | ||
Total loans | 74,431,000,000 | 76,449,000,000 | $ 76,901,000,000 | ||
Commercial [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Current or Less Than 30 Days Past Due | 97,675,000,000 | 96,922,000,000 | |||
30-59 Days Past Due | 83,000,000 | 73,000,000 | |||
60-89 Days Past Due | 32,000,000 | 24,000,000 | |||
90 Days Or More Past Due | 35,000,000 | 37,000,000 | |||
Total Past Due | 150,000,000 | 134,000,000 | |||
Nonperforming loans | 258,000,000 | 290,000,000 | |||
Purchased impaired loans | 50,000,000 | 74,000,000 | |||
Total loans | 98,133,000,000 | 97,420,000,000 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Current or Less Than 30 Days Past Due | 24,368,000,000 | 22,667,000,000 | |||
30-59 Days Past Due | 5,000,000 | 23,000,000 | |||
60-89 Days Past Due | 5,000,000 | 2,000,000 | |||
90 Days Or More Past Due | 1,000,000 | ||||
Total Past Due | 11,000,000 | 25,000,000 | |||
Nonperforming loans | 242,000,000 | 334,000,000 | |||
Purchased impaired loans | 185,000,000 | 236,000,000 | |||
Total loans | 24,806,000,000 | 23,262,000,000 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Current or Less Than 30 Days Past Due | 7,778,000,000 | 7,672,000,000 | |||
30-59 Days Past Due | 2,000,000 | 11,000,000 | |||
60-89 Days Past Due | 1,000,000 | ||||
Total Past Due | 2,000,000 | 12,000,000 | |||
Nonperforming loans | 3,000,000 | 2,000,000 | |||
Total loans | 7,783,000,000 | 7,686,000,000 | |||
Home Equity [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Current or Less Than 30 Days Past Due | 30,555,000,000 | 31,474,000,000 | |||
30-59 Days Past Due | 65,000,000 | 70,000,000 | |||
60-89 Days Past Due | 25,000,000 | 32,000,000 | |||
Total Past Due | 90,000,000 | 102,000,000 | |||
Nonperforming loans | 1,057,000,000 | 1,112,000,000 | |||
Purchased impaired loans | 1,833,000,000 | 1,989,000,000 | |||
Total loans | 33,535,000,000 | 34,677,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Current or Less Than 30 Days Past Due | 10,456,000,000 | 9,900,000,000 | |||
30-59 Days Past Due | 142,000,000 | 163,000,000 | |||
60-89 Days Past Due | 58,000,000 | 68,000,000 | |||
90 Days Or More Past Due | 604,000,000 | 742,000,000 | |||
Total Past Due | 804,000,000 | 973,000,000 | |||
Nonperforming loans | 633,000,000 | 706,000,000 | |||
Fair Value Option Nonaccrual Loans | 242,000,000 | 269,000,000 | |||
Purchased impaired loans | 2,397,000,000 | 2,559,000,000 | |||
Total loans | 14,532,000,000 | 14,407,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Government insured or guaranteed loans included in past due loans | 64,000,000 | 68,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Government insured or guaranteed loans included in past due loans | 38,000,000 | 43,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 90 Days Or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Government insured or guaranteed loans included in past due loans | 585,000,000 | 719,000,000 | |||
Credit Card [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total loans | 4,520,000,000 | 4,612,000,000 | |||
Credit Card [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Current or Less Than 30 Days Past Due | 4,448,000,000 | 4,528,000,000 | |||
30-59 Days Past Due | 23,000,000 | 28,000,000 | |||
60-89 Days Past Due | 17,000,000 | 20,000,000 | |||
90 Days Or More Past Due | 29,000,000 | 33,000,000 | |||
Total Past Due | 69,000,000 | 81,000,000 | |||
Nonperforming loans | 3,000,000 | 3,000,000 | |||
Total loans | 4,520,000,000 | 4,612,000,000 | |||
Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total loans | 21,844,000,000 | 22,753,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Current or Less Than 30 Days Past Due | 21,273,000,000 | 22,071,000,000 | |||
30-59 Days Past Due | 172,000,000 | 214,000,000 | |||
60-89 Days Past Due | 98,000,000 | 112,000,000 | |||
90 Days Or More Past Due | 245,000,000 | 293,000,000 | |||
Total Past Due | 515,000,000 | 619,000,000 | |||
Nonperforming loans | 56,000,000 | 63,000,000 | |||
Total loans | 21,844,000,000 | 22,753,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Government insured or guaranteed loans included in past due loans | 121,000,000 | 152,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Government insured or guaranteed loans included in past due loans | 81,000,000 | 93,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | 90 Days Or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Government insured or guaranteed loans included in past due loans | $ 232,000,000 | $ 277,000,000 | |||
[1] | Amounts represent items for which we have elected the fair value option. | ||||
[2] | Amounts represent the assets or liabilities of consolidated variable interest entities (VIEs). |
Asset Quality (Nonperforming As
Asset Quality (Nonperforming Assets) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Nonperforming loans | $ 2,252,000,000 | $ 2,510,000,000 |
OREO and Foreclosed Assets | 326,000,000 | 370,000,000 |
Total nonperforming assets | $ 2,578,000,000 | $ 2,880,000,000 |
Nonperforming loans to total loans | 1.10% | 1.23% |
Nonperforming assets to total loans, OREO and foreclosed assets | 1.25% | 1.40% |
Nonperforming assets to total assets | 0.73% | 0.83% |
Total commercial lending [Member] | ||
Nonperforming loans | $ 503,000,000 | $ 626,000,000 |
Total consumer lending [Member] | ||
Nonperforming loans | 1,749,000,000 | 1,884,000,000 |
Commercial [Member] | Total commercial lending [Member] | ||
Nonperforming loans | 258,000,000 | 290,000,000 |
Commercial Real Estate [Member] | Total commercial lending [Member] | ||
Nonperforming loans | 242,000,000 | 334,000,000 |
Equipment Lease Financing [Member] | Total commercial lending [Member] | ||
Nonperforming loans | 3,000,000 | 2,000,000 |
Home Equity [Member] | Total consumer lending [Member] | ||
Nonperforming loans | 1,057,000,000 | 1,112,000,000 |
Residential Real Estate [Member] | Foreclosure in process [Member] | ||
Nonperforming loans | 600,000,000 | 800,000,000 |
Residential Real Estate [Member] | Foreclosure in process [Member] | Government Insured Or Guaranteed [Member] | ||
Nonperforming loans | 400,000,000 | 500,000,000 |
Residential Real Estate [Member] | Total consumer lending [Member] | ||
Nonperforming loans | 633,000,000 | 706,000,000 |
Credit Card [Member] | Total consumer lending [Member] | ||
Nonperforming loans | 3,000,000 | 3,000,000 |
Other Consumer [Member] | Total consumer lending [Member] | ||
Nonperforming loans | 56,000,000 | 63,000,000 |
OREO [Member] | ||
OREO and Foreclosed Assets | 302,000,000 | 351,000,000 |
Foreclosed and Other Assets [Member] | ||
OREO and Foreclosed Assets | $ 24,000,000 | $ 19,000,000 |
Asset Quality (Commercial Lendi
Asset Quality (Commercial Lending Asset Quality Indicators) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | ||
Financing Receivable, Recorded Investment [Line Items] | |||||
Purchased impaired loans | $ 4,465,000,000 | $ 4,858,000,000 | $ 5,557,000,000 | ||
Total Loans | 205,153,000,000 | [1],[2] | 204,817,000,000 | [1],[2] | 200,984,000,000 |
Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Purchased impaired loans | 235,000,000 | 310,000,000 | 479,000,000 | ||
Total Loans | 130,722,000,000 | 128,368,000,000 | $ 124,083,000,000 | ||
Commercial [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 98,083,000,000 | 97,347,000,000 | |||
Purchased impaired loans | 50,000,000 | 74,000,000 | |||
Total Loans | 98,133,000,000 | 97,420,000,000 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 24,621,000,000 | 23,025,000,000 | |||
Purchased impaired loans | 185,000,000 | 236,000,000 | |||
Total Loans | 24,806,000,000 | 23,262,000,000 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 7,783,000,000 | 7,686,000,000 | |||
Total Loans | 7,783,000,000 | 7,686,000,000 | |||
Pass [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 124,919,000,000 | 122,468,000,000 | |||
Pass [Member] | Commercial [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 93,470,000,000 | 92,884,000,000 | |||
Pass [Member] | Commercial Real Estate [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 23,828,000,000 | 22,066,000,000 | |||
Pass [Member] | Equipment Lease Financing [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 7,621,000,000 | 7,518,000,000 | |||
Special Mention [Member] | Criticized Commercial Loans [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Purchased impaired loans | 6,000,000 | 4,000,000 | |||
Total Loans | 2,153,000,000 | 2,346,000,000 | |||
Special Mention [Member] | Commercial [Member] | Criticized Commercial Loans [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 1,848,000,000 | 1,984,000,000 | |||
Special Mention [Member] | Commercial Real Estate [Member] | Criticized Commercial Loans [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 215,000,000 | 285,000,000 | |||
Special Mention [Member] | Equipment Lease Financing [Member] | Criticized Commercial Loans [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 84,000,000 | 73,000,000 | |||
Substandard [Member] | Criticized Commercial Loans [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Purchased impaired loans | 208,000,000 | 280,000,000 | |||
Total Loans | 3,544,000,000 | 3,436,000,000 | |||
Substandard [Member] | Commercial [Member] | Criticized Commercial Loans [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 2,696,000,000 | 2,424,000,000 | |||
Substandard [Member] | Commercial Real Estate [Member] | Criticized Commercial Loans [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 564,000,000 | 639,000,000 | |||
Substandard [Member] | Equipment Lease Financing [Member] | Criticized Commercial Loans [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 76,000,000 | 93,000,000 | |||
Doubtful [Member] | Criticized Commercial Loans [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Purchased impaired loans | 21,000,000 | 26,000,000 | |||
Total Loans | 106,000,000 | 118,000,000 | |||
Doubtful [Member] | Commercial [Member] | Criticized Commercial Loans [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 69,000,000 | 55,000,000 | |||
Doubtful [Member] | Commercial Real Estate [Member] | Criticized Commercial Loans [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 14,000,000 | 35,000,000 | |||
Doubtful [Member] | Equipment Lease Financing [Member] | Criticized Commercial Loans [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | $ 2,000,000 | $ 2,000,000 | |||
[1] | Amounts represent items for which we have elected the fair value option. | ||||
[2] | Amounts represent the assets or liabilities of consolidated variable interest entities (VIEs). |
Asset Quality (Home Equity and
Asset Quality (Home Equity and Residential Real Estate Balances) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | ||
Financing Receivable, Recorded Investment [Line Items] | |||||
Purchased Impaired Loans - Outstanding Balance | $ 4,482,000,000 | $ 5,007,000,000 | |||
Total loans | 205,153,000,000 | [1],[2] | 204,817,000,000 | [1],[2] | $ 200,984,000,000 |
Total home equity and residential real estate loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 42,830,000,000 | 43,348,000,000 | |||
Purchased Impaired Loans - Outstanding Balance | 4,136,000,000 | 4,541,000,000 | |||
Government insured or guaranteed residential real estate mortgages | 1,007,000,000 | 1,188,000,000 | |||
Purchase accounting adjustments - purchased impaired loans | 94,000,000 | 7,000,000 | |||
Total loans | $ 48,067,000,000 | $ 49,084,000,000 | |||
[1] | Amounts represent items for which we have elected the fair value option. | ||||
[2] | Amounts represent the assets or liabilities of consolidated variable interest entities (VIEs). |
Asset Quality (Consumer Real Es
Asset Quality (Consumer Real Estate Secured Asset Quality Indicators) (Details) - Receivable Type [Domain] - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | $ 4,482,000,000 | $ 5,007,000,000 | |
Purchased impaired loans | $ 4,465,000,000 | $ 4,858,000,000 | $ 5,557,000,000 |
Pennsylvania [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage Of Higher Risk Loans | 12.00% | 12.00% | |
New Jersey [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage Of Higher Risk Loans | 15.00% | 14.00% | |
Illinois [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage Of Higher Risk Loans | 12.00% | 12.00% | |
Percentage Of Purchased Impaired Loans | 11.00% | 11.00% | |
Ohio [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage Of Higher Risk Loans | 12.00% | 12.00% | |
Percentage Of Purchased Impaired Loans | 8.00% | 8.00% | |
California [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage Of Purchased Impaired Loans | 16.00% | 17.00% | |
Florida [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage Of Higher Risk Loans | 7.00% | 8.00% | |
Percentage Of Purchased Impaired Loans | 14.00% | 15.00% | |
Maryland [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage Of Higher Risk Loans | 6.00% | 6.00% | |
Michigan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage Of Higher Risk Loans | 5.00% | 5.00% | |
Percentage Of Purchased Impaired Loans | 5.00% | 5.00% | |
North Carolina [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage Of Higher Risk Loans | 4.00% | ||
Percentage Of Purchased Impaired Loans | 7.00% | 7.00% | |
All Other States Maximum [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage Of Higher Risk Loans | 4.00% | 4.00% | |
Percentage Of Purchased Impaired Loans | 4.00% | 4.00% | |
All Other States [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage Of Higher Risk Loans | 31.00% | 28.00% | |
Percentage Of Purchased Impaired Loans | 39.00% | 37.00% | |
Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | $ 17,484,000,000 | $ 17,569,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 270,000,000 | 282,000,000 | |
Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 14,218,000,000 | 15,119,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 1,682,000,000 | 1,863,000,000 | |
Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 11,128,000,000 | 10,660,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 2,184,000,000 | 2,396,000,000 | |
Government insured or guaranteed residential real estate mortgages | 1,007,000,000 | 1,188,000,000 | |
Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 42,830,000,000 | 43,348,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 4,136,000,000 | 4,541,000,000 | |
Government insured or guaranteed residential real estate mortgages | 1,007,000,000 | 1,188,000,000 | |
Purchased impaired loans | 4,230,000,000 | 4,548,000,000 | |
LTV greater than or equal to 125% and updated FICO scores | FICO greater than 660 | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 315,000,000 | 333,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 6,000,000 | 8,000,000 | |
LTV greater than or equal to 125% and updated FICO scores | FICO greater than 660 | Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 1,223,000,000 | 1,399,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 225,000,000 | 243,000,000 | |
LTV greater than or equal to 125% and updated FICO scores | FICO greater than 660 | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 346,000,000 | 360,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 221,000,000 | 276,000,000 | |
LTV greater than or equal to 125% and updated FICO scores | FICO greater than 660 | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 1,884,000,000 | 2,092,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 452,000,000 | 527,000,000 | |
LTV greater than or equal to 125% and updated FICO scores | FICO less than or equal to 660 | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 55,000,000 | 57,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 9,000,000 | 9,000,000 | |
LTV greater than or equal to 125% and updated FICO scores | FICO less than or equal to 660 | Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 236,000,000 | 273,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 105,000,000 | 125,000,000 | |
LTV greater than or equal to 125% and updated FICO scores | FICO less than or equal to 660 | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 89,000,000 | 92,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 121,000,000 | 144,000,000 | |
LTV greater than or equal to 125% and updated FICO scores | FICO less than or equal to 660 | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 380,000,000 | 422,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 235,000,000 | 278,000,000 | |
LTV greater than or equal to 125% and updated FICO scores | Missing FICO | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 1,000,000 | 1,000,000 | |
LTV greater than or equal to 125% and updated FICO scores | Missing FICO | Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 7,000,000 | 9,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 7,000,000 | 8,000,000 | |
LTV greater than or equal to 125% and updated FICO scores | Missing FICO | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 6,000,000 | 8,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 7,000,000 | 6,000,000 | |
LTV greater than or equal to 125% and updated FICO scores | Missing FICO | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 14,000,000 | 18,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 14,000,000 | 14,000,000 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores | FICO greater than 660 | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 797,000,000 | 839,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 14,000,000 | 15,000,000 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores | FICO greater than 660 | Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 2,016,000,000 | 2,190,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 387,000,000 | 426,000,000 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores | FICO greater than 660 | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 763,000,000 | 772,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 245,000,000 | 272,000,000 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores | FICO greater than 660 | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 3,576,000,000 | 3,801,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 646,000,000 | 713,000,000 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores | FICO less than or equal to 660 | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 114,000,000 | 118,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 11,000,000 | 12,000,000 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores | FICO less than or equal to 660 | Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 341,000,000 | 383,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 166,000,000 | 194,000,000 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores | FICO less than or equal to 660 | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 137,000,000 | 153,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 173,000,000 | 200,000,000 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores | FICO less than or equal to 660 | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 592,000,000 | 654,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 350,000,000 | 406,000,000 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores | Missing FICO | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 2,000,000 | 1,000,000 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores | Missing FICO | Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 5,000,000 | 5,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 10,000,000 | 11,000,000 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores | Missing FICO | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 8,000,000 | 12,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 9,000,000 | 5,000,000 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores | Missing FICO | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 15,000,000 | 18,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 19,000,000 | 16,000,000 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores | FICO greater than 660 | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 863,000,000 | 891,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 12,000,000 | 12,000,000 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores | FICO greater than 660 | Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 1,659,000,000 | 1,703,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 186,000,000 | 207,000,000 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores | FICO greater than 660 | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 774,000,000 | 755,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 157,000,000 | 186,000,000 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores | FICO greater than 660 | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 3,296,000,000 | 3,349,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 355,000,000 | 405,000,000 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores | FICO less than or equal to 660 | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 98,000,000 | 103,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 7,000,000 | 9,000,000 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores | FICO less than or equal to 660 | Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 236,000,000 | 271,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 84,000,000 | 93,000,000 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores | FICO less than or equal to 660 | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 102,000,000 | 118,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 103,000,000 | 123,000,000 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores | FICO less than or equal to 660 | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 436,000,000 | 492,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 194,000,000 | 225,000,000 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores | Missing FICO | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 2,000,000 | 2,000,000 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores | Missing FICO | Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 4,000,000 | 3,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 4,000,000 | 5,000,000 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores | Missing FICO | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 9,000,000 | 5,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 6,000,000 | 3,000,000 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores | Missing FICO | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 15,000,000 | 10,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 10,000,000 | 8,000,000 | |
LTV less than 90% and updated FICO scores | FICO greater than 660 | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 13,957,000,000 | 13,878,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 109,000,000 | 102,000,000 | |
LTV less than 90% and updated FICO scores | FICO greater than 660 | Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 7,574,000,000 | 7,874,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 320,000,000 | 339,000,000 | |
LTV less than 90% and updated FICO scores | FICO greater than 660 | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 8,216,000,000 | 7,703,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 625,000,000 | 626,000,000 | |
LTV less than 90% and updated FICO scores | FICO greater than 660 | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 29,747,000,000 | 29,455,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 1,054,000,000 | 1,067,000,000 | |
LTV less than 90% and updated FICO scores | FICO less than or equal to 660 | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 1,251,000,000 | 1,319,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 97,000,000 | 109,000,000 | |
LTV less than 90% and updated FICO scores | FICO less than or equal to 660 | Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 902,000,000 | 995,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 175,000,000 | 200,000,000 | |
LTV less than 90% and updated FICO scores | FICO less than or equal to 660 | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 566,000,000 | 573,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 472,000,000 | 515,000,000 | |
LTV less than 90% and updated FICO scores | FICO less than or equal to 660 | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 2,719,000,000 | 2,887,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 744,000,000 | 824,000,000 | |
LTV less than 90% and updated FICO scores | Missing FICO | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 29,000,000 | 27,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 1,000,000 | 1,000,000 | |
LTV less than 90% and updated FICO scores | Missing FICO | Home Equity [Member] | 2nd Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 15,000,000 | 14,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 13,000,000 | 12,000,000 | |
LTV less than 90% and updated FICO scores | Missing FICO | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 112,000,000 | 109,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 28,000,000 | 15,000,000 | |
LTV less than 90% and updated FICO scores | Missing FICO | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 156,000,000 | 150,000,000 | |
Purchased Impaired Loans - Outstanding Balance | 42,000,000 | 28,000,000 | |
Missing LTV and updated FICO scores | FICO greater than 660 | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 1,000,000 | 1,000,000 | |
Missing LTV and updated FICO scores | FICO greater than 660 | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 12,000,000 | 14,000,000 | |
Missing LTV and updated FICO scores | FICO greater than 660 | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 13,000,000 | 15,000,000 | |
Missing LTV and updated FICO scores | FICO less than or equal to 660 | Home Equity [Member] | 1st Liens | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 3,000,000 | 4,000,000 | |
Missing LTV and updated FICO scores | FICO less than or equal to 660 | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 5,000,000 | 10,000,000 | |
Missing LTV and updated FICO scores | FICO less than or equal to 660 | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | $ 8,000,000 | 14,000,000 | |
Missing LTV and updated FICO scores | Missing FICO | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 1,000,000 | ||
Missing LTV and updated FICO scores | Missing FICO | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | $ 1,000,000 |
Asset Quality (Credit Card and
Asset Quality (Credit Card and Other Consumer Loan Classes Asset Quality Indicators) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | ||
Total Loans | $ 205,153 | [1],[2] | $ 204,817 | [1],[2] | $ 200,984 |
Credit Card [Member] | |||||
Total Loans | $ 4,520 | $ 4,612 | |||
Weighted-average updated FICO score | 734 | 732 | |||
Higher Risk Loans | $ 30 | $ 35 | |||
Other Consumer [Member] | |||||
Total Loans | $ 21,844 | $ 22,753 | |||
Weighted-average updated FICO score | 745 | 744 | |||
FICO score greater than 719 | Credit Card [Member] | |||||
Total Loans | $ 2,680 | $ 2,717 | |||
% of Total Loans Using FICO Credit Metric | 59.00% | 59.00% | |||
FICO score greater than 719 | Other Consumer [Member] | |||||
Total Loans | $ 9,293 | $ 9,156 | |||
% of Total Loans Using FICO Credit Metric | 65.00% | 64.00% | |||
FICO score of 650 to 719 [Member] | Credit Card [Member] | |||||
Total Loans | $ 1,265 | $ 1,288 | |||
% of Total Loans Using FICO Credit Metric | 28.00% | 28.00% | |||
FICO score of 650 to 719 [Member] | Other Consumer [Member] | |||||
Total Loans | $ 3,425 | $ 3,459 | |||
% of Total Loans Using FICO Credit Metric | 24.00% | 24.00% | |||
FICO score of 620 to 649 [Member] | Credit Card [Member] | |||||
Total Loans | $ 193 | $ 203 | |||
% of Total Loans Using FICO Credit Metric | 4.00% | 4.00% | |||
FICO score of 620 to 649 [Member] | Other Consumer [Member] | |||||
Total Loans | $ 503 | $ 528 | |||
% of Total Loans Using FICO Credit Metric | 3.00% | 4.00% | |||
FICO score of less Than 620 [Member] | Credit Card [Member] | |||||
Total Loans | $ 208 | $ 239 | |||
% of Total Loans Using FICO Credit Metric | 5.00% | 5.00% | |||
FICO score of less Than 620 [Member] | Other Consumer [Member] | |||||
Total Loans | $ 578 | $ 619 | |||
% of Total Loans Using FICO Credit Metric | 4.00% | 4.00% | |||
No FICO score available or required [Member] | Credit Card [Member] | |||||
Total Loans | $ 174 | $ 165 | |||
% of Total Loans Using FICO Credit Metric | 4.00% | 4.00% | |||
No FICO score available or required [Member] | Other Consumer [Member] | |||||
Total Loans | $ 517 | $ 557 | |||
% of Total Loans Using FICO Credit Metric | 4.00% | 4.00% | |||
Total Loans Using FICO Credit Metric [Member] | Credit Card [Member] | |||||
Total Loans | $ 4,520 | $ 4,612 | |||
% of Total Loans Using FICO Credit Metric | 100.00% | 100.00% | |||
Total Loans Using FICO Credit Metric [Member] | Other Consumer [Member] | |||||
Total Loans | $ 14,316 | $ 14,319 | |||
% of Total Loans Using FICO Credit Metric | 100.00% | 100.00% | |||
Consumer loans using other internal credit metrics [Member] | Other Consumer [Member] | |||||
Total Loans | $ 7,528 | $ 8,434 | |||
Pennsylvania [Member] | |||||
Percentage Of Higher Risk Credit Card Loans | 16.00% | 16.00% | |||
Ohio [Member] | |||||
Percentage Of Higher Risk Credit Card Loans | 17.00% | 17.00% | |||
Illinois [Member] | |||||
Percentage Of Higher Risk Credit Card Loans | 7.00% | 7.00% | |||
Michigan [Member] | |||||
Percentage Of Higher Risk Credit Card Loans | 9.00% | 9.00% | |||
Indiana [Member] | |||||
Percentage Of Higher Risk Credit Card Loans | 5.00% | 6.00% | |||
Florida [Member] | |||||
Percentage Of Higher Risk Credit Card Loans | 7.00% | 6.00% | |||
New Jersey [Member] | |||||
Percentage Of Higher Risk Credit Card Loans | 8.00% | 7.00% | |||
North Carolina [Member] | |||||
Percentage Of Higher Risk Credit Card Loans | 4.00% | ||||
All Other States [Member] | |||||
Percentage Of Higher Risk Credit Card Loans | 4.00% | 4.00% | |||
[1] | Amounts represent items for which we have elected the fair value option. | ||||
[2] | Amounts represent the assets or liabilities of consolidated variable interest entities (VIEs). |
Asset Quality (Summary of TDRs)
Asset Quality (Summary of TDRs) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Troubled debt restructurings (TDRs) | $ 2,416 | $ 2,583 |
Nonperforming [Member] | ||
Troubled debt restructurings (TDRs) | 1,208 | 1,370 |
Accruing [Member] | ||
Troubled debt restructurings (TDRs) | 1,091 | 1,083 |
Credit Card [Member] | ||
Troubled debt restructurings (TDRs) | 117 | 130 |
Total commercial lending [Member] | ||
Troubled debt restructurings (TDRs) | 414 | 542 |
Total consumer lending [Member] | ||
Troubled debt restructurings (TDRs) | $ 2,002 | $ 2,041 |
Asset Quality (Financial Impact
Asset Quality (Financial Impact and TDRs by Concession Type) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)loans | Jun. 30, 2014USD ($)loans | Jun. 30, 2015USD ($)loans | Jun. 30, 2014USD ($)loans | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 2,806 | 2,713 | 5,461 | 5,836 |
Pre-TDR Recorded Investment | $ 128 | $ 168 | $ 260 | $ 339 |
Post-TDR Recorded Investment | 111 | 160 | 230 | 310 |
Principal Forgiveness [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 4 | 3 | 6 | 22 |
Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 50 | 38 | 91 | 78 |
Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | $ 57 | $ 119 | $ 133 | $ 210 |
Total commercial lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 37 | 52 | 75 | 109 |
Pre-TDR Recorded Investment | $ 42 | $ 88 | $ 105 | $ 170 |
Post-TDR Recorded Investment | 28 | 83 | 81 | 151 |
Total commercial lending [Member] | Principal Forgiveness [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 4 | 3 | 6 | 22 |
Total commercial lending [Member] | Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 3 | 8 | 3 | 8 |
Total commercial lending [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | $ 21 | $ 72 | $ 72 | $ 121 |
Total consumer lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 2,769 | 2,661 | 5,386 | 5,727 |
Pre-TDR Recorded Investment | $ 86 | $ 80 | $ 155 | $ 169 |
Post-TDR Recorded Investment | 83 | 77 | 149 | 159 |
Total consumer lending [Member] | Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 47 | 30 | 88 | 70 |
Total consumer lending [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | $ 36 | $ 47 | $ 61 | $ 89 |
Commercial [Member] | Total commercial lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 27 | 29 | 57 | 63 |
Pre-TDR Recorded Investment | $ 38 | $ 48 | $ 91 | $ 89 |
Post-TDR Recorded Investment | 25 | 47 | 75 | 85 |
Commercial [Member] | Total commercial lending [Member] | Principal Forgiveness [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 4 | 3 | 5 | 3 |
Commercial [Member] | Total commercial lending [Member] | Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 2 | 4 | 2 | 4 |
Commercial [Member] | Total commercial lending [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | $ 19 | $ 40 | $ 68 | $ 78 |
Commercial Real Estate [Member] | Total commercial lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 9 | 23 | 17 | 46 |
Pre-TDR Recorded Investment | $ 4 | $ 40 | $ 14 | $ 81 |
Post-TDR Recorded Investment | 3 | 36 | 6 | 66 |
Commercial Real Estate [Member] | Total commercial lending [Member] | Principal Forgiveness [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 1 | 19 | ||
Commercial Real Estate [Member] | Total commercial lending [Member] | Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 1 | 4 | 1 | 4 |
Commercial Real Estate [Member] | Total commercial lending [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | $ 2 | $ 32 | $ 4 | $ 43 |
Equipment Lease Financing [Member] | Total commercial lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 1 | 1 | ||
Home Equity [Member] | Total consumer lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 818 | 561 | 1,530 | 1,392 |
Pre-TDR Recorded Investment | $ 57 | $ 40 | $ 102 | $ 92 |
Post-TDR Recorded Investment | 55 | 38 | 97 | 85 |
Home Equity [Member] | Total consumer lending [Member] | Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 27 | 9 | 50 | 29 |
Home Equity [Member] | Total consumer lending [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | $ 28 | $ 29 | $ 47 | $ 56 |
Residential Real Estate [Member] | Total consumer lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 78 | 161 | 148 | 280 |
Pre-TDR Recorded Investment | $ 12 | $ 22 | $ 20 | $ 40 |
Post-TDR Recorded Investment | 12 | 22 | 21 | 40 |
Residential Real Estate [Member] | Total consumer lending [Member] | Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 6 | 7 | 11 | 13 |
Residential Real Estate [Member] | Total consumer lending [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | $ 6 | $ 15 | $ 10 | $ 27 |
Credit Card [Member] | Total consumer lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 1,641 | 1,717 | 3,204 | 3,568 |
Pre-TDR Recorded Investment | $ 14 | $ 14 | $ 26 | $ 29 |
Post-TDR Recorded Investment | 13 | 14 | 25 | 28 |
Credit Card [Member] | Total consumer lending [Member] | Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | $ 13 | $ 14 | $ 25 | $ 28 |
Other Consumer [Member] | Total consumer lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 232 | 222 | 504 | 487 |
Pre-TDR Recorded Investment | $ 3 | $ 4 | $ 7 | $ 8 |
Post-TDR Recorded Investment | 3 | 3 | 6 | 6 |
Other Consumer [Member] | Total consumer lending [Member] | Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 1 | 2 | ||
Other Consumer [Member] | Total consumer lending [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | $ 2 | $ 3 | $ 4 | $ 6 |
Asset Quality (TDRs that were M
Asset Quality (TDRs that were Modified in the Past Twelve Months which have Subsequently Defaulted) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)contracts | Jun. 30, 2014USD ($)contracts | Jun. 30, 2015USD ($)contracts | Jun. 30, 2014USD ($)contracts | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts - Subsequently defaulted TDRs | 1,350 | 1,668 | 1,818 | 2,319 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 27 | $ 66 | $ 45 | $ 96 |
Total commercial lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts - Subsequently defaulted TDRs | 10 | 37 | 22 | 54 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 4 | $ 37 | $ 13 | $ 53 |
Total consumer lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts - Subsequently defaulted TDRs | 1,340 | 1,631 | 1,796 | 2,265 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 23 | $ 29 | $ 32 | $ 43 |
Commercial [Member] | Total commercial lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts - Subsequently defaulted TDRs | 8 | 23 | 13 | 33 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 3 | $ 16 | $ 4 | $ 22 |
Commercial Real Estate [Member] | Total commercial lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts - Subsequently defaulted TDRs | 1 | 14 | 8 | 21 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 1 | $ 21 | $ 9 | $ 31 |
Equipment Lease Financing [Member] | Total commercial lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts - Subsequently defaulted TDRs | 1 | 1 | ||
Home Equity [Member] | Total consumer lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts - Subsequently defaulted TDRs | 102 | 100 | 168 | 216 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 5 | $ 6 | $ 9 | $ 13 |
Residential Real Estate [Member] | Total consumer lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts - Subsequently defaulted TDRs | 60 | 51 | 71 | 76 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 8 | $ 11 | $ 10 | $ 14 |
Credit Card [Member] | Total consumer lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts - Subsequently defaulted TDRs | 1,140 | 1,446 | 1,482 | 1,894 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 10 | $ 12 | $ 12 | $ 15 |
Other Consumer [Member] | Total consumer lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts - Subsequently defaulted TDRs | 38 | 34 | 75 | 79 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 1 | $ 1 |
Asset Quality (Impaired Loans)
Asset Quality (Impaired Loans) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance - Impaired loans with an associated allowance | $ 2,424 | $ 2,462 | |
Unpaid principal balance - Impaired loans without an associated allowance | 1,018 | 1,102 | |
Unpaid principal balance - Total impaired loans | 3,442 | 3,564 | |
Recorded investment - Impaired loans with an associated allowance | 2,002 | 2,161 | |
Recorded investment - Impaired loans without an associated allowance | 696 | 731 | |
Recorded investment - Total impaired loans | 2,698 | 2,892 | |
Associated Allowance - Total impaired loans | 374 | 463 | |
Average recorded investment - Impaired loans with an associated allowance | 2,085 | 2,249 | |
Average recorded investment - Impaired loans without an associated allowance | 716 | 908 | |
Average recorded investment - Total impaired loans | 2,801 | 3,157 | |
Specific ALLL reserve for TDRs | 309 | 386 | $ 436 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance - Impaired loans with an associated allowance | 398 | 432 | |
Unpaid principal balance - Impaired loans without an associated allowance | 45 | 106 | |
Recorded investment - Impaired loans with an associated allowance | 305 | 318 | |
Recorded investment - Impaired loans without an associated allowance | 38 | 84 | |
Associated Allowance - Total impaired loans | 59 | 74 | |
Average recorded investment - Impaired loans with an associated allowance | 305 | 360 | |
Average recorded investment - Impaired loans without an associated allowance | 73 | 133 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance - Impaired loans with an associated allowance | 367 | 418 | |
Unpaid principal balance - Impaired loans without an associated allowance | 183 | 249 | |
Recorded investment - Impaired loans with an associated allowance | 196 | 262 | |
Recorded investment - Impaired loans without an associated allowance | 157 | 187 | |
Associated Allowance - Total impaired loans | 41 | 65 | |
Average recorded investment - Impaired loans with an associated allowance | 230 | 283 | |
Average recorded investment - Impaired loans without an associated allowance | 171 | 276 | |
Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance - Impaired loans with an associated allowance | 1,006 | 1,021 | |
Unpaid principal balance - Impaired loans without an associated allowance | 421 | 403 | |
Recorded investment - Impaired loans with an associated allowance | 982 | 984 | |
Recorded investment - Impaired loans without an associated allowance | 147 | 145 | |
Associated Allowance - Total impaired loans | 189 | 215 | |
Average recorded investment - Impaired loans with an associated allowance | 984 | 986 | |
Average recorded investment - Impaired loans without an associated allowance | 144 | 134 | |
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance - Impaired loans with an associated allowance | 478 | 397 | |
Unpaid principal balance - Impaired loans without an associated allowance | 369 | 344 | |
Recorded investment - Impaired loans with an associated allowance | 362 | 420 | |
Recorded investment - Impaired loans without an associated allowance | 354 | 315 | |
Associated Allowance - Total impaired loans | 58 | 75 | |
Average recorded investment - Impaired loans with an associated allowance | 398 | 422 | |
Average recorded investment - Impaired loans without an associated allowance | 328 | 365 | |
Credit Card [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance - Impaired loans with an associated allowance | 117 | 130 | |
Recorded investment - Impaired loans with an associated allowance | 117 | 130 | |
Associated Allowance - Total impaired loans | 26 | 32 | |
Average recorded investment - Impaired loans with an associated allowance | 124 | 147 | |
Other Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance - Impaired loans with an associated allowance | 58 | 64 | |
Recorded investment - Impaired loans with an associated allowance | 40 | 47 | |
Associated Allowance - Total impaired loans | 1 | 2 | |
Average recorded investment - Impaired loans with an associated allowance | $ 44 | $ 51 |
Purchased Loans (Narrative) (De
Purchased Loans (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Provision for credit losses (benefit) | $ 46,000,000 | $ 72,000,000 | $ 100,000,000 | $ 166,000,000 | |
Charge-offs | 392,000,000 | 564,000,000 | |||
Specific allowance for loan and lease losses associated with purchased impaired loans | 374,000,000 | 374,000,000 | $ 463,000,000 | ||
Purchased impaired loans | 4,465,000,000 | $ 5,557,000,000 | 4,465,000,000 | 5,557,000,000 | 4,858,000,000 |
Purchased Impaired Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Provision for credit losses (benefit) | (12,000,000) | (95,000,000) | |||
Charge-offs | 5,000,000 | $ 24,000,000 | |||
Net carrying value of the net accumulation of realized gains and losses on pooled loan recorded investments | 0 | 0 | |||
Impaired Loans With Associated Allowance [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Specific allowance for loan and lease losses associated with purchased impaired loans | $ 900,000,000 | $ 900,000,000 | $ 900,000,000 |
Purchased Loans (Purchase Loan
Purchased Loans (Purchase Loan Balances) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | $ 4,482,000,000 | $ 5,007,000,000 | |
Purchased Impaired Loans - Recorded Investment | 4,465,000,000 | 4,858,000,000 | $ 5,557,000,000 |
Purchased Impaired Loans - Carrying Value | 3,610,000,000 | 3,986,000,000 | |
Total commercial lending [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 346,000,000 | 466,000,000 | |
Purchased Impaired Loans - Recorded Investment | 235,000,000 | 310,000,000 | 479,000,000 |
Purchased Impaired Loans - Carrying Value | 168,000,000 | 231,000,000 | |
Total commercial lending [Member] | Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 129,000,000 | 159,000,000 | |
Purchased Impaired Loans - Recorded Investment | 50,000,000 | 74,000,000 | |
Purchased Impaired Loans - Carrying Value | 34,000,000 | 57,000,000 | |
Total commercial lending [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 217,000,000 | 307,000,000 | |
Purchased Impaired Loans - Recorded Investment | 185,000,000 | 236,000,000 | |
Purchased Impaired Loans - Carrying Value | 134,000,000 | 174,000,000 | |
Total consumer lending [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 4,136,000,000 | 4,541,000,000 | |
Purchased Impaired Loans - Recorded Investment | 4,230,000,000 | 4,548,000,000 | $ 5,078,000,000 |
Purchased Impaired Loans - Carrying Value | 3,442,000,000 | 3,755,000,000 | |
Total consumer lending [Member] | Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 1,952,000,000 | 2,145,000,000 | |
Purchased Impaired Loans - Recorded Investment | 1,833,000,000 | 1,989,000,000 | |
Purchased Impaired Loans - Carrying Value | 1,517,000,000 | 1,661,000,000 | |
Total consumer lending [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 2,184,000,000 | 2,396,000,000 | |
Purchased Impaired Loans - Recorded Investment | 2,397,000,000 | 2,559,000,000 | |
Purchased Impaired Loans - Carrying Value | $ 1,925,000,000 | $ 2,094,000,000 |
Purchased Loans (Accretable Yie
Purchased Loans (Accretable Yield) (Details) - Purchased Impaired Loans [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Beginning Balance | $ 1,558,000,000 | $ 2,055,000,000 |
Accretion (including excess cash recoveries) | (252,000,000) | (309,000,000) |
Net reclassifications to accretable from non-accretable | 146,000,000 | 208,000,000 |
Disposals | (9,000,000) | (18,000,000) |
Ending Balance | $ 1,443,000,000 | $ 1,936,000,000 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Net reclassifications from nonaccretable - percentage | 70.00% | 78.00% |
Allowances for Loan and Lease59
Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit (Rollforward of Allowance For Loan and Lease Losses and Associated Loan Data) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Beginning Balance | $ 3,331,000,000 | [1] | $ 3,609,000,000 | ||||||
Charge-offs | (392,000,000) | (564,000,000) | |||||||
Recoveries | 222,000,000 | 233,000,000 | |||||||
Net charge-offs | (170,000,000) | (331,000,000) | |||||||
Provision For Credit Losses | $ 46,000,000 | $ 72,000,000 | 100,000,000 | 166,000,000 | |||||
Net change in allowance for unfunded loan commitments and letters of credit | 13,000,000 | 10,000,000 | |||||||
Other | (2,000,000) | (1,000,000) | |||||||
Ending Balance | [1] | 3,272,000,000 | 3,453,000,000 | 3,272,000,000 | 3,453,000,000 | ||||
TDRs individually evaluated for impairment - associated allowance | 309,000,000 | 436,000,000 | 309,000,000 | 436,000,000 | $ 386,000,000 | ||||
Other loans individually evaluated for impairment - associated allowance | 65,000,000 | 118,000,000 | 65,000,000 | 118,000,000 | |||||
Loans collectively evaluated for impairment - associated allowance | 2,043,000,000 | 2,013,000,000 | 2,043,000,000 | 2,013,000,000 | |||||
Purchased impaired loans - associated allowance | 855,000,000 | 886,000,000 | 855,000,000 | 886,000,000 | |||||
TDRs individually evaluated for impairment | 2,416,000,000 | 2,666,000,000 | 2,416,000,000 | 2,666,000,000 | |||||
Other loans individually evaluated for impairment | 282,000,000 | 526,000,000 | 282,000,000 | 526,000,000 | |||||
Loans collectively evaluated for impairment | 197,049,000,000 | 191,250,000,000 | 197,049,000,000 | 191,250,000,000 | |||||
Fair value option loans | 941,000,000 | 985,000,000 | 941,000,000 | 985,000,000 | |||||
Purchased impaired loans | 4,465,000,000 | 5,557,000,000 | 4,465,000,000 | 5,557,000,000 | 4,858,000,000 | ||||
Total loans | $ 205,153,000,000 | [1],[2] | $ 200,984,000,000 | $ 205,153,000,000 | [1],[2] | $ 200,984,000,000 | 204,817,000,000 | [1],[2] | |
Portfolio segment ALLL as a percentage of total ALLL | 100.00% | 100.00% | 100.00% | 100.00% | |||||
Ratio of the allowance for loan and lease losses to total loans | 1.59% | 1.72% | 1.59% | 1.72% | |||||
Evaluated for impairment based upon collateral values | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Loans collectively evaluated for impairment | $ 174,000,000 | $ 232,000,000 | $ 174,000,000 | $ 232,000,000 | |||||
Total commercial lending [Member] | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Beginning Balance | 1,571,000,000 | 1,547,000,000 | |||||||
Charge-offs | (108,000,000) | (209,000,000) | |||||||
Recoveries | 134,000,000 | 149,000,000 | |||||||
Net charge-offs | 26,000,000 | (60,000,000) | |||||||
Provision For Credit Losses | 20,000,000 | 108,000,000 | |||||||
Net change in allowance for unfunded loan commitments and letters of credit | 13,000,000 | 10,000,000 | |||||||
Other | (2,000,000) | (1,000,000) | |||||||
Ending Balance | 1,628,000,000 | 1,604,000,000 | 1,628,000,000 | 1,604,000,000 | |||||
TDRs individually evaluated for impairment - associated allowance | 35,000,000 | 29,000,000 | 35,000,000 | 29,000,000 | |||||
Other loans individually evaluated for impairment - associated allowance | 65,000,000 | 118,000,000 | 65,000,000 | 118,000,000 | |||||
Loans collectively evaluated for impairment - associated allowance | 1,461,000,000 | 1,349,000,000 | 1,461,000,000 | 1,349,000,000 | |||||
Purchased impaired loans - associated allowance | 67,000,000 | 108,000,000 | 67,000,000 | 108,000,000 | |||||
TDRs individually evaluated for impairment | 414,000,000 | 545,000,000 | 414,000,000 | 545,000,000 | |||||
Other loans individually evaluated for impairment | 282,000,000 | 526,000,000 | 282,000,000 | 526,000,000 | |||||
Loans collectively evaluated for impairment | 129,791,000,000 | 122,533,000,000 | 129,791,000,000 | 122,533,000,000 | |||||
Purchased impaired loans | 235,000,000 | 479,000,000 | 235,000,000 | 479,000,000 | 310,000,000 | ||||
Total loans | $ 130,722,000,000 | $ 124,083,000,000 | $ 130,722,000,000 | $ 124,083,000,000 | 128,368,000,000 | ||||
Portfolio segment ALLL as a percentage of total ALLL | 50.00% | 46.00% | 50.00% | 46.00% | |||||
Ratio of the allowance for loan and lease losses to total loans | 1.25% | 1.29% | 1.25% | 1.29% | |||||
Total consumer lending [Member] | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Beginning Balance | $ 1,760,000,000 | $ 2,062,000,000 | |||||||
Charge-offs | (284,000,000) | (355,000,000) | |||||||
Recoveries | 88,000,000 | 84,000,000 | |||||||
Net charge-offs | (196,000,000) | (271,000,000) | |||||||
Provision For Credit Losses | 80,000,000 | 58,000,000 | |||||||
Ending Balance | $ 1,644,000,000 | $ 1,849,000,000 | 1,644,000,000 | 1,849,000,000 | |||||
TDRs individually evaluated for impairment - associated allowance | 274,000,000 | 407,000,000 | 274,000,000 | 407,000,000 | |||||
Loans collectively evaluated for impairment - associated allowance | 582,000,000 | 664,000,000 | 582,000,000 | 664,000,000 | |||||
Purchased impaired loans - associated allowance | 788,000,000 | 778,000,000 | 788,000,000 | 778,000,000 | |||||
TDRs individually evaluated for impairment | 2,002,000,000 | 2,121,000,000 | 2,002,000,000 | 2,121,000,000 | |||||
Loans collectively evaluated for impairment | 67,258,000,000 | 68,717,000,000 | 67,258,000,000 | 68,717,000,000 | |||||
Fair value option loans | 941,000,000 | 985,000,000 | 941,000,000 | 985,000,000 | |||||
Purchased impaired loans | 4,230,000,000 | 5,078,000,000 | 4,230,000,000 | 5,078,000,000 | 4,548,000,000 | ||||
Total loans | $ 74,431,000,000 | $ 76,901,000,000 | $ 74,431,000,000 | $ 76,901,000,000 | $ 76,449,000,000 | ||||
Portfolio segment ALLL as a percentage of total ALLL | 50.00% | 54.00% | 50.00% | 54.00% | |||||
Ratio of the allowance for loan and lease losses to total loans | 2.21% | 2.40% | 2.21% | 2.40% | |||||
Total consumer lending [Member] | Quantifying Misstatement In Financial Statments - End of Period Impact | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Loans collectively evaluated for impairment | $ (101,000,000) | $ (101,000,000) | |||||||
Fair value option loans | $ 101,000,000 | $ 101,000,000 | |||||||
[1] | Amounts represent the assets or liabilities of consolidated variable interest entities (VIEs). | ||||||||
[2] | Amounts represent items for which we have elected the fair value option. |
Allowances for Loan and Lease60
Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters Of Credit (Rollforward of Allowance for Unfunded Loan Commitments and Letters of Credit) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance For Loan And Lease Losses [Abstract] | ||
Beginning balance | $ 259 | $ 242 |
Net change in allowance for unfunded loan commitments and letters of credit | (13) | (10) |
Ending balance | $ 246 | $ 232 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Investment Securities Disclosure [Abstract] | ||
Gain on derivatives used to hedge purchase of investment securities | $ 93,000,000 | |
Gross unrealized loss on debt securities held to maturity | 74,000,000 | $ 22,000,000 |
Gross unrealized loss on debt securities held to maturity in a continuous loss position for less than 12 months | 51,000,000 | 1,000,000 |
Gross unrealized loss on debt securities held to maturity in a continuous loss position greater than 12 months | 23,000,000 | 21,000,000 |
Gross unrealized loss on debt securities held to maturity in a continuous loss position for less than 12 months - fair value | 4,000,000,000 | 134,000,000 |
Gross unrealized loss on debt securities held to maturity in a continuous loss position greater than 12 months - fair value | 1,000,000,000 | $ 1,600,000,000 |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held | $ 1,200,000,000 |
Investment Securities (Summary)
Investment Securities (Summary) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | $ 46,902,000,000 | $ 43,181,000,000 |
Securities available for sale debt securities, unrealized gains | 1,044,000,000 | 1,262,000,000 |
Securities available for sale debt securities, unrealized losses | (267,000,000) | (208,000,000) |
Securities available for sale, fair value | 47,679,000,000 | 44,235,000,000 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 46,474,000,000 | 42,739,000,000 |
Securities available for sale debt securities, unrealized gains | 1,044,000,000 | 1,262,000,000 |
Securities available for sale debt securities, unrealized losses | (266,000,000) | (207,000,000) |
Securities available for sale, fair value | 47,252,000,000 | 43,794,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 13,683,000,000 | 11,588,000,000 |
Held-to-maturity securities, unrealized gains | 309,000,000 | 414,000,000 |
Held-to-maturity securities, unrealized losses | (64,000,000) | (18,000,000) |
Held-to-maturity securities, fair value | 13,928,000,000 | 11,984,000,000 |
AFS to HTM Transfer Net Unrealized Gains In AOCI | 110,000,000 | 125,000,000 |
US Treasury and Government Agencies Securities [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 5,931,000,000 | 5,237,000,000 |
Securities available for sale debt securities, unrealized gains | 166,000,000 | 186,000,000 |
Securities available for sale debt securities, unrealized losses | (2,000,000) | (1,000,000) |
Securities available for sale, fair value | 6,095,000,000 | 5,422,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 253,000,000 | 248,000,000 |
Held-to-maturity securities, unrealized gains | 37,000,000 | 44,000,000 |
Held-to-maturity securities, fair value | 290,000,000 | 292,000,000 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 20,629,000,000 | 17,646,000,000 |
Securities available for sale debt securities, unrealized gains | 331,000,000 | 438,000,000 |
Securities available for sale debt securities, unrealized losses | (118,000,000) | (41,000,000) |
Securities available for sale, fair value | 20,842,000,000 | 18,043,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 8,199,000,000 | 5,736,000,000 |
Held-to-maturity securities, unrealized gains | 117,000,000 | 166,000,000 |
Held-to-maturity securities, unrealized losses | (58,000,000) | (10,000,000) |
Held-to-maturity securities, fair value | 8,258,000,000 | 5,892,000,000 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 4,357,000,000 | 4,723,000,000 |
Securities available for sale debt securities, unrealized gains | 284,000,000 | 318,000,000 |
Securities available for sale debt securities, unrealized losses | (89,000,000) | (99,000,000) |
Securities available for sale, fair value | 4,552,000,000 | 4,942,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 252,000,000 | 270,000,000 |
Held-to-maturity securities, unrealized gains | 7,000,000 | 13,000,000 |
Held-to-maturity securities, fair value | 259,000,000 | 283,000,000 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 1,980,000,000 | 2,178,000,000 |
Securities available for sale debt securities, unrealized gains | 21,000,000 | 23,000,000 |
Securities available for sale debt securities, unrealized losses | (7,000,000) | (14,000,000) |
Securities available for sale, fair value | 1,994,000,000 | 2,187,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 1,142,000,000 | 1,200,000,000 |
Held-to-maturity securities, unrealized gains | 48,000,000 | 53,000,000 |
Held-to-maturity securities, fair value | 1,190,000,000 | 1,253,000,000 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 4,368,000,000 | 4,085,000,000 |
Securities available for sale debt securities, unrealized gains | 62,000,000 | 88,000,000 |
Securities available for sale debt securities, unrealized losses | (8,000,000) | (11,000,000) |
Securities available for sale, fair value | 4,422,000,000 | 4,162,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 812,000,000 | 1,010,000,000 |
Held-to-maturity securities, unrealized gains | 13,000,000 | 19,000,000 |
Held-to-maturity securities, fair value | 825,000,000 | 1,029,000,000 |
Asset Backed Securities [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 5,377,000,000 | 5,141,000,000 |
Securities available for sale debt securities, unrealized gains | 82,000,000 | 78,000,000 |
Securities available for sale debt securities, unrealized losses | (24,000,000) | (32,000,000) |
Securities available for sale, fair value | 5,435,000,000 | 5,187,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 736,000,000 | 759,000,000 |
Held-to-maturity securities, unrealized gains | 3,000,000 | 2,000,000 |
Held-to-maturity securities, unrealized losses | (6,000,000) | (8,000,000) |
Held-to-maturity securities, fair value | 733,000,000 | 753,000,000 |
State and Municipal [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 2,010,000,000 | 1,953,000,000 |
Securities available for sale debt securities, unrealized gains | 59,000,000 | 88,000,000 |
Securities available for sale debt securities, unrealized losses | (11,000,000) | (3,000,000) |
Securities available for sale, fair value | 2,058,000,000 | 2,038,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 1,982,000,000 | 2,042,000,000 |
Held-to-maturity securities, unrealized gains | 78,000,000 | 111,000,000 |
Held-to-maturity securities, fair value | 2,060,000,000 | 2,153,000,000 |
Other Debt Securities [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 1,822,000,000 | 1,776,000,000 |
Securities available for sale debt securities, unrealized gains | 39,000,000 | 43,000,000 |
Securities available for sale debt securities, unrealized losses | (7,000,000) | (6,000,000) |
Securities available for sale, fair value | 1,854,000,000 | 1,813,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 307,000,000 | 323,000,000 |
Held-to-maturity securities, unrealized gains | 6,000,000 | 6,000,000 |
Held-to-maturity securities, fair value | 313,000,000 | 329,000,000 |
Corporate Stocks And Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale equity securities, fair value | 427,000,000 | 441,000,000 |
Securities available for sale equity securities, unrealized losses | (1,000,000) | (1,000,000) |
Securities available for sale equity securities, amortized cost | $ 428,000,000 | $ 442,000,000 |
Investment Securities (Gross Un
Investment Securities (Gross Unrealized Loss and Fair Value of Securities Available for Sale) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | $ (125,000,000) | $ (22,000,000) |
Unrealized loss position less than 12 months - fair value | 13,060,000,000 | 5,223,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (142,000,000) | (186,000,000) |
Unrealized loss position 12 months or more - fair value | 3,997,000,000 | 5,518,000,000 |
Total unrealized loss | (267,000,000) | (208,000,000) |
Total fair value | 17,057,000,000 | 10,741,000,000 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | (125,000,000) | (22,000,000) |
Unrealized loss position less than 12 months - fair value | 13,060,000,000 | 5,223,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (141,000,000) | (185,000,000) |
Unrealized loss position 12 months or more - fair value | 3,936,000,000 | 5,503,000,000 |
Total unrealized loss | (266,000,000) | (207,000,000) |
Total fair value | 16,996,000,000 | 10,726,000,000 |
US Treasury and Government Agencies Securities [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | (2,000,000) | (1,000,000) |
Unrealized loss position less than 12 months - fair value | 1,167,000,000 | 1,426,000,000 |
Total unrealized loss | (2,000,000) | (1,000,000) |
Total fair value | 1,167,000,000 | 1,426,000,000 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | (94,000,000) | (4,000,000) |
Unrealized loss position less than 12 months - fair value | 7,736,000,000 | 644,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (24,000,000) | (37,000,000) |
Unrealized loss position 12 months or more - fair value | 1,259,000,000 | 1,963,000,000 |
Total unrealized loss | (118,000,000) | (41,000,000) |
Total fair value | 8,995,000,000 | 2,607,000,000 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | (5,000,000) | (5,000,000) |
Unrealized loss position less than 12 months - fair value | 443,000,000 | 276,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (84,000,000) | (94,000,000) |
Unrealized loss position 12 months or more - fair value | 1,395,000,000 | 1,487,000,000 |
Total unrealized loss | (89,000,000) | (99,000,000) |
Total fair value | 1,838,000,000 | 1,763,000,000 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | (2,000,000) | (2,000,000) |
Unrealized loss position less than 12 months - fair value | 429,000,000 | 681,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (5,000,000) | (12,000,000) |
Unrealized loss position 12 months or more - fair value | 150,000,000 | 322,000,000 |
Total unrealized loss | (7,000,000) | (14,000,000) |
Total fair value | 579,000,000 | 1,003,000,000 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | (5,000,000) | (4,000,000) |
Unrealized loss position less than 12 months - fair value | 1,504,000,000 | 928,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (3,000,000) | (7,000,000) |
Unrealized loss position 12 months or more - fair value | 339,000,000 | 335,000,000 |
Total unrealized loss | (8,000,000) | (11,000,000) |
Total fair value | 1,843,000,000 | 1,263,000,000 |
Asset backed [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | (5,000,000) | (4,000,000) |
Unrealized loss position less than 12 months - fair value | 946,000,000 | 913,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (19,000,000) | (28,000,000) |
Unrealized loss position 12 months or more - fair value | 605,000,000 | 1,133,000,000 |
Total unrealized loss | (24,000,000) | (32,000,000) |
Total fair value | 1,551,000,000 | 2,046,000,000 |
State and Municipal [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | (8,000,000) | (500,000) |
Unrealized loss position less than 12 months - fair value | 503,000,000 | 41,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (3,000,000) | (3,000,000) |
Unrealized loss position 12 months or more - fair value | 49,000,000 | 77,000,000 |
Total unrealized loss | (11,000,000) | (3,000,000) |
Total fair value | 552,000,000 | 118,000,000 |
Other Debt Securities [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | (4,000,000) | (2,000,000) |
Unrealized loss position less than 12 months - fair value | 332,000,000 | 314,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (3,000,000) | (4,000,000) |
Unrealized loss position 12 months or more - fair value | 139,000,000 | 186,000,000 |
Total unrealized loss | (7,000,000) | (6,000,000) |
Total fair value | 471,000,000 | 500,000,000 |
Corporate Stocks And Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position 12 months or more - unrealized loss | (1,000,000) | (1,000,000) |
Unrealized loss position 12 months or more - fair value | 61,000,000 | 15,000,000 |
Total unrealized loss | (1,000,000) | (1,000,000) |
Total fair value | $ 61,000,000 | $ 15,000,000 |
Investment Securities (Gains (L
Investment Securities (Gains (Losses) on Sales of Securities Available for Sale) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Investment Securities Disclosure [Abstract] | ||
Proceeds | $ 2,441,000,000 | $ 3,401,000,000 |
Gross Gains | 51,000,000 | 29,000,000 |
Gross Losses | (1,000,000) | (25,000,000) |
Net Gains | 50,000,000 | 4,000,000 |
Tax Expense | $ 17,000,000 | $ 1,000,000 |
Investment Securities (Contract
Investment Securities (Contractual Maturity of Debt Securities) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | $ 46,902,000,000 | $ 43,181,000,000 |
Available-for-sale Securities, Fair value, Total | 47,679,000,000 | 44,235,000,000 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 750,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 3,606,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 7,532,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 34,586,000,000 | |
Securities available for sale, amortized cost | 46,474,000,000 | 42,739,000,000 |
Available-for-sale Securities, Fair value, 1 year or less | 757,000,000 | |
Available-for-sale Securities, Fair value, After 1 year through 5 years | 3,682,000,000 | |
Available-for-sale Securities, Fair value, After 5 years through 10 years | 7,628,000,000 | |
Available-for-sale Securities, Fair value, After 10 years | 35,185,000,000 | |
Available-for-sale Securities, Fair value, Total | $ 47,252,000,000 | 43,794,000,000 |
Weighted-average yield, GAAP basis, available for sale securities | 2.83% | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | $ 1,011,000,000 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 2,083,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 10,589,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 13,683,000,000 | 11,588,000,000 |
Held-to-maturity Securities, Fair Value, After 1 year through 5 years | 1,050,000,000 | |
Held-to-maturity Securities, Fair Value, After 5 years through 10 years | 2,134,000,000 | |
Held-to-maturity Securities, Fair Value, After 10 years | 10,744,000,000 | |
Held-to-maturity Securities, Debt Maturities, Fair Value, Total | $ 13,928,000,000 | $ 11,984,000,000 |
Weighted-average yield, GAAP basis, held to maturity securities | 3.48% | |
One Year or Less [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.96% | |
After One Year Through Five Years [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.46% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.49% | |
After Five Years Through Ten Years [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.33% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.04% | |
After Ten Years [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.98% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.56% | |
US Treasury and Government Agencies Securities [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | $ 513,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 804,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 3,976,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 638,000,000 | |
Securities available for sale, amortized cost | 5,931,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 253,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 253,000,000 | |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 123,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 760,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 19,746,000,000 | |
Securities available for sale, amortized cost | 20,629,000,000 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 215,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 7,984,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 8,199,000,000 | |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 5,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 1,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 4,351,000,000 | |
Securities available for sale, amortized cost | 4,357,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 252,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 252,000,000 | |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 83,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 136,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 48,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,713,000,000 | |
Securities available for sale, amortized cost | 1,980,000,000 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 940,000,000 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 144,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 58,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 1,142,000,000 | |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 85,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 4,283,000,000 | |
Securities available for sale, amortized cost | 4,368,000,000 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 6,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 806,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 812,000,000 | |
Asset backed [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 5,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 1,150,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 2,104,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 2,118,000,000 | |
Securities available for sale, amortized cost | 5,377,000,000 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 9,000,000 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 592,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 135,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 736,000,000 | |
State and Municipal [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 9,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 129,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 316,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,556,000,000 | |
Securities available for sale, amortized cost | 2,010,000,000 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 56,000,000 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 825,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 1,101,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 1,982,000,000 | |
Other Debt Securities [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 140,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 1,174,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 327,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 181,000,000 | |
Securities available for sale, amortized cost | 1,822,000,000 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 307,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | $ 307,000,000 |
Investment Securities (Fair Val
Investment Securities (Fair Value of Securities Pledged and Accepted as Collateral) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Investment Securities Disclosure [Abstract] | ||
Pledged to others | $ 10,051,000,000 | $ 10,874,000,000 |
Permitted by contract or custom to sell or repledge | 1,569,000,000 | 1,658,000,000 |
Permitted amount repledged to others | $ 1,399,000,000 | $ 1,488,000,000 |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Assets | ||
Securities available for sale, fair value | $ 47,679,000,000 | $ 44,235,000,000 |
Trading securities | 2,334,000,000 | 2,353,000,000 |
Mortgage servicing rights | 1,558,000,000 | 1,351,000,000 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 47,252,000,000 | 43,794,000,000 |
Securities available for sale, fair value | 47,679,000,000 | 44,235,000,000 |
Total financial derivatives | 4,851,000,000 | 5,234,000,000 |
Trading securities | 2,334,000,000 | 2,353,000,000 |
Trading loans | 48,000,000 | 37,000,000 |
Total equity investments | 1,616,000,000 | 1,621,000,000 |
Total customer resale agreements | 150,000,000 | 155,000,000 |
Loans | 941,000,000 | 1,034,000,000 |
Other assets | 804,000,000 | 799,000,000 |
Total Assets | 62,102,000,000 | 58,973,000,000 |
Liabilities | ||
Total financial derivatives | 3,827,000,000 | 4,027,000,000 |
Total trading securities sold short | 1,429,000,000 | 1,490,000,000 |
Other liabilities | 13,000,000 | 9,000,000 |
Other borrowed funds | 224,000,000 | 273,000,000 |
Total liabilities | 5,493,000,000 | 5,799,000,000 |
Fair Value Additional Information [Abstract] | ||
Fair value net derivative assets | 2,557,000,000 | 2,587,000,000 |
Fair value net derivative liabilities | 1,391,000,000 | 1,383,000,000 |
Net unrealized gains (losses) | $ 18,000,000 | $ 54,000,000 |
Percentage of Trading securities - debt comprised of US Treasury and government agencies securities | 45.00% | 57.00% |
Percentage of Trading securities - debt comprised of residential mortgage-backed securities | 37.00% | 34.00% |
US Treasury and Government Agencies Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | $ 6,095,000,000 | $ 5,422,000,000 |
Residential mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 20,842,000,000 | 18,043,000,000 |
Residential mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 4,552,000,000 | 4,942,000,000 |
Commercial mortgage-backed securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 1,994,000,000 | 2,187,000,000 |
Commercial mortgage-backed securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 4,422,000,000 | 4,162,000,000 |
Asset backed [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 5,435,000,000 | 5,187,000,000 |
State and Municipal [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 2,058,000,000 | 2,038,000,000 |
Other Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 1,854,000,000 | 1,813,000,000 |
Corporate Stocks And Other [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Securities available for sale, fair value | 427,000,000 | 441,000,000 |
Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total financial derivatives | 4,599,000,000 | 4,918,000,000 |
Liabilities | ||
Total financial derivatives | 3,112,000,000 | 3,272,000,000 |
BlackRock LTIP [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities | ||
Total financial derivatives | 363,000,000 | 375,000,000 |
Other Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total financial derivatives | 252,000,000 | 316,000,000 |
Liabilities | ||
Total financial derivatives | 352,000,000 | 380,000,000 |
Residential Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 1,364,000,000 | 1,261,000,000 |
Mortgage servicing rights | 1,015,000,000 | 845,000,000 |
Commercial Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 757,000,000 | 893,000,000 |
Mortgage servicing rights | 543,000,000 | 506,000,000 |
Direct equity investments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total equity investments | 1,191,000,000 | 1,152,000,000 |
Fair Value Additional Information [Abstract] | ||
Unfunded contractual commitments | 26,000,000 | 28,000,000 |
Indirect Equity Investments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total equity investments | 425,000,000 | 469,000,000 |
Fair Value Additional Information [Abstract] | ||
Unfunded contractual commitments | $ 118,000,000 | 112,000,000 |
Number of years over which distributions from indirect equity funds are expected to be received | 12 years | |
BlackRock Series C Preferred Stock | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Other assets | $ 363,000,000 | 375,000,000 |
Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Other assets | 441,000,000 | 424,000,000 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Trading securities | 2,323,000,000 | 2,332,000,000 |
Liabilities | ||
Total trading securities sold short | 1,429,000,000 | 1,490,000,000 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Trading securities | 11,000,000 | 21,000,000 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 5,476,000,000 | 4,795,000,000 |
Securities available for sale, fair value | 5,841,000,000 | 5,221,000,000 |
Total financial derivatives | 5,000,000 | 4,000,000 |
Trading securities | 1,059,000,000 | 1,361,000,000 |
Other assets | 248,000,000 | 190,000,000 |
Total Assets | 7,153,000,000 | 6,776,000,000 |
Liabilities | ||
Total financial derivatives | 3,000,000 | |
Total trading securities sold short | 1,410,000,000 | 1,479,000,000 |
Total liabilities | 1,413,000,000 | 1,479,000,000 |
Level 1 [Member] | US Treasury and Government Agencies Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 5,476,000,000 | 4,795,000,000 |
Level 1 [Member] | Corporate Stocks And Other [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Securities available for sale, fair value | 365,000,000 | 426,000,000 |
Level 1 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total financial derivatives | 5,000,000 | 4,000,000 |
Liabilities | ||
Total financial derivatives | 3,000,000 | |
Level 1 [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Other assets | 248,000,000 | 190,000,000 |
Level 1 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Trading securities | 1,048,000,000 | 1,340,000,000 |
Liabilities | ||
Total trading securities sold short | 1,410,000,000 | 1,479,000,000 |
Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Trading securities | 11,000,000 | 21,000,000 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 36,772,000,000 | 33,474,000,000 |
Securities available for sale, fair value | 36,834,000,000 | 33,489,000,000 |
Total financial derivatives | 4,810,000,000 | 5,188,000,000 |
Trading securities | 1,272,000,000 | 960,000,000 |
Trading loans | 48,000,000 | 30,000,000 |
Total customer resale agreements | 150,000,000 | 155,000,000 |
Loans | 576,000,000 | 637,000,000 |
Other assets | 186,000,000 | 226,000,000 |
Total Assets | 45,230,000,000 | 41,940,000,000 |
Liabilities | ||
Total financial derivatives | 3,326,000,000 | 3,501,000,000 |
Total trading securities sold short | 19,000,000 | 11,000,000 |
Other liabilities | 3,000,000 | |
Other borrowed funds | 59,000,000 | 92,000,000 |
Total liabilities | 3,407,000,000 | 3,604,000,000 |
Level 2 [Member] | US Treasury and Government Agencies Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 619,000,000 | 627,000,000 |
Level 2 [Member] | Residential mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 20,842,000,000 | 18,043,000,000 |
Level 2 [Member] | Residential mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 128,000,000 | 144,000,000 |
Level 2 [Member] | Commercial mortgage-backed securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 1,994,000,000 | 2,187,000,000 |
Level 2 [Member] | Commercial mortgage-backed securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 4,422,000,000 | 4,162,000,000 |
Level 2 [Member] | Asset backed [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 4,904,000,000 | 4,624,000,000 |
Level 2 [Member] | State and Municipal [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 2,042,000,000 | 1,904,000,000 |
Level 2 [Member] | Other Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 1,821,000,000 | 1,783,000,000 |
Level 2 [Member] | Corporate Stocks And Other [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Securities available for sale, fair value | 62,000,000 | 15,000,000 |
Level 2 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total financial derivatives | 4,560,000,000 | 4,874,000,000 |
Liabilities | ||
Total financial derivatives | 3,101,000,000 | 3,260,000,000 |
Level 2 [Member] | Other Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total financial derivatives | 250,000,000 | 314,000,000 |
Liabilities | ||
Total financial derivatives | 225,000,000 | 241,000,000 |
Level 2 [Member] | Residential Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 1,354,000,000 | 1,255,000,000 |
Level 2 [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Other assets | 186,000,000 | 226,000,000 |
Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Trading securities | 1,272,000,000 | 960,000,000 |
Liabilities | ||
Total trading securities sold short | 19,000,000 | 11,000,000 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 5,004,000,000 | 5,525,000,000 |
Securities available for sale, fair value | 5,004,000,000 | 5,525,000,000 |
Total financial derivatives | 36,000,000 | 42,000,000 |
Trading securities | 3,000,000 | 32,000,000 |
Trading loans | 7,000,000 | |
Total equity investments | 1,616,000,000 | 1,621,000,000 |
Loans | 365,000,000 | 397,000,000 |
Other assets | 370,000,000 | 383,000,000 |
Total Assets | 9,719,000,000 | 10,257,000,000 |
Liabilities | ||
Total financial derivatives | 498,000,000 | 526,000,000 |
Other liabilities | 10,000,000 | 9,000,000 |
Other borrowed funds | 165,000,000 | 181,000,000 |
Total liabilities | 673,000,000 | 716,000,000 |
Level 3 [Member] | Residential mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 4,424,000,000 | 4,798,000,000 |
Level 3 [Member] | Asset backed [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 531,000,000 | 563,000,000 |
Level 3 [Member] | State and Municipal [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 16,000,000 | 134,000,000 |
Level 3 [Member] | Other Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 33,000,000 | 30,000,000 |
Level 3 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total financial derivatives | 34,000,000 | 40,000,000 |
Liabilities | ||
Total financial derivatives | 8,000,000 | 12,000,000 |
Level 3 [Member] | BlackRock LTIP [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities | ||
Total financial derivatives | 363,000,000 | 375,000,000 |
Level 3 [Member] | Other Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total financial derivatives | 2,000,000 | 2,000,000 |
Liabilities | ||
Total financial derivatives | 127,000,000 | 139,000,000 |
Level 3 [Member] | Residential Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 10,000,000 | 6,000,000 |
Mortgage servicing rights | 1,015,000,000 | 845,000,000 |
Level 3 [Member] | Commercial Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 757,000,000 | 893,000,000 |
Mortgage servicing rights | 543,000,000 | 506,000,000 |
Level 3 [Member] | Direct equity investments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total equity investments | 1,191,000,000 | 1,152,000,000 |
Level 3 [Member] | Indirect Equity Investments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total equity investments | 425,000,000 | 469,000,000 |
Level 3 [Member] | BlackRock Series C Preferred Stock | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Other assets | 363,000,000 | 375,000,000 |
Level 3 [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Other assets | 7,000,000 | 8,000,000 |
Level 3 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Trading securities | $ 3,000,000 | $ 32,000,000 |
Fair Value (Reconciliation of R
Fair Value (Reconciliation of Recurring Fair Value Measurements) (Details) - Fair Value, Measurements, Recurring [Member] - Level 3 [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | $ 10,650,000,000 | $ 10,078,000,000 | $ 11,064,000,000 | $ 10,257,000,000 | $ 10,650,000,000 |
Included in earnings | 276,000,000 | 110,000,000 | 386,000,000 | 195,000,000 | |
Included in other comprehensive income | (3,000,000) | 44,000,000 | (14,000,000) | 118,000,000 | |
Purchases | 218,000,000 | 144,000,000 | 400,000,000 | 247,000,000 | |
Sales | (187,000,000) | (254,000,000) | (315,000,000) | (303,000,000) | |
Issuances | 1,049,000,000 | 30,000,000 | 2,163,000,000 | 60,000,000 | |
Settlements | (1,700,000,000) | (421,000,000) | (3,126,000,000) | (254,000,000) | |
Transfers Into Level 3 | 7,000,000 | 4,000,000 | 13,000,000 | 46,000,000 | |
Transfers Out of Level 3 | (19,000,000) | (29,000,000) | (45,000,000) | (67,000,000) | |
Ending Balance | 9,719,000,000 | 10,692,000,000 | 9,719,000,000 | 10,692,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 223,000,000 | 43,000,000 | 237,000,000 | 59,000,000 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 638,000,000 | 710,000,000 | 633,000,000 | 716,000,000 | 638,000,000 |
Included in earnings | (12,000,000) | 23,000,000 | 30,000,000 | 67,000,000 | |
Sales | 1,000,000 | 1,000,000 | 1,000,000 | ||
Issuances | 21,000,000 | 10,000,000 | 46,000,000 | 19,000,000 | |
Settlements | (47,000,000) | (29,000,000) | (120,000,000) | (88,000,000) | |
Ending Balance | 673,000,000 | 637,000,000 | 673,000,000 | 637,000,000 | |
Unrealized gains or (losses) on liabilities held on Consolidated Balance Sheet | (25,000,000) | 16,000,000 | (17,000,000) | 22,000,000 | |
Fair Value Additional Information [Abstract] | |||||
Net gains (losses) included in earnings (realized and unrealized) relating to Level 3 assets and liabilities | 288,000,000 | 87,000,000 | 356,000,000 | 128,000,000 | |
Amortization and accretion included in earnings relating to Level 3 assets and liabilities | 37,000,000 | 44,000,000 | 77,000,000 | 85,000,000 | |
Net unrealized gains (losses) relating to Level 3 assets and liabilities | 248,000,000 | 27,000,000 | 254,000,000 | 37,000,000 | |
Available-for-sale Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 6,370,000,000 | 5,338,000,000 | 6,239,000,000 | 5,525,000,000 | 6,370,000,000 |
Included in earnings | 36,000,000 | 44,000,000 | 75,000,000 | 81,000,000 | |
Included in other comprehensive income | (3,000,000) | 44,000,000 | (14,000,000) | 118,000,000 | |
Purchases | 1,000,000 | 3,000,000 | 1,000,000 | ||
Sales | (1,000,000) | (7,000,000) | |||
Settlements | (367,000,000) | (225,000,000) | (585,000,000) | (461,000,000) | |
Ending Balance | 5,004,000,000 | 6,102,000,000 | 5,004,000,000 | 6,102,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | (1,000,000) | (1,000,000) | (3,000,000) | ||
Available-for-sale Securities [Member] | Residential mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 5,358,000,000 | 4,624,000,000 | 5,234,000,000 | 4,798,000,000 | 5,358,000,000 |
Included in earnings | 30,000,000 | 40,000,000 | 55,000,000 | 74,000,000 | |
Included in other comprehensive income | (8,000,000) | 31,000,000 | (22,000,000) | 85,000,000 | |
Settlements | (222,000,000) | (198,000,000) | (407,000,000) | (410,000,000) | |
Ending Balance | 4,424,000,000 | 5,107,000,000 | 4,424,000,000 | 5,107,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | (1,000,000) | (1,000,000) | (3,000,000) | ||
Available-for-sale Securities [Member] | Commercial mortgage-backed securities [Member] | Mortgage-backed Securities Non-agency [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Included in earnings | 1,000,000 | 8,000,000 | |||
Settlements | (1,000,000) | (8,000,000) | |||
Available-for-sale Securities [Member] | Asset backed [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 641,000,000 | 548,000,000 | 642,000,000 | 563,000,000 | 641,000,000 |
Included in earnings | 5,000,000 | 4,000,000 | 11,000,000 | 8,000,000 | |
Included in other comprehensive income | 5,000,000 | 9,000,000 | 19,000,000 | ||
Settlements | (27,000,000) | (27,000,000) | (52,000,000) | (49,000,000) | |
Ending Balance | 531,000,000 | 619,000,000 | 531,000,000 | 619,000,000 | |
Available-for-sale Securities [Member] | State and Municipal [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 333,000,000 | 133,000,000 | 331,000,000 | 134,000,000 | 333,000,000 |
Included in earnings | (2,000,000) | ||||
Included in other comprehensive income | 13,000,000 | (1,000,000) | 14,000,000 | ||
Settlements | (117,000,000) | 1,000,000 | (117,000,000) | ||
Ending Balance | 16,000,000 | 345,000,000 | 16,000,000 | 345,000,000 | |
Available-for-sale Securities [Member] | Other debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 38,000,000 | 33,000,000 | 32,000,000 | 30,000,000 | 38,000,000 |
Included in earnings | 1,000,000 | 1,000,000 | |||
Purchases | 1,000,000 | 3,000,000 | 1,000,000 | ||
Sales | 0 | (1,000,000) | (7,000,000) | ||
Settlements | (1,000,000) | (1,000,000) | (2,000,000) | ||
Ending Balance | 33,000,000 | 31,000,000 | 33,000,000 | 31,000,000 | |
Financial Derivatives [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 36,000,000 | 54,000,000 | 30,000,000 | 42,000,000 | 36,000,000 |
Included in earnings | 16,000,000 | 59,000,000 | 87,000,000 | 119,000,000 | |
Purchases | 1,000,000 | 1,000,000 | 1,000,000 | ||
Settlements | (34,000,000) | (49,000,000) | (94,000,000) | (115,000,000) | |
Ending Balance | 36,000,000 | 41,000,000 | 36,000,000 | 41,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 33,000,000 | 47,000,000 | 76,000,000 | 80,000,000 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 439,000,000 | 529,000,000 | 440,000,000 | 526,000,000 | 439,000,000 |
Included in earnings | (15,000,000) | 30,000,000 | 26,000,000 | 70,000,000 | |
Sales | 1,000,000 | 1,000,000 | 1,000,000 | ||
Settlements | (17,000,000) | (16,000,000) | (55,000,000) | (56,000,000) | |
Ending Balance | 498,000,000 | 454,000,000 | 498,000,000 | 454,000,000 | |
Unrealized gains or (losses) on liabilities held on Consolidated Balance Sheet | (25,000,000) | 16,000,000 | (17,000,000) | 22,000,000 | |
Trading Securities - Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 32,000,000 | 3,000,000 | 32,000,000 | 32,000,000 | 32,000,000 |
Included in earnings | 1,000,000 | 1,000,000 | |||
Settlements | (29,000,000) | ||||
Ending Balance | 3,000,000 | 33,000,000 | 3,000,000 | 33,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 2,000,000 | 2,000,000 | |||
Trading Loans [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 2,000,000 | 7,000,000 | |||
Sales | (2,000,000) | (7,000,000) | |||
Ending Balance | 0 | 0 | |||
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 1,087,000,000 | 839,000,000 | 1,039,000,000 | 845,000,000 | 1,087,000,000 |
Included in earnings | 135,000,000 | (57,000,000) | 68,000,000 | (116,000,000) | |
Purchases | 67,000,000 | 150,000,000 | 17,000,000 | ||
Issuances | 21,000,000 | 20,000,000 | 38,000,000 | 43,000,000 | |
Settlements | (47,000,000) | (35,000,000) | (86,000,000) | (64,000,000) | |
Ending Balance | 1,015,000,000 | 967,000,000 | 1,015,000,000 | 967,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 134,000,000 | (57,000,000) | 72,000,000 | (114,000,000) | |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 494,000,000 | 529,000,000 | 506,000,000 | ||
Included in earnings | 34,000,000 | (11,000,000) | 18,000,000 | (25,000,000) | |
Purchases | 17,000,000 | 9,000,000 | 28,000,000 | 16,000,000 | |
Issuances | 20,000,000 | 10,000,000 | 34,000,000 | 17,000,000 | |
Settlements | 552,000,000 | (22,000,000) | (22,000,000) | (43,000,000) | 507,000,000 |
Ending Balance | 543,000,000 | 515,000,000 | 543,000,000 | 515,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 34,000,000 | (11,000,000) | 18,000,000 | (25,000,000) | |
Loans Held For Sale [Member] | Residential Mortgage [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 8,000,000 | 7,000,000 | 5,000,000 | 6,000,000 | 8,000,000 |
Included in earnings | 1,000,000 | 1,000,000 | |||
Purchases | 11,000,000 | 3,000,000 | 17,000,000 | 8,000,000 | |
Sales | (2,000,000) | (1,000,000) | (2,000,000) | (3,000,000) | |
Settlements | (1,000,000) | (1,000,000) | (1,000,000) | (1,000,000) | |
Transfers Into Level 3 | 1,000,000 | 1,000,000 | 2,000,000 | 4,000,000 | |
Transfers Out of Level 3 | (6,000,000) | (4,000,000) | (12,000,000) | (13,000,000) | |
Ending Balance | 10,000,000 | 4,000,000 | 10,000,000 | 4,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 1,000,000 | 1,000,000 | |||
Loans Held For Sale [Member] | Commercial Mortgage [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 586,000,000 | 975,000,000 | 577,000,000 | 893,000,000 | 586,000,000 |
Included in earnings | 23,000,000 | 5,000,000 | 44,000,000 | 7,000,000 | |
Sales | (56,000,000) | (56,000,000) | |||
Issuances | 1,008,000,000 | 2,091,000,000 | |||
Settlements | (1,193,000,000) | (61,000,000) | (2,215,000,000) | (72,000,000) | |
Ending Balance | 757,000,000 | 521,000,000 | 757,000,000 | 521,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 5,000,000 | 2,000,000 | 7,000,000 | ||
Equity Investments [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 1,664,000,000 | 1,591,000,000 | 1,757,000,000 | 1,621,000,000 | 1,664,000,000 |
Included in earnings | 48,000,000 | 53,000,000 | 91,000,000 | 105,000,000 | |
Purchases | 100,000,000 | 105,000,000 | 146,000,000 | 180,000,000 | |
Sales | (123,000,000) | (120,000,000) | (242,000,000) | (155,000,000) | |
Settlements | (2,000,000) | (1,000,000) | |||
Ending Balance | 1,616,000,000 | 1,793,000,000 | 1,616,000,000 | 1,793,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 42,000,000 | 44,000,000 | 73,000,000 | 94,000,000 | |
Equity Investments [Member] | Direct equity investments [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 1,069,000,000 | 1,149,000,000 | 1,163,000,000 | 1,152,000,000 | 1,069,000,000 |
Included in earnings | 27,000,000 | 38,000,000 | 56,000,000 | 72,000,000 | |
Purchases | 95,000,000 | 99,000,000 | 138,000,000 | 168,000,000 | |
Sales | (80,000,000) | (81,000,000) | (155,000,000) | (90,000,000) | |
Ending Balance | 1,191,000,000 | 1,219,000,000 | 1,191,000,000 | 1,219,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 22,000,000 | 30,000,000 | 40,000,000 | 63,000,000 | |
Equity Investments [Member] | Indirect Equity Investments [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 595,000,000 | 442,000,000 | 594,000,000 | 469,000,000 | 595,000,000 |
Included in earnings | 21,000,000 | 15,000,000 | 35,000,000 | 33,000,000 | |
Purchases | 5,000,000 | 6,000,000 | 8,000,000 | 12,000,000 | |
Sales | (43,000,000) | (39,000,000) | (87,000,000) | (65,000,000) | |
Settlements | (2,000,000) | (1,000,000) | |||
Ending Balance | 425,000,000 | 574,000,000 | 425,000,000 | 574,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 20,000,000 | 14,000,000 | 33,000,000 | 31,000,000 | |
Loans [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 527,000,000 | 383,000,000 | 518,000,000 | 397,000,000 | 527,000,000 |
Included in earnings | 5,000,000 | 10,000,000 | 15,000,000 | 19,000,000 | |
Purchases | 23,000,000 | 25,000,000 | 55,000,000 | 24,000,000 | |
Sales | (4,000,000) | (132,000,000) | (8,000,000) | (138,000,000) | |
Settlements | (35,000,000) | (26,000,000) | (72,000,000) | (47,000,000) | |
Transfers Into Level 3 | 6,000,000 | 3,000,000 | 11,000,000 | 42,000,000 | |
Transfers Out of Level 3 | (13,000,000) | (25,000,000) | (33,000,000) | (54,000,000) | |
Ending Balance | 365,000,000 | 373,000,000 | 365,000,000 | 373,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 1,000,000 | 8,000,000 | 9,000,000 | 14,000,000 | |
Other Assets [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 340,000,000 | 392,000,000 | 338,000,000 | 383,000,000 | 340,000,000 |
Included in earnings | (21,000,000) | 5,000,000 | (12,000,000) | 3,000,000 | |
Settlements | (1,000,000) | (1,000,000) | |||
Ending Balance | 370,000,000 | 343,000,000 | 370,000,000 | 343,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | (21,000,000) | 5,000,000 | (12,000,000) | 3,000,000 | |
Other Assets [Member] | Other Assets [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 |
Settlements | (1,000,000) | (1,000,000) | |||
Ending Balance | 7,000,000 | 8,000,000 | 7,000,000 | 8,000,000 | |
Other Assets [Member] | BlackRock Series C Preferred Stock | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 332,000,000 | 384,000,000 | 330,000,000 | 375,000,000 | 332,000,000 |
Included in earnings | (21,000,000) | 5,000,000 | (12,000,000) | 3,000,000 | |
Ending Balance | 363,000,000 | 335,000,000 | 363,000,000 | 335,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | (21,000,000) | 5,000,000 | (12,000,000) | 3,000,000 | |
Other Borrowed Funds [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | $ 199,000,000 | 171,000,000 | 193,000,000 | 181,000,000 | 199,000,000 |
Included in earnings | 3,000,000 | (7,000,000) | 3,000,000 | (3,000,000) | |
Issuances | 21,000,000 | 10,000,000 | 46,000,000 | 19,000,000 | |
Settlements | (30,000,000) | (13,000,000) | (65,000,000) | (32,000,000) | |
Ending Balance | 165,000,000 | $ 183,000,000 | 165,000,000 | $ 183,000,000 | |
Other Liabilities | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 10,000,000 | 9,000,000 | |||
Included in earnings | 1,000,000 | ||||
Ending Balance | $ 10,000,000 | $ 10,000,000 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements- Recurring Quantitative Information) (Details) - Fair Value, Measurements, Recurring [Member] - Level 3 [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 9,719 | $ 10,257 |
Recurring Liabilities - Fair Value | 673 | 716 |
Total Recurring Assets Net of Recurring Liabilities - Fair Value | 9,046 | 9,541 |
Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 4,424 | $ 4,798 |
Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 1.00% | 1.00% |
Constant default rate (CDR) | 0.00% | 0.00% |
Loss Severity | 10.00% | 6.10% |
Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 24.20% | 28.90% |
Constant default rate (CDR) | 16.70% | 16.70% |
Loss Severity | 98.50% | 100.00% |
Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 6.90% | 6.80% |
Constant default rate (CDR) | 5.40% | 5.60% |
Loss Severity | 53.10% | 53.10% |
Spread over the benchmark curve | 2.42% | 2.49% |
Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Third Party Pricing Services Available [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 3,749 | $ 4,081 |
Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Third Party Pricing Services Unavailable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | 675 | 717 |
Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 531 | $ 563 |
Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 1.00% | 1.00% |
Constant default rate (CDR) | 1.70% | 1.70% |
Loss Severity | 15.00% | 14.60% |
Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 15.70% | 15.70% |
Constant default rate (CDR) | 13.90% | 13.90% |
Loss Severity | 100.00% | 100.00% |
Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 6.40% | 5.90% |
Constant default rate (CDR) | 6.90% | 7.60% |
Loss Severity | 76.40% | 73.50% |
Spread over the benchmark curve | 3.08% | 3.52% |
Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Third Party Pricing Services Available [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 500 | $ 532 |
Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Third Party Pricing Services Unavailable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | 31 | 31 |
Available-for-sale Securities [Member] | State and Municipal [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 132 | |
Available-for-sale Securities [Member] | State and Municipal [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 0.55% | |
Available-for-sale Securities [Member] | State and Municipal [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 1.65% | |
Available-for-sale Securities [Member] | State and Municipal [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 0.67% | |
Available-for-sale Securities [Member] | State and Municipal [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 2 | |
Available-for-sale Securities [Member] | State and Municipal [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 0.00% | |
Available-for-sale Securities [Member] | State and Municipal [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 20.00% | |
Available-for-sale Securities [Member] | State and Municipal [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 14.90% | |
Available-for-sale Securities [Member] | Other Debt Securities [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 33 | $ 30 |
Available-for-sale Securities [Member] | Other Debt Securities [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 7.00% | 7.00% |
Available-for-sale Securities [Member] | Other Debt Securities [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 100.00% | 95.00% |
Available-for-sale Securities [Member] | Other Debt Securities [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 88.40% | 88.60% |
Trading Securities - Debt [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 32 | |
Trading Securities - Debt [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 0.00% | |
Trading Securities - Debt [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 15.00% | |
Trading Securities - Debt [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 8.00% | |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 1,015 | $ 845 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.30% | 3.80% |
Spread over the benchmark curve | 5.58% | 8.89% |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 38.40% | 32.70% |
Spread over the benchmark curve | 18.61% | 18.88% |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 9.70% | 11.20% |
Spread over the benchmark curve | 9.66% | 10.36% |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 543 | $ 506 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 4.80% | 7.00% |
Discount rate | 3.50% | 2.50% |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 13.80% | 16.80% |
Discount rate | 9.10% | 8.60% |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 5.90% | 8.00% |
Discount rate | 7.60% | 6.60% |
Loans Held For Sale [Member] | Commercial Mortgage [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 757 | $ 893 |
Loans Held For Sale [Member] | Commercial Mortgage [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 0.32% | 0.37% |
Estimated servicing cash flows | 0.00% | 0.00% |
Loans Held For Sale [Member] | Commercial Mortgage [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 31.15% | 40.25% |
Estimated servicing cash flows | 5.20% | 2.00% |
Loans Held For Sale [Member] | Commercial Mortgage [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 4.55% | 5.49% |
Estimated servicing cash flows | 2.50% | 1.20% |
Equity Investments [Member] | Direct equity investments [Member] | Multiple Of Adjusted Earnings [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 1,191 | $ 1,152 |
Equity Investments [Member] | Direct equity investments [Member] | Multiple Of Adjusted Earnings [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 4.2 | 3.2 |
Equity Investments [Member] | Direct equity investments [Member] | Multiple Of Adjusted Earnings [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 14 | 13.9 |
Equity Investments [Member] | Direct equity investments [Member] | Multiple Of Adjusted Earnings [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 7.7 | 7.7 |
Equity Investments [Member] | Indirect Equity Investments [Member] | Net Asset Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 425 | $ 469 |
Loans - Residential real estate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 123 | $ 154 |
Loans - Residential real estate [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss Severity | 8.00% | 8.00% |
Discount rate | 3.50% | 3.40% |
Loans - Residential real estate [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 123 | $ 114 |
Loans - Residential real estate [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss Severity | 0.00% | 0.00% |
Cumulative default rate | 2.00% | 2.00% |
Discount rate | 4.90% | 5.40% |
Loans - Residential real estate [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss Severity | 100.00% | 100.00% |
Cumulative default rate | 100.00% | 100.00% |
Discount rate | 7.00% | 7.00% |
Loans - Residential real estate [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss Severity | 30.20% | 35.60% |
Cumulative default rate | 86.60% | 90.50% |
Discount rate | 5.10% | 6.40% |
Loans - Home equity [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 119 | $ 129 |
Loans - Home equity [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 26.00% | 26.00% |
Loans - Home equity [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 99.00% | 99.00% |
Loans - Home equity [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 52.00% | 51.00% |
Other Assets [Member] | BlackRock Series C Preferred Stock | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 363 | $ 375 |
Other Assets [Member] | BlackRock Series C Preferred Stock | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liquidity Discount | 20.00% | 20.00% |
Other Assets [Member] | BlackRock Series C Preferred Stock | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liquidity Discount | 20.00% | 20.00% |
Other Assets [Member] | BlackRock Series C Preferred Stock | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liquidity Discount | 20.00% | 20.00% |
Financial Derivatives [Member] | BlackRock LTIP [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Liabilities - Fair Value | $ 363 | $ 375 |
Financial Derivatives [Member] | BlackRock LTIP [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liquidity Discount | 20.00% | 20.00% |
Financial Derivatives [Member] | BlackRock LTIP [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liquidity Discount | 20.00% | 20.00% |
Financial Derivatives [Member] | BlackRock LTIP [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liquidity Discount | 20.00% | 20.00% |
Financial Derivatives [Member] | Visa Class B Swap [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Liabilities - Fair Value | $ 122 | $ 135 |
Financial Derivatives [Member] | Visa Class B Swap [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated conversion factor of Class B shares into Class A shares | 164.30% | 41.10% |
Estimated growth rate of Visa Class A share price | 17.30% | 14.80% |
Financial Derivatives [Member] | Visa Class B Swap [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated conversion factor of Class B shares into Class A shares | 164.30% | 41.10% |
Estimated growth rate of Visa Class A share price | 17.30% | 14.80% |
Financial Derivatives [Member] | Visa Class B Swap [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated conversion factor of Class B shares into Class A shares | 164.30% | 41.10% |
Estimated growth rate of Visa Class A share price | 17.30% | 14.80% |
Other borrowed funds [Member] | Non-Agency Securitization [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Liabilities - Fair Value | $ 154 | $ 166 |
Other borrowed funds [Member] | Non-Agency Securitization [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 1.12% | 1.13% |
Credit and Liquidity discount | 0.00% | 0.00% |
Other borrowed funds [Member] | Non-Agency Securitization [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 1.12% | 1.13% |
Credit and Liquidity discount | 99.00% | 99.00% |
Other borrowed funds [Member] | Non-Agency Securitization [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 1.12% | 1.13% |
Credit and Liquidity discount | 18.00% | 18.00% |
Insignificant Assets, Net of Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 38 | $ 23 |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - Types of Financial Instruments [Domain] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | $ 162 | $ 162 | |||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | $ 269 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Loans Held For Sale [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 8 | ||||
Nonrecurring Assets - Gains (Losses) | $ (1) | $ (1) | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 261 | ||||
Nonrecurring Assets - Gains (Losses) | (32) | (28) | (46) | (43) | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Nonaccrual Loans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 33 | 33 | 54 | ||
Nonrecurring Assets - Gains (Losses) | (15) | (11) | (15) | (15) | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Equity Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 17 | ||||
Nonrecurring Assets - Gains (Losses) | (3) | (3) | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | OREO and Foreclosed Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 110 | 110 | 168 | ||
Nonrecurring Assets - Gains (Losses) | (12) | (7) | (18) | (15) | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived assets held for sale [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 19 | 19 | $ 22 | ||
Nonrecurring Assets - Gains (Losses) | $ (5) | $ (6) | $ (13) | $ (9) |
Fair Value (Fair Value Measur71
Fair Value (Fair Value Measurements- Nonrecurring Quantitative Information) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | $ 162 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | $ 269 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 261 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 143 | 215 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Nonaccrual Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 33 | 54 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Nonaccrual Loans [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 14 | 25 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Nonaccrual Loans [Member] | LGD percentage [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | $ 19 | $ 29 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Nonaccrual Loans [Member] | LGD percentage [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss Severity | 10.90% | 2.90% |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Nonaccrual Loans [Member] | LGD percentage [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss Severity | 99.20% | 68.50% |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Nonaccrual Loans [Member] | LGD percentage [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss Severity | 44.10% | 42.10% |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Equity Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | $ 17 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Equity Investments [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market rate of return | 6.00% | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Equity Investments [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market rate of return | 6.00% | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Equity Investments [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market rate of return | 6.00% | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | OREO and Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | $ 110 | $ 168 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | OREO and Foreclosed Assets [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 110 | 168 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived assets held for sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 19 | 22 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived assets held for sale [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | $ 19 | $ 22 |
Fair Value (Fair Value Option -
Fair Value (Fair Value Option - Changes in Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Customer Resale Agreements [Member] | ||||
Gains (Losses) - FVO: Changes in Fair Value | $ (1) | |||
Trading Loans [Member] | ||||
Gains (Losses) - FVO: Changes in Fair Value | $ 1 | $ 1 | $ 2 | 1 |
Loans Held For Sale [Member] | Commercial Mortgage [Member] | ||||
Gains (Losses) - FVO: Changes in Fair Value | 31 | 5 | 56 | 7 |
Loans Held For Sale [Member] | Residential Mortgage [Member] | ||||
Gains (Losses) - FVO: Changes in Fair Value | 25 | 64 | 71 | 129 |
Loans - Portfolio [Member] | Residential Mortgage [Member] | ||||
Gains (Losses) - FVO: Changes in Fair Value | 13 | 59 | 29 | 87 |
BlackRock Series C Preferred Stock | ||||
Gains (Losses) - FVO: Changes in Fair Value | (21) | 5 | (12) | 3 |
Other Borrowed Funds [Member] | ||||
Gains (Losses) - FVO: Changes in Fair Value | $ (2) | $ 7 | $ (2) | $ 3 |
Fair Value (Fair Value Option73
Fair Value (Fair Value Option - Fair Value and Principal Balances) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Customer Resale Agreements [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | $ 150 | $ 155 |
Aggregate Unpaid Principal Balance - Assets | 143 | 148 |
Difference - Assets | 7 | 7 |
Trading Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 48 | 37 |
Aggregate Unpaid Principal Balance - Assets | 48 | 37 |
Loans Held For Sale [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 1,364 | 1,261 |
Aggregate Unpaid Principal Balance - Assets | 1,328 | 1,202 |
Difference - Assets | 36 | 59 |
Loans Held For Sale [Member] | Commercial Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 757 | 893 |
Aggregate Unpaid Principal Balance - Assets | 771 | 972 |
Difference - Assets | (14) | (79) |
Loans Held For Sale [Member] | Performing Loans [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 1,338 | 1,236 |
Aggregate Unpaid Principal Balance - Assets | 1,300 | 1,176 |
Difference - Assets | 38 | 60 |
Loans Held For Sale [Member] | Performing Loans [Member] | Commercial Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 755 | 873 |
Aggregate Unpaid Principal Balance - Assets | 768 | 908 |
Difference - Assets | (13) | (35) |
Loans Held For Sale [Member] | Accruing loans 90 days or more past due | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 3 | 9 |
Aggregate Unpaid Principal Balance - Assets | 3 | 9 |
Loans Held For Sale [Member] | Nonaccrual Loans [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 23 | 16 |
Aggregate Unpaid Principal Balance - Assets | 25 | 17 |
Difference - Assets | (2) | (1) |
Loans Held For Sale [Member] | Nonaccrual Loans [Member] | Commercial Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 2 | 20 |
Aggregate Unpaid Principal Balance - Assets | 3 | 64 |
Difference - Assets | (1) | (44) |
Loans - Portfolio [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 941 | 1,034 |
Aggregate Unpaid Principal Balance - Assets | 1,157 | 1,278 |
Difference - Assets | (216) | (244) |
Loans - Portfolio [Member] | Performing Loans [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 230 | 194 |
Aggregate Unpaid Principal Balance - Assets | 289 | 256 |
Difference - Assets | (59) | (62) |
Loans - Portfolio [Member] | Accruing loans 90 days or more past due | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 468 | 570 |
Aggregate Unpaid Principal Balance - Assets | 471 | 573 |
Difference - Assets | (3) | (3) |
Loans - Portfolio [Member] | Nonaccrual Loans [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 243 | 270 |
Aggregate Unpaid Principal Balance - Assets | 397 | 449 |
Difference - Assets | (154) | (179) |
Other Borrowed Funds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Liabilities | 224 | 273 |
Aggregate Unpaid Principal Balance - Liabilities | 260 | 312 |
Difference - Liabilities | $ (36) | $ (39) |
Fair Value (Additional Fair Val
Fair Value (Additional Fair Value Information Related To Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Carrying Amount [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | $ 4,412 | $ 4,360 |
Short-term assets | 36,743 | 34,380 |
Securities held to maturity | 13,683 | 11,588 |
Loans held for sale | 236 | 108 |
Net loans (excludes leases) | 192,980 | 192,573 |
Other assets | 1,936 | 1,879 |
Total assets | 249,990 | 244,888 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 56,931 | 55,329 |
Unfunded loan commitments and letters of credit | 228 | 240 |
Total liabilities | 296,863 | 287,803 |
Carrying Amount [Member] | Demand, savings and money market deposits [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 219,114 | 210,838 |
Carrying Amount [Member] | Time deposits [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 20,590 | 21,396 |
Fair Value [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 4,412 | 4,360 |
Short-term assets | 36,743 | 34,380 |
Securities held to maturity | 13,928 | 11,984 |
Loans held for sale | 236 | 108 |
Net loans (excludes leases) | 194,807 | 194,564 |
Other assets | 2,531 | 2,544 |
Total assets | 252,657 | 247,940 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 57,316 | 56,011 |
Unfunded loan commitments and letters of credit | 228 | 240 |
Total liabilities | 297,167 | 288,481 |
Fair Value [Member] | Demand, savings and money market deposits [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 219,114 | 210,838 |
Fair Value [Member] | Time deposits [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 20,509 | 21,392 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 4,412 | 4,360 |
Securities held to maturity | 290 | 292 |
Total assets | 4,702 | 4,652 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Short-term assets | 36,743 | 34,380 |
Securities held to maturity | 13,631 | 11,683 |
Loans held for sale | 203 | 56 |
Other assets | 1,882 | 1,802 |
Total assets | 52,459 | 47,921 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 56,020 | 54,574 |
Total liabilities | 295,643 | 286,804 |
Fair Value [Member] | Level 2 [Member] | Demand, savings and money market deposits [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 219,114 | 210,838 |
Fair Value [Member] | Level 2 [Member] | Time deposits [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 20,509 | 21,392 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | 7 | 9 |
Loans held for sale | 33 | 52 |
Net loans (excludes leases) | 194,807 | 194,564 |
Other assets | 649 | 742 |
Total assets | 195,496 | 195,367 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 1,296 | 1,437 |
Unfunded loan commitments and letters of credit | 228 | 240 |
Total liabilities | $ 1,524 | $ 1,677 |
Goodwill and Other Intangible75
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Mortgage servicing rights | $ 1,558 | $ 1,351 |
Customer-Related and Other Intangible Assets [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset Useful Life | 1 year | |
Customer-Related and Other Intangible Assets [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset Useful Life | 10 years | |
Customer-Related and Other Intangible Assets [Member] | Weighted Average [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset Useful Life | 6 years |
Goodwill and Other Intangible76
Goodwill and Other Intangible Assets (Goodwill by Business Segment) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Goodwill | $ 9,103 | $ 9,103 |
Retail Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 5,795 | 5,795 |
Corporate & Institutional Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 3,244 | 3,244 |
Asset Management Group [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 64 | $ 64 |
Goodwill and Other Intangible77
Goodwill and Other Intangible Assets (Mortgage Servicing Rights) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Servicing Assets At Fair Value [Line Items] | ||
Mortgage servicing rights, beginning balance | $ 1,351 | |
Mortgage servicing rights, ending balance | 1,558 | |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Mortgage servicing rights, beginning balance | 845 | $ 1,087 |
Mortgage servicing rights, ending balance | 1,015 | 967 |
Unpaid principal balance of loans serviced for others at end of period | 115,454 | 110,933 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Time and Payoffs [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Changes in Fair Value | (86) | (64) |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Other [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Changes in Fair Value | 68 | (116) |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | From loans sold with servicing retained [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Additions | 38 | 43 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Purchases [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Additions | 150 | 17 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Mortgage servicing rights, beginning balance | 506 | 552 |
Mortgage servicing rights, ending balance | 543 | 515 |
Unpaid principal balance of loans serviced for others at end of period | 144,416 | 143,226 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Time and Payoffs [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Changes in Fair Value | (43) | (45) |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Other [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Changes in Fair Value | 18 | (25) |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | From loans sold with servicing retained [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Additions | 34 | 17 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Purchases [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Additions | $ 28 | $ 16 |
Goodwill and Other Intangible78
Goodwill and Other Intangible Assets (Commercial and Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
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 | $ 1,558 | $ 1,351 | ||
Servicing Contracts [Member] | Commercial Mortgage [Member] | ||||
Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of Adverse Change In Assumption [Line Items] | ||||
Fair Value | $ 543 | $ 506 | $ 515 | $ 552 |
Weighted-average life | 4 years 11 months | 4 years 8 months | ||
Weighted-average constant prepayment rate | 5.94% | 8.03% | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 10 | $ 10 | ||
Decline in fair value from 20% adverse change in prepayment rate | $ 20 | $ 19 | ||
Effective discount rate | 7.62% | 6.59% | ||
Decline in fair value from 10% adverse change in interest rate | $ 15 | $ 13 | ||
Decline in fair value from 20% adverse change in interest rate | 29 | 26 | ||
Servicing Contracts [Member] | Residential Mortgage [Member] | ||||
Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of Adverse Change In Assumption [Line Items] | ||||
Fair Value | $ 1,015 | $ 845 | $ 967 | $ 1,087 |
Weighted-average life | 6 years 9 months | 6 years 1 month | ||
Weighted-average constant prepayment rate | 9.69% | 11.16% | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 41 | $ 36 | ||
Decline in fair value from 20% adverse change in prepayment rate | $ 78 | $ 69 | ||
Effective discount rate | 9.66% | 10.36% | ||
Decline in fair value from 10% adverse change in adjusted spread | $ 37 | $ 31 | ||
Decline in fair value from 20% adverse change in adjusted spread | $ 72 | $ 61 |
Goodwill and Other Intangible79
Goodwill and Other Intangible Assets (Fees from Mortgage and Other Loan Servicing) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Fees from Mortgage and Other Loan Servicing | $ 127 | $ 127 | $ 248 | $ 256 |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill and Other Intangible Assets Disclosure [Abstract] | ||
Intangible Assets, Gross carrying amount | $ 1,499 | $ 1,502 |
Accumulated amortization | (1,064) | (1,009) |
Intangible Assets, Net Carrying Amount | $ 435 | $ 493 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets (Amortization Expense on Existing Intangible Assets) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill and Other Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 58 | $ 65 |
Future amortization expense to be recognized during remainder of 2015 | 56 | |
Future amortization expense to be recognized during 2016 | 97 | |
Future amortization expense to be recognized during 2017 | 83 | |
Future amortization expense to be recognized during 2018 | 72 | |
Future amortization expense to be recognized during 2019 | 61 | |
Future amortization expense to be recognized during 2020 | $ 37 |
Certain Employee Benefit and 82
Certain Employee Benefit and Stock Based Compensation Plans (Narrative) (Details) - USD ($) shares in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 88,000,000 | $ 104,000,000 |
Unamortized share-based compensation expense related to nonvested equity compensation arrangements | $ 252,000,000 | |
Period over which unamortized share-based compensation expense will be amortized. | 5 years | |
Treasury stock activity (in shares) | 1.1 | |
Nonvested cash-payable incentive/performance units and restricted share units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate intrinsic value | $ 74,000,000 | |
Service based vesting period | 3 years | |
Unamortized compensation expense amortization period | 4 years |
Certain Employee Benefit and 83
Certain Employee Benefit and Stock Based Compensation Plans (Net Periodic Pension and Postretirement Benefits Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Qualified Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 26 | $ 26 | $ 53 | $ 51 |
Interest cost | 45 | 47 | 89 | 94 |
Expected return on plan assets | (74) | (72) | (148) | (144) |
Amortization of prior service cost/(credit) | (2) | (2) | (4) | (4) |
Amortization of actuarial losses | 8 | 15 | ||
Net periodic cost/(benefit) | 3 | (1) | 5 | (3) |
Nonqualified Retirement Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 1 | 2 |
Interest cost | 3 | 3 | 6 | 6 |
Amortization of actuarial losses | 1 | 1 | 3 | 2 |
Net periodic cost/(benefit) | 5 | 5 | 10 | 10 |
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 1 | 3 | 2 |
Interest cost | 3 | 4 | 7 | 8 |
Net periodic cost/(benefit) | $ 5 | $ 5 | $ 10 | $ 10 |
Certain Employee Benefit and 84
Certain Employee Benefit and Stock Based Compensation Plans (Stock Option Rollforward) (Details) - Jun. 30, 2015 - $ / shares | Total |
Total Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, beginning balance | 7,044,000 |
Exercised | (1,533,000) |
Cancelled | (42,000) |
Outstanding, ending balance | 5,469,000 |
Exercisable, Shares | 5,421,000 |
Weighted-average exercise price, beginning of period | $ 82.17 |
Weighted-average exercise price, exercised | 59.42 |
Weighted-average exercise price, cancelled | 187.83 |
Weighted-average exercise price, end of period | 87.73 |
Exercisable, Weighted-average exercise price of shares | $ 87.94 |
PNC [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, beginning balance | 6,701,000 |
Exercised | (1,533,000) |
Cancelled | (28,000) |
Outstanding, ending balance | 5,140,000 |
Exercisable, Shares | 5,092,000 |
Weighted-average exercise price, beginning of period | $ 56.41 |
Weighted-average exercise price, exercised | 59.42 |
Weighted-average exercise price, cancelled | 44.42 |
Weighted-average exercise price, end of period | 55.58 |
Exercisable, Weighted-average exercise price of shares | $ 55.5 |
PNC Options Converted From National City Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, beginning balance | 343,000 |
Cancelled | (14,000) |
Outstanding, ending balance | 329,000 |
Exercisable, Shares | 329,000 |
Weighted-average exercise price, beginning of period | $ 585.23 |
Weighted-average exercise price, cancelled | 474.12 |
Weighted-average exercise price, end of period | 590.02 |
Exercisable, Weighted-average exercise price of shares | $ 590.02 |
Certain Employee Benefit and 85
Certain Employee Benefit and Stock Based Compensation Plans (Nonvested Incentive Performance Unit Share Awards and Restricted Stock Share Unit Awards - Rollforward) (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Nonvested Incentive / Performance Unit Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Beginning balance | 1,837,000 |
Granted | 649,000 |
Vested/Released | (682,000) |
Forfeited | (24,000) |
Outstanding, Ending balance | 1,780,000 |
Weighted-average grant date fair value, beginning of period | $ 69.84 |
Weighted-average grant date fair value, granted shares | 90.35 |
Weighted-average grant date fair value, vested/released shares | 66.17 |
Weighted-average grant date fair value, forfeited shares | 70.15 |
Weighted-average grant date fair value, end of period | $ 78.72 |
Nonvested Restricted Stock / Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Beginning balance | 3,652,000 |
Granted | 1,019,000 |
Vested/Released | (1,149,000) |
Forfeited | (90,000) |
Outstanding, Ending balance | 3,432,000 |
Weighted-average grant date fair value, beginning of period | $ 69.03 |
Weighted-average grant date fair value, granted shares | 92.17 |
Weighted-average grant date fair value, vested/released shares | 61.17 |
Weighted-average grant date fair value, forfeited shares | 76.96 |
Weighted-average grant date fair value, end of period | $ 78.41 |
Certain Employee Benefit and 86
Certain Employee Benefit and Stock Based Compensation Plans (Nonvested Cash-Payable Incentive Performance Units and Restricted Share Unit - Rollforward) (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2015shares | |
Nonvested Cash-Payable Incentive/Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Beginning balance | 177 |
Granted | 81 |
Vested/Released | (98) |
Forfeited | (43) |
Outstanding, Ending balance | 117 |
Nonvested cash-payable incentive/performance units and restricted share units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Beginning balance | 658 |
Granted | 347 |
Vested/Released | (349) |
Forfeited | (4) |
Outstanding, Ending balance | 652 |
Total - Nonvested Cash Payable Incentive/Performance Units and Restricted Share Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Beginning balance | 835 |
Granted | 428 |
Vested/Released | (447) |
Forfeited | (47) |
Outstanding, Ending balance | 769 |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Cash And Securities Held To Collateralize Net Derivative Assets | $ 681 | |
Cash And Securities Pledged To Collateralize Net Derivative Liabilities | 555 | |
Aggregate fair value of all derivative instruments with credit-risk-related contingent features | 600 | |
Collateral posted on derivative instruments with credit-risk-related contingent features | 500 | |
Maximum amount of collateral PNC would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered | $ 100 | |
Risk Participation Agreements Sold [Member] | ||
Derivative [Line Items] | ||
Minimum term of Risk Participation Agreements, years | 1 year | |
Credit Derivative Maximum Exposure Undiscounted | $ 115 | $ 124 |
Maximum term of Risk Participation Agreements, years | 22 years | |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Maximum length of time over which forecasted loan cash flows are hedged | 10 years | |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Pretax [Member] | ||
Derivative [Line Items] | ||
Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months | $ 256 | |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | After Tax [Member] | ||
Derivative [Line Items] | ||
Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months | $ 167 | |
Forward Contracts [Member] | Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Maximum length of time over which forecasted loan cash flows are hedged | 3 months | |
Forward Contracts [Member] | Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Pretax [Member] | ||
Derivative [Line Items] | ||
Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months | $ 19 | |
Forward Contracts [Member] | Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | After Tax [Member] | ||
Derivative [Line Items] | ||
Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months | $ 12 |
Financial Derivatives (Total Gr
Financial Derivatives (Total Gross Derivatives) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 4,851 | $ 5,234 |
Derivative Liability, Fair Value | 3,827 | 4,027 |
Derivative Notional Amount | 371,549 | 340,317 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 1,172 | 1,261 |
Derivative Liability, Fair Value | 225 | 186 |
Derivative Notional Amount | 53,342 | 49,061 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 3,679 | 3,973 |
Derivative Liability, Fair Value | 3,602 | 3,841 |
Derivative Notional Amount | $ 318,207 | $ 291,256 |
Financial Derivatives (Derivati
Financial Derivatives (Derivatives Designated As Hedging Instruments Under GAAP) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 4,851 | $ 5,234 |
Derivative Liability, Fair Value | 3,827 | 4,027 |
Derivative Notional Amount | 371,549 | 340,317 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 1,172 | 1,261 |
Derivative Liability, Fair Value | 225 | 186 |
Derivative Notional Amount | 53,342 | 49,061 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 3,679 | 3,973 |
Derivative Liability, Fair Value | 3,602 | 3,841 |
Derivative Notional Amount | 318,207 | 291,256 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 742 | 830 |
Derivative Liability, Fair Value | 184 | 176 |
Derivative Notional Amount | 27,710 | 25,163 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Receive Fixed Swaps [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 733 | 827 |
Derivative Liability, Fair Value | 59 | 38 |
Derivative Notional Amount | 23,713 | 20,930 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Pay Fixed Swaps [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 9 | 3 |
Derivative Liability, Fair Value | 125 | 138 |
Derivative Notional Amount | 3,997 | 4,233 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 430 | 425 |
Derivative Liability, Fair Value | 36 | 10 |
Derivative Notional Amount | 24,475 | 22,769 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Receive Fixed Swaps [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 427 | 400 |
Derivative Liability, Fair Value | 17 | 10 |
Derivative Notional Amount | 20,516 | 19,991 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Forward Purchase Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 3 | 25 |
Derivative Liability, Fair Value | 19 | |
Derivative Notional Amount | 3,959 | 2,778 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 6 | |
Derivative Liability, Fair Value | 5 | |
Derivative Notional Amount | $ 1,157 | $ 1,129 |
Financial Derivatives (Gains (L
Financial Derivatives (Gains (Losses) on Derivatives and Related Hedged Items - Fair Value Hedges) (Details) - Fair Value Hedging [Member] - Designated as Hedging Instrument [Member] - Interest Rate Contracts [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivatives Recognized in Income | $ (200,000,000) | $ 46,000,000 | $ (95,000,000) | $ 49,000,000 |
Gain (Loss) on Related Hedged Items Recognized in Income | 193,000,000 | (56,000,000) | 75,000,000 | (64,000,000) |
The ineffective portion of the change in value of our fair value hedge derivatives | (7,000,000) | (10,000,000) | (20,000,000) | (15,000,000) |
US Treasury and Government Agencies Securities [Member] | Investment Securities Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivatives Recognized in Income | 63,000,000 | (53,000,000) | 12,000,000 | (83,000,000) |
Gain (Loss) on Related Hedged Items Recognized in Income | (65,000,000) | 55,000,000 | (12,000,000) | 86,000,000 |
Other Debt Securities [Member] | Investment Securities Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivatives Recognized in Income | 1,000,000 | (2,000,000) | (1,000,000) | |
Gain (Loss) on Related Hedged Items Recognized in Income | (1,000,000) | 1,000,000 | 1,000,000 | |
Subordinated Debts [Member] | Borrowed Funds Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivatives Recognized in Income | (138,000,000) | 51,000,000 | (84,000,000) | 74,000,000 |
Gain (Loss) on Related Hedged Items Recognized in Income | 130,000,000 | (60,000,000) | 67,000,000 | (89,000,000) |
Bank Notes And Senior Debt [Member] | Borrowed Funds Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivatives Recognized in Income | (126,000,000) | 50,000,000 | (23,000,000) | 59,000,000 |
Gain (Loss) on Related Hedged Items Recognized in Income | $ 129,000,000 | $ (52,000,000) | $ 20,000,000 | $ (62,000,000) |
Financial Derivatives (Gains 91
Financial Derivatives (Gains (Losses) on Derivatives and Related Cash Flows - Cash Flow Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net unrealized gains (losses) on cash flow hedge derivatives | $ (170) | $ 81 | $ 69 | $ 76 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivatives Recognized in OCI (Effective Portion) | (102) | 138 | 196 | 210 |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 68 | 57 | 127 | 134 |
Net unrealized gains (losses) on cash flow hedge derivatives | (170) | 81 | 69 | 76 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 72 | 64 | 140 | 136 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Noninterest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (4) | $ (7) | $ (13) | $ (2) |
Financial Derivatives (Gains 92
Financial Derivatives (Gains (Losses) on Derivatives - Net Investment Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ (65) | $ (26) | $ (11) | $ (33) |
Financial Derivatives (Deriva93
Financial Derivatives (Derivatives Not Designated As Hedging Instruments under GAAP) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Notional Amount | $ 371,549,000,000 | $ 340,317,000,000 |
Derivative Asset, Fair Value | 4,851,000,000 | 5,234,000,000 |
Derivative Liability, Fair Value | 3,827,000,000 | 4,027,000,000 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 53,342,000,000 | 49,061,000,000 |
Derivative Asset, Fair Value | 1,172,000,000 | 1,261,000,000 |
Derivative Liability, Fair Value | 225,000,000 | 186,000,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 318,207,000,000 | 291,256,000,000 |
Derivative Asset, Fair Value | 3,679,000,000 | 3,973,000,000 |
Derivative Liability, Fair Value | 3,602,000,000 | 3,841,000,000 |
Not Designated as Hedging Instrument [Member] | Residential Mortgages [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 100,773,000,000 | 76,102,000,000 |
Derivative Asset, Fair Value | 806,000,000 | 846,000,000 |
Derivative Liability, Fair Value | 449,000,000 | 437,000,000 |
Not Designated as Hedging Instrument [Member] | Residential Mortgages [Member] | Residential Mortgage Servicing Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 89,786,000,000 | 68,976,000,000 |
Derivative Asset, Fair Value | 742,000,000 | 814,000,000 |
Derivative Liability, Fair Value | 428,000,000 | 416,000,000 |
Not Designated as Hedging Instrument [Member] | Residential Mortgages [Member] | Loan Sales Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 10,987,000,000 | 7,126,000,000 |
Derivative Asset, Fair Value | 64,000,000 | 32,000,000 |
Derivative Liability, Fair Value | 21,000,000 | 21,000,000 |
Not Designated as Hedging Instrument [Member] | Commercial Mortgage Banking [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 25,756,000,000 | 26,290,000,000 |
Derivative Asset, Fair Value | 73,000,000 | 85,000,000 |
Derivative Liability, Fair Value | 56,000,000 | 59,000,000 |
Not Designated as Hedging Instrument [Member] | Commercial Mortgage Banking [Member] | Credit Default Swap [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 83,000,000 | 95,000,000 |
Not Designated as Hedging Instrument [Member] | Commercial Mortgage Banking [Member] | Commercial Mortgage Banking Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 25,673,000,000 | 26,195,000,000 |
Derivative Asset, Fair Value | 73,000,000 | 85,000,000 |
Derivative Liability, Fair Value | 56,000,000 | 59,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 187,110,000,000 | 183,474,000,000 |
Derivative Asset, Fair Value | 2,765,000,000 | 2,956,000,000 |
Derivative Liability, Fair Value | 2,594,000,000 | 2,834,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 10,895,000,000 | 12,547,000,000 |
Derivative Asset, Fair Value | 215,000,000 | 223,000,000 |
Derivative Liability, Fair Value | 202,000,000 | 240,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | Risk Participation Agreement [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 5,076,000,000 | 5,124,000,000 |
Derivative Asset, Fair Value | 2,000,000 | 2,000,000 |
Derivative Liability, Fair Value | 5,000,000 | 4,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | Customer Related Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 171,139,000,000 | 165,803,000,000 |
Derivative Asset, Fair Value | 2,548,000,000 | 2,731,000,000 |
Derivative Liability, Fair Value | 2,387,000,000 | 2,590,000,000 |
Not Designated as Hedging Instrument [Member] | Other Risk Management Activity [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 4,568,000,000 | 5,390,000,000 |
Derivative Asset, Fair Value | 35,000,000 | 86,000,000 |
Derivative Liability, Fair Value | 503,000,000 | 511,000,000 |
Not Designated as Hedging Instrument [Member] | Other Risk Management Activity [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 833,000,000 | |
Derivative Asset, Fair Value | 1,000,000 | |
Not Designated as Hedging Instrument [Member] | Other Risk Management Activity [Member] | Credit Default Swap [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 15,000,000 | 15,000,000 |
Not Designated as Hedging Instrument [Member] | Other Risk Management Activity [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 2,519,000,000 | 2,661,000,000 |
Derivative Asset, Fair Value | 35,000,000 | 85,000,000 |
Derivative Liability, Fair Value | 18,000,000 | 1,000,000 |
Not Designated as Hedging Instrument [Member] | Other Risk Management Activity [Member] | Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 2,034,000,000 | 1,881,000,000 |
Derivative Liability, Fair Value | 485,000,000 | 510,000,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Residential Mortgage Servicing Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 35,043,000,000 | 32,459,000,000 |
Derivative Asset, Fair Value | 709,000,000 | 777,000,000 |
Derivative Liability, Fair Value | 396,000,000 | 394,000,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Commercial Mortgage Banking Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 3,793,000,000 | 3,801,000,000 |
Derivative Asset, Fair Value | 62,000,000 | 67,000,000 |
Derivative Liability, Fair Value | 49,000,000 | 48,000,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Customer Related Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 149,054,000,000 | 146,008,000,000 |
Derivative Asset, Fair Value | 2,455,000,000 | 2,632,000,000 |
Derivative Liability, Fair Value | 2,350,000,000 | 2,559,000,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member] | Residential Mortgage Servicing Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 3,176,000,000 | 1,498,000,000 |
Derivative Asset, Fair Value | 23,000,000 | 29,000,000 |
Derivative Liability, Fair Value | 21,000,000 | 22,000,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member] | Commercial Mortgage Banking Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 439,000,000 | 439,000,000 |
Derivative Asset, Fair Value | 1,000,000 | 2,000,000 |
Derivative Liability, Fair Value | 1,000,000 | 1,000,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member] | Customer Related Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 4,496,000,000 | 3,361,000,000 |
Derivative Asset, Fair Value | 59,000,000 | 62,000,000 |
Derivative Liability, Fair Value | 17,000,000 | 12,000,000 |
Not Designated as Hedging Instrument [Member] | Future [Member] | Residential Mortgage Servicing Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 19,177,000,000 | 22,084,000,000 |
Not Designated as Hedging Instrument [Member] | Future [Member] | Loan Sales Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 40,000,000 | 58,000,000 |
Not Designated as Hedging Instrument [Member] | Future [Member] | Commercial Mortgage Banking Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 20,146,000,000 | 19,913,000,000 |
Not Designated as Hedging Instrument [Member] | Future [Member] | Customer Related Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 2,433,000,000 | 3,112,000,000 |
Not Designated as Hedging Instrument [Member] | Future Options [Member] | Residential Mortgage Servicing Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 30,000,000,000 | 12,225,000,000 |
Derivative Asset, Fair Value | 6,000,000 | 4,000,000 |
Derivative Liability, Fair Value | 3,000,000 | |
Not Designated as Hedging Instrument [Member] | Residential Mortgage Loan Commitment [Member] | Loan Sales Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 2,437,000,000 | 1,852,000,000 |
Derivative Asset, Fair Value | 21,000,000 | 22,000,000 |
Not Designated as Hedging Instrument [Member] | Commercial Mortgage Loan Commitment [Member] | Commercial Mortgage Banking Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 1,295,000,000 | 2,042,000,000 |
Derivative Asset, Fair Value | 10,000,000 | 16,000,000 |
Derivative Liability, Fair Value | 6,000,000 | 10,000,000 |
Not Designated as Hedging Instrument [Member] | Bond Option [Member] | Loan Sales Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 300,000,000 | 300,000,000 |
Derivative Asset, Fair Value | 4,000,000 | |
Not Designated as Hedging Instrument [Member] | Caps Floors Sold [Member] | Customer Related Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 5,142,000,000 | 4,846,000,000 |
Derivative Liability, Fair Value | 15,000,000 | 16,000,000 |
Not Designated as Hedging Instrument [Member] | Caps Floors Purchased [Member] | Customer Related Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 6,462,000,000 | 6,339,000,000 |
Derivative Asset, Fair Value | 28,000,000 | 34,000,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Backed Securities Commitments [Member] | Residential Mortgage Servicing Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 2,390,000,000 | 710,000,000 |
Derivative Asset, Fair Value | 4,000,000 | 4,000,000 |
Derivative Liability, Fair Value | 8,000,000 | |
Not Designated as Hedging Instrument [Member] | Mortgage Backed Securities Commitments [Member] | Loan Sales Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 8,210,000,000 | 4,916,000,000 |
Derivative Asset, Fair Value | 39,000,000 | 10,000,000 |
Derivative Liability, Fair Value | 21,000,000 | 21,000,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Backed Securities Commitments [Member] | Customer Related Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 3,552,000,000 | 2,137,000,000 |
Derivative Asset, Fair Value | 6,000,000 | 3,000,000 |
Derivative Liability, Fair Value | $ 5,000,000 | $ 3,000,000 |
Financial Derivatives (Gains 94
Financial Derivatives (Gains (Losses) on Derivatives Not Designated As Hedging Instruments under GAAP) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | $ (52) | $ 66 | $ 277 | $ 149 |
Residential Mortgages [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | (36) | 47 | 83 | 98 |
Residential Mortgages [Member] | Residential Mortgage Servicing Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | (83) | 57 | 15 | 110 |
Residential Mortgages [Member] | Loan Sales Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 47 | (10) | 68 | (12) |
Commercial Mortgage Banking [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | (24) | 22 | 5 | 42 |
Commercial Mortgage Banking [Member] | Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | (25) | 23 | 5 | 43 |
Commercial Mortgage Banking [Member] | Credit Default Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 1 | (1) | (1) | |
Customer Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 62 | 32 | 67 | 58 |
Customer Contracts [Member] | Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 30 | 11 | 34 | 10 |
Customer Contracts [Member] | Credit Default Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | (1) | |||
Customer Contracts [Member] | Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 32 | 22 | 33 | 48 |
Other Risk Management Activity [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | (54) | (35) | 122 | (49) |
Other Risk Management Activity [Member] | Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 1 | (11) | 1 | (15) |
Other Risk Management Activity [Member] | Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | (69) | (5) | 114 | (7) |
Other Risk Management Activity [Member] | Other Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | $ 14 | $ (19) | $ 7 | $ (27) |
Financial Derivatives (Credit D
Financial Derivatives (Credit Default Swaps) (Details) - Credit Default Swap, Buying Protection [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Credit Derivatives [Line Items] | ||
Notional Amount | $ 98 | $ 110 |
Average term of credit risk derivatives | 19 years 1 month | 21 years 4 months |
Underlying Other Beneficiary Single Name [Member] | ||
Credit Derivatives [Line Items] | ||
Notional Amount | $ 50 | $ 50 |
Average term of credit risk derivatives | 5 years 2 months | 5 years 8 months |
Underlying Other Beneficiary Index Traded [Member] | ||
Credit Derivatives [Line Items] | ||
Notional Amount | $ 48 | $ 60 |
Average term of credit risk derivatives | 33 years 8 months | 34 years 2 months |
Financial Derivatives (Credit R
Financial Derivatives (Credit Ratings of Credit Default Swaps) (Details) - Credit Default Swap, Buying Protection [Member] - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Credit Derivatives [Line Items] | ||
Notional Amount | $ 98 | $ 110 |
External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Notional Amount | 83 | 95 |
External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Notional Amount | $ 15 | $ 15 |
Financial Derivatives (Referenc
Financial Derivatives (Referenced/Underlying Assets of Credit Default Swaps) (Details) - Credit Default Swap, Buying Protection [Member] | Jun. 30, 2015 | Dec. 31, 2014 |
Corporation Debt [Member] | ||
Credit Derivatives [Line Items] | ||
Credit Default Swaps Underlying Asset Liability Allocation | 51.00% | 45.00% |
Commercial Mortgage Backed Securities [Member] | ||
Credit Derivatives [Line Items] | ||
Credit Default Swaps Underlying Asset Liability Allocation | 49.00% | 55.00% |
Financial Derivatives (Risk Par
Financial Derivatives (Risk Participation Agreements Sold) (Details) - Risk Participation Agreements Sold [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Credit Derivatives [Line Items] | ||
Notional Amount | $ 2,669 | $ 2,796 |
Fair Value | $ (5) | $ (4) |
Average term of credit risk derivatives | 5 years | 5 years 5 months |
Financial Derivatives (Deriva99
Financial Derivatives (Derivative Assets and Liabilitites Offsetting) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | $ 4,851 | $ 5,234 |
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 3,827 | 4,027 |
Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 3,827 | 4,027 |
Derivative Liability, Fair Value Offset Amount | 1,945 | 2,141 |
Derivative Liability, Cash Collateral | 491 | 503 |
Derivative Liability, Net Fair Value | 1,391 | 1,383 |
Derivative Liability, Net | 1,391 | 1,383 |
Exchange Cleared [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 725 | 657 |
Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 4,851 | 5,234 |
Derivative Asset, Fair Value Offset Amount | 1,945 | 2,141 |
Derivative Asset, Cash Collateral | 349 | 506 |
Derivative Asset, Net Fair Value | 2,557 | 2,587 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 133 | 144 |
Derivative Asset, Net | 2,424 | 2,443 |
Exchange Cleared [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 889 | 807 |
Interest Rate Contracts [Member] | Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 3,112 | 3,272 |
Derivative Liability, Fair Value Offset Amount | 1,856 | 2,057 |
Derivative Liability, Cash Collateral | 470 | 483 |
Derivative Liability, Net Fair Value | 786 | 732 |
Derivative Liability, Net | 786 | 732 |
Interest Rate Contracts [Member] | Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 4,599 | 4,918 |
Derivative Asset, Fair Value Offset Amount | 1,806 | 1,981 |
Derivative Asset, Cash Collateral | 337 | 458 |
Derivative Asset, Net Fair Value | 2,456 | 2,479 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 130 | 143 |
Derivative Asset, Net | 2,326 | 2,336 |
Foreign Exchange Contract [Member] | Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 225 | 241 |
Derivative Liability, Fair Value Offset Amount | 85 | 80 |
Derivative Liability, Cash Collateral | 20 | 20 |
Derivative Liability, Net Fair Value | 120 | 141 |
Derivative Liability, Net | 120 | 141 |
Foreign Exchange Contract [Member] | Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 250 | 314 |
Derivative Asset, Fair Value Offset Amount | 138 | 159 |
Derivative Asset, Cash Collateral | 11 | 47 |
Derivative Asset, Net Fair Value | 101 | 108 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 3 | 1 |
Derivative Asset, Net | 98 | 107 |
Credit Risk Contract [Member] | Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 5 | 4 |
Derivative Liability, Fair Value Offset Amount | 4 | 4 |
Derivative Liability, Cash Collateral | 1 | |
Credit Risk Contract [Member] | Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 2 | 2 |
Derivative Asset, Fair Value Offset Amount | 1 | 1 |
Derivative Asset, Cash Collateral | 1 | 1 |
Other Contract [Member] | Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 485 | 510 |
Derivative Liability, Net Fair Value | 485 | 510 |
Derivative Liability, Net | $ 485 | $ 510 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share Basic and Diluted [Line Items] | ||||
Net income | $ 1,044,000,000 | $ 1,052,000,000 | $ 2,048,000,000 | $ 2,112,000,000 |
Net income (loss) attributable to noncontrolling interests | 4,000,000 | 3,000,000 | 5,000,000 | 1,000,000 |
Preferred stock dividends and discount accretion and redemptions | 48,000,000 | 48,000,000 | 118,000,000 | 118,000,000 |
Net income attributable to common shares | 992,000,000 | 1,001,000,000 | 1,925,000,000 | 1,993,000,000 |
Dividends and undistributed earnings allocated to nonvested restricted shares | 3,000,000 | 2,000,000 | 6,000,000 | |
Net income attributable to basic common shares | 992,000,000 | 998,000,000 | 1,923,000,000 | 1,987,000,000 |
Less: Impact of BlackRock earnings per share dilution | 5,000,000 | 3,000,000 | 10,000,000 | 9,000,000 |
Net income attributable to diluted common shares | $ 987,000,000 | $ 995,000,000 | $ 1,913,000,000 | $ 1,978,000,000 |
Basic weighted-average common shares outstanding | 517 | 532 | 519 | 532 |
Basic earnings per common share (a) | $ 1.92 | $ 1.88 | $ 3.71 | $ 3.73 |
Dilutive potential common shares (b) (c) | 8 | 7 | 8 | 7 |
Diluted weighted-average common shares outstanding | 525 | 539 | 527 | 539 |
Diluted earnings per common share (a) | $ 1.88 | $ 1.85 | $ 3.63 | $ 3.67 |
Stock Option [Member] | ||||
Earnings Per Share Basic and Diluted [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share amount | 1 | 1 |
Total Equity and Other Compr101
Total Equity and Other Comprehensive Income (Rollforward of Total Equity) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | |
Common Stock [Abstract] | |||||
Common Stock, Beginning Balance | $ 2,705,000,000 | ||||
Capital surplus - Preferred Stock, Beginning Balance | 3,946,000,000 | ||||
Capital surplus - Common Stock, Beginning Balance | 12,627,000,000 | ||||
Retained Earnings, Beginning Balance | 26,200,000,000 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 503,000,000 | ||||
Treasury Stock, Beginning Balance | 1,430,000,000 | ||||
Noncontrolling interests, Beginning Balance | 1,523,000,000 | ||||
Total Equity, Beginning Balance | 46,074,000,000 | $ 44,037,000,000 | |||
Net income | $ 1,044,000,000 | $ 1,052,000,000 | 2,048,000,000 | 2,112,000,000 | |
Other comprehensive income (loss), net of tax | (324,000,000) | 225,000,000 | (124,000,000) | 445,000,000 | |
Cash dividends declared [Abstract] | |||||
Common | (516,000,000) | (491,000,000) | |||
Preferred | (115,000,000) | (115,000,000) | |||
Common stock activity | 37,000,000 | 60,000,000 | |||
Treasury stock activity | (887,000,000) | (165,000,000) | |||
Other | (105,000,000) | (92,000,000) | |||
Common Stock, Ending Balance | 2,708,000,000 | 2,708,000,000 | |||
Capital surplus - Preferred Stock, Ending Balance | 3,449,000,000 | 3,449,000,000 | |||
Capital surplus - Common Stock, Ending Balance | 12,632,000,000 | 12,632,000,000 | |||
Retained Earnings, Ending Balance | 27,609,000,000 | 27,609,000,000 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 379,000,000 | 379,000,000 | |||
Treasury Stock, Ending Balance | 2,262,000,000 | 2,262,000,000 | |||
Noncontrolling interests, Ending Balance | 1,397,000,000 | 1,397,000,000 | |||
Total Equity, Ending Balance | $ 45,912,000,000 | $ 45,793,000,000 | $ 45,912,000,000 | 45,793,000,000 | |
Series K Preferred Stock [Member] | |||||
Cash dividends declared [Abstract] | |||||
Preferred stock redemption, shares | 50,000 | 50,000 | |||
Preferred stock redemption, value | $ (500,000,000) | $ (500,000,000) | |||
Depositary shares [Member] | |||||
Cash dividends declared [Abstract] | |||||
Preferred stock redemption, shares | 500,000 | 500,000 | |||
Cumulative effect of adopting ASC 860-50 [Member] | |||||
Common Stock [Abstract] | |||||
Total Equity, Beginning Balance | $ 44,039,000,000 | ||||
Cash dividends declared [Abstract] | |||||
Cumulative effect adjustment | $ 2,000,000 | ||||
Common Stock [Member] | |||||
Common Stock [Abstract] | |||||
Beginning Balance (in shares) | 523,000,000 | 533,000,000 | |||
Common stock activity, shares | 1,000,000 | 1,000,000 | |||
Treasury stock activity, shares | (8,000,000) | (2,000,000) | |||
Ending Balance, (in shares) | 516,000,000 | 532,000,000 | 516,000,000 | 532,000,000 | |
Common Stock, Beginning Balance | $ 2,705,000,000 | $ 2,698,000,000 | |||
Cash dividends declared [Abstract] | |||||
Common stock activity | 3,000,000 | 5,000,000 | |||
Common Stock, Ending Balance | $ 2,708,000,000 | $ 2,703,000,000 | $ 2,708,000,000 | $ 2,703,000,000 | |
Common Stock Per Share Dividends Declared | $ 0.99 | $ 0.92 | |||
Common Stock [Member] | Cumulative effect of adopting ASC 860-50 [Member] | |||||
Common Stock [Abstract] | |||||
Beginning Balance (in shares) | 533,000,000 | ||||
Common Stock, Beginning Balance | $ 2,698,000,000 | ||||
Preferred Stock Including Additional Paid in Capital [Member] | |||||
Common Stock [Abstract] | |||||
Capital surplus - Preferred Stock, Beginning Balance | $ 3,946,000,000 | 3,941,000,000 | |||
Cash dividends declared [Abstract] | |||||
Preferred stock discount accretion | 3,000,000 | 3,000,000 | |||
Capital surplus - Preferred Stock, Ending Balance | 3,449,000,000 | 3,944,000,000 | 3,449,000,000 | 3,944,000,000 | |
Preferred Stock Including Additional Paid in Capital [Member] | Series K Preferred Stock [Member] | |||||
Cash dividends declared [Abstract] | |||||
Preferred stock redemption, value | (500,000,000) | (500,000,000) | |||
Preferred Stock Including Additional Paid in Capital [Member] | Cumulative effect of adopting ASC 860-50 [Member] | |||||
Common Stock [Abstract] | |||||
Capital surplus - Preferred Stock, Beginning Balance | 3,941,000,000 | ||||
Common Stock Including Additional Paid in Capital [Member] | |||||
Common Stock [Abstract] | |||||
Capital surplus - Common Stock, Beginning Balance | 12,627,000,000 | 12,416,000,000 | |||
Cash dividends declared [Abstract] | |||||
Common stock activity | 34,000,000 | 55,000,000 | |||
Treasury stock activity | (55,000,000) | 11,000,000 | |||
Other | 26,000,000 | 24,000,000 | |||
Capital surplus - Common Stock, Ending Balance | 12,632,000,000 | 12,506,000,000 | 12,632,000,000 | 12,506,000,000 | |
Common Stock Including Additional Paid in Capital [Member] | Cumulative effect of adopting ASC 860-50 [Member] | |||||
Common Stock [Abstract] | |||||
Capital surplus - Common Stock, Beginning Balance | 12,416,000,000 | ||||
Retained Earnings [Member] | |||||
Common Stock [Abstract] | |||||
Retained Earnings, Beginning Balance | 26,200,000,000 | 23,251,000,000 | |||
Net income | 2,043,000,000 | 2,111,000,000 | |||
Cash dividends declared [Abstract] | |||||
Common | (516,000,000) | (491,000,000) | |||
Preferred | (115,000,000) | (115,000,000) | |||
Preferred stock discount accretion | (3,000,000) | (3,000,000) | |||
Retained Earnings, Ending Balance | 27,609,000,000 | 24,755,000,000 | 27,609,000,000 | 24,755,000,000 | |
Retained Earnings [Member] | Cumulative effect of adopting ASC 860-50 [Member] | |||||
Common Stock [Abstract] | |||||
Retained Earnings, Beginning Balance | 23,253,000,000 | ||||
Cash dividends declared [Abstract] | |||||
Cumulative effect adjustment | $ 2,000,000 | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Common Stock [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 503,000,000 | 436,000,000 | |||
Other comprehensive income (loss), net of tax | (124,000,000) | 445,000,000 | |||
Cash dividends declared [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 379,000,000 | 881,000,000 | 379,000,000 | 881,000,000 | |
Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative effect of adopting ASC 860-50 [Member] | |||||
Common Stock [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 436,000,000 | ||||
Treasury Stock [Member] | |||||
Common Stock [Abstract] | |||||
Treasury Stock, Beginning Balance | (1,430,000,000) | (408,000,000) | |||
Cash dividends declared [Abstract] | |||||
Treasury stock activity | (832,000,000) | (176,000,000) | |||
Treasury Stock, Ending Balance | (2,262,000,000) | (584,000,000) | (2,262,000,000) | (584,000,000) | |
Treasury Stock [Member] | Cumulative effect of adopting ASC 860-50 [Member] | |||||
Common Stock [Abstract] | |||||
Treasury Stock, Beginning Balance | (408,000,000) | ||||
Noncontrolling Interest [Member] | |||||
Common Stock [Abstract] | |||||
Noncontrolling interests, Beginning Balance | 1,523,000,000 | 1,703,000,000 | |||
Net income | 5,000,000 | 1,000,000 | |||
Cash dividends declared [Abstract] | |||||
Other | (131,000,000) | (116,000,000) | |||
Noncontrolling interests, Ending Balance | $ 1,397,000,000 | $ 1,588,000,000 | $ 1,397,000,000 | 1,588,000,000 | |
Noncontrolling Interest [Member] | Cumulative effect of adopting ASC 860-50 [Member] | |||||
Common Stock [Abstract] | |||||
Noncontrolling interests, Beginning Balance | $ 1,703,000,000 |
Total Equity and Other Compr102
Total Equity and Other Comprehensive Income (Other Comprehensive Income) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Unrealized Gains Losses on Non Otti Securities [Abstract] | ||||
Net unrealized gains (losses) on non-OTTI securities, pretax, Beginning Balance | $ 1,096,000,000 | $ 836,000,000 | $ 1,022,000,000 | $ 647,000,000 |
Net unrealized gains (losses) on non-OTTI securities, tax, Beginning Balance | (402,000,000) | (307,000,000) | (375,000,000) | (238,000,000) |
Net unrealized gains (losses) on non-OTTI securities, after-tax, Beginning Balance | 694,000,000 | 529,000,000 | 647,000,000 | 409,000,000 |
Increase in net unrealized gains (losses) on non-OTTI securities, Pretax | (346,000,000) | 220,000,000 | (214,000,000) | 421,000,000 |
Increase in net unrealized gains (losses) on non-OTTI securities, Tax | 128,000,000 | (80,000,000) | 79,000,000 | (154,000,000) |
Increase in net unrealized gains (losses) on non-OTTI securities, After tax | (218,000,000) | 140,000,000 | (135,000,000) | 267,000,000 |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities in interest income, before tax | 7,000,000 | 7,000,000 | 14,000,000 | 14,000,000 |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities in interest income, tax | (2,000,000) | (2,000,000) | (5,000,000) | (5,000,000) |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities in interest income, after tax | 5,000,000 | 5,000,000 | 9,000,000 | 9,000,000 |
Less: Net gains (losses) realized on sales of non-OTTI securities reclassified to noninterest income, before tax | 12,000,000 | 1,000,000 | 63,000,000 | 6,000,000 |
Less: Net gains (losses) realized on sales of non-OTTI securities reclassified to noninterest income, tax | (4,000,000) | (23,000,000) | (2,000,000) | |
Less: Net gains (losses) realized on sales of non-OTTI securities reclassified to noninterest income, after tax | 8,000,000 | 1,000,000 | 40,000,000 | 4,000,000 |
Net unrealized gains (losses) on non-OTTI securities | (365,000,000) | 212,000,000 | (291,000,000) | 401,000,000 |
Net unrealized gains (losses) on non-OTTI securities, Activity, Tax | 134,000,000 | (78,000,000) | 107,000,000 | (147,000,000) |
Net unrealized gains (losses) on non-OTTI securities, Activity, After Tax | (231,000,000) | 134,000,000 | (184,000,000) | 254,000,000 |
Net unrealized gains (losses) on non-OTTI securities, pretax, Ending Balance | 731,000,000 | 1,048,000,000 | 731,000,000 | 1,048,000,000 |
Net unrealized gains (losses) on non-OTTI securities, tax, Ending Balance | (268,000,000) | (385,000,000) | (268,000,000) | (385,000,000) |
Net unrealized gains (losses) on non-OTTI securities, after-tax, Ending Balance | 463,000,000 | 663,000,000 | 463,000,000 | 663,000,000 |
Net Unrealized Gains Losses on Otti Securities [Abstract] | ||||
Net unrealized gains (losses) on OTTI securities, before tax, Beginning Balance | 118,000,000 | 102,000,000 | 115,000,000 | 36,000,000 |
Net unrealized gains (losses) on OTTI securities, tax, Beginning Balance | (42,000,000) | (37,000,000) | (41,000,000) | (12,000,000) |
Net unrealized gains (losses) on OTTI securities, after tax, Beginning Balance | 76,000,000 | 65,000,000 | 74,000,000 | 24,000,000 |
Increase in net unrealized gains (losses) on OTTI securities, Pretax | 3,000,000 | 40,000,000 | 5,000,000 | 104,000,000 |
Increase in net unrealized gains (losses) on OTTI securities, Tax | (1,000,000) | (14,000,000) | (2,000,000) | (38,000,000) |
Increase in net unrealized gains (losses) on OTTI securities, After tax | 2,000,000 | 26,000,000 | 3,000,000 | 66,000,000 |
Net other-than-temporary impairments | (1,000,000) | (1,000,000) | (2,000,000) | (3,000,000) |
Less: Net OTTI losses realized in noninterest income, Tax | 1,000,000 | 1,000,000 | 1,000,000 | |
Less: Other OTTI losses realized in noninterest income, After-tax | (1,000,000) | (1,000,000) | (2,000,000) | |
Net unrealized gains (losses) on OTTI securities, Activity, Before Tax | 4,000,000 | 41,000,000 | 7,000,000 | 107,000,000 |
Net unrealized gains (losses) on OTTI securities, Activity, Tax | (2,000,000) | (14,000,000) | (3,000,000) | (39,000,000) |
Net unrealized gains (losses) on OTTI securities, Activity, After Tax | 2,000,000 | 27,000,000 | 4,000,000 | 68,000,000 |
Net unrealized gains (losses) on OTTI securities, before tax, Ending Balance | 122,000,000 | 143,000,000 | 122,000,000 | 143,000,000 |
Net unrealized gains (losses) on OTTI securities, tax, Ending Balance | (44,000,000) | (51,000,000) | (44,000,000) | (51,000,000) |
Net unrealized gains (losses) on OTTI securities, after tax, Ending Balance | 78,000,000 | 92,000,000 | 78,000,000 | 92,000,000 |
Net unrealized gains (losses) on cash flow hedge derivatives [Abstract] | ||||
Net unrealized gains (losses) on cash flow hedge derivatives, before tax, Beginning Balance | 791,000,000 | 379,000,000 | 552,000,000 | 384,000,000 |
Net unrealized gains (losses) on cash flow hedge derivatives, tax, Beginning balance | (290,000,000) | (139,000,000) | (202,000,000) | (141,000,000) |
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax, Beginning balance | 501,000,000 | 240,000,000 | 350,000,000 | 243,000,000 |
Increase in net unrealized gains (losses) on cash flow hedge derivatives, Pretax | (102,000,000) | 138,000,000 | 196,000,000 | 210,000,000 |
Increase in net unrealized gains (losses) on cash flow hedge derivatives, Tax | 38,000,000 | (50,000,000) | (72,000,000) | (76,000,000) |
Increase in net unrealized gains (losses) on cash flow hedge derivatives, After tax | (64,000,000) | 88,000,000 | 124,000,000 | 134,000,000 |
Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income, Before Tax | 64,000,000 | 61,000,000 | 128,000,000 | 130,000,000 |
Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income, Tax | (24,000,000) | (23,000,000) | (47,000,000) | (48,000,000) |
Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income, After Tax | 40,000,000 | 38,000,000 | 81,000,000 | 82,000,000 |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income, Before Tax | 8,000,000 | 3,000,000 | 12,000,000 | 6,000,000 |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income, Tax | (3,000,000) | (1,000,000) | (5,000,000) | (2,000,000) |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income, After Tax | 5,000,000 | 2,000,000 | 7,000,000 | 4,000,000 |
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income, Before Tax | (4,000,000) | (7,000,000) | (13,000,000) | (2,000,000) |
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income, Tax | 2,000,000 | 3,000,000 | 5,000,000 | 1,000,000 |
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income, After Tax | (2,000,000) | (4,000,000) | (8,000,000) | (1,000,000) |
Net unrealized gains (losses) on cash flow hedge derivatives, Before Tax | (170,000,000) | 81,000,000 | 69,000,000 | 76,000,000 |
Net unrealized gains (losses) on cash flow hedge derivatives, tax | 63,000,000 | (29,000,000) | (25,000,000) | (27,000,000) |
Net unrealized gains (losses) on cash flow hedge derivatives, Net of tax, Total | (107,000,000) | 52,000,000 | 44,000,000 | 49,000,000 |
Net unrealized gains (losses) on cash flow hedge derivatives, before tax, Ending Balance | 621,000,000 | 460,000,000 | 621,000,000 | 460,000,000 |
Net unrealized gains (losses) on cash flow hedge derivatives Ending balance, tax | (227,000,000) | (168,000,000) | (227,000,000) | (168,000,000) |
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax, Ending balance | 394,000,000 | 292,000,000 | 394,000,000 | 292,000,000 |
Pension and other postretirement benefit plan adjustments [Abstract] | ||||
Pension and other postretirement benefit plan adjustments, before tax, Beginning Balance | (760,000,000) | (292,000,000) | (820,000,000) | (374,000,000) |
Pension and other postretirement benefit plan adjustments, tax, Beginning Balance | 278,000,000 | 107,000,000 | 300,000,000 | 137,000,000 |
Pension and other postretirement benefit plan adjustments, after tax, Beginning Balance | (482,000,000) | (185,000,000) | (520,000,000) | (237,000,000) |
Net pension and other postretirement benefit plan activity, Before tax | (17,000,000) | 10,000,000 | 36,000,000 | 93,000,000 |
Net pension and other postretirement benefit plan activity, Tax | 7,000,000 | (4,000,000) | (13,000,000) | (35,000,000) |
Net pension and other postretirement benefit plan activity, After tax | (10,000,000) | 6,000,000 | 23,000,000 | 58,000,000 |
Amortization of actuarial loss (gain) reclassified to other noninterest expense, Before tax | 9,000,000 | 1,000,000 | 18,000,000 | 2,000,000 |
Amortization of actuarial loss (gain) reclassified to other noninterest expense, Tax | (4,000,000) | (1,000,000) | (7,000,000) | (1,000,000) |
Amortization of actuarial loss (gain) reclassified to other noninterest expense, After tax | 5,000,000 | 11,000,000 | 1,000,000 | |
Amortization of prior service cost (credit) reclassified to other noninterest expense, Before tax | (2,000,000) | (2,000,000) | (4,000,000) | (4,000,000) |
Amortization of prior service cost (credit) reclassified to other noninterest expense, Tax | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 |
Amortization of prior service cost (credit) reclassified to other noninterest expense, After tax | (1,000,000) | (1,000,000) | (2,000,000) | (2,000,000) |
Pension and other postretirement benefit plan adjustments, net activity, Before tax | (10,000,000) | 9,000,000 | 50,000,000 | 91,000,000 |
Pension and other postretirement benefit plan adjustments, net activity, Tax | 4,000,000 | (4,000,000) | (18,000,000) | (34,000,000) |
Pension and other postretirement benefit plan adjustments, net activity, After Tax | (6,000,000) | 5,000,000 | 32,000,000 | 57,000,000 |
Pension and other postretirement benefit plan adjustments, before tax, Ending Balance | (770,000,000) | (283,000,000) | (770,000,000) | (283,000,000) |
Pension and other postretirement benefit plan adjustments Ending balance, tax | 282,000,000 | 103,000,000 | 282,000,000 | 103,000,000 |
Pension and other postretirement benefit plan adjustments, after tax, Ending Balance | (488,000,000) | (180,000,000) | (488,000,000) | (180,000,000) |
Other Comprehensive Income Other Adjustments [Abstract] | ||||
Other, pretax, Beginning Balance | (86,000,000) | (9,000,000) | (59,000,000) | (20,000,000) |
Other, tax, Beginning Balance | 16,000,000 | 11,000,000 | 17,000,000 | |
Other, after tax, Beginning balance | (86,000,000) | 7,000,000 | (48,000,000) | (3,000,000) |
PNC's portion of BlackRock's OCI, Before tax | (9,000,000) | (4,000,000) | (34,000,000) | 7,000,000 |
PNC's portion of BlackRock's OCI, Tax | 3,000,000 | 2,000,000 | 12,000,000 | (2,000,000) |
PNC's portion of BlackRock's OCI, After tax | (6,000,000) | (2,000,000) | (22,000,000) | 5,000,000 |
Net investment hedge derivatives, Before tax | (65,000,000) | (26,000,000) | (11,000,000) | (33,000,000) |
Net investment hedge derivatives, Tax | 24,000,000 | 9,000,000 | 4,000,000 | 12,000,000 |
Net investment hedge derivatives, After tax | (41,000,000) | (17,000,000) | (7,000,000) | (21,000,000) |
Foreign Currency Transaction and Translation Adjustment, before Tax | 65,000,000 | 26,000,000 | 9,000,000 | 33,000,000 |
Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | 65,000,000 | 26,000,000 | 9,000,000 | 33,000,000 |
Total Other, net activity, Before tax | (9,000,000) | (4,000,000) | (36,000,000) | 7,000,000 |
Total Other, net activity, Tax | 27,000,000 | 11,000,000 | 16,000,000 | 10,000,000 |
Total Other, net activity, After tax | 18,000,000 | 7,000,000 | (20,000,000) | 17,000,000 |
Other, pretax, Ending Balance | (95,000,000) | (13,000,000) | (95,000,000) | (13,000,000) |
Other, tax, Ending Balance | 27,000,000 | 27,000,000 | 27,000,000 | 27,000,000 |
Other, after tax, Ending balance | $ (68,000,000) | $ 14,000,000 | $ (68,000,000) | $ 14,000,000 |
Total Equity and Other Compr103
Total Equity and Other Comprehensive Income (Accumulated Other Comprehensive Income (Loss) Components) (Details) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Other Comprehensive Income [Abstract] | ||||||
Net unrealized gains (losses) on non-OTTI securities, pretax | $ 731,000,000 | $ 1,096,000,000 | $ 1,022,000,000 | $ 1,048,000,000 | $ 836,000,000 | $ 647,000,000 |
Net unrealized gains (losses) on non-OTTI securities, after-tax | 463,000,000 | 694,000,000 | 647,000,000 | 663,000,000 | 529,000,000 | 409,000,000 |
Net unrealized gains (losses) on OTTI securities, before tax | 122,000,000 | 118,000,000 | 115,000,000 | 143,000,000 | 102,000,000 | 36,000,000 |
Net unrealized gains (losses) on OTTI securities, after tax | 78,000,000 | 76,000,000 | 74,000,000 | 92,000,000 | 65,000,000 | 24,000,000 |
Net unrealized gains (losses) on cash flow hedge derivatives, before tax | 621,000,000 | 791,000,000 | 552,000,000 | 460,000,000 | 379,000,000 | 384,000,000 |
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax | 394,000,000 | 501,000,000 | 350,000,000 | 292,000,000 | 240,000,000 | 243,000,000 |
Pension and other postretirement benefit plan adjustments, before tax | (770,000,000) | (760,000,000) | (820,000,000) | (283,000,000) | (292,000,000) | (374,000,000) |
Pension and other postretirement benefit plan adjustments, after-tax | (488,000,000) | (482,000,000) | (520,000,000) | (180,000,000) | (185,000,000) | (237,000,000) |
Other, pretax | (95,000,000) | (86,000,000) | (59,000,000) | (13,000,000) | (9,000,000) | (20,000,000) |
Other, after tax | (68,000,000) | $ (86,000,000) | (48,000,000) | $ 14,000,000 | $ 7,000,000 | $ (3,000,000) |
Accumulated other comprehensive income (loss), pretax | 609,000,000 | 810,000,000 | ||||
Accumulated other comprehensive income (loss), after-tax | $ 379,000,000 | $ 503,000,000 |
Total Equity and Other Compr104
Total Equity and Other Comprehensive Income (Narrative) (Details) - TARP Warrant [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Number of warrants or rights outstanding | 13,685,932 | 16,885,192 |
Exercise price per share of warrants or rights outstanding | $ 67.33 | $ 67.33 |
Class Of Warrant Or Right Exercised | 3,199,260 | |
Shares Issued To Exercising Warrant Holders [Member] | ||
Class Of Warrant Or Right Shares Issued | 971,570 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Unrecognized tax benefits that would favorably impact the effective tax rate | $ 66,000,000 | $ 66,000,000 | |
Estimated change in balance of unrecognized tax benefits, within the next twelve months | 53,000,000 | 53,000,000 | |
Unrecognized tax benefits | 80,000,000 | 80,000,000 | $ 77,000,000 |
Cumulative effect of adopting ASU 2014-01 [Member] | Low Income Housing Tax Credit Investments [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Amortization recognized for low income housing tax credits associated with adoption of ASU 2014-01 | 51,000,000 | 102,000,000 | |
Tax credits recognized for low income housing tax credits associated with adoption of ASU 2014-01 | 56,000,000 | 111,000,000 | |
Other tax benefits recognized for low income housing tax credits associated with adoption of ASU 2014-01 | 18,000,000 | $ 37,000,000 | |
National City Acquisition [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Certain Tax Examination Adjustments Under Review Earliest Year | 2,004 | ||
Certain Tax Examination Adjustments Under Review Latest Year | 2,008 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net Operating Loss Carryforwards | 2,486,000,000 | $ 2,486,000,000 | 2,594,000,000 |
Tax Credit Carryforward Valuation Allowance | 64,000,000 | $ 64,000,000 | |
Operating Loss Carryforwards Earliest Expiration Date | 2,015 | ||
Operating Loss Carryforwards Latest Expiration Date | 2,035 | ||
Reduction of state net operating losses | 60,000,000 | $ 60,000,000 | |
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net Operating Loss Carryforwards | $ 947,000,000 | $ 947,000,000 | $ 997,000,000 |
Operating Loss Carryforwards Expiration Date | Dec. 31, 2032 | ||
Tax Credit Carryforward Expiration Date | Dec. 31, 2032 | ||
Income Tax Examination Earliest Year Under Examination | 2,011 | ||
Income Tax Examination Latest Year Under Examination | 2,013 |
Income Taxes (Net Operating Los
Income Taxes (Net Operating Loss Carryforwards and Tax Credit Carryforwards) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Internal Revenue Service (IRS) [Member] | ||
Net Operating Loss Carryforwards | $ 947,000,000 | $ 997,000,000 |
Tax Credit Carryforward | 35,000,000 | 35,000,000 |
State and Local Jurisdiction [Member] | ||
Net Operating Loss Carryforwards | 2,486,000,000 | 2,594,000,000 |
Tax Credit Carryforward | $ 7,000,000 | $ 7,000,000 |
Legal Proceedings (Details)
Legal Proceedings (Details) - Jun. 30, 2015 | USD ($) |
Bumpers Et Al V Community Bank of Northern Virginia [Member] | |
Loss Contingencies [Line Items] | |
Additional Borrowers Seeking Similar Damages | 650 |
Procured Individual Judgments | $ 11,000 |
Legal Reserve [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss contingency, range of possible loss not accrued | $ 725,000,000 |
Commitments and Guarantees (Nar
Commitments and Guarantees (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Total Indemnification and Repurchase Liability | ||
Loss Contingencies [Line Items] | ||
Reserves, Ending balance | $ 125 | |
Residential Mortgage [Member] | Total Indemnification and Repurchase Liability | ||
Loss Contingencies [Line Items] | ||
Reserves, Ending balance | $ 97 | |
Standby letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Standby letters of credit - Terms outstanding - Minimum | 1 year | |
Standby letters of credit - Terms outstanding - Maximum | 8 years | |
Standby letters of credit - Assets securing certain specifically identified standby letters of credit | $ 1,000 | |
Standby letters of credit and participations in standby letters of credit - Liability carrying amount | 187 | |
Guarantee Of Indebtedness Of Others [Member] | Commercial Mortgage [Member] | ||
Loss Contingencies [Line Items] | ||
Commercial mortgage recourse obligations - Unpaid principal balance of loans sold | 12,900 | $ 12,300 |
Maximum Exposure | 3,900 | 3,700 |
Reserves, Ending balance | 35 | |
Guarantee Of Indebtedness Of Others [Member] | Residential Mortgage [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Loss contingency, range of possible loss not accrued | 81 | |
Resale Agreements [Member] | ||
Loss Contingencies [Line Items] | ||
Fair value adjustment on resale agreements | $ 7 | $ 7 |
Commitments and Guarantees (Oth
Commitments and Guarantees (Other Commitments) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other Commitments [Line Items] | ||
Commitments | $ 151,792 | $ 154,937 |
Commitments to extend credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 138,242 | 138,592 |
Commitments to extend credit [Member] | Total commercial lending [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 97,334 | 98,742 |
Commitments to extend credit [Member] | Home Equity Lines of Credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 17,570 | 17,839 |
Commitments to extend credit [Member] | Credit Card [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 18,999 | 17,833 |
Commitments to extend credit [Member] | Other [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 4,339 | 4,178 |
Standby letters of credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 9,509 | 9,991 |
Standby letters of credit [Member] | Remarketing Programs [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 5,200 | 5,200 |
Reinsurance Agreements [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 2,118 | 4,297 |
Standby bond purchase agreements [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 959 | 1,095 |
Other commitments [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 964 | 962 |
Other commitments [Member] | Investments in qualified affordable housing projects [Member] | ||
Other Commitments [Line Items] | ||
Commitments | $ 579 | $ 441 |
Commitments and Guarantees (Int
Commitments and Guarantees (Internal Credit Ratings Related to Net Outstanding Standby Letters of Credit) (Details) - Standby letters of credit [Member] | Jun. 30, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Internal credit ratings (as a percentage of portfolio) - Pass | 94.00% | 95.00% |
Internal credit ratings (as a percentage of portfolio) - Below pass | 6.00% | 5.00% |
Commitments and Guarantees (Rei
Commitments and Guarantees (Reinsurance Agreements Exposure and Reserves) (Details) - Reinsurance Agreements [Member] - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Maximum Exposure | $ 2,118 | $ 4,297 | |
Reserves, Beginning balance | 13 | $ 32 | |
Paid Losses | (6) | (12) | |
Net Provision | 4 | 6 | |
Changes to Agreements | (10) | ||
Reserves, Ending balance | 11 | $ 16 | |
Accidental Death and Dismemberment [Member] | |||
Loss Contingencies [Line Items] | |||
Maximum Exposure | 1,705 | 1,774 | |
Credit Life, Accident and Health [Member] | |||
Loss Contingencies [Line Items] | |||
Maximum Exposure | 413 | 467 | |
Lender Placed Hazard [Member] | |||
Loss Contingencies [Line Items] | |||
Maximum Exposure | 0 | 2,056 | |
Maximum Exposure to Quota Share Agreements with 100% Reinsurance | |||
Loss Contingencies [Line Items] | |||
Maximum Exposure | $ 412 | $ 466 |
Commitments and Guarantees (Ana
Commitments and Guarantees (Analysis of Commercial Mortgage Recourse Obligations) (Details) - Guarantee Of Indebtedness Of Others [Member] - Commercial Mortgage [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Loss Contingencies [Line Items] | ||
Reserves, Beginning balance | $ 35 | $ 33 |
Reserve adjustments, net | 0 | 2 |
Reserves, Ending balance | $ 35 | $ 35 |
Commitments and Guarantees (113
Commitments and Guarantees (Analysis of Indemnification and Repurchase Liability for Asserted and Unasserted Claims) (Details) - Loss Contingency, Nature [Domain] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Total Indemnification and Repurchase Liability | ||
Loss Contingencies [Line Items] | ||
Reserves, Beginning balance | $ 136 | $ 153 |
Reserve adjustments, net | 2 | (5) |
Losses - loan repurchases and settlements | (13) | (22) |
Reserves, Ending balance | 125 | 126 |
Residential Mortgages [Member] | ||
Loss Contingencies [Line Items] | ||
UPB of loan portfolio associated with repurchase obligation [Member] | 66,500 | 69,800 |
Residential Mortgages [Member] | Total Indemnification and Repurchase Liability | ||
Loss Contingencies [Line Items] | ||
Reserves, Beginning balance | 107 | 131 |
Reserve adjustments, net | 2 | (17) |
Losses - loan repurchases and settlements | (12) | (13) |
Reserves, Ending balance | 97 | 101 |
Home Equity [Member] | ||
Loss Contingencies [Line Items] | ||
UPB of loan portfolio associated with repurchase obligation [Member] | 2,300 | 2,700 |
Home Equity [Member] | Total Indemnification and Repurchase Liability | ||
Loss Contingencies [Line Items] | ||
Reserves, Beginning balance | 29 | 22 |
Reserve adjustments, net | 12 | |
Losses - loan repurchases and settlements | (1) | (9) |
Reserves, Ending balance | $ 28 | $ 25 |
Commitments and Guarantees (Res
Commitments and Guarantees (Resale and Repurchase Agreements) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Gross Resale Agreements | $ 1,548 | $ 1,646 |
Net Resale Agreements | 1,548 | 1,646 |
Securities Collateral Held Under Master Netting Agreements | 1,474 | 1,569 |
Net Amounts | 74 | 77 |
Offsetting Liabilities [Line Items] | ||
Gross Repurchase Agreements | 2,132 | 3,406 |
Net Repurchase Agreements | 2,132 | 3,406 |
Securities Collateral Pledged Under Master Netting Agreements | 1,332 | 2,580 |
Net Amounts | 800 | 826 |
Accrued Interest Expense [Member] | ||
Offsetting Liabilities [Line Items] | ||
Net Repurchase Agreements | 0 | 0 |
Long Term Repurchase Agreements [Member] | ||
Offsetting Liabilities [Line Items] | ||
Net Repurchase Agreements | 0 | 0 |
Accrued Interest Income [Member] | ||
Offsetting Assets [Line Items] | ||
Net Resale Agreements | $ 0 | $ 1 |
Commitments and Guarantees (Rep
Commitments and Guarantees (Repurchase Agreement By Type Of Collateral Pledged) (Details) - Overnight or Continuous [Member] $ in Millions | Jun. 30, 2015USD ($) |
Mortgage-backed Securities Agency [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Gross Repurchase Agreements | $ 2,132 |
US Treasury and Government Agency Securities [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Gross Repurchase Agreements | 48 |
Residential mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Gross Repurchase Agreements | 1,994 |
Commercial mortgage-backed securities [Member] | Mortgage-backed Securities Agency [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Gross Repurchase Agreements | $ 90 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||
Segment reporting, number of segments | 6 | |
BlackRock [Member] | ||
Segment Reporting Information [Line Items] | ||
PNC's economic interest in BlackRock | 22.00% | |
Proceeds from dividends received | $ 160 | $ 142 |
Segment Reporting (Table) (Deta
Segment Reporting (Table) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 2,052,000,000 | $ 2,129,000,000 | $ 4,124,000,000 | $ 4,324,000,000 |
Noninterest income | 1,814,000,000 | 1,681,000,000 | 3,473,000,000 | 3,263,000,000 |
Total revenue | 3,866,000,000 | 3,810,000,000 | 7,597,000,000 | 7,587,000,000 |
Provision for credit losses (benefit) | 46,000,000 | 72,000,000 | 100,000,000 | 166,000,000 |
Depreciation and amortization | 201,000,000 | 185,000,000 | 394,000,000 | 366,000,000 |
Other noninterest expense | 2,165,000,000 | 2,143,000,000 | 4,321,000,000 | 4,226,000,000 |
Income (loss) before income taxes and noncontrolling interests | 1,454,000,000 | 1,410,000,000 | 2,782,000,000 | 2,829,000,000 |
Income taxes | 410,000,000 | 358,000,000 | 734,000,000 | 717,000,000 |
Net income (loss) | 1,044,000,000 | 1,052,000,000 | 2,048,000,000 | 2,112,000,000 |
Average Assets | 352,640,000,000 | 322,520,000,000 | 350,361,000,000 | 321,049,000,000 |
Retail Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 1,045,000,000 | 973,000,000 | 2,082,000,000 | 1,953,000,000 |
Noninterest income | 590,000,000 | 541,000,000 | 1,078,000,000 | 1,055,000,000 |
Total revenue | 1,635,000,000 | 1,514,000,000 | 3,160,000,000 | 3,008,000,000 |
Provision for credit losses (benefit) | 45,000,000 | 4,000,000 | 94,000,000 | 149,000,000 |
Depreciation and amortization | 42,000,000 | 44,000,000 | 85,000,000 | 88,000,000 |
Other noninterest expense | 1,168,000,000 | 1,111,000,000 | 2,283,000,000 | 2,167,000,000 |
Income (loss) before income taxes and noncontrolling interests | 380,000,000 | 355,000,000 | 698,000,000 | 604,000,000 |
Income taxes | 139,000,000 | 130,000,000 | 255,000,000 | 221,000,000 |
Net income (loss) | 241,000,000 | 225,000,000 | 443,000,000 | 383,000,000 |
Inter-segment revenue | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 |
Average Assets | 73,369,000,000 | 75,203,000,000 | 73,691,000,000 | 75,559,000,000 |
Corporate & Institutional Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 837,000,000 | 889,000,000 | 1,660,000,000 | 1,791,000,000 |
Noninterest income | 492,000,000 | 427,000,000 | 921,000,000 | 791,000,000 |
Total revenue | 1,329,000,000 | 1,316,000,000 | 2,581,000,000 | 2,582,000,000 |
Provision for credit losses (benefit) | 20,000,000 | 103,000,000 | 37,000,000 | 90,000,000 |
Depreciation and amortization | 37,000,000 | 32,000,000 | 73,000,000 | 63,000,000 |
Other noninterest expense | 510,000,000 | 472,000,000 | 988,000,000 | 929,000,000 |
Income (loss) before income taxes and noncontrolling interests | 762,000,000 | 709,000,000 | 1,483,000,000 | 1,500,000,000 |
Income taxes | 254,000,000 | 239,000,000 | 493,000,000 | 507,000,000 |
Net income (loss) | 508,000,000 | 470,000,000 | 990,000,000 | 993,000,000 |
Inter-segment revenue | 11,000,000 | 7,000,000 | 13,000,000 | 5,000,000 |
Average Assets | 132,239,000,000 | 122,025,000,000 | 131,711,000,000 | 119,992,000,000 |
Asset Management Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 71,000,000 | 72,000,000 | 144,000,000 | 143,000,000 |
Noninterest income | 243,000,000 | 207,000,000 | 451,000,000 | 406,000,000 |
Total revenue | 314,000,000 | 279,000,000 | 595,000,000 | 549,000,000 |
Provision for credit losses (benefit) | 1,000,000 | (6,000,000) | 13,000,000 | 6,000,000 |
Depreciation and amortization | 12,000,000 | 11,000,000 | 23,000,000 | 21,000,000 |
Other noninterest expense | 203,000,000 | 191,000,000 | 402,000,000 | 380,000,000 |
Income (loss) before income taxes and noncontrolling interests | 98,000,000 | 83,000,000 | 157,000,000 | 142,000,000 |
Income taxes | 36,000,000 | 30,000,000 | 58,000,000 | 52,000,000 |
Net income (loss) | 62,000,000 | 53,000,000 | 99,000,000 | 90,000,000 |
Inter-segment revenue | 3,000,000 | 3,000,000 | 5,000,000 | 6,000,000 |
Average Assets | 8,005,000,000 | 7,685,000,000 | 7,974,000,000 | 7,642,000,000 |
Residential Mortgage Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 30,000,000 | 37,000,000 | 60,000,000 | 77,000,000 |
Noninterest income | 176,000,000 | 190,000,000 | 353,000,000 | 356,000,000 |
Total revenue | 206,000,000 | 227,000,000 | 413,000,000 | 433,000,000 |
Provision for credit losses (benefit) | (2,000,000) | 1,000,000 | ||
Depreciation and amortization | 4,000,000 | 3,000,000 | 7,000,000 | 6,000,000 |
Other noninterest expense | 174,000,000 | 166,000,000 | 332,000,000 | 376,000,000 |
Income (loss) before income taxes and noncontrolling interests | 30,000,000 | 57,000,000 | 74,000,000 | 51,000,000 |
Income taxes | 11,000,000 | 21,000,000 | 27,000,000 | 19,000,000 |
Net income (loss) | 19,000,000 | 36,000,000 | 47,000,000 | 32,000,000 |
Inter-segment revenue | 4,000,000 | 8,000,000 | 9,000,000 | 12,000,000 |
Average Assets | 7,136,000,000 | 7,486,000,000 | 7,190,000,000 | 8,128,000,000 |
BlackRock [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 175,000,000 | 172,000,000 | 351,000,000 | 332,000,000 |
Total revenue | 175,000,000 | 172,000,000 | 351,000,000 | 332,000,000 |
Income (loss) before income taxes and noncontrolling interests | 175,000,000 | 172,000,000 | 351,000,000 | 332,000,000 |
Income taxes | 40,000,000 | 42,000,000 | 82,000,000 | 79,000,000 |
Net income (loss) | 135,000,000 | 130,000,000 | 269,000,000 | 253,000,000 |
Inter-segment revenue | 4,000,000 | 4,000,000 | 8,000,000 | 8,000,000 |
Average Assets | 6,760,000,000 | 6,400,000,000 | 6,760,000,000 | 6,400,000,000 |
Non Strategic Assets [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 100,000,000 | 137,000,000 | 212,000,000 | 279,000,000 |
Noninterest income | 9,000,000 | 10,000,000 | 18,000,000 | 16,000,000 |
Total revenue | 109,000,000 | 147,000,000 | 230,000,000 | 295,000,000 |
Provision for credit losses (benefit) | (5,000,000) | (39,000,000) | (36,000,000) | (91,000,000) |
Other noninterest expense | 26,000,000 | 30,000,000 | 50,000,000 | 56,000,000 |
Income (loss) before income taxes and noncontrolling interests | 88,000,000 | 156,000,000 | 216,000,000 | 330,000,000 |
Income taxes | 32,000,000 | 57,000,000 | 79,000,000 | 121,000,000 |
Net income (loss) | 56,000,000 | 99,000,000 | 137,000,000 | 209,000,000 |
Inter-segment revenue | (2,000,000) | (5,000,000) | (4,000,000) | (8,000,000) |
Average Assets | 6,914,000,000 | 8,577,000,000 | 7,094,000,000 | 8,732,000,000 |
All Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | (31,000,000) | 21,000,000 | (34,000,000) | 81,000,000 |
Noninterest income | 129,000,000 | 134,000,000 | 301,000,000 | 307,000,000 |
Total revenue | 98,000,000 | 155,000,000 | 267,000,000 | 388,000,000 |
Provision for credit losses (benefit) | (13,000,000) | 9,000,000 | (8,000,000) | 12,000,000 |
Depreciation and amortization | 106,000,000 | 95,000,000 | 206,000,000 | 188,000,000 |
Other noninterest expense | 84,000,000 | 173,000,000 | 266,000,000 | 318,000,000 |
Income (loss) before income taxes and noncontrolling interests | (79,000,000) | (122,000,000) | (197,000,000) | (130,000,000) |
Income taxes | (102,000,000) | (161,000,000) | (260,000,000) | (282,000,000) |
Net income (loss) | 23,000,000 | 39,000,000 | 63,000,000 | 152,000,000 |
Inter-segment revenue | (21,000,000) | (18,000,000) | (32,000,000) | (25,000,000) |
Average Assets | $ 118,217,000,000 | $ 95,144,000,000 | $ 115,941,000,000 | $ 94,596,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Jul. 21, 2015 - Subsequent Events [Member] - Senior Notes [Member] - USD ($) $ in Millions | Total |
Maturity Date 2018 [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument - Face value | $ 750 |
Debt Instrument - Maturity Date | Jul. 20, 2018 |
Debt Instrument - Fixed interest rate payable | 1.85% |
Maturity Date 2020 [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument - Face value | $ 750 |
Debt Instrument - Maturity Date | Jul. 21, 2020 |
Debt Instrument - Fixed interest rate payable | 2.60% |